SCHEDULE: Sit Investment Associates Discloses 26.8% Stake in John Hancock Income Securities Trust

Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, have reported a beneficial ownership of 26.8% of John Hancock Income Securities Trust's common stock, holding 3,126,507 shares with shared voting and dispositive power.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, both registered investment advisers, are the reporting persons.
• The filing pertains to their beneficial ownership of Common Stock in John Hancock Income Securities Trust.
• The aggregate amount beneficially owned by the reporting persons is 3,126,507 shares.
• This ownership represents 26.8% of the class of securities.
• The reporting persons hold shared voting power and shared dispositive power over all 3,126,507 shares.
• The ownership percentages are based on 11,646,585 shares of common stock outstanding as of October 31, 2024, as reported in the Issuer's Report on Form N-CSR.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive investment by a reputable investment firm, suggesting confidence in the issuer without implying control changes or negative developments.

Positives

• A significant stake of 26.8% held by established investment advisers, Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, may signal institutional confidence in John Hancock Income Securities Trust.
• The stated purpose of the holding is for investment in the ordinary course of business, indicating a passive, non-control-seeking interest, which can be viewed as a stable long-term investment.

Risks

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC disclaim beneficial ownership of the reported securities, as they are held by client accounts, meaning the direct investment risk lies with those accounts.

Future Outlook

This Schedule 13G filing does not contain forward-looking statements or guidance regarding the issuer's future performance or outlook.

Industry Context

This filing is a standard disclosure for investment advisers that cross the 5% beneficial ownership threshold in a publicly traded company, in this case, a closed-end income securities trust. It reflects a common practice of institutional investors managing client portfolios and is typical for the investment management industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may provide increased confidence and stability to the existing shareholder base.
• Management: The filing explicitly states the holding is not for the purpose of changing or influencing control, indicating no immediate direct impact on the current management or strategic direction.

Key Dates

Keywords

John Hancock Income Securities Trust, Sit Investment Associates, Sit Fixed Income Advisors, Schedule 13G, beneficial ownership, investment adviser, common stock, institutional ownership, passive investment, SEC filing