[SCHEDULE 13G/A] John Hancock Income Securities Trust Capital Stock SEC Filing

Rhea-AI Filing Summary

NewGenIvf Group Limited (NIVF) has taken two capital-structure actions, as disclosed in its July 2025 Form 6-K.

First, on 4 July 2025 the Board filed an amendment to the company’s memorandum & articles of association, lifting the cap of 50 million shares and authorising an unlimited number of Class A ordinary shares, Class B ordinary shares and preferred shares. The amendment became effective upon filing with the British Virgin Islands registry and is attached as Exhibit 3.1.

Second, on 5 July 2025 the Board approved a 1-for-5 reverse stock split of all issued and unissued shares. No shareholder vote is required under BVI law or the company’s governing documents. The reverse split is targeted to become effective on or about 4 August 2025; NIVF’s Class A ordinary shares are expected to begin trading on Nasdaq on a post-split basis that same day. The split is expressly intended to help the company regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of US$1.00.

Key mechanics:

• Outstanding Class A shares will shrink from roughly 7,029,880 to 1,405,976.
• No fractional shares will be issued; holders entitled to a fraction will receive one whole post-split share.
• All options, warrants and other convertibles will be proportionally adjusted (÷5) and rounded to the nearest whole share.
• Par value remains nil; the M&A already allows unlimited authorised shares, so no further charter change is needed for the split.

Implications for investors: the reverse split should immediately increase the market price per share five-fold, aiding Nasdaq compliance, but it does not change the company’s underlying valuation. The newly unlimited authorised share count gives the Board broad flexibility for future equity issuance, which could be used for capital raising or acquisitions but also carries dilution risk.

Positive

• Nasdaq compliance strategy: The 1-for-5 reverse split is designed to lift the share price above US$1.00, reducing delisting risk.
• Administrative efficiency: Board may execute split without shareholder vote, allowing swift action before the compliance deadline.

Negative

• Dilution capacity: Authorising an unlimited number of shares enables significant future issuance that could dilute existing shareholders.
• Signal of price weakness: Reverse splits are often viewed as indicators of sustained low share prices and potential operational challenges.

Insights

Financial Analyst

TL;DR: Reverse split targets Nasdaq compliance; float shrinks to 1.4 M shares, but economic ownership unchanged.

The 1-for-5 reverse split is a technical move to lift NIVF’s per-share price above US$1.00 and avoid delisting. With only ~7.0 M shares pre-split, the float is already modest; post-split shares outstanding drop to ~1.4 M, which could increase volatility. Because par value is nil and ownership percentages are unchanged, the action is capital-neutral. The simultaneous authorisation of unlimited shares provides future financing flexibility but offsets any scarcity premium created by the split. Overall impact on near-term fundamentals is limited; investors should monitor whether the company issues additional shares once compliance is restored.

Corporate Governance Expert

TL;DR: Unlimited share authorisation empowers Board; dilution risk rises as shareholder oversight limited.

Board-driven charter amendments and the reverse split were executed without shareholder approval, permissible under BVI law but reducing investor checks and balances. Moving to an unlimited authorised share structure removes a traditional discipline that caps dilution. Coupled with the small post-split float, any sizeable secondary offering could materially affect existing holders. Governance risk is therefore elevated despite the operational need for Nasdaq compliance.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

John Hancock Income Securities Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

410123103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 410123103

1

Names of Reporting Persons

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,126,507.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,126,507.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,126,507.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

26.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 410123103

1

Names of Reporting Persons

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,126,507.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,126,507.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,126,507.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

26.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: John Hancock Income Securities Trust
(b)	Address of issuer's principal executive offices: 200 Berkeley St., Boston, MA 02116
Item 2.
(a)	Name of person filing: Sit Investment Associates, Inc. Sit Fixed Income Advisors II, LLC
(b)	Address or principal business office or, if none, residence: c/o Sit Investment Associates, Inc. 80 South Eighth Street, Suite 3300 Minneapolis, MN 55402
(c)	Citizenship: Sit Investment Associates, Inc. Minnesota Sit Fixed Income Advisors II, LLC Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 410123103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to item 9 on each cover page.
(b)	Percent of class: See response to item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to item 8 on each cover page. The ownership percentages reported 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. Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities. Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	07/03/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	07/03/2025

FAQ

Why is NewGenIvf (NIVF) implementing a 1-for-5 reverse stock split?

To raise the per-share price above US$1.00 and maintain Nasdaq listing compliance under Rule 5550(a)(2).

When will the NIVF reverse split take effect?

On or about 4 August 2025, after which the Class A shares will trade on a post-split basis.

How many NewGenIvf shares will be outstanding after the split?

Outstanding Class A shares will decrease from approximately 7,029,880 to about 1,405,976.

Will fractional shares be issued to NIVF investors?

No. Investors entitled to a fractional share will receive one whole post-split share instead.

What changes were made to NewGenIvf’s authorised share capital?

The cap of 50 million shares was removed; the company now has an unlimited number of authorised ordinary and preferred shares.

Do shareholders need to vote on the reverse split or charter amendment?

No. Under BVI law and the company’s M&A, the Board can enact both actions without shareholder approval.