John Hancock fund adds CQS as sub-subadvisor
John Hancock Investors Trust updated its Prospectus and SAI to add CQS (US), LLC as a sub-subadvisor effective on or about June 25, 2026.
Rhea-AI Filing Summary
John Hancock Investors Trust updated its Prospectus and SAI to add CQS (US), LLC as a sub-subadvisor effective on or about June 25, 2026. Manulife Investment Management (US) LLC remains the subadvisor and entered a participating affiliates agreement with CQS (UK) LLP. James Gearhart, CFA, was removed as a portfolio manager and Tim Jarombek, CFA and Darren Toner were added; Jonas Grazulis, CFA and Caryn E. Rothman, CFA continue as portfolio managers. The supplements state that subadvisor fees (including amounts paid to the sub-subadvisor) are paid by the Advisor or subadvisor, not the fund.
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Insights
Routine adviser restructuring and portfolio manager updates, effective June 25, 2026.
The filing documents a sub-subadvisory agreement placing CQS (US), LLC under Manulife IM (US) as subadvisor, with a participating affiliate arrangement involving CQS (UK) LLP. The supplements state the fee flow: the Advisor pays the subadvisor and the subadvisor pays the sub-subadvisor.
The changes are administrative and supervisory: portfolio managers Tim Jarombek and Darren Toner are added and one manager is removed. Timing is explicit: on or about June 25, 2026. Subsequent filings may disclose performance allocation or material fee changes, if any.
Key Figures
Effective Date: June 25, 2026
SAI snapshot date: May 31, 2026
Manager holdings: $0
+3 more
6 metrics
Effective Date
June 25, 2026
Effective on or about date for sub-subadvisory agreement
SAI snapshot date
May 31, 2026
date for portfolio manager account and ownership tables
Manager holdings
$0
Tim Jarombek beneficially owned $0 as of May 31, 2026
Manager holdings
$0
Darren Toner beneficially owned $0 as of May 31, 2026
Manager tenure (fund)
Managed since 2026
Tim Jarombek and Darren Toner listed as managing the fund since 2026
Career start years
2010; 2005
Jarombek began career in 2010; Toner began in 2005
Key Terms
Sub-subadvisor, Participating Affiliate Agreement, Subadvisory Agreement, Performance-based fees
4 terms
Sub-subadvisor regulatory
"add CQS (US), LLC as a sub-subadvisor effective on or about June 25, 2026"
Participating Affiliate Agreement regulatory
"Manulife IM (US) entered into a participating affiliates agreement with CQS (UK) LLP"
Subadvisory Agreement financial
"Under the terms of the Subadvisory Agreement, including the sub-subadvisory arrangement"
Performance-based fees financial
"To the extent that any of these accounts pays advisory fees that are based on account performance"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What change did John Hancock Investors Trust (JHI) make to its advisor lineup?
Answer: The fund added CQS (US), LLC as a sub-subadvisor effective on or about June 25, 2026. The filing shows Manulife IM (US) remains the subadvisor and entered a participating affiliates agreement with CQS (UK) LLP to provide services.
Who pays fees to the subadvisor and sub-subadvisor at JHI?
Answer: The Advisor pays the subadvisor for its services, and the subadvisor pays the sub-subadvisor from the subadvisor’s fee, according to the supplements. The filing states the fund does not directly pay sub-subadvisor fees.
Which portfolio managers were added or removed for the fund?
Answer: James Gearhart, CFA no longer serves as a portfolio manager. Tim Jarombek, CFA and Darren Toner were added; Jonas Grazulis, CFA and Caryn E. Rothman, CFA continue as managers.
What ownership do the new portfolio managers hold in the fund as of May 31, 2026?
Answer: As of May 31, 2026, both Tim Jarombek and Darren Toner beneficially owned $0 of shares in the fund, per the Statement of Additional Information supplement.
When did the new portfolio managers begin managing the fund and what are their backgrounds?
Answer: Both Tim Jarombek and Darren Toner are listed as having managed the fund since 2026. Jarombek joined CQS (US), LLC in 2020 and began his career in 2010; Toner joined CQS (UK) LLP in 2010 and began his career in 2005.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Prospectus Supplement
John Hancock Investors Trust (the fund)
Supplement dated June 25, 2026 to the current Prospectus, as may be supplemented (the Prospectus)
At its meeting held on June 23-25, 2026, the fund’s Board of Trustees (the
Board) approved a new sub-subadvisory agreement between Manulife Investment Management (US) LLC (“Manulife IM (US)”), the fund's subadvisor, and CQS (US), LLC
with respect to the fund, effective on or about June 25, 2026 (the Effective
Date).
Also effective on the Effective Date, Manulife IM (US) entered into a participating affiliates agreement with CQS (UK) LLP, an affiliate of Manulife IM (US), with respect to the fund.
Accordingly, as of the Effective Date, the following replaces the fund's “Investment Advisor and Subadvisor” section of the Prospectus:
The fund's investment advisor is John Hancock Investment Management LLC (the “Advisor” or “JHIM”), its subadvisor is Manulife Investment Management (US) LLC (the “Subadvisor”) and its sub-subadvisor is CQS (US), LLC (the “Sub-Subadvisor”).
Also, as of the Effective Date, the following replaces the first paragraph of the
fund's “Investment Advisor and Subadvisor” section of the Prospectus Summary:
The fund's investment advisor is John Hancock Investment Management LLC (the “Advisor” or “JHIM”), its subadvisor is Manulife
Investment Management (US) LLC (the “Subadvisor”) and its sub-subadvisor is CQS (US), LLC (the “Sub-Subadvisor”).
Additionally, as of the Effective Date, the following is added to the fund’s
“Management of the Fund” section of the Prospectus under the heading “The Subadvisor”:
CQS (US), LLC serves as sub-subadvisor to the fund.
Also, as of the Effective Date, the following replaces the second paragraph of
the “Management of the Fund” section of the Prospectus under the heading, “The Subadvisor”:
Under the terms of the Subadvisory Agreement, including the sub-subadvisory
arrangement, the subadvisor is responsible for managing the investment and reinvestment of the assets of the fund, subject to the supervision and control of the Board and the
Advisor. The activities of the sub-subadvisor are subject to the supervision of the subadvisor. For services rendered by the subadvisor under the Subadvisory Agreement, the
Advisor (and not the fund) pays the subadvisor a fee. With respect to the sub-subadvisory arrangement, the fees are paid by the subadvisor (and not the fund).
In addition, as of the Effective Date, James Gearhart, CFA, no longer serves as
a portfolio manager of the fund. Accordingly, as of the Effective Date, all references to Mr. Gearhart are removed from the Prospectus.
Moreover, as of the Effective Date, Tim Jarombek, CFA and Darren Toner are added as
portfolio managers of the fund. Jonas Grazulis, CFA and Caryn E. Rothman, CFA continue as portfolio managers of the fund and, together with Tim Jarombek, CFA and Darren
Toner, are jointly and primarily responsible for the day-to-day management of the fund’s portfolio.
Accordingly, as of the Effective Date, the following is added to the fund’s
portfolio manager information in the “Management of the Fund” section under the heading “Portfolio Managers”:
Tim Jarombek, CFA
●
Portfolio Manager
●
Managed the fund since 2026
●
Joined CQS (US), LLC in 2020
●
Began business career in 2010
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M
Design are trademarks of The Manufacturers Life Insurance Company and John Hancock, and the Stylized John Hancock Design are trademarks of John Hancock Life
Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
Darren Toner
●
Senior Portfolio Manager and Team Lead
●
Managed the fund since 2026
●
Joined CQS (UK) LLP in 2010
●
Began business career in 2005
You should
read this supplement in conjunction with the Prospectus and retain it for your future reference.
Statement of Additional Information Supplement
John Hancock Investors Trust (the fund)
Supplement dated June 25, 2026 to the current Statement of Additional Information, as may be supplemented (the SAI)
At its meeting held on June 23-25, 2026, the fund’s Board of Trustees (the
Board) approved a new sub-subadvisory agreement between Manulife Investment Management (US) LLC (“Manulife IM (US)”), the fund's subadvisor, and CQS (US), LLC
with respect to the fund, effective on or about June 25, 2026 (the Effective
Date).
Also effective on the Effective Date, Manulife IM (US) entered into a participating affiliates agreement with CQS (UK) LLP, an affiliate of Manulife IM (US), with respect to the fund.
Accordingly, as of the Effective Date, the “INVESTMENT ADVISORY AND OTHER SERVICES” section, under the heading “Subadvisory Agreement,” is supplemented as follows:
Subadvisory Arrangement for the fund. In rendering investment advisory services to the fund,
Manulife Investment Management (US) LLC (“Manulife IM (US)”), the subadvisor to the fund, may use the portfolio management, research and other resources of CQS
(UK) LLP, an affiliate of Manulife IM (US) (the “Participating Affiliate”). The Participating Affiliate is not registered with the SEC as an investment advisor
under the Advisers Act. Manulife IM (US) has entered into separate memoranda of understanding and supervisory agreement (the “Participating Affiliate Agreement”)
with the Participating Affiliate pursuant to which the Participating Affiliate is considered a participating affiliate of the subadvisor as that term is used in relief
granted by the staff of the SEC allowing U.S. registered investment advisors to use portfolio management or research resources of advisory affiliates subject to the supervision of a registered advisor. Investment professionals from the Participating Affiliate may render portfolio management, research and other services to the fund under the Participating Affiliate Agreement and are subject to supervision by Manulife IM (US).
Sub-Subadvisory Arrangements. Under a sub-subadvisory arrangement, the sub-subadvisor provides certain investment advisory services to the
fund’s subadvisor for the benefit of the fund. In each case, the subadvisor pays the sub-subadvisor, as full compensation for all services provided under the sub-subadvisory arrangement, a portion of its subadvisory fee. The fund does not incur any expenses in connection with any sub-subadvisor’s services other than the advisory fee.
| Fund |
Subadvisor |
Sub-subadvisor |
| Investors Trust |
Manulife IM (US) |
CQS (US), LLC |
In addition, as of the Effective Date, in the “INVESTMENT ADVISORY AND OTHER SERVICES” section, under the heading “Portfolio Manager Information,” the following information is added:
CQS (US), LLC serves as sub-subadvisor to the fund.
Moreover, as of the Effective Date, James Gearhart, CFA, no longer serves as a portfolio manager of the fund. Accordingly, as of the Effective Date, all references to Mr. Gearhart are removed from the SAI.
Additionally, as of the Effective Date, Tim Jarombek, CFA and Darren Toner are added as
portfolio managers of the fund. Jonas Grazulis, CFA and Caryn E. Rothman, CFA continue as portfolio managers of the fund and, together with Tim Jarombek, CFA and Darren
Toner, are jointly and primarily responsible for the day-to-day management of the fund’s portfolio.
Therefore, as of the Effective Date, the following information regarding Tim Jarombek,
CFA and Darren Toner supplements the information presented in the section under the heading “Portfolio Manager Information” in the “INVESTMENT ADVISORY AND
OTHER SERVICES” section as it specifically relates to the fund’s portfolio managers:
The following table provides information regarding other accounts for which Tim
Jarombek, CFA and Darren Toner have day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies; (ii) other pooled
investment vehicles; and (iii) other accounts. To the extent that any of these accounts pays advisory fees that are based on account performance (“performance-based
fees”), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using
the exchange rates as of the applicable date. Also shown below the table are Tim Jarombek, CFA’s and Darren Toner’s investments in the fund.
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance
Company and John Hancock, and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its
affiliates under license.
The following table reflects approximate
information as of May 31, 2026:
| |
Other Registered
Investment Companies |
Other Pooled
Investment Vehicles |
Other Accounts | |||
| Portfolio Manager |
Number of
Accounts |
Assets (in millions) |
Number of
Accounts |
Assets (in millions) |
Number of
Accounts |
Assets (in millions) |
| Tim Jarombek |
0 |
$0 |
0 |
$0 |
0 |
$0 |
| Darren Toner |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Performance-Based Fees for Other Accounts Managed. Number and value of accounts within the
total accounts that are subject to a performance-based advisory
fee:
| |
Other Registered
Investment Companies |
Other Pooled
Investment Vehicles |
Other Accounts | |||
| Portfolio Manager |
Number of
Accounts |
Assets (in millions) |
Number of
Accounts |
Assets (in millions) |
Number of
Accounts |
Assets (in millions) |
| Tim Jarombek |
0 |
$0 |
0 |
$0 |
0 |
$0 |
| Darren Toner |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Portfolio Manager Ownership of Shares of the Fund. The following table indicates as of May 31,
2026, the value of shares beneficially owned by the portfolio manager in the
Fund:
| Portfolio Manager |
Dollar Range of Shares Owned1 |
| Tim Jarombek |
none |
| Darren Toner |
none |
1
As of May 31, 2026, Tim Jarombek and Darren Toner beneficially owned $0 and $0 shares of
the fund, respectively.
You should read this supplement in conjunction with the SAI and retain it for your future reference.