N-CSR 1 f37261d1.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23748

John Hancock Asset-Based Lending Fund

(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end:

October 31

Date of reporting period:

October 31, 2023


ITEM 1. REPORT TO STOCKHOLDERS


Annual report
John Hancock
Asset-Based Lending Fund  
Closed-end alternative
October 31, 2023

A message to shareholders
Dear shareholder,
U.S. bonds posted mixed results for the 12 months ended October 31, 2023. Bond yields rose sharply, putting downward pressure on bond prices, as recent economic and inflation data led to expectations that the U.S. Federal Reserve (Fed) would not be lowering short-term interest rates anytime soon. The Fed raised short-term rates in July—its tenth rate hike since March 2022, which boosted the federal funds rate target to its highest level in more than 22 years—then held rates steady at its policy meetings in September and October.
Intermediate- and long-term bond yields increased the most, with the 10-year U.S. Treasury bond yield rising to its highest level since 2007. From a sector perspective, residential mortgage-backed securities and U.S. Treasury securities declined the most.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
Global Head of Retail,
Manulife Investment Management
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.


Your fund at a glance
INVESTMENT OBJECTIVE

The fund seeks to provide high current income and to a lesser extent capital appreciation.
AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2023 (%)

The Intercontinental Exchange (ICE) Bank of America (BofA) 0-3 Month U.S. Treasury Bill Index tracks the performance of Treasury bills maturing in zero to three months.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-6020. For further information on the fund’s objectives, risks, and strategy, see the fund’s prospectus.
2 JOHN HANCOCK ASSET-BASED LENDING FUND  | ANNUAL REPORT  

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Volatility in the bond markets
Despite continued interest-rate increases, bonds posted gains for the period amid easing inflationary pressures and a resilient U.S. economy.
The fund posted a gain for the period
The fund’s aircraft loan strategy, residential mortgage, commercial real estate, specialty finance, and consumer assets contributed to performance.
Structured credit reduced
An increase in private assets was funded with a reduction in structured credit.
PORTFOLIO COMPOSITION AS OF 10/31/2023 (% of net assets)

Notes about risk
The fund is subject to various risks as described in the fund’s prospectus. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors, or the markets, generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risks” section of the prospectus. 
  ANNUAL REPORT  | JOHN HANCOCK ASSET-BASED LENDING FUND 3

Management’s discussion of fund performance
How would you describe the investment backdrop during the 12 months ended October 31, 2023?
The period can be characterized by a notable tightening of lending standards driven by increasing interest rates and the resulting impact on the banking system. What has emerged is an environment offering the ability to achieve attractive rates of return with high asset coverage ratios and strong cashflows. The opportunity in private asset-based lending (ABL) opportunities is now broad based across sectors and spans both primary origination and secondary market opportunities.
How did the fund perform in this environment?
The fund has exhibited stable performance focused on asset-based investments with attractive return versus risk characteristics driven by high cashflows and robust asset coverage ratios. The private asset-based investments have performed as underwritten, including a notably positive contributor in the aircraft loan strategy. Residential mortgage, commercial real estate, specialty finance (financing that takes place outside of the traditional banking system), and consumer assets have demonstrated stable returns. The structured credit securities allocation in the portfolio was reduced as the fund ramped into private assets, but meanwhile has exhibited positive performance with low volatility and duration exposure.
As we ramp into these private assets, we have managed liquidity in the portfolio utilizing investment-grade structured securities. These securities offer relatively attractive yields with low duration exposure and have proven to be resilient to the U.S. Federal Reserve’s interest-rate hiking cycle. Futures, used to manage duration of the portfolio, also contributed to overall performance.  
MANAGED BY

Ed Cong
Louis Hanover
Andrew Springer
The views expressed in this report are exclusively those of the portfolio management team at Marathon Asset Management, LP, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.
4 JOHN HANCOCK ASSET-BASED LENDING FUND  | ANNUAL REPORT  

A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2023

Average annual total returns (%)
with maximum sales charge
Cumulative total returns (%)
with maximum sales charge
  1-year Since
inception
(7-11-22)
Since
inception
(7-11-22)
Class I1 6.40 4.21 5.55
Class D1 4.65 2.83 3.72
Class S1 1.86 0.60 0.78
Index 4.86 4.21 5.55
Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class D shares of 1.5% and on Class S shares of 3.5%. Sales charges are not applicable to Class I shares.
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–6020 or visit the fund’s website at jhinvestments.com.
The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
  † Index is the ICE BofA 0-3 Month U.S. Treasury Bill Index.
See the following page for footnotes.
  ANNUAL REPORT  | JOHN HANCOCK ASSET-BASED LENDING FUND 5

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Asset-Based Lending Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the ICE BofA 0-3 Month U.S. Treasury Bill Index.
  Start date With maximum
sales charge ($)
Without
sales charge ($)
Index ($)
Class D1 7-11-22 10,372 10,528 10,555
Class S1 7-11-22 10,078 10,446 10,555
The Intercontinental Exchange (ICE) Bank of America (BofA) 0-3 Month U.S. Treasury Bill Index tracks the performance of Treasury bills maturing in zero to three months.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Footnotes related to performance pages
1 For certain types of investors, as described in the fund’s prospectus.
6 JOHN HANCOCK ASSET-BASED LENDING FUND  | ANNUAL REPORT  

Consolidated Fund’s investments
AS OF 10-31-23
  Rate (%) Maturity date   Par value^ Value
Asset backed securities 40.8%         $46,355,148
(Cost $46,166,747)          
Asset backed securities 8.4%     9,545,902
Exeter Automobile Receivables Trust          
Series 2022-5A, Class D 7.400 02-15-29   3,500,000 3,496,502
Freedom Financial Freed Trust          
Series 2022-4FP, Class D (A) 7.400 12-18-29   2,000,000 1,979,189
Prosper Marketplace Issuance Trust          
Series 2023-1A, Class C (A) 8.290 07-16-29   1,900,000 1,899,397
Theorem Funding Trust          
Series 2022-2A, Class A (A) 6.060 12-15-28   795,619 788,899
Westlake Automobile Receivables Trust          
Series 2023-1A, Class D (A) 6.790 11-15-28   1,400,000 1,381,915
Collateralized loan obligations 8.8%     10,013,648
Cedar Funding VII CLO, Ltd.          
Series 2018-7A, Class A2 (3 month CME Term SOFR + 1.392%) (A)(B) 6.807 01-20-31   2,000,000 1,980,992
Elmwood CLO X, Ltd.          
Series 2021-3A, Class B (3 month CME Term SOFR + 1.862%) (A)(B) 7.277 10-20-34   2,500,000 2,467,538
KKR CLO 18, Ltd.          
Series 2018, Class AR (3 month CME Term SOFR + 1.202%) (A)(B) 6.597 07-18-30   702,464 698,250
Magnetite XXI, Ltd.          
Series 2019-21A, Class BR (3 month CME Term SOFR + 1.612%) (A)(B) 7.027 04-20-34   2,500,000 2,418,465
Neuberger Berman Loan Advisers CLO 34, Ltd.          
Series 2019-34A, Class BR (3 month CME Term SOFR + 1.750%) (A)(B) 7.166 01-20-35   2,500,000 2,448,403
Commercial mortgage backed securities 16.6%     18,796,059
Arbor Realty Commercial Real Estate Notes, Ltd.          
Series 2022-FL2, Class D (1 month CME Term SOFR + 4.350%) (A)(B) 9.685 05-15-37   2,500,000 2,432,874
BDS, Ltd.          
Series 2020-FL5, Class B (1 month CME Term SOFR + 1.914%) (A)(B) 7.249 02-16-37   1,000,000 984,614
BPCRE, Ltd.          
Series 2022-FL2, Class AS (1 month CME Term SOFR + 3.100%) (A)(B) 8.435 01-16-37   1,000,000 999,810
BX Commercial Mortgage Trust          
Series 2021-VOLT, Class E (1 month CME Term SOFR + 2.114%) (A)(B) 7.449 09-15-36   2,000,000 1,896,259
GPMT, Ltd.          
Series 2021-FL4, Class D (1 month CME Term SOFR + 2.964%) (A)(B) 8.303 12-15-36   2,000,000 1,760,788
La Quinta Mortgage Trust          
Series 2023-LAQ, Class D (1 month CME Term SOFR + 4.188%) (A)(B) 9.523 03-15-36   1,357,973 1,340,182
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 7

  Rate (%) Maturity date   Par value^ Value
Commercial mortgage backed securities (continued)      
MF1, Ltd.          
Series 2022-FL8, Class AS (1 month CME Term SOFR + 1.750%) (A)(B) 7.084 02-19-37   1,500,000 $1,467,927
Ready Capital Mortgage Financing LLC          
Series 2021-FL6, Class AS (1 month CME Term SOFR + 1.314%) (A)(B) 6.639 07-25-36   2,500,000 2,418,689
Shelter Growth Issuer, Ltd.          
Series 2023-FL5, Class D (1 month CME Term SOFR + 6.359%) (A)(B) 11.693 05-19-38   4,000,000 3,992,030
SMRT          
Series 2022-MINI, Class D (1 month CME Term SOFR + 1.950%) (A)(B) 7.285 01-15-39   1,070,000 1,012,362
TRTX Issuer, Ltd.          
Series 2019-FL3, Class B (1 month CME Term SOFR + 1.864%) (A)(B) 7.200 10-15-34   496,900 490,524
Residential mortgage backed securities 7.0%     7,999,539
Federal Home Loan Mortgage Corp.          
Series 2021-DNA6, Class M2 (30 day Average SOFR + 1.500%) (A)(B) 6.821 10-25-41   1,351,480 1,330,957
Series 2023-DNA1, Class M1A (30 day Average SOFR + 2.100%) (A)(B) 7.421 03-25-43   2,330,562 2,346,432
Federal National Mortgage Association          
Series 2023-R01, Class 1M1 (30 day Average SOFR + 2.400%) (A)(B) 7.721 12-25-42   2,044,415 2,068,011
Series 2023-R02, Class 1M1 (30 day Average SOFR + 2.300%) (A)(B) 7.621 01-25-43   2,225,749 2,254,139
Residential loans 20.4%         $23,124,709
(Cost $23,160,173)          
JH Residential Whole Loan Trust (C)(D) 11.5%       12,986,674
Bank of America, Loan ID - R1D2138800 (E) 4.125 07-01-49   253,495 183,701
Bank of America, Loan ID - R1D2189860 4.125 08-01-35   130,913 94,869
Bank of America, Loan ID - R1D2196022 5.028 12-18-50   95,004 68,847
Bank of America, Loan ID - R1D2207514 (F) 8.875 11-01-34   24,305 17,613
Bank of America, Loan ID - R1D2223768 (E) 3.500 04-01-57   74,772 54,185
Bank of America, Loan ID - R1D2226308 9.882 05-03-37   75,623 54,802
Bank of America, Loan ID - R1D2231928 4.000 06-01-47   201,073 145,712
Bank of America, Loan ID - R1D3102002750 9.625 12-01-39   45,118 36,546
Bank of America, Loan ID - R1D3109974439 9.000 10-01-29   226,717 183,642
Bank of America, Loan ID - R1D3112231884 8.000 08-25-30   9,972 8,078
Bank of America, Loan ID - R1D3112661216 (E) 10.500 09-01-29   274,896 222,668
Bank of America, Loan ID - R1D3112822840 9.625 12-25-30   11,862 9,608
Bank of America, Loan ID - R1D3120441715 8.000 11-01-34   7,219 5,847
Bank of America, Loan ID - R1D3120454373 8.000 07-01-36   300 243
Bank of America, Loan ID - R1D3121930679 3.750 02-01-31   127,003 102,873
Bank of America, Loan ID - R1D320025752 11.875 02-01-28   3,387 2,744
Bank of America, Loan ID - R1D320064974 (F) 3.500 04-01-31   11,192 9,066
8 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D320069911 10.750 03-01-37   18,036 $14,609
Bank of America, Loan ID - R1D320115934 12.000 09-25-27   3,807 3,084
Bank of America, Loan ID - R1D320218223 8.250 04-01-61   15,498 12,553
Bank of America, Loan ID - R1D320231804 (F) 4.500 04-01-31   135,304 109,597
Bank of America, Loan ID - R1D320303063 8.250 06-01-35   26,659 21,594
Bank of America, Loan ID - R1D320346630 10.750 06-01-36   4,299 3,482
Bank of America, Loan ID - R1D320362149 8.250 08-25-27   4,117 3,335
Bank of America, Loan ID - R1D320365882 8.625 03-01-62   1,276 1,034
Bank of America, Loan ID - R1D320385022 10.125 06-01-49   4,027 3,262
Bank of America, Loan ID - R1D320385105 10.250 10-01-40   11,497 9,313
Bank of America, Loan ID - R1D320404870 9.875 07-01-38   25,565 20,708
Bank of America, Loan ID - R1D320426786 8.250 08-01-31   12,921 10,466
Bank of America, Loan ID - R1D320575652 10.125 09-01-31   6,520 5,281
Bank of America, Loan ID - R1D320644951 10.500 08-01-46   3,453 2,797
Bank of America, Loan ID - R1D320669345 9.375 04-01-35   25,402 20,576
Bank of America, Loan ID - R1D320677076 11.250 11-01-53   2,634 2,134
Bank of America, Loan ID - R1D320678199 11.750 09-01-24   1,552 1,257
Bank of America, Loan ID - R1D320680408 8.250 09-01-54   2,737 2,217
Bank of America, Loan ID - R1D320904215 10.000 06-01-41   3,919 3,174
Bank of America, Loan ID - R1D321022384 10.750 01-01-37   4,087 3,310
Bank of America, Loan ID - R1D321026906 11.750 12-01-36   5,631 4,561
Bank of America, Loan ID - R1D321079876 8.625 10-25-27   14,749 11,947
Bank of America, Loan ID - R1D321106165 (F) 10.500 03-01-37   3,168 2,566
Bank of America, Loan ID - R1D321118983 9.000 04-01-24   7,513 6,085
Bank of America, Loan ID - R1D321137655 10.125 06-01-24   5,450 4,414
Bank of America, Loan ID - R1D321149797 10.750 01-01-38   3,917 3,173
Bank of America, Loan ID - R1D321159892 8.250 12-01-26   9,333 7,560
Bank of America, Loan ID - R1D321184120 10.125 01-01-52   2,485 2,013
Bank of America, Loan ID - R1D321201221 8.250 07-01-25   12,134 9,829
Bank of America, Loan ID - R1D321202019 (F) 10.750 10-01-35   6,439 5,215
Bank of America, Loan ID - R1D321268831 8.625 01-01-28   6,695 5,423
Bank of America, Loan ID - R1D321284414 8.750 10-01-27   6,520 5,281
Bank of America, Loan ID - R1D321285469 0.000 06-01-24   16,161 13,090
Bank of America, Loan ID - R1D321300638 10.750 05-01-36   3,881 3,143
Bank of America, Loan ID - R1D321302928 8.500 04-01-32   4,011 3,249
Bank of America, Loan ID - R1D321313401 14.375 09-25-27   2,048 1,658
Bank of America, Loan ID - R1D321360714 11.250 10-01-27   5,508 4,462
Bank of America, Loan ID - R1D321366583 (F) 10.125 08-01-37   5,188 4,202
Bank of America, Loan ID - R1D321458571 (E) 5.625 05-01-26   19,453 15,757
Bank of America, Loan ID - R1D321462500 8.250 02-01-29   57,470 46,551
Bank of America, Loan ID - R1D321466689 10.750 11-01-43   2,865 2,320
Bank of America, Loan ID - R1D321477062 8.250 12-25-27   9,810 7,946
Bank of America, Loan ID - R1D321481073 10.125 01-01-37   6,794 5,503
Bank of America, Loan ID - R1D321567782 10.125 07-01-35   7,217 5,845
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 9

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D321624039 11.875 04-01-28   1,676 $1,358
Bank of America, Loan ID - R1D321657284 8.250 07-01-30   10,223 8,280
Bank of America, Loan ID - R1D321672554 (F) 4.250 02-01-24   69,478 56,278
Bank of America, Loan ID - R1D321680064 8.625 01-01-28   5,717 4,631
Bank of America, Loan ID - R1D321747032 10.500 02-01-26   5,392 4,368
Bank of America, Loan ID - R1D321772642 12.875 07-01-24   7,963 6,450
Bank of America, Loan ID - R1D321778497 10.750 09-01-25   3,770 3,054
Bank of America, Loan ID - R1D321802346 (F) 10.500 07-01-42   5,868 4,753
Bank of America, Loan ID - R1D321804787 11.250 11-25-27   9,880 8,003
Bank of America, Loan ID - R1D321818469 12.875 05-01-30   8,485 6,873
Bank of America, Loan ID - R1D321840548 10.500 01-01-27   9,648 7,815
Bank of America, Loan ID - R1D321918874 11.875 10-01-37   4,869 3,944
Bank of America, Loan ID - R1D321954813 (F) 10.750 05-01-24   5,388 4,364
Bank of America, Loan ID - R1D322074278 8.500 11-01-35   14,214 11,514
Bank of America, Loan ID - R1D322178401 9.000 05-01-29   23,326 18,894
Bank of America, Loan ID - R1D322667123 8.750 02-25-28   16,378 13,266
Bank of America, Loan ID - R1D322720318 8.250 07-01-38   34,551 27,987
Bank of America, Loan ID - R1D323504157 3.625 02-01-24   22,945 18,586
Bank of America, Loan ID - R1D323613087 0.000 10-01-31   12,875 10,429
Bank of America, Loan ID - R1D324031544 9.875 04-01-30   23,055 18,675
Bank of America, Loan ID - R1D325026231 10.875 07-01-32   35,160 28,480
Bank of America, Loan ID - R1D325438993 8.250 04-01-32   11,084 8,978
Bank of America, Loan ID - R1D32679861 10.750 12-01-37   3,740 3,029
Bank of America, Loan ID - R1D326967519 (E) 8.750 02-01-30   22,576 18,287
Bank of America, Loan ID - R1D329040818 (F) 8.500 09-01-48   456 369
Bank of America, Loan ID - R1D329279749 9.375 02-01-37   9,812 7,948
Bank of America, Loan ID - R1D329878981 (F) 3.625 11-01-29   18,594 15,061
Bank of America, Loan ID - R1D329973216 4.750 08-01-34   20,324 16,462
Bank of America, Loan ID - R1D330270792 4.000 06-25-28   134,503 108,948
Bank of America, Loan ID - R1D330690727 11.250 09-01-38   4,653 3,769
Bank of America, Loan ID - R1D331070648 8.625 05-01-37   8,157 6,607
Bank of America, Loan ID - R1D331184438 4.750 06-01-28   10,772 8,726
Bank of America, Loan ID - R1D331351411 8.000 11-01-37   36,294 29,398
Bank of America, Loan ID - R1D331458114 3.500 05-25-28   11,163 9,042
Bank of America, Loan ID - R1D331576772 10.500 12-25-28   3,569 2,891
Bank of America, Loan ID - R1D332383020 8.625 07-01-26   5,930 4,803
Bank of America, Loan ID - R1D332396107 1.000 06-01-28   21,384 17,321
Bank of America, Loan ID - R1D332409260 (F) 8.625 06-01-26   57 46
Bank of America, Loan ID - R1D333118907 8.625 11-01-28   10,927 8,851
Bank of America, Loan ID - R1D333435452 (F) 10.500 11-01-24   7,785 6,306
Bank of America, Loan ID - R1D334715743 (F) 6.500 12-01-36   17,003 13,772
Bank of America, Loan ID - R1D335198863 10.750 02-01-47   10,734 8,694
Bank of America, Loan ID - R1D336843934 10.000 07-01-57   4,794 3,884
Bank of America, Loan ID - R1D337634748 8.500 06-01-28   6,430 5,208
10 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D338003284 (F) 11.125 09-01-41   24,411 $19,773
Bank of America, Loan ID - R1D338042145 11.750 10-01-36   9,202 7,454
Bank of America, Loan ID - R1D338351772 3.125 06-01-53   205 166
Bank of America, Loan ID - R1D338449032 (F) 8.500 11-01-39   643 521
Bank of America, Loan ID - R1D338549417 11.750 09-25-28   11,757 9,523
Bank of America, Loan ID - R1D33861070 8.000 01-01-27   21,468 17,389
Bank of America, Loan ID - R1D33868215 (E) 9.250 12-25-28   11,310 9,161
Bank of America, Loan ID - R1D338772808 10.125 02-01-25   5,062 4,100
Bank of America, Loan ID - R1D338898471 9.000 10-01-37   7,033 5,697
Bank of America, Loan ID - R1D339013845 12.375 06-01-24   5,607 4,541
Bank of America, Loan ID - R1D339053586 10.750 01-01-26   2,450 1,985
Bank of America, Loan ID - R1D339156671 10.750 06-01-27   11,614 9,408
Bank of America, Loan ID - R1D339162089 11.750 10-01-25   9,837 7,968
Bank of America, Loan ID - R1D339392762 8.625 07-01-38   5,874 4,758
Bank of America, Loan ID - R1D339696568 10.125 10-01-28   12,195 9,878
Bank of America, Loan ID - R1D339751518 9.750 07-01-30   7,346 5,950
Bank of America, Loan ID - R1D339845590 11.000 11-01-35   2,058 1,667
Bank of America, Loan ID - R1D339870995 12.375 10-25-28   6,249 5,062
Bank of America, Loan ID - R1D339997495 11.750 08-01-31   9,485 7,683
Bank of America, Loan ID - R1D340114252 (F) 4.625 10-01-28   22,899 18,548
Bank of America, Loan ID - R1D340118397 (F) 11.500 02-01-62   1,209 979
Bank of America, Loan ID - R1D340286517 11.250 12-01-34   10,417 8,438
Bank of America, Loan ID - R1D340328413 8.750 06-01-48   5,493 4,449
Bank of America, Loan ID - R1D340556545 8.250 08-01-32   16,375 13,264
Bank of America, Loan ID - R1D340561323 9.250 02-25-29   7,133 5,778
Bank of America, Loan ID - R1D340682846 4.000 02-01-35   30,621 24,803
Bank of America, Loan ID - R1D340799167 9.625 03-01-25   67,613 54,767
Bank of America, Loan ID - R1D340884636 10.750 09-01-37   9,638 7,807
Bank of America, Loan ID - R1D341154994 10.125 02-01-35   3,582 2,902
Bank of America, Loan ID - R1D341172732 10.750 03-01-25   6,873 5,567
Bank of America, Loan ID - R1D341220853 11.750 10-25-28   16,239 13,153
Bank of America, Loan ID - R1D341275604 (F) 11.750 09-01-24   2,720 2,203
Bank of America, Loan ID - R1D341322613 11.750 12-01-60   2,797 2,266
Bank of America, Loan ID - R1D341390326 11.875 11-01-37   5,038 4,081
Bank of America, Loan ID - R1D341457276 11.750 02-01-28   13,389 10,845
Bank of America, Loan ID - R1D341465565 8.250 10-25-28   5,082 4,116
Bank of America, Loan ID - R1D341636404 10.750 11-25-28   13,116 10,624
Bank of America, Loan ID - R1D344823261 10.750 12-01-30   793 642
Bank of America, Loan ID - R1D344880025 10.750 09-01-24   10,816 8,761
Bank of America, Loan ID - R1D344899622 8.250 07-01-29   40,245 32,599
Bank of America, Loan ID - R1D344988281 (F) 8.000 12-01-28   18,066 14,633
Bank of America, Loan ID - R1D345001301 8.500 05-01-25   14,962 12,119
Bank of America, Loan ID - R1D345104108 11.250 07-25-29   18,989 15,381
Bank of America, Loan ID - R1D345110610 (F) 4.250 01-01-30   51,590 41,788
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 11

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D345137370 10.125 11-01-38   4,742 $3,841
Bank of America, Loan ID - R1D345207689 10.625 01-01-52   6,254 5,066
Bank of America, Loan ID - R1D345296610 10.125 04-01-28   18,688 15,137
Bank of America, Loan ID - R1D345477899 10.250 11-01-36   2,408 1,950
Bank of America, Loan ID - R1D345587535 (F) 9.875 11-01-36   27,910 22,608
Bank of America, Loan ID - R1D345602157 13.125 03-01-37   19,490 15,787
Bank of America, Loan ID - R1D345670228 10.125 11-25-28   5,074 4,110
Bank of America, Loan ID - R1D345744745 10.125 08-01-33   9,583 7,762
Bank of America, Loan ID - R1D345756898 (F) 6.625 04-01-25   6,622 5,364
Bank of America, Loan ID - R1D345890887 10.125 02-01-62   3,923 3,178
Bank of America, Loan ID - R1D345901395 10.750 03-01-24   6,840 5,540
Bank of America, Loan ID - R1D345907416 10.125 07-01-31   15,243 12,347
Bank of America, Loan ID - R1D345924792 3.750 05-01-35   52,902 42,851
Bank of America, Loan ID - R1D345932279 10.500 12-25-28   5,007 4,056
Bank of America, Loan ID - R1D345950224 9.000 09-05-33   1,993 1,614
Bank of America, Loan ID - R1D345954233 10.500 08-01-24   9,219 7,468
Bank of America, Loan ID - R1D346002313 3.625 09-01-35   121,745 98,614
Bank of America, Loan ID - R1D346131763 9.500 08-01-28   32,386 26,233
Bank of America, Loan ID - R1D346134156 3.500 06-01-30   25,961 21,029
Bank of America, Loan ID - R1D346443425 10.750 09-01-40   6,054 4,904
Bank of America, Loan ID - R1D346466520 11.750 05-01-36   9,191 7,445
Bank of America, Loan ID - R1D346560458 3.625 12-01-28   17,089 13,842
Bank of America, Loan ID - R1D346861677 (F) 11.000 07-01-24   6,412 5,194
Bank of America, Loan ID - R1D347017838 11.750 04-01-38   5,199 4,211
Bank of America, Loan ID - R1D347088470 10.500 02-01-25   3,984 3,227
Bank of America, Loan ID - R1D347102384 8.250 12-25-28   7,162 5,801
Bank of America, Loan ID - R1D347304802 3.750 01-25-29   125,292 101,487
Bank of America, Loan ID - R1D347307643 10.625 01-01-29   17,004 13,773
Bank of America, Loan ID - R1D347309299 (F) 11.500 11-01-45   14,419 11,680
Bank of America, Loan ID - R1D347380108 11.375 03-01-26   9,768 7,912
Bank of America, Loan ID - R1D347661162 8.625 07-01-25   5,406 4,379
Bank of America, Loan ID - R1D347671501 10.000 12-01-32   29,036 23,520
Bank of America, Loan ID - R1D347751726 8.750 12-25-28   10,707 8,673
Bank of America, Loan ID - R1D347751887 (E) 8.250 11-25-28   17,679 14,320
Bank of America, Loan ID - R1D347806979 8.000 06-01-36   9,832 7,964
Bank of America, Loan ID - R1D347878229 9.500 10-05-33   9,773 7,916
Bank of America, Loan ID - R1D348024808 7.500 09-01-24   37,633 30,483
Bank of America, Loan ID - R1D348084672 8.000 02-25-29   18,271 14,799
Bank of America, Loan ID - R1D348108123 (F) 8.000 07-01-29   94,270 76,359
Bank of America, Loan ID - R1D348198056 9.375 04-01-25   5,215 4,224
Bank of America, Loan ID - R1D348255384 12.625 06-01-35   7,611 6,165
Bank of America, Loan ID - R1D348299081 11.750 01-25-29   10,486 8,493
Bank of America, Loan ID - R1D348366548 11.750 12-01-36   1,380 1,118
Bank of America, Loan ID - R1D348672470 (F) 3.000 12-01-31   24,887 20,159
12 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D348696252 11.000 03-01-28   10,105 $8,185
Bank of America, Loan ID - R1D348943151 11.250 05-01-37   10,466 8,478
Bank of America, Loan ID - R1D349043045 8.250 02-25-29   3,328 2,696
Bank of America, Loan ID - R1D349060460 10.500 05-25-29   6,700 5,427
Bank of America, Loan ID - R1D349228775 11.875 07-01-34   5,280 4,277
Bank of America, Loan ID - R1D349494107 8.250 11-01-37   12,745 10,323
Bank of America, Loan ID - R1D349499896 9.375 02-25-29   9,428 7,637
Bank of America, Loan ID - R1D351511643 (E) 4.500 10-01-28   132,791 107,561
Bank of America, Loan ID - R1D351675329 8.000 10-01-33   41,641 33,729
Bank of America, Loan ID - R1D351889492 8.250 09-01-28   54,518 44,160
Bank of America, Loan ID - R1D352062298 9.500 06-01-28   41,659 33,744
Bank of America, Loan ID - R1D352391377 (E) 9.000 02-01-34   32,336 26,192
Bank of America, Loan ID - R1D354260276 8.250 04-01-29   16,435 13,313
Bank of America, Loan ID - R1D354445591 8.750 03-01-27   11,844 9,593
Bank of America, Loan ID - R1D355097223 9.375 12-01-55   28,216 22,856
Bank of America, Loan ID - R1D355097959 5.000 08-01-25   124,490 100,838
Bank of America, Loan ID - R1D355188130 10.375 03-01-37   32,111 26,010
Bank of America, Loan ID - R1D355403629 11.875 05-01-48   3,051 2,471
Bank of America, Loan ID - R1D356146903 (F) 8.000 09-01-35   34,211 27,711
Bank of America, Loan ID - R1D356173883 8.250 09-01-30   45,550 36,896
Bank of America, Loan ID - R1D356181172 8.250 06-25-29   22,733 18,414
Bank of America, Loan ID - R1D356499075 10.750 03-01-24   6,245 5,058
Bank of America, Loan ID - R1D356699520 4.000 09-01-25   24,936 20,198
Bank of America, Loan ID - R1D356859476 8.500 04-01-24   13,973 11,319
Bank of America, Loan ID - R1D357357292 11.750 12-01-32   9,882 8,004
Bank of America, Loan ID - R1D359564954 3.750 12-01-30   106,954 86,633
Bank of America, Loan ID - R1D360095964 10.500 01-01-24   14,719 11,922
Bank of America, Loan ID - R1D360234127 8.250 01-01-37   30,941 25,062
Bank of America, Loan ID - R1D360265715 11.250 03-01-35   7,493 6,070
Bank of America, Loan ID - R1D36034652 10.250 11-01-35   7,704 6,240
Bank of America, Loan ID - R1D3610248 8.500 08-01-37   8,064 6,532
Bank of America, Loan ID - R1D361381490 8.250 02-01-27   18,742 15,181
Bank of America, Loan ID - R1D361469782 10.125 11-01-36   5,565 4,507
Bank of America, Loan ID - R1D3615168100 (F) 0.000 08-25-24   9,988 8,090
Bank of America, Loan ID - R1D361537011 4.130 05-25-29   213,661 173,067
Bank of America, Loan ID - R1D361608499 10.250 05-01-58   6,687 5,417
Bank of America, Loan ID - R1D36170513 10.125 05-01-29   2,400 1,944
Bank of America, Loan ID - R1D361739084 8.000 12-01-32   4,894 3,964
Bank of America, Loan ID - R1D361892055 (F) 11.250 01-01-32   16,621 13,463
Bank of America, Loan ID - R1D361936975 8.250 05-01-36   27,090 21,943
Bank of America, Loan ID - R1D361948846 9.500 09-01-51   6,016 4,873
Bank of America, Loan ID - R1D362044297 9.250 06-01-35   19,246 15,589
Bank of America, Loan ID - R1D362044305 9.250 05-01-31   19,252 15,594
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 13

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D362088294 8.750 08-01-24   83,931 $67,984
Bank of America, Loan ID - R1D362185211 8.250 05-25-29   62,987 51,020
Bank of America, Loan ID - R1D362633573 8.375 07-25-29   46,210 37,431
Bank of America, Loan ID - R1D362668892 3.875 06-01-25   36,813 29,819
Bank of America, Loan ID - R1D362733412 (F) 10.500 08-01-27   5,061 4,099
Bank of America, Loan ID - R1D362756193 10.125 06-25-29   4,653 3,769
Bank of America, Loan ID - R1D363207796 8.250 07-01-29   83,630 67,741
Bank of America, Loan ID - R1D363420996 (F) 11.000 05-25-29   13,411 10,863
Bank of America, Loan ID - R1D363599719 9.875 08-01-29   152,846 123,806
Bank of America, Loan ID - R1D363833514 8.625 05-01-28   12,946 10,486
Bank of America, Loan ID - R1D363873763 (F) 2.000 08-01-29   43,163 34,962
Bank of America, Loan ID - R1D363893233 3.750 05-01-30   157,965 127,952
Bank of America, Loan ID - R1D36389441 10.125 01-01-28   801 649
Bank of America, Loan ID - R1D363899752 11.750 11-01-37   9,214 7,463
Bank of America, Loan ID - R1D363904900 8.000 07-01-30   30,568 24,760
Bank of America, Loan ID - R1D364621981 9.500 12-01-47   3,862 3,128
Bank of America, Loan ID - R1D36487518 10.125 01-01-30   3,300 2,673
Bank of America, Loan ID - R1D36498874 10.875 11-01-35   2,883 2,335
Bank of America, Loan ID - R1D365497744 3.625 05-01-30   96,605 78,251
Bank of America, Loan ID - R1D365732055 8.250 02-01-48   7,936 6,428
Bank of America, Loan ID - R1D366122718 10.625 10-01-38   4,709 3,814
Bank of America, Loan ID - R1D366268863 10.125 10-01-27   3,101 2,512
Bank of America, Loan ID - R1D36627178 3.875 04-01-31   86,749 70,268
Bank of America, Loan ID - R1D366643686 9.375 09-25-29   49,559 40,143
Bank of America, Loan ID - R1D366683283 9.500 08-01-64   32,682 26,473
Bank of America, Loan ID - R1D366831278 8.000 08-25-29   35,745 28,953
Bank of America, Loan ID - R1D366865047 11.750 08-25-29   7,584 6,143
Bank of America, Loan ID - R1D366899536 (F) 4.875 12-01-35   39,941 32,353
Bank of America, Loan ID - R1D366957506 11.250 04-01-37   24,625 19,947
Bank of America, Loan ID - R1D367129539 (F) 10.125 03-01-25   11,111 9,000
Bank of America, Loan ID - R1D367146938 9.375 04-01-32   13,723 11,116
Bank of America, Loan ID - R1D367318342 10.125 07-01-27   5,392 4,367
Bank of America, Loan ID - R1D367340376 9.375 03-01-48   37,663 30,508
Bank of America, Loan ID - R1D36749564 (F) 11.500 06-01-35   18 14
Bank of America, Loan ID - R1D367593182 8.500 09-01-25   49,504 40,099
Bank of America, Loan ID - R1D367822183 8.625 08-25-29   14,904 12,072
Bank of America, Loan ID - R1D367978692 10.500 02-01-25   12,840 10,401
Bank of America, Loan ID - R1D367979468 10.625 09-01-28   13,188 10,682
Bank of America, Loan ID - R1D368071015 8.500 08-01-24   16,311 13,212
Bank of America, Loan ID - R1D368109493 10.500 02-01-49   2,094 1,696
Bank of America, Loan ID - R1D368227582 (F) 5.875 12-01-28   21,913 17,750
Bank of America, Loan ID - R1D368465662 10.500 06-01-26   3,948 3,198
Bank of America, Loan ID - R1D37065578 10.000 05-01-41   4,178 3,384
Bank of America, Loan ID - R1D37122842 9.375 12-01-43   1,573 1,274
14 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D378464847 9.875 09-25-29   19,160 $15,520
Bank of America, Loan ID - R1D381966162 8.250 08-01-37   32,823 26,587
Bank of America, Loan ID - R1D382472688 (E) 6.500 11-01-28   100,524 81,425
Bank of America, Loan ID - R1D382811963 3.875 02-01-36   119,967 97,174
Bank of America, Loan ID - R1D382866130 (F) 3.750 02-01-31   247,031 200,097
Bank of America, Loan ID - R1D382941259 9.750 03-01-48   10,810 8,756
Bank of America, Loan ID - R1D382964334 8.250 04-01-25   4,053 3,283
Bank of America, Loan ID - R1D383023953 8.000 07-01-28   51,297 41,550
Bank of America, Loan ID - R1D383930490 8.000 05-01-37   30,716 24,880
Bank of America, Loan ID - R1D383989247 8.000 01-01-34   17,036 13,799
Bank of America, Loan ID - R1D384203747 3.750 10-25-29   186,894 151,386
Bank of America, Loan ID - R1D384640739 8.875 12-01-30   15,691 12,710
Bank of America, Loan ID - R1D385022522 8.250 10-01-29   49,431 40,040
Bank of America, Loan ID - R1D386282717 8.625 11-25-29   10,554 8,549
Bank of America, Loan ID - R1D3907159 10.750 12-01-38   2,820 2,284
Bank of America, Loan ID - R1D396995685 4.375 03-01-26   513,641 416,062
Bank of America, Loan ID - R1D397015502 8.625 05-25-30   14,848 12,027
Bank of America, Loan ID - R1D39701670 14.375 04-01-28   9,813 7,949
Capital Asset Management, Loan ID - R1D1153882 (F) 3.900 09-01-47   69,028 47,040
Capital Asset Management, Loan ID - R1D1164563 (E) 2.496 07-01-50   495,713 337,813
Capital Asset Management, Loan ID - R1D1164608 (E) 9.020 01-01-39   78,688 53,623
Capital Asset Management, Loan ID - R1D1182587 3.000 09-01-54   102,318 69,726
Capital Asset Management, Loan ID - R1D1182798 5.050 12-01-60   124,709 84,985
Capital Asset Management, Loan ID - R1D1183348 (E) 4.000 05-01-48   41,111 28,016
Capital Asset Management, Loan ID - R1D1183623 (F) 12.375 11-01-36   55,011 37,488
Capital Asset Management, Loan ID - R1D1183665 9.000 02-01-62   322,796 219,975
Capital Asset Management, Loan ID - R1D1183940 4.000 07-01-56   110,888 75,566
Capital Asset Management, Loan ID - R1D1184084 2.000 02-01-49   47,627 32,456
Capital Asset Management, Loan ID - R1D1184204 (F) 12.375 12-01-36   67,467 45,977
Capital Asset Management, Loan ID - R1D1184992 4.000 11-10-43   34,182 23,294
Capital Asset Management, Loan ID - R1D1185065 (E) 3.000 02-01-62   73,595 50,153
Capital Asset Management, Loan ID - R1D1185111 4.000 08-01-53   85,605 58,337
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 15

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1185232 10.750 10-01-36   92,471 $63,016
Capital Asset Management, Loan ID - R1D1213420 7.650 03-01-37   53,703 36,597
Capital Asset Management, Loan ID - R1D1214687 9.000 01-01-52   146,400 99,767
Capital Asset Management, Loan ID - R1D1214825 (E) 10.250 02-01-37   133,583 91,032
Capital Asset Management, Loan ID - R1D1216036 10.000 03-19-62   47,185 32,155
Capital Asset Management, Loan ID - R1D1233673 11.000 02-15-27   10,422 7,102
Capital Asset Management, Loan ID - R1D1246972 6.950 11-01-35   21,201 14,448
Capital Asset Management, Loan ID - R1D1250210 (F) 7.350 04-15-32   152,155 103,689
Capital Asset Management, Loan ID - R1D1250878 7.500 10-25-38   6,481 4,417
Capital Asset Management, Loan ID - R1D1251042 (E) 6.000 07-05-41   42,665 29,075
Capital Asset Management, Loan ID - R1D1251693 (F) 5.000 01-06-26   10,058 6,854
Capital Asset Management, Loan ID - R1D1251729 4.000 04-06-29   19,120 13,030
Capital Asset Management, Loan ID - R1D1252559 5.500 08-10-37   57,046 38,875
Capital Asset Management, Loan ID - R1D1253196 4.250 12-01-49   25,344 17,271
Capital Asset Management, Loan ID - R1D1270166 4.500 08-01-27   5,743 3,914
Capital Asset Management, Loan ID - R1D1270232 6.696 12-01-32   9,479 6,459
Capital Asset Management, Loan ID - R1D1270489 4.999 02-01-25   7,809 5,321
Capital Asset Management, Loan ID - R1D1270661 (E) 4.625 04-01-24   3,310 2,256
Capital Asset Management, Loan ID - R1D1270777 (F) 4.000 03-01-34   73,562 50,130
Capital Asset Management, Loan ID - R1D1271079 4.999 10-01-38   34,162 23,281
Capital Asset Management, Loan ID - R1D1271156 4.875 02-01-40   40,085 27,316
Capital Asset Management, Loan ID - R1D1271259 4.250 09-01-24   5,254 3,580
Capital Asset Management, Loan ID - R1D1271288 3.875 05-01-27   12,258 8,353
Capital Asset Management, Loan ID - R1D1272159 11.496 04-01-28   15,324 10,443
Capital Asset Management, Loan ID - R1D1272438 4.999 05-01-41   16,523 11,260
16 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1273594 8.004 06-01-34   11,219 $7,645
Capital Asset Management, Loan ID - R1D1275196 10.690 04-01-25   1,810 1,234
Capital Asset Management, Loan ID - R1D1282178 3.500 11-01-38   66,439 45,276
Capital Asset Management, Loan ID - R1D1282763 4.500 12-01-36   16,278 11,093
Capital Asset Management, Loan ID - R1D1282909 2.000 06-01-50   23,792 16,213
Capital Asset Management, Loan ID - R1D1282990 7.000 11-01-34   15,331 10,448
Capital Asset Management, Loan ID - R1D1283326 4.000 05-01-36   87,813 59,842
Capital Asset Management, Loan ID - R1D1284156 4.000 11-01-49   30,402 20,718
Capital Asset Management, Loan ID - R1D1284260 4.500 11-01-36   20,704 14,109
Capital Asset Management, Loan ID - R1D1285038 7.750 11-01-37   104,753 71,386
Capital Asset Management, Loan ID - R1D1285155 (F) 4.625 01-01-38   1,643 1,120
Capital Asset Management, Loan ID - R1D1285269 (F) 7.625 04-01-38   132,384 90,216
Capital Asset Management, Loan ID - R1D1285308 9.125 12-01-38   33,402 22,762
Capital Asset Management, Loan ID - R1D1314052 2.000 06-01-48   77,286 52,668
Capital Asset Management, Loan ID - R1D1314469 (F) 5.000 08-22-31   1,351 920
Capital Asset Management, Loan ID - R1D1314557 (E) 12.514 11-12-21   6,074 4,139
Capital Asset Management, Loan ID - R1D1314706 (E) 4.000 08-03-46   87,139 59,382
Capital Asset Management, Loan ID - R1D1314775 4.000 10-28-37   22,968 15,652
Capital Asset Management, Loan ID - R1D1314892 2.000 07-28-33   10,165 6,927
Capital Asset Management, Loan ID - R1D1315361 4.000 11-10-39   55,138 37,575
Capital Asset Management, Loan ID - R1D1315396 4.000 06-28-26   2,740 1,867
Capital Asset Management, Loan ID - R1D1315613 5.000 05-28-24   1,007 687
Capital Asset Management, Loan ID - R1D1315686 (F) 4.000 09-28-40   28,979 19,748
Capital Asset Management, Loan ID - R1D1315846 13.000 06-21-24   2,253 1,535
Capital Asset Management, Loan ID - R1D1316119 (F) 15.500 02-16-26   7,327 4,993
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 17

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1316201 13.750 07-13-25   1,102 $751
Capital Asset Management, Loan ID - R1D1316526 12.990 08-04-24   2,083 1,420
Capital Asset Management, Loan ID - R1D1316742 3.500 07-25-42   35,963 24,507
Capital Asset Management, Loan ID - R1D1316856 15.080 06-23-24   4,653 3,171
Capital Asset Management, Loan ID - R1D1316964 6.000 07-01-57   55,436 37,778
Capital Asset Management, Loan ID - R1D1317365 4.000 02-01-48   31,246 21,293
Capital Asset Management, Loan ID - R1D1317596 (E) 6.000 07-02-34   44,629 30,413
Capital Asset Management, Loan ID - R1D1317620 7.000 05-01-32   81,107 55,272
Capital Asset Management, Loan ID - R1D1317738 3.000 06-01-58   76,270 51,975
Capital Asset Management, Loan ID - R1D1318197 2.000 08-09-37   53,886 36,722
Capital Asset Management, Loan ID - R1D1318692 0.000 10-14-27   4,666 3,180
Capital Asset Management, Loan ID - R1D1318890 0.000 03-27-33   9,429 6,426
Capital Asset Management, Loan ID - R1D1319206 0.001 09-13-25   2,844 1,938
Capital Asset Management, Loan ID - R1D1319235 (F) 0.001 03-28-24   1,077 734
Capital Asset Management, Loan ID - R1D1319347 0.000 11-12-24   1,176 802
Capital Asset Management, Loan ID - R1D1320040 0.000 01-12-28   4,179 2,848
Capital Asset Management, Loan ID - R1D1320277 0.000 03-29-25   1,315 896
Capital Asset Management, Loan ID - R1D1320523 14.875 09-23-25   4,220 2,876
Capital Asset Management, Loan ID - R1D1320554 0.000 06-12-28   3,881 2,645
Capital Asset Management, Loan ID - R1D1320600 0.000 01-19-30   4,915 3,349
Capital Asset Management, Loan ID - R1D1320611 0.000 06-18-53   12,851 8,757
Capital Asset Management, Loan ID - R1D1320655 (F) 0.000 03-21-26   2,362 1,610
Capital Asset Management, Loan ID - R1D1320758 (F) 0.000 12-15-34   5,896 4,018
Capital Asset Management, Loan ID - R1D1320769 0.000 07-28-30   5,425 3,697
Capital Asset Management, Loan ID - R1D1320882 0.001 10-15-27   5,096 3,473
18 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1329809 0.000 02-20-28   3,142 $2,141
Capital Asset Management, Loan ID - R1D1330166 (E) 0.000 04-15-23   70 48
Capital Asset Management, Loan ID - R1D1330294 11.000 12-01-24   3,718 2,533
Capital Asset Management, Loan ID - R1D1330308 0.000 11-01-37   18,065 12,311
Capital Asset Management, Loan ID - R1D1330504 (E) 0.000 09-15-31   13,227 9,014
Capital Asset Management, Loan ID - R1D1330858 16.000 07-01-36   59,121 40,289
Capital Asset Management, Loan ID - R1D1331024 (G) 12.389 01-15-23   14,346 9,777
Capital Asset Management, Loan ID - R1D1331435 (E) 13.930 04-04-24   19,840 13,520
Capital Asset Management, Loan ID - R1D1331710 (E) 0.000 11-01-35   36,265 24,713
Capital Asset Management, Loan ID - R1D1331723 5.000 10-01-51   44,710 30,468
Capital Asset Management, Loan ID - R1D1332032 0.000 08-01-35   12,080 8,232
Capital Asset Management, Loan ID - R1D1332281 0.000 04-01-35   14,615 9,960
Capital Asset Management, Loan ID - R1D1332368 (E) 0.000 06-01-26   15,375 10,478
Capital Asset Management, Loan ID - R1D1332371 0.000 08-01-38   28,329 19,305
Capital Asset Management, Loan ID - R1D1332645 10.000 09-01-31   12,797 8,721
Capital Asset Management, Loan ID - R1D1332898 0.000 03-01-37   23,886 16,277
Capital Asset Management, Loan ID - R1D1332973 10.000 08-01-38   9,958 6,786
Capital Asset Management, Loan ID - R1D1333226 (F) 0.000 09-01-25   42,517 28,974
Capital Asset Management, Loan ID - R1D1333231 0.000 08-01-37   13,443 9,161
Capital Asset Management, Loan ID - R1D1333549 (E) 12.990 07-01-20   9,579 6,528
Capital Asset Management, Loan ID - R1D1333604 (E) 0.000 12-01-37   60,233 41,047
Capital Asset Management, Loan ID - R1D1333763 (E) 0.000 08-19-18   3,478 2,370
Capital Asset Management, Loan ID - R1D1333871 14.128 04-13-47   18,854 12,848
Capital Asset Management, Loan ID - R1D1333909 9.000 11-01-31   33,215 22,635
Capital Asset Management, Loan ID - R1D1333910 11.000 05-01-29   19,212 13,093
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 19

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1333990 (E) 0.000 12-01-35   79,486 $54,168
Capital Asset Management, Loan ID - R1D1334016 10.000 06-01-36   6,879 4,688
Capital Asset Management, Loan ID - R1D1334151 4.950 11-15-24   1,142 778
Capital Asset Management, Loan ID - R1D1334290 14.442 08-11-24   17,028 11,604
Capital Asset Management, Loan ID - R1D1334425 0.000 10-01-37   24,466 16,673
Capital Asset Management, Loan ID - R1D1343795 8.625 06-01-35   6,713 4,575
Capital Asset Management, Loan ID - R1D1343906 0.000 08-01-33   44,174 30,103
Capital Asset Management, Loan ID - R1D1343962 0.000 12-01-32   37,787 25,751
Capital Asset Management, Loan ID - R1D1344031 6.500 05-01-47   74,415 50,711
Capital Asset Management, Loan ID - R1D1344132 6.375 05-01-36   73,259 49,924
Capital Asset Management, Loan ID - R1D1344220 4.000 02-01-48   85,659 58,374
Capital Asset Management, Loan ID - R1D1344325 4.880 03-01-28   7,476 5,095
Capital Asset Management, Loan ID - R1D1346422 0.000 10-01-41   41,237 28,102
Capital Asset Management, Loan ID - R1D1346464 0.000 02-01-28   13,146 8,959
Capital Asset Management, Loan ID - R1D1346507 (F) 0.000 03-01-36   39,590 26,979
Capital Asset Management, Loan ID - R1D1346637 0.000 07-01-27   8,524 5,809
Capital Asset Management, Loan ID - R1D1346756 (F) 3.250 06-25-26   4,809 3,277
Capital Asset Management, Loan ID - R1D1347209 4.875 05-28-31   99,873 68,060
Capital Asset Management, Loan ID - R1D1347245 0.000 09-19-27   20,638 14,064
Capital Asset Management, Loan ID - R1D1347265 0.000 09-01-47   114,927 78,319
Capital Asset Management, Loan ID - R1D1347290 (E) 0.000 08-28-45   40,566 27,644
Capital Asset Management, Loan ID - R1D1347456 5.000 06-12-36   185,381 126,332
Capital Asset Management, Loan ID - R1D1347704 7.250 08-22-31   7,209 4,913
Capital Asset Management, Loan ID - R1D1347760 0.000 04-15-49   50,722 34,565
Capital Asset Management, Loan ID - R1D1372678 14.726 11-15-24   12,958 8,831
20 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1372940 (F) 6.000 02-01-26   4,947 $3,371
Capital Asset Management, Loan ID - R1D1373064 (E) 14.090 03-01-23   5,782 3,941
Capital Asset Management, Loan ID - R1D1373109 14.300 01-01-35   13,696 9,333
Capital Asset Management, Loan ID - R1D1373336 (E) 4.250 07-01-22   9,057 6,172
Capital Asset Management, Loan ID - R1D1373352 10.720 12-01-28   12,703 8,656
Capital Asset Management, Loan ID - R1D1373527 5.000 10-01-24   6,513 4,438
Capital Asset Management, Loan ID - R1D1374120 (E) 13.249 06-01-21   2,632 1,794
Capital Asset Management, Loan ID - R1D1374601 (F) 9.996 06-01-28   11,090 7,557
Capital Asset Management, Loan ID - R1D1374845 14.442 02-01-27   8,949 6,099
Capital Asset Management, Loan ID - R1D1374951 4.000 04-26-32   11,864 8,085
Capital Asset Management, Loan ID - R1D1375028 14.350 06-01-29   12,501 8,519
Capital Asset Management, Loan ID - R1D1376601 (E) 5.250 08-01-21   6,784 4,623
Capital Asset Management, Loan ID - R1D1377044 11.004 05-01-24   4,781 3,258
Capital Asset Management, Loan ID - R1D1377352 14.310 07-01-27   11,428 7,787
Capital Asset Management, Loan ID - R1D1377549 (E) 14.310 01-01-22   13,357 9,103
Capital Asset Management, Loan ID - R1D1377633 8.556 01-01-29   7,029 4,790
Capital Asset Management, Loan ID - R1D1377868 14.730 03-03-24   6,512 4,438
Capital Asset Management, Loan ID - R1D1377871 (E) 14.600 10-01-21   7,058 4,809
Capital Asset Management, Loan ID - R1D1377909 (E) 14.069 04-01-22   10,567 7,201
Capital Asset Management, Loan ID - R1D1378049 (E) 11.004 07-01-19   9,393 6,401
Capital Asset Management, Loan ID - R1D1378988 13.961 05-01-24   4,903 3,341
Capital Asset Management, Loan ID - R1D1379024 14.442 05-01-24   6,747 4,598
Capital Asset Management, Loan ID - R1D1379215 10.692 04-01-32   12,862 8,765
Capital Asset Management, Loan ID - R1D1379345 14.069 07-01-24   13,533 9,222
Capital Asset Management, Loan ID - R1D1379406 (E) 5.750 09-01-25   8,389 5,717
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 21

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1379505 (E) 5.250 06-01-21   7,345 $5,005
Capital Asset Management, Loan ID - R1D1381089 14.290 01-01-27   9,214 6,279
Capital Asset Management, Loan ID - R1D1382459 (F) 11.290 09-01-24   8,526 5,811
Capital Asset Management, Loan ID - R1D1382688 10.480 10-01-28   5,818 3,965
Capital Asset Management, Loan ID - R1D1383326 11.450 08-01-30   9,803 6,680
Capital Asset Management, Loan ID - R1D1383898 (F) 13.000 03-01-28   9,226 6,287
Capital Asset Management, Loan ID - R1D1383904 (E) 14.447 04-01-26   12,699 8,654
Capital Asset Management, Loan ID - R1D1384406 (G) 14.148 07-01-23   9,112 6,210
Capital Asset Management, Loan ID - R1D1384420 (E) 14.350 02-01-24   11,159 7,604
Capital Asset Management, Loan ID - R1D1385696 13.400 11-01-40   9,150 6,236
Capital Asset Management, Loan ID - R1D1385744 13.340 12-22-31   12,144 8,276
Capital Asset Management, Loan ID - R1D1385799 11.100 09-01-31   18,396 12,536
Capital Asset Management, Loan ID - R1D1386024 (F) 8.688 05-01-28   6,917 4,713
Capital Asset Management, Loan ID - R1D1386273 (F) 9.960 11-01-28   9,337 6,363
Capital Asset Management, Loan ID - R1D1386378 14.140 08-01-25   4,593 3,130
Capital Asset Management, Loan ID - R1D1386617 14.140 05-15-29   10,006 6,819
Capital Asset Management, Loan ID - R1D1386680 (F) 11.000 02-19-34   13,074 8,910
Capital Asset Management, Loan ID - R1D1387438 12.996 04-01-27   7,696 5,245
Capital Asset Management, Loan ID - R1D1387610 (F) 13.656 09-23-32   14,231 9,698
Capital Asset Management, Loan ID - R1D1388178 12.000 06-01-25   5,948 4,053
Capital Asset Management, Loan ID - R1D1388286 6.996 01-01-31   15,640 10,658
Capital Asset Management, Loan ID - R1D1388781 14.660 12-20-35   14,095 9,605
Capital Asset Management, Loan ID - R1D138888 3.000 05-01-57   26,032 17,740
Capital Asset Management, Loan ID - R1D1388909 (E) 5.250 10-01-21   10,432 7,109
Capital Asset Management, Loan ID - R1D1388910 7.000 01-01-29   10,067 6,860
22 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1389180 11.060 03-01-27   15,086 $10,280
Capital Asset Management, Loan ID - R1D1390047 14.347 05-05-25   7,063 4,813
Capital Asset Management, Loan ID - R1D1390407 (E) 6.000 01-01-21   9,474 6,456
Capital Asset Management, Loan ID - R1D1391149 (E) 14.280 03-01-20   2,298 1,566
Capital Asset Management, Loan ID - R1D1391275 14.908 02-05-32   10,676 7,275
Capital Asset Management, Loan ID - R1D1391842 (F) 13.970 06-28-35   14,995 10,218
Capital Asset Management, Loan ID - R1D1392359 6.000 05-01-31   8,572 5,842
Capital Asset Management, Loan ID - R1D1392485 (E) 8.304 02-01-22   8,524 5,809
Capital Asset Management, Loan ID - R1D1392492 9.000 05-01-61   18,632 12,697
Capital Asset Management, Loan ID - R1D1392795 (E) 5.000 11-01-21   7,480 5,097
Capital Asset Management, Loan ID - R1D1392980 (E) 0.000 09-01-25   7,657 5,218
Capital Asset Management, Loan ID - R1D1393130 (E) 4.000 02-01-29   10,830 7,380
Capital Asset Management, Loan ID - R1D1393642 (E) 6.750 06-01-23   4,517 3,078
Capital Asset Management, Loan ID - R1D1394137 14.070 02-28-34   9,548 6,506
Capital Asset Management, Loan ID - R1D1394164 14.707 02-01-27   11,092 7,559
Capital Asset Management, Loan ID - R1D1394267 (E) 4.500 10-01-22   9,015 6,144
Capital Asset Management, Loan ID - R1D1394335 6.996 08-01-31   10,243 6,980
Capital Asset Management, Loan ID - R1D1394531 11.890 05-01-28   11,831 8,062
Capital Asset Management, Loan ID - R1D1395006 13.690 02-28-30   10,125 6,900
Capital Asset Management, Loan ID - R1D1395284 14.840 04-01-37   7,049 4,804
Capital Asset Management, Loan ID - R1D1395613 (E) 14.810 02-01-23   14,939 10,181
Capital Asset Management, Loan ID - R1D1399385 (E) 5.250 10-22-21   2,114 1,440
Capital Asset Management, Loan ID - R1D1400833 9.000 07-01-31   34,173 23,288
Capital Asset Management, Loan ID - R1D1401070 (F) 5.000 06-01-25   41,161 28,050
Capital Asset Management, Loan ID - R1D1401643 10.000 05-01-36   79,778 54,366
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 23

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1402424 11.000 10-01-31   15,151 $10,325
Capital Asset Management, Loan ID - R1D1402439 9.000 10-01-41   54,095 36,864
Capital Asset Management, Loan ID - R1D1403559 0.000 04-29-30   5,733 3,907
Capital Asset Management, Loan ID - R1D1404136 0.000 06-01-37   20,328 13,853
Capital Asset Management, Loan ID - R1D1404279 0.000 11-17-37   30,234 20,603
Capital Asset Management, Loan ID - R1D1404291 8.000 08-01-61   24,241 16,519
Capital Asset Management, Loan ID - R1D1404613 (E) 10.000 04-01-25   20,590 14,031
Capital Asset Management, Loan ID - R1D1405209 0.000 08-06-37   51,794 35,296
Capital Asset Management, Loan ID - R1D1405315 0.000 11-01-36   12,915 8,801
Capital Asset Management, Loan ID - R1D1405456 3.000 12-01-32   17,715 12,072
Capital Asset Management, Loan ID - R1D1405485 (E) 8.000 02-01-32   36,563 24,916
Capital Asset Management, Loan ID - R1D1406200 (E) 6.000 04-01-29   66,715 45,464
Capital Asset Management, Loan ID - R1D1406329 (E) 7.000 04-01-35   60,936 41,526
Capital Asset Management, Loan ID - R1D1407533 0.000 03-26-37   90,468 61,651
Capital Asset Management, Loan ID - R1D1407869 0.000 08-30-28   4,240 2,889
Capital Asset Management, Loan ID - R1D1408372 0.000 07-26-30   8,736 5,953
Capital Asset Management, Loan ID - R1D1409498 9.000 12-01-39   60,223 41,040
Capital Asset Management, Loan ID - R1D1409506 9.000 10-01-36   38,220 26,046
Capital Asset Management, Loan ID - R1D1409607 7.000 09-01-26   9,511 6,482
Capital Asset Management, Loan ID - R1D1410621 10.000 11-30-37   171,846 117,107
Capital Asset Management, Loan ID - R1D1493873 (F) 6.750 08-20-29   96,719 65,911
Capital Asset Management, Loan ID - R1D1493895 6.500 11-20-33   52,825 35,999
Capital Asset Management, Loan ID - R1D1494672 5.000 01-01-40   21,832 14,878
Capital Asset Management, Loan ID - R1D1495224 0.000 09-01-30   170,997 116,529
Capital Asset Management, Loan ID - R1D1495602 0.000 10-08-29   1,815 1,237
24 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1500901 0.000 09-29-25   1,948 $1,327
Capital Asset Management, Loan ID - R1D1526783 6.750 03-01-32   29,974 20,427
Capital Asset Management, Loan ID - R1D1538623 4.000 07-01-38   82,089 55,941
Capital Asset Management, Loan ID - R1D1538702 4.500 10-01-59   363,543 247,743
Capital Asset Management, Loan ID - R1D1582022 3.125 05-01-30   33,953 23,138
Capital Asset Management, Loan ID - R1D1582110 3.000 07-23-28   12,878 8,776
Capital Asset Management, Loan ID - R1D1582190 (E) 2.000 06-01-28   14,623 9,965
Capital Asset Management, Loan ID - R1D1582271 (E) 7.000 10-01-28   20,968 14,289
Capital Asset Management, Loan ID - R1D1582336 14.500 09-26-28   8,585 5,850
Capital Asset Management, Loan ID - R1D1582428 3.000 01-01-43   77,879 53,072
Capital Asset Management, Loan ID - R1D1582473 13.250 11-26-28   9,743 6,640
Capital Asset Management, Loan ID - R1D1582572 5.000 02-01-29   4,310 2,937
Capital Asset Management, Loan ID - R1D1582660 9.990 03-01-25   4,250 2,896
Capital Asset Management, Loan ID - R1D1582688 (F) 6.750 02-01-30   15,939 10,862
Capital Asset Management, Loan ID - R1D1582848 (E) 13.990 05-24-32   14,059 9,580
Capital Asset Management, Loan ID - R1D1582910 14.000 07-19-29   16,506 11,248
Capital Asset Management, Loan ID - R1D1583003 14.125 07-26-29   10,802 7,361
Capital Asset Management, Loan ID - R1D1583069 13.990 08-10-24   1,817 1,238
Capital Asset Management, Loan ID - R1D1583072 12.400 08-18-29   40,436 27,556
Capital Asset Management, Loan ID - R1D1583115 12.990 09-01-29   24,094 16,419
Capital Asset Management, Loan ID - R1D1583160 14.500 10-01-29   14,926 10,171
Capital Asset Management, Loan ID - R1D1583173 12.125 09-14-29   32,442 22,108
Capital Asset Management, Loan ID - R1D1583207 (F) 5.000 10-01-31   28,047 19,113
Capital Asset Management, Loan ID - R1D1583243 5.000 01-01-25   2,809 1,914
Capital Asset Management, Loan ID - R1D1583263 7.625 08-22-34   48,116 32,789
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 25

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1583276 (F) 4.000 04-01-31   25,834 $17,605
Capital Asset Management, Loan ID - R1D1583326 (F) 3.875 03-01-37   37,540 25,582
Capital Asset Management, Loan ID - R1D1583331 4.000 06-01-27   15,124 10,307
Capital Asset Management, Loan ID - R1D1583357 6.500 06-01-28   11,893 8,104
Capital Asset Management, Loan ID - R1D1583368 4.000 01-01-31   10,263 6,994
Capital Asset Management, Loan ID - R1D1583454 5.000 02-28-35   28,447 19,386
Capital Asset Management, Loan ID - R1D1583654 5.000 05-01-35   20,438 13,928
Capital Asset Management, Loan ID - R1D1583726 3.000 09-03-35   15,092 10,285
Capital Asset Management, Loan ID - R1D1583836 11.750 06-27-30   28,589 19,483
Capital Asset Management, Loan ID - R1D1583852 (F) 5.000 05-01-36   27,483 18,729
Capital Asset Management, Loan ID - R1D1583960 5.000 03-01-35   12,626 8,605
Capital Asset Management, Loan ID - R1D1584039 13.350 08-04-25   8,298 5,655
Capital Asset Management, Loan ID - R1D1584055 10.950 09-01-25   12,019 8,191
Capital Asset Management, Loan ID - R1D1584390 6.000 12-01-30   10,815 7,370
Capital Asset Management, Loan ID - R1D1584462 (E) 5.000 09-01-29   17,180 11,708
Capital Asset Management, Loan ID - R1D1584480 5.875 06-01-25   8,316 5,667
Capital Asset Management, Loan ID - R1D1584516 8.000 07-01-32   48,768 33,234
Capital Asset Management, Loan ID - R1D1584589 13.900 05-25-30   31,498 21,465
Capital Asset Management, Loan ID - R1D1584642 13.700 05-20-30   12,788 8,714
Capital Asset Management, Loan ID - R1D1584662 5.000 12-09-35   23,719 16,164
Capital Asset Management, Loan ID - R1D1584697 4.875 02-01-36   26,206 17,858
Capital Asset Management, Loan ID - R1D1584709 (E) 2.000 02-01-31   10,621 7,238
Capital Asset Management, Loan ID - R1D1584745 4.000 12-01-36   24,482 16,684
Capital Asset Management, Loan ID - R1D1584783 10.975 03-01-26   14,785 10,075
Capital Asset Management, Loan ID - R1D1584804 11.700 02-24-31   58,060 39,566
26 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1584828 12.375 04-01-31   20,135 $13,721
Capital Asset Management, Loan ID - R1D1584833 11.975 04-01-31   24,880 16,955
Capital Asset Management, Loan ID - R1D1584860 12.250 04-01-31   21,282 14,503
Capital Asset Management, Loan ID - R1D1584895 14.125 05-01-26   17,408 11,863
Capital Asset Management, Loan ID - R1D1584985 12.875 10-15-24   2,135 1,455
Capital Asset Management, Loan ID - R1D1585078 (F) 12.250 04-01-24   3,891 2,652
Capital Asset Management, Loan ID - R1D1585083 5.000 05-01-24   113 77
Capital Asset Management, Loan ID - R1D1585124 5.000 12-01-24   1,510 1,029
Capital Asset Management, Loan ID - R1D1585155 9.490 05-03-24   350 238
Capital Asset Management, Loan ID - R1D1585269 14.625 05-17-24   1,505 1,026
Capital Asset Management, Loan ID - R1D1585308 14.750 06-28-24   122 83
Capital Asset Management, Loan ID - R1D1585322 5.000 07-08-29   4,437 3,024
Capital Asset Management, Loan ID - R1D1585429 5.000 08-06-29   11,917 8,121
Capital Asset Management, Loan ID - R1D1585515 5.000 08-13-24   1,553 1,059
Capital Asset Management, Loan ID - R1D1585528 12.999 08-26-24   3,493 2,380
Capital Asset Management, Loan ID - R1D1585674 5.000 09-28-24   2,280 1,554
Capital Asset Management, Loan ID - R1D1585708 15.125 09-14-24   2,900 1,976
Capital Asset Management, Loan ID - R1D1585719 5.000 11-16-29   10,878 7,413
Capital Asset Management, Loan ID - R1D1585737 5.000 01-23-28   8,117 5,531
Capital Asset Management, Loan ID - R1D1585753 16.625 09-28-24   3,351 2,283
JH Residential Whole Loan Trust II (C)(D) 7.9%       8,993,702
Achieve, Loan ID - R21032529806 14.000 07-01-33   23,402 23,402
Achieve, Loan ID - R21032915287 11.750 10-01-38   57,300 57,300
Achieve, Loan ID - R21032915397 13.250 10-01-33   50,700 50,700
Achieve, Loan ID - R21032915410 14.500 10-01-38   36,200 36,200
Achieve, Loan ID - R21032915436 13.500 10-01-38   23,850 23,850
Achieve, Loan ID - R21032915481 13.500 10-01-33   30,300 30,300
Achieve, Loan ID - R21032915517 15.000 10-01-38   29,950 29,950
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 27

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R21032915588 11.750 10-01-33   42,550 $42,550
Achieve, Loan ID - R21032915630 14.000 10-01-38   65,150 65,150
Achieve, Loan ID - R21032915669 10.000 10-01-33   50,000 50,000
Achieve, Loan ID - R21032915724 13.250 10-01-33   40,700 40,700
Achieve, Loan ID - R21032915782 13.500 10-01-33   40,000 40,000
Achieve, Loan ID - R21032915834 13.750 10-01-33   33,650 33,650
Achieve, Loan ID - R21032916697 10.000 10-01-38   104,800 104,800
Achieve, Loan ID - R21032916707 10.000 10-01-38   81,250 81,250
Achieve, Loan ID - R21032916710 10.000 10-01-38   55,350 55,350
Achieve, Loan ID - R21032916736 12.250 10-01-33   66,200 66,200
Achieve, Loan ID - R21032916765 12.750 10-01-33   56,050 56,050
Achieve, Loan ID - R21032916781 13.250 10-01-33   22,950 22,950
Achieve, Loan ID - R21032916804 13.750 10-01-33   50,150 50,150
Achieve, Loan ID - R21032916859 14.000 10-01-38   51,800 51,800
Achieve, Loan ID - R21032916862 14.000 10-01-38   44,400 44,400
Achieve, Loan ID - R21032916875 14.250 10-01-33   26,500 26,500
Achieve, Loan ID - R21032916927 15.000 10-01-38   26,750 26,750
Achieve, Loan ID - R21032927686 15.000 10-01-38   18,650 18,650
Achieve, Loan ID - R21032927709 15.000 10-01-38   31,800 31,800
Achieve, Loan ID - R21032927770 13.750 10-01-33   42,000 42,000
Achieve, Loan ID - R21032927819 14.250 10-01-33   19,000 19,000
Achieve, Loan ID - R21032927835 14.250 10-01-33   80,500 80,500
Achieve, Loan ID - R21032927864 14.250 10-01-33   44,500 44,500
Achieve, Loan ID - R21032927877 14.250 10-01-33   150,000 150,000
Achieve, Loan ID - R21032927903 15.250 10-01-33   23,300 23,300
Achieve, Loan ID - R21032927929 14.250 10-01-33   68,000 68,000
Achieve, Loan ID - R21032927945 13.250 10-01-33   46,300 46,300
Achieve, Loan ID - R21032927958 13.750 10-01-33   34,800 34,800
Achieve, Loan ID - R21032927974 14.250 10-01-33   108,000 108,000
Achieve, Loan ID - R21032927987 10.750 10-01-33   40,300 40,300
Achieve, Loan ID - R21032927990 15.000 10-01-38   21,850 21,850
Achieve, Loan ID - R21032928025 12.500 10-01-33   60,400 60,400
Achieve, Loan ID - R21032928038 12.500 10-01-38   75,000 75,000
Achieve, Loan ID - R21032928054 13.500 10-01-33   60,800 60,800
Achieve, Loan ID - R21032928070 14.500 10-01-38   126,000 126,000
Achieve, Loan ID - R21032928083 14.500 10-01-38   61,750 61,750
Achieve, Loan ID - R21032928106 14.500 10-01-38   123,500 123,500
Achieve, Loan ID - R21032928135 11.750 10-01-33   44,000 44,000
Achieve, Loan ID - R21032928177 13.250 10-01-33   43,300 43,300
Achieve, Loan ID - R21032928203 12.125 10-01-33   59,900 59,900
Achieve, Loan ID - R21032928232 12.250 10-01-33   35,700 35,700
Achieve, Loan ID - R21032928258 13.750 10-01-33   88,200 88,200
Achieve, Loan ID - R21032928261 15.000 10-01-38   90,150 90,150
Achieve, Loan ID - R21032928287 13.250 10-01-33   72,950 72,950
28 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R21032928290 13.500 10-01-33   31,950 $31,950
Achieve, Loan ID - R21032928339 15.000 10-01-33   27,550 27,550
Achieve, Loan ID - R21032928397 10.000 10-01-33   51,500 51,500
Achieve, Loan ID - R21032928410 13.250 10-01-33   48,800 48,800
Achieve, Loan ID - R21032928481 13.750 10-01-33   38,850 38,850
Achieve, Loan ID - R21032928494 14.000 10-01-38   30,800 30,800
Achieve, Loan ID - R21032928517 15.000 10-01-38   65,450 65,450
Achieve, Loan ID - R21032930291 14.250 10-01-33   33,750 33,750
Achieve, Loan ID - R21032930327 13.250 10-01-33   22,450 22,450
Achieve, Loan ID - R21032930330 13.750 10-01-33   25,900 25,900
Achieve, Loan ID - R21032930343 13.750 10-01-33   58,650 58,650
Achieve, Loan ID - R21032930356 14.250 10-01-33   39,900 39,900
Achieve, Loan ID - R21032930369 14.250 10-01-33   26,850 26,850
Achieve, Loan ID - R21032930385 14.500 10-01-38   52,500 52,500
Achieve, Loan ID - R21032930398 14.500 10-01-38   50,600 50,600
Achieve, Loan ID - R21032930453 10.000 10-01-38   95,500 95,500
Achieve, Loan ID - R21032930482 13.750 10-01-33   33,900 33,900
Achieve, Loan ID - R21032930576 13.500 10-01-38   50,000 50,000
Achieve, Loan ID - R21032930589 14.250 10-01-33   30,600 30,600
Achieve, Loan ID - R21032930592 15.000 10-01-33   48,000 48,000
Achieve, Loan ID - R21032957193 13.750 10-01-33   84,500 84,500
Achieve, Loan ID - R21032957216 15.000 10-01-33   55,500 55,500
Achieve, Loan ID - R21032957229 10.250 10-01-33   95,100 95,100
Achieve, Loan ID - R21032957232 10.250 10-01-33   43,600 43,600
Achieve, Loan ID - R21032957245 10.250 10-01-33   20,350 20,350
Achieve, Loan ID - R21032957290 12.250 10-01-33   25,800 25,800
Achieve, Loan ID - R21032957326 12.250 10-01-33   45,400 45,400
Achieve, Loan ID - R21032957355 12.750 10-01-33   60,100 60,100
Achieve, Loan ID - R21032957407 13.250 10-01-33   147,000 147,000
Achieve, Loan ID - R21032957436 13.250 10-01-33   24,850 24,850
Achieve, Loan ID - R21032957449 13.250 10-01-33   73,150 73,150
Achieve, Loan ID - R21032957452 13.250 10-01-33   57,000 57,000
Achieve, Loan ID - R21032957517 13.750 10-01-33   42,100 42,100
Achieve, Loan ID - R21032957533 13.750 10-01-33   37,100 37,100
Achieve, Loan ID - R21032957559 13.750 10-01-33   27,100 27,100
Achieve, Loan ID - R21032957588 13.750 10-01-33   20,100 20,100
Achieve, Loan ID - R21032957614 14.250 10-01-33   29,950 29,950
Achieve, Loan ID - R21032957708 14.250 10-01-33   43,600 43,600
Achieve, Loan ID - R21032957753 15.125 10-01-38   41,450 41,450
Achieve, Loan ID - R21032957766 15.000 10-01-33   39,700 39,700
Achieve, Loan ID - R21032957782 15.000 10-01-38   125,700 125,700
Achieve, Loan ID - R21032957818 14.250 10-01-33   49,550 49,550
Achieve, Loan ID - R21032957821 14.250 10-01-33   30,500 30,500
Achieve, Loan ID - R21032957863 15.125 10-01-33   62,350 62,350
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 29

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R21032957889 12.750 10-01-33   78,300 $78,300
Achieve, Loan ID - R21032957892 13.750 10-01-33   34,300 34,300
Achieve, Loan ID - R21032957902 13.750 10-01-33   28,400 28,400
Achieve, Loan ID - R21032957915 12.250 10-01-33   49,950 49,950
Achieve, Loan ID - R21032957957 14.250 10-01-33   27,150 27,150
Achieve, Loan ID - R21032957973 12.750 10-01-33   150,000 150,000
Achieve, Loan ID - R21032958024 15.000 10-01-33   25,750 25,750
Achieve, Loan ID - R21032958037 15.000 10-01-33   65,950 65,950
Achieve, Loan ID - R21032958053 10.000 10-01-38   67,300 67,300
Achieve, Loan ID - R21032958066 10.000 10-01-33   60,250 60,250
Achieve, Loan ID - R21032958134 15.000 10-01-38   49,000 49,000
Achieve, Loan ID - R21032958176 15.000 10-01-33   42,700 42,700
Achieve, Loan ID - R21032958189 15.000 10-01-38   45,000 45,000
Achieve, Loan ID - R21032958215 12.500 10-01-33   19,000 19,000
Achieve, Loan ID - R21032958257 14.500 10-01-38   19,500 19,500
Achieve, Loan ID - R21032973892 13.250 10-01-33   60,000 60,000
Achieve, Loan ID - R21032973931 11.500 10-01-38   32,000 32,000
Achieve, Loan ID - R21032973999 15.000 10-01-38   51,750 51,750
Achieve, Loan ID - R21032974024 13.000 10-01-38   84,600 84,600
Achieve, Loan ID - R21032974079 13.500 10-01-38   30,100 30,100
Achieve, Loan ID - R21032974105 13.500 10-01-38   39,600 39,600
Achieve, Loan ID - R21032974118 12.250 10-01-33   39,300 39,300
Achieve, Loan ID - R21032974147 12.250 10-01-33   92,100 92,100
Achieve, Loan ID - R21032974192 13.750 10-01-33   73,000 73,000
Achieve, Loan ID - R21032974202 15.250 10-01-33   42,600 42,600
Achieve, Loan ID - R21032974228 13.250 10-01-33   33,600 33,600
Achieve, Loan ID - R21032974273 14.500 10-01-38   91,800 91,800
Achieve, Loan ID - R21032974299 15.000 10-01-38   42,600 42,600
Achieve, Loan ID - R21032974309 13.500 10-01-38   49,700 49,700
Achieve, Loan ID - R21032974325 12.250 10-01-33   124,450 124,450
Achieve, Loan ID - R21032974354 15.000 10-01-33   46,700 46,700
Achieve, Loan ID - R21032974367 13.750 10-01-33   44,200 44,200
Achieve, Loan ID - R21032974370 14.250 10-01-33   51,000 51,000
Achieve, Loan ID - R21032974383 12.500 10-01-33   23,650 23,650
Achieve, Loan ID - R21032974396 12.500 10-01-38   42,700 42,700
Achieve, Loan ID - R21032974406 12.500 10-01-33   81,050 81,050
Achieve, Loan ID - R21032974422 11.000 10-01-38   27,600 27,600
Achieve, Loan ID - R21032974464 13.500 10-01-38   52,950 52,950
Achieve, Loan ID - R21032974516 13.750 10-01-33   101,800 101,800
Achieve, Loan ID - R21032974545 15.000 10-01-33   39,500 39,500
Achieve, Loan ID - R21032974587 15.000 10-01-38   101,500 101,500
Achieve, Loan ID - R21032974600 12.500 10-01-38   26,000 26,000
Achieve, Loan ID - R21032974613 10.000 10-01-38   98,700 98,700
Achieve, Loan ID - R21032974626 10.750 10-01-33   43,350 43,350
30 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R21032975379 9.750 11-01-33   74,150 $74,150
Achieve, Loan ID - R21032975382 10.000 11-01-33   50,300 50,300
Achieve, Loan ID - R21032975447 12.500 11-01-38   53,600 53,600
Achieve, Loan ID - R21032975492 13.250 11-01-33   27,300 27,300
Achieve, Loan ID - R21032975515 13.250 11-01-33   74,950 74,950
Achieve, Loan ID - R21032975528 13.250 11-01-33   51,000 51,000
Achieve, Loan ID - R21032975531 13.750 11-01-33   24,250 24,250
Achieve, Loan ID - R21032975560 14.000 11-01-38   49,500 49,500
Achieve, Loan ID - R21032975609 14.500 11-01-38   28,350 28,350
Achieve, Loan ID - R21032975612 14.500 11-01-38   99,750 99,750
Achieve, Loan ID - R21032975625 14.500 11-01-38   56,500 56,500
Achieve, Loan ID - R21032975667 12.250 11-01-33   51,900 51,900
Achieve, Loan ID - R21032975696 15.000 11-01-38   96,150 96,150
Achieve, Loan ID - R21032975706 15.000 11-01-33   57,000 57,000
Achieve, Loan ID - R21032975719 15.000 11-01-33   31,450 31,450
Achieve, Loan ID - R21032975722 15.000 11-01-33   71,900 71,900
Achieve, Loan ID - R21032975735 15.000 11-01-33   75,000 75,000
Achieve, Loan ID - R21032975748 12.500 11-01-38   71,500 71,500
Achieve, Loan ID - R21032975764 15.000 11-01-38   36,500 36,500
Achieve, Loan ID - R21032975777 12.125 11-01-33   35,600 35,600
Achieve, Loan ID - R21032975780 12.750 11-01-33   35,300 35,300
Achieve, Loan ID - R21032975816 13.750 11-01-33   43,300 43,300
Achieve, Loan ID - R21032975845 13.750 11-01-33   48,000 48,000
Achieve, Loan ID - R21032976611 13.750 10-01-33   30,000 30,000
Achieve, Loan ID - R21032976666 13.250 11-01-33   23,200 23,200
Achieve, Loan ID - R21032976750 15.000 11-01-38   69,100 69,100
Achieve, Loan ID - R21032976763 14.500 11-01-38   43,750 43,750
Achieve, Loan ID - R21032976844 14.250 11-01-33   72,400 72,400
Achieve, Loan ID - R21032976860 14.000 11-01-38   47,000 47,000
Achieve, Loan ID - R21032976899 15.000 10-01-38   35,900 35,900
Achieve, Loan ID - R21032976912 12.250 11-01-33   32,400 32,400
Achieve, Loan ID - R21032976925 13.500 11-01-33   40,600 40,600
Residential whole loans 1.0%         1,144,333
ACHM Trust          
Series 2023-HE2, Class D PO (A) 4.030 10-25-38   700,492 270,282
Series 2023-HE2, Class XS IO (A)(D) 0.000 10-25-38   7,783,182 874,051
Consumer loans 12.0%         $13,671,209
(Cost $14,256,432)          
JH Consumer Loan Trust (C)(D) 12.0%       13,671,209
Achieve, Loan ID - C13198977 15.490 12-30-26   14,481 14,019
Achieve, Loan ID - C18648251 20.990 12-14-26   25,365 24,556
Achieve, Loan ID - C21301780 17.740 12-15-27   36,161 35,007
Achieve, Loan ID - C21301863 16.490 01-28-26   20,260 19,614
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 31

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C22491604 5.990 12-07-24   6,882 $6,662
Achieve, Loan ID - C22697841 26.990 02-28-28   46,584 45,098
Achieve, Loan ID - C22901419 22.990 12-16-27   45,727 44,268
Achieve, Loan ID - C22901867 24.740 01-20-28   20,550 19,894
Achieve, Loan ID - C22902029 19.990 12-14-26   24,312 23,537
Achieve, Loan ID - C22902472 16.740 12-10-26   36,162 35,008
Achieve, Loan ID - C23042033 20.240 01-27-28   17,109 16,564
Achieve, Loan ID - C23204818 12.240 01-27-25   32,831 31,784
Achieve, Loan ID - C23253984 14.990 01-15-26   27,675 26,792
Achieve, Loan ID - C23299458 19.990 01-15-28   45,332 43,886
Achieve, Loan ID - C23300084 16.490 01-25-27   17,795 17,228
Achieve, Loan ID - C23301086 21.740 02-13-28   21,833 21,136
Achieve, Loan ID - C23347651 26.990 01-15-28   18,301 17,717
Achieve, Loan ID - C23500788 8.490 01-15-28   11,984 11,602
Achieve, Loan ID - C23511393 25.490 01-20-26   9,777 9,465
Achieve, Loan ID - C23606723 (F) 25.490 01-16-26   23,041 22,306
Achieve, Loan ID - C23614192 17.990 12-10-26   20,762 20,099
Achieve, Loan ID - C23614815 5.990 01-27-25   7,513 7,273
Achieve, Loan ID - C23629229 5.990 01-15-25   4,474 4,331
Achieve, Loan ID - C23688425 25.990 01-21-27   9,258 8,962
Achieve, Loan ID - C23734348 (F) 25.490 01-18-26   21,701 21,009
Achieve, Loan ID - C23885575 13.740 01-24-27   21,405 20,722
Achieve, Loan ID - C23889197 25.740 12-11-27   20,805 20,141
Achieve, Loan ID - C23902626 23.990 01-23-28   23,315 22,571
Achieve, Loan ID - C23957099 26.990 12-01-27   32,575 31,536
Achieve, Loan ID - C23957226 22.240 12-11-25   32,277 31,248
Achieve, Loan ID - C23964782 26.990 12-10-27   41,324 40,006
Achieve, Loan ID - C23965795 20.990 12-09-24   6,754 6,539
Achieve, Loan ID - C23966505 26.990 02-25-28   20,473 19,820
Achieve, Loan ID - C23971061 (F) 26.990 02-23-28   4,805 4,652
Achieve, Loan ID - C23983604 17.240 01-23-25   16,757 16,223
Achieve, Loan ID - C23985013 26.990 02-28-28   10,595 10,257
Achieve, Loan ID - C23988868 21.740 12-10-27   20,998 20,328
Achieve, Loan ID - C23991064 16.240 01-14-26   13,654 13,219
Achieve, Loan ID - C23992646 26.990 01-15-28   11,143 10,787
Achieve, Loan ID - C23992707 21.990 12-04-27   45,119 43,680
Achieve, Loan ID - C23993030 17.990 01-27-28   33,088 32,032
Achieve, Loan ID - C23993503 18.740 12-13-27   30,305 29,339
Achieve, Loan ID - C23993507 16.740 01-17-27   41,604 40,277
Achieve, Loan ID - C23993537 22.990 12-16-26   33,920 32,838
Achieve, Loan ID - C23993575 19.990 12-02-26   21,091 20,418
Achieve, Loan ID - C23993654 26.240 02-25-28   21,525 20,838
Achieve, Loan ID - C23993655 25.990 02-28-28   18,869 18,267
Achieve, Loan ID - C23993830 17.740 01-18-27   33,290 32,228
32 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C23994196 18.740 12-11-27   45,067 $43,630
Achieve, Loan ID - C23994896 26.990 02-22-28   30,230 29,266
Achieve, Loan ID - C23995781 14.740 12-02-24   4,794 4,641
Achieve, Loan ID - C23995817 5.990 12-16-24   4,658 4,510
Achieve, Loan ID - C24002565 26.990 12-10-27   9,655 9,347
Achieve, Loan ID - C24003540 23.990 01-25-26   15,033 14,553
Achieve, Loan ID - C24016122 24.490 01-23-26   18,977 18,371
Achieve, Loan ID - C24053632 (F) 25.490 12-11-27   6,042 5,849
Achieve, Loan ID - C24095448 26.990 02-25-28   18,968 18,363
Achieve, Loan ID - C24100561 26.740 12-14-27   18,625 18,031
Achieve, Loan ID - C24111885 25.990 02-25-28   39,812 38,542
Achieve, Loan ID - C24113374 16.990 12-12-27   10,905 10,558
Achieve, Loan ID - C24117426 25.490 01-26-26   33,068 32,013
Achieve, Loan ID - C24118254 16.240 01-25-28   45,116 43,676
Achieve, Loan ID - C24119783 26.740 01-20-28   18,199 17,618
Achieve, Loan ID - C24120666 20.490 12-12-27   36,359 35,199
Achieve, Loan ID - C24122905 16.240 01-30-26   23,232 22,491
Achieve, Loan ID - C24135793 17.990 01-27-28   20,457 19,805
Achieve, Loan ID - C24152557 24.990 02-27-28   30,068 29,109
Achieve, Loan ID - C24160824 21.490 01-26-28   13,767 13,327
Achieve, Loan ID - C24166360 26.990 02-27-28   8,855 8,573
Achieve, Loan ID - C24173305 21.490 01-15-27   9,202 8,908
Achieve, Loan ID - C24178392 14.240 01-26-28   25,099 24,299
Achieve, Loan ID - C24208997 16.990 12-13-27   13,915 13,471
Achieve, Loan ID - C24217475 19.740 01-27-27   17,500 16,941
Achieve, Loan ID - C24219111 13.740 12-14-26   42,695 41,333
Achieve, Loan ID - C24220083 25.740 02-27-28   27,873 26,984
Achieve, Loan ID - C24221058 25.490 01-21-26   14,298 13,842
Achieve, Loan ID - C24222725 20.990 12-16-26   11,429 11,064
Achieve, Loan ID - C24223658 8.740 12-14-25   30,938 29,951
Achieve, Loan ID - C24225924 25.490 01-18-26   12,699 12,294
Achieve, Loan ID - C24226452 18.740 01-29-27   12,666 12,262
Achieve, Loan ID - C24228404 19.740 01-27-27   26,750 25,897
Achieve, Loan ID - C24234040 15.490 01-27-28   18,912 18,309
Achieve, Loan ID - C24238978 8.740 02-24-26   27,177 26,310
Achieve, Loan ID - C24240396 18.990 01-20-25   21,627 20,937
Achieve, Loan ID - C24247499 23.490 12-16-25   27,584 26,704
Achieve, Loan ID - C24250851 9.240 01-20-26   19,796 19,165
Achieve, Loan ID - C24251631 21.740 01-21-28   30,257 29,292
Achieve, Loan ID - C24253181 24.990 12-15-25   8,140 7,880
Achieve, Loan ID - C24253285 15.490 01-27-27   43,071 41,697
Achieve, Loan ID - C24255215 25.490 01-29-26   5,806 5,621
Achieve, Loan ID - C24273844 5.990 12-30-24   4,495 4,352
Achieve, Loan ID - C24274128 5.990 12-15-24   5,661 5,480
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 33

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C24275554 25.490 12-20-25   9,716 $9,406
Achieve, Loan ID - C24277901 14.240 01-27-26   22,071 21,367
Achieve, Loan ID - C24281913 26.990 02-29-28   36,206 35,051
Achieve, Loan ID - C24283593 26.990 02-29-28   36,471 35,308
Achieve, Loan ID - C24284695 25.490 01-29-26   13,062 12,645
Achieve, Loan ID - C24284884 26.240 01-20-28   13,841 13,400
Achieve, Loan ID - C24286861 9.240 12-16-25   19,382 18,764
Achieve, Loan ID - C24287807 15.240 01-28-26   26,569 25,721
Achieve, Loan ID - C24290777 13.740 12-16-25   25,272 24,466
Achieve, Loan ID - C24304679 22.240 01-29-28   9,198 8,905
Achieve, Loan ID - C24305176 15.490 01-29-27   15,509 15,015
Achieve, Loan ID - C24305742 25.240 12-16-26   25,230 24,426
Achieve, Loan ID - C24322073 19.990 01-29-27   35,028 33,910
Achieve, Loan ID - C24322154 25.490 12-16-25   9,018 8,730
Achieve, Loan ID - C24328234 24.240 01-29-28   37,007 35,827
Achieve, Loan ID - C24332089 17.490 12-16-25   36,531 35,366
Achieve, Loan ID - C24332351 26.490 01-29-27   46,211 44,737
Achieve, Loan ID - C24333569 22.490 01-20-26   23,115 22,378
Achieve, Loan ID - C24335297 17.490 12-16-24   9,643 9,336
Achieve, Loan ID - C24337568 17.990 01-30-26   29,039 28,112
Achieve, Loan ID - C24342663 5.990 01-29-25   6,507 6,300
Achieve, Loan ID - C24347890 26.490 12-16-26   11,162 10,806
Achieve, Loan ID - C24349300 26.990 02-29-28   12,121 11,734
Achieve, Loan ID - C24361791 25.740 02-29-28   37,196 36,009
Achieve, Loan ID - C24363366 24.990 01-29-28   19,112 18,503
Achieve, Loan ID - C24389875 5.990 02-06-25   5,122 4,959
Achieve, Loan ID - C24390487 5.990 02-03-25   6,252 6,052
Achieve, Loan ID - C24616115 25.490 01-30-26   4,319 4,181
Achieve, Loan ID - C24619959 22.240 02-06-28   42,703 41,340
Achieve, Loan ID - C24684691 20.240 02-10-27   8,024 7,768
Achieve, Loan ID - C24692520 21.990 02-06-28   46,936 45,439
Achieve, Loan ID - C24702290 25.490 12-24-27   8,233 7,970
Achieve, Loan ID - C24702687 (F) 23.990 02-06-26   17,205 16,656
Achieve, Loan ID - C24708215 17.740 02-03-27   18,767 18,168
Achieve, Loan ID - C24708850 26.990 03-07-28   17,338 16,785
Achieve, Loan ID - C24711514 17.740 12-24-25   38,795 37,557
Achieve, Loan ID - C24737748 16.240 12-28-26   22,364 21,650
Achieve, Loan ID - C24770901 18.990 12-25-26   22,031 21,328
Achieve, Loan ID - C24782379 26.990 12-27-27   36,699 35,528
Achieve, Loan ID - C24783767 26.990 03-09-28   11,375 11,012
Achieve, Loan ID - C24785164 20.740 12-25-27   16,219 15,702
Achieve, Loan ID - C24786491 26.990 02-08-28   37,574 36,375
Achieve, Loan ID - C24786979 26.990 03-09-28   29,718 28,770
Achieve, Loan ID - C24808124 23.490 02-13-28   22,534 21,815
34 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C24808507 18.990 02-02-26   25,477 $24,664
Achieve, Loan ID - C24808865 26.990 12-28-27   9,427 9,126
Achieve, Loan ID - C24814257 26.990 03-10-28   14,117 13,667
Achieve, Loan ID - C24818125 5.990 12-28-24   7,393 7,158
Achieve, Loan ID - C24822591 26.990 01-29-28   23,044 22,309
Achieve, Loan ID - C24832561 5.990 01-30-25   3,734 3,615
Achieve, Loan ID - C24838632 26.990 03-11-28   17,668 17,104
Achieve, Loan ID - C24842245 9.240 12-26-27   11,359 10,996
Achieve, Loan ID - C24886368 15.990 02-13-26   31,714 30,702
Achieve, Loan ID - C24889861 26.990 03-12-28   17,997 17,423
Achieve, Loan ID - C24891649 23.490 02-01-27   44,594 43,171
Achieve, Loan ID - C24895937 25.490 12-30-25   8,471 8,201
Achieve, Loan ID - C24929161 25.740 03-12-28   18,889 18,286
Achieve, Loan ID - C24931645 21.240 12-30-27   25,397 24,587
Achieve, Loan ID - C24938747 15.990 02-13-26   31,596 30,588
Achieve, Loan ID - C24941009 20.240 02-13-27   11,738 11,364
Achieve, Loan ID - C24941466 26.490 12-30-26   4,933 4,776
Achieve, Loan ID - C31320542 19.990 06-16-28   41,586 40,259
Achieve, Loan ID - C31322342 26.990 06-14-28   12,262 11,871
Achieve, Loan ID - C31323216 5.990 04-30-25   7,989 7,734
Achieve, Loan ID - C31327692 (F) 25.740 06-20-28   9,862 9,547
Achieve, Loan ID - C31327857 19.990 05-11-28   15,154 14,671
Achieve, Loan ID - C31334156 5.990 06-15-25   10,098 9,776
Achieve, Loan ID - C31335950 5.990 06-27-25   10,122 9,799
Achieve, Loan ID - C31336386 26.990 05-11-28   7,614 7,371
Achieve, Loan ID - C31336469 18.990 06-19-27   22,710 21,985
Achieve, Loan ID - C31339468 15.740 05-01-27   14,796 14,324
Achieve, Loan ID - C31346016 18.740 06-28-27   15,582 15,085
Achieve, Loan ID - C31351535 22.990 06-25-27   45,782 44,321
Achieve, Loan ID - C31353999 (F) 23.990 06-25-28   10,080 9,759
Achieve, Loan ID - C31355554 24.740 06-16-28   10,524 10,188
Achieve, Loan ID - C31358659 20.740 06-12-28   10,146 9,822
Achieve, Loan ID - C31359319 21.740 06-12-28   10,156 9,832
Achieve, Loan ID - C31361837 16.240 06-21-27   21,665 20,974
Achieve, Loan ID - C31363408 26.990 06-15-28   30,943 29,955
Achieve, Loan ID - C31364411 17.740 06-30-27   44,757 43,330
Achieve, Loan ID - C31368567 16.990 06-20-28   48,058 46,525
Achieve, Loan ID - C31369376 19.240 06-13-28   20,165 19,522
Achieve, Loan ID - C31370479 16.490 06-22-26   41,174 39,861
Achieve, Loan ID - C31371254 21.740 06-16-28   14,436 13,976
Achieve, Loan ID - C31375823 24.240 06-18-27   17,111 16,565
Achieve, Loan ID - C31376581 18.990 06-23-28   12,039 11,655
Achieve, Loan ID - C31381175 5.990 06-13-25   10,077 9,755
Achieve, Loan ID - C31384566 26.990 07-26-28   21,660 20,969
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 35

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C31384868 23.490 06-30-25   1,352 $1,309
Achieve, Loan ID - C31385318 21.490 06-26-27   43,251 41,871
Achieve, Loan ID - C31385927 21.490 06-21-27   11,091 10,737
Achieve, Loan ID - C31386623 18.740 06-15-27   15,722 15,220
Achieve, Loan ID - C31386911 21.990 06-16-28   35,650 34,513
Achieve, Loan ID - C31388282 13.990 05-05-25   6,335 6,133
Achieve, Loan ID - C31388466 20.490 06-13-28   14,388 13,929
Achieve, Loan ID - C31388907 20.740 06-16-27   35,577 34,442
Achieve, Loan ID - C31389230 26.990 06-16-28   10,548 10,212
Achieve, Loan ID - C31389516 20.740 06-13-28   29,577 28,633
Achieve, Loan ID - C31389544 18.240 06-15-26   37,857 36,650
Achieve, Loan ID - C31389701 26.990 07-27-28   19,790 19,159
Achieve, Loan ID - C31390638 19.990 06-16-28   38,417 37,192
Achieve, Loan ID - C31390921 22.490 06-13-27   4,726 4,576
Achieve, Loan ID - C31390979 25.490 05-13-26   25,523 24,709
Achieve, Loan ID - C31391121 18.740 06-13-27   25,935 25,108
Achieve, Loan ID - C31391521 26.990 06-14-28   8,819 8,538
Achieve, Loan ID - C31391565 21.990 06-21-28   21,441 20,757
Achieve, Loan ID - C31392604 26.990 06-13-28   9,654 9,346
Achieve, Loan ID - C31393020 26.990 07-27-28   6,794 6,577
Achieve, Loan ID - C31393124 (F) 26.990 07-26-28   14,297 13,841
Achieve, Loan ID - C31393496 22.740 05-09-27   8,408 8,139
Achieve, Loan ID - C31393575 20.240 06-27-25   30,144 29,182
Achieve, Loan ID - C31394502 5.990 05-10-25   9,283 8,987
Achieve, Loan ID - C31394748 23.990 06-29-27   11,188 10,831
Achieve, Loan ID - C31394895 5.990 06-15-25   10,099 9,777
Achieve, Loan ID - C31394906 26.240 06-30-27   3,820 3,699
Achieve, Loan ID - C31395045 22.990 05-01-28   12,560 12,159
Achieve, Loan ID - C31395596 18.740 06-29-25   14,520 14,056
Achieve, Loan ID - C31395796 24.240 07-30-28   16,781 16,246
Achieve, Loan ID - C31396148 21.740 06-30-28   21,351 20,670
Achieve, Loan ID - C31396302 26.990 07-26-28   11,318 10,957
Achieve, Loan ID - C31396322 25.240 07-27-28   40,913 39,608
Achieve, Loan ID - C31396425 22.740 07-27-28   7,199 6,969
Achieve, Loan ID - C31396534 26.990 07-29-28   14,916 14,440
Achieve, Loan ID - C31396627 22.240 06-16-27   12,836 12,426
Achieve, Loan ID - C31396644 20.740 06-30-28   23,287 22,544
Achieve, Loan ID - C31396913 20.740 06-16-28   29,799 28,848
Achieve, Loan ID - C31396994 5.990 06-16-25   6,734 6,519
Achieve, Loan ID - C31397404 20.740 06-24-26   45,942 44,476
Achieve, Loan ID - C31398640 18.240 06-27-28   47,925 46,396
Achieve, Loan ID - C31399171 22.990 06-29-28   30,865 29,881
Achieve, Loan ID - C31399327 17.990 07-01-27   48,235 46,696
Achieve, Loan ID - C31401206 19.740 06-15-28   31,474 30,470
36 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C31402076 24.240 06-27-26   29,005 $28,080
Achieve, Loan ID - C31403150 5.990 06-13-25   10,105 9,783
Achieve, Loan ID - C31404030 5.990 06-16-25   10,100 9,778
Achieve, Loan ID - C31404074 14.740 06-25-27   14,943 14,466
Achieve, Loan ID - C31404786 21.740 06-26-28   9,686 9,377
Achieve, Loan ID - C31405619 23.740 06-16-28   9,645 9,337
Achieve, Loan ID - C31407785 19.990 06-25-26   19,511 18,889
Achieve, Loan ID - C31413266 19.740 06-14-26   14,643 14,176
Achieve, Loan ID - C31415051 14.240 06-16-26   7,102 6,875
Achieve, Loan ID - C31416188 26.990 06-20-28   19,968 19,331
Achieve, Loan ID - C31417011 14.490 06-25-26   32,290 31,260
Achieve, Loan ID - C31417783 22.990 06-23-27   29,832 28,881
Achieve, Loan ID - C31419865 21.740 06-20-28   15,583 15,086
Achieve, Loan ID - C31419980 21.740 06-27-28   18,608 18,014
Achieve, Loan ID - C31420248 18.740 06-25-26   11,336 10,974
Achieve, Loan ID - C31421074 22.740 06-23-27   21,025 20,354
Achieve, Loan ID - C31422357 25.240 06-20-28   33,606 32,534
Achieve, Loan ID - C31423384 26.990 06-16-28   24,204 23,432
Achieve, Loan ID - C31424651 26.990 06-14-28   9,662 9,353
Achieve, Loan ID - C31425961 21.490 06-25-28   37,344 36,152
Achieve, Loan ID - C31426877 23.490 06-27-28   41,201 39,887
Achieve, Loan ID - C31428410 26.990 07-28-28   17,492 16,934
Achieve, Loan ID - C31429349 26.990 06-20-28   19,770 19,140
Achieve, Loan ID - C31433338 16.490 06-16-26   41,798 40,465
Achieve, Loan ID - C31435684 26.990 07-28-28   36,376 35,216
Achieve, Loan ID - C31437475 26.990 06-15-28   10,637 10,297
Achieve, Loan ID - C31437729 26.990 05-14-28   20,773 20,110
Achieve, Loan ID - C31439606 18.990 06-16-27   19,992 19,354
Achieve, Loan ID - C31440568 19.990 06-15-28   17,876 17,305
Achieve, Loan ID - C31441260 13.490 06-15-26   43,484 42,096
Achieve, Loan ID - C31441788 18.740 06-20-26   15,926 15,418
Achieve, Loan ID - C31442809 26.990 07-29-28   18,852 18,250
Achieve, Loan ID - C31443997 20.990 06-15-27   16,953 16,412
Achieve, Loan ID - C31446756 18.990 06-29-27   14,252 13,798
Achieve, Loan ID - C31449964 19.740 06-16-27   13,912 13,468
Achieve, Loan ID - C31452997 26.990 06-16-28   26,348 25,508
Achieve, Loan ID - C31454028 22.990 06-29-28   31,116 30,123
Achieve, Loan ID - C31455948 26.990 06-15-28   11,350 10,987
Achieve, Loan ID - C32811890 18.740 11-21-27   43,307 43,524
Achieve, Loan ID - C34505079 18.990 11-20-28   20,036 20,136
Achieve, Loan ID - C34505570 17.240 11-17-26   12,040 12,100
Achieve, Loan ID - C34651006 25.240 10-06-27   10,000 10,050
Achieve, Loan ID - C34665747 23.990 11-16-28   46,000 46,230
Achieve, Loan ID - C34675568 23.240 10-05-28   24,610 24,734
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 37

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C34722397 13.990 11-20-27   13,488 $13,556
Achieve, Loan ID - C34739349 25.990 12-19-28   6,600 6,633
Achieve, Loan ID - C34763286 14.490 11-20-26   21,503 21,611
Achieve, Loan ID - C34778675 19.990 10-06-27   20,379 20,481
Achieve, Loan ID - C34779046 14.740 11-20-26   28,403 28,545
Achieve, Loan ID - C34779071 15.240 11-20-28   15,565 15,643
Achieve, Loan ID - C34779142 19.740 11-08-25   12,053 12,113
Achieve, Loan ID - C34779151 18.240 11-20-27   50,000 50,250
Achieve, Loan ID - C34779309 21.240 11-21-27   15,431 15,508
Achieve, Loan ID - C34779394 5.990 11-10-25   10,084 10,134
Achieve, Loan ID - C34779602 20.240 11-21-28   23,200 23,316
Achieve, Loan ID - C34780174 21.990 11-19-25   12,489 12,552
Achieve, Loan ID - C34780323 5.990 10-01-25   10,036 10,087
Achieve, Loan ID - C34822398 21.240 11-17-27   15,101 15,176
Achieve, Loan ID - C34826356 21.240 11-20-27   29,000 29,145
Achieve, Loan ID - C34859657 25.990 11-18-28   23,500 23,618
Achieve, Loan ID - C34864763 25.990 11-15-28   20,300 20,402
Achieve, Loan ID - C34868243 24.490 12-20-28   23,250 23,366
Achieve, Loan ID - C34873664 25.990 12-20-28   21,000 21,105
Achieve, Loan ID - C34887555 14.990 10-06-28   12,000 12,060
Achieve, Loan ID - C34895842 14.240 10-06-26   15,432 15,509
Achieve, Loan ID - C34899068 16.240 11-07-26   22,800 22,914
Achieve, Loan ID - C34902889 25.990 12-20-28   21,900 22,010
Achieve, Loan ID - C34903520 25.990 11-07-28   16,700 16,784
Achieve, Loan ID - C34903753 13.990 11-10-28   40,000 40,200
Achieve, Loan ID - C34903826 21.740 11-10-27   40,000 40,200
Achieve, Loan ID - C34905741 25.990 12-19-28   15,200 15,276
Achieve, Loan ID - C34910473 24.240 11-20-26   30,000 30,150
Achieve, Loan ID - C34912116 14.740 11-07-28   12,000 12,060
Achieve, Loan ID - C34912420 23.740 11-07-28   10,400 10,452
Achieve, Loan ID - C34913209 19.240 11-07-28   22,000 22,110
Achieve, Loan ID - C34914614 21.740 11-20-27   24,000 24,120
Achieve, Loan ID - C34914735 25.240 11-15-27   20,900 21,005
Achieve, Loan ID - C34915281 21.740 11-21-28   22,550 22,663
Achieve, Loan ID - C34917068 20.240 11-15-27   45,000 45,225
Achieve, Loan ID - C34917496 5.990 11-21-25   8,162 8,203
Achieve, Loan ID - C34918363 5.990 11-15-25   6,525 6,558
Achieve, Loan ID - C34918779 19.490 09-30-25   5,000 5,025
Achieve, Loan ID - C34921910 5.990 11-07-25   10,000 10,050
Achieve, Loan ID - C34924262 24.490 11-10-27   16,127 16,208
Achieve, Loan ID - C34925650 21.240 11-21-28   20,000 20,100
Achieve, Loan ID - C34926483 25.990 08-25-28   16,130 16,211
Achieve, Loan ID - C34927376 20.490 11-21-28   12,902 12,966
Arivo, Loan ID - C1378970 (F) 18.980 05-22-29   32,968 32,550
38 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1380541 21.950 05-22-29   43,151 $42,603
Arivo, Loan ID - C1381078 21.260 05-27-29   21,834 21,557
Arivo, Loan ID - C1381533 18.000 05-13-29   21,627 21,353
Arivo, Loan ID - C1381892 20.000 11-17-27   19,925 19,672
Arivo, Loan ID - C1381923 20.150 05-23-29   21,711 21,436
Arivo, Loan ID - C1382134 18.400 05-14-29   30,877 30,485
Arivo, Loan ID - C1382501 20.570 04-30-29   18,829 18,590
Arivo, Loan ID - C1382709 18.000 05-15-29   22,707 22,419
Arivo, Loan ID - C1382756 9.050 05-26-29   38,150 37,666
Arivo, Loan ID - C1383648 22.830 11-12-27   20,929 20,664
Arivo, Loan ID - C1383751 (F) 20.000 05-19-29   19,421 19,174
Arivo, Loan ID - C1384070 18.340 05-23-29   19,280 19,035
Arivo, Loan ID - C1384310 20.000 05-26-29   45,867 45,285
Arivo, Loan ID - C1384317 20.550 05-18-29   25,368 25,046
Arivo, Loan ID - C1384388 22.310 06-01-29   29,176 28,805
Arivo, Loan ID - C1384529 22.200 05-30-29   24,621 24,309
Arivo, Loan ID - C1384700 22.000 05-18-29   37,937 37,455
Arivo, Loan ID - C1385054 16.820 05-18-29   28,654 28,290
Arivo, Loan ID - C1385469 22.990 11-19-28   16,396 16,188
Arivo, Loan ID - C1385521 (F) 20.000 11-19-27   30,772 30,382
Arivo, Loan ID - C1385526 20.570 05-30-29   25,473 25,149
Arivo, Loan ID - C1385540 13.340 05-19-29   40,287 39,775
Arivo, Loan ID - C1385548 14.700 05-04-29   39,065 38,569
Arivo, Loan ID - C1385607 18.180 05-29-29   27,597 27,247
Arivo, Loan ID - C1385661 20.000 05-21-29   41,020 40,499
Arivo, Loan ID - C1385838 17.850 05-29-29   28,788 28,423
Arivo, Loan ID - C1385901 (F) 19.030 05-22-29   36,905 36,436
Arivo, Loan ID - C1386089 20.200 05-22-29   17,514 17,292
Arivo, Loan ID - C1386122 12.640 05-10-29   16,833 16,619
Arivo, Loan ID - C1386584 20.000 05-21-29   20,095 19,840
Arivo, Loan ID - C1386680 17.000 05-21-29   28,000 27,644
Arivo, Loan ID - C1386731 13.450 05-23-29   31,426 31,027
Arivo, Loan ID - C1387060 17.690 05-21-29   28,675 28,311
Arivo, Loan ID - C1387131 18.000 05-21-29   22,943 22,651
Arivo, Loan ID - C1387295 18.890 05-22-29   29,298 28,926
Arivo, Loan ID - C1387393 16.860 05-25-29   35,491 35,041
Arivo, Loan ID - C1387501 18.900 05-22-29   13,613 13,440
Arivo, Loan ID - C1387732 20.660 05-23-29   25,670 25,344
Arivo, Loan ID - C1387765 22.560 05-23-29   21,520 21,247
Arivo, Loan ID - C1387802 18.000 05-22-29   21,674 21,399
Arivo, Loan ID - C1387840 20.110 05-22-29   22,821 22,531
Arivo, Loan ID - C1387867 20.000 05-25-29   25,449 25,125
Arivo, Loan ID - C1387978 13.990 05-12-29   25,987 25,657
Arivo, Loan ID - C1388209 16.370 05-23-29   25,384 25,061
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 39

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1388253 16.980 05-26-29   23,237 $22,942
Arivo, Loan ID - C1388265 20.410 05-23-29   22,670 22,382
Arivo, Loan ID - C1388326 18.000 05-23-29   45,006 44,434
Arivo, Loan ID - C1388383 18.000 05-23-29   22,227 21,945
Arivo, Loan ID - C1388406 16.500 05-23-29   10,911 10,773
Arivo, Loan ID - C1388509 21.260 05-25-29   29,598 29,222
Arivo, Loan ID - C1388512 18.000 05-23-29   28,384 28,024
Arivo, Loan ID - C1388568 (F) 18.670 05-23-29   38,031 37,548
Arivo, Loan ID - C1388689 21.930 05-25-29   20,757 20,494
Arivo, Loan ID - C1388696 19.230 05-12-29   26,691 26,352
Arivo, Loan ID - C1388855 22.900 05-15-29   26,145 25,813
Arivo, Loan ID - C1388947 17.460 05-23-29   29,712 29,334
Arivo, Loan ID - C1388993 18.210 05-23-29   31,077 30,683
Arivo, Loan ID - C1389039 18.710 05-09-29   35,729 35,276
Arivo, Loan ID - C1389201 14.610 05-14-29   37,580 37,102
Arivo, Loan ID - C1389213 18.000 05-31-29   28,111 27,754
Arivo, Loan ID - C1389271 21.880 06-01-29   22,085 21,805
Arivo, Loan ID - C1389288 17.380 05-12-29   25,804 25,476
Arivo, Loan ID - C1389338 20.350 05-25-29   34,913 34,470
Arivo, Loan ID - C1389412 18.350 05-26-29   49,332 48,705
Arivo, Loan ID - C1389425 16.390 06-01-29   25,613 25,288
Arivo, Loan ID - C1389461 19.760 05-29-29   3,821 3,772
Arivo, Loan ID - C1389469 20.000 05-25-29   25,318 24,997
Arivo, Loan ID - C1389502 19.740 05-28-29   27,311 26,964
Arivo, Loan ID - C1389530 20.130 05-26-29   24,363 24,053
Arivo, Loan ID - C1389587 13.740 05-25-29   38,811 38,318
Arivo, Loan ID - C1389712 22.080 05-25-29   49,383 48,756
Arivo, Loan ID - C1389869 17.250 11-25-27   12,864 12,701
Arivo, Loan ID - C1389887 (F) 20.110 05-25-29   25,376 25,054
Arivo, Loan ID - C1389972 15.580 05-26-29   26,564 26,226
Arivo, Loan ID - C1389981 15.060 05-29-29   37,745 37,265
Arivo, Loan ID - C1389986 17.820 05-26-29   48,765 48,145
Arivo, Loan ID - C1390024 (F) 18.000 05-29-29   28,046 27,690
Arivo, Loan ID - C1390027 17.150 05-23-29   31,346 30,948
Arivo, Loan ID - C1390140 21.880 05-26-29   17,395 17,175
Arivo, Loan ID - C1390165 20.080 05-26-29   24,704 24,390
Arivo, Loan ID - C1390258 20.500 05-11-29   20,564 20,303
Arivo, Loan ID - C1390331 15.310 05-26-29   39,097 38,601
Arivo, Loan ID - C1390345 20.000 11-26-27   21,838 21,560
Arivo, Loan ID - C1390393 16.370 05-27-29   15,981 15,778
Arivo, Loan ID - C1390443 17.030 05-26-29   36,558 36,094
Arivo, Loan ID - C1390475 20.890 05-26-29   24,034 23,729
Arivo, Loan ID - C1390501 15.920 05-26-29   38,895 38,401
Arivo, Loan ID - C1390516 18.000 05-26-29   46,535 45,944
40 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1390616 20.000 05-26-29   35,699 $35,245
Arivo, Loan ID - C1390630 15.360 05-26-29   23,597 23,297
Arivo, Loan ID - C1390640 20.000 05-25-29   30,428 30,042
Arivo, Loan ID - C1390700 20.000 05-27-29   25,781 25,453
Arivo, Loan ID - C1390709 18.000 05-27-29   27,637 27,286
Arivo, Loan ID - C1390735 18.060 05-13-29   35,880 35,424
Arivo, Loan ID - C1390766 17.830 05-27-29   20,809 20,544
Arivo, Loan ID - C1390785 21.580 05-29-29   20,292 20,035
Arivo, Loan ID - C1390807 22.540 05-27-29   19,539 19,291
Arivo, Loan ID - C1390816 16.870 05-27-29   34,057 33,624
Arivo, Loan ID - C1390907 17.010 05-27-29   25,572 25,247
Arivo, Loan ID - C1390935 16.170 05-29-29   32,087 31,680
Arivo, Loan ID - C1391006 18.430 05-27-29   24,353 24,044
Arivo, Loan ID - C1391008 21.850 05-27-29   22,879 22,589
Arivo, Loan ID - C1391067 17.910 05-27-29   28,652 28,288
Arivo, Loan ID - C1391070 16.640 05-27-29   30,396 30,010
Arivo, Loan ID - C1391235 17.930 05-30-29   22,850 22,560
Arivo, Loan ID - C1391262 16.960 05-27-29   20,646 20,384
Arivo, Loan ID - C1391263 18.000 05-27-29   30,711 30,321
Arivo, Loan ID - C1391280 20.260 05-27-29   24,458 24,147
Arivo, Loan ID - C1391342 14.930 05-28-29   20,643 20,381
Arivo, Loan ID - C1391427 19.880 05-28-29   35,004 34,559
Arivo, Loan ID - C1391483 16.470 05-28-29   43,052 42,505
Arivo, Loan ID - C1391583 14.620 05-13-29   39,815 39,309
Arivo, Loan ID - C1391610 (F) 20.570 05-13-29   21,814 21,537
Arivo, Loan ID - C1391647 20.570 05-29-29   27,583 27,233
Arivo, Loan ID - C1391652 19.570 05-25-29   16,520 16,310
Arivo, Loan ID - C1391694 20.000 05-28-29   43,433 42,881
Arivo, Loan ID - C1391729 17.080 05-28-29   19,726 19,475
Arivo, Loan ID - C1391736 16.550 05-29-29   49,016 48,393
Arivo, Loan ID - C1391810 18.520 05-29-29   37,721 37,242
Arivo, Loan ID - C1391813 18.000 06-02-29   30,790 30,399
Arivo, Loan ID - C1391836 21.000 05-30-29   18,394 18,160
Arivo, Loan ID - C1391838 22.660 05-28-29   26,437 26,101
Arivo, Loan ID - C1391950 16.250 05-13-29   11,537 11,390
Arivo, Loan ID - C1392009 16.290 11-13-27   10,790 10,653
Arivo, Loan ID - C1392016 20.470 05-30-29   28,717 28,352
Arivo, Loan ID - C1392078 18.000 05-28-29   16,499 16,290
Arivo, Loan ID - C1392104 18.000 05-28-29   25,777 25,449
Arivo, Loan ID - C1392195 17.980 05-29-29   36,169 35,709
Arivo, Loan ID - C1392202 16.430 05-29-29   49,145 48,521
Arivo, Loan ID - C1392228 13.720 05-29-29   49,475 48,840
Arivo, Loan ID - C1392258 18.000 05-29-29   23,114 22,821
Arivo, Loan ID - C1392320 17.980 05-14-29   33,997 33,566
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 41

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1392322 20.610 11-14-27   16,926 $16,711
Arivo, Loan ID - C1392327 18.000 05-14-29   27,621 27,270
Arivo, Loan ID - C1392364 22.070 05-29-29   25,355 25,033
Arivo, Loan ID - C1392401 21.440 05-29-29   24,512 24,200
Arivo, Loan ID - C1392420 14.430 11-29-27   26,053 25,722
Arivo, Loan ID - C1392421 20.000 05-28-29   27,092 26,748
Arivo, Loan ID - C1392514 20.000 05-29-29   23,164 22,870
Arivo, Loan ID - C1392527 14.780 05-29-29   48,647 48,029
Arivo, Loan ID - C1392568 14.740 05-29-29   23,589 23,290
Arivo, Loan ID - C1392580 14.420 05-30-29   29,096 28,727
Arivo, Loan ID - C1392630 17.490 05-29-29   29,692 29,315
Arivo, Loan ID - C1392634 17.960 05-14-29   27,070 26,726
Arivo, Loan ID - C1392651 20.270 06-02-29   25,332 25,011
Arivo, Loan ID - C1392710 19.820 06-03-29   24,370 24,060
Arivo, Loan ID - C1392719 (F) 18.000 06-02-29   29,228 28,856
Arivo, Loan ID - C1392768 18.000 05-15-29   23,512 23,214
Arivo, Loan ID - C1392780 24.050 05-29-29   20,890 20,624
Arivo, Loan ID - C1392838 18.000 05-14-29   26,974 26,631
Arivo, Loan ID - C1392840 18.140 05-29-29   26,821 26,481
Arivo, Loan ID - C1392844 17.970 05-29-29   25,187 24,867
Arivo, Loan ID - C1392924 22.500 06-04-29   28,457 28,095
Arivo, Loan ID - C1392961 20.570 05-30-29   39,500 38,998
Arivo, Loan ID - C1392970 20.000 05-15-29   18,078 17,849
Arivo, Loan ID - C1392982 20.060 05-25-29   30,446 30,059
Arivo, Loan ID - C1393035 12.830 05-30-29   48,196 47,584
Arivo, Loan ID - C1393075 15.310 05-15-29   25,885 25,557
Arivo, Loan ID - C1393081 14.660 05-30-29   22,457 22,171
Arivo, Loan ID - C1393096 22.840 05-30-29   23,833 23,531
Arivo, Loan ID - C1393111 17.560 05-29-29   30,959 30,566
Arivo, Loan ID - C1393122 18.260 05-30-29   20,589 20,327
Arivo, Loan ID - C1393159 21.090 11-25-27   19,052 18,810
Arivo, Loan ID - C1393172 18.920 05-30-29   25,306 24,985
Arivo, Loan ID - C1393204 20.560 05-30-29   19,439 19,192
Arivo, Loan ID - C1393263 19.710 05-30-29   21,558 21,285
Arivo, Loan ID - C1393343 19.960 05-26-29   17,808 17,582
Arivo, Loan ID - C1393348 20.300 05-30-29   13,049 12,883
Arivo, Loan ID - C1393368 19.450 05-30-29   33,239 32,817
Arivo, Loan ID - C1393370 18.000 05-15-29   9,511 9,390
Arivo, Loan ID - C1393405 20.570 05-27-29   22,042 21,762
Arivo, Loan ID - C1393437 20.880 05-30-29   22,355 22,072
Arivo, Loan ID - C1393464 19.580 05-30-29   25,052 24,734
Arivo, Loan ID - C1393472 20.000 05-30-29   37,534 37,058
Arivo, Loan ID - C1393511 18.000 05-30-29   23,154 22,860
Arivo, Loan ID - C1393576 21.540 05-30-29   31,039 30,645
42 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1393593 14.460 06-01-29   26,184 $25,851
Arivo, Loan ID - C1393720 14.520 05-30-29   26,559 26,222
Arivo, Loan ID - C1393734 16.870 05-25-29   40,382 39,869
Arivo, Loan ID - C1393753 19.860 11-15-27   18,237 18,006
Arivo, Loan ID - C1393794 16.560 05-30-29   30,279 29,895
Arivo, Loan ID - C1393869 (F) 20.600 05-15-29   25,326 25,004
Arivo, Loan ID - C1393907 (F) 13.250 05-30-29   29,906 29,527
Arivo, Loan ID - C1393921 (F) 10.280 05-15-29   321 317
Arivo, Loan ID - C1393979 21.130 05-16-29   43,679 43,124
Arivo, Loan ID - C1394001 21.320 05-30-29   39,474 38,972
Arivo, Loan ID - C1394007 21.300 05-30-29   20,897 20,632
Arivo, Loan ID - C1394018 19.780 12-01-27   20,723 20,459
Arivo, Loan ID - C1394076 18.670 06-01-29   28,832 28,466
Arivo, Loan ID - C1394218 17.260 05-17-29   21,833 21,556
Arivo, Loan ID - C1394326 13.540 06-01-29   46,792 46,197
Arivo, Loan ID - C1394447 15.570 06-01-29   27,776 27,423
Arivo, Loan ID - C1394464 (F) 20.010 06-01-29   26,189 25,857
Arivo, Loan ID - C1394484 20.000 06-01-29   17,402 17,181
Arivo, Loan ID - C1394517 20.000 06-02-29   30,132 29,749
Arivo, Loan ID - C1394590 14.710 05-17-29   21,518 21,245
Arivo, Loan ID - C1394614 16.820 06-01-29   34,049 33,616
Arivo, Loan ID - C1394658 17.900 06-01-29   28,385 28,025
Arivo, Loan ID - C1394691 15.960 06-01-29   34,388 33,952
Arivo, Loan ID - C1394693 18.040 06-01-29   32,431 32,020
Arivo, Loan ID - C1394703 18.010 06-01-29   20,803 20,539
Arivo, Loan ID - C1394755 14.930 06-02-29   40,942 40,422
Arivo, Loan ID - C1394761 18.000 06-01-29   24,553 24,241
Arivo, Loan ID - C1394800 23.340 06-01-29   28,437 28,075
Arivo, Loan ID - C1394905 21.820 06-04-29   38,772 38,279
Arivo, Loan ID - C1394975 16.750 05-26-29   23,671 23,371
Arivo, Loan ID - C1395005 12.230 06-01-29   38,341 37,854
Arivo, Loan ID - C1395036 18.600 05-18-29   28,983 28,615
Arivo, Loan ID - C1395055 18.950 06-02-29   35,762 35,307
Arivo, Loan ID - C1395098 14.860 06-02-29   48,585 47,968
Arivo, Loan ID - C1395177 14.990 06-02-29   31,911 31,506
Arivo, Loan ID - C1395182 17.670 06-02-29   15,313 15,118
Arivo, Loan ID - C1395224 (F) 21.190 06-02-29   27,725 27,372
Arivo, Loan ID - C1395239 17.130 05-30-29   30,606 30,217
Arivo, Loan ID - C1395328 (F) 20.000 05-18-29   30,505 30,117
Arivo, Loan ID - C1395338 19.730 06-03-29   26,801 26,461
Arivo, Loan ID - C1395354 15.560 06-02-29   33,898 33,467
Arivo, Loan ID - C1395367 21.000 05-18-29   31,537 31,136
Arivo, Loan ID - C1395472 17.210 06-02-29   35,299 34,851
Arivo, Loan ID - C1395484 19.030 05-18-29   23,511 23,212
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 43

  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1395714 18.000 06-02-29   22,879 $22,589
Arivo, Loan ID - C1395903 20.000 12-03-27   11,008 10,868
Arivo, Loan ID - C1395914 16.090 06-03-29   24,249 23,941
Arivo, Loan ID - C1395983 16.840 06-03-29   24,801 24,486
Arivo, Loan ID - C1396446 20.570 06-04-29   25,297 24,976
Arivo, Loan ID - C1396488 16.170 06-03-29   25,042 24,724
Arivo, Loan ID - C1397113 19.680 06-04-29   29,306 28,933
Arivo, Loan ID - C1397185 20.570 06-04-29   19,598 19,349
Arivo, Loan ID - C1397666 21.960 06-05-29   22,618 22,330
Arivo, Loan ID - C1480324 18.000 09-02-29   29,803 29,425
Arivo, Loan ID - C1482643 18.000 09-09-29   33,344 32,921
Arivo, Loan ID - C1483188 14.640 09-07-29   44,809 44,240
Arivo, Loan ID - C1483586 24.370 09-07-29   29,145 28,775
Arivo, Loan ID - C1485900 19.770 09-10-29   23,189 22,894
Arivo, Loan ID - C1486798 21.980 09-12-29   20,934 20,668
Arivo, Loan ID - C1486827 20.110 03-12-28   12,224 12,069
Arivo, Loan ID - C1487273 20.000 09-12-29   33,038 32,619
Arivo, Loan ID - C1488090 20.000 09-15-29   23,341 23,045
Arivo, Loan ID - C1488149 17.370 09-17-29   47,410 46,808
Arivo, Loan ID - C1488220 21.000 09-14-29   15,767 15,566
Arivo, Loan ID - C1488570 12.980 09-14-29   26,424 26,088
Arivo, Loan ID - C1488990 18.000 09-15-29   38,193 37,708
Arivo, Loan ID - C1489048 17.770 08-30-29   30,720 30,330
Arivo, Loan ID - C1489057 18.020 09-15-29   25,819 25,491
Arivo, Loan ID - C1489582 16.430 09-16-29   21,133 20,865
Arivo, Loan ID - C1489659 19.380 09-16-29   27,843 27,489
Arivo, Loan ID - C1490051 20.000 09-17-29   32,671 32,256
Arivo, Loan ID - C1490293 18.580 09-02-29   34,496 34,058
Arivo, Loan ID - C1490515 19.680 09-04-29   30,173 29,789
Arivo, Loan ID - C1490741 18.890 09-17-29   46,085 45,500
Arivo, Loan ID - C1491219 17.650 09-04-29   40,028 39,520
Arivo, Loan ID - C1491340 15.510 09-04-29   29,672 29,296
Arivo, Loan ID - C1491409 17.650 09-20-29   29,793 29,415
Arivo, Loan ID - C1491461 17.070 09-19-29   47,613 47,009
Arivo, Loan ID - C1491789 22.620 03-20-28   21,634 21,359
Arivo, Loan ID - C1492283 20.650 03-21-28   18,254 18,022
Arivo, Loan ID - C1492310 20.890 09-21-29   30,997 30,604
Arivo, Loan ID - C1492454 19.010 09-07-29   25,017 24,700
Arivo, Loan ID - C1492664 18.000 09-06-29   21,854 21,577
Arivo, Loan ID - C1492950 22.610 09-22-29   22,850 22,559
Arivo, Loan ID - C1493370 19.430 09-22-29   31,694 31,291
Arivo, Loan ID - C1493394 24.340 09-22-29   22,748 22,459
Arivo, Loan ID - C1493661 21.050 09-23-29   36,992 36,523
44 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
Special purpose vehicles 6.9%   $7,806,548
(Cost $7,958,238)          
Transportation assets 6.9%         7,806,548
MSN 803 Trust (D)       7,882,217 7,806,548
Corporate asset-based credit 4.4%         $4,980,500
(Cost $5,000,000)          
CG Finance A LP          
Series 2013-1, Class A (D) 11.500 06-28-28   5,000,000 4,980,500
Term loans (H) 4.1%         $4,702,267
(Cost $4,668,391)          
Commercial real estate lending 4.1%         4,702,267
Genprov Holdco LLC, Term Loan (1 month CME Term SOFR + 4.900%) (D) 10.525 08-11-26   4,714,525 4,702,267
Consumer-related assets 3.8%         $4,258,756
(Cost $4,416,635)          
ACHV ABS Trust          
Series 2023-3PL, Class R (A)(D)(I) 08-19-30   2,637 1,044,614
Credit Suisse ABS Repackaging Trust          
Series 2013-A, Class R1 (A)(D)(I) 04-25-43   5,000 3,214,142
Credit-linked notes 2.5%         $2,850,288
(Cost $2,856,000)          
Barclays Bank PLC Portfolio Credit-Linked Note (A)(D) (J) 09-30-31   2,856,000 2,850,288
    
    Yield (%)   Shares Value
Short-term investments 1.9%         $2,173,387
(Cost $2,173,387)          
Short-term funds 1.9%         2,173,387
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.2868(K)   1,163,437 1,163,437
U.S. Bank Money Market Deposit Account 4.4700(K)   525,547 525,547
Wilmington U.S. Government Money Market Fund, Institutional Class 5.1600(K)   484,403 484,403
    
Total investments (Cost $110,656,003) 96.8%     $109,922,812
Other assets and liabilities, net 3.2%       3,599,725
Total net assets 100.0%         $113,522,537
    
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
CME Chicago Mercantile Exchange
IO Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
PO Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 45

SOFR Secured Overnight Financing Rate
(A) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $51,112,023 or 45.0% of the fund’s net assets as of 10-31-23.
(B) Variable rate obligation. The coupon rate shown represents the rate at period end.
(C) Loans are privately issued. Loan originator and/or seller is reflected.
(D) Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(E) Non-income producing - Borrower is in default.
(F) Non-income producing security.
(G) The underlying loans have matured but are still in the repayment process.
(H) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(I) Notes do not bear interest and represent the ownership of the residual interest in the issuing entity. Distributions are made only after all classes senior in priority have received all amounts due.
(J) Floating rate note: Overnight SOFR + 11.050%. The interest rate is calculated five business days prior to each payment date by taking the sum of (i) the average of the fixed rate for each day during the relevant calculation period and (ii) the floating reference rate. As of 10-31-23, the rate was 16.400%.
(K) The rate shown is the annualized seven-day yield as of 10-31-23.
46 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DERIVATIVES
FUTURES
Open contracts Number of
contracts
Position Expiration
date
Notional
basis^
Notional
value^
Unrealized
appreciation
(depreciation)
2-Year U.S. Treasury Note Futures 38 Short Dec 2023 $(7,718,656) $(7,692,031) $26,625
3-Year U.S. Treasury Note Futures 5 Short Dec 2023 (1,033,034) (1,027,813) 5,221
            $31,846
^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.
At 10-31-23, the aggregate cost of investments for federal income tax purposes was $110,935,212. Net unrealized depreciation aggregated to $980,554, of which $505,863 related to gross unrealized appreciation and $1,486,417 related to gross unrealized depreciation.
See Notes to consolidated financial statements regarding investment transactions and other derivatives information.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 47

Consolidated financial statements
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 10-31-23

Assets  
Unaffiliated investments, at value (Cost $110,656,003) $109,922,812
Receivable for futures variation margin 281,471
Cash 2,003,716
Collateral held at broker for futures contracts 51,700
Receivable for escrow and corporate advances, at value (Cost $886,909) 784,425
Interest receivable 621,844
Receivable for investments sold 218,159
Receivable from affiliates 143,515
Other assets 82,460
Total assets 114,110,102
Liabilities  
Payable to affiliates  
Accounting and legal services fees 7,128
Distribution and service fees 47
Other liabilities and accrued expenses 580,390
Total liabilities 587,565
Net assets $113,522,537
Net assets consist of  
Paid-in capital $113,317,758
Total distributable earnings (loss) 204,779
Net assets $113,522,537
 
Net asset value per share  
   
Class I ($113,421,314 ÷ 5,669,338 shares) $20.01
Class D ($50,695 ÷ 2,532 shares) $20.02
Class S ($50,528 ÷ 2,525 shares) $20.01
48 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF OPERATIONS For the year ended 10-31-23

Investment income  
Interest $7,516,121
Dividends 1,098,033
Total investment income 8,614,154
Expenses  
Investment management fees 1,409,647
Distribution and service fees 556
Accounting and legal services fees 18,471
Transfer agent fees 96,487
Trustees’ fees 284,584
Custodian fees 83,525
Investment servicing fees 583,139
State registration fees 18,249
Printing and postage 1,944
Professional fees 1,040,533
Offering and organization costs 698,930
Other 60,214
Total expenses 4,296,279
Less expense reductions (1,683,794)
Net expenses 2,612,485
Net investment income 6,001,669
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments (172,620)
Futures contracts 219,273
  46,653
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and receivables 363,168
Futures contracts 31,846
  395,014
Net realized and unrealized gain 441,667
Increase in net assets from operations $6,443,336
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 49

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS  

  Year ended
10-31-23
Period ended
10-31-221
Increase (decrease) in net assets    
From operations    
Net investment income $6,001,669 $453,381
Net realized gain (loss) 46,653 (59,269)
Change in net unrealized appreciation (depreciation) 395,014 (1,198,843)
Increase (decrease) in net assets resulting from operations 6,443,336 (804,731)
Distributions to shareholders    
From earnings    
Class I (5,664,593)
Class D (2,558)
Class S (2,182)
Total distributions (5,669,333)
From fund share transactions 13,453,265 100,000,000
Total increase 14,227,268 99,195,269
Net assets    
Beginning of year 99,295,269 100,000
End of year $113,522,537 $99,295,269
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
50 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended   10-31-23 

   
Cash flows from operating activities  
Net increase in net assets from operations $6,443,336
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:  
Long-term investments purchased (117,256,416)
Long-term investments sold 65,650,197
Net purchases and sales of short-term investments 41,411,067
Net amortization of premium (discount) (547,919)
(Increase) Decrease in assets:  
Receivable for futures variation margin (281,471)
Collateral held at broker for futures contracts (51,700)
Receivable for escrow and corporate advances, at value (784,425)
Dividends and interest receivable (403,220)
Receivable for investments sold (218,159)
Receivable from affiliates (61,635)
Other assets 474,347
Increase (Decrease) in liabilities:  
Accrued organization expense (395,518)
Accrued offering expense (285,772)
Payable to affiliates 1,601
Other liabilities and accrued expenses 285,035
Net change in unrealized (appreciation) depreciation on:  
Unaffiliated investments (465,652)
Net realized (gain) loss on:  
Unaffiliated investments 172,620
Proceeds received as return of capital 533,468
Net cash provided by operating activities $(5,780,216)
Cash flows provided by (used in) financing activities  
Distributions to shareholders $(4,084,065)
Fund shares sold 11,867,997
Net cash flows provided by financing activities $7,783,932
Net increase in cash $2,003,716
Cash at beginning of year
Cash at end of year $2,003,716
Supplemental disclosure of cash flow information:  
Noncash financing activities not included herein consists of reinvestment of distributions $1,585,268
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 51

CONSOLIDATED FINANCIAL HIGHLIGHTS

CLASS I SHARES Period ended 10-31-23 10-31-221
Per share operating performance    
Net asset value, beginning of period $19.84 $20.00
Net investment income2 1.15 0.09
Net realized and unrealized gain (loss) on investments 0.09 (0.25)
Total from investment operations 1.24 (0.16)
Less distributions    
From net investment income (1.07)
Net asset value, end of period3 $20.01 $19.84
Total return (%)4 6.40 (0.80)5
Ratios and supplemental data    
Net assets, end of period (in millions) $113 $99
Ratios (as a percentage of average net assets):    
Expenses before reductions 4.11 3.906
Expenses including reductions 2.50 1.946
Net investment income 5.75 1.487
Portfolio turnover (%) 80 17
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
2 Based on average monthly shares outstanding.
3 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund’s shares exists.
4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5 Not annualized.
6 Annualized. Certain expenses are presented unannualized.
7 Annualized.
52 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)

CLASS D SHARES Period ended 10-31-23 10-31-221
Per share operating performance    
Net asset value, beginning of period $19.82 $20.00
Net investment income2 1.11 0.08
Net realized and unrealized gain (loss) on investments 0.10 (0.26)
Total from investment operations 1.21 (0.18)
Less distributions    
From net investment income (1.01)
Net asset value, end of period3 $20.02 $19.82
Total return (%)4,5 6.24 (0.90)6
Ratios and supplemental data    
Net assets, end of period (in millions) $—7 $—7
Ratios (as a percentage of average net assets):    
Expenses before reductions 4.36 4.158
Expenses including reductions 2.75 2.198
Net investment income 5.56 1.249
Portfolio turnover (%) 80 17
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
2 Based on average monthly shares outstanding.
3 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund’s shares exists.
4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5 Does not reflect the effect of sales charges, if any.
6 Not annualized.
7 Less than $500,000.
8 Annualized. Certain expenses are presented unannualized.
9 Annualized.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 53

CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)

CLASS S SHARES Period ended 10-31-23 10-31-221
Per share operating performance    
Net asset value, beginning of period $19.79 $20.00
Net investment income2 0.99 0.04
Net realized and unrealized gain (loss) on investments 0.10 (0.25)
Total from investment operations 1.09 (0.21)
Less distributions    
From net investment income (0.87)
Net asset value, end of period3 $20.01 $19.79
Total return (%)4,5 5.57 (1.05)6
Ratios and supplemental data    
Net assets, end of period (in millions) $—7 $—7
Ratios (as a percentage of average net assets):    
Expenses before reductions 4.96 4.758
Expenses including reductions 3.35 2.798
Net investment income 4.97 0.649
Portfolio turnover (%) 80 17
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
2 Based on average monthly shares outstanding.
3 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund’s shares exists.
4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5 Does not reflect the effect of sales charges, if any.
6 Not annualized.
7 Less than $500,000.
8 Annualized. Certain expenses are presented unannualized.
9 Annualized.
54 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Notes to consolidated financial statements
Note 1Organization
John Hancock Asset-Based Lending Fund (the fund) is a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a continuously offered, non-diversified, closed-end management investment company. The fund’s investment objective is to seek to provide high current income and to a lesser extent capital appreciation. Under normal circumstances, the fund invests 80% of its net assets (plus any borrowings for investment purposes) in asset-based lending investments, which may include investments in distressed loans.
The fund’s shares are not listed on any securities exchange. At the sole discretion of the Board and provided that it is in the best interests of the fund and shareholders to do so, the fund intends to provide a limited degree of liquidity to the shareholders by conducting repurchase offers generally quarterly; however, there can be no assurance that any such tender offers will be conducted on a quarterly basis or at all. The fund currently does not intend to offer to repurchase shares at any time during the first two years of operations of the fund.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Consolidated statement of assets and liabilities. Shares are offered only to accredited investors as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933 (the 1933 Act). Eligible Investors must also be either U.S. citizens or U.S. resident aliens. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, for each class may differ.
Basis of consolidation. The accompanying consolidated financial statements include the accounts of JH Consumer Loan Trust, JH Residential Whole Loan Trust, JH Residential Whole Loan Trust II, and John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC, each a wholly owned subsidiary of the fund:
• JH Consumer Loan Trust, a Delaware statutory trust, was established on November 17, 2022 for the purpose of acquiring consumer loans, high-yield asset-backed securities backed by various forms of non-mortgage household debt largely focused on  select market segments, such as automobile loans and leases, credit cards and personal installment loans, and other types of consumer loans.
• JH Residential Whole Loan Trust, a Delaware statutory trust, was established on October 14, 2022 for the purpose of originating and acquiring residential real estate loans and legacy mortgage loan pools.
• JH Residential Whole Loan Trust II, a Delaware statutory trust, was established on June 5, 2023 for the purpose of originating and acquiring residential real estate loans and legacy mortgage loan pools.
• John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC, a Delaware LLC, was formed on October 18, 2022 and acts as an investment vehicle for the fund to obtain exposure to commercial aircraft lease transactions.
The fund will generally consolidate its investment in a wholly or substantially owned subsidiary, which is an extension of the operations of the fund, or a controlled operating company whose business consists of providing services to the fund. The fund consolidates its investments in JH Consumer Loan Trust, JH Residential Whole Loan Trust, JH Residential Whole Loan Trust II, and John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC. Intercompany accounts and transactions, if any, have been eliminated. The Consolidated Fund’s investments include positions of the fund and these subsidiaries.
MSN 803 Trust is a special purpose vehicle purchased by John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC on August 30, 2023, which was established to hold the title to a commercial aircraft, which is currently subject to a lease arrangement. The fund has determined that MSN 803 Trust is an operating company, and therefore does not consolidate its investment in MSN 803 Trust as it is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the fund has a controlling interest unless the business of the operating company consists of providing services to the fund.
  ANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 55

Note 2Significant accounting policies
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are valued at the end of each month at a minimum pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations, are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Investments by the fund in open-end mutual funds are valued at their respective NAVs each business day. Private investments, including special purpose vehicles, are measured at fair value based on the present value of the expected cash flows. There are no quoted prices in active markets and valuations rely primarily on the use of significant unobservable inputs, which require significant judgment. Assumptions and inputs used in the valuation include prepayment estimates, determination of the discount rate based on the risk-free interest rate adjusted for credit risk (including estimation of probability of default), liquidity and any other adjustments a third-party market participant would take into account in pricing a transaction. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Advisor’s Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
56 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT  

The following is a summary of the values by input classification of the Consolidated Fund’s investments as of October 31, 2023, by major security category or type:
  Total
value at
10-31-23
Level 1
quoted
price
Level 2
significant
observable
inputs
Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Asset backed securities $46,355,148 $46,355,148
Residential loans 23,124,709 270,282 $22,854,427
Consumer loans 13,671,209 13,671,209
Special purpose vehicles 7,806,548 7,806,548
Corporate asset-based credit 4,980,500 4,980,500
Term loans 4,702,267 4,702,267
Consumer-related assets 4,258,756 4,258,756
Credit-linked notes 2,850,288 2,850,288
Short-term investments 2,173,387 $1,647,840 525,547
Total investments in securities $109,922,812 $1,647,840 $47,150,977 $61,123,995
Derivatives:        
Assets        
Futures $31,846 $31,846
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. There were no transfers into or out of Level 3 during the period.
  Residential
loans
Consumer
loans
Special
purpose
vehicles
Corporate
asset-based
credit
Term
loans
Consumer-
related
assets
Credit-
linked
notes
Total
Balance as of
10-31-22
$5,958,698 $5,958,698
Purchases $32,358,430 $16,726,715 $7,958,238 $5,000,000 4,664,525 $4,950,103 $2,856,000 74,514,011
Sales (9,900,405) (2,220,951) (5,973,449) (533,468) (18,628,273)
Realized
gain
(loss)
430,768 (221,896) 208,872
Net amortization of
(premium) discount
(27,436) 13,481 (13,955)
Change in
unrealized
appreciation
(depreciation)
(34,366) (585,223) (151,690) (19,500) 39,012 (157,879) (5,712) (915,358)
Balance as of
10-31-23
$22,854,427 $13,671,209 $7,806,548 $4,980,500 $4,702,267 $4,258,756 $2,850,288 $61,123,995
Change in
unrealized
appreciation (depreciation)
at period end1
($34,366) ($585,223) ($151,690) ($19,500) $33,876 ($157,879) $(5,712) ($920,494)
    
1 Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end. This balance is included in change in unrealized appreciation (depreciation) on the Statement of operations.
  ANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 57

The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund’s Level 3 securities are outlined in the table below.
  Fair Value
at 10-31-23
Valuation technique Significant
unobservable inputs
Input/Range* Input weighted
average*
Residential loans $22,854,427 Discounted cash flow
Recent transaction
Discount rate
Transaction price
7.94%-9.34%
$11.23-$100
8.99%
$92.14
Consumer loans 13,671,209 Discounted cash flow
Recent transaction
Discount rate
Transaction price
9.87%-11.12%
$100.5-$101
10.40%
$100.92
Special purpose vehicles 7,806,548 Discounted cash flow Discount rate 10.99% 10.99%
Corporate asset-based credit 4,980,500 Discounted cash flow
Recent transaction
Discount rate 12.52%
$100
12.52%
$100
Term loans 4,702,267 Discounted cash flow
Recent transaction
Discount rate 9.80%
$100
9.80%
$100
Consumer-related assets 4,258,756 Discounted cash flow Discount rate 13.39%-20.03% 15.02%
Credit-linked notes 2,850,288 Discounted cash flow
Recent transaction
Discount rate
Transaction price
16.23%
$100
16.23%
$100
Total $61,123,995        
*A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security’s fair value as a percentage of the total fair value.
Significant Unobservable Input Impact to Valuation
if input had increased
Impact to Valuation
if input had decreased
Discount rate Decrease Increase
Transaction price Increase Decrease
Term loans. The fund may invest in direct term loans which are not publicly traded, may not have a secondary market, and are not rated by any rating agency. Direct term loans can be asset-based loans secured by collateral such as transportation assets, real estate, consumer or corporate related assets, or other assets. These loans are highly structured and typically include frequent monitoring including but not limited to financial and collateral reporting.
Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower. The fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund is exposed to the risk that the borrower may default or become insolvent and, consequently, that the fund will lose money on the loan. Furthermore, direct loans may subject the fund to liquidity and interest rate risk as certain direct loans may be deemed illiquid.
At October 31, 2023, the fund had $285,475 in unfunded loan commitments outstanding.
Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the portfolio may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities also have the risk that the portfolio may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.
58 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT  

Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
Credit-linked notes. The fund may purchase credit-linked notes, which are typically privately offered and sold. Credit-linked notes are intended to replicate the economic effects that would apply had the fund directly purchased the underlying reference asset(s). Investments in credit-linked notes represent the right to receive periodic income payments and payment of principal at the end of the term of the note. In addition to the risks associated with the underlying reference instrument, an investment in a credit-linked note is also subject to liquidity risk, market risk, interest rate risk and the risk that the counterparty will be unwilling or unable to meet its obligations under the note.
Escrow and corporate advances. The fund advances payments when the borrower fails to meet contractual payments (e.g. property taxes and insurance) in accordance with the terms of its servicing agreements and to cover corporate advances (e.g. appraisal or title fees) associated residential loans. Advances are fair valued based on assumptions related to their recoverability and seniority in the claims hierarchy in the event of a liquidation and are reflected on the Consolidated statement of assets and liabilities as Receivable for escrow and corporate advances, at value. Change in value, if any, is reflected in the change in net unrealized appreciation (depreciation) of unaffiliated investments and receivables on the Consolidated statement of operations.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income from the funds short-term investment is recorded on ex-date. Distributions from investments in private operating companies are reflected as dividend income. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Overdrafts. Pursuant to the custodian agreement, the fund’s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.
  ANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 59

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. For the year ended October 31, 2023, the fund incurred organization costs of $158,966. Organization costs are expensed as incurred. Offering costs of $658,400 were incurred upon commencement of operations. Additional offering costs of $68,127 were incurred during the year ended October 31, 2023. Offering Costs are amortized over a period of one year. $539,964 of offering costs were expensed during the year ended October 31, 2023.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, for all classes, are charged at the class level based on the net assets of each class and the specific expense rates applicable to each class.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
As of October 31, 2023, the fund had no uncertain tax positions that would require consolidated financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the year ended October 31, 2023 and for the period ended 2022 was as follows:
  October 31, 2023 October 31, 2022
Ordinary income $5,669,333
Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of October 31, 2023, the components of distributable earnings on a tax basis consisted of $1,291,264 of undistributed ordinary income and $23,833 of undistributed long-term capital gains.
Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s consolidated financial statements as a return of capital. 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to a taxable subsidiary and non-deductible start up costs.
The Fund has one Taxable Subsidiary-John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC. This Taxable Subsidiary is consolidated for financial reporting purposes. The purpose of the Taxable Subsidiary is to permit the Fund to gain exposure to commercial aircraft lease transactions for U.S. federal income tax purposes in order to comply with the RIC tax compliance requirements.
John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC is subject to U.S. federal and state corporate-level income taxes.
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The net investment income and capital gains and losses from John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC do not always flow through to the Fund. John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC is not consolidated for income tax purposes and may generate income tax expenses.
Note 3Derivative instruments
The fund or its subsidiary may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Consolidated statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.
Upon entering into a futures contract, the fund or the subsidiary is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund or the subsidiary, if any, is detailed in the Consolidated statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Consolidated Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable for futures variation margin is included on the Consolidated statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
During the year ended October 31, 2023, the fund or the subsidiary used futures contracts to manage duration of the portfolio. The fund and its subsidiary held futures contracts with USD notional values ranging up to $15.3 million, as measured at each quarter end.
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund and its subsidiary at October 31, 2023 by risk category:
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Risk Consolidated statement of assets
and liabilities
location
Financial
instruments
location
Assets
derivatives
fair value
Liabilities
derivatives
fair value
Interest rate Receivable/payable for futures variation margin1 Futures $31,846
    
1 Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Consolidated Fund’s investments. Only the year end variation margin receivable/payable is separately reported on the Consolidated statement of assets and liabilities.
Effect of derivative instruments on the Consolidated statement of operations
The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2023:
  Consolidated statement of operations location - Net realized gain (loss) on:
Risk Futures contracts
Interest rate $219,273
The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2023:
  Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Futures contracts
Interest rate $31,846
Note 4Guarantees and indemnifications
Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 5Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as distributor and principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee.  The fund has an investment management agreement with the Advisor under which the fund pays the Advisor a fee, calculated and paid monthly, at an annual rate of 1.35% of the fund’s average monthly value of the managed assets (managed assets means the total assets of the fund (including any assets attributable to any preferred shares that may be issued or to indebtedness), minus the fund’s liabilities incurred in the normal course of operations other than liabilities relating to indebtedness). Pursuant to a subadvisory agreement, the Advisor (and not the fund) has agreed to pay a subadvisory fee directly to Marathon Asset Management LP (the Subadvisor).
The Advisor contractually agreed to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement. This waiver is allocated proportionally among the participating funds. During the year ended October 31, 2023, this waiver amounted to
62 JOHN HANCOCK Asset-Based Lending Fund | ANNUAL REPORT  

0.01% of the fund’s average monthly net assets, on an annualized basis. This agreement expires on July 31, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor has contractually agreed to reduce its management fee for the fund or, if necessary, make payment to the fund, in an amount equal to the amount by which the following expenses of the fund, incurred in the ordinary course of the fund’s business, exceed 0.60% percent of average monthly net assets (on an annualized basis) of the fund: (a) administrative fees; (b) custody and accounting fees; (c) audit fees; (d) legal fees; (e) independent trustee fees; (f) valuation fees; (g) blue sky fees; (h) insurance premiums; (i) printing costs; (j) registration and filing expenses; (k) organization and offering expenses; (l) transfer agent fees and service fees; and (m) other miscellaneous ordinary expenses, but excluding advisory and incentive fees, interest expense, 12b-1 fees, and any cashiering or other investment servicing fees. This agreement expires on February 28, 2024, unless renewed by mutual agreement of the Advisor and the fund based upon a determination that this is appropriate under the circumstances at that time.
For the year ended October 31, 2023, the expense reductions described above amounted to the following:
Class Expense reduction
Class I $1,682,151
Class D 822
Class Expense reduction
Class S $821
Total $1,683,794
 
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2023, were equivalent to a net annual effective rate of 0.00% of the fund’s average monthly managed net assets.
Incentive fee. The fund has agreed to pay the Advisor an Incentive Fee based upon pre-incentive fee net investment income. The incentive fee shall be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each fiscal quarter. During the year ended October 31, 2023, there was no incentive fee charged as commencement of the incentive fee has not yet occurred.
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended October 31, 2023, amounted to an annual rate of 0.02% of the fund’s average monthly net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. In addition, under a service plan for Class D shares and Class S shares, the fund pays for certain other services. The fund may pay distribution and service fees, expressed as an annual percentage of average monthly net assets for each class of the fund’s shares, up to 0.25% for Class D shares and 0.85% (including up to 0.25% for service fees) for Class S shares.
Sales charges. Class D shares may be subject to a sales charge of up to 1.50% and Class S shares may be subject to a sales charge of up to 3.50%. Such sales load will be subtracted from the investment amount and will not form part of an investor’s investment in the fund. The sales load may be waived in certain circumstances at the Advisor’s discretion. During the year ended October 31, 2023, no sales charges were assessed.
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Early Repurchase fee. For all share classes, a 2.00% early repurchase fee payable to the fund will be charged with respect to the repurchase of a shareholder’s shares at any time prior to the day immediately preceding the one-year anniversary of the shareholder’s purchase of the Shares (on a “first in-first out” basis). The early repurchase fee will be retained by the fund for the benefit of the remaining shareholders.
Class level expenses. Class level expenses for the year ended October 31, 2023 were as follows:
Class Distribution and service fees
Class I
Class D $127
Class S 429
Total $556
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates.
Co-investment. Pursuant to an Exemptive Order issued by the SEC on September 26, 2022, the fund is permitted to negotiate certain investments with entities with which it would be restricted from doing so under the 1940 Act, such as the Subadvisor and its affiliates. The fund is permitted to co-invest with affiliates if certain conditions are met. Under the order, the fund will be permitted to co-invest with affiliates if a “required majority” (as defined in the 1940 Act) of the fund’s independent Trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the fund and its shareholders and do not involve overreaching of the fund or its shareholders by any person concerned and (2) the transaction is consistent with the interests of shareholders and is consistent with the fund’s investment objective and strategies. During the year ended October 31, 2023, investments entered into by the fund pursuant to the exemptive order amounted to approximately $5 million.
Note 6Fund share transactions
The fund currently accepts purchases of shares as of the last business day of each calendar month. Transactions in fund shares for the year ended October 31, 2023 and period ended October 31, 2022 were as follows:
  Year Ended 10-31-23 Period ended 10-31-221
  Shares Amount Shares Amount
Class I shares        
Sold 589,257 $11,867,997 4,995,000 $99,900,000
Distributions reinvested 80,082 1,584,148
Net increase 669,339 $13,452,145 4,995,000 $99,900,000
Class D shares        
Sold 2,500 $50,000
Distributions reinvested 32 $631
Net increase 32 $631 2,500 $50,000
Class S shares        
Sold 2,500 $50,000
Distributions reinvested 25 $489
Net increase 25 $489 2,500 $50,000
Total net increase 669,396 $13,453,265 5,000,000 $100,000,000
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1 Period from 7-11-22 (commencement of operations) to 10-31-22.
Affiliates of the fund owned 45%, 100% and 100% of shares of Class I, Class D and Class S, respectively on October 31, 2023. Additionally, as of October 31, 2023, the Subadvisor held 45% of the fund (Class I). Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.
Note 7Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $117,256,416 and $65,650,197, respectively, for the year ended October 31, 2023.
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Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of John Hancock Asset-Based Lending Fund
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of John Hancock Asset-Based Lending Fund (the “Fund”), including the consolidated Fund’s investments, as of October 31, 2023, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statement of changes in net assets and the consolidated financial highlights for the year then ended and the period from July 11, 2022 (commencement of operations) to October 31, 2022 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at October 31, 2023, the consolidated results of its operations and cash flows for the year then ended, the consolidated changes in its net assets and its consolidated financial highlights for the year then ended and the period from July 11, 2022 (commencement of operations) to October 31, 2022, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.  The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more John Hancock investment companies since 2019.
Boston, Massachusetts
December 22, 2023
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2023.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2023 Form 1099-DIV in early 2024. This will reflect the tax character of all distributions paid in calendar year 2023.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
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Investment objective, principal investment strategies, and principal risks

Unaudited
Investment Objective
The fund’s investment objective is to seek to provide high current income and to a lesser extent capital appreciation.
Investment Strategies
Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in asset-based lending investments (“Asset-Based Lending Investments”), which may include investments in distressed loans. Asset-Based Lending Investments are investments in loans secured by an asset and include, among other investments: healthcare loans secured by revenue and intellectual property rights primarily on FDA-approved drugs and devices and royalty streams secured primarily by FDA-approved drugs and devices; transportation assets such as loans and leases backed by commercial aircraft, aircraft engines, shipping vessels, or other transportation and equipment both in the United States and internationally; residential and commercial real estate loans, asset-backed securities (“ABS”), and asset-based corporate credit (including distressed or non-performing loans); and securities backed by residential real estate (“RMBS”), commercial real estate (“CMBS”), collateralized mortgage obligations (“CMOs”), secured corporate loans (“CLOs”) and ABS.
Except for RMBS, CMBS, CMOs, CLOs, and ABS, which may range from most senior (AAA-rated) to most subordinate (BB-rated, B-rated and equity), most loans and investments are not rated. If a loan or investment is rated, it will usually be rated by S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings, Kroll Bond Rating Agency, or DBRS Morningstar, and may be rated below investment grade.
The fund will primarily invest in financings sourced through proprietary means using relationships of the Marathon Asset Management LP (the Subadvisor), rather than traditional channels such as public markets, and seeks to benefit from expected premiums arising in such financings from, among other things, the bespoke nature of each financing. The Subadvisor will seek to capitalize on its transaction valuation assessment and capital structure expertise, while attempting to protect against downside risks through protective loan covenants, conservative collateral valuation, and active asset management.
The fund may also invest in derivatives such as: futures contracts, interest rate swaps, options, reverse repurchase agreements, and swaps. The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.
The fund may create or organize or otherwise utilize special purpose subsidiaries or other special purpose investment vehicles (“SPVs”), which are wholly-owned subsidiaries of the fund, to facilitate the fund’s investment strategy. Certain fund investments may be held by these SPVs.
The fund, the Subadvisor and certain of its affiliates obtained an exemptive order from the SEC on September 26, 2022, permitting co-investment with other funds managed by the Subadvisor or its affiliates in a manner consistent with the fund’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.
The manager may consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
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Principal Risks
Below are descriptions of the principal factors that may play a role in shaping the fund’s overall risk profile. An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.
The fund’s main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Distressed investments risk. Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.
Economic and market events risk. Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China’s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.
In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.
Beginning in March 2022, the Fed began increasing interest rates and has signaled the potential for further increases. As a result, risks associated with rising interest rates are currently heightened. It is difficult to accurately predict the pace at which the Fed will increase interest rates any further, or the timing, frequency or magnitude of any such increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such increases generally will cause market interest rates to rise and could cause the value of the fund’s investments, and the fund’s net asset value (NAV), to decline, potentially suddenly and significantly.
In addition, as the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on the fund.
Political turmoil within the United States and abroad may also impact the fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the
  ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 69

United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the fund’s investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets.
Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the global securities markets likely will be significantly disrupted. On January 31, 2020, the United Kingdom (UK) left the EU, commonly referred to as “Brexit,” the UK ceased to be a member of the EU, and the UK and EU entered into a Trade and Cooperation Agreement. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. There remains significant market uncertainty regarding Brexit’s ramifications, and the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. While many countries have lifted some or all restrictions related to the coronavirus (COVID-19) and the United States ended the public health emergency and national emergency declarations relating to the coronavirus (COVID-19) pandemic on May 11, 2023, the continued impact of coronavirus (COVID-19) and related variants is uncertain. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause market disruptions.
 As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of the fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia’s economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia’s invasion of Ukraine. Additional sanctions may
70 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT  

be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.
In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the fund’s investments may be affected, which may reduce the fund’s performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund, resulting in a negative impact on the fund’s performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets
ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The portion of the fund’s investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund’s investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.
Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by the fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security’s credit quality may adversely affect fund performance. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.
Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. If applicable, any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Additionally, the Holding Foreign Companies Accountable Act (“HFCAA”) could cause securities of foreign companies, including American depositary receipts, to be delisted from U.S. stock exchanges if the companies do not allow the U.S. government to oversee the auditing of their financial information. Although the requirements of the HFCAA apply to securities of all foreign issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, the fund’s ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. The fund may also need to seek other markets in which to transact in such securities, which could increase the fund’s costs.
  ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 71

Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase the fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options, interest rate swaps, reverse repurchase agreements, and swaps. Futures contracts, options, and swaps generally are subject to counterparty risk.
In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
Illiquidity of shares risk. The fund is a closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. The fund does not currently intend to list Shares for trading on any national securities exchange. There is no secondary trading market for Shares, and it is not expected that a secondary market will develop. Shares therefore are not readily marketable. At the discretion of the Board and provided that it is in the best interests of the fund and Shareholders to do so, the fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers.  The fund is not required to conduct tender offers and may be less likely to conduct tender offers during periods of exceptional market conditions.
Investments held in non-US or US Subsidiaries. To qualify as a regulated investment company (“RIC”) for any taxable year, the fund must, among other things, satisfy a gross income test for such taxable year. Specifically, at least 90% of the fund’s gross income for such taxable year must consist of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of stock, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and net income derived from interests in “qualified publicly traded partnerships” (such income, “Qualifying RIC Income”). Income from certain Asset-Based Lending Investments will not be Qualifying RIC Income. In order to avoid receiving non-qualifying income from such investments, the fund may invest in those Asset-Based Lending Investments indirectly through one or more subsidiaries organized outside of the United States (each a “Non-US Subsidiary”). Income from certain Asset-Based Lending Investments will not be Qualifying RIC Income and, in some cases, income from those Asset-Based Lending Investments also would result in “effectively connected income” if received by a Non-US Subsidiary. For that reason, certain Asset-Based Lending Investments may be held by the fund indirectly through one or more subsidiaries organized in the United States (each, a “Domestic Subsidiary”). The fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with each Domestic and Non-US Subsidiary. The Advisor complies with the applicable provisions of Section 15 of the 1940 Act with respect to the investment advisory contracts for the fund and each Domestic and Non-US Subsidiary. Each Domestic and Non-US Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody.
Lending risk. The fund may originate loans to, or purchase, assignments of or participations in loans made to, various issuers, including distressed loans. Such investments may include senior secured, junior secured and mezzanine loans and other secured and unsecured debt that has been recently originated or that trade on the
72 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT  

secondary market. The value of the fund’s investments in loans may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment.
LIBOR discontinuation risk. Certain debt securities, derivatives and other financial instruments have traditionally utilized LIBOR as the reference or benchmark rate for interest rate calculations. However, following allegations of manipulation and concerns regarding liquidity, the U.K. Financial Conduct Authority (UK FCA) announced that LIBOR would be discontinued as of June 30, 2023. The UK FCA elected to require the ICE Benchmark Administration Limited, the administrator of LIBOR, to continue publishing a subset of British pound sterling and U.S. dollar LIBOR settings on a “synthetic” basis. The synthetic publication of the three-month sterling LIBOR will continue until March 31, 2024, and the publication of the one-, three and six-month U.S. dollar LIBOR will continue until September 30, 2024.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the discontinuation dates, the impact on certain debt securities, derivatives and other financial instruments remains uncertain. Market participants have adopted alternative rates such as Secured Overnight Financing Rate (SOFR) or otherwise amended financial instruments referencing LIBOR to include fallback provisions and other measures that contemplated the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight U.S. Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences.
Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.
Non-diversified risk. Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.
Operational and cybersecurity risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
Real estate securities risk. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
  ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 73

Regular repurchase offers risk. The fund’s repurchase offer policy may have the effect of decreasing the size of the fund over time absent significant new investments in the fund. It may also force the fund to sell assets it would not otherwise sell and/or to maintain an increased amount of cash or liquid investments at times. It may also reduce the investment opportunities available to the fund and cause its expense ratio to increase.
74 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT  

ADDITIONAL INFORMATION

Unaudited
The fund is a continuously offered non-diversified, closed-end management investment company, shares of which were initially offered to the public in July 2022.
Dividends and distributions
During the year ended October 31, 2023, distributions from net investment income totaling $1.0750, $1.0137 and $0.8662 per share were paid to shareholders for Class I, Class D and Class S, respectively. The dates of payments and the amounts per share for each class were as follows:
Payment Date Class I Class D Class S
December 30, 2022 $0.2763 $0.2525 $0.1955
April 3, 2023 $0.1125 $0.1002 $0.0706
July 3, 2023 $0.2527 $0.2403 $0.2101
October 2, 2023 $0.4335 $0.4207 $0.3900
Total $1.0750 $1.0137 $0.8662
Dividend reinvestment plan
Pursuant to the Dividend Reinvestment Plan (DRP) established by the fund, each shareholder will automatically be a participant under the DRP and have all income distributions, whether dividend distributions or capital gains distributions, automatically reinvested in additional shares. Election not to participate in the DRP and to receive all income distributions, whether dividend distributions or capital gains distributions, in cash may be made by notice to a shareholder’s intermediary (who should be directed to inform the fund). A shareholder is free to change this election at any time. If, however, a shareholder elects to change its election within 95 days prior to a distribution, the request will be effective only with respect to distributions after the 95-day period. A shareholder whose shares are registered in the name of a nominee (such as an intermediary) must contact the nominee regarding its status under the DRP, including whether such nominee will participate on such shareholder’s behalf as such nominee will be required to make any such election.
Generally, for U.S. federal income tax purposes, shareholders receiving shares under the DRP will be treated as having received a distribution equal to amount payable to them in cash as a distribution had the shareholder not participated in the DRP.
Shares will be issued pursuant to the DRP at their NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment. A request for change of participation/non-participation status in the DRP must be received by the fund within the above timeframe to be effective for that dividend or capital gain distribution. The fund may terminate the DRP at any time upon written notice to the participants in the DRP. The fund may amend the DRP at any time upon 30 days’ written notice to the participants. Any expenses of the DRP will be borne by the fund.
A shareholder holding shares that participate in the DRP in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the DRP. For further information on the DRP contact the fund at 800-225-6020.
Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:
  ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 75

Regular Mail:
SS&C GIDS, Inc.
80 Lamberton Road
Windsor, Connecticut 06095
Registered or Overnight Mail:
SS&C GIDS, Inc.
80 Lamberton Road
Windsor, Connecticut 06095
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.
76 JOHN HANCOCK ASSET-BASED LENDING FUND  | ANNUAL REPORT  

Trustees and Officers
This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.
Independent Trustees    
Name, year of birth
Position(s) held with Fund
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Fund
since1
Number of John
Hancock funds
overseen by
Trustee
Hassell H. McClellan,2 Born: 1945 2022 179
Trustee and Chairperson of the Board    
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
William H. Cunningham,2 Born: 1944 2022 177
Trustee    
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Grace K. Fey,2 Born: 1946 2022 179
Trustee    
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
    
Non-Independent Trustees3    
Name, year of birth
Position(s) held with Fund
Principal occupation(s)
during past 5 years
Trustee
of the
Fund
since1
Number of John
Hancock funds
overseen by
Trustee
Andrew G. Arnott, Born: 1971 2022 177
President and Non-Independent Trustee    
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (2007-2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
    
  ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 77

Principal officers who are not Trustees  
Name, year of birth
Position(s) held with Fund
Principal occupation(s)
during past 5 years
Current
Position(s)
with the
Fund
since
Kristie M. Feinberg, Born: 1975 2023
President  
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023).
Charles A. Rizzo, Born: 1957 2022
Chief Financial Officer  
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965 2022
Treasurer  
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).
Christopher (Kit) Sechler, Born: 1973 2022
Secretary and Chief Legal Officer  
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).
Trevor Swanberg, Born: 1979 2022
Chief Compliance Officer  
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).
The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.
The Statement of Additional Information of the fund includes additional information about members of the Board of Trustees of the Trust and is available without charge, upon request, by calling 800-225-6020.
1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation, or removal.
2 Member of the Audit Committee.
3 The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.
78 JOHN HANCOCK ASSET-BASED LENDING FUND | ANNUAL REPORT  

More information
Trustees
Hassell H. McClellan, Chairperson*
Andrew G. Arnott
William H. Cunningham*
Grace K. Fey*
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Marathon Asset Management LP
Portfolio Managers
Ed Cong
Louis Hanover
Andrew Springer
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
SS&C GIDS, Inc.
Legal counsel
K&L Gates LLP
Independent registered public accounting firm
Ernst & Young LLP
 
 Non-Independent Trustee
* Member of the Audit Committee
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-6020.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
You can also contact us:    
800-225-6020 Regular mail: Express mail:
jhinvestments.com SS&C GIDS, Inc.
80 Lamberton Road
Windsor, Connecticut 06095
SS&C GIDS, Inc.
80 Lamberton Road
Windsor, Connecticut 06095
  ANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 79

John Hancock family of funds
U.S. EQUITY FUNDS

Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
Mid Cap Growth
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS

Bond
California Municipal Bond
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Municipal Opportunities
Opportunistic Fixed Income
Short Duration Bond
Short Duration Municipal Opportunities
Strategic Income Opportunities
ALTERNATIVE FUNDS

Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
 
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-6020, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF
John Hancock Dynamic Municipal Bond ETF
John Hancock Fundamental All Cap Core ETF
John Hancock International High Dividend ETF
John Hancock Mortgage-Backed Securities ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Preferred Income ETF
John Hancock U.S. High Dividend ETF
ASSET ALLOCATION/TARGET DATE FUNDS

Balanced
Multi-Asset High Income
Lifestyle Blend Portfolios
Lifetime Blend Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS

Asset-Based Lending
Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

A trusted brand
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-6020, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Asset-Based Lending Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
  P16A 10/23
12/2023

ITEM 2. CODE OF ETHICS.

As of the end of the year, October 31, 2023, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer, Principal Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Grace K. Fey is the audit committee financial expert, and is "independent", pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees for John Hancock Asset Based Lending Fund billed for professional services rendered by the principal accountant(s) for the audit of the registrant's annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $150,000 for the fiscal year ended October 31, 2023 and $70,000 for the fiscal year ended October 31, 2022. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

The aggregate fees for John Hancock Asset Based Lending Fund for audit-related fees amounted to $4,000 for the fiscal year ended October 31, 2023 and $0 for the fiscal year ended October 31, 2022. The nature of the services comprising the audit-related fees was the review of the registrant's registration statement. These fees were billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates").

(c) Tax Fees

The aggregate fees for John Hancock Asset Based Lending Fund billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning ("tax fees") amounted to $44,100 for the fiscal year ended October 31, 2023 and $15,750 for the fiscal year ended October 31, 2022. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.

(d) All Other Fees

All other fees for John Hancock Asset Based Lending Fund billed to the registrant or control affiliates for products and services provided by the principal accountant were $0 for the fiscal year ended October 31, 2023 and $0 for the fiscal year ended October 31, 2022.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

John Hancock Asset Based Lending Fund's (fund) Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The fund's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f)According to the registrant's principal accountant, for the fiscal year ended October 31, 2023, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g)The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates were $3,149,267 for the fiscal year ended October 31, 2023 and $3,037,604 for the fiscal year ended October 31, 2022.

(h)The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

(i)Not applicable.

(j)Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Grace K. Fey - Chairperson

William H. Cunningham

Hassell H. McClellan

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.

See attached exhibit - Proxy Voting Policies and Procedures.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Information about the Marathon Asset Management LP ("Marathon") portfolio managers

Below is a list of the Marathon portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. The information provided is as of the filing date of this N-CSR.

Ed Cong

Portfolio Manager

Managed the Fund since inception in 2022

Joined Marathon in 2006

Louis Hanover

Co-Founder, Managing Partner and Chief Investment Officer

Managed the Fund since inception in 2022

Co-Founded Marathon in 1998

Andrew Springer

Senior Portfolio Manager

Managed the Fund since inception in 2022

Joined Marathon in 2003

Other Accounts the Portfolio Managers are Managing

The table below indicates, for each portfolio manager, information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2023. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

 

 

Registered Investment

 

Other Pooled

 

 

 

 

 

 

Companies

 

Investment Vehicles

 

Other Accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

Total

 

Number

 

Total

 

Number

 

Total

 

 

of

 

Assets

 

of

 

Assets

 

of

 

Assets

 

 

Accounts

 

$Million

 

Accounts

 

$Million

 

Accounts

 

$Million

 

 

 

 

 

 

 

 

 

 

 

 

 

Ed Cong

 

1

 

$113.5

 

29

 

$8,889.8

 

4

 

$437.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Louis

 

8

 

$812.8

 

106

 

$18,920.1

 

26

 

$3,166.3

Hanover

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andrew

 

1

 

$113.5

 

36

 

$9,373.5

 

4

 

$437.4

 

 

 

 

 

 

 

 

 

 

 

 

Springer

 

 

 

 

 

 

 

 

 

 

 

 

Number and value of accounts within the total accounts that are subject to a performance-based advisory fee:

 

Registered Investment

 

Other Pooled

 

 

 

Companies

 

Investment Vehicles

 

Other Accounts

 

 

 

 

 

 

 

 

 

Total

 

Number

 

Total

 

Number

 

Total

 

Number of

 

Assets

 

of

 

Assets

 

of

 

Assets

 

Accounts

 

$Million

 

Accounts

 

$Million

 

Accounts

 

$Million

 

 

 

 

 

 

 

 

 

 

 

 

Ed Cong

1

 

$113.5

 

25

 

$6,758.3

 

4

 

$437.4

 

 

 

 

 

 

 

 

 

 

 

 

Louis

3

 

$244.9

 

78

 

$14,080.2

 

13

 

$1,706.4

Hanover

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andrew

1

 

$113.5

 

32

 

$7,242.1

 

4

 

$437.4

Springer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conflicts of Interest. Material conflicts of interest exist whenever a portfolio manager simultaneously manages multiple accounts. A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Fund, which may have different investment guidelines and objectives. In addition to the Fund, these accounts may include accounts of other registered investment companies for which the Subadvisor serves as sub-advisor, private pooled investment vehicles and other accounts. The Subadvisor has adopted aggregation and allocation of investments procedures designed to ensure that all of its clients are treated fairly and equitably over time and to prevent this form of conflict from influencing the allocation of investment opportunities among its clients. As a general matter, the Subadvisor will offer clients the right to participate in all investment opportunities that it determines are appropriate for the client in view of relative amounts of capital available for new investments, each client's investment program, and the then current portfolios of its clients at the time an allocation decision is made. As a result, in certain situations priority or weighted allocations can be expected to occur in respect of certain accounts, including but not limited to situations where clients have differing: (A) portfolio concentrations with respect to geography, asset class, issuer, sector or rating, (B) investment restrictions, (C) tax or regulatory limitations, (D) leverage limitations or volatility targets, (E) ramp up or ramp down scenarios or (F) counterparty relationships. The Subadvisor maintains conflicts of interest policies and procedures containing provisions designed to prevent potential conflicts related to personal trading, allocation, and fees among other potential conflicts of interest. Such potential conflicts and others are disclosed in Subadvisor's Form ADV Part 2A filing.

Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. The Advisor pays the Subadvisor a fee consisting of two components – a base management fee based on the assets under management and an incentive fee based upon pre-incentive fee net investment income attributable to each Share Class, and shall be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based on a Class's average beginning monthly net assets for the applicable quarterly payment period, equal to 1.25% per quarter (or an annualized hurdle rate of 5%) subject to a "catch up" feature, as set forth in the Subadvisory Agreement between the Subadvisor and the Advisor. The Subadvisor pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. Such compensation consists of an annual salary and a discretionary year-end bonus for the Subadvisor's employees.

Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2023, the value of shares beneficially owned by the portfolio managers in the Fund.

 

 

Range of

 

Beneficial

 

Ownership in the

Portfolio Manager

Fund

 

 

Ed Cong

$100,001-$500,000

 

 

 

Louis Hanover

None

 

 

 

Andrew Springer

None

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a)Not applicable.

(b)Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

(a)The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as

conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Proxy Voting Policies and Procedures are attached.

(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating and Governance Committee Charter."

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Asset Based Lending Fund

By:

/s/ Andrew Arnott

 

------------------------------

 

Andrew Arnott

 

President

Date:

December 22, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Andrew Arnott

 

-------------------------------

 

Andrew Arnott

 

President

Date:

December 22, 2023

By:

/s/ Charles A. Rizzo

 

--------------------------------

 

Charles A. Rizzo

 

Chief Financial Officer

Date:

December 22, 2023