N-CSR 1 f40341d1.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, MA 02116 (Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

BOSTON, MA 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, 2024


ITEM 1. REPORT TO STOCKHOLDERS


Annual Financial Statements & Other N-CSR Items
John Hancock
Asset-Based Lending Fund
Closed-end alternative
October 31, 2024
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 10/31/2024 (%)
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.
   | JOHN HANCOCK ASSET-BASED LENDING FUND 2
PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS
The fund posted a gain for the period
The fund has exhibited stable performance focused on asset-based investments with attractive return versus risk characteristics driven by robust cashflows and asset coverage ratios.
Majority of capital allocated to private asset-based lending investments
The portfolio has performed to plan with the majority of capital now allocated to private asset-based lending (ABL) investments.
Credit selection and sector allocation contributed to performance
Both credit selection and sector allocation are major drivers of performance, with accretive returns in our residential mortgage, commercial real estate debt, transportation (aircraft), and corporate asset-based credit portfolios.
PORTFOLIO COMPOSITION AS OF 10/31/2024 (% of total investments)
Notes about risk
The fund is subject to various risks as described in the fund’s prospectus.
3 JOHN HANCOCK ASSET-BASED LENDING FUND  |   
Management’s discussion of fund performance
How would you describe the investment backdrop during the 12 months ended October 31, 2024?
The investment landscape has evolved throughout the year, driven by tight lending conditions due to higher capital charges and regulatory oversight. Banks and traditional finance companies have continued to retrench, leaving a massive opportunity set for non-bank asset-based lenders.
How did the fund perform in this environment?
The fund has continued to perform well as we have invested in high-yielding private ABL assets spanning residential mortgages, aircraft lending and leasing, specialty finance (financing that takes place outside of the traditional banking system), and commercial real estate, among others. Top performers during the period included our residential mortgage, commercial real estate debt, and consumer loan portfolios. Investments in transportation assets and corporate asset-based credit also contributed to fund performance. As we have ramped into these private assets, we have managed liquidity in the portfolio using investment-grade structured securities. These securities offer relatively attractive yields with low duration exposure and proved to be very resilient to the Fed’s rate-hiking cycle. Overall, auto loans and residential whole loans contributed least to the fund’s 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.
   | JOHN HANCOCK ASSET-BASED LENDING FUND 4
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2024
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 8.58 6.08 14.61
Class D1 6.64 5.14 12.27
Class S1 4.41 3.83 9.07
Index† 5.44 4.74 11.29
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.
5 JOHN HANCOCK ASSET-BASED LENDING FUND  |   
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 11,227 11,395 11,129
Class S1 7-11-22 10,907 11,305 11,129
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.
   | JOHN HANCOCK ASSET-BASED LENDING FUND 6
Consolidated Fund’s investments
AS OF 10-31-24
  Rate (%) Maturity date   Par value^ Value
Asset backed securities 35.1%         $61,714,092
(Cost $61,571,540)          
Asset backed securities 5.1%     8,908,360
Marlette Funding Trust          
Series 2022-3A, Class D (A)(B) 7.800 11-15-32   3,750,000 3,757,310
Pagaya AI Debt Trust          
Series 2023-7, Class D (A)(B) 9.000 07-15-31   3,498,696 3,530,493
Sierra Timeshare Receivables Funding LLC          
Series 2024-1A, Class D (A) 8.020 01-20-43   1,609,283 1,620,557
Collateralized loan obligations 9.1%     16,107,971
ARES L CLO, Ltd.          
Series 2018-50A, Class D (3 month CME Term SOFR + 3.162%) (A)(B)(C) 7.818 01-15-32   2,000,000 2,011,922
Birch Grove CLO, Ltd.          
Series 19A, Class D2RR (3 month CME Term SOFR + 5.050%) (A)(B)(C) 9.697 07-17-37   1,750,000 1,793,157
Columbia Cent CLO, Ltd.          
Series 2020-29A, Class D1R (3 month CME Term SOFR + 3.862%) (A)(C) 8.479 10-20-34   1,000,000 1,004,783
Dryden Senior Loan Fund          
Series 2017-49A, Class DR (3 month CME Term SOFR + 3.662%) (A)(B)(C) 8.294 07-18-30   3,730,000 3,732,380
KKR Financial CLO, Ltd.          
Series 2013-1A, Class DR2 (3 month CME Term SOFR + 6.250%) (A)(B)(C) 10.906 04-15-29   2,500,000 2,503,183
Myers Park CLO, Ltd.          
Series 2018-1A, Class D (3 month CME Term SOFR + 3.312%) (A)(B)(C) 7.929 10-20-30   2,000,000 2,009,594
OCP CLO, Ltd.          
Series 2020-8RA, Class C (3 month CME Term SOFR + 4.012%) (A)(C) 8.659 01-17-32   1,850,000 1,850,000
Sycamore Tree CLO, Ltd.          
Series 2021-1A, Class D (3 month CME Term SOFR + 3.912%) (A)(B)(C) 8.529 10-20-34   1,200,000 1,202,952
Commercial mortgage backed securities 19.1%     33,562,076
ACREC LLC          
Series 2023-FL2, Class C (1 month CME Term SOFR + 4.281%) (A)(C) 9.085 02-19-38   2,000,000 2,020,421
7 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Commercial mortgage backed securities (continued)      
Arbor Realty Commercial Real Estate Notes, Ltd.          
Series 2022-FL2, Class D (1 month CME Term SOFR + 4.350%) (A)(C) 9.154 05-15-37   2,500,000 $2,447,264
Arizona Biltmore Trust          
Series 2024-BILT, Class E (A)(B) 7.487 06-11-29   2,000,000 2,034,371
BPCRE, Ltd.          
Series 2022-FL2, Class AS (1 month CME Term SOFR + 3.100%) (A)(B)(C) 7.859 01-16-37   1,000,000 1,000,693
BX Trust          
Series 2021-ARIA, Class F (1 month CME Term SOFR + 2.708%) (A)(B)(C) 7.512 10-15-36   2,000,000 1,972,549
Series 2023-DELC, Class E (1 month CME Term SOFR + 5.286%) (A)(B)(C) 10.090 05-15-38   2,500,000 2,521,875
Commercial Mortgage Trust (Deutsche Bank AG)          
Series 2024-WCL1, Class C (1 month CME Term SOFR + 2.889%) (A)(B)(C) 7.675 06-15-41   3,300,000 3,294,843
GPMT, Ltd.          
Series 2021-FL4, Class D (1 month CME Term SOFR + 2.964%) (A)(C) 7.724 12-15-36   2,000,000 1,789,673
Great Wolf Trust          
Series 2024-WOLF, Class E (1 month CME Term SOFR + 3.639%) (A)(B)(C) 8.443 03-15-39   2,180,000 2,196,350
INTOWN Mortgage Trust          
Series 2022-STAY, Class E (1 month CME Term SOFR + 5.031%) (A)(B)(C) 9.835 08-15-39   1,500,000 1,501,875
KSL Commercial Mortgage Trust          
Series 2023-HT, Class D (1 month CME Term SOFR + 4.287%) (A)(B)(C) 9.091 12-15-36   1,959,027 1,961,476
La Quinta Mortgage Trust          
Series 2023-LAQ, Class D (1 month CME Term SOFR + 4.188%) (A)(B)(C) 8.992 03-15-36   1,304,250 1,292,023
ORL Trust          
Series 2023-GLKS, Class D (1 month CME Term SOFR + 4.301%) (A)(B)(C) 9.105 10-19-36   2,500,000 2,500,000
Shelter Growth Issuer, Ltd.          
Series 2023-FL5, Class D (1 month CME Term SOFR + 6.359%) (A)(C) 11.118 05-19-38   4,000,000 4,000,334
THPT Mortgage Trust          
Series 2023-THL, Class D (A)(B)(D) 9.252 12-10-34   3,000,000 3,028,329
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 8
  Rate (%) Maturity date   Par value^ Value
Residential mortgage backed securities 1.8%     $3,135,685
ACHM Trust          
Series 2023-HE2, Class C (A)(B)(D) 9.300 10-25-38   3,057,007 3,135,685
Residential loans 20.9%         $36,791,290
(Cost $36,544,801)          
JH Residential Whole Loan Trust (E)(F) 12.1%       21,350,764
Bank of America, Loan ID - R1D2189860 4.125 08-01-35   121,576 98,379
Bank of America, Loan ID - R1D2196022 5.028 12-18-50   93,381 75,564
Bank of America, Loan ID - R1D2207514 (G) 8.875 11-01-34   24,107 19,508
Bank of America, Loan ID - R1D2223768 (G) 3.500 04-01-57   73,252 59,276
Bank of America, Loan ID - R1D2226308 9.882 05-03-37   73,651 59,599
Bank of America, Loan ID - R1D2231928 4.000 06-01-47   196,302 158,848
Bank of America, Loan ID - R1D3102002750 9.625 12-01-39   37,354 34,571
Bank of America, Loan ID - R1D3112231884 8.000 08-25-30   7,736 7,160
Bank of America, Loan ID - R1D3112822840 9.625 12-25-30   9,557 8,845
Bank of America, Loan ID - R1D3120441715 8.000 11-01-34   6,213 5,750
Bank of America, Loan ID - R1D3121930679 3.750 02-01-31   125,317 115,981
Bank of America, Loan ID - R1D320025752 11.875 02-01-28   712 659
Bank of America, Loan ID - R1D320069911 10.750 03-01-37   13,334 12,341
Bank of America, Loan ID - R1D320115934 (H) 12.000 09-25-27   2,982 2,759
Bank of America, Loan ID - R1D320218223 8.250 04-01-61   11,768 10,891
Bank of America, Loan ID - R1D320231804 4.500 04-01-31   132,446 122,579
Bank of America, Loan ID - R1D320303063 8.250 06-01-35   19,416 17,969
Bank of America, Loan ID - R1D320404870 (H) 9.875 07-01-38   16,020 14,827
Bank of America, Loan ID - R1D320426786 8.250 08-01-31   9,529 8,819
Bank of America, Loan ID - R1D320575652 10.125 09-01-31   4,897 4,532
Bank of America, Loan ID - R1D320644951 10.500 08-01-46   1,969 1,823
Bank of America, Loan ID - R1D320669345 9.375 04-01-35   18,839 17,436
9 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D320677076 11.250 11-01-53   1,873 $1,733
Bank of America, Loan ID - R1D320680408 8.250 09-01-54   2,072 1,917
Bank of America, Loan ID - R1D320904215 10.000 06-01-41   2,826 2,616
Bank of America, Loan ID - R1D321022384 10.750 01-01-37   1,938 1,794
Bank of America, Loan ID - R1D321026906 11.750 12-01-36   2,773 2,566
Bank of America, Loan ID - R1D321079876 8.625 10-25-27   10,993 10,174
Bank of America, Loan ID - R1D321106165 (H) 10.500 03-01-37   3,168 2,932
Bank of America, Loan ID - R1D321118983 (I) 9.000 04-01-24   4,292 3,973
Bank of America, Loan ID - R1D321137655 (I) 10.125 06-01-24   3,982 3,686
Bank of America, Loan ID - R1D321149797 10.750 01-01-38   2,119 1,962
Bank of America, Loan ID - R1D321159892 8.250 12-01-26   4,867 4,505
Bank of America, Loan ID - R1D321184120 10.125 01-01-52   410 380
Bank of America, Loan ID - R1D321201221 8.250 07-01-25   9,034 8,361
Bank of America, Loan ID - R1D321202019 10.750 10-01-35   4,434 4,104
Bank of America, Loan ID - R1D321268831 8.625 01-01-28   4,305 3,984
Bank of America, Loan ID - R1D321284414 8.750 10-01-27   4,599 4,257
Bank of America, Loan ID - R1D321285469 (I) 0.000 06-01-24   13,393 12,396
Bank of America, Loan ID - R1D321300638 10.750 05-01-36   2,602 2,408
Bank of America, Loan ID - R1D321313401 14.375 09-25-27   866 802
Bank of America, Loan ID - R1D321360714 11.250 10-01-27   4,016 3,717
Bank of America, Loan ID - R1D321366583 10.125 08-01-37   3,271 3,027
Bank of America, Loan ID - R1D321458571 (G) 5.625 05-01-26   15,185 14,054
Bank of America, Loan ID - R1D321462500 8.250 02-01-29   44,191 40,899
Bank of America, Loan ID - R1D321466689 10.750 11-01-43   2,044 1,892
Bank of America, Loan ID - R1D321477062 8.250 12-25-27   7,219 6,681
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 10
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D321481073 10.125 01-01-37   4,751 $4,397
Bank of America, Loan ID - R1D321567782 (H) 10.125 07-01-35   6,014 5,566
Bank of America, Loan ID - R1D321657284 8.250 07-01-30   5,607 5,189
Bank of America, Loan ID - R1D321672554 (I) 4.250 02-01-24   68,643 63,529
Bank of America, Loan ID - R1D321680064 (H) 8.625 01-01-28   4,038 3,737
Bank of America, Loan ID - R1D321747032 10.500 02-01-26   4,087 3,783
Bank of America, Loan ID - R1D321772642 (I) 12.875 07-01-24   6,116 5,660
Bank of America, Loan ID - R1D321802346 (H) 10.500 07-01-42   4,244 3,928
Bank of America, Loan ID - R1D321804787 11.250 11-25-27   7,484 6,926
Bank of America, Loan ID - R1D321818469 12.875 05-01-30   6,523 6,037
Bank of America, Loan ID - R1D321840548 10.500 01-01-27   7,307 6,763
Bank of America, Loan ID - R1D321918874 11.875 10-01-37   3,704 3,429
Bank of America, Loan ID - R1D322074278 8.500 11-01-35   10,802 9,997
Bank of America, Loan ID - R1D322667123 8.750 02-25-28   11,566 10,705
Bank of America, Loan ID - R1D323504157 (I) 3.625 02-01-24   22,454 20,781
Bank of America, Loan ID - R1D323613087 (H) 0.000 10-01-31   10,283 9,517
Bank of America, Loan ID - R1D324031544 9.875 04-01-30   17,844 16,514
Bank of America, Loan ID - R1D325026231 10.875 07-01-32   28,629 26,496
Bank of America, Loan ID - R1D325438993 8.250 04-01-32   8,553 7,916
Bank of America, Loan ID - R1D32679861 10.750 12-01-37   1,657 1,534
Bank of America, Loan ID - R1D326967519 (H) 8.750 02-01-30   18,307 16,943
Bank of America, Loan ID - R1D329279749 9.375 02-01-37   8,143 7,536
Bank of America, Loan ID - R1D329973216 4.750 08-01-34   14,472 13,394
Bank of America, Loan ID - R1D330270792 4.000 06-25-28   78,663 72,802
Bank of America, Loan ID - R1D330690727 11.250 09-01-38   3,737 3,458
11 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D331070648 8.625 05-01-37   5,454 $5,048
Bank of America, Loan ID - R1D331184438 4.750 06-01-28   10,647 9,854
Bank of America, Loan ID - R1D331351411 (H) 8.000 11-01-37   29,529 27,329
Bank of America, Loan ID - R1D331458114 3.500 05-25-28   10,944 10,129
Bank of America, Loan ID - R1D331576772 10.500 12-25-28   2,203 2,039
Bank of America, Loan ID - R1D332396107 (H) 1.000 06-01-28   21,047 19,479
Bank of America, Loan ID - R1D333118907 (H) 8.625 11-01-28   8,773 8,119
Bank of America, Loan ID - R1D333435452 (G) 10.500 11-01-24   7,785 7,205
Bank of America, Loan ID - R1D334715743 (G) 6.500 12-01-36   17,003 15,736
Bank of America, Loan ID - R1D335198863 10.750 02-01-47   8,945 8,278
Bank of America, Loan ID - R1D337634748 8.500 06-01-28   4,171 3,861
Bank of America, Loan ID - R1D338003284 (H) 11.125 09-01-41   20,864 19,310
Bank of America, Loan ID - R1D338042145 11.750 10-01-36   7,282 6,740
Bank of America, Loan ID - R1D338549417 11.750 09-25-28   1,108 1,026
Bank of America, Loan ID - R1D33861070 8.000 01-01-27   16,692 15,449
Bank of America, Loan ID - R1D338772808 10.125 02-01-25   2,542 2,353
Bank of America, Loan ID - R1D338898471 9.000 10-01-37   5,384 4,983
Bank of America, Loan ID - R1D339013845 (I) 12.375 06-01-24   4,329 4,006
Bank of America, Loan ID - R1D339156671 10.750 06-01-27   9,517 8,808
Bank of America, Loan ID - R1D339162089 11.750 10-01-25   7,872 7,286
Bank of America, Loan ID - R1D339392762 8.625 07-01-38   3,812 3,528
Bank of America, Loan ID - R1D339696568 10.125 10-01-28   8,437 7,809
Bank of America, Loan ID - R1D339751518 9.750 07-01-30   5,837 5,402
Bank of America, Loan ID - R1D339870995 12.375 10-25-28   4,760 4,405
Bank of America, Loan ID - R1D339997495 11.750 08-01-31   7,609 7,042
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 12
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D340114252 4.625 10-01-28   22,372 $20,705
Bank of America, Loan ID - R1D340286517 11.250 12-01-34   8,358 7,736
Bank of America, Loan ID - R1D340328413 8.750 06-01-48   4,327 4,005
Bank of America, Loan ID - R1D340556545 8.250 08-01-32   12,844 11,887
Bank of America, Loan ID - R1D340682846 4.000 02-01-35   29,793 27,573
Bank of America, Loan ID - R1D340799167 9.625 03-01-25   53,428 49,447
Bank of America, Loan ID - R1D340884636 10.750 09-01-37   7,807 7,225
Bank of America, Loan ID - R1D341172732 10.750 03-01-25   5,440 5,035
Bank of America, Loan ID - R1D341220853 (H) 11.750 10-25-28   12,967 12,001
Bank of America, Loan ID - R1D341275604 (I) 11.750 09-01-24   2,151 1,991
Bank of America, Loan ID - R1D341322613 11.750 12-01-60   2,072 1,918
Bank of America, Loan ID - R1D341390326 11.875 11-01-37   4,015 3,715
Bank of America, Loan ID - R1D341457276 11.750 02-01-28   10,787 9,983
Bank of America, Loan ID - R1D341636404 10.750 11-25-28   10,616 9,825
Bank of America, Loan ID - R1D344823261 10.750 12-01-30   178 165
Bank of America, Loan ID - R1D344880025 (I) 10.750 09-01-24   8,886 8,224
Bank of America, Loan ID - R1D344899622 8.250 07-01-29   32,456 30,038
Bank of America, Loan ID - R1D344988281 8.000 12-01-28   13,902 12,866
Bank of America, Loan ID - R1D345104108 11.250 07-25-29   15,231 14,096
Bank of America, Loan ID - R1D345110610 4.250 01-01-30   50,288 46,541
Bank of America, Loan ID - R1D345137370 10.125 11-01-38   3,415 3,161
Bank of America, Loan ID - R1D345207689 10.625 01-01-52   1,489 1,378
Bank of America, Loan ID - R1D345296610 10.125 04-01-28   14,196 13,138
Bank of America, Loan ID - R1D345477899 10.250 11-01-36   1,341 1,241
Bank of America, Loan ID - R1D345587535 (H) 9.875 11-01-36   27,471 25,424
13 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D345602157 13.125 03-01-37   15,603 $14,441
Bank of America, Loan ID - R1D345670228 10.125 11-25-28   4,061 3,759
Bank of America, Loan ID - R1D345744745 (H) 10.125 08-01-33   7,530 6,969
Bank of America, Loan ID - R1D345890887 10.125 02-01-62   2,516 2,328
Bank of America, Loan ID - R1D345901395 (I) 10.750 03-01-24   5,288 4,894
Bank of America, Loan ID - R1D345907416 10.125 07-01-31   7,174 6,639
Bank of America, Loan ID - R1D345924792 3.750 05-01-35   52,066 48,188
Bank of America, Loan ID - R1D345932279 10.500 12-25-28   3,708 3,432
Bank of America, Loan ID - R1D345954233 (I) 10.500 08-01-24   8,289 7,672
Bank of America, Loan ID - R1D346002313 3.625 09-01-35   119,654 110,740
Bank of America, Loan ID - R1D346131763 9.500 08-01-28   26,434 24,465
Bank of America, Loan ID - R1D346134156 3.500 06-01-30   25,526 23,625
Bank of America, Loan ID - R1D346443425 10.750 09-01-40   4,720 4,368
Bank of America, Loan ID - R1D346861677 (H) 11.000 07-01-24   6,412 5,934
Bank of America, Loan ID - R1D347017838 11.750 04-01-38   4,049 3,748
Bank of America, Loan ID - R1D347088470 10.500 02-01-25   2,105 1,948
Bank of America, Loan ID - R1D347307643 10.625 01-01-29   12,952 11,987
Bank of America, Loan ID - R1D347309299 11.500 11-01-45   11,125 10,296
Bank of America, Loan ID - R1D347380108 11.375 03-01-26   7,918 7,328
Bank of America, Loan ID - R1D347661162 8.625 07-01-25   67 62
Bank of America, Loan ID - R1D347671501 10.000 12-01-32   23,675 21,911
Bank of America, Loan ID - R1D347751726 8.750 12-25-28   8,683 8,036
Bank of America, Loan ID - R1D347751887 (H) 8.250 11-25-28   17,426 16,128
Bank of America, Loan ID - R1D347806979 8.000 06-01-36   2,666 2,467
Bank of America, Loan ID - R1D347878229 9.500 10-05-33   8,510 7,876
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 14
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D348024808 (I) 7.500 09-01-24   24,763 $22,919
Bank of America, Loan ID - R1D348084672 8.000 02-25-29   15,206 14,073
Bank of America, Loan ID - R1D348108123 8.000 07-01-29   73,347 67,883
Bank of America, Loan ID - R1D348255384 (H) 12.625 06-01-35   6,103 5,648
Bank of America, Loan ID - R1D348299081 11.750 01-25-29   8,262 7,647
Bank of America, Loan ID - R1D348672470 (G) 3.000 12-01-31   24,887 23,033
Bank of America, Loan ID - R1D348696252 11.000 03-01-28   8,236 7,622
Bank of America, Loan ID - R1D348943151 11.250 05-01-37   8,534 7,898
Bank of America, Loan ID - R1D349060460 10.500 05-25-29   5,263 4,870
Bank of America, Loan ID - R1D349228775 11.875 07-01-34   3,741 3,462
Bank of America, Loan ID - R1D349499896 9.375 02-25-29   7,396 6,845
Bank of America, Loan ID - R1D351675329 8.000 10-01-33   32,883 30,434
Bank of America, Loan ID - R1D351889492 8.250 09-01-28   43,371 40,140
Bank of America, Loan ID - R1D352062298 9.500 06-01-28   32,077 29,687
Bank of America, Loan ID - R1D354445591 8.750 03-01-27   7,078 6,550
Bank of America, Loan ID - R1D355097223 9.375 12-01-55   23,132 21,408
Bank of America, Loan ID - R1D355097959 5.000 08-01-25   122,954 113,794
Bank of America, Loan ID - R1D355403629 11.875 05-01-48   500 462
Bank of America, Loan ID - R1D356173883 8.250 09-01-30   37,410 34,623
Bank of America, Loan ID - R1D356181172 8.250 06-25-29   18,026 16,683
Bank of America, Loan ID - R1D356499075 (I) 10.750 03-01-24   5,010 4,637
Bank of America, Loan ID - R1D356699520 4.000 09-01-25   24,444 22,623
Bank of America, Loan ID - R1D356859476 (I) 8.500 04-01-24   11,302 10,460
Bank of America, Loan ID - R1D357357292 11.750 12-01-32   8,112 7,508
Bank of America, Loan ID - R1D359564954 3.750 12-01-30   105,182 97,346
15 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D360095964 (I) 10.500 01-01-24   12,065 $11,166
Bank of America, Loan ID - R1D360234127 8.250 01-01-37   26,189 24,238
Bank of America, Loan ID - R1D360265715 11.250 03-01-35   5,211 4,822
Bank of America, Loan ID - R1D36034652 10.250 11-01-35   5,704 5,279
Bank of America, Loan ID - R1D361381490 8.250 02-01-27   15,702 14,532
Bank of America, Loan ID - R1D361469782 10.125 11-01-36   4,387 4,060
Bank of America, Loan ID - R1D361537011 4.130 05-25-29   210,220 194,559
Bank of America, Loan ID - R1D361608499 10.250 05-01-58   5,206 4,818
Bank of America, Loan ID - R1D361739084 8.000 12-01-32   3,930 3,637
Bank of America, Loan ID - R1D361892055 (G) 11.250 01-01-32   8,804 8,148
Bank of America, Loan ID - R1D361936975 8.250 05-01-36   22,494 20,818
Bank of America, Loan ID - R1D361948846 9.500 09-01-51   1,141 1,056
Bank of America, Loan ID - R1D362044297 9.250 06-01-35   15,897 14,712
Bank of America, Loan ID - R1D362044305 9.250 05-01-31   15,902 14,717
Bank of America, Loan ID - R1D362088294 (I) 8.750 08-01-24   66,465 61,514
Bank of America, Loan ID - R1D362185211 (H) 8.250 05-25-29   51,849 47,986
Bank of America, Loan ID - R1D362668892 3.875 06-01-25   36,741 34,003
Bank of America, Loan ID - R1D362733412 (H) 10.500 08-01-27   5,061 4,684
Bank of America, Loan ID - R1D362756193 10.125 06-25-29   1,239 1,146
Bank of America, Loan ID - R1D363207796 8.250 07-01-29   67,252 62,241
Bank of America, Loan ID - R1D363420996 (H) 11.000 05-25-29   11,144 10,314
Bank of America, Loan ID - R1D363599719 9.875 08-01-29   126,310 116,899
Bank of America, Loan ID - R1D363833514 8.625 05-01-28   10,725 9,926
Bank of America, Loan ID - R1D363873763 (H) 2.000 08-01-29   43,163 39,947
Bank of America, Loan ID - R1D363893233 3.750 05-01-30   155,560 143,970
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 16
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D363899752 11.750 11-01-37   7,582 $7,017
Bank of America, Loan ID - R1D363904900 8.000 07-01-30   23,550 21,796
Bank of America, Loan ID - R1D364621981 9.500 12-01-47   2,531 2,342
Bank of America, Loan ID - R1D36487518 10.125 01-01-30   772 715
Bank of America, Loan ID - R1D36498874 10.875 11-01-35   1,820 1,684
Bank of America, Loan ID - R1D365497744 3.625 05-01-30   94,631 87,581
Bank of America, Loan ID - R1D365732055 8.250 02-01-48   6,614 6,121
Bank of America, Loan ID - R1D366122718 10.625 10-01-38   3,889 3,599
Bank of America, Loan ID - R1D36627178 3.875 04-01-31   85,280 78,926
Bank of America, Loan ID - R1D366643686 9.375 09-25-29   41,400 38,316
Bank of America, Loan ID - R1D366683283 9.500 08-01-64   25,676 23,763
Bank of America, Loan ID - R1D366831278 8.000 08-25-29   12,542 11,607
Bank of America, Loan ID - R1D366865047 11.750 08-25-29   6,269 5,802
Bank of America, Loan ID - R1D366899536 4.875 12-01-35   39,142 36,226
Bank of America, Loan ID - R1D366957506 11.250 04-01-37   19,135 17,710
Bank of America, Loan ID - R1D367129539 (G) 10.125 03-01-25   11,111 10,283
Bank of America, Loan ID - R1D367146938 9.375 04-01-32   11,160 10,329
Bank of America, Loan ID - R1D367318342 10.125 07-01-27   4,502 4,166
Bank of America, Loan ID - R1D367340376 9.375 03-01-48   31,011 28,700
Bank of America, Loan ID - R1D36749564 (H) 11.500 06-01-35   18 17
Bank of America, Loan ID - R1D367593182 8.500 09-01-25   42,015 38,885
Bank of America, Loan ID - R1D367822183 8.625 08-25-29   12,420 11,494
Bank of America, Loan ID - R1D367978692 10.500 02-01-25   10,495 9,713
Bank of America, Loan ID - R1D367979468 10.625 09-01-28   9,963 9,221
Bank of America, Loan ID - R1D368071015 (I) 8.500 08-01-24   13,593 12,580
17 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D368227582 (G) 5.875 12-01-28   21,913 $20,281
Bank of America, Loan ID - R1D368465662 10.500 06-01-26   1,500 1,388
Bank of America, Loan ID - R1D37065578 10.000 05-01-41   3,111 2,879
Bank of America, Loan ID - R1D377116667 (H) 12.125 08-01-24   9,988 9,244
Bank of America, Loan ID - R1D378464847 9.875 09-25-29   15,144 14,015
Bank of America, Loan ID - R1D382472688 (G) 6.500 11-01-28   100,524 93,035
Bank of America, Loan ID - R1D382866130 3.750 02-01-31   244,927 226,680
Bank of America, Loan ID - R1D383023953 8.000 07-01-28   41,980 38,853
Bank of America, Loan ID - R1D383930490 8.000 05-01-37   25,701 23,787
Bank of America, Loan ID - R1D383989247 8.000 01-01-34   13,819 12,790
Bank of America, Loan ID - R1D384203747 3.750 10-25-29   182,857 169,234
Bank of America, Loan ID - R1D384640739 8.875 12-01-30   11,885 10,999
Bank of America, Loan ID - R1D385022522 8.250 10-01-29   41,414 38,328
Bank of America, Loan ID - R1D386282717 8.625 11-25-29   2,013 1,863
Bank of America, Loan ID - R1D396995685 4.375 03-01-26   503,904 466,859
Bank of America, Loan ID - R1D397015502 8.625 05-25-30   12,029 11,133
Bank of America, Loan ID - R1D39701670 14.375 04-01-28   6,877 6,364
Bank of America, Loan ID - R1D4135626031 9.500 10-11-35   57,290 41,117
Bank of America, Loan ID - R1D4135626439 4.410 11-15-31   149,873 107,564
Bank of America, Loan ID - R1D4135734289 8.500 11-24-35   22,403 16,079
Bank of America, Loan ID - R1D4142769943 (G) 8.750 05-24-36   19,984 14,343
Bank of America, Loan ID - R1D4142800616 8.500 04-25-36   12,385 8,889
Bank of America, Loan ID - R1D4142828361 8.750 04-19-36   46,631 33,467
Bank of America, Loan ID - R1D4142856650 8.500 06-23-36   33,380 23,957
Bank of America, Loan ID - R1D4142878025 5.000 04-25-36   163,218 117,142
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 18
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D4142880321 (H) 4.125 06-15-36   57,047 $40,942
Bank of America, Loan ID - R1D4159368640 8.500 10-01-36   55,713 39,986
Bank of America, Loan ID - R1D4176255967 (H) 9.125 07-25-32   19,231 13,802
Bank of America, Loan ID - R1D4872500158 5.125 08-01-55   9,765 7,008
Bank of America, Loan ID - R1D4874021873 6.125 11-01-34   161,162 115,666
Bank of America, Loan ID - R1D4875021313 8.840 02-01-34   9,268 6,652
Bank of America, Loan ID - R1D4875387526 (G) 7.640 01-01-29   21,431 15,381
Bank of America, Loan ID - R1D4875700321 (G) 7.100 06-30-30   17,365 12,463
Bank of America, Loan ID - R1D4875704583 (G) 7.750 09-22-30   10,623 7,624
Bank of America, Loan ID - R1D4875758189 (G) 2.740 03-29-33   383,607 275,314
Bank of America, Loan ID - R1D4875958325 (H) 8.440 12-01-31   16,492 11,836
Bank of America, Loan ID - R1D4875960106 (G) 8.090 04-15-32   40,573 29,120
Bank of America, Loan ID - R1D4875973630 (G) 8.090 03-01-31   22,201 15,934
Bank of America, Loan ID - R1D4876049582 (G) 8.240 07-18-32   18,292 13,128
Bank of America, Loan ID - R1D4876317082 (H) 7.490 07-29-30   59,371 42,611
Bank of America, Loan ID - R1D4876484679 (G) 7.740 06-26-31   99,115 71,135
Bank of America, Loan ID - R1D4876635543 7.740 09-17-32   23,473 16,847
Bank of America, Loan ID - R1D4876762155 (H) 7.740 01-16-36   60,388 43,341
Bank of America, Loan ID - R1D4876763347 (G) 4.375 01-03-54   343,203 246,317
Bank of America, Loan ID - R1D4876765322 (H) 7.990 05-25-35   32,202 23,111
Bank of America, Loan ID - R1D4876771641 (G) 2.740 06-01-35   137,964 99,017
Bank of America, Loan ID - R1D4876787441 (H) 3.000 09-01-54   333,844 239,600
Bank of America, Loan ID - R1D4877096402 (G) 9.240 05-01-35   30,803 22,107
Bank of America, Loan ID - R1D4877182962 (H) 5.059 11-12-31   48,719 34,966
Bank of America, Loan ID - R1D4877458965 4.000 10-20-34   54,567 39,163
19 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D4877518821 10.490 10-25-31   17,788 $12,766
Bank of America, Loan ID - R1D4877521188 (G) 6.190 02-09-32   14,088 10,111
Bank of America, Loan ID - R1D625920381 8.750 10-25-29   5,654 4,973
Bank of America, Loan ID - R1D645293729 8.500 11-25-28   2,775 2,441
Bank of America, Loan ID - R1D648343679 9.750 11-25-29   78,257 68,827
Bank of America, Loan ID - R1D65354358 10.875 11-25-29   9,729 8,557
Bank of America, Loan ID - R1D654825694 11.000 10-25-29   398 350
Bank of America, Loan ID - R1D656506660 11.500 06-25-29   6,592 5,797
Bank of America, Loan ID - R1D65796677 10.875 10-25-29   5,544 4,876
Bank of America, Loan ID - R1D659579588 11.375 07-25-29   15,605 13,724
Bank of America, Loan ID - R1D660513322 3.500 08-01-29   43,650 38,390
Bank of America, Loan ID - R1D661194855 12.500 09-25-29   20,417 17,957
Bank of America, Loan ID - R1D661198639 11.500 09-25-29   1,474 1,296
Bank of America, Loan ID - R1D662692977 8.500 07-25-29   16,669 14,661
Bank of America, Loan ID - R1D662956543 10.375 10-25-29   1,434 1,261
Bank of America, Loan ID - R1D663275376 3.625 11-25-29   73,632 64,760
Bank of America, Loan ID - R1D663450913 12.000 10-25-29   8,973 7,891
Bank of America, Loan ID - R1D663679709 11.000 10-25-29   17,413 15,315
Bank of America, Loan ID - R1D663882323 10.375 10-25-29   7,979 7,017
Bank of America, Loan ID - R1D663977877 9.500 12-25-29   6,472 5,692
Bank of America, Loan ID - R1D665123183 8.500 08-25-29   67,474 59,344
Bank of America, Loan ID - R1D665400024 10.500 11-25-29   8,549 7,519
Bank of America, Loan ID - R1D665729948 10.875 10-25-29   3,855 3,390
Bank of America, Loan ID - R1D666174494 11.000 10-25-29   12,150 10,686
Bank of America, Loan ID - R1D666480562 4.500 08-01-29   349,654 307,520
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 20
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D667282831 9.250 08-25-29   14,083 $12,386
Bank of America, Loan ID - R1D667759124 12.000 11-25-29   12,057 10,604
Bank of America, Loan ID - R1D667789897 8.750 10-25-29   782 687
Bank of America, Loan ID - R1D667817878 8.875 08-25-29   34,180 30,061
Bank of America, Loan ID - R1D667955965 (G) 11.375 10-25-29   9,477 8,335
Bank of America, Loan ID - R1D668134805 10.500 11-25-29   14,687 12,917
Bank of America, Loan ID - R1D668175186 8.750 09-25-29   3,761 3,308
Bank of America, Loan ID - R1D668350421 10.500 10-25-29   14,519 12,769
Bank of America, Loan ID - R1D668477927 11.500 10-25-29   20,866 18,352
Bank of America, Loan ID - R1D67101124 12.000 11-25-29   14,010 12,322
Bank of America, Loan ID - R1D67442686 12.750 10-25-29   6,206 5,458
Bank of America, Loan ID - R1D676546412 (G) 5.250 10-25-29   144,930 127,466
Bank of America, Loan ID - R1D676710984 9.750 11-25-29   33,241 29,235
Bank of America, Loan ID - R1D676786718 12.000 10-25-29   5,265 4,631
Bank of America, Loan ID - R1D677095414 9.000 10-25-29   21,449 18,864
Bank of America, Loan ID - R1D677199188 10.625 10-25-29   15,854 13,944
Bank of America, Loan ID - R1D677411237 10.375 10-25-29   9,450 8,311
Bank of America, Loan ID - R1D677428969 11.000 09-25-29   23,325 20,514
Bank of America, Loan ID - R1D677430401 12.000 10-25-29   27,954 24,585
Bank of America, Loan ID - R1D677448552 9.625 10-25-29   9,725 8,553
Bank of America, Loan ID - R1D677449020 9.375 09-25-29   32,380 28,478
Bank of America, Loan ID - R1D677449540 5.875 10-01-29   25,187 22,152
Bank of America, Loan ID - R1D677588112 12.500 08-25-29   17,972 15,807
Bank of America, Loan ID - R1D677759741 10.750 09-25-29   15,522 13,651
Bank of America, Loan ID - R1D677785217 10.000 09-25-29   13,369 11,758
21 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D677785521 9.000 09-25-29   36,505 $32,106
Bank of America, Loan ID - R1D677792417 3.625 09-25-29   28,979 25,487
Bank of America, Loan ID - R1D677910257 8.625 09-25-29   4,693 4,128
Bank of America, Loan ID - R1D678029048 9.750 10-25-29   19,092 16,792
Bank of America, Loan ID - R1D678181187 3.750 10-25-29   90,392 79,499
Bank of America, Loan ID - R1D678288897 12.000 10-25-29   9,957 8,757
Bank of America, Loan ID - R1D678347296 9.875 10-25-29   12,951 11,390
Bank of America, Loan ID - R1D678601292 10.625 10-25-29   28,245 24,842
Bank of America, Loan ID - R1D678715723 10.250 11-25-29   16,028 14,097
Bank of America, Loan ID - R1D678854988 3.250 10-01-29   43,765 38,491
Bank of America, Loan ID - R1D678856716 3.750 10-01-29   72,670 63,914
Bank of America, Loan ID - R1D678986092 11.000 11-25-29   5,243 4,612
Bank of America, Loan ID - R1D678986684 11.250 11-25-29   8,498 7,474
Bank of America, Loan ID - R1D679172828 11.000 11-25-29   10,580 9,305
Bank of America, Loan ID - R1D679180285 13.250 10-25-29   19,300 16,975
Bank of America, Loan ID - R1D679213009 11.625 06-25-29   5,140 4,521
Bank of America, Loan ID - R1D679251070 10.250 11-25-29   40,891 35,964
Bank of America, Loan ID - R1D681746961 11.500 09-25-29   9,288 8,169
Bank of America, Loan ID - R1D681784389 (G) 3.875 09-25-29   379,955 334,170
Bank of America, Loan ID - R1D681930432 11.250 10-25-29   6,351 5,585
Bank of America, Loan ID - R1D681965722 11.000 10-25-29   28,213 24,813
Bank of America, Loan ID - R1D681965866 9.500 10-25-29   10,796 9,495
Bank of America, Loan ID - R1D681977177 9.000 10-25-29   4,203 3,697
Bank of America, Loan ID - R1D682034637 8.500 11-25-29   16,110 14,169
Bank of America, Loan ID - R1D682118266 8.750 10-25-29   13,520 11,891
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 22
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D682137392 3.750 12-25-29   65,475 $57,585
Bank of America, Loan ID - R1D682188145 11.500 10-25-29   11,786 10,366
Bank of America, Loan ID - R1D682238486 9.250 09-25-29   35,773 31,463
Bank of America, Loan ID - R1D682377981 9.000 10-25-29   16,564 14,568
Bank of America, Loan ID - R1D682449041 11.500 10-25-29   15,116 13,294
Bank of America, Loan ID - R1D682585998 (G) 11.500 10-25-29   317 279
Bank of America, Loan ID - R1D682663667 11.000 10-25-29   10,055 8,843
Bank of America, Loan ID - R1D682746907 10.875 10-25-29   18,042 15,868
Bank of America, Loan ID - R1D682800794 10.750 10-25-29   16,071 14,135
Bank of America, Loan ID - R1D682910647 3.875 10-25-29   87,324 76,802
Bank of America, Loan ID - R1D683002263 11.375 11-25-29   19,828 17,438
Bank of America, Loan ID - R1D683013402 8.500 11-25-29   10,585 9,310
Bank of America, Loan ID - R1D683013538 10.750 11-25-29   2,691 2,367
Bank of America, Loan ID - R1D683041593 12.000 10-25-29   1,451 1,276
Bank of America, Loan ID - R1D683086895 10.750 10-25-29   13,760 12,102
Bank of America, Loan ID - R1D683134629 11.000 10-25-29   10,194 8,966
Bank of America, Loan ID - R1D683146203 12.375 10-25-29   6,058 5,328
Bank of America, Loan ID - R1D683164492 3.875 10-25-29   214,890 188,996
Bank of America, Loan ID - R1D683170000 (G) 6.750 10-25-29   17,414 15,315
Bank of America, Loan ID - R1D683247647 10.875 10-25-29   11,100 9,762
Bank of America, Loan ID - R1D683282764 12.625 11-25-29   18,040 15,866
Bank of America, Loan ID - R1D683293716 10.250 10-25-29   30,498 26,823
Bank of America, Loan ID - R1D683355608 8.750 10-25-29   13,831 12,165
Bank of America, Loan ID - R1D683378087 9.000 10-25-29   59,879 52,663
Bank of America, Loan ID - R1D683382736 8.500 10-25-29   6,664 5,861
23 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D683433137 8.500 10-25-29   2,118 $1,862
Bank of America, Loan ID - R1D683508082 9.625 10-25-29   16,767 14,747
Bank of America, Loan ID - R1D683534085 10.750 10-25-29   614 540
Bank of America, Loan ID - R1D683558159 10.750 11-25-29   5,458 4,800
Bank of America, Loan ID - R1D683561889 9.500 10-25-29   7,559 6,648
Bank of America, Loan ID - R1D683594230 4.625 10-01-29   72,515 63,777
Bank of America, Loan ID - R1D683598309 11.500 11-25-29   9,069 7,976
Bank of America, Loan ID - R1D683728065 9.625 10-25-29   17,263 15,183
Bank of America, Loan ID - R1D683791396 9.500 10-25-29   51,959 45,698
Bank of America, Loan ID - R1D683806868 12.000 11-25-29   1,677 1,475
Bank of America, Loan ID - R1D683838320 4.750 10-01-29   23,076 20,295
Bank of America, Loan ID - R1D683843935 8.500 10-25-29   1,135 998
Bank of America, Loan ID - R1D683868522 4.125 10-01-29   59,917 52,697
Bank of America, Loan ID - R1D683884018 11.000 11-25-29   5,614 4,937
Bank of America, Loan ID - R1D683995587 4.375 10-25-29   212,967 187,305
Bank of America, Loan ID - R1D684092694 11.000 10-25-29   1,875 1,649
Bank of America, Loan ID - R1D684137068 11.500 10-25-29   4,999 4,397
Bank of America, Loan ID - R1D684180712 9.750 10-25-29   5,301 4,662
Bank of America, Loan ID - R1D684224954 9.625 11-25-29   5,579 4,907
Bank of America, Loan ID - R1D684283115 9.500 10-25-29   19,272 16,950
Bank of America, Loan ID - R1D684332669 10.375 11-25-29   4,737 4,166
Bank of America, Loan ID - R1D684335286 12.000 10-25-29   7,437 6,541
Bank of America, Loan ID - R1D684401932 4.875 10-01-29   32,291 28,400
Bank of America, Loan ID - R1D684423921 12.750 10-25-29   2,238 1,968
Bank of America, Loan ID - R1D684438382 9.250 11-25-29   41,363 36,379
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 24
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D684449129 9.625 10-25-29   20,704 $18,210
Bank of America, Loan ID - R1D684477402 12.000 10-25-29   14,848 13,058
Bank of America, Loan ID - R1D684517492 (G) 5.625 10-25-29   32,592 28,664
Bank of America, Loan ID - R1D684551330 11.000 11-25-29   3,834 3,372
Bank of America, Loan ID - R1D684623098 8.750 11-25-29   17,538 15,425
Bank of America, Loan ID - R1D684628671 12.000 10-25-29   2,893 2,545
Bank of America, Loan ID - R1D684714187 8.750 10-25-29   15,745 13,848
Bank of America, Loan ID - R1D684718416 12.000 11-25-29   21,596 18,994
Bank of America, Loan ID - R1D684756906 12.000 10-25-29   7,480 6,579
Bank of America, Loan ID - R1D684760509 13.000 11-25-29   4,474 3,935
Bank of America, Loan ID - R1D684779309 9.625 12-25-29   12,130 10,668
Bank of America, Loan ID - R1D684793043 10.375 11-30-29   9,448 8,309
Bank of America, Loan ID - R1D684824695 10.750 10-25-29   2,329 2,048
Bank of America, Loan ID - R1D684846066 10.750 11-25-29   14,362 12,632
Bank of America, Loan ID - R1D684953503 8.500 11-25-29   17,961 15,797
Bank of America, Loan ID - R1D684967411 (G) 4.250 11-25-29   92,711 81,539
Bank of America, Loan ID - R1D684980716 8.875 10-25-29   27,116 23,848
Bank of America, Loan ID - R1D685097423 11.000 10-25-29   1,667 1,466
Bank of America, Loan ID - R1D685221694 12.000 11-25-29   2,785 2,450
Bank of America, Loan ID - R1D685244633 12.000 11-25-29   15,658 13,771
Bank of America, Loan ID - R1D685286302 10.750 11-25-29   8,102 7,126
Bank of America, Loan ID - R1D685302504 10.375 11-25-29   16,347 14,377
Bank of America, Loan ID - R1D685329020 8.750 11-25-29   6,199 5,452
Bank of America, Loan ID - R1D685531245 11.000 12-25-29   1,940 1,706
Bank of America, Loan ID - R1D685834100 12.000 11-25-29   4,752 4,179
25 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D685845319 8.500 11-25-29   52,648 $46,304
Bank of America, Loan ID - R1D685853757 10.375 11-25-29   114 101
Bank of America, Loan ID - R1D685928028 12.000 10-25-29   16,868 14,836
Bank of America, Loan ID - R1D685937267 8.750 11-25-29   10,681 9,394
Bank of America, Loan ID - R1D685945624 5.125 01-01-30   61,447 54,043
Bank of America, Loan ID - R1D685946384 4.750 12-01-29   53,908 47,412
Bank of America, Loan ID - R1D685968483 8.750 11-25-29   8,814 7,752
Bank of America, Loan ID - R1D686107034 4.750 11-01-29   35,285 31,033
Bank of America, Loan ID - R1D686170042 (G) 9.125 11-25-29   144,976 127,506
Bank of America, Loan ID - R1D686179719 9.750 11-25-29   7,404 6,512
Bank of America, Loan ID - R1D686185292 4.875 10-01-29   64,670 56,877
Bank of America, Loan ID - R1D686194538 4.000 12-25-29   106,621 93,773
Bank of America, Loan ID - R1D686204803 8.500 11-25-29   26,553 23,353
Bank of America, Loan ID - R1D686248222 11.500 11-25-29   8,989 7,906
Bank of America, Loan ID - R1D686281525 13.125 11-25-29   5,415 4,762
Bank of America, Loan ID - R1D686392408 (G) 6.250 11-25-29   82,692 72,728
Bank of America, Loan ID - R1D686403257 8.875 11-25-29   8,470 7,449
Bank of America, Loan ID - R1D686417680 4.000 11-25-29   43,610 38,355
Bank of America, Loan ID - R1D686420295 3.875 12-01-29   21,811 19,183
Bank of America, Loan ID - R1D686463364 3.625 11-25-29   42,331 37,230
Bank of America, Loan ID - R1D686481633 (G) 12.000 11-25-29   17,696 15,563
Bank of America, Loan ID - R1D686521219 10.750 11-25-29   3,936 3,462
Bank of America, Loan ID - R1D686527895 (G) 11.000 11-25-29   10,582 9,307
Bank of America, Loan ID - R1D686578566 9.625 12-25-29   9,859 8,671
Bank of America, Loan ID - R1D686606955 8.500 11-25-29   9,487 8,344
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 26
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D686659596 3.625 11-25-29   47,936 $42,160
Bank of America, Loan ID - R1D686677982 11.000 11-25-29   8,566 7,534
Bank of America, Loan ID - R1D686679970 11.000 11-25-29   6,750 5,936
Bank of America, Loan ID - R1D686681422 4.500 11-01-29   50,572 44,478
Bank of America, Loan ID - R1D686730930 4.125 11-01-29   69,953 61,524
Bank of America, Loan ID - R1D686731922 8.875 11-25-29   9,657 8,493
Bank of America, Loan ID - R1D686797077 13.000 11-25-29   6,128 5,389
Bank of America, Loan ID - R1D686877830 8.750 11-25-29   3,050 2,682
Bank of America, Loan ID - R1D686921545 9.000 11-25-29   19,949 17,545
Bank of America, Loan ID - R1D687043683 11.000 11-25-29   11,346 9,978
Bank of America, Loan ID - R1D687049159 9.000 12-25-29   18,092 15,912
Bank of America, Loan ID - R1D687194397 4.250 11-01-29   54,742 48,145
Bank of America, Loan ID - R1D687370577 3.625 11-25-29   121,149 106,551
Bank of America, Loan ID - R1D687663380 3.625 11-25-29   52,154 45,869
Capital Asset Management, Loan ID - R1D1153882 3.900 09-01-47   68,179 50,909
Capital Asset Management, Loan ID - R1D1164563 2.496 07-01-50   470,954 351,661
Capital Asset Management, Loan ID - R1D1164608 (G) 9.020 01-01-39   70,305 52,496
Capital Asset Management, Loan ID - R1D1182587 3.000 09-01-54   100,183 74,807
Capital Asset Management, Loan ID - R1D1182798 5.050 12-01-60   123,544 92,251
Capital Asset Management, Loan ID - R1D1183348 (G) 4.000 05-01-48   40,627 30,336
Capital Asset Management, Loan ID - R1D1183623 12.375 11-01-36   52,374 39,108
Capital Asset Management, Loan ID - R1D1183665 9.000 02-01-62   322,399 240,736
Capital Asset Management, Loan ID - R1D1183940 4.000 07-01-56   109,076 81,447
Capital Asset Management, Loan ID - R1D1184084 (G) 2.000 02-01-49   46,457 34,689
Capital Asset Management, Loan ID - R1D1184204 (H) 12.375 12-01-36   65,371 48,813
27 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1184992 (G) 4.000 11-10-43   33,297 $24,863
Capital Asset Management, Loan ID - R1D1185065 3.000 02-01-62   72,392 54,055
Capital Asset Management, Loan ID - R1D1185111 4.000 08-01-53   84,089 62,789
Capital Asset Management, Loan ID - R1D1185232 10.750 10-01-36   87,143 65,070
Capital Asset Management, Loan ID - R1D1213420 7.650 03-01-37   50,974 38,063
Capital Asset Management, Loan ID - R1D1214687 (H) 9.000 01-01-52   146,102 109,095
Capital Asset Management, Loan ID - R1D1214825 (G) 10.250 02-01-37   124,866 93,237
Capital Asset Management, Loan ID - R1D1216036 (H) 10.000 03-19-62   47,147 35,205
Capital Asset Management, Loan ID - R1D1233673 (H) 11.000 02-15-27   8,605 6,425
Capital Asset Management, Loan ID - R1D1246972 6.950 11-01-35   20,066 14,983
Capital Asset Management, Loan ID - R1D1250210 7.350 04-15-32   152,119 113,587
Capital Asset Management, Loan ID - R1D1250878 7.500 10-25-38   5,670 4,234
Capital Asset Management, Loan ID - R1D1251042 (H) 6.000 07-05-41   41,021 30,630
Capital Asset Management, Loan ID - R1D1251729 4.000 04-06-29   16,483 12,308
Capital Asset Management, Loan ID - R1D1252559 5.500 08-10-37   54,238 40,500
Capital Asset Management, Loan ID - R1D1253196 4.250 12-01-49   23,762 17,743
Capital Asset Management, Loan ID - R1D1270232 6.696 12-01-32   8,939 6,675
Capital Asset Management, Loan ID - R1D1270489 4.999 02-01-25   5,752 4,295
Capital Asset Management, Loan ID - R1D1270661 (G) 4.625 04-01-24   2,400 1,792
Capital Asset Management, Loan ID - R1D1270777 (H) 4.000 03-01-34   67,142 50,135
Capital Asset Management, Loan ID - R1D1271079 4.999 10-01-38   32,846 24,526
Capital Asset Management, Loan ID - R1D1271156 (H) 4.875 02-01-40   38,609 28,829
Capital Asset Management, Loan ID - R1D1272159 11.496 04-01-28   12,691 9,477
Capital Asset Management, Loan ID - R1D1272438 4.999 05-01-41   15,876 11,855
Capital Asset Management, Loan ID - R1D1273594 8.004 06-01-34   10,220 7,631
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 28
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1282178 3.500 11-01-38   63,058 $47,085
Capital Asset Management, Loan ID - R1D1282763 4.500 12-01-36   15,447 11,534
Capital Asset Management, Loan ID - R1D1282909 2.000 06-01-50   23,112 17,258
Capital Asset Management, Loan ID - R1D1282990 7.000 11-01-34   13,601 10,156
Capital Asset Management, Loan ID - R1D1283326 4.000 05-01-36   76,106 56,828
Capital Asset Management, Loan ID - R1D1284156 4.000 11-01-49   29,676 22,159
Capital Asset Management, Loan ID - R1D1284260 4.500 11-01-36   19,472 14,540
Capital Asset Management, Loan ID - R1D1285038 7.750 11-01-37   100,518 75,057
Capital Asset Management, Loan ID - R1D1285155 4.625 01-01-38   709 530
Capital Asset Management, Loan ID - R1D1285308 9.125 12-01-38   32,138 23,997
Capital Asset Management, Loan ID - R1D1314052 2.000 06-01-48   74,846 55,887
Capital Asset Management, Loan ID - R1D1314469 (H) 5.000 08-22-31   1,351 1,009
Capital Asset Management, Loan ID - R1D1314557 (G) 12.514 11-12-21   3,250 2,427
Capital Asset Management, Loan ID - R1D1314706 (G) 4.000 08-03-46   76,666 57,247
Capital Asset Management, Loan ID - R1D1314775 (H) 4.000 10-28-37   21,934 16,378
Capital Asset Management, Loan ID - R1D1314892 2.000 07-28-33   9,277 6,927
Capital Asset Management, Loan ID - R1D1315361 4.000 11-10-39   52,662 39,322
Capital Asset Management, Loan ID - R1D1315396 4.000 06-28-26   1,556 1,162
Capital Asset Management, Loan ID - R1D1315686 4.000 09-28-40   27,401 20,461
Capital Asset Management, Loan ID - R1D1316119 15.500 02-16-26   3,838 2,866
Capital Asset Management, Loan ID - R1D1316742 (H) 3.500 07-25-42   34,794 25,981
Capital Asset Management, Loan ID - R1D1316964 6.000 07-01-57   55,117 41,156
Capital Asset Management, Loan ID - R1D1317365 4.000 02-01-48   30,234 22,576
Capital Asset Management, Loan ID - R1D1317596 (G) 6.000 07-02-34   38,765 28,946
Capital Asset Management, Loan ID - R1D1317620 7.000 05-01-32   74,642 55,736
29 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1317738 (H) 3.000 06-01-58   75,795 $56,596
Capital Asset Management, Loan ID - R1D1318197 2.000 08-09-37   50,494 37,704
Capital Asset Management, Loan ID - R1D1318692 0.000 10-14-27   3,346 2,498
Capital Asset Management, Loan ID - R1D1318890 0.000 03-27-33   8,436 6,300
Capital Asset Management, Loan ID - R1D1319206 0.001 09-13-25   1,294 966
Capital Asset Management, Loan ID - R1D1320040 (H) 0.000 01-12-28   3,198 2,388
Capital Asset Management, Loan ID - R1D1320277 0.000 03-29-25   438 327
Capital Asset Management, Loan ID - R1D1320523 14.875 09-23-25   2,266 1,692
Capital Asset Management, Loan ID - R1D1320554 0.000 06-12-28   2,891 2,159
Capital Asset Management, Loan ID - R1D1320600 0.000 01-19-30   4,193 3,131
Capital Asset Management, Loan ID - R1D1320611 0.000 06-18-53   12,417 9,272
Capital Asset Management, Loan ID - R1D1320655 0.000 03-21-26   1,396 1,043
Capital Asset Management, Loan ID - R1D1320758 0.000 12-15-34   5,298 3,956
Capital Asset Management, Loan ID - R1D1320769 0.000 07-28-30   4,575 3,416
Capital Asset Management, Loan ID - R1D1320882 0.001 10-15-27   3,826 2,857
Capital Asset Management, Loan ID - R1D1330294 11.000 12-01-24   548 409
Capital Asset Management, Loan ID - R1D1330504 (G) 0.000 09-15-31   8,185 6,112
Capital Asset Management, Loan ID - R1D1330858 16.000 07-01-36   56,016 41,827
Capital Asset Management, Loan ID - R1D1331024 (H) 12.389 01-15-23   14,346 10,712
Capital Asset Management, Loan ID - R1D1331435 (G) 13.930 04-04-24   20,710 15,464
Capital Asset Management, Loan ID - R1D1331710 (G) 0.000 11-01-35   26,390 19,705
Capital Asset Management, Loan ID - R1D1331723 5.000 10-01-51   43,962 32,827
Capital Asset Management, Loan ID - R1D1332032 0.000 08-01-35   11,441 8,543
Capital Asset Management, Loan ID - R1D1332368 (G) 0.000 06-01-26   12,377 9,242
Capital Asset Management, Loan ID - R1D1332371 0.000 08-01-38   27,054 20,201
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 30
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1332645 10.000 09-01-31   11,672 $8,716
Capital Asset Management, Loan ID - R1D1332898 0.000 03-01-37   22,119 16,516
Capital Asset Management, Loan ID - R1D1332973 10.000 08-01-38   9,521 7,109
Capital Asset Management, Loan ID - R1D1333226 0.000 09-01-25   40,644 30,349
Capital Asset Management, Loan ID - R1D1333231 0.000 08-01-37   12,551 9,372
Capital Asset Management, Loan ID - R1D1333604 (G) 0.000 12-01-37   55,699 41,591
Capital Asset Management, Loan ID - R1D1333763 (H) 0.000 08-19-18   58 43
Capital Asset Management, Loan ID - R1D1333871 (H) 14.128 04-13-47   18,685 13,952
Capital Asset Management, Loan ID - R1D1333909 9.000 11-01-31   30,440 22,729
Capital Asset Management, Loan ID - R1D1333990 (G) 0.000 12-01-35   71,660 53,508
Capital Asset Management, Loan ID - R1D1334016 10.000 06-01-36   5,800 4,331
Capital Asset Management, Loan ID - R1D1334290 (H) 14.442 08-11-24   16,863 12,591
Capital Asset Management, Loan ID - R1D1334425 0.000 10-01-37   22,548 16,837
Capital Asset Management, Loan ID - R1D1343795 8.625 06-01-35   5,948 4,441
Capital Asset Management, Loan ID - R1D1343906 0.000 08-01-33   39,768 29,694
Capital Asset Management, Loan ID - R1D1343962 0.000 12-01-32   31,291 23,365
Capital Asset Management, Loan ID - R1D1344031 6.500 05-01-47   72,907 54,440
Capital Asset Management, Loan ID - R1D1344132 6.375 05-01-36   69,066 51,572
Capital Asset Management, Loan ID - R1D1344220 4.000 02-01-48   83,975 62,704
Capital Asset Management, Loan ID - R1D1344325 4.880 03-01-28   6,156 4,597
Capital Asset Management, Loan ID - R1D1346422 0.000 10-01-41   38,381 28,659
Capital Asset Management, Loan ID - R1D1346507 0.000 03-01-36   36,456 27,222
Capital Asset Management, Loan ID - R1D1346637 0.000 07-01-27   6,109 4,562
Capital Asset Management, Loan ID - R1D1346756 3.250 06-25-26   3,347 2,499
Capital Asset Management, Loan ID - R1D1347209 4.875 05-28-31   89,201 66,606
31 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1347245 0.000 09-19-27   20,104 $15,012
Capital Asset Management, Loan ID - R1D1347265 0.000 09-01-47   109,838 82,016
Capital Asset Management, Loan ID - R1D1347290 0.000 08-28-45   37,244 27,810
Capital Asset Management, Loan ID - R1D1347456 5.000 06-12-36   174,716 130,460
Capital Asset Management, Loan ID - R1D1347760 0.000 04-15-49   48,746 36,398
Capital Asset Management, Loan ID - R1D1372678 14.726 11-15-24   11,977 8,943
Capital Asset Management, Loan ID - R1D1372940 (G) 6.000 02-01-26   4,647 3,470
Capital Asset Management, Loan ID - R1D1373109 14.300 01-01-35   13,399 10,005
Capital Asset Management, Loan ID - R1D1373336 (G) 4.250 07-01-22   2,625 1,960
Capital Asset Management, Loan ID - R1D1373352 (H) 10.720 12-01-28   12,446 9,293
Capital Asset Management, Loan ID - R1D1373527 (H) 5.000 10-01-24   5,126 3,828
Capital Asset Management, Loan ID - R1D1374601 (H) 9.996 06-01-28   10,350 7,728
Capital Asset Management, Loan ID - R1D1374845 14.442 02-01-27   7,785 5,813
Capital Asset Management, Loan ID - R1D1374951 4.000 04-26-32   10,723 8,007
Capital Asset Management, Loan ID - R1D1375028 14.350 06-01-29   11,262 8,410
Capital Asset Management, Loan ID - R1D1376601 (G) 5.250 08-01-21   4,363 3,258
Capital Asset Management, Loan ID - R1D1377352 14.310 07-01-27   10,123 7,559
Capital Asset Management, Loan ID - R1D1377633 8.556 01-01-29   6,280 4,689
Capital Asset Management, Loan ID - R1D1377868 (I) 14.730 03-03-24   4,400 3,286
Capital Asset Management, Loan ID - R1D1377871 (G) 14.600 10-01-21   6,750 5,040
Capital Asset Management, Loan ID - R1D1377909 (G) 14.069 04-01-22   6,685 4,992
Capital Asset Management, Loan ID - R1D1379215 10.692 04-01-32   12,174 9,090
Capital Asset Management, Loan ID - R1D1379345 (H) 14.069 07-01-24   12,643 9,441
Capital Asset Management, Loan ID - R1D1379406 (G) 5.750 09-01-25   8,277 6,180
Capital Asset Management, Loan ID - R1D1379505 (G) 5.250 06-01-21   5,244 3,916
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 32
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1381089 14.290 01-01-27   7,590 $5,668
Capital Asset Management, Loan ID - R1D1382459 (G) 11.290 09-01-24   8,526 6,367
Capital Asset Management, Loan ID - R1D1382688 (H) 10.480 10-01-28   5,135 3,834
Capital Asset Management, Loan ID - R1D1383326 11.450 08-01-30   8,697 6,494
Capital Asset Management, Loan ID - R1D1383898 13.000 03-01-28   7,862 5,871
Capital Asset Management, Loan ID - R1D1383904 (G) 14.447 04-01-26   8,518 6,361
Capital Asset Management, Loan ID - R1D1384406 (H) 14.148 07-01-23   9,112 6,804
Capital Asset Management, Loan ID - R1D1384420 (G) 14.350 02-01-24   8,976 6,702
Capital Asset Management, Loan ID - R1D1385696 13.400 11-01-40   8,482 6,334
Capital Asset Management, Loan ID - R1D1385744 13.340 12-22-31   11,269 8,415
Capital Asset Management, Loan ID - R1D1385799 11.100 09-01-31   17,597 13,139
Capital Asset Management, Loan ID - R1D1386024 (H) 8.688 05-01-28   6,346 4,739
Capital Asset Management, Loan ID - R1D1386273 9.960 11-01-28   8,028 5,994
Capital Asset Management, Loan ID - R1D1386378 (H) 14.140 08-01-25   3,100 2,315
Capital Asset Management, Loan ID - R1D1386617 14.140 05-15-29   8,993 6,715
Capital Asset Management, Loan ID - R1D1386680 (H) 11.000 02-19-34   12,591 9,402
Capital Asset Management, Loan ID - R1D1387438 12.996 04-01-27   6,548 4,889
Capital Asset Management, Loan ID - R1D1387610 (H) 13.656 09-23-32   13,567 10,131
Capital Asset Management, Loan ID - R1D1388178 12.000 06-01-25   4,872 3,638
Capital Asset Management, Loan ID - R1D1388286 6.996 01-01-31   14,623 10,919
Capital Asset Management, Loan ID - R1D1388781 14.660 12-20-35   13,649 10,192
Capital Asset Management, Loan ID - R1D138888 (G) 3.000 05-01-57   25,694 19,186
Capital Asset Management, Loan ID - R1D1388909 (G) 5.250 10-01-21   8,312 6,206
Capital Asset Management, Loan ID - R1D1388910 7.000 01-01-29   9,115 6,806
Capital Asset Management, Loan ID - R1D1389180 11.060 03-01-27   14,312 10,687
33 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1390047 (H) 14.347 05-05-25   6,465 $4,827
Capital Asset Management, Loan ID - R1D1390407 (G) 6.000 01-01-21   5,642 4,213
Capital Asset Management, Loan ID - R1D1391149 (G) 14.280 03-01-20   848 633
Capital Asset Management, Loan ID - R1D1391275 14.908 02-05-32   10,366 7,740
Capital Asset Management, Loan ID - R1D1391842 (H) 13.970 06-28-35   14,995 11,196
Capital Asset Management, Loan ID - R1D1392359 6.000 05-01-31   7,792 5,818
Capital Asset Management, Loan ID - R1D1392485 (G) 8.304 02-01-22   8,524 6,365
Capital Asset Management, Loan ID - R1D1392492 9.000 05-01-61   18,512 13,823
Capital Asset Management, Loan ID - R1D1392795 (H) 5.000 11-01-21   5,716 4,268
Capital Asset Management, Loan ID - R1D1392980 (G) 0.000 09-01-25   6,998 5,226
Capital Asset Management, Loan ID - R1D1393130 (G) 4.000 02-01-29   7,389 5,517
Capital Asset Management, Loan ID - R1D1394137 14.070 02-28-34   8,989 6,712
Capital Asset Management, Loan ID - R1D1394267 (G) 4.500 10-01-22   6,293 4,699
Capital Asset Management, Loan ID - R1D1394335 6.996 08-01-31   9,255 6,911
Capital Asset Management, Loan ID - R1D1394531 11.890 05-01-28   10,732 8,013
Capital Asset Management, Loan ID - R1D1395006 13.690 02-28-30   9,021 6,736
Capital Asset Management, Loan ID - R1D1395284 14.840 04-01-37   6,873 5,132
Capital Asset Management, Loan ID - R1D1395613 (H) 14.810 02-01-23   14,939 11,155
Capital Asset Management, Loan ID - R1D1399385 (G) 5.250 10-22-21   2,114 1,578
Capital Asset Management, Loan ID - R1D1400833 9.000 07-01-31   30,813 23,008
Capital Asset Management, Loan ID - R1D1401070 5.000 06-01-25   49,996 37,332
Capital Asset Management, Loan ID - R1D1401643 10.000 05-01-36   79,697 59,510
Capital Asset Management, Loan ID - R1D1402424 11.000 10-01-31   13,627 10,176
Capital Asset Management, Loan ID - R1D1402439 9.000 10-01-41   52,845 39,460
Capital Asset Management, Loan ID - R1D1403559 0.000 04-29-30   4,861 3,630
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 34
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1404136 0.000 06-01-37   18,827 $14,058
Capital Asset Management, Loan ID - R1D1404279 0.000 11-17-37   26,825 20,030
Capital Asset Management, Loan ID - R1D1404291 8.000 08-01-61   24,147 18,030
Capital Asset Management, Loan ID - R1D1404613 (G) 10.000 04-01-25   13,964 10,427
Capital Asset Management, Loan ID - R1D1405209 0.000 08-06-37   46,999 35,094
Capital Asset Management, Loan ID - R1D1405315 0.000 11-01-36   10,693 7,984
Capital Asset Management, Loan ID - R1D1405456 3.000 12-01-32   16,010 11,955
Capital Asset Management, Loan ID - R1D1405485 (H) 8.000 02-01-32   35,587 26,573
Capital Asset Management, Loan ID - R1D1406200 (G) 6.000 04-01-29   66,494 49,651
Capital Asset Management, Loan ID - R1D1406329 (G) 7.000 04-01-35   71,413 53,324
Capital Asset Management, Loan ID - R1D1407533 0.000 03-26-37   85,977 64,199
Capital Asset Management, Loan ID - R1D1407869 0.000 08-30-28   2,934 2,191
Capital Asset Management, Loan ID - R1D1408372 0.000 07-26-30   7,589 5,666
Capital Asset Management, Loan ID - R1D1409498 9.000 12-01-39   58,615 43,768
Capital Asset Management, Loan ID - R1D1409506 9.000 10-01-36   36,614 27,339
Capital Asset Management, Loan ID - R1D1409607 7.000 09-01-26   6,728 5,024
Capital Asset Management, Loan ID - R1D1410621 (H) 10.000 11-30-37   169,739 126,744
Capital Asset Management, Loan ID - R1D1493873 (H) 6.750 08-20-29   96,719 72,220
Capital Asset Management, Loan ID - R1D1493895 6.500 11-20-33   52,000 38,828
Capital Asset Management, Loan ID - R1D1494672 5.000 01-01-40   20,671 15,435
Capital Asset Management, Loan ID - R1D1495224 0.000 09-01-30   165,812 123,812
Capital Asset Management, Loan ID - R1D1495602 0.000 10-08-29   574 429
Capital Asset Management, Loan ID - R1D1500901 (H) 0.000 09-29-25   1,184 884
Capital Asset Management, Loan ID - R1D1526783 6.750 03-01-32   27,450 20,497
Capital Asset Management, Loan ID - R1D1538702 4.500 10-01-59   359,777 268,645
35 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1582022 3.125 05-01-30   28,967 $21,630
Capital Asset Management, Loan ID - R1D1582110 3.000 07-23-28   10,291 7,684
Capital Asset Management, Loan ID - R1D1582190 (H) 2.000 06-01-28   11,976 8,942
Capital Asset Management, Loan ID - R1D1582271 (G) 7.000 10-01-28   18,747 13,999
Capital Asset Management, Loan ID - R1D1582336 (G) 14.500 09-26-28   5,421 4,048
Capital Asset Management, Loan ID - R1D1582428 3.000 01-01-43   75,114 56,087
Capital Asset Management, Loan ID - R1D1582473 13.250 11-26-28   7,430 5,548
Capital Asset Management, Loan ID - R1D1582572 5.000 02-01-29   3,057 2,283
Capital Asset Management, Loan ID - R1D1582688 (G) 6.750 02-01-30   15,939 11,901
Capital Asset Management, Loan ID - R1D1582848 (G) 13.990 05-24-32   13,066 9,757
Capital Asset Management, Loan ID - R1D1582910 14.000 07-19-29   13,577 10,138
Capital Asset Management, Loan ID - R1D1583003 14.125 07-26-29   7,488 5,591
Capital Asset Management, Loan ID - R1D1583072 12.400 08-18-29   35,432 26,457
Capital Asset Management, Loan ID - R1D1583115 12.990 09-01-29   20,329 15,180
Capital Asset Management, Loan ID - R1D1583160 14.500 10-01-29   13,080 9,767
Capital Asset Management, Loan ID - R1D1583173 12.125 09-14-29   28,283 21,119
Capital Asset Management, Loan ID - R1D1583207 (H) 5.000 10-01-31   28,047 20,943
Capital Asset Management, Loan ID - R1D1583243 5.000 01-01-25   291 217
Capital Asset Management, Loan ID - R1D1583276 4.000 04-01-31   22,203 16,579
Capital Asset Management, Loan ID - R1D1583331 (H) 4.000 06-01-27   11,483 8,575
Capital Asset Management, Loan ID - R1D1583357 6.500 06-01-28   9,831 7,341
Capital Asset Management, Loan ID - R1D1583454 5.000 02-28-35   25,210 18,824
Capital Asset Management, Loan ID - R1D1583654 5.000 05-01-35   18,908 14,119
Capital Asset Management, Loan ID - R1D1583726 3.000 09-03-35   13,908 10,385
Capital Asset Management, Loan ID - R1D1583836 11.750 06-27-30   23,268 17,374
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 36
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Capital Asset Management, Loan ID - R1D1583852 5.000 05-01-36   25,391 $18,960
Capital Asset Management, Loan ID - R1D1583960 5.000 03-01-35   12,203 9,112
Capital Asset Management, Loan ID - R1D1584039 13.350 08-04-25   3,617 2,701
Capital Asset Management, Loan ID - R1D1584055 10.950 09-01-25   5,873 4,385
Capital Asset Management, Loan ID - R1D1584390 6.000 12-01-30   5,153 3,847
Capital Asset Management, Loan ID - R1D1584462 (G) 5.000 09-01-29   14,442 10,784
Capital Asset Management, Loan ID - R1D1584480 5.875 06-01-25   3,668 2,739
Capital Asset Management, Loan ID - R1D1584516 8.000 07-01-32   46,003 34,350
Capital Asset Management, Loan ID - R1D1584642 13.700 05-20-30   6,517 4,867
Capital Asset Management, Loan ID - R1D1584662 5.000 12-09-35   22,133 16,527
Capital Asset Management, Loan ID - R1D1584697 4.875 02-01-36   24,446 18,254
Capital Asset Management, Loan ID - R1D1584709 (G) 2.000 02-01-31   9,293 6,939
Capital Asset Management, Loan ID - R1D1584745 (H) 4.000 12-01-36   23,415 17,484
Capital Asset Management, Loan ID - R1D1584804 11.700 02-24-31   52,353 39,092
Capital Asset Management, Loan ID - R1D1584828 12.375 04-01-31   18,385 13,728
Capital Asset Management, Loan ID - R1D1584833 11.975 04-01-31   22,414 16,736
Capital Asset Management, Loan ID - R1D1584860 12.250 04-01-31   18,665 13,937
Capital Asset Management, Loan ID - R1D1584895 14.125 05-01-26   11,229 8,385
Capital Asset Management, Loan ID - R1D1585078 (H) 12.250 04-01-24   3,891 2,906
Capital Asset Management, Loan ID - R1D1585322 5.000 07-08-29   3,615 2,699
Capital Asset Management, Loan ID - R1D1585429 5.000 08-06-29   10,116 7,554
Capital Asset Management, Loan ID - R1D1585719 5.000 11-16-29   9,346 6,979
PPR Capital Management, Loan ID - R1D51210010011 6.400 11-01-51   79,427 53,240
PPR Capital Management, Loan ID - R1D51303030492 (G) 8.750 10-01-62   47,453 31,808
PPR Capital Management, Loan ID - R1D51403030022 (G) 9.125 09-01-25   153,801 103,093
37 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
PPR Capital Management, Loan ID - R1D51403030038 7.000 08-01-46   130,865 $87,719
PPR Capital Management, Loan ID - R1D51403030279 (G) 5.100 10-01-36   59,382 39,804
PPR Capital Management, Loan ID - R1D51403030352 9.150 11-01-35   50,144 33,611
PPR Capital Management, Loan ID - R1D51403030422 9.250 11-01-49   57,736 38,700
PPR Capital Management, Loan ID - R1D51403030461 9.500 03-01-49   65,429 43,857
PPR Capital Management, Loan ID - R1D51403030510 8.500 06-21-46   50,890 34,112
PPR Capital Management, Loan ID - R1D51403030942 9.900 02-04-27   9,720 6,516
PPR Capital Management, Loan ID - R1D51403030948 (G) 9.900 05-22-38   23,064 15,460
PPR Capital Management, Loan ID - R1D51403031082 7.000 05-01-36   11,845 7,940
PPR Capital Management, Loan ID - R1D51502010013 8.350 11-01-42   9,377 6,285
PPR Capital Management, Loan ID - R1D51506010018 5.000 02-01-26   2,150 1,441
PPR Capital Management, Loan ID - R1D51506010033 5.000 09-14-31   4,797 3,216
PPR Capital Management, Loan ID - R1D51506010146 7.250 12-01-46   69,086 46,308
PPR Capital Management, Loan ID - R1D51506010151 9.000 06-07-48   64,332 43,122
PPR Capital Management, Loan ID - R1D51506010441 5.125 07-01-46   28,896 19,369
PPR Capital Management, Loan ID - R1D51506010444 9.500 01-01-52   51,819 34,734
PPR Capital Management, Loan ID - R1D51506010469 (G) 9.750 09-01-36   23,928 16,039
PPR Capital Management, Loan ID - R1D51506010495 5.000 12-01-48   41,788 28,011
PPR Capital Management, Loan ID - R1D51506010543 4.750 02-20-33   12,708 8,518
PPR Capital Management, Loan ID - R1D51506010577 3.000 05-20-33   7,450 4,994
PPR Capital Management, Loan ID - R1D51506010671 9.750 08-01-31   12,489 8,371
PPR Capital Management, Loan ID - R1D51506010697 9.125 08-20-36   45,700 30,633
PPR Capital Management, Loan ID - R1D51506010718 5.500 05-20-49   63,229 42,383
PPR Capital Management, Loan ID - R1D51506010756 4.800 09-01-25   899 603
PPR Capital Management, Loan ID - R1D51506010853 5.000 07-01-34   29,438 19,732
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 38
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
PPR Capital Management, Loan ID - R1D51507010001 7.000 01-01-28   4,266 $2,860
PPR Capital Management, Loan ID - R1D51509020003 8.990 01-01-45   83,964 56,281
PPR Capital Management, Loan ID - R1D51603030008 9.500 01-01-53   113,548 76,111
PPR Capital Management, Loan ID - R1D51605010212 7.250 06-01-31   23,582 15,807
PPR Capital Management, Loan ID - R1D51611010028 6.125 11-01-44   55,684 37,325
PPR Capital Management, Loan ID - R1D51611010043 (G) 9.990 01-01-21   22,901 15,351
PPR Capital Management, Loan ID - R1D51611010064 5.000 11-01-39   34,750 23,293
PPR Capital Management, Loan ID - R1D51611010139 5.000 03-20-47   36,888 24,726
PPR Capital Management, Loan ID - R1D51611010152 7.625 10-01-29   18,042 12,094
PPR Capital Management, Loan ID - R1D51703010026 8.000 04-20-39   55,362 37,109
PPR Capital Management, Loan ID - R1D51710010057 4.000 12-01-50   80,510 53,966
PPR Capital Management, Loan ID - R1D51712010002 8.500 04-20-48   62,839 42,121
PPR Capital Management, Loan ID - R1D51712010021 9.000 03-20-49   69,380 46,505
PPR Capital Management, Loan ID - R1D51712010026 (G) 9.750 07-25-30   4,987 3,343
PPR Capital Management, Loan ID - R1D51712010108 4.375 10-01-44   96,979 65,005
PPR Capital Management, Loan ID - R1D51712010113 6.000 09-01-49   141,665 94,958
PPR Capital Management, Loan ID - R1D51712020037 9.000 11-01-48   47,487 31,831
PPR Capital Management, Loan ID - R1D51712020048 7.900 06-25-26   2,982 1,999
PPR Capital Management, Loan ID - R1D51801010003 13.300 10-01-36   19,917 13,350
PPR Capital Management, Loan ID - R1D51801010058 9.000 11-01-45   104,692 70,175
PPR Capital Management, Loan ID - R1D51805030001 7.250 03-20-43   33,154 22,223
PPR Capital Management, Loan ID - R1D51808020323 14.096 07-06-32   68,395 45,845
PPR Capital Management, Loan ID - R1D51808020326 9.500 08-01-49   81,804 54,833
PPR Capital Management, Loan ID - R1D51808020692 5.000 09-01-42   48,623 32,592
PPR Capital Management, Loan ID - R1D51808040011 9.750 08-01-51   32,123 21,532
39 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
PPR Capital Management, Loan ID - R1D51808040019 (G) 13.980 01-13-20   194 $130
PPR Capital Management, Loan ID - R1D51808040029 9.000 06-01-41   18,689 12,527
PPR Capital Management, Loan ID - R1D51810020005 8.000 11-01-51   97,008 65,024
PPR Capital Management, Loan ID - R1D51812030089 4.000 08-01-47   71,563 47,969
PPR Capital Management, Loan ID - R1D51812030096 (G) 13.500 07-01-36   26,579 17,816
PPR Capital Management, Loan ID - R1D51812030151 9.500 08-01-53   200,997 134,728
PPR Capital Management, Loan ID - R1D51812030180 7.000 02-01-50   118,629 79,517
PPR Capital Management, Loan ID - R1D51903040001 5.000 05-01-42   40,378 27,065
PPR Capital Management, Loan ID - R1D51903040003 (G) 5.000 01-01-30   16,909 11,334
PPR Capital Management, Loan ID - R1D51903040025 12.400 09-01-36   101,985 68,360
PPR Capital Management, Loan ID - R1D51903040048 (G) 7.000 02-01-51   28,802 19,306
PPR Capital Management, Loan ID - R1D51903040069 4.000 08-01-50   78,064 52,326
PPR Capital Management, Loan ID - R1D51903040178 8.370 03-01-38   116,137 77,847
PPR Capital Management, Loan ID - R1D51903040179 7.990 03-01-37   127,984 85,788
PPR Capital Management, Loan ID - R1D51903040190 6.000 12-01-50   49,838 33,406
PPR Capital Management, Loan ID - R1D51903040192 11.625 02-01-37   78,887 52,878
PPR Capital Management, Loan ID - R1D51903040208 (G) 8.990 02-01-22   82,258 55,137
PPR Capital Management, Loan ID - R1D51903040273 4.000 04-01-49   49,218 32,991
PPR Capital Management, Loan ID - R1D51903040338 9.000 12-01-36   49,192 32,974
PPR Capital Management, Loan ID - R1D51904010040 6.250 09-01-51   123,654 82,885
PPR Capital Management, Loan ID - R1D51904010072 9.500 02-01-53   81,188 54,421
PPR Capital Management, Loan ID - R1D51906030006 6.000 01-15-49   125,268 83,967
PPR Capital Management, Loan ID - R1D51906030013 6.000 03-30-49   55,815 37,413
PPR Capital Management, Loan ID - R1D51906030026 7.000 05-15-49   76,976 51,597
PPR Capital Management, Loan ID - R1D51906030034 6.000 12-01-48   215,594 144,512
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 40
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
PPR Capital Management, Loan ID - R1D51906030040 7.000 06-15-48   22,664 $15,192
PPR Capital Management, Loan ID - R1D51907250006 7.000 06-15-49   112,537 75,434
PPR Capital Management, Loan ID - R1D51908280001 7.000 08-01-49   175,850 117,873
PPR Capital Management, Loan ID - R1D51910280002 7.000 09-01-49   36,667 24,578
PPR Capital Management, Loan ID - R1D51910280003 7.000 09-01-49   53,491 35,855
PPR Capital Management, Loan ID - R1D52006170003 6.500 07-01-29   10,262 6,879
PPR Capital Management, Loan ID - R1D52007020001 (G) 8.500 04-01-38   21,205 14,214
PPR Capital Management, Loan ID - R1D52110130001 (G) 7.500 05-18-42   98,564 66,068
JH Residential Whole Loan Trust II (E)(F) 5.9%       10,422,223
Achieve, Loan ID - R21032974202 15.250 10-01-33   40,366 42,106
Achieve, Loan ID - R21032974325 12.250 10-01-33   117,238 122,291
Achieve, Loan ID - R21034883281 12.250 05-01-34   22,164 23,119
Achieve, Loan ID - R21034888477 14.250 05-01-34   109,226 113,933
Achieve, Loan ID - R21034893381 13.500 05-01-39   171 178
Achieve, Loan ID - R21034910688 14.750 05-01-39   66,848 69,729
Achieve, Loan ID - R21034913863 13.750 05-01-34   67,007 69,895
Achieve, Loan ID - R2691451298 10.500 10-01-39   45,600 47,082
Achieve, Loan ID - R2691468003 13.375 10-01-34   20,700 21,373
Achieve, Loan ID - R2691468029 11.000 10-01-34   89,500 92,409
Achieve, Loan ID - R2691468052 14.000 10-01-34   44,800 46,256
Achieve, Loan ID - R2691468060 12.250 10-01-34   20,350 21,011
Achieve, Loan ID - R2691468102 12.250 10-01-34   52,600 54,310
Achieve, Loan ID - R2691468110 12.000 10-01-34   20,300 20,960
Achieve, Loan ID - R2691468144 12.000 10-01-34   32,750 33,814
Achieve, Loan ID - R2691468169 12.250 10-01-34   16,750 17,294
Achieve, Loan ID - R2691468185 12.500 10-01-34   80,500 83,116
Achieve, Loan ID - R2691468193 14.250 10-01-34   59,650 61,589
Achieve, Loan ID - R2691468219 12.500 10-01-34   41,000 42,333
Achieve, Loan ID - R2691468227 11.500 10-01-34   64,850 66,958
Achieve, Loan ID - R2691468250 13.250 10-01-34   73,350 75,734
Achieve, Loan ID - R2691468284 11.500 10-01-34   24,700 25,503
Achieve, Loan ID - R2691468300 12.000 10-01-34   38,000 39,235
Achieve, Loan ID - R2691468326 13.750 10-01-34   43,400 44,811
Achieve, Loan ID - R2691468359 13.250 10-01-34   65,300 67,422
Achieve, Loan ID - R2691468383 13.750 10-01-34   33,400 34,486
Achieve, Loan ID - R2691468425 12.000 10-01-34   87,700 90,550
Achieve, Loan ID - R2691468441 11.500 10-01-34   36,400 37,583
41 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R2691468458 13.500 10-01-34   23,550 $24,315
Achieve, Loan ID - R2691468516 11.750 10-01-34   42,000 43,365
Achieve, Loan ID - R2691468532 10.250 10-01-34   103,900 107,277
Achieve, Loan ID - R2691468573 11.500 10-01-34   50,000 51,625
Achieve, Loan ID - R2691468607 12.500 10-01-34   55,600 57,407
Achieve, Loan ID - R2691468615 12.500 10-01-34   101,300 104,592
Achieve, Loan ID - R2691468623 12.500 10-01-34   140,700 145,273
Achieve, Loan ID - R2691468631 12.500 10-01-34   101,150 104,437
Achieve, Loan ID - R2691468656 12.000 10-01-34   120,200 124,107
Achieve, Loan ID - R2691468664 12.500 10-01-34   59,150 61,072
Achieve, Loan ID - R2691468698 10.000 10-01-34   52,800 54,516
Achieve, Loan ID - R2691468722 12.500 10-01-34   40,800 42,126
Achieve, Loan ID - R2691468730 12.000 10-01-34   30,600 31,595
Achieve, Loan ID - R2691468748 13.250 10-01-34   16,700 17,243
Achieve, Loan ID - R2691468763 13.250 10-01-34   149,200 154,049
Achieve, Loan ID - R2691468771 13.750 10-01-34   77,700 80,225
Achieve, Loan ID - R2691468805 12.750 10-01-34   20,800 21,476
Achieve, Loan ID - R2691468839 9.750 10-01-34   20,450 21,115
Achieve, Loan ID - R2691468854 12.000 10-01-34   27,550 28,445
Achieve, Loan ID - R2691468904 12.500 11-01-34   61,600 63,452
Achieve, Loan ID - R2691468995 12.000 11-01-34   55,650 57,331
Achieve, Loan ID - R2691469001 13.500 11-01-34   146,850 151,242
Achieve, Loan ID - R2691469019 12.000 11-01-34   53,800 55,423
Achieve, Loan ID - R2691469076 10.000 11-01-34   30,550 31,483
Achieve, Loan ID - R2691469100 14.310 10-01-39   24,950 25,761
Achieve, Loan ID - R2691469241 12.750 10-01-39   103,900 107,277
Achieve, Loan ID - R2691469274 14.000 10-01-39   64,350 66,441
Achieve, Loan ID - R2691469282 14.125 10-01-39   70,000 72,275
Achieve, Loan ID - R2691469324 13.000 10-01-39   73,300 75,682
Achieve, Loan ID - R2691469340 13.250 11-01-39   149,000 153,459
Achieve, Loan ID - R2691469357 13.250 11-01-39   143,500 147,794
Achieve, Loan ID - R2691469373 14.000 11-01-39   82,650 85,111
Achieve, Loan ID - R2691491609 12.500 11-01-34   132,100 136,077
Achieve, Loan ID - R2691491625 11.500 11-01-34   43,850 45,177
Achieve, Loan ID - R2691491724 11.000 11-01-34   46,000 47,397
Achieve, Loan ID - R2691491732 13.750 11-01-34   77,650 79,969
Achieve, Loan ID - R2691491740 11.250 11-01-34   53,000 54,607
Achieve, Loan ID - R2691491781 13.500 11-01-39   96,000 98,868
Achieve, Loan ID - R2691491799 14.250 11-01-34   50,800 52,312
Achieve, Loan ID - R2691491815 12.250 11-01-39   90,000 92,711
Achieve, Loan ID - R2691491831 14.250 11-01-34   70,550 72,650
Achieve, Loan ID - R2691491856 13.750 11-01-34   124,200 127,909
Achieve, Loan ID - R2691491898 12.250 11-01-34   96,300 99,204
Achieve, Loan ID - R2691491906 10.000 11-01-34   48,650 50,137
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 42
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R2691491922 10.500 11-01-39   76,900 $79,242
Achieve, Loan ID - R2691510606 13.250 11-01-39   60,400 62,207
Achieve, Loan ID - R2691510705 12.500 11-01-34   75,350 77,616
Achieve, Loan ID - R2691510713 13.250 11-01-34   37,150 38,262
Achieve, Loan ID - R2691510754 13.500 11-01-34   61,000 62,822
Achieve, Loan ID - R2691510762 11.500 11-01-34   128,600 132,492
Achieve, Loan ID - R2691510770 12.000 11-01-34   51,500 53,054
Achieve, Loan ID - R2691510796 13.750 11-01-34   109,350 112,611
Achieve, Loan ID - R2691510804 14.250 11-01-34   30,600 31,510
Achieve, Loan ID - R2691510820 11.250 11-01-34   30,650 31,579
Achieve, Loan ID - R2691510846 12.250 11-01-34   35,200 36,261
Achieve, Loan ID - R2691510903 9.750 11-01-34   97,800 100,793
Achieve, Loan ID - R2691510937 12.000 11-01-39   20,900 21,530
Achieve, Loan ID - R2691510960 13.000 11-01-34   21,900 22,556
Achieve, Loan ID - R2691510978 13.000 11-01-34   35,750 36,822
Achieve, Loan ID - R2691511000 12.500 11-01-34   40,350 41,563
Achieve, Loan ID - R2691511034 12.500 11-01-34   40,800 42,027
Achieve, Loan ID - R2691511091 10.500 11-01-39   49,200 50,699
Achieve, Loan ID - R2691511133 12.750 11-01-34   45,900 47,278
Achieve, Loan ID - R2691511216 13.750 11-01-34   121,700 125,330
Achieve, Loan ID - R2691511232 13.000 11-01-34   30,600 31,517
Achieve, Loan ID - R2691511257 14.000 11-01-39   140,600 144,787
Achieve, Loan ID - R2691511265 12.750 11-01-39   76,000 78,282
Achieve, Loan ID - R2691511273 13.750 11-01-34   28,600 29,453
Achieve, Loan ID - R2691511281 12.500 11-01-34   35,650 36,722
Achieve, Loan ID - R2691511349 10.750 11-01-34   20,600 21,226
Achieve, Loan ID - R2691511356 10.750 11-01-34   77,700 80,063
Achieve, Loan ID - R2691511448 12.750 11-01-34   47,800 49,235
Achieve, Loan ID - R2691511471 12.000 11-01-34   73,500 75,717
Achieve, Loan ID - R2691511489 12.750 11-01-39   39,500 40,686
Achieve, Loan ID - R2691511497 13.250 11-01-34   30,550 31,464
Achieve, Loan ID - R2691511521 10.000 11-01-34   15,600 16,077
Achieve, Loan ID - R2691511539 14.250 11-01-34   69,100 71,157
Achieve, Loan ID - R2691511554 9.750 11-01-34   43,250 44,574
Achieve, Loan ID - R2691511570 9.250 11-01-34   20,300 20,923
Achieve, Loan ID - R2691511588 12.000 11-01-34   61,000 62,840
Achieve, Loan ID - R2691511596 11.000 11-01-34   38,000 39,155
Achieve, Loan ID - R2691511695 13.000 11-01-34   17,900 18,437
Achieve, Loan ID - R2691511703 12.750 11-01-34   78,100 80,445
Achieve, Loan ID - R2691511737 10.500 11-01-34   86,000 88,619
Achieve, Loan ID - R2691511745 11.250 11-01-34   49,200 50,691
Achieve, Loan ID - R2691511802 11.750 11-01-34   41,700 42,960
Achieve, Loan ID - R2691511810 11.750 11-01-34   47,350 48,781
Achieve, Loan ID - R2691511844 8.750 11-01-34   84,000 86,587
43 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R2691511869 14.250 11-01-34   50,750 $52,261
Achieve, Loan ID - R2691511885 9.500 11-01-34   61,800 63,694
Achieve, Loan ID - R2691511893 11.500 11-01-34   104,650 107,820
Achieve, Loan ID - R2691511901 13.000 11-01-39   32,950 33,938
Achieve, Loan ID - R2691629133 13.000 11-01-34   40,750 41,971
Achieve, Loan ID - R2691629158 11.750 11-01-34   63,950 65,882
Achieve, Loan ID - R2691629174 11.250 11-01-34   15,900 16,382
Achieve, Loan ID - R2691629182 11.750 11-01-34   150,000 154,528
Achieve, Loan ID - R2691629208 10.750 11-01-34   34,200 35,240
Achieve, Loan ID - R2691629232 12.750 11-01-34   20,450 21,064
Achieve, Loan ID - R2691629240 12.000 11-01-34   20,500 21,118
Achieve, Loan ID - R2691629257 8.750 11-01-34   42,700 44,015
Achieve, Loan ID - R2691629273 11.750 11-01-34   82,000 84,480
Achieve, Loan ID - R2691629315 9.750 11-01-34   58,000 59,777
Achieve, Loan ID - R2691629364 11.750 11-01-34   84,450 87,002
Achieve, Loan ID - R2691629414 12.500 11-01-34   64,650 66,594
Achieve, Loan ID - R2691629422 11.750 11-01-34   82,800 85,302
Achieve, Loan ID - R2691629430 12.750 11-01-34   22,100 22,763
Achieve, Loan ID - R2691629448 13.250 11-01-34   32,600 33,576
Achieve, Loan ID - R2691629463 12.000 11-01-34   126,100 129,908
Achieve, Loan ID - R2691629489 12.500 11-01-39   77,500 79,830
Achieve, Loan ID - R2691629505 10.000 11-01-39   75,150 77,446
Achieve, Loan ID - R2691644405 12.750 11-01-34   51,750 53,304
Achieve, Loan ID - R2691644421 13.250 11-01-39   58,100 59,839
Achieve, Loan ID - R2691644447 9.250 11-01-34   143,700 148,112
Achieve, Loan ID - R2691644454 10.750 11-01-34   138,200 142,403
Achieve, Loan ID - R2691644462 13.250 11-01-34   31,500 32,443
Achieve, Loan ID - R2691644488 12.500 11-01-34   93,400 96,208
Achieve, Loan ID - R2691644504 10.750 11-01-34   50,200 51,727
Achieve, Loan ID - R2691644538 9.250 11-01-34   80,650 83,126
Achieve, Loan ID - R2691644553 11.750 11-01-34   50,450 51,974
Achieve, Loan ID - R2691644595 11.750 11-01-34   78,700 81,078
Achieve, Loan ID - R2691644652 9.500 11-01-34   27,000 27,828
Achieve, Loan ID - R2691644728 11.750 11-01-34   38,400 39,560
Achieve, Loan ID - R2691644751 12.750 11-01-34   59,000 60,771
Achieve, Loan ID - R2691644777 12.300 11-01-34   30,500 31,418
Achieve, Loan ID - R2691644850 12.000 11-01-34   54,600 56,249
Achieve, Loan ID - R2691644900 11.500 11-01-34   47,750 49,195
Achieve, Loan ID - R2691644918 9.000 11-01-34   66,550 68,596
Achieve, Loan ID - R2691644926 12.250 11-01-39   98,500 101,467
Achieve, Loan ID - R2691644942 12.000 11-01-34   150,000 154,525
Achieve, Loan ID - R2691644975 13.875 11-01-39   55,400 57,051
Achieve, Loan ID - R2691645006 13.250 11-01-34   74,700 76,935
Achieve, Loan ID - R2691645014 9.750 11-01-34   127,000 130,890
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 44
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust II (continued)        
Achieve, Loan ID - R2691645048 8.750 11-01-34   62,200 $64,116
Achieve, Loan ID - R2691645055 10.750 11-01-34   32,100 33,076
Residential whole loans 2.9%         5,018,303
ACHM Trust          
Series 2023-HE2, Class D PO (A) 4.030 10-25-38   557,175 228,522
Series 2023-HE2, Class XS IO (A)(F)(J) 0.000 10-25-38   6,190,825 227,822
Series 2024-HE1, Class D PO (A) 5.847 05-25-39   742,515 77,442
Series 2024-HE1, Class XS IO (A)(F)(J) 0.000 05-25-39   10,607,351 1,210,299
Series 2024-HE2, Class D PO (A) 5.474 10-25-39   706,947 116,628
Series 2024-HE2, Class XS IO (A)(J) 0.000 10-25-39   10,099,401 1,450,775
FIGRE Trust          
Series 2024-HE5, Class CE PO (A)(F)(J) 0.000 10-25-54   490,029 1,706,815
Term loans (K) 15.7%         $27,543,381
(Cost $27,494,046)          
Commercial real estate lending 15.7%     27,543,381
Clairemont Drive LLC, Term Loan (1 month CME Term SOFR + 7.000%) (F) 12.276 03-11-26   4,000,797 3,966,390
Genprov Holdco LLC, Term Loan (1 month CME Term SOFR + 4.900%) (F) 10.525 08-11-26   4,858,344 4,853,000
MCR Newark Airport LLC, Term Loan (1 month CME Term SOFR + 6.250%) (F) 11.577 04-11-27   4,582,624 4,567,501
Stevens Creek Boulevard, Term Loan (1 month CME Term SOFR + 5.800%) (F) 11.326 07-11-26   4,438,765 4,425,892
Verena at Gilbert, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (F) 10.327 01-11-27   4,664,668 4,611,491
Verena at Hillard, Term Loan (1 month CME Term SOFR + 5.350%) (F) 10.677 04-11-27   5,159,870 5,119,107
Profit participating notes 13.9%         $24,415,734
(Cost $23,493,095)          
Corporate asset-based credit 1.7%     2,995,663
Tilapia Finance Designated Activity Company (3 month EURIBOR + 6.900%) (C)(F)(L) 9.962 TBA EUR 2,754,000 2,995,663
45 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Transportation assets 12.2%     $21,420,071
JH Aircraft Leasing 4535 (Ireland) Designated Activity Company (F)(M)(N) — 04-26-44   20,897,863 21,420,071
    
        Shares Value
Special purpose vehicles 12.4%   $21,863,018
(Cost $20,845,732)          
Industrials 7.7%         13,536,244
JH Liftco LLC (F)(N)(O)       6,845,000 6,143,962
JH Finance LeaseCo LLC (F)(N)(O)       7,332,249 7,392,282
Transportation assets 4.7%         8,326,774
MSN 803 Trust (F)(N)(O)       7,882,217 8,326,774
    
  Rate (%) Maturity date   Par value^ Value
Consumer-related assets 5.0%         $8,816,475
(Cost $9,483,399)          
Consumer loans 5.0%         8,816,475
ACHV ABS Trust          
Series 2023-3PL, Class R (A)(F)(J) — 08-19-30   2,637 379,081
Avant Loans Funding Trust          
Series 2022-REV1, Class E (A) 12.980 09-15-31   3,000,000 3,054,872
Credit Suisse ABS Repackaging Trust          
Series 2013-A, Class R1 (A)(F)(J) — 04-25-43   5,000 2,335,022
Santander Drive Auto Receivables Trust          
Series 2023-S1, Class CERT (A)(F)(J) — 04-18-28   11,500 3,047,500
Consumer loans 5.0%         $8,694,707
(Cost $9,008,854)          
JH Consumer Loan Trust (E)(F) 5.0%       8,694,707
Achieve, Loan ID - C13198977 15.490 12-30-26   10,641 10,181
Achieve, Loan ID - C18648251 20.990 12-14-26   19,289 18,456
Achieve, Loan ID - C21301780 17.740 12-15-27   29,916 28,624
Achieve, Loan ID - C22491604 5.990 12-07-24   1,410 1,349
Achieve, Loan ID - C22902472 16.740 12-10-26   27,092 25,921
Achieve, Loan ID - C23042033 20.240 01-27-28   14,359 13,738
Achieve, Loan ID - C23253984 14.990 01-15-26   16,527 15,813
Achieve, Loan ID - C23300084 16.490 01-25-27   13,596 13,008
Achieve, Loan ID - C23301086 21.740 02-13-28   18,635 17,830
Achieve, Loan ID - C23500788 8.490 01-15-28   9,543 9,130
Achieve, Loan ID - C23511393 25.490 01-20-26   2,900 2,775
Achieve, Loan ID - C23614815 5.990 01-27-25   1,570 1,503
Achieve, Loan ID - C23688425 25.990 01-21-27   7,392 7,073
Achieve, Loan ID - C23885575 13.740 01-24-27   15,852 15,167
Achieve, Loan ID - C23902626 23.990 01-23-28   19,820 18,963
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 46
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C23957226 22.240 12-11-25   19,887 $19,028
Achieve, Loan ID - C23964782 26.990 12-10-27   35,307 33,782
Achieve, Loan ID - C23965795 20.990 12-09-24   3,991 3,819
Achieve, Loan ID - C23966505 26.990 02-25-28   17,662 16,899
Achieve, Loan ID - C23983604 17.240 01-23-25   3,788 3,625
Achieve, Loan ID - C23985013 26.990 02-28-28   9,276 8,875
Achieve, Loan ID - C23988868 21.740 12-10-27   17,552 16,794
Achieve, Loan ID - C23992646 26.990 01-15-28   9,540 9,128
Achieve, Loan ID - C23992707 21.990 12-04-27   37,792 36,160
Achieve, Loan ID - C23993503 18.740 12-13-27   25,220 24,130
Achieve, Loan ID - C23993537 22.990 12-16-26   26,539 25,392
Achieve, Loan ID - C23993575 (H) 19.990 12-02-26   16,832 16,105
Achieve, Loan ID - C24002565 26.990 12-10-27   8,303 7,944
Achieve, Loan ID - C24003540 23.990 01-25-26   8,935 8,549
Achieve, Loan ID - C24016122 24.490 01-23-26   11,928 11,413
Achieve, Loan ID - C24095448 26.990 02-25-28   16,474 15,762
Achieve, Loan ID - C24100561 26.740 12-14-27   13,736 13,142
Achieve, Loan ID - C24111885 25.990 02-25-28   27,278 26,100
Achieve, Loan ID - C24117426 25.490 01-26-26   18,863 18,048
Achieve, Loan ID - C24118254 16.240 01-25-28   37,220 35,612
Achieve, Loan ID - C24119783 26.740 01-20-28   14,935 14,290
Achieve, Loan ID - C24122905 (H) 16.240 01-30-26   17,439 16,686
Achieve, Loan ID - C24152557 24.990 02-27-28   24,908 23,832
Achieve, Loan ID - C24160824 21.490 01-26-28   11,610 11,109
Achieve, Loan ID - C24166360 26.990 02-27-28   7,280 6,965
Achieve, Loan ID - C24173305 21.490 01-15-27   7,091 6,785
Achieve, Loan ID - C24178392 14.240 01-26-28   20,549 19,661
Achieve, Loan ID - C24219111 13.740 12-14-26   31,691 30,321
Achieve, Loan ID - C24222725 20.990 12-16-26   3,501 3,349
Achieve, Loan ID - C24223658 8.740 12-14-25   17,928 17,153
Achieve, Loan ID - C24226452 18.740 01-29-27   9,603 9,188
Achieve, Loan ID - C24228404 19.740 01-27-27   20,708 19,813
Achieve, Loan ID - C24234040 15.490 01-27-28   15,556 14,884
Achieve, Loan ID - C24238978 8.740 02-24-26   15,802 15,120
Achieve, Loan ID - C24240396 (H) 18.990 01-20-25   6,774 6,481
Achieve, Loan ID - C24250851 9.240 01-20-26   11,519 11,022
Achieve, Loan ID - C24253181 24.990 12-15-25   3,312 3,169
Achieve, Loan ID - C24253285 15.490 01-27-27   30,331 29,020
Achieve, Loan ID - C24273844 5.990 12-30-24   926 886
Achieve, Loan ID - C24281913 26.990 02-29-28   31,193 29,846
Achieve, Loan ID - C24284884 26.240 01-20-28   11,837 11,325
Achieve, Loan ID - C24286861 9.240 12-16-25   11,265 10,778
Achieve, Loan ID - C24304679 (H) 22.240 01-29-28   7,116 6,809
Achieve, Loan ID - C24305742 25.240 12-16-26   19,527 18,684
47 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C24322154 25.490 12-16-25   5,554 $5,314
Achieve, Loan ID - C24328234 24.240 01-29-28   31,541 30,178
Achieve, Loan ID - C24332351 26.490 01-29-27   41,066 39,292
Achieve, Loan ID - C24337568 17.990 01-30-26   13,168 12,599
Achieve, Loan ID - C24347890 26.490 12-16-26   9,644 9,228
Achieve, Loan ID - C24349300 26.990 02-29-28   10,769 10,304
Achieve, Loan ID - C24361791 25.740 02-29-28   31,896 30,518
Achieve, Loan ID - C24363366 24.990 01-29-28   15,894 15,207
Achieve, Loan ID - C24389875 5.990 02-06-25   1,325 1,268
Achieve, Loan ID - C24390487 5.990 02-03-25   1,616 1,546
Achieve, Loan ID - C24616115 (H) 25.490 01-30-26   2,717 2,600
Achieve, Loan ID - C24702290 25.490 12-24-27   7,028 6,724
Achieve, Loan ID - C24708215 17.740 02-03-27   14,277 13,660
Achieve, Loan ID - C24737748 16.240 12-28-26   16,448 15,738
Achieve, Loan ID - C24770901 18.990 12-25-26   16,615 15,897
Achieve, Loan ID - C24783767 26.990 03-09-28   9,880 9,453
Achieve, Loan ID - C24785164 20.740 12-25-27   13,560 12,974
Achieve, Loan ID - C24786979 26.990 03-09-28   26,076 24,950
Achieve, Loan ID - C24808124 23.490 02-13-28   19,205 18,376
Achieve, Loan ID - C24808507 18.990 02-02-26   15,966 15,276
Achieve, Loan ID - C24808865 26.990 12-28-27   2,506 2,398
Achieve, Loan ID - C24814257 26.990 03-10-28   4,443 4,251
Achieve, Loan ID - C24838632 26.990 03-11-28   15,108 14,455
Achieve, Loan ID - C24842245 9.240 12-26-27   9,056 8,665
Achieve, Loan ID - C24891649 23.490 02-01-27   36,339 34,769
Achieve, Loan ID - C24929161 25.740 03-12-28   16,309 15,604
Achieve, Loan ID - C24931645 21.240 12-30-27   7,985 7,641
Achieve, Loan ID - C24938747 15.990 02-13-26   3,360 3,215
Achieve, Loan ID - C24941009 20.240 02-13-27   9,054 8,663
Achieve, Loan ID - C24941466 26.490 12-30-26   3,836 3,670
Achieve, Loan ID - C31320542 19.990 06-16-28   35,628 34,089
Achieve, Loan ID - C31322342 26.990 06-14-28   10,364 9,916
Achieve, Loan ID - C31323216 (H) 5.990 04-30-25   4,286 4,101
Achieve, Loan ID - C31335950 5.990 06-27-25   4,187 4,006
Achieve, Loan ID - C31336469 18.990 06-19-27   17,989 17,212
Achieve, Loan ID - C31339468 15.740 05-01-27   11,529 11,031
Achieve, Loan ID - C31346016 18.740 06-28-27   12,397 11,862
Achieve, Loan ID - C31351535 22.990 06-25-27   36,981 35,384
Achieve, Loan ID - C31355554 24.740 06-16-28   9,167 8,771
Achieve, Loan ID - C31358659 20.740 06-12-28   8,706 8,330
Achieve, Loan ID - C31359319 21.740 06-12-28   8,746 8,368
Achieve, Loan ID - C31361837 16.240 06-21-27   16,998 16,263
Achieve, Loan ID - C31363408 26.990 06-15-28   27,141 25,969
Achieve, Loan ID - C31364411 (H) 17.740 06-30-27   37,177 35,571
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 48
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C31368567 16.990 06-20-28   40,622 $38,867
Achieve, Loan ID - C31369376 19.240 06-13-28   6,708 6,419
Achieve, Loan ID - C31370479 16.490 06-22-26   27,938 26,731
Achieve, Loan ID - C31371254 21.740 06-16-28   12,449 11,911
Achieve, Loan ID - C31375823 24.240 06-18-27   13,850 13,252
Achieve, Loan ID - C31376581 18.990 06-23-28   10,174 9,735
Achieve, Loan ID - C31384566 26.990 07-26-28   20,880 19,978
Achieve, Loan ID - C31386911 21.990 06-16-28   30,762 29,433
Achieve, Loan ID - C31388466 20.490 06-13-28   12,339 11,806
Achieve, Loan ID - C31388907 20.740 06-16-27   28,287 27,065
Achieve, Loan ID - C31389230 (H) 26.990 06-16-28   9,644 9,227
Achieve, Loan ID - C31389516 20.740 06-13-28   25,387 24,291
Achieve, Loan ID - C31389544 18.240 06-15-26   25,494 24,392
Achieve, Loan ID - C31390638 19.990 06-16-28   32,913 31,491
Achieve, Loan ID - C31390921 22.490 06-13-27   3,793 3,629
Achieve, Loan ID - C31391121 18.740 06-13-27   20,565 19,676
Achieve, Loan ID - C31391521 26.990 06-14-28   7,733 7,399
Achieve, Loan ID - C31391565 21.990 06-21-28   18,528 17,727
Achieve, Loan ID - C31392604 26.990 06-13-28   8,461 8,096
Achieve, Loan ID - C31393020 26.990 07-27-28   5,988 5,729
Achieve, Loan ID - C31393496 22.740 05-09-27   2,897 2,772
Achieve, Loan ID - C31393575 20.240 06-27-25   13,476 12,893
Achieve, Loan ID - C31394502 5.990 05-10-25   3,820 3,655
Achieve, Loan ID - C31394748 23.990 06-29-27   9,088 8,696
Achieve, Loan ID - C31395045 22.990 05-01-28   10,824 10,357
Achieve, Loan ID - C31395596 18.740 06-29-25   8,354 7,993
Achieve, Loan ID - C31395796 24.240 07-30-28   14,492 13,866
Achieve, Loan ID - C31396148 21.740 06-30-28   18,480 17,682
Achieve, Loan ID - C31396302 26.990 07-26-28   9,971 9,540
Achieve, Loan ID - C31396322 25.240 07-27-28   15,281 14,621
Achieve, Loan ID - C31396534 26.990 07-29-28   12,996 12,435
Achieve, Loan ID - C31396627 (H) 22.240 06-16-27   11,103 10,623
Achieve, Loan ID - C31396913 20.740 06-16-28   25,599 24,493
Achieve, Loan ID - C31397404 (H) 20.740 06-24-26   35,057 33,543
Achieve, Loan ID - C31398640 18.240 06-27-28   40,893 39,126
Achieve, Loan ID - C31399171 22.990 06-29-28   26,838 25,678
Achieve, Loan ID - C31399327 17.990 07-01-27   39,092 37,403
Achieve, Loan ID - C31402076 24.240 06-27-26   16,433 15,724
Achieve, Loan ID - C31403150 5.990 06-13-25   5,178 4,954
Achieve, Loan ID - C31404074 14.740 06-25-27   11,658 11,155
Achieve, Loan ID - C31405619 23.740 06-16-28   8,373 8,011
Achieve, Loan ID - C31407785 19.990 06-25-26   12,664 12,117
Achieve, Loan ID - C31413266 (H) 19.740 06-14-26   10,854 10,385
Achieve, Loan ID - C31416188 26.990 06-20-28   17,578 16,819
49 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C31420248 18.740 06-25-26   7,784 $7,447
Achieve, Loan ID - C31421074 22.740 06-23-27   17,282 16,535
Achieve, Loan ID - C31424651 26.990 06-14-28   8,471 8,105
Achieve, Loan ID - C31426877 (H) 23.490 06-27-28   37,759 36,127
Achieve, Loan ID - C31428410 (H) 26.990 07-28-28   15,846 15,161
Achieve, Loan ID - C31433338 16.490 06-16-26   28,244 27,024
Achieve, Loan ID - C31435684 26.990 07-28-28   29,096 27,839
Achieve, Loan ID - C31439606 18.990 06-16-27   15,842 15,158
Achieve, Loan ID - C31440568 19.990 06-15-28   15,310 14,649
Achieve, Loan ID - C31446756 18.990 06-29-27   11,338 10,849
Achieve, Loan ID - C31454028 22.990 06-29-28   28,493 27,262
Achieve, Loan ID - C32811890 18.740 11-21-27   36,332 34,763
Achieve, Loan ID - C34505079 18.990 11-20-28   17,705 16,940
Achieve, Loan ID - C34505570 17.240 11-17-26   9,046 8,655
Achieve, Loan ID - C34651006 25.240 10-06-27   8,591 8,220
Achieve, Loan ID - C34722397 13.990 11-20-27   11,089 10,610
Achieve, Loan ID - C34739349 25.990 12-19-28   6,024 5,764
Achieve, Loan ID - C34763286 14.490 11-20-26   15,995 15,304
Achieve, Loan ID - C34778675 19.990 10-06-27   16,985 16,251
Achieve, Loan ID - C34779142 19.740 11-08-25   7,102 6,795
Achieve, Loan ID - C34779309 21.240 11-21-27   13,036 12,473
Achieve, Loan ID - C34779394 5.990 11-10-25   5,613 5,371
Achieve, Loan ID - C34779602 20.240 11-21-28   20,673 19,780
Achieve, Loan ID - C34780174 21.990 11-19-25   6,957 6,657
Achieve, Loan ID - C34780323 5.990 10-01-25   5,571 5,331
Achieve, Loan ID - C34822398 21.240 11-17-27   12,757 12,206
Achieve, Loan ID - C34859657 25.990 11-18-28   21,304 20,383
Achieve, Loan ID - C34868243 24.490 12-20-28   21,013 20,105
Achieve, Loan ID - C34873664 25.990 12-20-28   18,860 18,046
Achieve, Loan ID - C34887555 14.990 10-06-28   3,683 3,524
Achieve, Loan ID - C34895842 14.240 10-06-26   10,767 10,302
Achieve, Loan ID - C34902889 25.990 12-20-28   19,892 19,032
Achieve, Loan ID - C34903520 25.990 11-07-28   14,977 14,330
Achieve, Loan ID - C34903753 13.990 11-10-28   34,649 33,152
Achieve, Loan ID - C34905741 25.990 12-19-28   13,793 13,197
Achieve, Loan ID - C34910473 24.240 11-20-26   23,269 22,264
Achieve, Loan ID - C34912116 14.740 11-07-28   10,337 9,891
Achieve, Loan ID - C34914614 21.740 11-20-27   20,359 19,479
Achieve, Loan ID - C34915281 21.740 11-21-28   20,204 19,331
Achieve, Loan ID - C34917068 20.240 11-15-27   37,803 36,170
Achieve, Loan ID - C34917496 5.990 11-21-25   4,559 4,362
Achieve, Loan ID - C34918363 5.990 11-15-25   3,529 3,376
Achieve, Loan ID - C34921910 5.990 11-07-25   5,561 5,321
Achieve, Loan ID - C34924262 24.490 11-10-27   13,691 13,100
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 50
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C34925650 21.240 11-21-28   17,887 $17,114
Achieve, Loan ID - C34926483 25.990 08-25-28   14,057 13,450
Arivo, Loan ID - C1378970 18.980 05-22-29   32,968 33,235
Arivo, Loan ID - C1380541 21.950 05-22-29   40,137 40,462
Arivo, Loan ID - C1381078 21.260 05-27-29   21,789 21,965
Arivo, Loan ID - C1381533 18.000 05-13-29   19,943 20,105
Arivo, Loan ID - C1381892 20.000 11-17-27   9,730 9,809
Arivo, Loan ID - C1381923 20.150 05-23-29   20,092 20,254
Arivo, Loan ID - C1382501 20.570 04-30-29   17,094 17,232
Arivo, Loan ID - C1383648 22.830 11-12-27   19,670 19,829
Arivo, Loan ID - C1384070 18.340 05-23-29   17,103 17,242
Arivo, Loan ID - C1384317 20.550 05-18-29   23,419 23,608
Arivo, Loan ID - C1384388 22.310 06-01-29   26,572 26,787
Arivo, Loan ID - C1384529 22.200 05-30-29   24,211 24,407
Arivo, Loan ID - C1384700 22.000 05-18-29   35,379 35,666
Arivo, Loan ID - C1385054 16.820 05-18-29   26,171 26,383
Arivo, Loan ID - C1385469 22.990 11-19-28   13,938 14,051
Arivo, Loan ID - C1385521 20.000 11-19-27   30,772 31,022
Arivo, Loan ID - C1385526 20.570 05-30-29   22,402 22,584
Arivo, Loan ID - C1385540 13.340 05-19-29   35,150 35,435
Arivo, Loan ID - C1385548 14.700 05-04-29   35,869 36,160
Arivo, Loan ID - C1385607 (H) 18.180 05-29-29   27,379 27,601
Arivo, Loan ID - C1385661 20.000 05-21-29   36,315 36,609
Arivo, Loan ID - C1385838 17.850 05-29-29   25,428 25,634
Arivo, Loan ID - C1386089 20.200 05-22-29   16,846 16,983
Arivo, Loan ID - C1386584 20.000 05-21-29   18,623 18,774
Arivo, Loan ID - C1386680 17.000 05-21-29   9,522 9,599
Arivo, Loan ID - C1386731 13.450 05-23-29   27,511 27,734
Arivo, Loan ID - C1387131 18.000 05-21-29   20,346 20,510
Arivo, Loan ID - C1387295 18.890 05-22-29   27,168 27,388
Arivo, Loan ID - C1387393 16.860 05-25-29   31,274 31,527
Arivo, Loan ID - C1387501 18.900 05-22-29   12,410 12,511
Arivo, Loan ID - C1387732 20.660 05-23-29   23,591 23,782
Arivo, Loan ID - C1387765 22.560 05-23-29   21,438 21,612
Arivo, Loan ID - C1387802 18.000 05-22-29   18,499 18,649
Arivo, Loan ID - C1387840 20.110 05-22-29   21,936 22,114
Arivo, Loan ID - C1387867 20.000 05-25-29   25,420 25,626
Arivo, Loan ID - C1388209 16.370 05-23-29   24,419 24,617
Arivo, Loan ID - C1388265 20.410 05-23-29   20,187 20,350
Arivo, Loan ID - C1388326 18.000 05-23-29   39,526 39,846
Arivo, Loan ID - C1388383 18.000 05-23-29   19,935 20,097
Arivo, Loan ID - C1388406 16.500 05-23-29   9,580 9,658
Arivo, Loan ID - C1388509 21.260 05-25-29   27,380 27,602
Arivo, Loan ID - C1388512 18.000 05-23-29   24,314 24,511
51 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1388568 18.670 05-23-29   34,790 $35,072
Arivo, Loan ID - C1388689 21.930 05-25-29   19,711 19,871
Arivo, Loan ID - C1388696 19.230 05-12-29   24,650 24,850
Arivo, Loan ID - C1388855 22.900 05-15-29   23,596 23,787
Arivo, Loan ID - C1388947 17.460 05-23-29   26,223 26,435
Arivo, Loan ID - C1388993 18.210 05-23-29   28,767 29,000
Arivo, Loan ID - C1389039 18.710 05-09-29   31,934 32,192
Arivo, Loan ID - C1389201 14.610 05-14-29   33,747 34,020
Arivo, Loan ID - C1389213 18.000 05-31-29   25,208 25,412
Arivo, Loan ID - C1389271 21.880 06-01-29   20,276 20,440
Arivo, Loan ID - C1389288 17.380 05-12-29   75 76
Arivo, Loan ID - C1389338 20.350 05-25-29   31,345 31,599
Arivo, Loan ID - C1389412 18.350 05-26-29   44,887 45,251
Arivo, Loan ID - C1389425 16.390 06-01-29   25,155 25,359
Arivo, Loan ID - C1389461 19.760 05-29-29   3,495 3,524
Arivo, Loan ID - C1389469 20.000 05-25-29   23,555 23,746
Arivo, Loan ID - C1389502 19.740 05-28-29   25,129 25,333
Arivo, Loan ID - C1389530 20.130 05-26-29   21,206 21,377
Arivo, Loan ID - C1389587 13.740 05-25-29   33,881 34,155
Arivo, Loan ID - C1389712 22.080 05-25-29   45,108 45,474
Arivo, Loan ID - C1389869 17.250 11-25-27   10,845 10,932
Arivo, Loan ID - C1389972 15.580 05-26-29   9,123 9,197
Arivo, Loan ID - C1389986 17.820 05-26-29   46,487 46,670
Arivo, Loan ID - C1390027 17.150 05-23-29   27,019 27,238
Arivo, Loan ID - C1390140 21.880 05-26-29   15,954 16,083
Arivo, Loan ID - C1390165 20.080 05-26-29   22,820 23,005
Arivo, Loan ID - C1390258 20.500 05-11-29   18,389 18,538
Arivo, Loan ID - C1390345 20.000 11-26-27   20,165 20,329
Arivo, Loan ID - C1390443 17.030 05-26-29   35,278 35,564
Arivo, Loan ID - C1390475 20.890 05-26-29   21,411 21,585
Arivo, Loan ID - C1390501 15.920 05-26-29   35,319 35,605
Arivo, Loan ID - C1390516 18.000 05-26-29   41,448 41,783
Arivo, Loan ID - C1390616 20.000 05-26-29   33,000 33,267
Arivo, Loan ID - C1390630 15.360 05-26-29   20,763 20,931
Arivo, Loan ID - C1390640 20.000 05-25-29   26,879 27,097
Arivo, Loan ID - C1390700 20.000 05-27-29   23,550 23,741
Arivo, Loan ID - C1390709 18.000 05-27-29   25,086 25,289
Arivo, Loan ID - C1390735 18.060 05-13-29   32,598 32,862
Arivo, Loan ID - C1390766 17.830 05-27-29   19,389 19,546
Arivo, Loan ID - C1390785 21.580 05-29-29   17,980 18,125
Arivo, Loan ID - C1390807 22.540 05-27-29   19,325 19,481
Arivo, Loan ID - C1390816 16.870 05-27-29   32,061 32,320
Arivo, Loan ID - C1390907 17.010 05-27-29   22,528 22,711
Arivo, Loan ID - C1390935 16.170 05-29-29   28,785 29,018
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 52
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1391006 18.430 05-27-29   22,225 $22,405
Arivo, Loan ID - C1391008 21.850 05-27-29   22,100 22,279
Arivo, Loan ID - C1391067 17.910 05-27-29   25,657 25,865
Arivo, Loan ID - C1391070 16.640 05-27-29   26,980 27,199
Arivo, Loan ID - C1391235 17.930 05-30-29   20,578 20,744
Arivo, Loan ID - C1391262 16.960 05-27-29   18,187 18,335
Arivo, Loan ID - C1391263 18.000 05-27-29   29,569 29,808
Arivo, Loan ID - C1391280 20.260 05-27-29   22,289 22,470
Arivo, Loan ID - C1391342 14.930 05-28-29   18,091 18,238
Arivo, Loan ID - C1391427 19.880 05-28-29   33,425 33,696
Arivo, Loan ID - C1391483 16.470 05-28-29   40,130 40,455
Arivo, Loan ID - C1391610 20.570 05-13-29   21,343 21,516
Arivo, Loan ID - C1391647 20.570 05-29-29   26,846 27,064
Arivo, Loan ID - C1391652 19.570 05-25-29   15,993 16,122
Arivo, Loan ID - C1391694 20.000 05-28-29   39,985 40,309
Arivo, Loan ID - C1391736 16.550 05-29-29   46,161 46,535
Arivo, Loan ID - C1391810 18.520 05-29-29   35,655 35,943
Arivo, Loan ID - C1391813 18.000 06-02-29   27,361 27,583
Arivo, Loan ID - C1391838 22.660 05-28-29   25,688 25,896
Arivo, Loan ID - C1392009 16.290 11-13-27   8,769 8,840
Arivo, Loan ID - C1392016 20.470 05-30-29   26,545 26,760
Arivo, Loan ID - C1392078 18.000 05-28-29   3,954 3,986
Arivo, Loan ID - C1392104 18.000 05-28-29   23,252 23,440
Arivo, Loan ID - C1392195 17.980 05-29-29   32,875 33,141
Arivo, Loan ID - C1392202 16.430 05-29-29   43,740 44,095
Arivo, Loan ID - C1392228 13.720 05-29-29   44,860 45,223
Arivo, Loan ID - C1392258 18.000 05-29-29   19,833 19,994
Arivo, Loan ID - C1392320 17.980 05-14-29   32,806 33,072
Arivo, Loan ID - C1392322 20.610 11-14-27   15,358 15,482
Arivo, Loan ID - C1392327 18.000 05-14-29   26,225 26,438
Arivo, Loan ID - C1392364 22.070 05-29-29   23,847 24,040
Arivo, Loan ID - C1392401 21.440 05-29-29   22,195 22,375
Arivo, Loan ID - C1392420 14.430 11-29-27   22,152 22,332
Arivo, Loan ID - C1392421 20.000 05-28-29   25,485 25,692
Arivo, Loan ID - C1392514 20.000 05-29-29   21,685 21,861
Arivo, Loan ID - C1392527 14.780 05-29-29   42,746 43,092
Arivo, Loan ID - C1392568 14.740 05-29-29   20,912 21,081
Arivo, Loan ID - C1392580 14.420 05-30-29   27,121 27,340
Arivo, Loan ID - C1392630 17.490 05-29-29   25,456 25,662
Arivo, Loan ID - C1392634 17.960 05-14-29   24,844 25,046
Arivo, Loan ID - C1392651 20.270 06-02-29   23,736 23,928
Arivo, Loan ID - C1392710 19.820 06-03-29   23,883 24,076
Arivo, Loan ID - C1392768 18.000 05-15-29   20,826 20,995
Arivo, Loan ID - C1392780 24.050 05-29-29   19,911 20,072
53 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1392838 18.000 05-14-29   24,652 $24,852
Arivo, Loan ID - C1392840 18.140 05-29-29   24,383 24,581
Arivo, Loan ID - C1392844 17.970 05-29-29   22,937 23,123
Arivo, Loan ID - C1392924 22.500 06-04-29   26,382 26,596
Arivo, Loan ID - C1392961 20.570 05-30-29   38,381 38,692
Arivo, Loan ID - C1392970 20.000 05-15-29   16,099 16,229
Arivo, Loan ID - C1392982 20.060 05-25-29   28,914 29,148
Arivo, Loan ID - C1393035 12.830 05-30-29   43,052 43,400
Arivo, Loan ID - C1393075 15.310 05-15-29   23,875 24,068
Arivo, Loan ID - C1393081 14.660 05-30-29   19,644 19,803
Arivo, Loan ID - C1393111 17.560 05-29-29   28,320 28,549
Arivo, Loan ID - C1393122 18.260 05-30-29   18,885 19,038
Arivo, Loan ID - C1393159 (H) 21.090 11-25-27   18,582 18,732
Arivo, Loan ID - C1393204 20.560 05-30-29   18,439 18,589
Arivo, Loan ID - C1393263 19.710 05-30-29   20,867 21,036
Arivo, Loan ID - C1393343 19.960 05-26-29   8,394 8,462
Arivo, Loan ID - C1393348 20.300 05-30-29   11,835 11,931
Arivo, Loan ID - C1393370 18.000 05-15-29   8,735 8,806
Arivo, Loan ID - C1393405 (H) 20.570 05-27-29   21,649 21,824
Arivo, Loan ID - C1393464 19.580 05-30-29   23,321 23,510
Arivo, Loan ID - C1393472 20.000 05-30-29   36,356 36,651
Arivo, Loan ID - C1393511 18.000 05-30-29   21,422 21,595
Arivo, Loan ID - C1393576 21.540 05-30-29   27,959 28,186
Arivo, Loan ID - C1393593 14.460 06-01-29   24,128 24,323
Arivo, Loan ID - C1393720 14.520 05-30-29   23,101 23,288
Arivo, Loan ID - C1393734 16.870 05-25-29   38,609 38,922
Arivo, Loan ID - C1393753 19.860 11-15-27   17,299 17,439
Arivo, Loan ID - C1393907 13.250 05-30-29   26,972 27,191
Arivo, Loan ID - C1393979 21.130 05-16-29   43,679 44,033
Arivo, Loan ID - C1394001 21.320 05-30-29   38,430 38,741
Arivo, Loan ID - C1394007 21.300 05-30-29   18,095 18,242
Arivo, Loan ID - C1394018 19.780 12-01-27   20,146 20,309
Arivo, Loan ID - C1394076 18.670 06-01-29   25,740 25,949
Arivo, Loan ID - C1394218 17.260 05-17-29   19,677 19,836
Arivo, Loan ID - C1394326 13.540 06-01-29   42,067 42,407
Arivo, Loan ID - C1394447 15.570 06-01-29   26,454 26,668
Arivo, Loan ID - C1394484 20.000 06-01-29   15,988 16,118
Arivo, Loan ID - C1394517 20.000 06-02-29   29,798 30,040
Arivo, Loan ID - C1394590 14.710 05-17-29   18,836 18,989
Arivo, Loan ID - C1394614 16.820 06-01-29   30,162 30,406
Arivo, Loan ID - C1394658 17.900 06-01-29   27,230 27,451
Arivo, Loan ID - C1394691 15.960 06-01-29   30,201 30,446
Arivo, Loan ID - C1394693 18.040 06-01-29   28,370 28,600
Arivo, Loan ID - C1394761 18.000 06-01-29   23,330 23,519
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 54
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1394800 23.340 06-01-29   9,152 $9,226
Arivo, Loan ID - C1394905 21.820 06-04-29   37,056 37,357
Arivo, Loan ID - C1394975 16.750 05-26-29   21,021 21,192
Arivo, Loan ID - C1395005 12.230 06-01-29   33,356 33,626
Arivo, Loan ID - C1395036 18.600 05-18-29   28,425 28,655
Arivo, Loan ID - C1395055 18.950 06-02-29   34,053 34,329
Arivo, Loan ID - C1395098 14.860 06-02-29   42,770 43,117
Arivo, Loan ID - C1395177 14.990 06-02-29   28,927 29,161
Arivo, Loan ID - C1395182 17.670 06-02-29   14,266 14,382
Arivo, Loan ID - C1395239 17.130 05-30-29   28,528 28,759
Arivo, Loan ID - C1395328 20.000 05-18-29   28,242 28,471
Arivo, Loan ID - C1395338 (H) 19.730 06-03-29   26,108 26,319
Arivo, Loan ID - C1395354 15.560 06-02-29   27,160 27,380
Arivo, Loan ID - C1395472 17.210 06-02-29   31,197 31,450
Arivo, Loan ID - C1395484 19.030 05-18-29   21,867 22,044
Arivo, Loan ID - C1395714 18.000 06-02-29   20,899 21,068
Arivo, Loan ID - C1395903 20.000 12-03-27   9,065 9,138
Arivo, Loan ID - C1395914 16.090 06-03-29   21,493 21,667
Arivo, Loan ID - C1395983 16.840 06-03-29   22,159 22,338
Arivo, Loan ID - C1396446 20.570 06-04-29   23,155 23,343
Arivo, Loan ID - C1396488 16.170 06-03-29   22,184 22,363
Arivo, Loan ID - C1397113 19.680 06-04-29   28,396 28,626
Arivo, Loan ID - C1397185 20.570 06-04-29   17,697 17,840
Arivo, Loan ID - C1397666 21.960 06-05-29   21,273 21,445
Arivo, Loan ID - C1480324 18.000 09-02-29   29,456 29,694
Arivo, Loan ID - C1482643 18.000 09-09-29   29,567 29,806
Arivo, Loan ID - C1483188 14.640 09-07-29   40,235 40,561
Arivo, Loan ID - C1483586 24.370 09-07-29   28,925 29,159
Arivo, Loan ID - C1485900 19.770 09-10-29   21,966 22,144
Arivo, Loan ID - C1486798 21.980 09-12-29   19,214 19,369
Arivo, Loan ID - C1486827 20.110 03-12-28   11,112 11,202
Arivo, Loan ID - C1487273 20.000 09-12-29   30,905 31,156
Arivo, Loan ID - C1488090 20.000 09-15-29   21,289 21,462
Arivo, Loan ID - C1488149 17.370 09-17-29   42,870 43,217
Arivo, Loan ID - C1488220 21.000 09-14-29   14,839 14,959
Arivo, Loan ID - C1488570 12.980 09-14-29   5,792 5,839
Arivo, Loan ID - C1488990 18.000 09-15-29   33,755 34,029
Arivo, Loan ID - C1489048 17.770 08-30-29   27,828 28,054
Arivo, Loan ID - C1489057 18.020 09-15-29   24,063 24,258
Arivo, Loan ID - C1489582 16.430 09-16-29   19,022 19,176
Arivo, Loan ID - C1490051 20.000 09-17-29   29,358 29,596
Arivo, Loan ID - C1490515 19.680 09-04-29   27,259 27,480
Arivo, Loan ID - C1491219 17.650 09-04-29   35,445 35,732
Arivo, Loan ID - C1491340 15.510 09-04-29   26,427 26,641
55 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1491409 17.650 09-20-29   26,839 $27,057
Arivo, Loan ID - C1491789 22.620 03-20-28   18,759 18,911
Arivo, Loan ID - C1492310 20.890 09-21-29   28,289 28,518
Arivo, Loan ID - C1492454 19.010 09-07-29   23,240 23,428
Arivo, Loan ID - C1492664 18.000 09-06-29   19,918 20,079
Arivo, Loan ID - C1492950 22.610 09-22-29   22,850 23,035
Arivo, Loan ID - C1493370 19.430 09-22-29   29,370 29,608
Arivo, Loan ID - C1493394 24.340 09-22-29   22,605 22,788
Arivo, Loan ID - C1493661 21.050 09-23-29   34,947 35,230
Corporate asset-based credit 2.9%     $5,133,000
(Cost $5,000,000)          
Materials 2.9%         5,133,000
CG Finance A LP          
Series 2023-1, Class A (F) 11.500 06-28-28   5,000,000 5,133,000
Credit-linked notes 8.9%         $15,634,747
(Cost $15,604,806)          
Consumer loans 2.1%     3,765,268
Huntington Bank Auto Credit-Linked Notes          
Series 2024-1, Class E (30 day Average SOFR + 8.250%) (A)(C) 13.140 05-20-32   1,036,840 1,044,469
Series 2024-2, Class E (30 day Average SOFR + 7.500%) (A)(C) 12.355 10-20-32   1,800,000 1,800,000
U.S. Bank NA Auto Credit-Linked Note          
Series 2023-1, Class D (A) 13.597 08-25-32   898,987 920,799
Corporate asset backed securities 6.8%     11,869,479
Deutsche Bank AG Credit-Linked Note          
Series 2024-1A, Class CLN (3 month CME Term SOFR + 9.250%) (A)(C)(F) 14.560 11-21-33   5,000,000 5,000,500
MAM SRT Holder II, Ltd.          
(1 month CME Term SOFR + 6.500%) (A)(C)(F) 11.310 08-06-32   6,868,979 6,868,979
    
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 56
        Contracts/Notional amount Value
Purchased options 0.0%         $13,250
(Cost $28,956)          
Calls 0.0%         13,250
Exchange-traded Option on 5-Year U.S. Treasury Note Futures (Expiration Date: 2-21-25; Strike Price: $112.00; Notional Amount: 106,000)       106 13,250
    
    Yield (%)   Shares Value
Short-term investments 3.1%         $5,552,869
(Cost $5,552,869)          
Short-term funds 3.1%         5,552,869
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.8111(P)   5,130,932 5,130,932
U.S. Bank Money Market Deposit Account 3.9440(P)   69,529 69,529
Wilmington U.S. Government Money Market Fund, Institutional Class 4.6900(P)   352,408 352,408
    
Total investments (Cost $214,628,098) 122.9%     $216,172,563
Other assets and liabilities, net (22.9%)       (40,330,859)
Total net assets 100.0%         $175,841,704
    
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.
Currency Abbreviations
EUR Euro
    
Security Abbreviations and Legend
CME CME Group Published Rates
EURIBOR Euro Interbank Offered Rate
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.
SOFR Secured Overnight Financing Rate
TBA To Be Announced. Maturity date to be available once security is delivered at an agreed-upon future settlement date.
(A) This security is 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 $91,183,617 or 51.9% of the fund’s net assets as of 10-31-24.
(B) All or a portion of this security is segregated as collateral for reverse repurchase agreements.
(C) Variable rate obligation. The coupon rate shown represents the rate at period end.
(D) Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(E) Loans are privately issued. Loan originator and/or seller is reflected.
(F) 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.
57 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(G) Non-income producing - borrower is in default.
(H) Non-income producing security.
(I) The underlying loans have matured but are still in the repayment process.
(J) 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.
(K) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(L) Security purchased or sold on a when-issued or delayed delivery basis.
(M) There is no stated interest rate. The fund holds 100% of the economic interests in the investment.
(N) The fund holds an affiliate interest in this investment.
(O) The fund holds 100% of the economic interests in the investment.
(P) The rate shown is the annualized seven-day yield as of 10-31-24.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK ASSET-BASED LENDING FUND 58
DERIVATIVES
FUTURES
Open contracts Number of
contracts 		Position Expiration
date 		Notional
basis^ 		Notional
value^ 		Unrealized
appreciation
(depreciation)
2-Year U.S. Treasury Note Futures 13 Short Dec 2024 $(2,682,875) $(2,677,289) $5,586
3-Year U.S. Treasury Note Futures 12 Short Dec 2024 (2,525,532) (2,516,063) 9,469
5-Year U.S. Treasury Note Futures 35 Short Dec 2024 (3,876,797) (3,753,204) 123,593
            $138,648
^ 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 10-31-24, the aggregate cost of investments for federal income tax purposes was $214,751,039. Net unrealized appreciation aggregated to $1,560,172, of which $3,915,925 related to gross unrealized appreciation and $2,355,753 related to gross unrealized depreciation.
See Notes to consolidated financial statements regarding investment transactions and other derivatives information.
59 JOHN HANCOCK ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated financial statements
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 10-31-24
Assets  
Unaffiliated investments, at value (Cost $173,284,934) $172,889,474
Affiliated investments, at value (Cost $41,343,164) 43,283,089
Total investments, at value (Cost $214,628,098) 216,172,563
Receivable for futures variation margin 418,684
Cash 688,837
Collateral held at broker for futures contracts 74,593
Receivable for escrow and corporate advances, at value (Cost $662,005) 608,878
Collateral at prime broker 516,626
Dividends and interest receivable 1,318,098
Receivable from affiliates 366,097
Other assets 399,623
Total assets 220,563,999
Liabilities  
Payable for open reverse repurchase agreements 37,655,505
Payable for investments purchased 1,800,000
Payable for delayed-delivery securities purchased 2,995,663
Deferred tax liability 217,022
Payable to affiliates  
Incentive fees 396,901
Accounting and legal services fees 8,013
Distribution and service fees 62
Trustees’ fees 71
Other liabilities and accrued expenses 1,649,058
Total liabilities 44,722,295
Net assets $175,841,704
Net assets consist of  
Paid-in capital $173,639,296
Total distributable earnings (loss) 2,202,408
Net assets $175,841,704
 
Net asset value per share  
Based on net asset value and shares outstanding - the  fund has an unlimited number of
 shares authorized with no par value 		 
Class I ($175,672,853 ÷ 8,664,079 shares) $20.28
Class D ($117,384 ÷ 5,789 shares) $20.28
Class S ($51,467 ÷ 2,525 shares) $20.38
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Asset-Based Lending Fund 60
CONSOLIDATED STATEMENT OF OPERATIONS For the year ended 10-31-24
Investment income  
Interest $15,609,841
Dividends from affiliated investments 901,100
Dividends 407,462
Total investment income 16,918,403
Expenses  
Investment management fees 2,454,496
Incentive fees 1,139,668
Distribution and service fees 612
Interest expense 1,093,601
Accounting and legal services fees 30,576
Transfer agent fees 178,793
Trustees’ fees 127,005
Custodian fees 150,597
Investment servicing fees 957,405
State registration fees 56,955
Printing and postage 28,896
Professional fees 1,564,182
Pricing services fees 422,000
Tax expense 800
Other 49,111
Total expenses 8,254,697
Less expense reductions (1,660,370)
Net expenses 6,594,327
Net investment income 10,324,076
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments (161,872)
Affiliated investments 4,568
Futures contracts 65,866
  (91,438)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments and receivables 235,398
Affiliated investments, net of deferred taxes 1,874,5931
Futures contracts 106,802
  2,216,793
Net realized and unrealized gain 2,125,355
Increase in net assets from operations $12,449,431
    

 
1 Net of $188,181 increase in deferred taxes.
61 JOHN HANCOCK Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS  
  Year ended
10-31-24 		Year ended
10-31-23
Increase (decrease) in net assets    
From operations    
Net investment income $10,324,076 $6,001,669
Net realized gain (loss) (91,438) 46,653
Change in net unrealized appreciation (depreciation) 2,216,793 395,014
Increase in net assets resulting from operations 12,449,431 6,443,336
Distributions to shareholders    
From earnings    
Class I (10,585,056) (5,664,593)
Class D (4,910) (2,558)
Class S (2,977) (2,182)
Total distributions (10,592,943) (5,669,333)
From fund share transactions 60,462,679 13,453,265
Total increase 62,319,167 14,227,268
Net assets    
Beginning of year 113,522,537 99,295,269
End of year $175,841,704 $113,522,537
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Asset-Based Lending Fund 62
CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 10-31-24
   
Cash flows from operating activities  
Net increase in net assets from operations $12,449,431
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:  
Long-term investments purchased (216,806,282)
Long-term investments sold 115,340,346
Net purchases and sales of short-term investments (3,379,482)
Net amortization of premium (discount) (981,109)
(Increase) Decrease in assets:  
Receivable for futures variation margin (137,213)
Collateral held at broker for futures contracts (22,893)
Receivable for escrow and corporate advances, at value 175,547
Collateral at prime broker (516,626)
Dividends and interest receivable (696,254)
Receivable for investments sold 218,159
Receivable from affiliates (222,582)
Other assets (317,163)
Increase (Decrease) in liabilities:  
Payable for investments purchased 1,800,000
Payable for delayed delivery securities purchased 2,995,663
Deferred tax liability 217,022
Payable to affiliates 397,872
Other liabilities and accrued expenses 1,068,668
Net change in unrealized (appreciation) depreciation on:  
Investments (2,327,013)
Net realized (gain) loss on:  
Investments 157,304
Proceeds received as return of capital 1,746,485
Net cash used in operating activities $(88,840,120)
Cash flows provided by (used in) financing activities  
Distributions to shareholders $(9,048,997)
Borrowings from reverse repurchase agreements 37,655,505
Fund shares sold 59,179,692
Fund shares repurchased (260,959)
Net cash flows provided by financing activities $87,525,241
Net decrease in cash $(1,314,879)
Cash at beginning of year $2,003,716
Cash at end of year $688,837
Supplemental disclosure of cash flow information:  
Cash paid for interest $(1,013,012)
63 JOHN HANCOCK Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended  (continued)
   
Noncash financing activities not included herein consists of reinvestment of distributions $1,543,946
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Asset-Based Lending Fund 64
CONSOLIDATED FINANCIAL HIGHLIGHTS
CLASS I SHARES Period ended 10-31-24 10-31-23 10-31-221
Per share operating performance      
Net asset value, beginning of period $20.01 $19.84 $20.00
Net investment income2 1.30 1.15 0.09
Net realized and unrealized gain (loss) on investments 0.32 0.09 (0.25)
Total from investment operations 1.62 1.24 (0.16)
Less distributions      
From net investment income (1.35) (1.07) —
From net realized gain —3 — —
Total distributions (1.35) (1.07) —
Net asset value, end of period4 $20.28 $20.01 $19.84
Total return (%)5 8.58 6.40 (0.80)6
Ratios and supplemental data      
Net assets, end of period (in millions) $176 $113 $99
Ratios (as a percentage of average net assets):      
Expenses before reductions 5.157 4.11 3.908
Expenses including reductions 4.127,9 2.50 1.948
Net investment income 6.44 5.75 1.4810
Portfolio turnover (%) 68 80 17
Total debt outstanding end of period (in millions) $38 — —
Asset coverage per $1,000 of debt11 $5,670 — —
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
2 Based on average monthly shares outstanding.
3 Less than $0.005 per share.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 Not annualized.
7 Includes incentive fees expense of 0.71% for the period ended 10-31-24.
8 Annualized. Certain expenses are presented unannualized.
9 Expenses including reductions excluding interest expense were 3.43% for the period ended 10-31-24.
10 Annualized.
11 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
65 JOHN HANCOCK Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS D SHARES Period ended 10-31-24 10-31-23 10-31-221
Per share operating performance      
Net asset value, beginning of period $20.02 $19.82 $20.00
Net investment income2 1.21 1.11 0.08
Net realized and unrealized gain (loss) on investments 0.35 0.10 (0.26)
Total from investment operations 1.56 1.21 (0.18)
Less distributions      
From net investment income (1.30) (1.01) —
From net realized gain —3 — —
Total distributions (1.30) (1.01) —
Net asset value, end of period4 $20.28 $20.02 $19.82
Total return (%)5,6 8.24 6.24 (0.90)7
Ratios and supplemental data      
Net assets, end of period (in millions) $—8 $—8 $—8
Ratios (as a percentage of average net assets):      
Expenses before reductions 5.409 4.36 4.1510
Expenses including reductions 4.379,11 2.75 2.1910
Net investment income 5.86 5.56 1.2412
Portfolio turnover (%) 68 80 17
Total debt outstanding end of period (in millions) $38 — —
Asset coverage per $1,000 of debt13 $5,670 — —
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
2 Based on average monthly shares outstanding.
3 Less than $0.005 per share.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 Does not reflect the effect of sales charges, if any.
7 Not annualized.
8 Less than $500,000.
9 Includes incentive fees expense of 0.71% for the period ended 10-31-24.
10 Annualized. Certain expenses are presented unannualized.
11 Expenses including reductions excluding interest expense were 3.68% for the period ended 10-31-24.
12 Annualized.
13 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Asset-Based Lending Fund 66
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS S SHARES Period ended 10-31-24 10-31-23 10-31-221
Per share operating performance      
Net asset value, beginning of period $20.01 $19.79 $20.00
Net investment income2 1.22 0.99 0.04
Net realized and unrealized gain (loss) on investments 0.33 0.10 (0.25)
Total from investment operations 1.55 1.09 (0.21)
Less distributions      
From net investment income (1.18) (0.87) —
From net realized gain —3 — —
Total distributions (1.18) (0.87) —
Net asset value, end of period4 $20.38 $20.01 $19.79
Total return (%)5,6 8.22 5.57 (1.05)7
Ratios and supplemental data      
Net assets, end of period (in millions) $—8 $—8 $—8
Ratios (as a percentage of average net assets):      
Expenses before reductions 6.009 4.96 4.7510
Expenses including reductions 4.979,11 3.35 2.7910
Net investment income 6.02 4.97 0.6412
Portfolio turnover (%) 68 80 17
Total debt outstanding end of period (in millions) $38 — —
Asset coverage per $1,000 of debt13 $5,670 — —
    
1 Period from 7-11-22 (commencement of operations) to 10-31-22.
2 Based on average monthly shares outstanding.
3 Less than $0.005 per share.
4 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.
5 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 Does not reflect the effect of sales charges, if any.
7 Not annualized.
8 Less than $500,000.
9 Includes incentive fees expense of 0.71% for the period ended 10-31-24.
10 Annualized. Certain expenses are presented unannualized.
11 Expenses including reductions excluding interest expense were 4.28% for the period ended 10-31-24.
12 Annualized.
13 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
67 JOHN HANCOCK Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Notes to consolidated financial statements
Note 1—Organization
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, 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 repurchase offers will be conducted on a quarterly basis or at all.
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 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.
• 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.
• 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 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.
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.
The fund has determined that the following wholly owned special purpose vehicles are operating companies, and therefore does not consolidate these investments 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.
• 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 and is currently subject to a lease arrangement.
   | JOHN HANCOCK Asset-Based Lending Fund 68
• JH Aircraft Leasing 4535 (Ireland) Designated Activity Company was established on January 23, 2024 to hold the title to an international commercial aircraft, which is currently subject to a lease arrangement.
• JH LiftCo, LLC, a Delaware statutory trust, was established on March 4, 2024 for the purpose of holding title to industrial equipment, which is currently subject to a lease arrangement.
• JH Finance LeaseCo LLC, a Delaware LLC, was formed on May 7, 2024 for the purpose of holding title to industrial equipment, which is currently subject to lease arrangements.
Note 2—Significant 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 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. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices from the exchange where the option trades. Unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. 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
69 JOHN HANCOCK Asset-Based Lending Fund |   
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.
The following is a summary of the values by input classification of the Consolidated Fund’s investments as of October 31, 2024, by major security category or type:
  Total
value at
10-31-24 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Asset backed securities $61,714,092 — $61,714,092 —
Residential loans 36,791,290 — 1,873,367 $34,917,923
Term loans 27,543,381 — — 27,543,381
Profit participating notes 24,415,734 — — 24,415,734
Special purpose vehicles 21,863,018 — — 21,863,018
Consumer-related assets 8,816,475 — 3,054,872 5,761,603
Consumer loans 8,694,707 — — 8,694,707
Corporate asset-based credit 5,133,000 — — 5,133,000
Credit-linked notes 15,634,747 — 3,765,268 11,869,479
Purchased options 13,250 $13,250 — —
Short-term investments 5,552,869 5,483,340 69,529 —
Total investments in securities $216,172,563 $5,496,590 $70,477,128 $140,198,845
Liabilities        
Reverse repurchase agreements $(37,655,505) — $(37,655,505) —
Derivatives:        
Assets        
Futures 138,648 $138,648 — —
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 		Term
loans 		Profit
participating
notes 		Special
purpose
vehicles 		Consumer-
related
assets 		Consumer
loans 		Corporate
asset-
based
credit 		Credit-
linked
notes 		Total
Balance as of 10-31-23 $22,854,427 $4,702,267 — $7,806,548 $4,258,756 $13,671,209 $4,980,500 $2,850,288 $61,123,995
Purchases 39,899,318 22,831,739 $23,914,526 14,880,000 3,047,500 — — 12,967,000 117,540,083
Sales (29,416,835) (56,373) (421,431) (1,997,074) (909,085) (3,791,558) — (3,904,041) (40,496,397)
Realized gain (loss) 1,073,213 — — 4,568 — (1,384,757) — (49,980) (356,956)
Net amortization of (premium) discount 190,747 50,289 — — (99,884) (71,263) — — 69,889
Change in unrealized appreciation (depreciation) 317,053 15,459 922,639 1,168,976 (535,684) 271,076 152,500 6,212 2,318,231
Balance as of 10-31-24 $34,917,923 $27,543,381 $24,415,734 $21,863,018 $5,761,603 $8,694,707 $5,133,000 $11,869,479 $140,198,845
   | JOHN HANCOCK Asset-Based Lending Fund 70
  Residential
loans 		Term
loans 		Profit
participating
notes 		Special
purpose
vehicles 		Consumer-
related
assets 		Consumer
loans 		Corporate
asset-
based
credit 		Credit-
linked
notes 		Total
Change in unrealized appreciation (depreciation) at period end1 $474,312 $15,459 $922,639 $1,168,976 $(535,684) $410,753 $152,500 $500 $2,609,455
    
1 Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end. This balance is included in change in net unrealized appreciation (depreciation) on the Consolidated statement of operations.
The valuation techniques and significant unobservable inputs used in the fair value measurement of the fund’s Level 3 securities are outlined in the table below.
  Fair Value
at 10-31-24 		Valuation technique Significant
unobservable inputs 		Input/Range* Input weighted
average*
Residential loans $34,917,923 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		7.60%-17.66%
$103.25-$348.31 		9.28%
$138.54
Term loans 27,543,381 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		9.18%-14.39%
$98.68-$99.70 		11.02%
$99.20
Profit participating notes 24,415,734 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		12.08%
$100.10 		12.08%
$100.10
Special purpose vehicles 21,863,018 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		10.24%-12.10%
$100.00 		10.79%
$100.00
Consumer-related assets 5,761,603 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		12.06%-20.14%
$26,500.00 		13.18%
$26,500.00
Consumer loans 8,694,707 Discounted cash flow Discount rate 7.26%-9.58% 8.04%
Corporate asset-based credit 5,133,000 Discounted cash flow Discount rate 11.60% 11.60%
Credit-linked notes 11,869,479 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		10.47%-13.01%
$100.00 		11.54%
$100.00
Total $140,198,845        
*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.
A change to unobservable inputs of the fund’s Level 3 securities as of October 31, 2024 could have resulted in changes to the fair value measurement, as follows:
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
Reverse repurchase agreements. The fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the fund delivers a security, as collateral, in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreements. In addition, cash collateral received from the counterparty to cover appreciation on the underlying security, if any, is shown on the Consolidated statement of assets and liabilities as Payable for collateral on open reverse repurchase agreements. Obligation to repay cash received by a fund, if any, is shown on the Consolidated statement of assets and liabilities as Payable for open reverse repurchase agreements.
71 JOHN HANCOCK Asset-Based Lending Fund |   
Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. In the event of a default by the counterparty, recovery of the security transferred by the fund may be delayed or the fund may incur a loss equal to the amount by which the value of the security transferred by the fund exceeds the repurchase price payable by the fund.
The following table summarizes the open reverse repurchase agreements at October 31, 2024:
Counterparty Borrowing
rate 		Settlement
date 		Maturity
date 		Amount
borrowed 		Payable for
reverse
repurchase
agreements
J.P. Morgan Securities LLC 5.490% 10-30-24 12-2-24 $(965,280) $(965,574)
J.P. Morgan Securities LLC 5.580% 10-18-24 11-18-24 (1,423,000) (1,426,088)
J.P. Morgan Securities LLC 5.640% 10-7-24 11-7-24 (6,311,000) (6,335,718)
J.P. Morgan Securities LLC 5.680% 10-18-24 11-18-24 (2,800,000) (2,806,185)
J.P. Morgan Securities LLC 5.740% 10-30-24 12-2-24 (1,586,720) (1,587,226)
Royal Bank of Canada 5.990% 10-25-24 11-25-24 (2,564,000) (2,566,986)
UBS AG 5.500% 10-23-24 11-22-24 (902,050) (903,290)
UBS AG 5.530% 10-31-24 12-2-24 (8,560,685) (8,562,000)
UBS AG 5.580% 10-18-24 11-18-24 (1,757,952) (1,761,767)
UBS AG 5.680% 10-9-24 11-8-24 (5,904,670) (5,926,097)
UBS AG 5.780% 10-9-24 11-8-24 (2,924,559) (2,935,359)
UBS AG 5.780% 10-18-24 11-18-24 (1,875,000) (1,879,215)
          $(37,655,505)
Collateral with a market value of $16,017,397, $3,530,493 and $27,433,170, have been pledged to J.P. Morgan Securities LLC, Royal Bank of Canada and UBS AG, respectively, in connection with open reverse repurchase agreements. The average borrowings by the fund and the weighted average interest rate for the period the fund entered into reverse repurchase agreements amounted to $28,934,190 and 6.46%, respectively.
When-issued/delayed-delivery securities. The fund may purchase or sell securities on a when issued or delayed delivery basis with delivery or payment to occur at a later date beyond the normal period.  At the time the fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments. 
Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.
   | JOHN HANCOCK Asset-Based Lending Fund 72
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, 2024, the fund had $3,294,933 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.
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.
73 JOHN HANCOCK Asset-Based Lending Fund |   
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 with 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 investments is recorded on ex-date. Distributions from investments in private operating companies are reflected as dividend income. Return of capital distributions from private operating companies, if any, are treated as a reduction of cost. 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.
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.
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.
For federal income tax purposes, as of October 31, 2024, the fund has a long-term capital loss carryforward of $4,946 available to offset future net realized capital gains. This carryforward does not expire.
The fund has two domestic taxable subsidiaries – John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC and JH LiftCo, LLC (the “Domestic Taxable Subsidiaries”). These entities have elected to be treated as corporations for US income tax purpose and are subject to both federal and state level corporate income taxes. The purposes of the taxable subsidiaries are to permit the fund to gain exposure to commercial aircraft and industrial equipment lease transactions for U.S. federal income tax purposes in order to comply with the Regulated Investment Company tax compliance requirements.  The net investment income and capital gains and losses from the Domestic Taxable Subsidiaries do not always flow through to the fund and these entities may pay dividends up to the fund. The Domestic Taxable Subsidiaries are not consolidated for income tax purposes and may generate income that is subject to federal, state, and local taxes.
   | JOHN HANCOCK Asset-Based Lending Fund 74
The fund has one foreign taxable subsidiary - JH Aircraft Leasing 4535 (Ireland) Designated Activity Company.  The subsidiary is not consolidated for financial reporting purpose. The purpose of the taxable subsidiary is to permit the fund to gain exposure to international commercial aircraft lease transactions. The subsidiary is classified as a controlled foreign corporation under the Internal Revenue Code and is subject to sub part F income rules. Therefore, the fund is required to increase its taxable income by its share of the subsidiary’s net taxable income. Net income and realized gains from the subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the subsidiary in any taxable year, the loss will generally not be available to offset the fund’s ordinary income and/or capital gains for that year.
Generally, the Domestic Taxable Subsidiaries, which file separate tax returns, are subject to income tax examinations by U.S. federal, state and local authorities for all years through October 31, 2024.  The Domestic Taxable Subsidiaries assess their tax position using the provisions of ASC 740, Income Taxes, with regard to uncertain tax positions. Uncertain income tax positions are recognized based on a “more likely than not” threshold. Penalties and interest are recognized in the Provision for Income Taxes in the Statements of Income and Comprehensive Income. The Domestic Taxable Subsidiaries are not aware of any tax positions for significant unrecognized tax benefits, and do not believe it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by a significant amount. As of October 31, 2024, no liability for interest and penalties have been recognized.
Deferred income taxes reflect the net effects of temporary differences between financial reporting and tax basis of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse.
As noted in “Basis of consolidation” in Note 1 in the Notes to consolidated financial statements, the fund consolidates its investment in John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC and does not consolidate JH LiftCo, LLC.  Both Domestic Taxable Subsidiaries are not eligible to elect treatment as regulated investment companies.  The amount of taxes paid by Domestic Taxable Subsidiaries will vary depending on the amount of capital appreciation of its investments and such taxes will reduce a fund shareholders return from an investment in the fund. For any unconsolidated subsidiary, the impact of deferred income taxes will be incorporated into the market value of the investment.  Upon the sale of an investment, the Domestic Taxable Subsidiaries may be liable for previously deferred taxes.
As of October 31, 2024, 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.
The components of the fund’s income tax provision (benefit) for the year ended October 31, 2024, are as follows:
Current income tax (benefit)  
State and local $800
Total Current income tax (benefit) $800
Deferred income tax  
Federal $168,877
State and local 19,304
Total deferred income tax (benefit) $188,181
Provision for income taxes $188,981
   
The provision for income taxes is reconciled to the amount determined by applying the statutory federal income tax rate to income before taxes as follows:
Year ended October 31, 2024  
75 JOHN HANCOCK Asset-Based Lending Fund |   
Federal income tax at the statutory rate $171,875
State income tax (net of federal benefit) 15,882
Other 1,224
Provision for income taxes $188,981
   
Amounts reported in the consolidated financial statements and the tax basis of assets and liabilities result in temporary differences. The deferred tax assets (liabilities) consist of the following:
As of October 31. 2024  
Deferred tax assets  
Net operating loss $270,994
Audit fees 3,810
Deferred tax liabilities  
Depreciation (491,826)
Total $(217,022)
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 years ended October 31, 2024 and 2023 was as follows:
  October 31, 2024 October 31, 2023
Ordinary income $10,569,110 $5,669,333
Long-term capital gains 23,833 —
Total $10,592,943 $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, 2024, the components of distributable earnings on a tax basis consisted of $1,167,757 of undistributed ordinary income.
Such distributions and distributable earnings, on a tax basis, if any, 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 at fiscal year end. 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 derivative transactions, taxable subsidiary and non-deductible start up costs.
Note 3—Derivative instruments
The fund 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.
   | JOHN HANCOCK Asset-Based Lending Fund 76
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 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, 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, 2024, the fund used futures contracts to manage against changes in interest rates. The fund held futures contracts with USD notional values ranging from $6.8 million to $8.9 million, as measured at each quarter end.  
Options. There are two types of options, put options and call options. Options are traded either OTC or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying asset at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying asset at the exercise price. Writing puts and buying calls may increase the fund’s exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the fund’s exposure to such changes. Risks related to the use of options include the loss of premiums on purchased options, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values, and for written options, potential losses in excess of the amounts recognized on the Consolidated statement of assets and liabilities. In addition, OTC options are subject to the risks of all OTC derivatives contracts.
Purchased options are included in the Fund’s investments and are subsequently “marked-to-market” to reflect current market value. If a purchased option expires, the fund realizes a loss equal to the premium paid for the option. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying asset transaction to determine the realized gain (loss). 
During the year ended October 31, 2024, the fund used purchased options contracts to manage against changes in interest rates. The fund held purchased options contracts with market values ranging up to $13,000, 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 subsidiaries at October 31, 2024 by risk category:
77 JOHN HANCOCK Asset-Based Lending Fund |   
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 $138,648 —
Interest rate Unaffiliated investments, at value2 Purchased options 13,250 —
      $151,898 —
    
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.
2 Purchased options are included in Consolidated Fund’s investments.
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, 2024:
  Consolidated statement of operations location - Net realized gain (loss) on:
Risk Futures contracts
Interest rate $65,866
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, 2024:
  Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Unaffiliated
investments and
translation of assets
and liabilities in
foreign currencies1 		Futures contracts Total
Interest rate $(15,706) $106,802 $91,096
    
1 Change in net unrealized appreciation (depreciation) associated with purchased options is included in this caption on the Statement of operations.
Note 4—Guarantees 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 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 5—Fees 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 managed assets (managed assets means the total assets of the fund (including any assets attributable to any
   | JOHN HANCOCK Asset-Based Lending Fund 78
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 managed 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, 2024, this waiver amounted to 0.01% of the fund’s average monthly managed assets, on an annualized basis. This agreement expires on July 31, 2026, 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) pricing services 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 management and incentive fees, interest expense, 12b-1 fees, any cashiering or other investment servicing fees; litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the fund; taxes; short dividends, acquired fund fees and expenses (based on indirect net expenses associated with the fund’s investments in underlying investment companies); class specific expenses; portfolio brokerage commissions; expenses related to, or incurred by, special purpose vehicles or other subsidiaries of the fund held directly or indirectly by the fund; expenses, including legal expenses, related to investments of the fund; and expenses, including legal expenses, related to co-investment transactions involving the fund. This agreement expires on February 28, 2025, 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, 2024, the expense reductions described above amounted to the following:
Class Expense reduction
Class I $1,658,985
Class D 856
Class Expense reduction
Class S $529
Total $1,660,370
 
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, 2024, were equivalent to a net annual effective rate of 0.44% of the fund’s average monthly managed 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. The calculation of the incentive fee for each fiscal quarter is as follows:
• No incentive fee shall be payable in any fiscal quarter in which the pre-incentive fee net investment income attributable to each class does not exceed a quarterly return of 1.25% per quarter based on each class’s average beginning monthly net assets for the applicable quarterly payment period (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period) (the “Quarterly Return”), or 5.00% annualized;
79 JOHN HANCOCK Asset-Based Lending Fund |   
• All pre-incentive fee net investment income attributable to each class (if any) that exceeds the Quarterly Return, but is less than or equal to 1.4286% of the average beginning monthly net assets of that each class (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period) for the fiscal quarter (5.714% annualized), shall be payable to the Advisor; and
• For any fiscal quarter in which pre-incentive fee net investment income attributable to each class exceeds 1.4286% of each class’s average beginning monthly net assets (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period), the incentive fee with respect to each class shall equal 12.5% of pre-incentive fee net investment Income attributable to each class.
The incentive fee went into effect beginning on February 1, 2024.
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, 2024, 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, 2024, no sales charges were assessed.
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, 2024 were as follows:
Class Distribution and service fees
Class I —
Class D $175
Class S 437
Total $612
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,
   | JOHN HANCOCK Asset-Based Lending Fund 80
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, 2024, investments entered into by the fund pursuant to the exemptive order amounted to approximately $31.0 million, including unfunded commitments of $4.8 million.
Note 6—Fund 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 years ended October 31, 2024 and 2023 were as follows:
  Year Ended 10-31-24 Year Ended 10-31-23
  Shares Amount Shares Amount
Class I shares        
Sold 2,931,140 $59,114,692 589,257 $11,867,997
Distributions reinvested 76,456 1,542,329 80,082 1,584,148
Repurchased (12,855) (260,959) — —
Net increase 2,994,741 $60,396,062 669,339 $13,452,145
Class D shares        
Sold 3,177 $65,000 — —
Distributions reinvested 80 1,617 32 $631
Net increase 3,257 $66,617 32 $631
Class S shares        
Distributions reinvested — — 25 $489
Net increase — — 25 $489
Total net increase 2,997,998 $60,462,679 669,396 $13,453,265
Affiliates of the fund owned 29%, 44% and 100% of shares of Class I, Class D and Class S, respectively on October 31, 2024. As of October 31, 2024, the Subadvisor held 29% 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.
At the sole discretion of the Board of Trustees 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 or take any other action permitted by the tender offer rules under 1934 Act, and described in the written tender offer notice that will be provided to shareholders for each repurchase offer. In determining whether the fund should offer to repurchase shares from shareholders (generally no more than 5% of shares outstanding), the Board of Trustees will consider the recommendations of the Advisor as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Advisor currently expects that it will generally recommend to the Board of Trustees that the fund offer to repurchase shares from shareholders quarterly with tender offer valuation dates occurring on the last business day of March, June, September and December (each, a “Valuation Date”); however, there can be no assurance that any such tender offers will be conducted on a quarterly basis or at all. The fund is not required to conduct tender offers and may be less likely to conduct tenders during periods of exceptional market conditions. The fund conducted one quarterly repurchase offer during the year ended October 31, 2024. The fund offered to repurchase shares in an amount up to $8,453,385 as of the valuation date for the repurchase offer, September 30, 2024 ($20.30). $260,959 and 12,855 shares for Class I were tendered and accepted by the fund.
81 JOHN HANCOCK Asset-Based Lending Fund |   
Note 7—Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $216,806,282 and $115,340,346, respectively, for the year ended October 31, 2024.
Note 8—Investment by affiliated funds
Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At October 31, 2024, funds within the John Hancock group of funds complex held 17.2% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
Fund Affiliated Concentration
Manulife Private Credit Plus Fund 17.2%
Note 9—Investments in affiliates
As of October 31, 2024, investments in affiliates consist of the following:
•     The fund holds 100% of the profit participating notes issued by JH Aircraft Leasing 4535 (Ireland) Designated Activity Company.
•     The fund holds 100% of the limited liability company interests in JH Finance LeaseCo, LLC.
•     The fund holds 100% of the limited liability company interests in JH LiftCo, LLC.
•     The fund holds 100% of the beneficial ownership interest in MSN 803 Trust as an owner participant.
Information regarding the funds’ fiscal year to date purchases and sales of the affiliated investments as well as income and capital gains earned by the fund, if any, is as follows:
              Dividends and distributions
Affiliate Ending
share
amount 		Beginning
value 		Cost of
purchases 		Proceeds
from shares
sold 		Realized
gain
(loss) 		Change in
unrealized
appreciation
(depreciation) 		Income
distributions
received 		Capital gain
distributions
received 		Ending
value
JH Aircraft Leasing 4535 (Ireland) Designated Activity Company 20,897,863 — $20,918,863 $(421,431) — $922,639 — — $21,420,071
JH Finance LeaseCo LLC 7,332,249 — 8,035,000 (707,319) $4,568 60,033 $357,804 — 7,392,282
JH Liftco LLC 6,845,000 — 6,845,000 (444,985) — (256,053) 352,045 — 6,143,962
MSN 803 Trust 7,882,217 $7,806,548 — (844,770) — 1,364,996 191,251 — 8,326,774
          $4,568 $2,091,615 $901,100 — $43,283,089
   | JOHN HANCOCK Asset-Based Lending Fund 82
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, 2024, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the two years in the period 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, 2024, the consolidated results of its operations and cash flows for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the two years in the period 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, 2024, 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.
December 23, 2024
83 JOHN HANCOCK ASSET-BASED LENDING FUND |   
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, 2024.
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 paid $23,833 in long-term capital gain 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 2024 Form 1099-DIV in early 2025. This will reflect the tax character of all distributions paid in calendar year 2024.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
   | JOHN HANCOCK ASSET-BASED LENDING FUND 84
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, 2024, distributions from net investment income totaling $1.3478, $1.2971 and $1.1755 per share were paid to shareholders for Class I, Class D and Class S, respectively. Additionally,distributions from capital gains totaling $0.0035, $0.0035 and $0.0035 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: 
Income Distributions;      
Payment Date Class I Class D Class S
January 23, 2024 $0.4501 $0.4375 $0.4070
April 19, 2024 0.1894 0.1767 0.1465
July 22, 2024 0.3417 0.3291 0.2989
October 21, 2024 0.3666 0.3538 0.3231
Total $1.3478 $1.2971 $1.1755
Additional Distributions:      
Payment Date Class I Class D Class S
January 23, 2024 $0.0035 $0.0035 $0.0035
Total $1.3513 $1.3006 $1.1790
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.
85 JOHN HANCOCK ASSET-BASED LENDING 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:
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.
   | JOHN HANCOCK ASSET-BASED LENDING FUND 86
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 185
Trustee and Chairperson of the Board    
Trustee of Berklee College of Music (since 2022); 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 182
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 185
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 182
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 (2005-2023, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (2006-2023, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (2004-2023, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
    
87 JOHN HANCOCK  ASSET-BASED LENDING FUND |   
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
Fernando A. Silva, Born: 1977 2022
Chief Financial Officer  
Director, Fund Administration and Assistant Treasurer, John Hancock Funds (2016-2020); Assistant Treasurer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Assistant Vice President, John Hancock Life & Health Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (since 2021); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2024) .
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.
   | JOHN HANCOCK  ASSET-BASED LENDING FUND 88
More information
Trustees
Hassell H. McClellan, Chairperson*
Andrew G. Arnott†
William H. Cunningham*
Grace K. Fey*
Officers
Andrew G. Arnott†
President
Fernando A. Silva‡
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
‡ Effective July 1, 2024.
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:    
844-292-8018 Regular mail: Express mail:
jhinvestments.com John Hancock Alt
P.O. Box 219285
Kansas City, MO 64121-9285 		John Hancock Alt
430 W 7th Street Suite 219285
Kansas City, MO 64105-1407
89 JOHN HANCOCK ASSET-BASED LENDING FUND |   
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.
MF3989080 P16A 10/24
12/24

ITEM 2. CODE OF ETHICS.

As of the end of the year, October 31, 2024, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief 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 billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $250,000 and $150,000 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

Audit-related fees for assurance and related services by the principal accountant are 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 ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was reviews in conjunction with registration statement filings. Amounts billed to the registrant were $5,000 and $4,000 for fiscal years ended October 31, 2024 and October 31, 2023, respectively.

(c) Tax Fees

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to $70,400 and $44,100 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. 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

Other fees amounted to $0 and $0 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively.

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

The registrant's 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 funds. 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 registrant'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 year/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 year/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, 2024, 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 principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $3,013,735 for the fiscal year ended October 31, 2024 and $3,149,267 for the fiscal year ended October 31, 2023.

(h)The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant 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. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 1, if applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

See attached exhibit "Proxy Voting Policies and Procedures".

ITEM 13. 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, 2024. 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 Investment

 

 

 

Companies

 

Vehicles

Other Accounts

 

Number

Total

Number

 

Number

Total

 

of

Assets

of

Total Assets

of

Assets

 

Accounts

$Million

Accounts

$Million

Accounts

$Million

Ed Cong

1

$176.3

32

$10,579.1

4

$704.2

 

 

 

 

 

 

 

Louis

8

$946.8

122

$22,540.2

27

$3,397.0

Hanover

 

 

 

 

 

 

 

 

 

 

 

 

 

Andrew

1

$176.3

37

$10,946.1

4

$704.2

 

 

 

 

 

 

Springer

 

 

 

 

 

 

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

CONFIDENTIAL

 

Registered Investment

 

Other Pooled Investment

 

 

 

 

 

Companies

 

 

Vehicles

 

Other Accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

Number

 

 

 

Number

 

 

 

of

 

Total Assets

 

of

 

Total Assets

 

of

 

Total Assets

 

Accounts

 

$Million

 

Accounts

 

$Million

 

Accounts

 

$Million

 

 

 

 

 

 

 

 

 

 

 

 

Ed Cong

1

 

$176.3

 

25

 

$7,983.3

 

4

 

$704.2

 

 

 

 

 

 

 

 

 

 

 

 

Louis

3

 

$376.5

 

92

 

$17,960.1

 

13

 

$1,965.9

Hanover

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andrew

1

 

$176.3

 

32

 

$8,549.4

 

4

 

$704.2

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.

CONFIDENTIAL

Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2024, 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

Over $1,000,000

 

 

Andrew Springer

$ 100,001-500,000

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a)Not applicable. (b)Not applicable.

CONFIDENTIAL

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

(a)(2) Not applicable.

(a)(3) 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.

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 G. Arnott

 

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

 

Andrew G. Arnott

 

President, Principal Executive

 

Officer

Date:

December 23, 2024

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 G. Arnott

 

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

 

Andrew G. Arnott

 

President, Principal Executive

 

Officer

Date:

December 23, 2024

By:

/s/ Fernando A. Silva

 

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

 

Fernando A. Silva

 

Chief Financial Officer, Principal

 

Financial Officer

Date:

December 23, 2024