John Hancock Asset-Based Lending Fund

03/07/2024 | Press release | Distributed by Public on 03/07/2024 13:22

Semi Annual Report by Investment Company Form N CSRS

N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23748

John Hancock Asset-Based Lending Fund

(Exact name of registrant as specified in charter)

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

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2024


ITEM 1. REPORT TO STOCKHOLDERS


Semiannual report
John Hancock
Asset-Based Lending Fund
Closed-end alternative
April 30, 2024
A message to shareholders
Dear shareholder,
Both stocks and bonds largely posted positive gains during the six months ended April 30, 2024. Concerns that interest rates would need to stay higher for longer led to a sharp increase in bond yields and weighed heavily on investor sentiment as the period began, but rapidly dissipated following a stretch of favorable inflation readings and more dovish comments from world central bank officials. Stocks moved quickly off their previous lows in response, and the U.S. Federal Reserve added fuel to the rally in December by indicating that the central bank may in fact begin to cut rates later in 2024. Stocks surged in response but began to backtrack toward the end of the period as inflation remained elevated.
As always, please be sure to contact your financial professional, who can assist with positioning your portfolio so that it's sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I'd like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you've placed in us.
Sincerely,
Andrew G. Arnott
Global Head of Retail,
Manulife Investment Management
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the President's views as of this report's period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.
John Hancock
Asset-Based Lending Fund
Table of contents
2 Your fund at a glance
3 Portfolio summary
4 Consolidated Fund's investments
54 Consolidated financial statements
58 Consolidated financial highlights
61 Notes to consolidated financial statements
74 Investment objective, principal investment strategies, and principal risks
79 Additional information
81 Evaluation of advisory and subadvisory agreements by the Board of Trustees
87 More information
SEMIANNUAL REPORT  | JOHN HANCOCK ASSET-BASED LENDING FUND 1
Table of Contents
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 4/30/2024 (%)
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.
2 JOHN HANCOCK ASSET-BASED LENDING FUND  | SEMIANNUAL REPORT
Table of Contents
Portfolio summary
PORTFOLIO COMPOSITION AS OF 4/30/2024 (% of total investments)
Notes about risk
The fund is subject to various risks as described in the fund's most recent annual report. Political tensions, armed conflicts, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors, or the markets, generally, and may ultimately affect fund performance. For more information, please refer to the "Investment objective, principal investment strategies, and principal risks" section of the prospectus.
SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 3
Table of Contents
Consolidated Fund's investments
AS OF 4-30-24 (unaudited)
Rate (%) Maturity date Par value^ Value
Asset backed securities 38.0% $61,863,148
(Cost $62,134,062)
Asset backed securities 9.0% 14,630,770
Carvana Auto Receivables Trust
Series 2023-N2, Class E 9.940 04-10-30 3,000,000 3,103,712
Hertz Vehicle Financing LLC
Series 2022-5A, Class D (A) 6.780 09-25-28 4,750,000 4,361,342
Marlette Funding Trust
Series 2022-3A, Class D (A) 7.800 11-15-32 2,000,000 1,957,200
Pagaya AI Debt Trust
Series 2023-7, Class C (A)(B) 8.798 07-15-31 2,998,883 3,049,663
Sierra Timeshare Receivables Funding LLC
Series 2024-1A, Class D (A) 8.020 01-20-43 2,174,317 2,158,853
Collateralized loan obligations 9.6% 15,640,054
ALM, Ltd.
Series 2020-1A, Class D (3 month CME Term SOFR + 6.262%) (A)(B)(C) 11.590 10-15-29 1,000,000 987,508
ARES L CLO, Ltd.
Series 2018-50A, Class D (3 month CME Term SOFR + 3.162%) (A)(B)(C) 8.490 01-15-32 2,000,000 2,000,882
Birch Grove CLO, Ltd.
Series 19A, Class D2RR (3 month CME Term SOFR + 5.050%) (A)(C) 10.378 07-17-37 1,750,000 1,750,313
CIFC Funding, Ltd.
Series 2018-5A, Class C (3 month CME Term SOFR + 3.262%) (A)(B)(C) 8.590 01-15-32 1,500,000 1,501,596
Dryden Senior Loan Fund
Series 2017-49A, Class DR (3 month CME Term SOFR + 3.662%) (A)(B)(C) 8.989 07-18-30 3,730,000 3,708,280
KKR Financial CLO, Ltd.
Series 2013-1A, Class DR2 (3 month CME Term SOFR + 6.250%) (A)(C) 11.578 04-15-29 2,500,000 2,500,000
Myers Park CLO, Ltd.
Series 2018-1A, Class D (3 month CME Term SOFR + 3.312%) (A)(B)(C) 8.636 10-20-30 2,000,000 1,993,316
Sycamore Tree CLO, Ltd.
Series 2021-1A, Class D (3 month CME Term SOFR + 3.912%) (A)(B)(C) 9.236 10-20-34 1,200,000 1,198,159
Commercial mortgage backed securities 15.0% 24,457,643
Arbor Realty Commercial Real Estate Notes, Ltd.
Series 2022-FL2, Class D (1 month CME Term SOFR + 4.350%) (A)(C) 9.671 05-15-37 2,500,000 2,456,187
BPCRE, Ltd.
Series 2022-FL2, Class AS (1 month CME Term SOFR + 3.100%) (A)(B)(C) 8.419 01-16-37 1,000,000 1,000,786
BX Commercial Mortgage Trust
Series 2021-VOLT, Class E (1 month CME Term SOFR + 2.114%) (A)(B)(C) 7.435 09-15-36 2,000,000 1,965,855
4 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
Commercial mortgage backed securities (continued)
BX Trust
Series 2021-ARIA, Class F (1 month CME Term SOFR + 2.708%) (A)(B)(C) 8.029 10-15-36 2,000,000 $1,949,375
Series 2023-DELC, Class E (1 month CME Term SOFR + 5.286%) (A)(C) 10.607 05-15-38 2,500,000 2,506,250
GPMT, Ltd.
Series 2021-FL4, Class D (1 month CME Term SOFR + 2.964%) (A)(C) 8.280 12-15-36 2,000,000 1,747,181
KSL Commercial Mortgage Trust
Series 2023-HT, Class D (1 month CME Term SOFR + 4.287%) (A)(B)(C) 9.608 12-15-36 2,000,000 2,007,500
La Quinta Mortgage Trust
Series 2023-LAQ, Class D (1 month CME Term SOFR + 4.188%) (A)(C) 9.509 03-15-36 1,304,250 1,286,673
ORL Trust
Series 2023-GLKS, Class D (1 month CME Term SOFR + 4.301%) (A)(C) 9.622 10-19-36 2,500,000 2,505,469
Shelter Growth Issuer, Ltd.
Series 2023-FL5, Class D (1 month CME Term SOFR + 6.359%) (A)(C) 11.678 05-19-38 4,000,000 3,999,686
THPT Mortgage Trust
Series 2023-THL, Class D (A)(B)(D) 9.561 12-10-34 3,000,000 3,032,681
Residential mortgage backed securities 4.4% 7,134,681
ACHM Trust
Series 2023-HE2, Class C (A)(B)(D) 9.300 10-25-38 3,418,163 3,470,464
Radnor, Ltd.
Series 2021-2, Class M2 (30 day Average SOFR + 5.000%) (A)(C) 10.330 11-25-31 3,500,000 3,664,217
Residential loans 22.0% $35,812,822
(Cost $35,643,456)
JH Residential Whole Loan Trust (E)(F) 13.9% 22,673,327
Bank of America, Loan ID - R1D2138800 (G) 4.125 07-01-49 251,419 174,711
Bank of America, Loan ID - R1D2189860 4.125 08-01-35 126,292 87,761
Bank of America, Loan ID - R1D2196022 5.028 12-18-50 94,205 65,463
Bank of America, Loan ID - R1D2207514 (G) 8.875 11-01-34 24,107 16,752
Bank of America, Loan ID - R1D2223768 (G) 3.500 04-01-57 73,970 51,401
Bank of America, Loan ID - R1D2226308 9.882 05-03-37 74,655 51,878
Bank of America, Loan ID - R1D2231928 4.000 06-01-47 198,926 138,234
Bank of America, Loan ID - R1D3102002750 9.625 12-01-39 41,386 34,971
Bank of America, Loan ID - R1D3109974439 9.000 10-01-29 210,504 177,876
Bank of America, Loan ID - R1D3112231884 (H) 8.000 08-25-30 9,057 7,653
Bank of America, Loan ID - R1D3112822840 9.625 12-25-30 10,709 9,049
Bank of America, Loan ID - R1D3120441715 8.000 11-01-34 6,716 5,675
Bank of America, Loan ID - R1D3121930679 3.750 02-01-31 126,168 106,612
Bank of America, Loan ID - R1D320025752 11.875 02-01-28 2,175 1,838
Bank of America, Loan ID - R1D320069911 10.750 03-01-37 15,685 13,254
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 5
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D320115934 12.000 09-25-27 3,322 $2,807
Bank of America, Loan ID - R1D320218223 8.250 04-01-61 13,460 11,374
Bank of America, Loan ID - R1D320231804 4.500 04-01-31 133,894 113,140
Bank of America, Loan ID - R1D320303063 8.250 06-01-35 23,033 19,463
Bank of America, Loan ID - R1D320346630 10.750 06-01-36 3,359 2,838
Bank of America, Loan ID - R1D320385022 10.125 06-01-49 3,462 2,925
Bank of America, Loan ID - R1D320385105 10.250 10-01-40 220 186
Bank of America, Loan ID - R1D320404870 9.875 07-01-38 20,321 17,171
Bank of America, Loan ID - R1D320426786 8.250 08-01-31 11,240 9,498
Bank of America, Loan ID - R1D320575652 10.125 09-01-31 5,708 4,824
Bank of America, Loan ID - R1D320644951 10.500 08-01-46 2,530 2,137
Bank of America, Loan ID - R1D320669345 9.375 04-01-35 22,121 18,692
Bank of America, Loan ID - R1D320677076 11.250 11-01-53 2,253 1,904
Bank of America, Loan ID - R1D320678199 11.750 09-01-24 600 507
Bank of America, Loan ID - R1D320680408 8.250 09-01-54 2,404 2,032
Bank of America, Loan ID - R1D320904215 10.000 06-01-41 3,421 2,891
Bank of America, Loan ID - R1D321022384 10.750 01-01-37 3,070 2,594
Bank of America, Loan ID - R1D321026906 11.750 12-01-36 4,343 3,669
Bank of America, Loan ID - R1D321079876 8.625 10-25-27 12,871 10,876
Bank of America, Loan ID - R1D321106165 (H) 10.500 03-01-37 3,168 2,677
Bank of America, Loan ID - R1D321118983 (I) 9.000 04-01-24 5,986 5,058
Bank of America, Loan ID - R1D321137655 10.125 06-01-24 4,670 3,946
Bank of America, Loan ID - R1D321149797 10.750 01-01-38 3,121 2,638
Bank of America, Loan ID - R1D321159892 8.250 12-01-26 7,296 6,165
Bank of America, Loan ID - R1D321184120 10.125 01-01-52 1,403 1,185
Bank of America, Loan ID - R1D321201221 8.250 07-01-25 10,747 9,081
Bank of America, Loan ID - R1D321202019 (H) 10.750 10-01-35 6,439 5,441
Bank of America, Loan ID - R1D321268831 8.625 01-01-28 5,900 4,985
Bank of America, Loan ID - R1D321284414 8.750 10-01-27 5,532 4,675
Bank of America, Loan ID - R1D321285469 0.000 06-01-24 14,719 12,437
Bank of America, Loan ID - R1D321300638 10.750 05-01-36 3,178 2,686
Bank of America, Loan ID - R1D321302928 (H) 8.500 04-01-32 2,951 2,493
Bank of America, Loan ID - R1D321313401 14.375 09-25-27 1,457 1,231
Bank of America, Loan ID - R1D321360714 11.250 10-01-27 4,762 4,024
Bank of America, Loan ID - R1D321366583 10.125 08-01-37 4,110 3,473
Bank of America, Loan ID - R1D321458571 (G) 5.625 05-01-26 15,855 13,398
Bank of America, Loan ID - R1D321462500 8.250 02-01-29 51,937 43,887
Bank of America, Loan ID - R1D321466689 10.750 11-01-43 2,414 2,040
Bank of America, Loan ID - R1D321477062 8.250 12-25-27 8,506 7,188
Bank of America, Loan ID - R1D321481073 10.125 01-01-37 5,733 4,845
6 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D321567782 10.125 07-01-35 6,303 $5,326
Bank of America, Loan ID - R1D321624039 11.875 04-01-28 893 754
Bank of America, Loan ID - R1D321657284 8.250 07-01-30 7,848 6,632
Bank of America, Loan ID - R1D321672554 (I) 4.250 02-01-24 70,378 59,469
Bank of America, Loan ID - R1D321680064 8.625 01-01-28 4,741 4,006
Bank of America, Loan ID - R1D321747032 10.500 02-01-26 4,762 4,024
Bank of America, Loan ID - R1D321772642 12.875 07-01-24 7,041 5,949
Bank of America, Loan ID - R1D321778497 10.750 09-01-25 383 323
Bank of America, Loan ID - R1D321802346 (H) 10.500 07-01-42 4,869 4,114
Bank of America, Loan ID - R1D321804787 11.250 11-25-27 8,682 7,336
Bank of America, Loan ID - R1D321818469 12.875 05-01-30 7,505 6,342
Bank of America, Loan ID - R1D321840548 10.500 01-01-27 8,468 7,155
Bank of America, Loan ID - R1D321918874 11.875 10-01-37 4,287 3,622
Bank of America, Loan ID - R1D322074278 8.500 11-01-35 12,508 10,569
Bank of America, Loan ID - R1D322667123 8.750 02-25-28 13,695 11,572
Bank of America, Loan ID - R1D322720318 8.250 07-01-38 24,551 20,746
Bank of America, Loan ID - R1D323504157 (I) 3.625 02-01-24 22,702 19,183
Bank of America, Loan ID - R1D323613087 0.000 10-01-31 11,451 9,676
Bank of America, Loan ID - R1D324031544 9.875 04-01-30 20,449 17,280
Bank of America, Loan ID - R1D325026231 10.875 07-01-32 31,192 26,357
Bank of America, Loan ID - R1D325438993 8.250 04-01-32 9,819 8,297
Bank of America, Loan ID - R1D32679861 10.750 12-01-37 2,728 2,305
Bank of America, Loan ID - R1D326967519 (G) 8.750 02-01-30 19,521 16,495
Bank of America, Loan ID - R1D329279749 9.375 02-01-37 8,965 7,575
Bank of America, Loan ID - R1D329973216 4.750 08-01-34 14,848 12,547
Bank of America, Loan ID - R1D330270792 4.000 06-25-28 128,692 108,745
Bank of America, Loan ID - R1D330690727 11.250 09-01-38 4,195 3,545
Bank of America, Loan ID - R1D331070648 8.625 05-01-37 6,844 5,783
Bank of America, Loan ID - R1D331184438 4.750 06-01-28 10,723 9,061
Bank of America, Loan ID - R1D331351411 8.000 11-01-37 32,245 27,247
Bank of America, Loan ID - R1D331458114 3.500 05-25-28 11,054 9,341
Bank of America, Loan ID - R1D331576772 10.500 12-25-28 2,856 2,413
Bank of America, Loan ID - R1D332396107 1.000 06-01-28 21,183 17,900
Bank of America, Loan ID - R1D333118907 8.625 11-01-28 9,556 8,075
Bank of America, Loan ID - R1D333435452 (H) 10.500 11-01-24 7,785 6,578
Bank of America, Loan ID - R1D334715743 (H) 6.500 12-01-36 17,003 14,367
Bank of America, Loan ID - R1D335198863 10.750 02-01-47 9,839 8,314
Bank of America, Loan ID - R1D337634748 8.500 06-01-28 5,449 4,605
Bank of America, Loan ID - R1D338003284 (H) 11.125 09-01-41 22,047 18,629
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 7
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D338042145 11.750 10-01-36 8,214 $6,941
Bank of America, Loan ID - R1D338549417 11.750 09-25-28 6,604 5,581
Bank of America, Loan ID - R1D33861070 8.000 01-01-27 18,832 15,913
Bank of America, Loan ID - R1D338772808 10.125 02-01-25 3,802 3,213
Bank of America, Loan ID - R1D338898471 9.000 10-01-37 6,210 5,248
Bank of America, Loan ID - R1D339013845 12.375 06-01-24 5,006 4,230
Bank of America, Loan ID - R1D339156671 10.750 06-01-27 10,669 9,015
Bank of America, Loan ID - R1D339162089 11.750 10-01-25 8,855 7,482
Bank of America, Loan ID - R1D339392762 8.625 07-01-38 4,843 4,093
Bank of America, Loan ID - R1D339696568 10.125 10-01-28 10,316 8,717
Bank of America, Loan ID - R1D339751518 9.750 07-01-30 6,590 5,569
Bank of America, Loan ID - R1D339870995 12.375 10-25-28 5,505 4,651
Bank of America, Loan ID - R1D339997495 11.750 08-01-31 8,547 7,222
Bank of America, Loan ID - R1D340114252 4.625 10-01-28 22,544 19,049
Bank of America, Loan ID - R1D340286517 11.250 12-01-34 9,388 7,932
Bank of America, Loan ID - R1D340328413 8.750 06-01-48 4,910 4,149
Bank of America, Loan ID - R1D340556545 8.250 08-01-32 14,790 12,498
Bank of America, Loan ID - R1D340682846 4.000 02-01-35 30,345 25,642
Bank of America, Loan ID - R1D340799167 9.625 03-01-25 60,673 51,268
Bank of America, Loan ID - R1D340884636 10.750 09-01-37 8,723 7,371
Bank of America, Loan ID - R1D341154994 10.125 02-01-35 3,144 2,656
Bank of America, Loan ID - R1D341172732 10.750 03-01-25 6,157 5,202
Bank of America, Loan ID - R1D341220853 11.750 10-25-28 14,282 12,068
Bank of America, Loan ID - R1D341275604 11.750 09-01-24 2,367 2,000
Bank of America, Loan ID - R1D341322613 11.750 12-01-60 2,422 2,046
Bank of America, Loan ID - R1D341390326 11.875 11-01-37 4,518 3,817
Bank of America, Loan ID - R1D341457276 11.750 02-01-28 12,088 10,214
Bank of America, Loan ID - R1D341636404 10.750 11-25-28 11,866 10,027
Bank of America, Loan ID - R1D344823261 10.750 12-01-30 468 396
Bank of America, Loan ID - R1D344880025 10.750 09-01-24 9,932 8,392
Bank of America, Loan ID - R1D344899622 8.250 07-01-29 36,350 30,716
Bank of America, Loan ID - R1D344988281 8.000 12-01-28 15,631 13,209
Bank of America, Loan ID - R1D345104108 11.250 07-25-29 17,215 14,546
Bank of America, Loan ID - R1D345110610 4.250 01-01-30 50,827 42,949
Bank of America, Loan ID - R1D345137370 10.125 11-01-38 4,078 3,446
Bank of America, Loan ID - R1D345207689 10.625 01-01-52 4,178 3,531
Bank of America, Loan ID - R1D345296610 10.125 04-01-28 16,246 13,728
Bank of America, Loan ID - R1D345477899 10.250 11-01-36 1,687 1,426
Bank of America, Loan ID - R1D345587535 (H) 9.875 11-01-36 27,471 23,213
Bank of America, Loan ID - R1D345602157 13.125 03-01-37 17,546 14,827
Bank of America, Loan ID - R1D345670228 10.125 11-25-28 4,591 3,879
Bank of America, Loan ID - R1D345744745 10.125 08-01-33 8,522 7,201
Bank of America, Loan ID - R1D345756898 6.625 04-01-25 3,710 3,135
8 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D345890887 10.125 02-01-62 2,946 $2,490
Bank of America, Loan ID - R1D345901395 (I) 10.750 03-01-24 5,994 5,065
Bank of America, Loan ID - R1D345907416 10.125 07-01-31 11,151 9,423
Bank of America, Loan ID - R1D345924792 3.750 05-01-35 52,450 44,320
Bank of America, Loan ID - R1D345932279 10.500 12-25-28 4,425 3,739
Bank of America, Loan ID - R1D345950224 9.000 09-05-33 250 212
Bank of America, Loan ID - R1D345954233 10.500 08-01-24 8,754 7,397
Bank of America, Loan ID - R1D346002313 3.625 09-01-35 120,709 101,999
Bank of America, Loan ID - R1D346131763 9.500 08-01-28 29,159 24,639
Bank of America, Loan ID - R1D346134156 3.500 06-01-30 25,746 21,755
Bank of America, Loan ID - R1D346443425 10.750 09-01-40 5,469 4,621
Bank of America, Loan ID - R1D346466520 11.750 05-01-36 8,313 7,024
Bank of America, Loan ID - R1D346861677 (H) 11.000 07-01-24 6,412 5,418
Bank of America, Loan ID - R1D347017838 11.750 04-01-38 4,746 4,010
Bank of America, Loan ID - R1D347088470 10.500 02-01-25 3,488 2,948
Bank of America, Loan ID - R1D347304802 3.750 01-25-29 119,490 100,969
Bank of America, Loan ID - R1D347307643 10.625 01-01-29 14,977 12,655
Bank of America, Loan ID - R1D347309299 11.500 11-01-45 12,547 10,602
Bank of America, Loan ID - R1D347380108 11.375 03-01-26 8,843 7,472
Bank of America, Loan ID - R1D347661162 8.625 07-01-25 1,155 976
Bank of America, Loan ID - R1D347671501 10.000 12-01-32 26,356 22,271
Bank of America, Loan ID - R1D347751726 8.750 12-25-28 9,603 8,115
Bank of America, Loan ID - R1D347751887 (G) 8.250 11-25-28 17,426 14,725
Bank of America, Loan ID - R1D347806979 8.000 06-01-36 5,988 5,060
Bank of America, Loan ID - R1D347878229 9.500 10-05-33 9,134 7,718
Bank of America, Loan ID - R1D348024808 7.500 09-01-24 31,198 26,362
Bank of America, Loan ID - R1D348084672 8.000 02-25-29 16,592 14,020
Bank of America, Loan ID - R1D348108123 8.000 07-01-29 80,034 67,629
Bank of America, Loan ID - R1D348198056 9.375 04-01-25 4,692 3,964
Bank of America, Loan ID - R1D348255384 (G) 12.625 06-01-35 7,611 6,432
Bank of America, Loan ID - R1D348299081 11.750 01-25-29 9,486 8,016
Bank of America, Loan ID - R1D348366548 11.750 12-01-36 673 569
Bank of America, Loan ID - R1D348672470 (G) 3.000 12-01-31 24,887 21,030
Bank of America, Loan ID - R1D348696252 11.000 03-01-28 9,171 7,749
Bank of America, Loan ID - R1D348943151 11.250 05-01-37 9,500 8,028
Bank of America, Loan ID - R1D349060460 10.500 05-25-29 5,969 5,044
Bank of America, Loan ID - R1D349228775 11.875 07-01-34 4,436 3,749
Bank of America, Loan ID - R1D349494107 (H) 8.250 11-01-37 10,159 8,584
Bank of America, Loan ID - R1D349499896 9.375 02-25-29 8,300 7,013
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 9
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D351511643 (G) 4.500 10-01-28 132,791 $112,208
Bank of America, Loan ID - R1D351675329 8.000 10-01-33 36,961 31,232
Bank of America, Loan ID - R1D351889492 8.250 09-01-28 48,789 41,227
Bank of America, Loan ID - R1D352062298 9.500 06-01-28 36,868 31,153
Bank of America, Loan ID - R1D352391377 (G) 9.000 02-01-34 32,172 27,185
Bank of America, Loan ID - R1D354260276 8.250 04-01-29 7,436 6,284
Bank of America, Loan ID - R1D354445591 8.750 03-01-27 9,381 7,927
Bank of America, Loan ID - R1D355097223 9.375 12-01-55 25,253 21,339
Bank of America, Loan ID - R1D355097959 5.000 08-01-25 123,732 104,554
Bank of America, Loan ID - R1D355403629 11.875 05-01-48 1,657 1,400
Bank of America, Loan ID - R1D356146903 8.000 09-01-35 195 165
Bank of America, Loan ID - R1D356173883 8.250 09-01-30 41,589 35,143
Bank of America, Loan ID - R1D356181172 8.250 06-25-29 20,651 17,450
Bank of America, Loan ID - R1D356499075 (I) 10.750 03-01-24 5,590 4,723
Bank of America, Loan ID - R1D356699520 4.000 09-01-25 24,485 20,690
Bank of America, Loan ID - R1D356859476 (I) 8.500 04-01-24 12,640 10,681
Bank of America, Loan ID - R1D357357292 11.750 12-01-32 8,997 7,602
Bank of America, Loan ID - R1D359564954 3.750 12-01-30 106,076 89,634
Bank of America, Loan ID - R1D360095964 (I) 10.500 01-01-24 13,392 11,316
Bank of America, Loan ID - R1D360234127 8.250 01-01-37 28,337 23,945
Bank of America, Loan ID - R1D360265715 11.250 03-01-35 6,510 5,501
Bank of America, Loan ID - R1D36034652 10.250 11-01-35 6,704 5,665
Bank of America, Loan ID - R1D361381490 8.250 02-01-27 17,084 14,436
Bank of America, Loan ID - R1D361469782 10.125 11-01-36 5,026 4,247
Bank of America, Loan ID - R1D361537011 4.130 05-25-29 211,958 179,105
Bank of America, Loan ID - R1D361608499 10.250 05-01-58 6,003 5,073
Bank of America, Loan ID - R1D36170513 10.125 05-01-29 813 687
Bank of America, Loan ID - R1D361739084 8.000 12-01-32 4,400 3,718
Bank of America, Loan ID - R1D361892055 (G) 11.250 01-01-32 16,347 13,813
Bank of America, Loan ID - R1D361936975 8.250 05-01-36 24,580 20,770
Bank of America, Loan ID - R1D361948846 9.500 09-01-51 2,700 2,282
Bank of America, Loan ID - R1D362044297 9.250 06-01-35 17,571 14,848
Bank of America, Loan ID - R1D362044305 9.250 05-01-31 17,577 14,853
Bank of America, Loan ID - R1D362088294 8.750 08-01-24 75,198 63,542
Bank of America, Loan ID - R1D362185211 8.250 05-25-29 54,324 45,904
Bank of America, Loan ID - R1D362633573 8.375 07-25-29 40,918 34,576
Bank of America, Loan ID - R1D362668892 3.875 06-01-25 36,742 31,047
Bank of America, Loan ID - R1D362733412 (H) 10.500 08-01-27 5,061 4,276
Bank of America, Loan ID - R1D362756193 10.125 06-25-29 3,390 2,864
10 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D363207796 8.250 07-01-29 74,357 $62,831
Bank of America, Loan ID - R1D363420996 (H) 11.000 05-25-29 12,278 10,375
Bank of America, Loan ID - R1D363599719 9.875 08-01-29 139,578 117,943
Bank of America, Loan ID - R1D363833514 8.625 05-01-28 11,836 10,001
Bank of America, Loan ID - R1D363873763 (H) 2.000 08-01-29 43,163 36,473
Bank of America, Loan ID - R1D363893233 3.750 05-01-30 156,663 132,380
Bank of America, Loan ID - R1D36389441 10.125 01-01-28 314 265
Bank of America, Loan ID - R1D363899752 11.750 11-01-37 8,516 7,196
Bank of America, Loan ID - R1D363904900 8.000 07-01-30 27,068 22,873
Bank of America, Loan ID - R1D364621981 9.500 12-01-47 3,216 2,717
Bank of America, Loan ID - R1D36487518 10.125 01-01-30 2,300 1,944
Bank of America, Loan ID - R1D36498874 10.875 11-01-35 2,252 1,903
Bank of America, Loan ID - R1D365497744 3.625 05-01-30 95,477 80,678
Bank of America, Loan ID - R1D365732055 8.250 02-01-48 7,275 6,147
Bank of America, Loan ID - R1D366122718 10.625 10-01-38 4,296 3,630
Bank of America, Loan ID - R1D366268863 10.125 10-01-27 2,233 1,887
Bank of America, Loan ID - R1D36627178 3.875 04-01-31 86,022 72,688
Bank of America, Loan ID - R1D366643686 9.375 09-25-29 46,159 39,004
Bank of America, Loan ID - R1D366683283 9.500 08-01-64 29,207 24,680
Bank of America, Loan ID - R1D366831278 8.000 08-25-29 23,704 20,029
Bank of America, Loan ID - R1D366865047 11.750 08-25-29 6,927 5,853
Bank of America, Loan ID - R1D366899536 (H) 4.875 12-01-35 39,604 33,466
Bank of America, Loan ID - R1D366957506 11.250 04-01-37 21,933 18,533
Bank of America, Loan ID - R1D367129539 (G) 10.125 03-01-25 11,111 9,389
Bank of America, Loan ID - R1D367146938 9.375 04-01-32 12,228 10,333
Bank of America, Loan ID - R1D367318342 10.125 07-01-27 4,946 4,180
Bank of America, Loan ID - R1D367340376 9.375 03-01-48 34,337 29,015
Bank of America, Loan ID - R1D36749564 (H) 11.500 06-01-35 18 15
Bank of America, Loan ID - R1D367593182 8.500 09-01-25 46,109 38,962
Bank of America, Loan ID - R1D367822183 8.625 08-25-29 13,662 11,544
Bank of America, Loan ID - R1D367978692 10.500 02-01-25 11,758 9,935
Bank of America, Loan ID - R1D367979468 10.625 09-01-28 11,473 9,694
Bank of America, Loan ID - R1D368071015 8.500 08-01-24 14,952 12,635
Bank of America, Loan ID - R1D368109493 10.500 02-01-49 901 761
Bank of America, Loan ID - R1D368227582 (G) 5.875 12-01-28 21,913 18,517
Bank of America, Loan ID - R1D368465662 10.500 06-01-26 2,661 2,248
Bank of America, Loan ID - R1D37065578 10.000 05-01-41 3,644 3,079
Bank of America, Loan ID - R1D377116667 (H) 12.125 08-01-24 9,988 8,440
Bank of America, Loan ID - R1D378464847 9.875 09-25-29 17,092 14,443
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 11
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D382472688 (G) 6.500 11-01-28 100,524 $84,943
Bank of America, Loan ID - R1D382811963 3.875 02-01-36 118,846 100,425
Bank of America, Loan ID - R1D382866130 (H) 3.750 02-01-31 244,014 206,192
Bank of America, Loan ID - R1D382964334 8.250 04-01-25 1,719 1,452
Bank of America, Loan ID - R1D383023953 8.000 07-01-28 46,638 39,409
Bank of America, Loan ID - R1D383930490 8.000 05-01-37 28,209 23,836
Bank of America, Loan ID - R1D383989247 8.000 01-01-34 15,465 13,068
Bank of America, Loan ID - R1D384203747 3.750 10-25-29 184,744 156,108
Bank of America, Loan ID - R1D384640739 8.875 12-01-30 13,788 11,651
Bank of America, Loan ID - R1D385022522 (H) 8.250 10-01-29 46,078 38,936
Bank of America, Loan ID - R1D386282717 8.625 11-25-29 8,956 7,568
Bank of America, Loan ID - R1D396995685 4.375 03-01-26 508,868 430,972
Bank of America, Loan ID - R1D397015502 8.625 05-25-30 13,439 11,356
Bank of America, Loan ID - R1D39701670 14.375 04-01-28 8,346 7,052
Bank of America, Loan ID - R1D4135626031 (H) 9.500 10-11-35 59,054 42,277
Bank of America, Loan ID - R1D4135626439 4.410 11-15-31 161,320 115,489
Bank of America, Loan ID - R1D4135734289 8.500 11-24-35 22,841 16,352
Bank of America, Loan ID - R1D4142769943 (G) 8.750 05-24-36 20,611 14,755
Bank of America, Loan ID - R1D4142800616 8.500 04-25-36 12,871 9,214
Bank of America, Loan ID - R1D4142828361 8.750 04-19-36 47,549 34,041
Bank of America, Loan ID - R1D4142856650 8.500 06-23-36 34,485 24,688
Bank of America, Loan ID - R1D4142878025 (H) 5.000 04-25-36 167,059 119,597
Bank of America, Loan ID - R1D4142880321 (H) 4.125 06-15-36 57,047 40,840
Bank of America, Loan ID - R1D4159368640 8.500 10-01-36 57,654 41,274
Bank of America, Loan ID - R1D4176255967 (H) 9.125 07-25-32 21,282 15,236
Bank of America, Loan ID - R1D4872500158 (H) 5.125 08-01-55 9,940 7,116
Bank of America, Loan ID - R1D4874021873 6.125 11-01-34 167,201 119,699
Bank of America, Loan ID - R1D4875021313 (H) 8.840 02-01-34 10,140 7,259
Bank of America, Loan ID - R1D4875387526 7.640 01-01-29 21,010 15,041
Bank of America, Loan ID - R1D4875700321 (H) 7.100 06-30-30 17,365 12,431
Bank of America, Loan ID - R1D4875704583 (H) 7.750 09-22-30 10,623 7,605
Bank of America, Loan ID - R1D4875758189 (G) 2.740 03-29-33 394,404 282,354
Bank of America, Loan ID - R1D4875958325 (H) 8.440 12-01-31 16,492 11,806
12 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D4875960106 (G) 8.090 04-15-32 43,347 $31,032
Bank of America, Loan ID - R1D4875973630 (H) 8.090 03-01-31 22,201 15,894
Bank of America, Loan ID - R1D4876049582 (H) 8.240 07-18-32 18,292 13,095
Bank of America, Loan ID - R1D4876098035 4.240 03-12-33 3,233 2,315
Bank of America, Loan ID - R1D4876317082 (H) 7.490 07-29-30 59,371 42,504
Bank of America, Loan ID - R1D4876484679 (H) 7.740 06-26-31 99,115 70,956
Bank of America, Loan ID - R1D4876635543 (G) 7.740 09-17-32 28,074 20,098
Bank of America, Loan ID - R1D4876762155 (H) 7.740 01-16-36 62,940 45,059
Bank of America, Loan ID - R1D4876763347 (G) 4.375 01-03-54 349,245 250,024
Bank of America, Loan ID - R1D4876765322 7.990 05-25-35 33,578 24,039
Bank of America, Loan ID - R1D4876771641 (G) 2.740 06-01-35 137,964 98,768
Bank of America, Loan ID - R1D4876787441 3.000 09-01-54 334,268 239,303
Bank of America, Loan ID - R1D4877096402 (H) 9.240 05-01-35 30,803 22,052
Bank of America, Loan ID - R1D4877182962 (H) 5.059 11-12-31 48,719 34,878
Bank of America, Loan ID - R1D4877458965 (H) 4.000 10-20-34 50,317 36,022
Bank of America, Loan ID - R1D4877498694 (H) 7.690 12-10-29 9,393 6,724
Bank of America, Loan ID - R1D4877518821 (H) 10.490 10-25-31 19,677 14,087
Bank of America, Loan ID - R1D4877521188 (H) 6.190 02-09-32 14,088 10,085
Bank of America, Loan ID - R1D625920381 8.750 10-25-29 6,519 6,137
Bank of America, Loan ID - R1D645293729 8.500 11-25-28 3,126 2,998
Bank of America, Loan ID - R1D648343679 9.750 11-25-29 84,421 80,686
Bank of America, Loan ID - R1D65354358 10.875 11-25-29 10,648 10,648
Bank of America, Loan ID - R1D654825694 11.000 10-25-29 663 663
Bank of America, Loan ID - R1D656506660 11.500 06-25-29 7,301 6,999
Bank of America, Loan ID - R1D65796677 10.875 10-25-29 6,077 6,069
Bank of America, Loan ID - R1D659579588 11.375 07-25-29 17,183 16,913
Bank of America, Loan ID - R1D660513322 3.500 08-01-29 44,186 35,041
Bank of America, Loan ID - R1D661194855 12.500 09-25-29 22,407 22,400
Bank of America, Loan ID - R1D661198639 11.500 09-25-29 2,032 2,032
Bank of America, Loan ID - R1D662692977 8.500 07-25-29 18,559 17,714
Bank of America, Loan ID - R1D662956543 10.375 10-25-29 3,049 2,977
Bank of America, Loan ID - R1D663275376 3.625 11-25-29 74,355 60,049
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 13
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D663450913 12.000 10-25-29 10,016 $10,016
Bank of America, Loan ID - R1D663679709 11.000 10-25-29 19,086 19,086
Bank of America, Loan ID - R1D663882323 10.375 10-25-29 8,752 8,681
Bank of America, Loan ID - R1D663977877 9.500 12-25-29 7,163 5,279
Bank of America, Loan ID - R1D664976594 11.500 10-25-29 3,420 3,420
Bank of America, Loan ID - R1D665123183 8.500 08-25-29 74,556 71,436
Bank of America, Loan ID - R1D665400024 10.500 11-25-29 9,361 8,806
Bank of America, Loan ID - R1D665729948 10.875 10-25-29 4,231 4,231
Bank of America, Loan ID - R1D666174494 11.000 10-25-29 13,890 13,746
Bank of America, Loan ID - R1D666480562 4.500 08-01-29 352,544 298,522
Bank of America, Loan ID - R1D667063186 9.125 10-25-29 22,474 21,773
Bank of America, Loan ID - R1D667282831 9.250 08-25-29 20,104 19,469
Bank of America, Loan ID - R1D667759124 12.000 11-25-29 13,255 13,255
Bank of America, Loan ID - R1D667789897 8.750 10-25-29 4,453 4,261
Bank of America, Loan ID - R1D667817878 8.875 08-25-29 37,777 36,432
Bank of America, Loan ID - R1D667955965 11.375 10-25-29 9,773 9,713
Bank of America, Loan ID - R1D668134805 10.500 11-25-29 16,083 16,019
Bank of America, Loan ID - R1D668175186 8.750 09-25-29 4,146 3,970
Bank of America, Loan ID - R1D668350421 10.500 10-25-29 18,055 17,834
Bank of America, Loan ID - R1D668350541 12.000 10-25-29 26,147 25,988
Bank of America, Loan ID - R1D668477927 11.500 10-25-29 22,911 22,911
Bank of America, Loan ID - R1D67101124 12.000 11-25-29 15,833 15,833
Bank of America, Loan ID - R1D67442686 12.750 10-25-29 6,744 6,744
Bank of America, Loan ID - R1D676527815 9.000 10-25-29 7,444 7,076
Bank of America, Loan ID - R1D676546412 5.250 10-25-29 144,930 135,838
Bank of America, Loan ID - R1D676708672 10.750 10-31-29 7,227 7,181
Bank of America, Loan ID - R1D676710984 9.750 11-25-29 36,511 35,457
Bank of America, Loan ID - R1D676783039 10.375 11-25-29 15,418 15,326
Bank of America, Loan ID - R1D676786718 12.000 10-25-29 6,887 6,887
Bank of America, Loan ID - R1D677095414 9.000 10-25-29 24,102 22,644
Bank of America, Loan ID - R1D677199188 10.625 10-25-29 17,329 17,307
Bank of America, Loan ID - R1D677411237 10.375 10-25-29 10,808 10,740
Bank of America, Loan ID - R1D677428969 11.000 09-25-29 26,672 26,672
Bank of America, Loan ID - R1D677430401 12.000 10-25-29 31,148 31,148
Bank of America, Loan ID - R1D677448552 9.625 10-25-29 10,727 10,395
Bank of America, Loan ID - R1D677449020 9.375 09-25-29 37,270 35,917
Bank of America, Loan ID - R1D677449540 5.875 10-01-29 25,738 22,650
Bank of America, Loan ID - R1D677468466 11.750 10-25-29 6,074 5,551
Bank of America, Loan ID - R1D677588112 12.500 08-25-29 18,901 18,848
Bank of America, Loan ID - R1D677759741 10.750 09-25-29 17,234 16,768
Bank of America, Loan ID - R1D677785217 10.000 09-25-29 16,070 15,712
Bank of America, Loan ID - R1D677785521 9.000 09-25-29 40,756 39,115
Bank of America, Loan ID - R1D677792417 3.625 09-25-29 30,272 25,319
Bank of America, Loan ID - R1D677869939 11.000 08-25-29 17,241 17,241
14 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D677910257 8.625 09-25-29 5,949 $5,714
Bank of America, Loan ID - R1D678029048 9.750 10-25-29 20,700 20,180
Bank of America, Loan ID - R1D678181187 3.750 10-25-29 91,114 62,390
Bank of America, Loan ID - R1D678288897 12.000 10-25-29 10,900 10,900
Bank of America, Loan ID - R1D678347296 9.875 10-25-29 14,595 14,227
Bank of America, Loan ID - R1D678601292 10.625 10-25-29 31,003 30,899
Bank of America, Loan ID - R1D678715723 10.250 11-25-29 17,772 17,574
Bank of America, Loan ID - R1D678854988 3.250 10-01-29 44,382 35,466
Bank of America, Loan ID - R1D678856716 3.750 10-01-29 73,402 54,469
Bank of America, Loan ID - R1D678986092 11.000 11-25-29 5,756 5,756
Bank of America, Loan ID - R1D678986684 11.250 11-25-29 10,098 10,098
Bank of America, Loan ID - R1D679172828 11.000 11-25-29 12,180 12,180
Bank of America, Loan ID - R1D679180285 13.250 10-25-29 21,095 21,095
Bank of America, Loan ID - R1D679213009 11.625 06-25-29 6,195 6,195
Bank of America, Loan ID - R1D679251070 10.250 11-25-29 45,476 43,677
Bank of America, Loan ID - R1D681746961 11.500 09-25-29 10,567 10,567
Bank of America, Loan ID - R1D681784389 3.875 09-25-29 381,694 316,297
Bank of America, Loan ID - R1D681930432 11.250 10-25-29 7,073 6,655
Bank of America, Loan ID - R1D681965722 11.000 10-25-29 30,108 29,070
Bank of America, Loan ID - R1D681965866 9.500 10-25-29 12,014 11,658
Bank of America, Loan ID - R1D681977177 9.000 10-25-29 4,714 4,538
Bank of America, Loan ID - R1D682034637 8.500 11-25-29 17,712 16,224
Bank of America, Loan ID - R1D682037538 12.000 10-25-29 4,926 4,926
Bank of America, Loan ID - R1D682118266 8.750 10-25-29 14,752 14,061
Bank of America, Loan ID - R1D682137392 3.750 12-25-29 72,103 62,560
Bank of America, Loan ID - R1D682188145 11.500 10-25-29 13,230 13,230
Bank of America, Loan ID - R1D682238486 9.250 09-25-29 39,726 37,399
Bank of America, Loan ID - R1D682377981 9.000 10-25-29 22,827 22,038
Bank of America, Loan ID - R1D682383357 13.000 12-25-29 4,328 4,328
Bank of America, Loan ID - R1D682449041 11.500 10-25-29 15,624 15,094
Bank of America, Loan ID - R1D682585998 11.500 10-25-29 317 0
Bank of America, Loan ID - R1D682663667 11.000 10-25-29 11,380 11,380
Bank of America, Loan ID - R1D682746907 10.875 10-25-29 19,545 19,545
Bank of America, Loan ID - R1D682800794 10.750 10-25-29 17,608 17,296
Bank of America, Loan ID - R1D682910647 3.875 10-25-29 88,196 72,105
Bank of America, Loan ID - R1D683002263 11.375 11-25-29 21,901 21,901
Bank of America, Loan ID - R1D683013402 8.500 11-25-29 11,749 11,181
Bank of America, Loan ID - R1D683013538 10.750 11-25-29 2,874 2,775
Bank of America, Loan ID - R1D683041593 12.000 10-25-29 3,512 2,550
Bank of America, Loan ID - R1D683086895 10.750 10-25-29 15,443 15,434
Bank of America, Loan ID - R1D683134629 11.000 10-25-29 11,467 11,467
Bank of America, Loan ID - R1D683144251 11.500 09-25-29 715 683
Bank of America, Loan ID - R1D683146203 12.375 10-25-29 6,659 6,659
Bank of America, Loan ID - R1D683164492 3.875 10-25-29 217,380 184,130
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 15
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D683170000 6.750 10-25-29 17,414 $17,414
Bank of America, Loan ID - R1D683209918 8.500 10-25-29 6,232 5,853
Bank of America, Loan ID - R1D683247647 10.875 10-25-29 12,023 12,023
Bank of America, Loan ID - R1D683282764 12.625 11-25-29 20,117 20,117
Bank of America, Loan ID - R1D683289736 9.625 10-25-29 2,386 2,316
Bank of America, Loan ID - R1D683293716 10.250 10-25-29 33,962 33,567
Bank of America, Loan ID - R1D683355608 8.750 10-25-29 15,207 14,553
Bank of America, Loan ID - R1D683378087 9.000 10-25-29 65,990 63,029
Bank of America, Loan ID - R1D683382736 8.500 10-25-29 7,335 6,878
Bank of America, Loan ID - R1D683433137 8.500 10-25-29 2,579 2,468
Bank of America, Loan ID - R1D683444529 10.875 10-25-29 938 928
Bank of America, Loan ID - R1D683508082 9.625 10-25-29 18,468 18,082
Bank of America, Loan ID - R1D683510314 12.750 10-25-29 1,312 1,312
Bank of America, Loan ID - R1D683534085 10.750 10-25-29 1,655 1,645
Bank of America, Loan ID - R1D683558159 10.750 11-25-29 6,191 6,034
Bank of America, Loan ID - R1D683561889 9.500 10-25-29 8,640 8,404
Bank of America, Loan ID - R1D683594230 4.625 10-01-29 74,135 55,366
Bank of America, Loan ID - R1D683598309 11.500 11-25-29 10,230 10,230
Bank of America, Loan ID - R1D683612904 10.375 10-25-29 2,595 2,554
Bank of America, Loan ID - R1D683621145 11.000 10-25-29 6,787 6,787
Bank of America, Loan ID - R1D683728065 9.625 10-25-29 19,039 18,151
Bank of America, Loan ID - R1D683734720 8.500 11-25-29 68,554 65,200
Bank of America, Loan ID - R1D683791396 9.500 10-25-29 57,071 55,485
Bank of America, Loan ID - R1D683806868 12.000 11-25-29 2,170 2,170
Bank of America, Loan ID - R1D683838320 4.750 10-01-29 25,203 21,913
Bank of America, Loan ID - R1D683843935 8.500 10-25-29 2,922 2,796
Bank of America, Loan ID - R1D683868522 4.125 10-01-29 60,608 49,451
Bank of America, Loan ID - R1D683884018 11.000 11-25-29 6,702 6,702
Bank of America, Loan ID - R1D683995587 4.375 10-25-29 215,018 178,568
Bank of America, Loan ID - R1D684092694 11.000 10-25-29 2,055 2,055
Bank of America, Loan ID - R1D684137068 11.500 10-25-29 5,627 5,627
Bank of America, Loan ID - R1D684180712 9.750 10-25-29 5,677 5,429
Bank of America, Loan ID - R1D684224954 9.625 11-25-29 6,940 6,699
Bank of America, Loan ID - R1D684241912 10.375 10-25-29 3,459 3,430
Bank of America, Loan ID - R1D684283115 9.500 10-25-29 21,292 20,711
Bank of America, Loan ID - R1D684332669 10.375 11-25-29 5,200 5,167
Bank of America, Loan ID - R1D684335286 12.000 10-25-29 8,047 8,047
Bank of America, Loan ID - R1D684401932 4.875 10-01-29 32,993 28,221
Bank of America, Loan ID - R1D684423921 12.750 10-25-29 3,441 3,441
Bank of America, Loan ID - R1D684438382 9.250 11-25-29 45,516 43,553
Bank of America, Loan ID - R1D684449129 9.625 10-25-29 22,554 21,930
Bank of America, Loan ID - R1D684477402 12.000 10-25-29 16,440 16,440
Bank of America, Loan ID - R1D684517492 5.625 10-25-29 32,592 10,772
Bank of America, Loan ID - R1D684549610 10.875 11-25-29 14,994 14,994
16 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D684551330 11.000 11-25-29 4,210 $3,138
Bank of America, Loan ID - R1D684611565 12.000 11-25-29 4,815 4,815
Bank of America, Loan ID - R1D684623098 8.750 11-25-29 19,428 18,580
Bank of America, Loan ID - R1D684628671 12.000 10-25-29 4,459 4,459
Bank of America, Loan ID - R1D684714187 8.750 10-25-29 22,003 20,990
Bank of America, Loan ID - R1D684718416 12.000 11-25-29 23,798 23,798
Bank of America, Loan ID - R1D684754194 9.625 11-25-29 81,376 79,658
Bank of America, Loan ID - R1D684756906 12.000 10-25-29 8,232 8,232
Bank of America, Loan ID - R1D684760509 13.000 11-25-29 4,883 4,883
Bank of America, Loan ID - R1D684779309 9.625 12-25-29 13,465 12,982
Bank of America, Loan ID - R1D684793043 10.375 11-30-29 10,774 10,709
Bank of America, Loan ID - R1D684824695 10.750 10-25-29 3,420 3,418
Bank of America, Loan ID - R1D684846066 10.750 11-25-29 18,576 18,561
Bank of America, Loan ID - R1D684953503 8.500 11-25-29 19,230 18,202
Bank of America, Loan ID - R1D684967411 4.250 11-25-29 92,711 73,302
Bank of America, Loan ID - R1D684980716 8.875 10-25-29 31,676 30,411
Bank of America, Loan ID - R1D685097423 11.000 10-25-29 2,011 2,011
Bank of America, Loan ID - R1D685166959 11.125 11-25-29 1,173 831
Bank of America, Loan ID - R1D685221694 12.000 11-25-29 3,052 3,052
Bank of America, Loan ID - R1D685244633 12.000 11-25-29 17,112 17,112
Bank of America, Loan ID - R1D685286302 10.750 11-25-29 8,873 8,870
Bank of America, Loan ID - R1D685302504 10.375 11-25-29 17,930 16,478
Bank of America, Loan ID - R1D685329020 8.750 11-25-29 7,581 7,285
Bank of America, Loan ID - R1D685531245 11.000 12-25-29 2,368 2,295
Bank of America, Loan ID - R1D685834100 12.000 11-25-29 5,952 5,765
Bank of America, Loan ID - R1D685845319 8.500 11-25-29 60,948 58,296
Bank of America, Loan ID - R1D685853757 10.375 11-25-29 452 57
Bank of America, Loan ID - R1D685928028 12.000 10-25-29 18,514 18,514
Bank of America, Loan ID - R1D685937267 8.750 11-25-29 13,260 12,598
Bank of America, Loan ID - R1D685945624 5.125 01-01-30 61,590 52,337
Bank of America, Loan ID - R1D685946384 4.750 12-01-29 54,597 46,262
Bank of America, Loan ID - R1D685968483 8.750 11-25-29 9,736 8,532
Bank of America, Loan ID - R1D685979295 3.625 10-25-29 11,081 10,063
Bank of America, Loan ID - R1D686107034 4.750 11-01-29 36,822 24,768
Bank of America, Loan ID - R1D686170042 9.125 11-25-29 155,588 145,929
Bank of America, Loan ID - R1D686179719 9.750 11-25-29 7,622 7,380
Bank of America, Loan ID - R1D686185292 4.875 10-01-29 65,352 48,978
Bank of America, Loan ID - R1D686194538 4.000 12-25-29 107,494 86,905
Bank of America, Loan ID - R1D686204803 8.500 11-25-29 29,603 27,796
Bank of America, Loan ID - R1D686216721 10.125 11-25-29 1,697 1,603
Bank of America, Loan ID - R1D686248222 11.500 11-25-29 10,304 9,745
Bank of America, Loan ID - R1D686281525 13.125 11-25-29 6,077 6,077
Bank of America, Loan ID - R1D686392408 6.250 11-25-29 82,692 82,692
Bank of America, Loan ID - R1D686403257 8.875 11-25-29 9,867 9,463
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 17
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D686417680 4.000 11-25-29 44,037 $35,541
Bank of America, Loan ID - R1D686420295 3.875 12-01-29 21,988 18,003
Bank of America, Loan ID - R1D686463364 3.625 11-25-29 42,830 34,265
Bank of America, Loan ID - R1D686481633 12.000 11-25-29 18,728 18,728
Bank of America, Loan ID - R1D686521219 10.750 11-25-29 4,454 4,450
Bank of America, Loan ID - R1D686527895 11.000 11-25-29 10,582 8,961
Bank of America, Loan ID - R1D686578566 9.625 12-25-29 10,837 10,385
Bank of America, Loan ID - R1D686606955 8.500 11-25-29 11,029 10,547
Bank of America, Loan ID - R1D686659596 3.625 11-25-29 48,333 38,995
Bank of America, Loan ID - R1D686677982 11.000 11-25-29 9,473 9,473
Bank of America, Loan ID - R1D686679970 11.000 11-25-29 7,951 7,951
Bank of America, Loan ID - R1D686681422 4.500 11-01-29 50,875 39,793
Bank of America, Loan ID - R1D686730930 4.125 11-01-29 73,710 57,157
Bank of America, Loan ID - R1D686731922 8.875 11-25-29 11,600 10,581
Bank of America, Loan ID - R1D686797077 13.000 11-25-29 6,688 6,688
Bank of America, Loan ID - R1D686812987 11.500 11-25-29 412 412
Bank of America, Loan ID - R1D686854848 10.375 11-25-24 1,217 1,217
Bank of America, Loan ID - R1D686877830 8.750 11-25-29 4,209 4,026
Bank of America, Loan ID - R1D686921545 9.000 11-25-29 21,924 20,738
Bank of America, Loan ID - R1D687043683 11.000 11-25-29 12,269 12,269
Bank of America, Loan ID - R1D687049159 9.000 12-25-29 20,558 19,433
Bank of America, Loan ID - R1D687194397 4.250 11-01-29 56,190 47,024
Bank of America, Loan ID - R1D687370577 3.625 11-25-29 122,406 82,975
Bank of America, Loan ID - R1D687663380 3.625 11-25-29 52,657 39,355
Capital Asset Management, Loan ID - R1D1153882 3.900 09-01-47 68,575 47,811
Capital Asset Management, Loan ID - R1D1164563 (G) 2.496 07-01-50 479,912 334,594
Capital Asset Management, Loan ID - R1D1164608 (G) 9.020 01-01-39 76,772 53,526
Capital Asset Management, Loan ID - R1D1182587 3.000 09-01-54 101,251 70,592
Capital Asset Management, Loan ID - R1D1182798 5.050 12-01-60 124,134 86,546
Capital Asset Management, Loan ID - R1D1183348 (G) 4.000 05-01-48 41,111 28,663
Capital Asset Management, Loan ID - R1D1183623 12.375 11-01-36 53,449 37,264
Capital Asset Management, Loan ID - R1D1183665 9.000 02-01-62 322,620 224,930
Capital Asset Management, Loan ID - R1D1183940 4.000 07-01-56 109,948 76,656
Capital Asset Management, Loan ID - R1D1184084 (G) 2.000 02-01-49 47,017 32,780
Capital Asset Management, Loan ID - R1D1184204 (H) 12.375 12-01-36 66,452 46,330
18 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1184992 4.000 11-10-43 33,691 $23,489
Capital Asset Management, Loan ID - R1D1185065 (G) 3.000 02-01-62 72,913 50,835
Capital Asset Management, Loan ID - R1D1185111 (H) 4.000 08-01-53 85,232 59,424
Capital Asset Management, Loan ID - R1D1185232 10.750 10-01-36 89,878 62,663
Capital Asset Management, Loan ID - R1D1213420 7.650 03-01-37 52,487 36,594
Capital Asset Management, Loan ID - R1D1214687 (H) 9.000 01-01-52 146,163 101,905
Capital Asset Management, Loan ID - R1D1214825 (G) 10.250 02-01-37 130,067 90,683
Capital Asset Management, Loan ID - R1D1216036 10.000 03-19-62 47,163 32,882
Capital Asset Management, Loan ID - R1D1233673 (H) 11.000 02-15-27 9,644 6,724
Capital Asset Management, Loan ID - R1D1246972 6.950 11-01-35 20,694 14,428
Capital Asset Management, Loan ID - R1D1250210 (H) 7.350 04-15-32 152,139 106,071
Capital Asset Management, Loan ID - R1D1250878 7.500 10-25-38 6,014 4,193
Capital Asset Management, Loan ID - R1D1251042 (G) 6.000 07-05-41 41,812 29,151
Capital Asset Management, Loan ID - R1D1251729 4.000 04-06-29 17,708 12,346
Capital Asset Management, Loan ID - R1D1252559 5.500 08-10-37 55,661 38,807
Capital Asset Management, Loan ID - R1D1253196 4.250 12-01-49 24,171 16,852
Capital Asset Management, Loan ID - R1D1270232 6.696 12-01-32 9,213 6,423
Capital Asset Management, Loan ID - R1D1270489 4.999 02-01-25 6,793 4,736
Capital Asset Management, Loan ID - R1D1270661 (G) 4.625 04-01-24 2,766 1,929
Capital Asset Management, Loan ID - R1D1270777 (H) 4.000 03-01-34 69,930 48,755
Capital Asset Management, Loan ID - R1D1271079 4.999 10-01-38 33,496 23,353
Capital Asset Management, Loan ID - R1D1271156 4.875 02-01-40 39,206 27,335
Capital Asset Management, Loan ID - R1D1271259 4.250 09-01-24 3,543 2,470
Capital Asset Management, Loan ID - R1D1271288 3.875 05-01-27 10,822 7,545
Capital Asset Management, Loan ID - R1D1272159 11.496 04-01-28 14,045 9,792
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 19
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1272438 4.999 05-01-41 16,205 $11,298
Capital Asset Management, Loan ID - R1D1273594 8.004 06-01-34 10,829 7,550
Capital Asset Management, Loan ID - R1D1275196 10.690 04-01-25 831 580
Capital Asset Management, Loan ID - R1D1282178 3.500 11-01-38 64,763 45,153
Capital Asset Management, Loan ID - R1D1282763 4.500 12-01-36 15,854 11,053
Capital Asset Management, Loan ID - R1D1282909 2.000 06-01-50 23,454 16,352
Capital Asset Management, Loan ID - R1D1282990 7.000 11-01-34 14,558 10,150
Capital Asset Management, Loan ID - R1D1283326 4.000 05-01-36 83,138 57,964
Capital Asset Management, Loan ID - R1D1284156 4.000 11-01-49 30,071 20,965
Capital Asset Management, Loan ID - R1D1284260 4.500 11-01-36 20,080 13,999
Capital Asset Management, Loan ID - R1D1285038 7.750 11-01-37 102,676 71,586
Capital Asset Management, Loan ID - R1D1285155 4.625 01-01-38 1,424 993
Capital Asset Management, Loan ID - R1D1285308 9.125 12-01-38 32,784 22,857
Capital Asset Management, Loan ID - R1D1314052 2.000 06-01-48 76,072 53,037
Capital Asset Management, Loan ID - R1D1314469 (H) 5.000 08-22-31 1,351 942
Capital Asset Management, Loan ID - R1D1314557 (G) 12.514 11-12-21 5,499 3,834
Capital Asset Management, Loan ID - R1D1314706 (G) 4.000 08-03-46 80,789 56,326
Capital Asset Management, Loan ID - R1D1314775 (H) 4.000 10-28-37 22,455 15,656
Capital Asset Management, Loan ID - R1D1314892 2.000 07-28-33 9,683 6,751
Capital Asset Management, Loan ID - R1D1315361 4.000 11-10-39 53,912 37,588
Capital Asset Management, Loan ID - R1D1315396 4.000 06-28-26 2,154 1,502
Capital Asset Management, Loan ID - R1D1315613 5.000 05-28-24 315 220
Capital Asset Management, Loan ID - R1D1315686 (G) 4.000 09-28-40 28,979 20,204
Capital Asset Management, Loan ID - R1D1315846 13.000 06-21-24 248 173
Capital Asset Management, Loan ID - R1D1316119 15.500 02-16-26 5,379 3,750
20 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1316526 12.990 08-04-24 308 $215
Capital Asset Management, Loan ID - R1D1316742 3.500 07-25-42 35,151 24,508
Capital Asset Management, Loan ID - R1D1316856 15.080 06-23-24 3,102 2,163
Capital Asset Management, Loan ID - R1D1316964 6.000 07-01-57 55,269 38,534
Capital Asset Management, Loan ID - R1D1317365 4.000 02-01-48 30,660 21,376
Capital Asset Management, Loan ID - R1D1317596 (G) 6.000 07-02-34 40,771 28,425
Capital Asset Management, Loan ID - R1D1317620 7.000 05-01-32 78,186 54,511
Capital Asset Management, Loan ID - R1D1317738 (H) 3.000 06-01-58 76,033 53,010
Capital Asset Management, Loan ID - R1D1318197 2.000 08-09-37 52,199 36,393
Capital Asset Management, Loan ID - R1D1318692 0.000 10-14-27 4,006 2,793
Capital Asset Management, Loan ID - R1D1318890 0.000 03-27-33 8,933 6,228
Capital Asset Management, Loan ID - R1D1319206 0.001 09-13-25 2,128 1,484
Capital Asset Management, Loan ID - R1D1319235 (H) 0.001 03-28-24 673 469
Capital Asset Management, Loan ID - R1D1319347 0.000 11-12-24 503 351
Capital Asset Management, Loan ID - R1D1320040 0.000 01-12-28 3,597 2,508
Capital Asset Management, Loan ID - R1D1320277 0.000 03-29-25 877 611
Capital Asset Management, Loan ID - R1D1320523 14.875 09-23-25 3,279 2,286
Capital Asset Management, Loan ID - R1D1320554 0.000 06-12-28 3,391 2,364
Capital Asset Management, Loan ID - R1D1320600 0.000 01-19-30 4,521 3,152
Capital Asset Management, Loan ID - R1D1320611 0.000 06-18-53 12,598 8,783
Capital Asset Management, Loan ID - R1D1320655 0.000 03-21-26 1,842 1,284
Capital Asset Management, Loan ID - R1D1320758 (H) 0.000 12-15-34 5,597 3,902
Capital Asset Management, Loan ID - R1D1320769 0.000 07-28-30 5,000 3,486
Capital Asset Management, Loan ID - R1D1320882 0.001 10-15-27 4,461 3,110
Capital Asset Management, Loan ID - R1D1329809 0.000 02-20-28 2,352 1,640
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 21
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1330294 11.000 12-01-24 2,028 $1,414
Capital Asset Management, Loan ID - R1D1330308 0.000 11-01-37 17,413 12,140
Capital Asset Management, Loan ID - R1D1330504 (G) 0.000 09-15-31 9,930 6,924
Capital Asset Management, Loan ID - R1D1330858 16.000 07-01-36 60,889 42,452
Capital Asset Management, Loan ID - R1D1331024 (H) 12.389 01-15-23 14,346 10,002
Capital Asset Management, Loan ID - R1D1331435 (G) 13.930 04-04-24 19,840 13,832
Capital Asset Management, Loan ID - R1D1331710 (G) 0.000 11-01-35 31,231 21,774
Capital Asset Management, Loan ID - R1D1331723 5.000 10-01-51 44,403 30,958
Capital Asset Management, Loan ID - R1D1332032 0.000 08-01-35 11,736 8,182
Capital Asset Management, Loan ID - R1D1332368 (G) 0.000 06-01-26 13,876 9,674
Capital Asset Management, Loan ID - R1D1332371 0.000 08-01-38 27,904 19,455
Capital Asset Management, Loan ID - R1D1332645 10.000 09-01-31 12,235 8,530
Capital Asset Management, Loan ID - R1D1332898 0.000 03-01-37 23,002 16,037
Capital Asset Management, Loan ID - R1D1332973 10.000 08-01-38 9,729 6,783
Capital Asset Management, Loan ID - R1D1333226 0.000 09-01-25 41,394 28,860
Capital Asset Management, Loan ID - R1D1333231 0.000 08-01-37 12,956 9,033
Capital Asset Management, Loan ID - R1D1333549 (G) 12.990 07-01-20 3,974 2,771
Capital Asset Management, Loan ID - R1D1333604 (G) 0.000 12-01-37 59,485 41,473
Capital Asset Management, Loan ID - R1D1333763 (G) 0.000 08-19-18 58 41
Capital Asset Management, Loan ID - R1D1333871 14.128 04-13-47 18,761 13,081
Capital Asset Management, Loan ID - R1D1333909 (H) 9.000 11-01-31 32,489 22,651
Capital Asset Management, Loan ID - R1D1333990 (G) 0.000 12-01-35 74,506 51,946
Capital Asset Management, Loan ID - R1D1334016 10.000 06-01-36 6,140 4,281
Capital Asset Management, Loan ID - R1D1334151 4.950 11-15-24 569 397
Capital Asset Management, Loan ID - R1D1334290 14.442 08-11-24 16,966 11,829
22 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1334425 0.000 10-01-37 23,507 $16,389
Capital Asset Management, Loan ID - R1D1343795 8.625 06-01-35 6,346 4,425
Capital Asset Management, Loan ID - R1D1343906 0.000 08-01-33 41,972 29,263
Capital Asset Management, Loan ID - R1D1343962 0.000 12-01-32 34,289 23,906
Capital Asset Management, Loan ID - R1D1344031 6.500 05-01-47 73,673 51,365
Capital Asset Management, Loan ID - R1D1344132 6.375 05-01-36 71,360 49,752
Capital Asset Management, Loan ID - R1D1344220 4.000 02-01-48 84,965 59,238
Capital Asset Management, Loan ID - R1D1344325 4.880 03-01-28 6,830 4,762
Capital Asset Management, Loan ID - R1D1346422 0.000 10-01-41 39,919 27,831
Capital Asset Management, Loan ID - R1D1346464 0.000 02-01-28 11,646 8,120
Capital Asset Management, Loan ID - R1D1346507 0.000 03-01-36 37,903 26,426
Capital Asset Management, Loan ID - R1D1346637 0.000 07-01-27 7,316 5,101
Capital Asset Management, Loan ID - R1D1346756 3.250 06-25-26 3,842 2,678
Capital Asset Management, Loan ID - R1D1347209 4.875 05-28-31 94,469 65,864
Capital Asset Management, Loan ID - R1D1347245 0.000 09-19-27 20,371 14,203
Capital Asset Management, Loan ID - R1D1347265 0.000 09-01-47 112,432 78,388
Capital Asset Management, Loan ID - R1D1347290 (G) 0.000 08-28-45 40,566 28,283
Capital Asset Management, Loan ID - R1D1347456 5.000 06-12-36 179,224 124,955
Capital Asset Management, Loan ID - R1D1347704 7.250 08-22-31 1,082 754
Capital Asset Management, Loan ID - R1D1347760 0.000 04-15-49 49,734 34,675
Capital Asset Management, Loan ID - R1D1372678 14.726 11-15-24 12,362 8,619
Capital Asset Management, Loan ID - R1D1372940 (G) 6.000 02-01-26 4,647 3,240
Capital Asset Management, Loan ID - R1D1373064 (G) 14.090 03-01-23 4,472 3,118
Capital Asset Management, Loan ID - R1D1373109 14.300 01-01-35 13,696 9,549
Capital Asset Management, Loan ID - R1D1373336 (G) 4.250 07-01-22 5,420 3,779
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 23
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1373352 10.720 12-01-28 12,446 $8,677
Capital Asset Management, Loan ID - R1D1373527 5.000 10-01-24 5,533 3,858
Capital Asset Management, Loan ID - R1D1374120 (G) 13.249 06-01-21 336 234
Capital Asset Management, Loan ID - R1D1374601 (H) 9.996 06-01-28 10,545 7,352
Capital Asset Management, Loan ID - R1D1374845 14.442 02-01-27 8,377 5,841
Capital Asset Management, Loan ID - R1D1374951 4.000 04-26-32 11,246 7,841
Capital Asset Management, Loan ID - R1D1375028 14.350 06-01-29 11,881 8,284
Capital Asset Management, Loan ID - R1D1376601 (G) 5.250 08-01-21 6,106 4,257
Capital Asset Management, Loan ID - R1D1377352 14.310 07-01-27 10,914 7,609
Capital Asset Management, Loan ID - R1D1377633 (H) 8.556 01-01-29 6,738 4,698
Capital Asset Management, Loan ID - R1D1377868 (H) 14.730 03-03-24 5,681 3,961
Capital Asset Management, Loan ID - R1D1377871 (G) 14.600 10-01-21 7,058 4,921
Capital Asset Management, Loan ID - R1D1377909 (G) 14.069 04-01-22 7,870 5,487
Capital Asset Management, Loan ID - R1D1378049 (G) 11.004 07-01-19 7,256 5,059
Capital Asset Management, Loan ID - R1D1378988 13.961 05-01-24 3,721 2,594
Capital Asset Management, Loan ID - R1D1379024 14.442 05-01-24 6,212 4,331
Capital Asset Management, Loan ID - R1D1379215 10.692 04-01-32 12,407 8,650
Capital Asset Management, Loan ID - R1D1379345 (H) 14.069 07-01-24 13,038 9,090
Capital Asset Management, Loan ID - R1D1379406 (G) 5.750 09-01-25 8,277 5,770
Capital Asset Management, Loan ID - R1D1379505 (G) 5.250 06-01-21 6,194 4,318
Capital Asset Management, Loan ID - R1D1381089 14.290 01-01-27 8,305 5,790
Capital Asset Management, Loan ID - R1D1382459 (G) 11.290 09-01-24 8,526 5,945
Capital Asset Management, Loan ID - R1D1382688 10.480 10-01-28 5,135 3,580
Capital Asset Management, Loan ID - R1D1383326 11.450 08-01-30 9,258 6,455
Capital Asset Management, Loan ID - R1D1383898 13.000 03-01-28 8,272 5,767
24 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1383904 (G) 14.447 04-01-26 10,321 $7,196
Capital Asset Management, Loan ID - R1D1384406 (H) 14.148 07-01-23 9,112 6,353
Capital Asset Management, Loan ID - R1D1384420 (G) 14.350 02-01-24 9,717 6,774
Capital Asset Management, Loan ID - R1D1385696 13.400 11-01-40 8,818 6,148
Capital Asset Management, Loan ID - R1D1385744 13.340 12-22-31 11,720 8,171
Capital Asset Management, Loan ID - R1D1385799 11.100 09-01-31 17,998 12,548
Capital Asset Management, Loan ID - R1D1386024 (H) 8.688 05-01-28 6,613 4,610
Capital Asset Management, Loan ID - R1D1386273 9.960 11-01-28 8,516 5,937
Capital Asset Management, Loan ID - R1D1386378 (H) 14.140 08-01-25 3,822 2,664
Capital Asset Management, Loan ID - R1D1386617 14.140 05-15-29 9,466 6,600
Capital Asset Management, Loan ID - R1D1386680 (H) 11.000 02-19-34 12,815 8,935
Capital Asset Management, Loan ID - R1D1387438 12.996 04-01-27 7,146 4,982
Capital Asset Management, Loan ID - R1D1387610 13.656 09-23-32 13,692 9,546
Capital Asset Management, Loan ID - R1D1388178 12.000 06-01-25 5,454 3,803
Capital Asset Management, Loan ID - R1D1388286 6.996 01-01-31 15,116 10,539
Capital Asset Management, Loan ID - R1D1388781 14.660 12-20-35 14,046 9,793
Capital Asset Management, Loan ID - R1D138888 (G) 3.000 05-01-57 25,883 18,046
Capital Asset Management, Loan ID - R1D1388909 (G) 5.250 10-01-21 8,809 6,142
Capital Asset Management, Loan ID - R1D1388910 7.000 01-01-29 9,605 6,696
Capital Asset Management, Loan ID - R1D1389180 11.060 03-01-27 14,688 10,240
Capital Asset Management, Loan ID - R1D1390047 (H) 14.347 05-05-25 6,843 4,771
Capital Asset Management, Loan ID - R1D1390407 (G) 6.000 01-01-21 7,849 5,472
Capital Asset Management, Loan ID - R1D1391149 (G) 14.280 03-01-20 1,033 720
Capital Asset Management, Loan ID - R1D1391275 14.908 02-05-32 10,597 7,388
Capital Asset Management, Loan ID - R1D1391842 (H) 13.970 06-28-35 14,995 10,454
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 25
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1392359 6.000 05-01-31 8,197 $5,715
Capital Asset Management, Loan ID - R1D1392485 (G) 8.304 02-01-22 8,524 5,943
Capital Asset Management, Loan ID - R1D1392492 9.000 05-01-61 18,632 12,990
Capital Asset Management, Loan ID - R1D1392795 (G) 5.000 11-01-21 5,716 3,985
Capital Asset Management, Loan ID - R1D1392980 (G) 0.000 09-01-25 6,998 4,879
Capital Asset Management, Loan ID - R1D1393130 (G) 4.000 02-01-29 9,009 6,281
Capital Asset Management, Loan ID - R1D1394137 14.070 02-28-34 9,326 6,502
Capital Asset Management, Loan ID - R1D1394164 14.707 02-01-27 10,424 7,267
Capital Asset Management, Loan ID - R1D1394267 (G) 4.500 10-01-22 7,261 5,062
Capital Asset Management, Loan ID - R1D1394335 6.996 08-01-31 9,759 6,804
Capital Asset Management, Loan ID - R1D1394531 11.890 05-01-28 11,279 7,864
Capital Asset Management, Loan ID - R1D1395006 13.690 02-28-30 9,624 6,710
Capital Asset Management, Loan ID - R1D1395284 14.840 04-01-37 6,964 4,856
Capital Asset Management, Loan ID - R1D1395613 (G) 14.810 02-01-23 14,939 10,416
Capital Asset Management, Loan ID - R1D1399385 (G) 5.250 10-22-21 2,114 1,474
Capital Asset Management, Loan ID - R1D1400833 9.000 07-01-31 32,531 22,680
Capital Asset Management, Loan ID - R1D1401070 5.000 06-01-25 51,667 36,022
Capital Asset Management, Loan ID - R1D1401643 10.000 05-01-36 79,778 55,621
Capital Asset Management, Loan ID - R1D1402424 11.000 10-01-31 14,423 10,056
Capital Asset Management, Loan ID - R1D1402439 9.000 10-01-41 53,484 37,289
Capital Asset Management, Loan ID - R1D1403559 0.000 04-29-30 5,297 3,693
Capital Asset Management, Loan ID - R1D1404136 0.000 06-01-37 19,702 13,736
Capital Asset Management, Loan ID - R1D1404279 0.000 11-17-37 28,530 19,891
Capital Asset Management, Loan ID - R1D1404291 8.000 08-01-61 24,190 16,865
Capital Asset Management, Loan ID - R1D1404613 (G) 10.000 04-01-25 17,741 12,369
26 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1405209 0.000 08-06-37 49,396 $34,439
Capital Asset Management, Loan ID - R1D1405315 0.000 11-01-36 11,989 8,359
Capital Asset Management, Loan ID - R1D1405456 3.000 12-01-32 16,869 11,761
Capital Asset Management, Loan ID - R1D1405485 (H) 8.000 02-01-32 36,078 25,154
Capital Asset Management, Loan ID - R1D1406200 (G) 6.000 04-01-29 66,615 46,444
Capital Asset Management, Loan ID - R1D1406329 (G) 7.000 04-01-35 60,782 42,377
Capital Asset Management, Loan ID - R1D1407533 0.000 03-26-37 88,222 61,509
Capital Asset Management, Loan ID - R1D1407869 0.000 08-30-28 3,738 2,606
Capital Asset Management, Loan ID - R1D1408372 0.000 07-26-30 8,162 5,691
Capital Asset Management, Loan ID - R1D1409498 9.000 12-01-39 59,363 41,388
Capital Asset Management, Loan ID - R1D1409506 9.000 10-01-36 37,435 26,099
Capital Asset Management, Loan ID - R1D1409607 7.000 09-01-26 8,268 5,764
Capital Asset Management, Loan ID - R1D1410621 10.000 11-30-37 170,046 118,556
Capital Asset Management, Loan ID - R1D1493873 (H) 6.750 08-20-29 96,719 67,433
Capital Asset Management, Loan ID - R1D1493895 6.500 11-20-33 52,365 36,509
Capital Asset Management, Loan ID - R1D1494672 5.000 01-01-40 21,262 14,824
Capital Asset Management, Loan ID - R1D1495224 0.000 09-01-30 168,405 117,412
Capital Asset Management, Loan ID - R1D1495602 0.000 10-08-29 1,138 793
Capital Asset Management, Loan ID - R1D1500901 0.000 09-29-25 1,531 1,068
Capital Asset Management, Loan ID - R1D1526783 (H) 6.750 03-01-32 29,061 20,262
Capital Asset Management, Loan ID - R1D1538702 4.500 10-01-59 361,508 252,043
Capital Asset Management, Loan ID - R1D1582022 3.125 05-01-30 31,289 21,815
Capital Asset Management, Loan ID - R1D1582110 3.000 07-23-28 11,598 8,086
Capital Asset Management, Loan ID - R1D1582190 (G) 2.000 06-01-28 12,703 8,856
Capital Asset Management, Loan ID - R1D1582271 (G) 7.000 10-01-28 19,312 13,464
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 27
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1582336 14.500 09-26-28 7,060 $4,922
Capital Asset Management, Loan ID - R1D1582428 3.000 01-01-43 76,380 53,252
Capital Asset Management, Loan ID - R1D1582473 13.250 11-26-28 8,638 6,023
Capital Asset Management, Loan ID - R1D1582572 5.000 02-01-29 3,691 2,574
Capital Asset Management, Loan ID - R1D1582660 9.990 03-01-25 1,896 1,322
Capital Asset Management, Loan ID - R1D1582688 (H) 6.750 02-01-30 15,939 11,112
Capital Asset Management, Loan ID - R1D1582848 (G) 13.990 05-24-32 13,643 9,512
Capital Asset Management, Loan ID - R1D1582910 14.000 07-19-29 15,092 10,522
Capital Asset Management, Loan ID - R1D1583003 14.125 07-26-29 9,303 6,486
Capital Asset Management, Loan ID - R1D1583072 12.400 08-18-29 38,011 26,501
Capital Asset Management, Loan ID - R1D1583115 12.990 09-01-29 22,273 15,528
Capital Asset Management, Loan ID - R1D1583160 14.500 10-01-29 14,036 9,786
Capital Asset Management, Loan ID - R1D1583173 12.125 09-14-29 30,425 21,213
Capital Asset Management, Loan ID - R1D1583207 (H) 5.000 10-01-31 28,047 19,554
Capital Asset Management, Loan ID - R1D1583243 5.000 01-01-25 1,565 1,091
Capital Asset Management, Loan ID - R1D1583263 (H) 7.625 08-22-34 48,116 33,546
Capital Asset Management, Loan ID - R1D1583276 4.000 04-01-31 23,840 16,621
Capital Asset Management, Loan ID - R1D1583331 4.000 06-01-27 12,817 8,936
Capital Asset Management, Loan ID - R1D1583357 6.500 06-01-28 10,783 7,518
Capital Asset Management, Loan ID - R1D1583368 4.000 01-01-31 9,589 6,685
Capital Asset Management, Loan ID - R1D1583454 (H) 5.000 02-28-35 27,675 19,295
Capital Asset Management, Loan ID - R1D1583654 5.000 05-01-35 19,738 13,761
Capital Asset Management, Loan ID - R1D1583726 3.000 09-03-35 14,504 10,112
Capital Asset Management, Loan ID - R1D1583836 11.750 06-27-30 26,007 18,132
Capital Asset Management, Loan ID - R1D1583852 5.000 05-01-36 26,192 18,261
28 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1583960 5.000 03-01-35 12,406 $8,649
Capital Asset Management, Loan ID - R1D1584039 13.350 08-04-25 6,284 4,381
Capital Asset Management, Loan ID - R1D1584055 10.950 09-01-25 9,030 6,296
Capital Asset Management, Loan ID - R1D1584390 6.000 12-01-30 9,035 6,299
Capital Asset Management, Loan ID - R1D1584462 (G) 5.000 09-01-29 15,935 11,110
Capital Asset Management, Loan ID - R1D1584480 5.875 06-01-25 6,026 4,202
Capital Asset Management, Loan ID - R1D1584516 8.000 07-01-32 47,413 33,056
Capital Asset Management, Loan ID - R1D1584589 13.900 05-25-30 29,778 20,761
Capital Asset Management, Loan ID - R1D1584642 13.700 05-20-30 10,278 7,166
Capital Asset Management, Loan ID - R1D1584662 5.000 12-09-35 22,998 16,034
Capital Asset Management, Loan ID - R1D1584697 4.875 02-01-36 25,337 17,665
Capital Asset Management, Loan ID - R1D1584709 (G) 2.000 02-01-31 9,961 6,945
Capital Asset Management, Loan ID - R1D1584745 4.000 12-01-36 23,775 16,576
Capital Asset Management, Loan ID - R1D1584783 10.975 03-01-26 5,048 3,519
Capital Asset Management, Loan ID - R1D1584804 11.700 02-24-31 55,077 38,399
Capital Asset Management, Loan ID - R1D1584828 12.375 04-01-31 19,287 13,447
Capital Asset Management, Loan ID - R1D1584833 11.975 04-01-31 23,471 16,364
Capital Asset Management, Loan ID - R1D1584860 12.250 04-01-31 20,013 13,953
Capital Asset Management, Loan ID - R1D1584895 (H) 14.125 05-01-26 15,142 10,557
Capital Asset Management, Loan ID - R1D1585078 (H) 12.250 04-01-24 3,891 2,713
Capital Asset Management, Loan ID - R1D1585124 5.000 12-01-24 584 407
Capital Asset Management, Loan ID - R1D1585269 14.625 05-17-24 315 219
Capital Asset Management, Loan ID - R1D1585322 5.000 07-08-29 4,031 2,810
Capital Asset Management, Loan ID - R1D1585429 5.000 08-06-29 11,027 7,688
Capital Asset Management, Loan ID - R1D1585515 5.000 08-13-24 481 335
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 29
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1585528 12.999 08-26-24 1,571 $1,095
Capital Asset Management, Loan ID - R1D1585674 5.000 09-28-24 486 339
Capital Asset Management, Loan ID - R1D1585708 15.125 09-14-24 952 664
Capital Asset Management, Loan ID - R1D1585719 5.000 11-16-29 10,122 7,057
Capital Asset Management, Loan ID - R1D1585737 5.000 01-23-28 7,109 4,957
PPR Capital Management, Loan ID - R1D51210010011 6.400 11-01-51 79,891 52,249
PPR Capital Management, Loan ID - R1D51303030492 8.750 10-01-62 47,508 31,070
PPR Capital Management, Loan ID - R1D51303031067 6.500 08-01-27 1,218 797
PPR Capital Management, Loan ID - R1D51403030022 (G) 9.125 09-01-25 154,314 100,921
PPR Capital Management, Loan ID - R1D51403030038 7.000 08-01-46 131,628 86,084
PPR Capital Management, Loan ID - R1D51403030279 (G) 5.100 10-01-36 60,027 39,258
PPR Capital Management, Loan ID - R1D51403030352 (G) 9.150 11-01-35 50,839 33,249
PPR Capital Management, Loan ID - R1D51403030422 9.250 11-01-49 58,065 37,975
PPR Capital Management, Loan ID - R1D51403030461 9.500 03-01-49 65,665 42,945
PPR Capital Management, Loan ID - R1D51403030510 8.500 06-21-46 51,282 33,539
PPR Capital Management, Loan ID - R1D51403030942 9.900 02-04-27 11,538 7,546
PPR Capital Management, Loan ID - R1D51403030948 9.900 05-22-38 23,064 15,084
PPR Capital Management, Loan ID - R1D51403031082 7.000 05-01-36 12,169 7,958
PPR Capital Management, Loan ID - R1D51404010015 9.500 03-01-51 1,215 795
PPR Capital Management, Loan ID - R1D51502010013 8.350 11-01-42 10,538 6,892
PPR Capital Management, Loan ID - R1D51506010018 5.000 02-01-26 2,921 1,910
PPR Capital Management, Loan ID - R1D51506010033 5.000 09-14-31 5,288 3,458
PPR Capital Management, Loan ID - R1D51506010146 7.250 12-01-46 69,650 45,551
PPR Capital Management, Loan ID - R1D51506010151 9.000 06-07-48 64,654 42,283
PPR Capital Management, Loan ID - R1D51506010316 12.990 05-03-24 1,246 815
30 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
PPR Capital Management, Loan ID - R1D51506010413 9.750 10-01-46 99,994 $65,396
PPR Capital Management, Loan ID - R1D51506010435 8.500 11-01-30 44,766 29,277
PPR Capital Management, Loan ID - R1D51506010441 5.125 07-01-46 29,251 19,130
PPR Capital Management, Loan ID - R1D51506010444 (G) 9.500 01-01-52 52,071 34,054
PPR Capital Management, Loan ID - R1D51506010469 (G) 9.750 09-01-36 23,928 15,649
PPR Capital Management, Loan ID - R1D51506010495 5.000 12-01-48 42,226 27,616
PPR Capital Management, Loan ID - R1D51506010543 4.750 02-20-33 13,407 8,768
PPR Capital Management, Loan ID - R1D51506010577 3.000 05-20-33 8,431 5,514
PPR Capital Management, Loan ID - R1D51506010671 9.750 08-01-31 13,219 8,645
PPR Capital Management, Loan ID - R1D51506010697 9.125 08-20-36 46,908 30,678
PPR Capital Management, Loan ID - R1D51506010718 5.500 05-20-49 65,212 42,649
PPR Capital Management, Loan ID - R1D51506010756 (G) 4.800 09-01-25 1,488 973
PPR Capital Management, Loan ID - R1D51506010853 5.000 07-01-34 30,583 20,001
PPR Capital Management, Loan ID - R1D51507010001 7.000 01-01-28 4,266 2,790
PPR Capital Management, Loan ID - R1D51509020003 8.990 01-01-45 84,495 55,260
PPR Capital Management, Loan ID - R1D51603030008 9.500 01-01-53 113,824 74,441
PPR Capital Management, Loan ID - R1D51605010212 (G) 7.250 06-01-31 24,887 16,276
PPR Capital Management, Loan ID - R1D51611010028 6.125 11-01-44 56,784 37,137
PPR Capital Management, Loan ID - R1D51611010043 (G) 9.990 01-01-21 29,084 19,021
PPR Capital Management, Loan ID - R1D51611010064 5.000 11-01-39 35,507 23,221
PPR Capital Management, Loan ID - R1D51611010139 5.000 03-20-47 37,399 24,459
PPR Capital Management, Loan ID - R1D51611010152 7.625 10-01-29 19,808 12,954
PPR Capital Management, Loan ID - R1D51703010026 8.000 04-20-39 56,337 36,844
PPR Capital Management, Loan ID - R1D51710010057 4.000 12-01-50 81,235 53,127
PPR Capital Management, Loan ID - R1D51712010002 8.500 04-20-48 63,052 41,236
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 31
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
PPR Capital Management, Loan ID - R1D51712010021 9.000 03-20-49 69,802 $45,651
PPR Capital Management, Loan ID - R1D51712010026 (G) 9.750 07-25-30 5,120 3,348
PPR Capital Management, Loan ID - R1D51712010108 4.375 10-01-44 98,471 64,400
PPR Capital Management, Loan ID - R1D51712010113 6.000 09-01-49 142,771 93,372
PPR Capital Management, Loan ID - R1D51712020037 9.000 11-01-48 47,811 31,268
PPR Capital Management, Loan ID - R1D51712020048 7.900 06-25-26 3,723 2,435
PPR Capital Management, Loan ID - R1D51801010003 13.300 10-01-36 20,247 13,241
PPR Capital Management, Loan ID - R1D51801010058 9.000 11-01-45 105,399 68,931
PPR Capital Management, Loan ID - R1D51803020001 9.900 08-01-26 10,647 6,963
PPR Capital Management, Loan ID - R1D51805030001 7.250 03-20-43 39,333 25,724
PPR Capital Management, Loan ID - R1D51808020323 14.096 07-06-32 70,813 46,312
PPR Capital Management, Loan ID - R1D51808020326 9.500 08-01-49 82,196 53,756
PPR Capital Management, Loan ID - R1D51808020692 5.000 09-01-42 49,496 32,370
PPR Capital Management, Loan ID - R1D51808040011 9.750 08-01-51 32,275 21,108
PPR Capital Management, Loan ID - R1D51808040019 (G) 13.980 01-13-20 9,365 6,125
PPR Capital Management, Loan ID - R1D51808040029 9.000 06-01-41 18,921 12,375
PPR Capital Management, Loan ID - R1D51810020005 8.000 11-01-51 97,357 63,672
PPR Capital Management, Loan ID - R1D51812030089 4.000 08-01-47 72,658 47,518
PPR Capital Management, Loan ID - R1D51812030096 (G) 13.500 07-01-36 27,144 17,752
PPR Capital Management, Loan ID - R1D51812030151 9.500 08-01-53 201,523 131,796
PPR Capital Management, Loan ID - R1D51812030180 7.000 02-01-50 119,179 77,943
PPR Capital Management, Loan ID - R1D51903040001 5.000 05-01-42 41,113 26,888
PPR Capital Management, Loan ID - R1D51903040003 5.000 01-01-30 18,011 11,779
PPR Capital Management, Loan ID - R1D51903040025 12.400 09-01-36 103,782 67,873
PPR Capital Management, Loan ID - R1D51903040048 (G) 7.000 02-01-51 29,018 18,978
32 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
PPR Capital Management, Loan ID - R1D51903040069 4.000 08-01-50 79,322 $51,877
PPR Capital Management, Loan ID - R1D51903040178 8.370 03-01-38 118,414 77,443
PPR Capital Management, Loan ID - R1D51903040179 7.990 03-01-37 128,972 84,348
PPR Capital Management, Loan ID - R1D51903040190 6.000 12-01-50 50,021 32,714
PPR Capital Management, Loan ID - R1D51903040192 11.625 02-01-37 80,279 52,503
PPR Capital Management, Loan ID - R1D51903040208 (G) 8.990 02-01-22 82,650 54,053
PPR Capital Management, Loan ID - R1D51903040273 4.000 04-01-49 50,214 32,840
PPR Capital Management, Loan ID - R1D51903040338 9.000 12-01-36 50,204 32,833
PPR Capital Management, Loan ID - R1D51904010040 6.250 09-01-51 124,600 81,489
PPR Capital Management, Loan ID - R1D51904010072 9.500 02-01-53 81,391 53,230
PPR Capital Management, Loan ID - R1D51906030006 6.000 01-15-49 126,391 82,660
PPR Capital Management, Loan ID - R1D51906030013 6.000 03-30-49 56,683 37,071
PPR Capital Management, Loan ID - R1D51906030026 7.000 05-15-49 77,395 50,617
PPR Capital Management, Loan ID - R1D51906030034 6.000 12-01-48 216,635 141,679
PPR Capital Management, Loan ID - R1D51906030040 7.000 06-15-48 22,847 14,942
PPR Capital Management, Loan ID - R1D51907250006 7.000 06-15-49 113,372 74,145
PPR Capital Management, Loan ID - R1D51908280001 7.000 08-01-49 176,238 115,259
PPR Capital Management, Loan ID - R1D51910280002 7.000 09-01-49 36,985 24,188
PPR Capital Management, Loan ID - R1D51910280003 7.000 09-01-49 54,191 35,441
PPR Capital Management, Loan ID - R1D52006170003 6.500 07-01-29 11,166 7,302
PPR Capital Management, Loan ID - R1D52007020001 (G) 8.500 04-01-38 21,596 14,124
PPR Capital Management, Loan ID - R1D52110130001 (G) 7.500 05-18-42 99,084 64,801
JH Residential Whole Loan Trust II (E)(F) 7.6% 12,401,517
Achieve, Loan ID - R21032529806 14.000 07-01-33 22,813 23,301
Achieve, Loan ID - R21032915287 11.750 10-01-38 56,338 57,544
Achieve, Loan ID - R21032915397 13.250 10-01-33 49,391 50,448
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 33
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R21032915410 14.500 10-01-38 35,593 $36,355
Achieve, Loan ID - R21032915436 13.500 10-01-38 23,466 23,968
Achieve, Loan ID - R21032915481 13.500 10-01-33 29,521 30,153
Achieve, Loan ID - R21032915517 15.000 10-01-38 29,476 30,107
Achieve, Loan ID - R21032915588 11.750 10-01-33 41,228 42,110
Achieve, Loan ID - R21032915630 14.000 10-01-38 64,107 65,479
Achieve, Loan ID - R21032915669 10.000 10-01-33 48,510 49,548
Achieve, Loan ID - R21032915724 13.250 10-01-33 39,649 40,498
Achieve, Loan ID - R21032915782 13.500 10-01-33 38,973 39,807
Achieve, Loan ID - R21032915834 13.750 10-01-33 33,264 33,976
Achieve, Loan ID - R21032916697 10.000 10-01-38 102,980 105,183
Achieve, Loan ID - R21032916707 10.000 10-01-38 79,843 81,552
Achieve, Loan ID - R21032916710 10.000 10-01-38 54,391 55,555
Achieve, Loan ID - R21032916736 12.250 10-01-33 64,431 65,809
Achieve, Loan ID - R21032916781 13.250 10-01-33 17,355 17,727
Achieve, Loan ID - R21032916804 13.750 10-01-33 48,875 49,920
Achieve, Loan ID - R21032916862 14.000 10-01-38 43,688 44,623
Achieve, Loan ID - R21032916875 14.250 10-01-33 25,836 26,389
Achieve, Loan ID - R21032916927 15.000 10-01-38 26,327 26,891
Achieve, Loan ID - R21032927686 15.000 10-01-38 18,333 18,725
Achieve, Loan ID - R21032927709 15.000 10-01-38 31,261 31,929
Achieve, Loan ID - R21032927770 13.750 10-01-33 40,881 41,755
Achieve, Loan ID - R21032927819 14.250 10-01-33 18,501 18,897
Achieve, Loan ID - R21032927835 14.250 10-01-33 78,390 80,068
Achieve, Loan ID - R21032927864 14.250 10-01-33 43,334 44,261
Achieve, Loan ID - R21032927903 15.250 10-01-33 22,703 23,189
Achieve, Loan ID - R21032927929 14.250 10-01-33 66,211 67,628
Achieve, Loan ID - R21032927945 13.250 10-01-33 45,052 46,016
Achieve, Loan ID - R21032927958 13.750 10-01-33 33,876 34,601
Achieve, Loan ID - R21032927974 14.250 10-01-33 105,082 107,331
Achieve, Loan ID - R21032927987 10.750 10-01-33 39,135 39,972
Achieve, Loan ID - R21032927990 15.000 10-01-38 21,479 21,939
Achieve, Loan ID - R21032928025 12.500 10-01-33 60,362 61,654
Achieve, Loan ID - R21032928038 12.500 10-01-38 74,629 76,226
Achieve, Loan ID - R21032928054 13.500 10-01-33 59,172 60,438
Achieve, Loan ID - R21032928070 14.500 10-01-38 123,844 126,494
Achieve, Loan ID - R21032928083 14.500 10-01-38 60,694 61,993
Achieve, Loan ID - R21032928106 14.500 10-01-38 121,396 123,994
Achieve, Loan ID - R21032928135 11.750 10-01-33 42,764 43,679
Achieve, Loan ID - R21032928177 13.250 10-01-33 42,135 43,037
Achieve, Loan ID - R21032928203 12.125 10-01-33 58,239 59,485
Achieve, Loan ID - R21032928232 12.250 10-01-33 34,711 35,454
Achieve, Loan ID - R21032928258 13.750 10-01-33 85,800 87,636
Achieve, Loan ID - R21032928261 15.000 10-01-38 88,618 90,514
34 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R21032928287 13.250 10-01-33 70,981 $72,499
Achieve, Loan ID - R21032928290 13.500 10-01-33 31,096 31,762
Achieve, Loan ID - R21032928339 15.000 10-01-33 26,841 27,415
Achieve, Loan ID - R21032928397 10.000 10-01-33 48,339 49,374
Achieve, Loan ID - R21032928410 13.250 10-01-33 47,484 48,500
Achieve, Loan ID - R21032928481 13.750 10-01-33 37,819 38,628
Achieve, Loan ID - R21032928517 15.000 10-01-38 64,340 65,716
Achieve, Loan ID - R21032930291 14.250 10-01-33 32,836 33,539
Achieve, Loan ID - R21032930327 13.250 10-01-33 21,830 22,297
Achieve, Loan ID - R21032930330 13.750 10-01-33 25,191 25,730
Achieve, Loan ID - R21032930343 13.750 10-01-33 57,049 58,270
Achieve, Loan ID - R21032930356 14.250 10-01-33 38,819 39,650
Achieve, Loan ID - R21032930369 14.250 10-01-33 26,125 26,684
Achieve, Loan ID - R21032930385 14.500 10-01-38 51,560 52,664
Achieve, Loan ID - R21032930398 14.500 10-01-38 49,697 50,760
Achieve, Loan ID - R21032930453 10.000 10-01-38 93,718 95,723
Achieve, Loan ID - R21032930482 13.750 10-01-33 32,975 33,681
Achieve, Loan ID - R21032930576 13.500 10-01-38 49,102 50,153
Achieve, Loan ID - R21032930589 14.250 10-01-33 29,674 30,309
Achieve, Loan ID - R21032930592 15.000 10-01-33 46,654 47,652
Achieve, Loan ID - R21032957193 13.750 10-01-33 82,060 83,816
Achieve, Loan ID - R21032957216 15.000 10-01-33 53,793 54,945
Achieve, Loan ID - R21032957229 10.250 10-01-33 92,157 94,129
Achieve, Loan ID - R21032957232 10.250 10-01-33 42,216 43,120
Achieve, Loan ID - R21032957245 10.250 10-01-33 19,720 20,142
Achieve, Loan ID - R21032957290 12.250 10-01-33 25,033 25,569
Achieve, Loan ID - R21032957326 12.250 10-01-33 44,051 44,994
Achieve, Loan ID - R21032957355 12.750 10-01-33 58,335 59,584
Achieve, Loan ID - R21032957407 13.250 10-01-33 142,731 145,786
Achieve, Loan ID - R21032957436 13.250 10-01-33 24,128 24,645
Achieve, Loan ID - R21032957449 13.250 10-01-33 71,023 72,543
Achieve, Loan ID - R21032957452 13.250 10-01-33 55,343 56,527
Achieve, Loan ID - R21032957517 13.750 10-01-33 40,746 41,618
Achieve, Loan ID - R21032957533 13.750 10-01-33 35,859 36,627
Achieve, Loan ID - R21032957559 13.750 10-01-33 26,753 27,325
Achieve, Loan ID - R21032957588 13.750 10-01-33 19,519 19,937
Achieve, Loan ID - R21032957708 14.250 10-01-33 42,353 43,259
Achieve, Loan ID - R21032957753 15.125 10-01-38 40,611 41,480
Achieve, Loan ID - R21032957766 15.000 10-01-33 38,577 39,403
Achieve, Loan ID - R21032957782 15.000 10-01-38 123,253 125,890
Achieve, Loan ID - R21032957818 14.250 10-01-33 48,135 49,165
Achieve, Loan ID - R21032957821 14.250 10-01-33 29,630 30,264
Achieve, Loan ID - R21032957889 12.750 10-01-33 76,004 77,631
Achieve, Loan ID - R21032957892 13.750 10-01-33 33,312 34,024
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 35
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R21032957902 13.750 10-01-33 27,582 $28,172
Achieve, Loan ID - R21032957915 12.250 10-01-33 47,378 48,392
Achieve, Loan ID - R21032957957 14.250 10-01-33 26,274 26,836
Achieve, Loan ID - R21032957973 12.750 10-01-33 147,430 150,585
Achieve, Loan ID - R21032958024 15.000 10-01-33 24,986 25,520
Achieve, Loan ID - R21032958037 15.000 10-01-33 63,987 65,356
Achieve, Loan ID - R21032958053 10.000 10-01-38 65,818 67,226
Achieve, Loan ID - R21032958066 10.000 10-01-33 58,310 59,558
Achieve, Loan ID - R21032958134 15.000 10-01-38 48,049 49,077
Achieve, Loan ID - R21032958176 15.000 10-01-33 41,498 42,386
Achieve, Loan ID - R21032958189 15.000 10-01-38 44,126 45,071
Achieve, Loan ID - R21032958215 12.500 10-01-33 18,439 18,834
Achieve, Loan ID - R21032958257 14.500 10-01-38 19,121 19,530
Achieve, Loan ID - R21032973892 13.250 10-01-33 58,121 59,365
Achieve, Loan ID - R21032973931 11.500 10-01-38 31,410 32,082
Achieve, Loan ID - R21032973999 15.000 10-01-38 50,830 51,918
Achieve, Loan ID - R21032974024 13.000 10-01-38 83,070 84,848
Achieve, Loan ID - R21032974079 13.500 10-01-38 29,560 30,192
Achieve, Loan ID - R21032974105 13.500 10-01-38 38,889 39,721
Achieve, Loan ID - R21032974118 12.250 10-01-33 38,055 38,869
Achieve, Loan ID - R21032974147 12.250 10-01-33 89,182 91,091
Achieve, Loan ID - R21032974192 13.750 10-01-33 72,211 73,756
Achieve, Loan ID - R21032974202 (H) 15.250 10-01-33 41,487 42,375
Achieve, Loan ID - R21032974228 13.250 10-01-33 32,552 33,249
Achieve, Loan ID - R21032974273 14.500 10-01-38 90,159 92,088
Achieve, Loan ID - R21032974299 15.000 10-01-38 41,843 42,738
Achieve, Loan ID - R21032974309 13.500 10-01-38 48,808 49,852
Achieve, Loan ID - R21032974325 12.250 10-01-33 120,517 123,096
Achieve, Loan ID - R21032974354 15.000 10-01-33 45,268 46,237
Achieve, Loan ID - R21032974367 13.750 10-01-33 42,830 43,746
Achieve, Loan ID - R21032974370 14.250 10-01-33 49,428 50,486
Achieve, Loan ID - R21032974383 12.500 10-01-33 22,905 23,395
Achieve, Loan ID - R21032974396 12.500 10-01-38 41,925 42,822
Achieve, Loan ID - R21032974406 12.500 10-01-33 78,498 80,178
Achieve, Loan ID - R21032974464 13.500 10-01-38 52,692 53,820
Achieve, Loan ID - R21032974516 13.750 10-01-33 98,640 100,751
Achieve, Loan ID - R21032974545 15.000 10-01-33 38,289 39,108
Achieve, Loan ID - R21032974587 15.000 10-01-38 99,695 101,829
Achieve, Loan ID - R21032974600 12.500 10-01-38 25,526 26,072
Achieve, Loan ID - R21032974613 10.000 10-01-38 96,858 98,931
Achieve, Loan ID - R21032974626 10.750 10-01-33 42,027 42,926
Achieve, Loan ID - R21032975379 9.750 11-01-33 70,137 71,638
Achieve, Loan ID - R21032975382 10.000 11-01-33 48,980 50,028
Achieve, Loan ID - R21032975447 12.500 11-01-38 52,731 53,860
36 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R21032975492 13.250 11-01-33 26,657 $27,227
Achieve, Loan ID - R21032975528 13.250 11-01-33 49,803 50,869
Achieve, Loan ID - R21032975531 13.750 11-01-33 23,319 23,818
Achieve, Loan ID - R21032975560 14.000 11-01-38 48,698 49,741
Achieve, Loan ID - R21032975609 14.500 11-01-38 27,890 28,487
Achieve, Loan ID - R21032975612 14.500 11-01-38 98,133 100,233
Achieve, Loan ID - R21032975625 14.500 11-01-38 55,584 56,773
Achieve, Loan ID - R21032975667 12.250 11-01-33 50,659 51,743
Achieve, Loan ID - R21032975696 15.000 11-01-38 94,611 96,636
Achieve, Loan ID - R21032975706 15.000 11-01-33 55,600 56,790
Achieve, Loan ID - R21032975719 15.000 11-01-33 30,733 31,390
Achieve, Loan ID - R21032975722 15.000 11-01-33 70,134 71,635
Achieve, Loan ID - R21032975735 15.000 11-01-33 74,982 76,587
Achieve, Loan ID - R21032975748 12.500 11-01-38 70,251 71,755
Achieve, Loan ID - R21032975764 15.000 11-01-38 35,907 36,675
Achieve, Loan ID - R21032975777 12.125 11-01-33 34,744 35,488
Achieve, Loan ID - R21032975780 12.750 11-01-33 34,464 35,201
Achieve, Loan ID - R21032975816 13.750 11-01-33 42,282 43,187
Achieve, Loan ID - R21032975845 13.750 11-01-33 46,883 47,887
Achieve, Loan ID - R21032976611 13.750 10-01-33 29,181 29,805
Achieve, Loan ID - R21032976666 13.250 11-01-33 22,656 23,140
Achieve, Loan ID - R21032976750 15.000 11-01-38 67,977 69,432
Achieve, Loan ID - R21032976763 14.500 11-01-38 43,051 43,972
Achieve, Loan ID - R21032976844 14.250 11-01-33 70,730 72,243
Achieve, Loan ID - R21032976860 14.000 11-01-38 46,236 47,225
Achieve, Loan ID - R21032976899 15.000 10-01-38 35,262 36,016
Achieve, Loan ID - R21032976912 12.250 11-01-33 31,625 32,302
Achieve, Loan ID - R21032976925 13.500 11-01-33 39,649 40,497
Achieve, Loan ID - R21034263665 14.000 01-01-39 39,632 39,941
Achieve, Loan ID - R21034263830 13.250 01-01-34 41,356 41,679
Achieve, Loan ID - R21034263953 10.500 01-01-34 31,413 31,658
Achieve, Loan ID - R21034264017 14.250 01-01-34 86,094 86,766
Achieve, Loan ID - R21034264088 12.750 01-01-34 50,907 51,304
Achieve, Loan ID - R21034282772 12.750 01-01-34 47,217 47,586
Achieve, Loan ID - R21034294841 13.250 02-01-34 76,519 77,116
Achieve, Loan ID - R21034294870 12.750 02-01-34 39,800 40,111
Achieve, Loan ID - R21034294906 12.500 02-01-34 36,389 36,673
Achieve, Loan ID - R21034294948 14.500 02-01-39 39,139 39,444
Achieve, Loan ID - R21034294951 14.500 02-01-39 102,690 103,491
Achieve, Loan ID - R21034294980 13.250 02-01-39 74,375 74,955
Achieve, Loan ID - R21034294993 14.500 02-01-39 20,558 20,718
Achieve, Loan ID - R21034295031 11.000 02-01-34 36,504 36,789
Achieve, Loan ID - R21034295125 15.000 02-01-39 17,835 17,974
Achieve, Loan ID - R21034295248 10.250 02-01-34 81,976 82,615
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 37
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R21034295264 10.750 02-01-34 40,069 $40,381
Achieve, Loan ID - R21034295277 10.750 02-01-34 30,670 30,909
Achieve, Loan ID - R21034295345 12.750 02-01-34 86,798 87,475
Achieve, Loan ID - R21034295358 12.750 02-01-34 29,959 30,193
Achieve, Loan ID - R21034295387 12.750 02-01-34 24,126 24,314
Achieve, Loan ID - R21034295413 12.750 02-01-34 25,128 25,324
Achieve, Loan ID - R21034295455 13.250 02-01-34 22,244 22,417
Achieve, Loan ID - R21034295484 13.750 02-01-34 148,266 149,423
Achieve, Loan ID - R21034295497 13.750 02-01-34 39,834 40,145
Achieve, Loan ID - R21034295523 13.750 02-01-34 25,008 25,203
Achieve, Loan ID - R21034295581 14.250 02-01-34 38,938 39,242
Achieve, Loan ID - R21034295604 14.625 02-01-39 77,828 78,435
Achieve, Loan ID - R21034295617 10.250 02-01-34 31,565 31,811
Achieve, Loan ID - R21034295743 12.750 02-01-34 72,278 72,842
Achieve, Loan ID - R21034295785 14.750 02-01-39 23,915 24,102
Achieve, Loan ID - R21034295808 12.500 02-01-34 79,374 79,993
Achieve, Loan ID - R21034295811 12.750 02-01-34 67,113 67,637
Achieve, Loan ID - R21034295853 13.250 02-01-34 134,450 135,499
Achieve, Loan ID - R21034295866 10.750 02-01-34 73,608 74,182
Achieve, Loan ID - R21034295918 14.500 02-01-34 27,472 27,686
Achieve, Loan ID - R21034401553 13.750 02-01-34 69,833 70,378
Achieve, Loan ID - R21034401647 13.000 02-01-34 36,383 36,667
Achieve, Loan ID - R21034401702 10.750 02-01-34 30,670 30,909
Achieve, Loan ID - R21034401728 13.000 02-01-39 78,687 79,301
Achieve, Loan ID - R21034401760 12.250 02-01-34 51,324 51,725
Achieve, Loan ID - R21034401799 13.750 02-01-39 148,314 149,471
Achieve, Loan ID - R21034401809 10.250 02-01-34 50,464 50,858
Achieve, Loan ID - R21034401841 11.000 02-01-39 55,364 55,795
Achieve, Loan ID - R21034401854 10.250 02-01-34 67,830 68,359
Achieve, Loan ID - R21034401867 11.000 02-01-34 53,124 53,539
Achieve, Loan ID - R21034401951 12.500 02-01-34 32,137 32,388
Achieve, Loan ID - R21034401964 14.250 02-01-34 49,314 49,698
Achieve, Loan ID - R21034401980 13.250 02-01-34 87,030 87,709
Achieve, Loan ID - R21034402002 13.750 02-01-34 130,870 131,891
Achieve, Loan ID - R21034402015 14.250 02-01-34 32,564 32,818
Achieve, Loan ID - R21034402060 13.250 02-01-34 32,069 32,319
Achieve, Loan ID - R21034402099 13.750 02-01-34 28,418 28,639
Achieve, Loan ID - R21034402196 14.250 02-01-34 115,098 115,996
Achieve, Loan ID - R21034402206 13.750 02-01-34 86,489 87,163
Achieve, Loan ID - R21034402219 13.000 02-01-34 148,302 149,459
Achieve, Loan ID - R21034402222 14.750 02-01-39 56,329 56,768
Achieve, Loan ID - R21034402293 12.250 02-01-34 36,590 36,875
Achieve, Loan ID - R21034406875 13.250 02-01-34 108,845 109,694
Achieve, Loan ID - R21034406901 14.750 02-01-34 42,983 43,318
38 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R21034406930 13.250 02-01-34 36,677 $36,963
Achieve, Loan ID - R21034406998 12.750 02-01-34 67,236 67,760
Achieve, Loan ID - R21034407049 13.250 02-01-34 87,689 88,373
Achieve, Loan ID - R21034410997 13.750 02-01-34 53,475 53,892
Achieve, Loan ID - R21034411417 13.500 02-01-34 45,878 46,236
Achieve, Loan ID - R21034411488 12.000 02-01-39 48,494 48,872
Residential whole loans 0.5% 737,978
ACHM Trust
Series 2023-HE2, Class D PO (A) 4.030 10-25-38 634,812 253,405
Series 2023-HE2, Class XS IO (A)(F)(J) 0.000 10-25-38 7,053,458 484,573
Par value^ Value
Profit participating notes 12.8% $20,918,761
(Cost $20,918,863)
Transportation assets 12.8% 20,918,761
JH Aircraft Leasing 4535 (Ireland) Designated Activity Company (F)(K) 20,897,863 20,918,761
Rate (%) Maturity date Par value^ Value
Term loans (L) 11.0% $17,901,331
(Cost $17,961,106)
Commercial real estate lending 11.0% 17,901,331
Genprov Holdco LLC, Term Loan (1 month CME Term SOFR + 4.900%) (F) 10.525 08-11-26 4,798,004 4,657,903
MCR Newark Airport LLC, Term Loan (1 month CME Term SOFR + 6.250%) (F) 11.571 04-11-27 4,397,590 4,388,795
Verena at Gilbert, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (F) 10.321 01-11-27 4,545,448 4,509,084
Verena at Hillard, Term Loan (1 month CME Term SOFR + 5.350%) (F) 10.671 04-11-27 4,351,641 4,345,549
Special purpose vehicles 9.1% $14,734,083
(Cost $14,795,901)
Industrials 4.2% 6,836,102
JH Liftco LLC (F)(K) 6,845,000 6,836,102
Transportation assets 4.9% 7,897,981
MSN 803 Trust (F)(K) 7,882,217 7,897,981
Consumer loans 6.8% $11,144,982
(Cost $11,588,776)
JH Consumer Loan Trust (E)(F) 6.8% 11,144,982
Achieve, Loan ID - C13198977 15.490 12-30-26 12,695 12,121
Achieve, Loan ID - C18648251 20.990 12-14-26 22,473 21,457
Achieve, Loan ID - C21301780 17.740 12-15-27 33,161 31,662
Achieve, Loan ID - C22491604 5.990 12-07-24 4,186 3,997
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 39
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C22697841 26.990 02-28-28 43,541 $41,573
Achieve, Loan ID - C22901419 22.990 12-16-27 42,358 40,443
Achieve, Loan ID - C22901867 (H) 24.740 01-20-28 19,914 19,014
Achieve, Loan ID - C22902472 16.740 12-10-26 31,803 30,366
Achieve, Loan ID - C23042033 20.240 01-27-28 15,795 15,081
Achieve, Loan ID - C23253984 14.990 01-15-26 22,301 21,293
Achieve, Loan ID - C23300084 16.490 01-25-27 15,775 15,062
Achieve, Loan ID - C23301086 21.740 02-13-28 20,443 19,519
Achieve, Loan ID - C23500788 8.490 01-15-28 10,787 10,299
Achieve, Loan ID - C23511393 25.490 01-20-26 3,988 3,808
Achieve, Loan ID - C23614192 17.990 12-10-26 18,287 17,461
Achieve, Loan ID - C23614815 5.990 01-27-25 4,586 4,378
Achieve, Loan ID - C23688425 25.990 01-21-27 8,385 8,006
Achieve, Loan ID - C23885575 13.740 01-24-27 18,717 17,871
Achieve, Loan ID - C23902626 23.990 01-23-28 21,658 20,679
Achieve, Loan ID - C23957099 26.990 12-01-27 30,064 28,705
Achieve, Loan ID - C23957226 22.240 12-11-25 26,397 25,204
Achieve, Loan ID - C23964782 26.990 12-10-27 38,490 36,750
Achieve, Loan ID - C23965795 20.990 12-09-24 4,912 4,690
Achieve, Loan ID - C23966505 26.990 02-25-28 19,126 18,261
Achieve, Loan ID - C23983604 17.240 01-23-25 10,547 10,070
Achieve, Loan ID - C23985013 26.990 02-28-28 9,973 9,522
Achieve, Loan ID - C23988868 21.740 12-10-27 19,281 18,409
Achieve, Loan ID - C23991064 16.240 01-14-26 10,008 9,556
Achieve, Loan ID - C23992646 26.990 01-15-28 10,381 9,912
Achieve, Loan ID - C23992707 21.990 12-04-27 41,671 39,787
Achieve, Loan ID - C23993030 17.990 01-27-28 30,407 29,033
Achieve, Loan ID - C23993503 18.740 12-13-27 27,867 26,608
Achieve, Loan ID - C23993537 22.990 12-16-26 30,373 29,001
Achieve, Loan ID - C23993575 19.990 12-02-26 18,616 17,775
Achieve, Loan ID - C23993654 26.240 02-25-28 9,201 8,785
Achieve, Loan ID - C23995817 5.990 12-16-24 2,837 2,709
Achieve, Loan ID - C24002565 26.990 12-10-27 9,054 8,645
Achieve, Loan ID - C24003540 23.990 01-25-26 12,056 11,511
Achieve, Loan ID - C24016122 24.490 01-23-26 15,657 14,949
Achieve, Loan ID - C24053632 25.490 12-11-27 2,034 1,942
Achieve, Loan ID - C24095448 26.990 02-25-28 17,740 16,938
Achieve, Loan ID - C24100561 26.740 12-14-27 16,408 15,666
Achieve, Loan ID - C24111885 25.990 02-25-28 36,728 35,068
Achieve, Loan ID - C24117426 25.490 01-26-26 27,374 26,137
Achieve, Loan ID - C24118254 16.240 01-25-28 41,310 39,443
Achieve, Loan ID - C24119783 26.740 01-20-28 16,717 15,962
Achieve, Loan ID - C24120666 20.490 12-12-27 33,555 32,038
Achieve, Loan ID - C24122905 16.240 01-30-26 19,543 18,660
40 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C24152557 24.990 02-27-28 27,617 $26,368
Achieve, Loan ID - C24160824 21.490 01-26-28 12,740 12,164
Achieve, Loan ID - C24166360 26.990 02-27-28 7,973 7,613
Achieve, Loan ID - C24173305 21.490 01-15-27 8,390 8,010
Achieve, Loan ID - C24178392 14.240 01-26-28 22,887 21,853
Achieve, Loan ID - C24219111 13.740 12-14-26 37,417 35,726
Achieve, Loan ID - C24220083 (H) 25.740 02-27-28 27,278 26,045
Achieve, Loan ID - C24221058 25.490 01-21-26 11,810 11,276
Achieve, Loan ID - C24222725 20.990 12-16-26 4,324 4,129
Achieve, Loan ID - C24223658 8.740 12-14-25 24,569 23,459
Achieve, Loan ID - C24225924 (H) 25.490 01-18-26 12,619 12,049
Achieve, Loan ID - C24226452 18.740 01-29-27 11,200 10,694
Achieve, Loan ID - C24228404 19.740 01-27-27 23,841 22,763
Achieve, Loan ID - C24234040 15.490 01-27-28 17,292 16,510
Achieve, Loan ID - C24238978 8.740 02-24-26 21,609 20,632
Achieve, Loan ID - C24240396 18.990 01-20-25 13,003 12,415
Achieve, Loan ID - C24250851 9.240 01-20-26 15,749 15,038
Achieve, Loan ID - C24253181 24.990 12-15-25 5,551 5,300
Achieve, Loan ID - C24253285 15.490 01-27-27 37,808 36,099
Achieve, Loan ID - C24255215 25.490 01-29-26 4,806 4,589
Achieve, Loan ID - C24273844 5.990 12-30-24 2,737 2,613
Achieve, Loan ID - C24281913 26.990 02-29-28 33,843 32,313
Achieve, Loan ID - C24284884 26.240 01-20-28 12,895 12,312
Achieve, Loan ID - C24286861 9.240 12-16-25 15,413 14,717
Achieve, Loan ID - C24287807 15.240 01-28-26 20,427 19,504
Achieve, Loan ID - C24304679 22.240 01-29-28 7,446 7,110
Achieve, Loan ID - C24305742 25.240 12-16-26 22,543 21,524
Achieve, Loan ID - C24322154 25.490 12-16-25 7,429 7,093
Achieve, Loan ID - C24328234 24.240 01-29-28 34,417 32,861
Achieve, Loan ID - C24332351 26.490 01-29-27 43,702 41,726
Achieve, Loan ID - C24337568 17.990 01-30-26 20,289 19,372
Achieve, Loan ID - C24347890 26.490 12-16-26 10,087 9,631
Achieve, Loan ID - C24349300 26.990 02-29-28 11,329 10,817
Achieve, Loan ID - C24361791 25.740 02-29-28 34,691 33,123
Achieve, Loan ID - C24363366 24.990 01-29-28 17,604 16,808
Achieve, Loan ID - C24389875 5.990 02-06-25 3,254 3,107
Achieve, Loan ID - C24390487 5.990 02-03-25 3,968 3,789
Achieve, Loan ID - C24616115 25.490 01-30-26 3,115 2,974
Achieve, Loan ID - C24619959 22.240 02-06-28 33,040 31,547
Achieve, Loan ID - C24684691 20.240 02-10-27 7,305 6,975
Achieve, Loan ID - C24692520 21.990 02-06-28 44,054 42,063
Achieve, Loan ID - C24702290 25.490 12-24-27 7,652 7,306
Achieve, Loan ID - C24708215 17.740 02-03-27 16,613 15,862
Achieve, Loan ID - C24737748 16.240 12-28-26 19,707 18,816
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 41
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C24770901 18.990 12-25-26 19,442 $18,563
Achieve, Loan ID - C24783767 26.990 03-09-28 10,670 10,188
Achieve, Loan ID - C24785164 20.740 12-25-27 14,967 14,291
Achieve, Loan ID - C24786979 26.990 03-09-28 27,827 26,569
Achieve, Loan ID - C24808124 23.490 02-13-28 20,949 20,002
Achieve, Loan ID - C24808507 18.990 02-02-26 20,935 19,989
Achieve, Loan ID - C24808865 26.990 12-28-27 3,580 3,418
Achieve, Loan ID - C24814257 (H) 26.990 03-10-28 13,540 12,928
Achieve, Loan ID - C24818125 5.990 12-28-24 4,500 4,297
Achieve, Loan ID - C24822591 26.990 01-29-28 3,075 2,936
Achieve, Loan ID - C24832561 5.990 01-30-25 2,320 2,216
Achieve, Loan ID - C24838632 26.990 03-11-28 16,496 15,751
Achieve, Loan ID - C24842245 9.240 12-26-27 10,251 9,787
Achieve, Loan ID - C24889861 26.990 03-12-28 17,601 16,806
Achieve, Loan ID - C24891649 23.490 02-01-27 39,899 38,096
Achieve, Loan ID - C24929161 25.740 03-12-28 17,670 16,871
Achieve, Loan ID - C24931645 21.240 12-30-27 10,204 9,742
Achieve, Loan ID - C24938747 15.990 02-13-26 11,181 10,676
Achieve, Loan ID - C24941009 20.240 02-13-27 10,458 9,986
Achieve, Loan ID - C24941466 26.490 12-30-26 4,417 4,218
Achieve, Loan ID - C31320542 19.990 06-16-28 38,735 36,984
Achieve, Loan ID - C31322342 26.990 06-14-28 11,369 10,855
Achieve, Loan ID - C31323216 5.990 04-30-25 5,538 5,288
Achieve, Loan ID - C31334156 5.990 06-15-25 7,173 6,849
Achieve, Loan ID - C31335950 5.990 06-27-25 7,198 6,872
Achieve, Loan ID - C31336386 26.990 05-11-28 6,940 6,626
Achieve, Loan ID - C31336469 18.990 06-19-27 20,432 19,508
Achieve, Loan ID - C31339468 15.740 05-01-27 13,221 12,624
Achieve, Loan ID - C31346016 18.740 06-28-27 14,016 13,383
Achieve, Loan ID - C31351535 22.990 06-25-27 41,608 39,727
Achieve, Loan ID - C31355554 24.740 06-16-28 9,881 9,434
Achieve, Loan ID - C31358659 20.740 06-12-28 9,458 9,030
Achieve, Loan ID - C31359319 21.740 06-12-28 9,483 9,055
Achieve, Loan ID - C31361837 16.240 06-21-27 19,417 18,540
Achieve, Loan ID - C31363408 26.990 06-15-28 29,148 27,831
Achieve, Loan ID - C31364411 17.740 06-30-27 40,412 38,585
Achieve, Loan ID - C31368567 16.990 06-20-28 44,358 42,353
Achieve, Loan ID - C31369376 19.240 06-13-28 18,827 17,976
Achieve, Loan ID - C31370479 16.490 06-22-26 34,788 33,215
Achieve, Loan ID - C31371254 21.740 06-16-28 13,497 12,887
Achieve, Loan ID - C31375823 24.240 06-18-27 15,569 14,865
Achieve, Loan ID - C31376581 18.990 06-23-28 11,127 10,624
Achieve, Loan ID - C31381175 5.990 06-13-25 7,148 6,825
Achieve, Loan ID - C31384566 26.990 07-26-28 21,340 20,375
42 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C31385927 (H) 21.490 06-21-27 10,739 $10,254
Achieve, Loan ID - C31386623 18.740 06-15-27 14,152 13,512
Achieve, Loan ID - C31386911 21.990 06-16-28 33,320 31,814
Achieve, Loan ID - C31388466 20.490 06-13-28 13,409 12,802
Achieve, Loan ID - C31388907 20.740 06-16-27 32,109 30,658
Achieve, Loan ID - C31389230 26.990 06-16-28 9,936 9,487
Achieve, Loan ID - C31389516 20.740 06-13-28 27,575 26,329
Achieve, Loan ID - C31389544 18.240 06-15-26 31,941 30,497
Achieve, Loan ID - C31389701 26.990 07-27-28 19,076 18,214
Achieve, Loan ID - C31390638 19.990 06-16-28 35,765 34,148
Achieve, Loan ID - C31390921 22.490 06-13-27 4,283 4,089
Achieve, Loan ID - C31391121 18.740 06-13-27 23,348 22,293
Achieve, Loan ID - C31391521 26.990 06-14-28 8,306 7,931
Achieve, Loan ID - C31391565 21.990 06-21-28 20,052 19,146
Achieve, Loan ID - C31392604 26.990 06-13-28 9,091 8,680
Achieve, Loan ID - C31393020 26.990 07-27-28 6,413 6,123
Achieve, Loan ID - C31393496 22.740 05-09-27 7,579 7,237
Achieve, Loan ID - C31393575 20.240 06-27-25 22,196 21,193
Achieve, Loan ID - C31394502 5.990 05-10-25 6,592 6,294
Achieve, Loan ID - C31394748 23.990 06-29-27 10,194 9,733
Achieve, Loan ID - C31394895 5.990 06-15-25 7,174 6,849
Achieve, Loan ID - C31395045 22.990 05-01-28 11,735 11,204
Achieve, Loan ID - C31395596 18.740 06-29-25 12,359 11,801
Achieve, Loan ID - C31395796 24.240 07-30-28 15,702 14,992
Achieve, Loan ID - C31396148 21.740 06-30-28 19,982 19,079
Achieve, Loan ID - C31396302 26.990 07-26-28 10,682 10,199
Achieve, Loan ID - C31396322 (H) 25.240 07-27-28 39,360 37,581
Achieve, Loan ID - C31396425 22.740 07-27-28 6,742 6,437
Achieve, Loan ID - C31396534 26.990 07-29-28 13,992 13,360
Achieve, Loan ID - C31396627 22.240 06-16-27 11,535 11,014
Achieve, Loan ID - C31396644 20.740 06-30-28 21,753 20,770
Achieve, Loan ID - C31396913 20.740 06-16-28 27,792 26,536
Achieve, Loan ID - C31396994 5.990 06-16-25 4,784 4,568
Achieve, Loan ID - C31397404 20.740 06-24-26 38,468 36,729
Achieve, Loan ID - C31398640 18.240 06-27-28 44,547 42,533
Achieve, Loan ID - C31399171 22.990 06-29-28 28,951 27,642
Achieve, Loan ID - C31399327 (H) 17.990 07-01-27 44,745 42,722
Achieve, Loan ID - C31401206 19.740 06-15-28 29,300 27,975
Achieve, Loan ID - C31402076 24.240 06-27-26 26,195 25,011
Achieve, Loan ID - C31403150 5.990 06-13-25 7,178 6,854
Achieve, Loan ID - C31404074 14.740 06-25-27 13,356 12,752
Achieve, Loan ID - C31405619 23.740 06-16-28 9,041 8,632
Achieve, Loan ID - C31407785 19.990 06-25-26 16,254 15,520
Achieve, Loan ID - C31413266 19.740 06-14-26 12,441 11,879
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 43
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C31415051 14.240 06-16-26 3,194 $3,050
Achieve, Loan ID - C31416188 26.990 06-20-28 18,840 17,988
Achieve, Loan ID - C31417011 14.490 06-25-26 27,171 25,942
Achieve, Loan ID - C31419980 21.740 06-27-28 17,408 16,621
Achieve, Loan ID - C31420248 18.740 06-25-26 9,665 9,228
Achieve, Loan ID - C31421074 22.740 06-23-27 19,050 18,189
Achieve, Loan ID - C31423384 26.990 06-16-28 22,630 21,607
Achieve, Loan ID - C31424651 26.990 06-14-28 9,100 8,689
Achieve, Loan ID - C31425961 21.490 06-25-28 34,565 33,003
Achieve, Loan ID - C31426877 23.490 06-27-28 38,664 36,916
Achieve, Loan ID - C31428410 26.990 07-28-28 16,623 15,871
Achieve, Loan ID - C31433338 16.490 06-16-26 35,284 33,689
Achieve, Loan ID - C31435684 26.990 07-28-28 33,323 31,817
Achieve, Loan ID - C31439606 18.990 06-16-27 18,006 17,192
Achieve, Loan ID - C31440568 19.990 06-15-28 16,648 15,896
Achieve, Loan ID - C31441788 18.740 06-20-26 12,626 12,055
Achieve, Loan ID - C31446756 18.990 06-29-27 12,858 12,277
Achieve, Loan ID - C31449964 19.740 06-16-27 12,548 11,981
Achieve, Loan ID - C31454028 22.990 06-29-28 29,182 27,863
Achieve, Loan ID - C32811890 18.740 11-21-27 40,407 39,728
Achieve, Loan ID - C34505079 18.990 11-20-28 19,103 18,782
Achieve, Loan ID - C34505570 17.240 11-17-26 10,756 10,575
Achieve, Loan ID - C34651006 25.240 10-06-27 9,432 9,274
Achieve, Loan ID - C34665747 23.990 11-16-28 44,097 43,356
Achieve, Loan ID - C34675568 23.240 10-05-28 22,902 22,517
Achieve, Loan ID - C34722397 13.990 11-20-27 12,461 12,252
Achieve, Loan ID - C34739349 25.990 12-19-28 6,344 6,237
Achieve, Loan ID - C34763286 14.490 11-20-26 19,132 18,811
Achieve, Loan ID - C34778675 19.990 10-06-27 18,881 18,564
Achieve, Loan ID - C34779071 15.240 11-20-28 14,738 14,490
Achieve, Loan ID - C34779142 19.740 11-08-25 9,902 9,736
Achieve, Loan ID - C34779309 21.240 11-21-27 14,401 14,159
Achieve, Loan ID - C34779394 5.990 11-10-25 8,081 7,946
Achieve, Loan ID - C34779602 20.240 11-21-28 22,180 21,807
Achieve, Loan ID - C34780174 21.990 11-19-25 10,175 10,004
Achieve, Loan ID - C34780323 5.990 10-01-25 8,028 7,893
Achieve, Loan ID - C34822398 21.240 11-17-27 14,120 13,883
Achieve, Loan ID - C34826356 21.240 11-20-27 27,170 26,714
Achieve, Loan ID - C34859657 25.990 11-18-28 22,630 22,250
Achieve, Loan ID - C34864763 (H) 25.990 11-15-28 19,928 19,594
Achieve, Loan ID - C34868243 24.490 12-20-28 22,372 21,996
Achieve, Loan ID - C34873664 25.990 12-20-28 20,256 19,915
Achieve, Loan ID - C34887555 (H) 14.990 10-06-28 11,708 11,511
Achieve, Loan ID - C34895842 14.240 10-06-26 13,072 12,852
44 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C34899068 16.240 11-07-26 20,222 $19,882
Achieve, Loan ID - C34902889 25.990 12-20-28 21,124 20,769
Achieve, Loan ID - C34903520 25.990 11-07-28 15,940 15,672
Achieve, Loan ID - C34903753 13.990 11-10-28 37,624 36,992
Achieve, Loan ID - C34903826 21.740 11-10-27 37,253 36,627
Achieve, Loan ID - C34905741 25.990 12-19-28 14,649 14,403
Achieve, Loan ID - C34910473 24.240 11-20-26 27,224 26,767
Achieve, Loan ID - C34912116 14.740 11-07-28 11,202 11,014
Achieve, Loan ID - C34913209 19.240 11-07-28 1,435 1,411
Achieve, Loan ID - C34914614 21.740 11-20-27 22,505 22,127
Achieve, Loan ID - C34914735 25.240 11-15-27 19,643 19,313
Achieve, Loan ID - C34915281 21.740 11-21-28 21,615 21,252
Achieve, Loan ID - C34917068 20.240 11-15-27 41,947 41,243
Achieve, Loan ID - C34917496 5.990 11-21-25 6,557 6,446
Achieve, Loan ID - C34918363 5.990 11-15-25 5,196 5,108
Achieve, Loan ID - C34918779 19.490 09-30-25 3,821 3,757
Achieve, Loan ID - C34921910 5.990 11-07-25 8,009 7,875
Achieve, Loan ID - C34924262 24.490 11-10-27 15,080 14,827
Achieve, Loan ID - C34925650 21.240 11-21-28 19,154 18,832
Achieve, Loan ID - C34926483 25.990 08-25-28 15,087 14,834
Arivo, Loan ID - C1378970 18.980 05-22-29 32,968 33,044
Arivo, Loan ID - C1380541 21.950 05-22-29 41,096 41,191
Arivo, Loan ID - C1381078 21.260 05-27-29 21,834 21,885
Arivo, Loan ID - C1381533 18.000 05-13-29 20,396 20,443
Arivo, Loan ID - C1381892 20.000 11-17-27 9,742 9,765
Arivo, Loan ID - C1381923 20.150 05-23-29 21,052 21,100
Arivo, Loan ID - C1382134 18.400 05-14-29 29,939 30,008
Arivo, Loan ID - C1382501 20.570 04-30-29 17,898 17,939
Arivo, Loan ID - C1382709 18.000 05-15-29 5,836 5,850
Arivo, Loan ID - C1382756 (H) 9.050 05-26-29 36,565 36,649
Arivo, Loan ID - C1383648 22.830 11-12-27 20,417 20,464
Arivo, Loan ID - C1383751 (H) 20.000 05-19-29 19,421 19,465
Arivo, Loan ID - C1384070 18.340 05-23-29 18,232 18,274
Arivo, Loan ID - C1384310 20.000 05-26-29 43,773 43,874
Arivo, Loan ID - C1384317 20.550 05-18-29 24,372 24,428
Arivo, Loan ID - C1384388 22.310 06-01-29 28,033 28,097
Arivo, Loan ID - C1384529 22.200 05-30-29 24,621 24,678
Arivo, Loan ID - C1384700 22.000 05-18-29 37,140 37,226
Arivo, Loan ID - C1385054 16.820 05-18-29 27,138 27,200
Arivo, Loan ID - C1385469 22.990 11-19-28 15,237 15,272
Arivo, Loan ID - C1385521 (H) 20.000 11-19-27 30,772 30,843
Arivo, Loan ID - C1385526 20.570 05-30-29 23,595 23,649
Arivo, Loan ID - C1385540 13.340 05-19-29 37,840 37,927
Arivo, Loan ID - C1385548 14.700 05-04-29 36,825 36,910
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 45
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1385607 18.180 05-29-29 27,379 $27,442
Arivo, Loan ID - C1385661 20.000 05-21-29 38,477 38,565
Arivo, Loan ID - C1385838 17.850 05-29-29 27,181 27,244
Arivo, Loan ID - C1385901 19.030 05-22-29 36,905 36,989
Arivo, Loan ID - C1386089 20.200 05-22-29 17,064 17,104
Arivo, Loan ID - C1386122 12.640 05-10-29 15,627 15,663
Arivo, Loan ID - C1386584 20.000 05-21-29 19,722 19,767
Arivo, Loan ID - C1386680 17.000 05-21-29 26,507 26,568
Arivo, Loan ID - C1386731 13.450 05-23-29 29,544 29,612
Arivo, Loan ID - C1387131 18.000 05-21-29 21,677 21,727
Arivo, Loan ID - C1387295 18.890 05-22-29 28,537 28,603
Arivo, Loan ID - C1387393 16.860 05-25-29 33,455 33,532
Arivo, Loan ID - C1387501 18.900 05-22-29 13,087 13,117
Arivo, Loan ID - C1387732 20.660 05-23-29 24,349 24,405
Arivo, Loan ID - C1387765 (H) 22.560 05-23-29 21,438 21,488
Arivo, Loan ID - C1387802 18.000 05-22-29 20,358 20,405
Arivo, Loan ID - C1387840 20.110 05-22-29 22,209 22,260
Arivo, Loan ID - C1387867 20.000 05-25-29 25,449 25,507
Arivo, Loan ID - C1387978 13.990 05-12-29 24,576 24,632
Arivo, Loan ID - C1388209 16.370 05-23-29 24,515 24,572
Arivo, Loan ID - C1388253 16.980 05-26-29 21,942 21,993
Arivo, Loan ID - C1388265 20.410 05-23-29 21,504 21,553
Arivo, Loan ID - C1388326 18.000 05-23-29 42,365 42,462
Arivo, Loan ID - C1388383 18.000 05-23-29 21,009 21,057
Arivo, Loan ID - C1388406 16.500 05-23-29 10,285 10,309
Arivo, Loan ID - C1388509 21.260 05-25-29 28,685 28,751
Arivo, Loan ID - C1388512 18.000 05-23-29 26,366 26,427
Arivo, Loan ID - C1388568 18.670 05-23-29 35,791 35,873
Arivo, Loan ID - C1388689 21.930 05-25-29 20,202 20,248
Arivo, Loan ID - C1388696 19.230 05-12-29 26,086 26,146
Arivo, Loan ID - C1388855 22.900 05-15-29 24,899 24,956
Arivo, Loan ID - C1388947 17.460 05-23-29 28,037 28,101
Arivo, Loan ID - C1388993 18.210 05-23-29 30,020 30,089
Arivo, Loan ID - C1389039 18.710 05-09-29 33,709 33,786
Arivo, Loan ID - C1389201 14.610 05-14-29 35,450 35,531
Arivo, Loan ID - C1389213 18.000 05-31-29 26,614 26,675
Arivo, Loan ID - C1389271 21.880 06-01-29 21,033 21,081
Arivo, Loan ID - C1389288 17.380 05-12-29 24,381 24,437
Arivo, Loan ID - C1389338 20.350 05-25-29 33,249 33,326
Arivo, Loan ID - C1389412 18.350 05-26-29 46,926 47,034
Arivo, Loan ID - C1389425 (H) 16.390 06-01-29 25,155 25,213
Arivo, Loan ID - C1389461 19.760 05-29-29 3,758 3,767
Arivo, Loan ID - C1389469 20.000 05-25-29 24,640 24,696
Arivo, Loan ID - C1389502 19.740 05-28-29 26,001 26,061
46 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1389530 20.130 05-26-29 22,582 $22,634
Arivo, Loan ID - C1389587 13.740 05-25-29 36,298 36,382
Arivo, Loan ID - C1389712 22.080 05-25-29 47,447 47,556
Arivo, Loan ID - C1389869 17.250 11-25-27 11,766 11,793
Arivo, Loan ID - C1389972 15.580 05-26-29 25,025 25,083
Arivo, Loan ID - C1389981 15.060 05-29-29 35,821 35,904
Arivo, Loan ID - C1389986 17.820 05-26-29 47,132 47,240
Arivo, Loan ID - C1390024 18.000 05-29-29 28,046 28,111
Arivo, Loan ID - C1390027 17.150 05-23-29 29,304 29,371
Arivo, Loan ID - C1390140 (H) 21.880 05-26-29 16,940 16,979
Arivo, Loan ID - C1390165 20.080 05-26-29 24,104 24,159
Arivo, Loan ID - C1390258 20.500 05-11-29 19,456 19,501
Arivo, Loan ID - C1390331 15.310 05-26-29 36,869 36,954
Arivo, Loan ID - C1390345 20.000 11-26-27 20,716 20,763
Arivo, Loan ID - C1390443 17.030 05-26-29 35,457 35,538
Arivo, Loan ID - C1390475 20.890 05-26-29 22,790 22,843
Arivo, Loan ID - C1390501 15.920 05-26-29 37,143 37,229
Arivo, Loan ID - C1390516 18.000 05-26-29 43,634 43,734
Arivo, Loan ID - C1390616 20.000 05-26-29 34,188 34,267
Arivo, Loan ID - C1390630 15.360 05-26-29 22,232 22,283
Arivo, Loan ID - C1390640 20.000 05-25-29 28,839 28,905
Arivo, Loan ID - C1390700 20.000 05-27-29 24,415 24,471
Arivo, Loan ID - C1390709 18.000 05-27-29 26,200 26,261
Arivo, Loan ID - C1390735 18.060 05-13-29 34,935 35,016
Arivo, Loan ID - C1390766 17.830 05-27-29 20,110 20,156
Arivo, Loan ID - C1390785 21.580 05-29-29 19,198 19,242
Arivo, Loan ID - C1390807 22.540 05-27-29 19,325 19,369
Arivo, Loan ID - C1390816 16.870 05-27-29 32,894 32,970
Arivo, Loan ID - C1390907 17.010 05-27-29 24,037 24,092
Arivo, Loan ID - C1390935 16.170 05-29-29 30,350 30,420
Arivo, Loan ID - C1391006 18.430 05-27-29 23,047 23,100
Arivo, Loan ID - C1391008 21.850 05-27-29 22,793 22,846
Arivo, Loan ID - C1391067 17.910 05-27-29 27,135 27,197
Arivo, Loan ID - C1391070 16.640 05-27-29 28,802 28,868
Arivo, Loan ID - C1391235 17.930 05-30-29 21,848 21,898
Arivo, Loan ID - C1391262 16.960 05-27-29 19,707 19,752
Arivo, Loan ID - C1391263 18.000 05-27-29 30,676 30,746
Arivo, Loan ID - C1391280 20.260 05-27-29 23,584 23,638
Arivo, Loan ID - C1391342 14.930 05-28-29 19,614 19,659
Arivo, Loan ID - C1391427 19.880 05-28-29 33,675 33,752
Arivo, Loan ID - C1391483 16.470 05-28-29 41,491 41,586
Arivo, Loan ID - C1391610 20.570 05-13-29 21,814 21,864
Arivo, Loan ID - C1391647 20.570 05-29-29 27,583 27,647
Arivo, Loan ID - C1391652 (H) 19.570 05-25-29 15,993 16,030
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 47
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1391694 20.000 05-28-29 41,193 $41,288
Arivo, Loan ID - C1391729 17.080 05-28-29 18,981 19,025
Arivo, Loan ID - C1391736 16.550 05-29-29 47,480 47,589
Arivo, Loan ID - C1391810 18.520 05-29-29 36,144 36,227
Arivo, Loan ID - C1391813 18.000 06-02-29 29,091 29,158
Arivo, Loan ID - C1391836 (H) 21.000 05-30-29 18,394 18,436
Arivo, Loan ID - C1391838 22.660 05-28-29 25,689 25,748
Arivo, Loan ID - C1391950 16.250 05-13-29 10,907 10,932
Arivo, Loan ID - C1392009 16.290 11-13-27 9,816 9,838
Arivo, Loan ID - C1392016 20.470 05-30-29 27,815 27,879
Arivo, Loan ID - C1392078 18.000 05-28-29 4,175 4,185
Arivo, Loan ID - C1392104 18.000 05-28-29 24,519 24,576
Arivo, Loan ID - C1392195 17.980 05-29-29 34,129 34,207
Arivo, Loan ID - C1392202 16.430 05-29-29 47,600 47,702
Arivo, Loan ID - C1392228 13.720 05-29-29 46,904 47,012
Arivo, Loan ID - C1392258 18.000 05-29-29 21,745 21,795
Arivo, Loan ID - C1392320 17.980 05-14-29 32,876 32,952
Arivo, Loan ID - C1392322 20.610 11-14-27 16,381 16,418
Arivo, Loan ID - C1392327 18.000 05-14-29 26,814 26,876
Arivo, Loan ID - C1392364 22.070 05-29-29 24,697 24,754
Arivo, Loan ID - C1392401 21.440 05-29-29 23,444 23,498
Arivo, Loan ID - C1392420 14.430 11-29-27 24,191 24,246
Arivo, Loan ID - C1392421 20.000 05-28-29 26,245 26,305
Arivo, Loan ID - C1392514 20.000 05-29-29 22,653 22,705
Arivo, Loan ID - C1392527 14.780 05-29-29 45,777 45,883
Arivo, Loan ID - C1392568 14.740 05-29-29 22,167 22,218
Arivo, Loan ID - C1392580 (H) 14.420 05-30-29 28,490 28,555
Arivo, Loan ID - C1392630 17.490 05-29-29 28,034 28,099
Arivo, Loan ID - C1392634 17.960 05-14-29 25,490 25,548
Arivo, Loan ID - C1392651 20.270 06-02-29 24,458 24,515
Arivo, Loan ID - C1392710 19.820 06-03-29 23,883 23,938
Arivo, Loan ID - C1392719 (H) 18.000 06-02-29 29,228 29,295
Arivo, Loan ID - C1392768 18.000 05-15-29 22,177 22,228
Arivo, Loan ID - C1392780 24.050 05-29-29 19,969 20,015
Arivo, Loan ID - C1392838 18.000 05-14-29 25,903 25,963
Arivo, Loan ID - C1392840 18.140 05-29-29 25,838 25,898
Arivo, Loan ID - C1392844 17.970 05-29-29 24,385 24,441
Arivo, Loan ID - C1392924 22.500 06-04-29 26,847 26,908
Arivo, Loan ID - C1392961 20.570 05-30-29 39,060 39,150
Arivo, Loan ID - C1392970 20.000 05-15-29 17,129 17,168
Arivo, Loan ID - C1392982 20.060 05-25-29 29,658 29,726
Arivo, Loan ID - C1393035 12.830 05-30-29 45,137 45,241
Arivo, Loan ID - C1393075 15.310 05-15-29 24,325 24,381
Arivo, Loan ID - C1393081 14.660 05-30-29 21,089 21,138
48 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1393111 17.560 05-29-29 30,068 $30,137
Arivo, Loan ID - C1393122 18.260 05-30-29 19,882 19,928
Arivo, Loan ID - C1393159 (G) 21.090 11-25-27 18,888 18,931
Arivo, Loan ID - C1393172 18.920 05-30-29 23,734 23,789
Arivo, Loan ID - C1393204 20.560 05-30-29 18,439 18,482
Arivo, Loan ID - C1393263 19.710 05-30-29 20,867 20,915
Arivo, Loan ID - C1393343 19.960 05-26-29 16,788 16,826
Arivo, Loan ID - C1393348 20.300 05-30-29 12,477 12,506
Arivo, Loan ID - C1393368 19.450 05-30-29 31,486 31,558
Arivo, Loan ID - C1393370 18.000 05-15-29 8,735 8,756
Arivo, Loan ID - C1393405 20.570 05-27-29 21,649 21,699
Arivo, Loan ID - C1393437 (H) 20.880 05-30-29 22,177 22,228
Arivo, Loan ID - C1393464 19.580 05-30-29 24,238 24,294
Arivo, Loan ID - C1393472 20.000 05-30-29 36,717 36,801
Arivo, Loan ID - C1393511 18.000 05-30-29 22,218 22,269
Arivo, Loan ID - C1393576 21.540 05-30-29 29,491 29,559
Arivo, Loan ID - C1393593 14.460 06-01-29 24,892 24,949
Arivo, Loan ID - C1393720 14.520 05-30-29 24,539 24,595
Arivo, Loan ID - C1393734 16.870 05-25-29 39,880 39,972
Arivo, Loan ID - C1393753 19.860 11-15-27 17,969 18,010
Arivo, Loan ID - C1393794 16.560 05-30-29 30,279 30,349
Arivo, Loan ID - C1393907 13.250 05-30-29 28,768 28,834
Arivo, Loan ID - C1393979 (H) 21.130 05-16-29 43,679 43,779
Arivo, Loan ID - C1394001 21.320 05-30-29 39,411 39,502
Arivo, Loan ID - C1394007 21.300 05-30-29 19,750 19,795
Arivo, Loan ID - C1394018 19.780 12-01-27 20,381 20,428
Arivo, Loan ID - C1394076 18.670 06-01-29 27,341 27,404
Arivo, Loan ID - C1394218 17.260 05-17-29 20,726 20,774
Arivo, Loan ID - C1394326 13.540 06-01-29 45,069 45,173
Arivo, Loan ID - C1394447 (H) 15.570 06-01-29 26,829 26,891
Arivo, Loan ID - C1394484 20.000 06-01-29 16,901 16,940
Arivo, Loan ID - C1394517 (H) 20.000 06-02-29 29,798 29,867
Arivo, Loan ID - C1394590 14.710 05-17-29 20,252 20,299
Arivo, Loan ID - C1394614 16.820 06-01-29 31,802 31,875
Arivo, Loan ID - C1394658 17.900 06-01-29 27,230 27,293
Arivo, Loan ID - C1394691 15.960 06-01-29 32,380 32,455
Arivo, Loan ID - C1394693 18.040 06-01-29 30,308 30,377
Arivo, Loan ID - C1394703 18.010 06-01-29 19,895 19,940
Arivo, Loan ID - C1394755 14.930 06-02-29 38,573 38,662
Arivo, Loan ID - C1394761 18.000 06-01-29 23,374 23,428
Arivo, Loan ID - C1394800 23.340 06-01-29 27,178 27,240
Arivo, Loan ID - C1394905 21.820 06-04-29 37,558 37,644
Arivo, Loan ID - C1394975 16.750 05-26-29 22,475 22,527
Arivo, Loan ID - C1395005 12.230 06-01-29 35,919 36,002
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 49
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1395036 18.600 05-18-29 28,941 $29,008
Arivo, Loan ID - C1395055 18.950 06-02-29 35,072 35,153
Arivo, Loan ID - C1395098 14.860 06-02-29 45,924 46,030
Arivo, Loan ID - C1395177 14.990 06-02-29 30,116 30,185
Arivo, Loan ID - C1395182 17.670 06-02-29 14,481 14,515
Arivo, Loan ID - C1395224 (H) 21.190 06-02-29 27,725 27,788
Arivo, Loan ID - C1395239 17.130 05-30-29 29,575 29,643
Arivo, Loan ID - C1395328 20.000 05-18-29 29,353 29,421
Arivo, Loan ID - C1395338 19.730 06-03-29 26,108 26,168
Arivo, Loan ID - C1395354 15.560 06-02-29 30,658 30,729
Arivo, Loan ID - C1395472 17.210 06-02-29 33,212 33,289
Arivo, Loan ID - C1395484 19.030 05-18-29 21,976 22,027
Arivo, Loan ID - C1395714 18.000 06-02-29 22,227 22,278
Arivo, Loan ID - C1395903 20.000 12-03-27 9,820 9,843
Arivo, Loan ID - C1395914 16.090 06-03-29 23,462 23,516
Arivo, Loan ID - C1395983 16.840 06-03-29 23,612 23,666
Arivo, Loan ID - C1396446 20.570 06-04-29 24,516 24,572
Arivo, Loan ID - C1396488 16.170 06-03-29 23,702 23,756
Arivo, Loan ID - C1397113 19.680 06-04-29 29,124 29,191
Arivo, Loan ID - C1397185 20.570 06-04-29 18,987 19,030
Arivo, Loan ID - C1397666 21.960 06-05-29 21,561 21,610
Arivo, Loan ID - C1480324 18.000 09-02-29 29,719 29,787
Arivo, Loan ID - C1482643 18.000 09-09-29 31,465 31,537
Arivo, Loan ID - C1483188 14.640 09-07-29 42,754 42,852
Arivo, Loan ID - C1483586 24.370 09-07-29 29,145 29,212
Arivo, Loan ID - C1485900 19.770 09-10-29 22,914 22,967
Arivo, Loan ID - C1486798 21.980 09-12-29 20,206 20,252
Arivo, Loan ID - C1486827 20.110 03-12-28 11,546 11,573
Arivo, Loan ID - C1487273 20.000 09-12-29 32,661 32,736
Arivo, Loan ID - C1488090 20.000 09-15-29 22,448 22,499
Arivo, Loan ID - C1488149 17.370 09-17-29 45,467 45,572
Arivo, Loan ID - C1488220 21.000 09-14-29 15,449 15,485
Arivo, Loan ID - C1488570 12.980 09-14-29 25,085 25,143
Arivo, Loan ID - C1488990 18.000 09-15-29 36,290 36,374
Arivo, Loan ID - C1489048 17.770 08-30-29 29,643 29,711
Arivo, Loan ID - C1489057 18.020 09-15-29 24,867 24,924
Arivo, Loan ID - C1489582 16.430 09-16-29 20,147 20,193
Arivo, Loan ID - C1490051 20.000 09-17-29 31,381 31,453
Arivo, Loan ID - C1490293 18.580 09-02-29 33,042 33,118
Arivo, Loan ID - C1490515 19.680 09-04-29 28,771 28,837
Arivo, Loan ID - C1490741 18.890 09-17-29 44,293 44,395
Arivo, Loan ID - C1491219 17.650 09-04-29 37,799 37,886
Arivo, Loan ID - C1491340 15.510 09-04-29 28,101 28,165
Arivo, Loan ID - C1491409 17.650 09-20-29 28,278 28,343
50 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1491461 (H) 17.070 09-19-29 47,508 $47,618
Arivo, Loan ID - C1491789 22.620 03-20-28 20,418 20,465
Arivo, Loan ID - C1492283 20.650 03-21-28 17,583 17,624
Arivo, Loan ID - C1492310 20.890 09-21-29 29,840 29,908
Arivo, Loan ID - C1492454 19.010 09-07-29 23,923 23,978
Arivo, Loan ID - C1492664 18.000 09-06-29 20,996 21,045
Arivo, Loan ID - C1492950 22.610 09-22-29 22,850 22,902
Arivo, Loan ID - C1493370 19.430 09-22-29 30,571 30,641
Arivo, Loan ID - C1493394 24.340 09-22-29 22,605 22,657
Arivo, Loan ID - C1493661 21.050 09-23-29 36,418 36,501
Corporate asset-based credit 3.2% $5,123,500
(Cost $5,000,000)
Materials 3.2% 5,123,500
CG Finance A LP
Series 2023-1, Class A (F) 11.500 06-28-28 5,000,000 5,123,500
Consumer-related assets 2.2% $3,601,479
(Cost $3,933,427)
Consumer loans 2.2% 3,601,479
ACHV ABS Trust
Series 2023-3PL, Class R (A)(F)(J) - 08-19-30 2,637 809,922
Credit Suisse ABS Repackaging Trust
Series 2013-A, Class R1 (A)(F)(J) - 04-25-43 5,000 2,791,557
Credit-linked notes 3.8% $6,227,159
(Cost $6,222,094)
Consumer loans 0.7% 1,227,159
U.S. Bank NA Auto Credit-Linked Note
Series 2023-1, Class D (A) 13.597 08-25-32 1,222,094 1,227,159
Corporate asset backed securities 3.1% 5,000,000
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 5,000,000
Yield (%) Shares Value
Short-term investments 4.4% $7,166,931
(Cost $7,166,931)
Short-term funds 4.4% 7,166,931
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.2338(M) 6,544,220 6,544,220
U.S. Bank Money Market Deposit Account 4.4600(M) 365,054 365,054
Wilmington U.S. Government Money Market Fund, Institutional Class 5.1300(M) 257,657 257,657
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 51
Table of Contents
Total investments (Cost $185,364,616) 113.3% $184,494,196
Other assets and liabilities, net (13.3%) (21,598,422)
Total net assets 100.0% $162,895,774
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
CME CME Group Published Rates
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
(A) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $69,326,052 or 42.6% of the fund's net assets as of 4-30-24.
(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.
(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) The fund holds an affiliate interest in this investment.
(L) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(M) The rate shown is the annualized seven-day yield as of 4-30-24.
52 JOHN HANCOCK ASSET-BASED LENDING FUND | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
DERIVATIVES
FUTURES
Open contracts Number of
contracts 		Position Expiration
date 		Notional
basis^ 		Notional
value^ 		Unrealized
appreciation
(depreciation)
2-Year U.S. Treasury Note Futures 34 Short Jun 2024 $(6,937,836) $(6,890,313) $47,523
$47,523
^ 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 4-30-24, the aggregate cost of investments for federal income tax purposes was $163,004,016. Net unrealized depreciation aggregated to $1,070,259, of which $1,347,466 related to gross unrealized appreciation and $2,417,725 related to gross unrealized depreciation.
See Notes to consolidated financial statements regarding investment transactions and other derivatives information.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND 53
Table of Contents
Consolidated financial statements
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 4-30-24 (unaudited)
Assets
Unaffiliated investments, at value (Cost $149,649,852) $148,841,352
Affiliated investments, at value (Cost $35,714,764) 35,652,844
Total investments, at value (Cost $185,364,616) 184,494,196
Receivable for futures variation margin 390,341
Cash 1,389,979
Collateral held at broker for futures contracts 39,101
Receivable for escrow and corporate advances, at value (Cost $783,894) 726,676
Collateral at prime broker 250,000
Dividends and interest receivable 3,076,590
Receivable for investments sold 273,256
Other assets 72,194
Total assets 190,712,333
Liabilities
Payable for open reverse repurchase agreements 22,607,962
Payable for investments purchased 4,250,000
Payable to affiliates
Investment management fees 105,815
Incentive fees 359,968
Accounting and legal services fees 2,502
Distribution and service fees 46
Other liabilities and accrued expenses 490,266
Total liabilities 27,816,559
Net assets $162,895,774
Net assets consist of
Paid-in capital $161,819,630
Total distributable earnings (loss) 1,076,144
Net assets $162,895,774
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 ($162,793,281 ÷ 8,076,180 shares) $20.16
Class D ($51,331 ÷ 2,532 shares) $20.27
Class S ($51,162 ÷ 2,525 shares) $20.26
54 JOHN HANCOCK Asset-Based Lending Fund | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED STATEMENT OF OPERATIONS For the six months ended 4-30-24 (unaudited)
Investment income
Interest $6,783,115
Dividends from affiliated investments 480,000
Dividends 258,868
Total investment income 7,521,983
Expenses
Investment management fees 1,025,794
Distribution and service fees 281
Interest expense 41,323
Incentive fees 359,968
Accounting and legal services fees 12,119
Transfer agent fees 89,349
Trustees' fees 79,866
Custodian fees 55,976
Investment servicing fees 483,880
State registration fees 29,315
Printing and postage 5,747
Professional fees 471,253
Other 170,586
Total expenses 2,825,457
Less expense reductions (477,244)
Net expenses 2,348,213
Net investment income 5,173,770
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments 258,281
Futures contracts 72,950
331,231
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and receivables (181,733)
Affiliated investments 89,770
Futures contracts 15,677
(76,286)
Net realized and unrealized gain 254,945
Increase in net assets from operations $5,428,715
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 55
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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Six months ended
4-30-24
(unaudited) 		Year ended
10-31-23
Increase (decrease) in net assets
From operations
Net investment income $5,173,770 $6,001,669
Net realized gain 331,231 46,653
Change in net unrealized appreciation (depreciation) (76,286) 395,014
Increase in net assets resulting from operations 5,428,715 6,443,336
Distributions to shareholders
From earnings
Class I (4,554,380) (5,664,593)
Class D (1,564) (2,558)
Class S (1,406) (2,182)
Total distributions (4,557,350) (5,669,333)
From fund share transactions 48,501,872 13,453,265
Total increase 49,373,237 14,227,268
Net assets
Beginning of period 113,522,537 99,295,269
End of period $162,895,774 $113,522,537
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CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 4-30-24 (unaudited)
Cash flows from operating activities
Net increase in net assets from operations $5,428,715
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Long-term investments purchased (131,423,041)
Long-term investments sold 62,242,404
Net purchases and sales of short-term investments (4,993,544)
Net amortization of premium (discount) (276,151)
(Increase) Decrease in assets:
Receivable for futures variation margin (108,870)
Collateral held at broker for futures contracts 12,599
Receivable for escrow and corporate advances, at value 57,749
Collateral at prime broker (250,000)
Dividends and interest receivable (2,454,746)
Receivable for investments sold (55,097)
Receivable from affiliates 143,515
Other assets 10,266
Increase (Decrease) in liabilities:
Payable for investments purchased 4,250,000
Payable to affiliates 461,156
Other liabilities and accrued expenses (90,124)
Net change in unrealized (appreciation) depreciation on:
Investments 137,229
Net realized (gain) loss on:
Unaffiliated investments (258,281)
Net cash used in operating activities $(67,166,221)
Cash flows provided by (used in) financing activities
Distributions to shareholders $(4,136,395)
Borrowings from reverse repurchase agreements 22,607,962
Fund shares sold 48,080,917
Net cash flows provided by financing activities $66,552,484
Net decrease in cash $(613,737)
Cash at beginning of period $2,003,716
Cash at end of period $1,389,979
Supplemental disclosure of cash flow information:
Cash paid for interest $(41,323)
Noncash financing activities not included herein consists of reinvestment of distributions $420,955
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Asset-Based Lending Fund 57
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CONSOLIDATED FINANCIAL HIGHLIGHTS
CLASS I SHARES Period ended 4-30-241 10-31-23 10-31-222
Per share operating performance
Net asset value, beginning of period $20.01 $19.84 $20.00
Net investment income3 0.70 1.15 0.09
Net realized and unrealized gain (loss) on investments 0.09 0.09 (0.25)
Total from investment operations 0.79 1.24 (0.16)
Less distributions
From net investment income (0.64) (1.07) -
From net realized gain -4 - -
Total distributions (0.64) (1.07) -
Net asset value, end of period5 $20.16 $20.01 $19.84
Total return (%)6 3.997 6.40 (0.80)7
Ratios and supplemental data
Net assets, end of period (in millions) $163 $113 $99
Ratios (as a percentage of average net assets):
Expenses before reductions 3.838,9 4.11 3.9010
Expenses including reductions 3.188,9,11 2.50 1.9410
Net investment income 7.018 5.75 1.488
Portfolio turnover (%) 43 80 17
Total debt outstanding end of period (in millions) $23 - -
Asset coverage per $1,000 of debt12 $8,205 - -
1 Six months ended 4-30-24. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average monthly shares outstanding.
4 Less than $0.005 per share.
5 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.
6 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
7 Not annualized.
8 Annualized.
9 Includes incentive fees expense of 0.49% (annualized) for the period ended 4-30-24.
10 Annualized. Certain expenses are presented unannualized.
11 Expenses including reductions excluding interest expense were 3.24% (annualized) for the period ended 4-30-24.
12 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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
CLASS D SHARES Period ended 4-30-241 10-31-23 10-31-222
Per share operating performance
Net asset value, beginning of period $20.02 $19.82 $20.00
Net investment income3 0.76 1.11 0.08
Net realized and unrealized gain (loss) on investments 0.10 0.10 (0.26)
Total from investment operations 0.86 1.21 (0.18)
Less distributions
From net investment income (0.61) (1.01) -
From net realized gain -4 - -
Total distributions (0.61) (1.01) -
Net asset value, end of period5 $20.27 $20.02 $19.82
Total return (%)6,7 4.378 6.24 (0.90)8
Ratios and supplemental data
Net assets, end of period (in millions) $-9 $-9 $-9
Ratios (as a percentage of average net assets):
Expenses before reductions 4.0810,11 4.36 4.1512
Expenses including reductions 3.4310,11,13 2.75 2.1912
Net investment income 7.6610 5.56 1.2410
Portfolio turnover (%) 43 80 17
Total debt outstanding end of period (in millions) $23 - -
Asset coverage per $1,000 of debt14 $8,205 - -
1 Six months ended 4-30-24. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average monthly shares outstanding.
4 Less than $0.005 per share.
5 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.
6 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
7 Does not reflect the effect of sales charges, if any.
8 Not annualized.
9 Less than $500,000.
10 Annualized.
11 Includes incentive fees expense of 0.49% (annualized) for the period ended 4-30-24.
12 Annualized. Certain expenses are presented unannualized.
13 Expenses including reductions excluding interest expense were 3.49% (annualized) for the period ended 4-30-24.
14 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.
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
CLASS S SHARES Period ended 4-30-241 10-31-23 10-31-222
Per share operating performance
Net asset value, beginning of period $20.01 $19.79 $20.00
Net investment income3 0.70 0.99 0.04
Net realized and unrealized gain (loss) on investments 0.10 0.10 (0.25)
Total from investment operations 0.80 1.09 (0.21)
Less distributions
From net investment income (0.55) (0.87) -
From net realized gain -4 - -
Total distributions (0.55) (0.87) -
Net asset value, end of period5 $20.26 $20.01 $19.79
Total return (%)6,7 4.068 5.57 (1.05)8
Ratios and supplemental data
Net assets, end of period (in millions) $-9 $-9 $-9
Ratios (as a percentage of average net assets):
Expenses before reductions 4.6810,11 4.96 4.7512
Expenses including reductions 4.0410,11,13 3.35 2.7912
Net investment income 7.0610 4.97 0.6410
Portfolio turnover (%) 43 80 17
Total debt outstanding end of period (in millions) $23 - -
Asset coverage per $1,000 of debt14 $8,205 - -
1 Six months ended 4-30-24. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average monthly shares outstanding.
4 Less than $0.005 per share.
5 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.
6 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
7 Does not reflect the effect of sales charges, if any.
8 Not annualized.
9 Less than $500,000.
10 Annualized.
11 Includes incentive fees expense of 0.49% (annualized) for the period ended 4-30-24.
12 Annualized. Certain expenses are presented unannualized.
13 Expenses including reductions excluding interest expense were 4.09% (annualized) for the period ended 4-30-24.
14 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.
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Notes to consolidated financial statements (unaudited)
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, non-diversified, closed-end management investment company. The fund's investment objective is to seek to provide high current income and to a lesser extent capital appreciation. Under normal circumstances, the fund invests 80% of its net assets (plus any borrowings for investment purposes) in asset-based lending investments, which may include investments in distressed loans.
The fund's shares are not listed on any securities exchange. At the sole discretion of the Board and provided that it is in the best interests of the fund and shareholders to do so, the fund intends to provide a limited degree of liquidity to the shareholders by conducting repurchase offers generally quarterly; however, there can be no assurance that any such 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.
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• JH Aircraft Leasing 4535 (Ireland) Designated Activity Company (Company) was established on January 23, 2024 to hold the title to an international commercial aircraft, which is currently subject to a lease arrangement. The fund holds 100% of the profit participating notes issued by the Company.
• JHLiftCo, 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.
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. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Advisor's Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor's assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
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The following is a summary of the values by input classification of the Consolidated Fund's investments as of April 30, 2024, by major security category or type:
Total
value at
4-30-24 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:
Assets
Asset backed securities $61,863,148 - $61,863,148 -
Residential loans 35,812,822 - 253,405 $35,559,417
Profit participating notes 20,918,761 - - 20,918,761
Term loans 17,901,331 - - 17,901,331
Special purpose vehicles 14,734,083 - - 14,734,083
Consumer loans 11,144,982 - - 11,144,982
Corporate asset-based credit 5,123,500 - - 5,123,500
Consumer-related assets 3,601,479 - - 3,601,479
Credit-linked notes 6,227,159 - 1,227,159 5,000,000
Short-term investments 7,166,931 $6,801,877 365,054 -
Total investments in securities $184,494,196 $6,801,877 $63,708,766 $113,983,553
Liabilities
Reverse repurchase agreements $(22,607,962) - $(22,607,962) -
Derivatives:
Assets
Futures $47,523 $47,523 - -
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 		Profit
participating
notes 		Term
loans 		Special
purpose
vehicles 		Consumer
loans 		Corporate
asset-based
credit 		Consumer-
related
assets 		Credit-
linked
notes 		Total
Balance as of 10-31-23 $22,854,427 - $4,702,267 $7,806,548 $13,671,209 $4,980,500 $4,258,756 $2,850,288 $61,123,995
Purchases 14,870,517 $20,918,863 13,296,044 6,845,000 - - - 5,000,000 60,930,424
Sales (2,706,763) - (15,559) (7,337) (2,055,658) - (483,208) (2,806,020) (8,074,545)
Realized gain (loss) 332,041 - - - (577,538) - - (49,980) (295,477)
Net amortization of (premium) discount - - 12,230 - (34,460) - - - (22,230)
Change in unrealized appreciation (depreciation) 209,195 (102) (93,651) 89,872 141,429 143,000 (174,069) 5,712 321,386
Balance as of 4-30-24 $35,559,417 $20,918,761 $17,901,331 $14,734,083 $11,144,982 $5,123,500 $3,601,479 $5,000,000 $113,983,553
Change in unrealized appreciation (depreciation) at period end1 $262,452 $(102) $(93,651) $89,872 $208,972 $143,000 $(174,069) - $436,474
1 Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end. This balance is included in change in unrealized appreciation (depreciation) on the Statement of operations.
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The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund's Level 3 securities are outlined in the table below.
Fair Value
at 4-30-24 		Valuation technique Significant
unobservable inputs 		Input/Range* Input weighted
average*
Residential loans $35,559,417 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		7.75%-13.98%
$90.58-$100 		10.36%
$97.20
Profit participating notes 20,918,761 Recent transaction Transaction price $100.1 $100.1
Consumer loans 11,144,982 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		8.81%-11.87%
$100.5 		9.56%
$100.5
Term loans 17,901,331 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		6.25%-11.22%
$98.8-$100 		7.94%
$99.28
Special purpose vehicles 14,734,083 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		10.67%-10.82%
$100 		10.74%
$100
Corporate asset-based credit 5,123,500 Discounted cash flow Discount rate 11.60% 11.60%
Consumer-related assets 3,601,479 Discounted cash flow Discount rate 12.93%-21.86% 14.94%
Credit-linked notes 5,000,000 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		13.56%
$100 		13.56%
$100
Total $113,983,553
*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 April 30, 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 deliver 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 statements 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 statements of assets and liabilities as Payable for open reverse repurchase agreements.
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 April 30, 2024:
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Counterparty Borrowing
rate 		Settlement
date 		Maturity
date 		Amount
borrowed 		Payable for
reverse
repurchase
agreements
J.P. Morgan Securities LLC 6.068% 4-25-24 5-24-24 $(900,631) $(901,542)
J.P. Morgan Securities LLC 6.110% 4-25-24 5-2-24 (5,781,000) (5,786,887)
J.P. Morgan Securities LLC 6.120% 4-26-24 5-28-24 (959,000) (959,815)
J.P. Morgan Securities LLC 6.168% 4-25-24 5-24-24 (6,640,463) (6,647,289)
J.P. Morgan Securities LLC 6.168% 4-25-24 5-24-24 (4,418,640) (4,423,183)
J.P. Morgan Securities LLC 6.220% 4-3-24 5-3-24 (1,622,080) (1,629,927)
J.P. Morgan Securities LLC 6.470% 4-25-24 5-28-24 (1,563,000) (1,564,686)
J.P. Morgan Securities LLC 6.570% 4-26-24 5-28-24 (694,000) (694,633)
$(22,607,962)
The average borrowings by the fund and the weighted average interest rate for the period the fund entered into reverse repurchase agreements amounted to $7,686,356 and 6.31% (annualized), respectively.
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 April 30, 2024, the fund had $2,907,316 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.
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Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.
Credit-linked notes. The fund may purchase credit-linked notes, which are typically privately offered and sold. Credit-linked notes are intended to replicate the economic effects that would apply had the fund directly purchased the underlying reference asset(s). Investments in credit-linked notes represent the right to receive periodic income payments and payment of principal at the end of the term of the note. In addition to the risks associated with the underlying reference instrument, an investment in a credit-linked note is also subject to liquidity risk, market risk, interest rate risk and the risk that the counterparty will be unwilling or unable to meet its obligations under the note.
Escrow and corporate advances. The fund advances payments when the borrower fails to meet contractual payments (e.g. property taxes and insurance) in accordance with the terms of its servicing agreements and to cover corporate advances (e.g. appraisal or title fees) associated 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 investment is recorded on ex-date. Distributions from investments in private operating companies are reflected as dividend income. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.
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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.
As of October 31, 2023, the fund had no uncertain tax positions that would require consolidated financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
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.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's consolidated financial statements as a return of capital. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to a taxable subsidiary and non-deductible start up costs.
The Fund has one Taxable Subsidiary-John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC. This Taxable Subsidiary is consolidated for financial reporting purposes. The purpose of the Taxable Subsidiary is to permit the Fund to gain exposure to commercial aircraft lease transactions for U.S. federal income tax purposes in order to comply with the RIC tax compliance requirements.
John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC is subject to U.S. federal and state corporate-level income taxes.
The net investment income and capital gains and losses from John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC do not always flow through to the Fund. John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC is not consolidated for income tax purposes and may generate income tax expenses.
Note 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,
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including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Consolidated statement of assets and liabilities. Use of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.
Upon entering into a futures contract, the fund 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 six months ended April 30, 2024, the fund used futures contracts to manage duration of the portfolio. The fund held futures contracts with USD notional values ranging from $6.9 million to $8.7 million, as measured at each quarter end.
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund and its subsidiary at April 30, 2024 by risk category:
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 $47,523 -
1 Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Consolidated Fund's investments. Only the period end variation margin receivable/payable is separately reported on the Consolidated statement of assets and liabilities.
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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 six months ended April 30, 2024:
Consolidated statement of operations location - Net realized gain (loss) on:
Risk Futures contracts
Interest rate $72,950
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 six months ended April 30, 2024:
Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Futures contracts
Interest rate $15,677
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 Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 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 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 six months ended April 30, 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, 2025, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor has contractually agreed to reduce its management fee for the fund or, if necessary, make payment to the fund, in an amount equal to the amount by which the following expenses of the fund, incurred in the ordinary course of the fund's business, exceed 0.60% percent of average monthly net assets (on an annualized basis) of the fund: (a) administrative fees; (b) custody and accounting fees; (c) audit fees; (d) legal fees; (e) independent trustee fees; (f) valuation fees; (g) blue sky fees; (h) insurance premiums; (i) printing costs; (j) registration and filing
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expenses; (k) organization and offering expenses; (l) transfer agent fees and service fees; and (m) other miscellaneous ordinary expenses, but excluding advisory and incentive fees, interest expense, 12b-1 fees, 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 six months ended April 30, 2024, the expense reductions described above amounted to the following:
Class Expense reduction
Class I $476,889
Class D 178
Class Expense reduction
Class S $177
Total $477,244
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 six months ended April 30, 2024, were equivalent to a net annual effective rate of 0.72% 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;
• 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 six months ended April 30, 2024, amounted to an annual rate of 0.02% of the fund's average monthly net assets.
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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 six months ended April 30, 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 six months ended April 30, 2024 were as follows:
Class Distribution and service fees
Class I -
Class D $64
Class S 217
Total $281
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates.
Co-investment. Pursuant to an Exemptive Order issued by the SEC on September 26, 2022, the fund is permitted to negotiate certain investments with entities with which it would be restricted from doing so under the 1940 Act, such as the Subadvisor and its affiliates. The fund is permitted to co-invest with affiliates if certain conditions are met. Under the order, the fund will be permitted to co-invest with affiliates if a "required majority" (as defined in the 1940 Act) of the fund's independent Trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the fund and its shareholders and do not involve overreaching of the fund or its shareholders by any person concerned and (2) the transaction is consistent with the interests of shareholders and is consistent with the fund's investment objective and strategies. During the six months ended April 30, 2024, investments entered into by the fund pursuant to the exemptive order amounted to approximately $20.9 million, including unfunded commitments of $3.0 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 six months ended April 30, 2024 and for the year ended October 31, 2023 were as follows:
Six Months Ended 4-30-24 Year Ended 10-31-23
Shares Amount Shares Amount
Class I shares
Sold 2,385,908 $48,080,917 589,257 $11,867,997
Distributions reinvested 20,934 420,955 80,082 1,584,148
Net increase 2,406,842 $48,501,872 669,339 $13,452,145
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Six Months Ended 4-30-24 Year Ended 10-31-23
Shares Amount Shares Amount
Class D shares
Distributions reinvested - - 32 $631
Net increase - - 32 $631
Class S shares
Distributions reinvested - - 25 $489
Net increase - - 25 $489
Total net increase 2,406,842 $48,501,872 669,396 $13,453,265
Affiliates of the fund owned 31%, 100% and 100% of shares of Class I, Class D and Class S, respectively on April 30, 2024. As of April 30, 2024, the Subadvisor held 31% of the fund (Class I). Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.
Note 7-Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $131,423,041 and $62,242,404, respectively, for the six months ended April 30, 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 April 30, 2024, funds within the John Hancock group of funds complex held 18.4% 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 18.4%
Note 9-Investments in affiliates
As of April 30, 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 (Company).
• The fund holds 100% of the limited liability company interests in JHLiftCo, 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:
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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 - - $(102) - - $20,918,761
JH Liftco LLC 6,845,000 - 6,845,000 - - (8,898) - - 6,836,102
MSN 803 Trust 7,882,217 $7,806,548 - $(7,337) - 98,770 $480,000 - 7,897,981
- $89,770 $480,000 - $35,652,844
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Investment objective, principal investment strategies, and principal risks
Unaudited
Investment Objective
The fund's investment objective is to seek to provide high current income and to a lesser extent capital appreciation.
Investment Strategies
Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in asset-based lending investments ("Asset-Based Lending Investments"), which may include investments in distressed loans. Asset-Based Lending Investments are investments in loans secured by an asset and include, among other investments: healthcare loans secured by revenue and intellectual property rights primarily on FDA-approved drugs and devices and royalty streams secured primarily by FDA-approved drugs and devices; transportation assets such as loans and leases backed by commercial aircraft, aircraft engines, shipping vessels, or other transportation and equipment both in the United States and internationally; residential and commercial real estate loans, asset-backed securities ("ABS"), and asset-based corporate credit (including distressed or non-performing loans); and securities backed by residential real estate ("RMBS"), commercial real estate ("CMBS"), collateralized mortgage obligations ("CMOs"), secured corporate loans ("CLOs") and ABS.
Except for RMBS, CMBS, CMOs, CLOs, and ABS, which may range from most senior (AAA-rated) to most subordinate (BB-rated, B-rated and equity), most loans and investments are not rated. If a loan or investment is rated, it will usually be rated by S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, Kroll Bond Rating Agency, or DBRS Morningstar, and may be rated below investment grade.
The fund will primarily invest in financings sourced through proprietary means using relationships of the Marathon Asset Management LP (the Subadvisor), rather than traditional channels such as public markets, and seeks to benefit from expected premiums arising in such financings from, among other things, the bespoke nature of each financing. The Subadvisor will seek to capitalize on its transaction valuation assessment and capital structure expertise, while attempting to protect against downside risks through protective loan covenants, conservative collateral valuation, and active asset management.
The fund may also invest in derivatives such as: futures contracts, interest rate swaps, options, reverse repurchase agreements, and swaps. The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.
The fund may create or organize or otherwise utilize special purpose subsidiaries or other special purpose investment vehicles ("SPVs"), which are wholly-owned subsidiaries of the fund, to facilitate the fund's investment strategy. Certain fund investments may be held by these SPVs.
The fund, the Subadvisor and certain of its affiliates obtained an exemptive order from the SEC on September 26, 2022, permitting co-investment with other funds managed by the Subadvisor or its affiliates in a manner consistent with the fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.
The manager may consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund's investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
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Principal Risks
Below are descriptions of the principal factors that may play a role in shaping the fund's overall risk profile. An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.
The fund's main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder's investment in the fund.
Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.
Distressed investments risk. Distressed investments, including loans, mortgages, bonds, and notes, may not be publicly traded and may involve substantial risk. A fund may lose up to its entire investment.
Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.
As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment.
ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The portion of the fund's investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. In certain situations, the extent to which these ESG factors may be applied according to the manager's integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by
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the manager, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund's investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund's investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund's investments.
Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by the fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.
Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. If applicable, any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk. Additionally, the Holding Foreign Companies Accountable Act ("HFCAA") could cause securities of foreign companies, including American depositary receipts, to be delisted from U.S. stock exchanges if the companies do not allow the U.S. government to oversee the auditing of their financial information. Although the requirements of the HFCAA apply to securities of all foreign issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, the fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. The fund may also need to seek other markets in which to transact in such securities, which could increase the fund's costs.
Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase the fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options, interest rate swaps, reverse repurchase agreements, and swaps. Futures contracts, options, and swaps generally are subject to counterparty risk.
In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund's ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund's NAV.
Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.
Illiquidity of shares risk. The fund is a closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. The fund does not currently intend to list Shares for trading on any national securities exchange. There is no secondary trading market for Shares, and it is not expected that a secondary market will develop. Shares therefore are not readily marketable. At the discretion of the Board and
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provided that it is in the best interests of the fund and Shareholders to do so, the fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers. The fund is not required to conduct tender offers and may be less likely to conduct tender offers during periods of exceptional market conditions.
Investments held in non-US or US Subsidiaries. To qualify as a regulated investment company ("RIC") for any taxable year, the fund must, among other things, satisfy a gross income test for such taxable year. Specifically, at least 90% of the fund's gross income for such taxable year must consist of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of stock, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and net income derived from interests in "qualified publicly traded partnerships" (such income, "Qualifying RIC Income"). Income from certain Asset-Based Lending Investments will not be Qualifying RIC Income. In order to avoid receiving non-qualifying income from such investments, the fund may invest in those Asset-Based Lending Investments indirectly through one or more subsidiaries organized outside of the United States (each a "Non-US Subsidiary"). Income from certain Asset-Based Lending Investments will not be Qualifying RIC Income and, in some cases, income from those Asset-Based Lending Investments also would result in "effectively connected income" if received by a Non-US Subsidiary. For that reason, certain Asset-Based Lending Investments may be held by the fund indirectly through one or more subsidiaries organized in the United States (each, a "Domestic Subsidiary"). The fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with each Domestic and Non-US Subsidiary. The Advisor complies with the applicable provisions of Section 15 of the 1940 Act with respect to the investment advisory contracts for the fund and each Domestic and Non-US Subsidiary. Each Domestic and Non-US Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody.
Lending risk. The fund may originate loans to, or purchase, assignments of or participations in loans made to, various issuers, including distressed loans. Such investments may include senior secured, junior secured and mezzanine loans and other secured and unsecured debt that has been recently originated or that trade on the secondary market. The value of the fund's investments in loans may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund's losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment.
Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.
Non-diversified risk. Adverse events affecting a particular issuer or group of issuers may magnify losses for non-diversified funds, which may invest a large portion of assets in any one issuer or a small number of issuers.
Operational and cybersecurity risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
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Real estate securities risk. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
Regular repurchase offers risk. The fund's repurchase offer policy may have the effect of decreasing the size of the fund over time absent significant new investments in the fund. It may also force the fund to sell assets it would not otherwise sell and/or to maintain an increased amount of cash or liquid investments at times. It may also reduce the investment opportunities available to the fund and cause its expense ratio to increase.
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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 six months ended April 30, 2024, distributions from net investment income totaling $0.6395, $0.6142 and $0.5534 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 were as follows:
Income Distributions:
Payment Date Class I Class D Class S
January 23, 2024 $0.4501 $0.4374 $0.4070
April 19, 2024 0.1893 0.1767 0.1465
Total $0.6395 $0.6142 $0.5534
Additional Distributions:
Payment Date Class I Class D Class S
January 23, 2024 $.0035 $0.0035 $0.0035
Total $0.6430 $0.6177 $0.5570
Dividend reinvestment plan
Pursuant to the Dividend Reinvestment Plan (DRP) established by the fund, each shareholder will automatically be a participant under the DRP and have all income distributions, whether dividend distributions or capital gains distributions, automatically reinvested in additional shares. Election not to participate in the DRP and to receive all income distributions, whether dividend distributions or capital gains distributions, in cash may be made by notice to a shareholder's intermediary (who should be directed to inform the fund). A shareholder is free to change this election at any time. If, however, a shareholder elects to change its election within 95 days prior to a distribution, the request will be effective only with respect to distributions after the 95-day period. A shareholder whose shares are registered in the name of a nominee (such as an intermediary) must contact the nominee regarding its status under the DRP, including whether such nominee will participate on such shareholder's behalf as such nominee will be required to make any such election.
Generally, for U.S. federal income tax purposes, shareholders receiving shares under the DRP will be treated as having received a distribution equal to amount payable to them in cash as a distribution had the shareholder not participated in the DRP.
Shares will be issued pursuant to the DRP at their NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment. A request for change of participation/non-participation status in the DRP must be received by the fund within the above timeframe to be effective for that dividend or capital gain distribution. The fund may terminate the DRP at any time upon written notice to the participants in the DRP. The fund may amend the DRP at any time upon 30 days' written notice to the participants. Any expenses of the DRP will be borne by the fund.
A shareholder holding shares that participate in the DRP in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the DRP. For further information on the DRP contact the fund at 800-225-6020.
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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.
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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES
This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Asset-Based Lending Fund (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management, LLC (the Advisor, formerly John Hancock Advisers, LLC) and the Subadvisory Agreement (the Subadvisory Agreement) with Marathon Asset Management LP (the Subadvisor) for the fund. The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the February 2, 2024 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on October 18, 2023. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At a meeting held on February 2, 2024, the Board, including the Trustees who are not considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund. In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meeting at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the January and October meetings and throughout the year was both written and oral. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor's affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not
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treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board's conclusions may be based in part on relevant background information obtained in connection with the consideration of the advisory and subadvisory arrangements for other funds in the John Hancock Fund Complex in prior years.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent and quality of services to be provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also reviewed information from the fund's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also received information regarding the fund's risk management programs, liquidity risk management programs and cybersecurity programs. The Board considered that the Advisor would be responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision and coordination of the services to be provided by the Subadvisor, and also would be responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services to be provided to the fund including entrepreneurial risk in sponsoring funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.
In considering the nature, extent and quality of the services to be provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management of other funds in the John Hancock Fund Complex and the quality of the performance of the Advisor's duties with respect to those funds, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of other trusts in the John Hancock Fund Complex.
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
(a) the skills and competency with which the Advisor has in the past managed the affairs and subadvisory relationships for the fund and for other funds in the John Hancock Fund Complex, the Advisor's oversight and monitoring of the subadvisors' investment performance and compliance programs, such as the subadvisors' compliance with fund policies and objectives; review of brokerage matters, including with respect to trade allocation and best execution; and the Advisor's timeliness in responding to performance and other issues;
(b) the background, qualifications, and skills of the Advisor's personnel;
(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor's oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f) the Advisor's initiatives intended to improve various aspects of the fund's operations and investor experience with the fund; and
(g) the Advisor's reputation and experience in serving as an investment advisor to other funds in the John Hancock Fund Complex, and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.
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The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a) reviewed information prepared by management regarding the fund's performance;
(b) considered the comparative performance of an applicable benchmark index;;
(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d) took into account the Advisor's analysis of the fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangements generally.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund outperformed its benchmark index for the one-year period ended September 9, 2023, and for the period since inception. The Board also noted that the fund underperformed its peer group median for the one-year period ended September 9, 2023, and for the period since inception. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the benchmark index for the one-year period ended September 9, 2023, and for the period since inception. The Board also took into account management's discussion of the factors that contributed to the fund's performance relative to its peer group median for the one-year period ended September 9, 2023, and for the period since inception. The Board concluded that the fund's performance has generally been in line with or outperformed the historical performance of the fund's benchmark index. The Board noted the relatively recent inception period of the fund.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund, in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that contractual management fees are higher than the average, and that net total expenses for the fund are lower than the peer group median.
The Board also took into account management's discussion with respect to the management fee and the fees of the Subadvisor, including the amount of the advisory fee to be retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board noted that the Advisor will receive a management fee from the fund consisting of two components-a base management fee and an incentive fee, and that the Advisor will pay the full amount of the incentive fee and a portion of the based management fee to the Subadvisor. The Board considered that, to the extent the incentive fee is earned and paid, the incentive fee would effectively result in a higher rate of total compensation from the fund to the Advisor than the base-management fee rate stated in the Advisory Agreement. The Board also noted that the Advisor, and not the fund, would be responsible for paying the subadvisory fees and that such fees are negotiated at arm's length with respect to the Subadvisor. The Board also took into account that management has agreed to implement an overall fee waiver across a number of funds in the John Hancock Fund Complex, including the fund, which is discussed further below.
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The Board concluded that the advisory fees to be paid by the fund are reasonable in light of the nature, extent and quality of the services expected to be provided to the fund under the Advisory Agreement.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor's relationship with the fund, the Board:
(a) reviewed financial information of the Advisor;
(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;
(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the fund directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the fund and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f) considered that the Advisor will also provide administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g) noted that affiliates of the Advisor will provide distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;
(h) noted that the Advisor will derive reputational and other indirect benefits from providing advisory services to the fund;
(i) noted that the subadvisory fee for the fund will be paid by the Advisor and is negotiated at arm's length; and
(j) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it will provide to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
Based upon its review, the Board concluded that the projected level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:
(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. This waiver is allocated proportionally among the participating portfolios;
(b) reviewed the advisory fee structure for the fund and concluded that although economies of scale cannot be measured with precision, these arrangements will permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management's discussion of the fund's advisory fee structure, including incentive fee; and
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(c) the Board also considered the potential effect of the fund's future growth in size on its performance and fees. The Board also noted that if the fund's assets increase over time, the fund may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(a) information relating to the Subadvisor's business;
(b) the performance of comparable funds, as applicable, managed by the fund's Subadvisor;
(c) the subadvisory fee for the fund, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and
(d) Information relating to the nature and scope of any material relationships and their significance to the fund's Advisor and Subadvisor.
Nature, extent, and quality of services. With respect to the services to be provided by the Subadvisor, the Board received and reviewed information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as considered information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who will provide services to the fund. The Board considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular periodic reviews of the Subadvisor and its operations in regard to the fund, including regarding investment processes and organizational and staffing matters. The Board also noted that the fund's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities will include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement will be paid by the Advisor and not the fund.
The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm's length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the fund were not a factor in the Board's consideration of the Subadvisory Agreement.
The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered
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investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees.The Board considered that the fund will pay an advisory fee to the Advisor, consisting of a base management fee and an incentive fee, and that, in turn, the Advisor will pay the full amount of the incentive fee to the Subadvisor and a portion of the based management fee. The Board considered that, to the extent the incentive fee is earned and paid to the Subadvisor, the incentive fee would effectively result in a higher rate of total compensation from the Advisor to the Subadvisor than the base-management fee rate stated in the Subadvisory Agreement. As noted above, the Board also considered the fund's subadvisory fee, including the incentive fee, as compared to similarly situated investment companies deemed to be comparable to the fund, as applicable.
Subadvisor performance. As noted above, the Board considered the fund's performance as compared to the fund's peer group median and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board also noted that it reviews at its regularly scheduled meetings information about the performance of other funds managed by the Advisor. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.
The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:
(1) the Subadvisor has extensive experience and demonstrated skills as a manager, and may reasonably be expected to provide a high quality of investment management services to the fund;
(2) the performance of the fund has generally been in line with or outperformed the fund's benchmark index;
(3) the subadvisory fees are reasonable in relation to the level and quality of services to be provided under the Subadvisory Agreement; and
(4) that the subadvisory fees will be paid by the Advisor not the fund.
* * *
Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that approval of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.
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More information
Trustees
Hassell H. McClellan, Chairperson*
Andrew G. Arnott†
William H. Cunningham*
Grace K. Fey*
Officers
Andrew G. Arnott†
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Marathon Asset Management LP
Portfolio Managers
Ed Cong
Louis Hanover
Andrew Springer
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
SS&C GIDS, Inc.
Legal counsel
K&L Gates LLP
† Non-Independent Trustee
* Member of the Audit Committee
The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund's holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund's Form N-PORT filings are available on our website and the SEC's website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-6020.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
You can also contact us:
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
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John Hancock family of funds
U.S. EQUITY FUNDS
Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
Mid Cap Growth
New Opportunities
Regional Bank
Small Cap Core
Small Cap Dynamic Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS
Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS
Bond
California Municipal Bond
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Municipal Opportunities
Opportunistic Fixed Income
Short Duration Bond
Short Duration Municipal Opportunities
Strategic Income Opportunities
ALTERNATIVE FUNDS
Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
A fund's investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
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EXCHANGE-TRADED FUNDS
Corporate Bond ETF
Disciplined Value International Select ETF
Dynamic Municipal Bond ETF
Fundamental All Cap Core ETF
High Yield ETF
International High Dividend ETF
Mortgage-Backed Securities ETF
Multifactor Developed International ETF
Multifactor Emerging Markets ETF
Multifactor Large Cap ETF
Multifactor Mid Cap ETF
Multifactor Small Cap ETF
Preferred Income ETF
U.S. High Dividend ETF
ASSET ALLOCATION/TARGET DATE FUNDS
Balanced
Multi-Asset High Income
Lifestyle Blend Portfolios
Lifetime Blend Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS
Asset-Based Lending
Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.
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A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world's best
managers, along with strong risk-adjusted returns across asset classes.
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.
MF3615072 P16SA 4/24
6/24

ITEM 2. CODE OF ETHICS.

Not Applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

(a)Not applicable.

(b)Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

(b)There were no changes in the registrant's internal control over financial reporting that

occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

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

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

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Asset-Based Lending Fund - Nominating and Governance Committee Charter."

SIGNATURES

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

John Hancock Asset-Based Lending Fund

By:

/s/ Andrew Arnott

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

Andrew Arnott

President

Date:

June 27, 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 Arnott

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

Andrew Arnott

President

Date:

June 27, 2024

By:

/s/ Charles A. Rizzo

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

Charles A. Rizzo

Chief Financial Officer

Date:

June 27, 2024