John Hancock Asset-Based Lending Fund

07/01/2026 | Press release | Distributed by Public on 07/01/2026 13:50

Semi-Annual Report by Investment Company (Form 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 MARATHON ASSET-BASED LENDING FUND

(Exact name of registrant as specified in charter)

200 BERKELEY STREET, BOSTON, MA 02116 (Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

BOSTON, MA 02116

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026


ITEM 1. REPORT TO STOCKHOLDERS.


Semiannual report
John Hancock
Marathon Asset-Based Lending Fund
Closed-end alternative
April 30, 2026
John Hancock
Marathon Asset-Based Lending Fund
Table of contents
2 Your fund at a glance
3 Portfolio summary
4 Consolidated Fund's investments
43 Consolidated financial statements
48 Consolidated financial highlights
55 Notes to consolidated financial statements
73 Additional information
74 Shareholder meeting
75 Evaluation of advisory and subadvisory agreements by the Board of Trustees
81 More information
1 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND  | SEMIANNUAL REPORT
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 4/30/2026 (%)
The Intercontinental Exchange (ICE) Bank of America (BofA) 0-3 Month U.S. Treasury Bill Index tracks the performance of Treasury bills maturing in zero to three months.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-6020. For further information on the fund's objectives, risks, and strategy, see the fund's prospectus.
 | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 2
Table of Contents
Portfolio summary
PORTFOLIO COMPOSITION AS OF 4/30/2026 (% of total investments)
Notes about risk
The fund is subject to various risks as described in the fund's prospectus.
3 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND | 
Table of Contents
Consolidated Fund's investments
AS OF 4-30-26 (unaudited)
Rate (%) Maturity date Par value^ Value
Asset-backed securities 40.2% $106,579,286
(Cost $106,990,440)
Asset-backed securities 6.5% 17,275,378
ACHD Trust
Series 2025-DS1, Class B (A) 9.380 01-09-34 1,000,000 1,011,280
CarNow Auto Receivables Trust
Series 2023-1A, Class D (A) 7.990 02-15-28 1,599,563 1,118,083
Hertz Vehicle Financing III LLC
Series 2025-1A, Class D (A)(B) 7.980 09-25-29 2,000,000 2,002,842
Kinetic ABS Issuer LLC
Series 2026-1A, Class C (A)(B) 7.653 02-25-56 3,500,000 3,568,280
Marlette Funding Trust
Series 2022-3A, Class D (A)(B) 7.800 11-15-32 2,496,597 2,529,378
MetroNet Infrastructure Issuer LLC
Series 2026-1A, Class C (A) 7.100 04-20-56 1,000,000 1,005,777
Pagaya AI Debt Grantor Trust
Series 2025-8, Class E (A) 9.565 07-15-33 1,499,484 1,499,416
Prosper Marketplace Issuance Trust
Series 2024-1A, Class D (A)(B) 10.980 08-15-29 3,000,000 3,029,531
Thor LLC
Series 2024-A, Class C (A)(B) 7.660 08-15-41 1,502,946 1,510,791
Collateralized loan obligations 4.1% 10,941,988
Allegany Park CLO, Ltd.
Series 2019-1A, Class DRR (3 month CME Term SOFR + 2.850%) (A)(C) 6.525 01-20-35 1,000,000 961,270
Birch Grove CLO, Ltd.
Series 19A, Class D2RR (3 month CME Term SOFR + 5.050%) (A)(B)(C) 8.730 07-17-37 1,750,000 1,755,185
Columbia Cent CLO, Ltd.
Series 2020-29A, Class D1RR (3 month CME Term SOFR + 3.400%) (A)(B)(C) 7.075 10-20-34 1,000,000 991,837
Dryden Senior Loan Fund
Series 2017-49A, Class DR (3 month CME Term SOFR + 3.662%) (A)(B)(C) 7.337 07-18-30 3,730,000 3,744,196
Invesco CLO, Ltd.
Series 2021-3A, Class DR (3 month CME Term SOFR + 3.100%) (A)(C) 6.764 10-22-34 1,000,000 984,822
Trimaran Cavu, Ltd.
Series 2021-3A, Class D (3 month CME Term SOFR + 4.042%) (A)(B)(C) 7.717 01-18-35 2,500,000 2,504,678
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 4
Table of Contents
Rate (%) Maturity date Par value^ Value
Commercial mortgage-backed securities 27.6% $73,157,179
AREIT Trust
Series 2025-CRE11, Class E (1 month CME Term SOFR + 3.650%) (A)(C) 7.318 07-25-43 3,000,000 2,998,176
Arizona Biltmore Trust
Series 2024-BILT, Class E (A)(B) 7.487 06-11-39 2,000,000 2,049,734
BAMLL Commercial Mortgage Securities Trust
Series 2025-ASHF, Class C (1 month CME Term SOFR + 3.000%) (A)(B)(C) 6.655 02-15-42 3,000,000 3,000,026
BX Trust
Series 2019-IMC, Class D (1 month CME Term SOFR + 1.946%) (A)(C) 5.601 04-15-34 4,000,000 3,962,421
Series 2021-21M, Class C (1 month CME Term SOFR + 1.291%) (A)(B)(C) 4.946 10-15-36 2,800,000 2,800,000
Series 2021-21M, Class H (1 month CME Term SOFR + 4.124%) (A)(C) 7.779 10-15-36 4,387,600 4,376,454
Series 2024-PALM, Class D (1 month CME Term SOFR + 2.640%) (A)(C) 6.295 06-15-37 3,556,731 3,541,850
Series 2024-SLCT, Class E (1 month CME Term SOFR + 3.391%) (A)(C) 7.045 01-15-42 1,969,000 1,973,923
BXSC Commercial Mortgage Trust
Series 2022-WSS, Class G (1 month CME Term SOFR + 6.325%) (A)(C) 9.980 03-15-35 908,774 905,973
CLNY Trust
Series 2019-IKPR, Class C (1 month CME Term SOFR + 2.040%) (A)(C) 5.702 11-15-38 1,500,000 1,447,500
Commercial Mortgage Trust (Deutsche Bank AG)
Series 2024-CBM, Class E (A)(D) 8.192 12-10-41 4,000,000 4,002,936
Series 2024-WCL1, Class C (1 month CME Term SOFR + 2.889%) (A)(B)(C) 6.544 06-15-41 3,300,000 3,295,913
DBWF Mortgage Trust
Series 2024-LCRS, Class C (1 month CME Term SOFR + 2.640%) (A)(C) 6.295 04-15-37 1,500,000 1,499,531
Series 2024-LCRS, Class D (1 month CME Term SOFR + 3.189%) (A)(C) 6.844 04-15-37 3,000,000 3,000,938
DK Trust
Series 2025-LXP, Class E (1 month CME Term SOFR + 4.688%) (A)(C) 8.352 08-15-37 4,000,000 4,002,500
5 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
Commercial mortgage-backed securities (continued)
FS Rialto Issuer, Ltd.
Series 2021-FL3, Class D (1 month CME Term SOFR + 2.614%) (A)(B)(C) 6.279 11-16-36 2,500,000 $2,503,586
Series 2025-FL10, Class AS (1 month CME Term SOFR + 1.593%) (A)(B)(C) 5.254 08-19-42 2,500,000 2,500,003
GPMT, Ltd.
Series 2021-FL4, Class D (1 month CME Term SOFR + 2.964%) (A)(C) 6.617 12-15-36 2,000,000 1,833,320
Great Wolf Trust
Series 2024-WOLF, Class E (1 month CME Term SOFR + 3.639%) (A)(B)(C) 7.294 03-15-39 2,180,000 2,189,538
GSMS Trust
Series 2024-FAIR, Class E (A)(B)(D) 9.452 07-15-29 4,000,000 3,968,964
HIH Trust
Series 2024-61P, Class G (1 month CME Term SOFR + 6.935%) (A)(C) 10.590 10-15-41 2,288,448 2,289,893
J.P. Morgan Chase Commercial Mortgage Securities Trust
Series 2025-BHR5, Class C (1 month CME Term SOFR + 2.542%) (A)(C) 6.197 03-15-40 1,600,000 1,602,000
KIND Commercial Mortgage Trust
Series 2024-1, Class D (1 month CME Term SOFR + 3.438%) (A)(B)(C) 7.093 08-15-41 3,000,000 2,998,125
KKR Real Estate Finance Trust
Series 2021-FL2, Class AS (1 month CME Term SOFR + 1.414%) (A)(C) 5.082 02-15-39 950,000 948,965
KNDR Trust
Series 2021-KIND, Class B (1 month CME Term SOFR + 1.464%) (A)(B)(C) 5.120 08-15-38 1,983,710 1,973,318
KSL Commercial Mortgage Trust
Series 2024-HT2, Class B (1 month CME Term SOFR + 2.042%) (A)(B)(C) 5.696 12-15-39 2,228,024 2,230,787
La Quinta Mortgage Trust
Series 2023-LAQ, Class D (1 month CME Term SOFR + 4.188%) (A)(B)(C) 7.843 03-15-36 252,221 244,116
Starwood Commercial Mortgage Trust
Series 2025-FL4, Class E (1 month CME Term SOFR + 3.250%) (A)(C) 6.911 11-19-42 2,000,000 1,999,031
THPT Mortgage Trust
Series 2023-THL, Class D (A)(B)(D) 9.561 12-10-34 3,000,000 3,017,658
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 6
Table of Contents
Rate (%) Maturity date Par value^ Value
Residential mortgage-backed securities 2.0% $5,204,741
ACHM Trust
Series 2023-HE2, Class C (A)(B)(D) 9.300 10-25-38 3,057,007 3,195,898
JP Morgan Mortgage Trust
Series 2025-CES1, Class M1 (A)(B)(D) 6.267 05-25-55 2,000,000 2,008,843
Residential loans 21.3% $56,437,146
(Cost $56,350,864)
Home equity and residential mortgage-backed securities 5.2% 13,816,930
ACHM Trust
Series 2023-HE2, Class D PO (A) 4.030 10-25-38 567,739 437,722
Series 2023-HE2, Class XS IO (A)(E)(F) - 10-25-38 4,085,391 247,575
Series 2024-HE1, Class D PO (A) 5.847 05-25-39 581,262 113,963
Series 2024-HE1, Class XS IO (A)(E)(F) - 05-25-39 7,064,517 695,148
Series 2024-HE2, Class D PO (A) 5.474 10-25-39 504,960 7,263
Series 2024-HE2, Class XS IO (A)(E) - 10-25-39 6,888,909 910,669
Series 2025-HE1, Class D PO (A)(F) 2.132 03-25-55 1,211,672 399,610
Series 2025-HE1, Class XS IO (A)(E)(F) - 03-25-55 17,309,595 1,651,335
Series 2025-HE2, Class F (A)(D) 8.656 08-25-55 232,842 236,120
Series 2025-HE2, Class G PO (A) 3.062 08-25-55 114,211 7,794
Series 2025-HE2, Class XS IO (A)(E) - 08-25-55 6,463,659 539,061
Series 2025-HE3, Class G PO (A) 3.173 11-25-55 69,251 2,145
Series 2025-HE3, Class XS IO (A)(E) - 11-25-55 72,560 5,064
FIGRE Trust
Series 2024-HE5, Class CE PO (A)(E) - 10-25-54 352,603 1,302,499
Series 2025-HE7, Class G PO (A) 3.220 11-25-55 608,370 12,928
Series 2025-HE7, Class XS IO (A)(E) - 11-25-55 34,096,832 2,666,720
LHOME Mortgage Trust
Series 2025-RTL3, Class M1 (A)(B)(D) 6.891 08-25-40 2,000,000 2,006,549
Series 2025-RTL3, Class M2 (A)(D) 8.730 08-25-40 2,550,000 2,574,765
JH Residential Whole Loan Trust (F)(G) 8.8% 23,420,990
Bank of America, Loan ID - R1D21000859216 9.882 05-03-37 70,293 58,259
Bank of America, Loan ID - R1D2189860 4.125 08-01-35 106,830 88,541
Bank of America, Loan ID - R1D2223768 3.500 04-01-57 70,931 58,787
Bank of America, Loan ID - R1D2231928 4.000 06-01-47 188,109 155,905
7 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R1D320115934 10.500 06-25-27 1,267 $1,047
Bank of America, Loan ID - R1D321106165 (H) 11.000 10-25-27 3,168 2,618
Bank of America, Loan ID - R1D321285469 (I) 8.625 10-25-27 6,870 5,678
Bank of America, Loan ID - R1D321458571 (J) 10.625 10-25-27 11,055 9,136
Bank of America, Loan ID - R1D321567782 8.625 10-25-27 2,833 2,341
Bank of America, Loan ID - R1D321672554 (J) 4.250 11-01-38 68,643 56,726
Bank of America, Loan ID - R1D321680064 (H) 8.875 12-25-27 4,038 3,337
Bank of America, Loan ID - R1D321772642 (I) 11.375 12-25-27 3,247 2,684
Bank of America, Loan ID - R1D321802346 (H) 10.000 10-25-27 2,855 2,359
Bank of America, Loan ID - R1D323613087 7.875 03-25-28 5,981 4,943
Bank of America, Loan ID - R1D326967519 (H) 7.500 09-25-28 10,710 8,851
Bank of America, Loan ID - R1D331184438 4.750 05-01-51 10,395 8,590
Bank of America, Loan ID - R1D331351411 (H) 7.000 09-25-28 10,128 8,370
Bank of America, Loan ID - R1D332396107 (H) 3.875 10-01-52 20,449 16,899
Bank of America, Loan ID - R1D333118907 7.125 09-25-28 5,052 4,175
Bank of America, Loan ID - R1D334715743 (J) 10.500 07-01-29 18,414 15,218
Bank of America, Loan ID - R1D338003284 9.625 11-25-28 11,260 9,306
Bank of America, Loan ID - R1D341220853 (H) 10.500 10-25-28 7,635 6,310
Bank of America, Loan ID - R1D341275604 (I) 10.250 10-25-28 1,294 1,069
Bank of America, Loan ID - R1D345587535 (J) 10.375 11-25-28 27,471 22,702
Bank of America, Loan ID - R1D345744745 8.625 11-25-28 2,696 2,228
Bank of America, Loan ID - R1D347751887 (H) 12.000 11-25-28 14,665 12,119
Bank of America, Loan ID - R1D348255384 11.375 12-25-28 2,748 2,271
Bank of America, Loan ID - R1D362185211 (J) 8.500 05-25-29 51,849 42,848
Bank of America, Loan ID - R1D362733412 (H) 10.750 05-25-29 5,061 4,182
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 8
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Bank of America, Loan ID - R1D363420996 9.750 05-25-29 7,555 $6,244
Bank of America, Loan ID - R1D363873763 3.375 06-01-53 35,466 29,309
Bank of America, Loan ID - R1D36749564 (H) 11.500 07-25-27 18 15
Bank of America, Loan ID - R1D368227582 (J) 9.625 08-25-29 21,913 18,109
Bank of America, Loan ID - R1D377116667 (J) 12.125 08-25-24 9,988 8,254
Bank of America, Loan ID - R1D4135626031 (H) 8.510 11-11-35 53,236 44,084
Bank of America, Loan ID - R1D4142880321 (H) 4.125 06-15-41 57,047 47,240
Bank of America, Loan ID - R1D4176255967 7.375 07-25-32 14,494 12,003
Bank of America, Loan ID - R1D4874021873 6.125 11-01-34 140,775 116,576
Bank of America, Loan ID - R1D4875758189 (H) 6.000 06-01-41 432,904 358,487
Bank of America, Loan ID - R1D4875958325 7.490 12-01-31 11,780 9,755
Bank of America, Loan ID - R1D4875960106 (J) 6.990 01-25-32 28,130 23,294
Bank of America, Loan ID - R1D4875973630 6.740 03-20-31 9,151 7,578
Bank of America, Loan ID - R1D4876317082 (J) 8.500 07-08-30 59,371 49,165
Bank of America, Loan ID - R1D4876762155 (J) 8.500 11-16-34 57,703 47,784
Bank of America, Loan ID - R1D4876763347 4.375 06-01-63 390,733 323,566
Bank of America, Loan ID - R1D4876771641 (J) 7.990 06-25-35 137,964 114,248
Bank of America, Loan ID - R1D4876787441 3.375 10-01-58 322,224 266,834
Bank of America, Loan ID - R1D4877096402 (J) 8.500 05-01-35 30,803 25,508
Bank of America, Loan ID - R1D4877182962 (J) 9.490 11-18-31 48,719 40,344
Bank of America, Loan ID - R1D4877521188 (H) 6.190 02-09-32 8,509 7,047
Bank of America, Loan ID - R1D648343679 8.000 11-25-29 56,717 48,862
Bank of America, Loan ID - R1D65796677 9.125 10-25-29 4,184 3,605
Bank of America, Loan ID - R1D667955965 9.625 10-25-29 6,671 5,747
Bank of America, Loan ID - R1D67442686 11.000 10-25-29 4,685 4,036
9 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R1D677588112 (J) 11.000 08-25-29 13,667 $11,774
Bank of America, Loan ID - R1D681784389 (J) 3.875 09-25-29 379,955 327,331
Bank of America, Loan ID - R1D681965722 9.250 10-25-29 20,390 17,566
Bank of America, Loan ID - R1D682449041 (J) 10.500 10-25-29 12,291 10,589
Bank of America, Loan ID - R1D682585998 (J) 11.500 10-25-29 317 273
Bank of America, Loan ID - R1D683170000 (J) 6.750 10-25-29 17,414 15,002
Bank of America, Loan ID - R1D684180712 (J) 8.750 10-25-29 4,403 3,793
Bank of America, Loan ID - R1D684517492 (J) 7.125 10-25-29 32,592 28,078
Bank of America, Loan ID - R1D684953503 6.750 11-25-29 13,261 11,425
Bank of America, Loan ID - R1D685329020 7.000 11-25-29 2,149 1,851
Bank of America, Loan ID - R1D685968483 7.000 11-25-29 6,114 5,268
Bank of America, Loan ID - R1D686170042 (J) 9.375 11-25-29 144,976 124,896
Bank of America, Loan ID - R1D686179719 (J) 8.750 11-25-29 6,045 5,207
Bank of America, Loan ID - R1D686281525 11.375 11-25-29 4,248 3,659
Bank of America, Loan ID - R1D686392408 (J) 7.750 11-25-29 82,692 71,240
Bank of America, Loan ID - R1D686481633 10.250 11-25-29 12,991 11,192
Capital Asset Management, Loan ID - R1D1153882 3.900 09-01-47 66,942 49,290
Capital Asset Management, Loan ID - R1D1183348 (J) 4.000 05-01-48 38,074 28,034
Capital Asset Management, Loan ID - R1D1184084 (J) 4.000 02-01-49 44,917 33,072
Capital Asset Management, Loan ID - R1D1184204 (H) 12.375 12-01-36 61,700 45,430
Capital Asset Management, Loan ID - R1D1184992 (H) 4.000 11-10-43 32,187 23,700
Capital Asset Management, Loan ID - R1D1214825 (J) 11.250 02-28-35 98,548 72,561
Capital Asset Management, Loan ID - R1D1216036 10.000 03-19-62 47,065 34,654
Capital Asset Management, Loan ID - R1D1233673 (H) 10.500 02-15-27 7,131 5,250
Capital Asset Management, Loan ID - R1D1246972 6.950 11-01-35 18,046 13,287
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 10
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1251042 (J) 6.000 06-05-41 41,021 $30,204
Capital Asset Management, Loan ID - R1D1270777 (H) 4.000 07-01-27 57,936 42,658
Capital Asset Management, Loan ID - R1D1271156 (H) 4.875 10-01-27 37,228 27,411
Capital Asset Management, Loan ID - R1D1272438 4.999 05-19-41 14,867 10,946
Capital Asset Management, Loan ID - R1D1285038 7.750 11-01-37 93,470 68,822
Capital Asset Management, Loan ID - R1D1314469 (H) 5.000 04-28-14 1,351 994
Capital Asset Management, Loan ID - R1D1314775 (H) 4.000 10-28-37 19,874 14,633
Capital Asset Management, Loan ID - R1D1314892 2.000 07-28-26 7,789 5,735
Capital Asset Management, Loan ID - R1D1316742 3.500 07-25-42 32,003 23,564
Capital Asset Management, Loan ID - R1D1317596 (J) 6.000 07-01-34 10,474 7,712
Capital Asset Management, Loan ID - R1D1317738 3.000 05-01-58 74,244 54,666
Capital Asset Management, Loan ID - R1D1320040 (H) 0.010 01-12-28 1,725 1,270
Capital Asset Management, Loan ID - R1D1320769 0.010 07-28-30 3,230 2,379
Capital Asset Management, Loan ID - R1D1330504 (J) 0.010 09-15-31 815 600
Capital Asset Management, Loan ID - R1D1331024 (J) 12.389 01-15-23 14,346 10,563
Capital Asset Management, Loan ID - R1D1331435 (J) 13.930 07-04-24 22,546 16,601
Capital Asset Management, Loan ID - R1D1331710 (J) 0.010 10-01-35 23,678 17,434
Capital Asset Management, Loan ID - R1D1332368 (J) 0.010 01-01-37 8,378 6,169
Capital Asset Management, Loan ID - R1D1332898 0.010 02-01-37 19,468 14,334
Capital Asset Management, Loan ID - R1D1333231 0.010 08-01-37 11,012 8,108
Capital Asset Management, Loan ID - R1D1333871 8.503 09-13-48 18,102 13,329
Capital Asset Management, Loan ID - R1D1333909 9.000 10-01-31 25,127 18,501
Capital Asset Management, Loan ID - R1D1333990 (J) 0.010 11-01-35 57,426 42,283
Capital Asset Management, Loan ID - R1D1346507 0.010 05-01-30 31,875 23,469
Capital Asset Management, Loan ID - R1D1373336 (J) 4.250 07-30-22 731 538
11 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R1D1373352 10.720 11-28-28 9,070 $6,678
Capital Asset Management, Loan ID - R1D1373527 (H) 5.000 09-03-24 5,126 3,774
Capital Asset Management, Loan ID - R1D1374601 (H) 9.996 05-08-28 8,960 6,598
Capital Asset Management, Loan ID - R1D1376601 (J) 5.250 07-13-21 1,791 1,318
Capital Asset Management, Loan ID - R1D1377871 (J) 14.600 09-01-21 2,061 1,518
Capital Asset Management, Loan ID - R1D1377909 (J) 14.069 03-16-22 284 209
Capital Asset Management, Loan ID - R1D1382459 (J) 11.290 08-28-24 8,526 6,278
Capital Asset Management, Loan ID - R1D1382688 10.480 09-14-28 1,928 1,420
Capital Asset Management, Loan ID - R1D1383898 13.000 02-05-28 6,171 4,544
Capital Asset Management, Loan ID - R1D1383904 (J) 5.250 04-05-26 971 715
Capital Asset Management, Loan ID - R1D1384406 (J) 14.148 06-15-23 9,112 6,709
Capital Asset Management, Loan ID - R1D1384420 (J) 14.950 09-03-26 16,772 12,349
Capital Asset Management, Loan ID - R1D1386024 8.688 04-15-28 5,220 3,843
Capital Asset Management, Loan ID - R1D1386378 (H) 14.140 07-26-25 933 687
Capital Asset Management, Loan ID - R1D1386680 (H) 11.000 01-19-34 11,552 8,506
Capital Asset Management, Loan ID - R1D1387610 (J) 13.656 08-23-32 13,567 9,990
Capital Asset Management, Loan ID - R1D1388781 7.000 11-01-40 19,117 14,076
Capital Asset Management, Loan ID - R1D138888 (H) 3.000 10-01-53 25,656 18,891
Capital Asset Management, Loan ID - R1D1388909 (J) 15.030 11-07-26 5,624 4,141
Capital Asset Management, Loan ID - R1D1389180 11.060 02-16-27 12,974 9,553
Capital Asset Management, Loan ID - R1D1390047 (H) 14.347 04-05-25 5,265 3,876
Capital Asset Management, Loan ID - R1D1391149 (J) 14.280 02-29-20 848 624
Capital Asset Management, Loan ID - R1D1391275 14.908 01-05-32 9,131 6,723
Capital Asset Management, Loan ID - R1D1391842 13.970 06-28-35 13,429 9,888
Capital Asset Management, Loan ID - R1D1392485 (J) 8.300 06-17-27 3,904 2,875
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 12
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Capital Asset Management, Loan ID - R1D1392795 (H) 5.000 10-14-21 5,716 $4,209
Capital Asset Management, Loan ID - R1D1393130 (J) 4.000 01-13-29 1,584 1,167
Capital Asset Management, Loan ID - R1D1394267 (J) 4.500 09-09-22 2,291 1,687
Capital Asset Management, Loan ID - R1D1394531 11.890 04-04-28 8,887 6,544
Capital Asset Management, Loan ID - R1D1395006 (H) 13.690 02-28-30 7,634 5,621
Capital Asset Management, Loan ID - R1D1399385 (J) 9.000 07-22-30 2,936 2,162
Capital Asset Management, Loan ID - R1D1402424 11.000 04-01-37 11,386 8,384
Capital Asset Management, Loan ID - R1D1402439 9.000 09-01-41 50,747 37,365
Capital Asset Management, Loan ID - R1D1404279 0.010 11-04-37 21,712 15,986
Capital Asset Management, Loan ID - R1D1404291 8.000 12-01-55 23,967 17,647
Capital Asset Management, Loan ID - R1D1405456 3.000 12-01-32 13,236 9,746
Capital Asset Management, Loan ID - R1D1405485 (H) 6.000 08-01-41 36,469 26,852
Capital Asset Management, Loan ID - R1D1406329 (J) 7.000 04-01-35 77,980 57,416
Capital Asset Management, Loan ID - R1D1409498 9.000 09-01-35 55,507 40,870
Capital Asset Management, Loan ID - R1D1409506 9.000 07-01-32 33,917 24,973
Capital Asset Management, Loan ID - R1D1409607 7.000 03-01-48 1,480 1,090
Capital Asset Management, Loan ID - R1D1410621 (J) 10.000 11-28-37 169,739 124,979
Capital Asset Management, Loan ID - R1D1493873 (J) 6.750 07-20-29 96,719 71,214
Capital Asset Management, Loan ID - R1D1526783 (H) 6.750 12-01-19 23,708 17,456
Capital Asset Management, Loan ID - R1D1538702 4.500 07-01-38 352,894 259,836
Capital Asset Management, Loan ID - R1D1582190 (J) 2.000 06-01-28 6,534 4,811
Capital Asset Management, Loan ID - R1D1582271 (J) 7.000 10-01-28 18,747 13,804
Capital Asset Management, Loan ID - R1D1582428 (H) 3.000 01-01-43 72,216 53,173
Capital Asset Management, Loan ID - R1D1582848 (J) 13.990 05-24-29 11,335 8,346
Capital Asset Management, Loan ID - R1D1584709 2.000 02-01-31 7,020 5,169
13 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R1D1584745 4.000 12-01-36 20,797 $15,313
Capital Asset Management, Loan ID - R1D1584833 11.975 04-01-31 17,880 13,165
Capital Asset Management, Loan ID - R1D1585078 (H) 12.250 04-01-24 3,891 2,865
CTF Asset Management, Loan ID - R1D861192126 7.500 01-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D861221792 7.500 01-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D861527735 7.500 03-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D862116231 7.500 03-01-52 186,001 159,998
CTF Asset Management, Loan ID - R1D862166335 8.000 03-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D862302948 8.000 04-01-52 48,767 41,949
CTF Asset Management, Loan ID - R1D862332325 7.500 04-01-52 500,000 430,100
CTF Asset Management, Loan ID - R1D862389291 8.500 04-01-52 300,000 258,060
CTF Asset Management, Loan ID - R1D862399514 7.500 04-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D862440813 8.500 05-01-52 92,000 79,138
CTF Asset Management, Loan ID - R1D862465398 9.000 05-01-52 25,000 21,505
CTF Asset Management, Loan ID - R1D862525936 9.500 05-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D862651740 8.000 06-01-52 51,940 44,679
CTF Asset Management, Loan ID - R1D862651831 9.000 06-01-52 66,233 56,973
CTF Asset Management, Loan ID - R1D862687082 (J) 9.500 06-01-52 48,842 42,014
CTF Asset Management, Loan ID - R1D862731658 8.500 06-01-52 59,500 51,182
CTF Asset Management, Loan ID - R1D862732045 8.500 06-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D862739529 8.500 06-01-52 8,340 7,174
CTF Asset Management, Loan ID - R1D862750401 8.500 06-01-52 72,500 62,365
CTF Asset Management, Loan ID - R1D862750500 8.500 06-01-52 477,000 410,315
CTF Asset Management, Loan ID - R1D862750765 8.500 06-01-52 86,300 74,235
CTF Asset Management, Loan ID - R1D862799119 9.000 07-01-52 49,425 42,515
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 14
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
CTF Asset Management, Loan ID - R1D862829270 8.500 07-01-52 49,184 $42,308
CTF Asset Management, Loan ID - R1D862849351 9.000 07-01-52 151,198 130,061
CTF Asset Management, Loan ID - R1D862876396 8.500 07-01-52 60,500 52,042
CTF Asset Management, Loan ID - R1D862922356 8.500 07-01-52 24,596 21,157
CTF Asset Management, Loan ID - R1D865490872 8.500 07-01-52 141,000 121,288
CTF Asset Management, Loan ID - R1D865490948 10.250 08-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D865490955 10.250 08-01-52 572,500 492,465
CTF Asset Management, Loan ID - R1D865490971 10.000 08-01-52 54,743 47,090
CTF Asset Management, Loan ID - R1D865490997 10.250 08-01-52 52,425 45,096
CTF Asset Management, Loan ID - R1D865491029 10.250 08-01-52 7,900 6,796
CTF Asset Management, Loan ID - R1D865491052 10.000 09-01-52 100,158 86,156
CTF Asset Management, Loan ID - R1D865491078 10.250 08-01-52 20,000 17,204
CTF Asset Management, Loan ID - R1D865491102 10.000 09-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D865491136 10.000 09-01-52 57,437 49,407
CTF Asset Management, Loan ID - R1D865491185 10.250 10-01-52 50,000 43,010
CTF Asset Management, Loan ID - R1D865491219 10.250 10-01-52 225,000 193,545
CTF Asset Management, Loan ID - R1D89160038038 (J) 12.200 12-01-36 67,422 57,996
CTF Asset Management, Loan ID - R1D89160044688 4.750 04-01-64 190,907 164,218
CTF Asset Management, Loan ID - R1D89160044690 0.000 07-01-37 11,923 10,256
CTF Asset Management, Loan ID - R1D89160044748 11.700 05-01-39 14,716 12,658
CTF Asset Management, Loan ID - R1D89160045474 8.000 06-01-53 21,946 18,878
CTF Asset Management, Loan ID - R1D89160045528 6.000 07-01-29 29,012 24,956
CTF Asset Management, Loan ID - R1D89160046378 (H) 7.000 09-01-63 74,686 64,245
CTF Asset Management, Loan ID - R1D89160058918 5.250 11-01-52 87,894 75,606
CTF Asset Management, Loan ID - R1D89160058998 9.000 12-01-42 32,818 28,230
15 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
CTF Asset Management, Loan ID - R1D89160059480 6.000 11-01-51 191,165 $164,440
CTF Asset Management, Loan ID - R1D89160059548 9.000 06-01-42 41,680 35,853
CTF Asset Management, Loan ID - R1D89160061974 9.000 03-01-43 74,069 63,714
CTF Asset Management, Loan ID - R1D89160061988 9.000 05-01-42 46,144 39,693
CTF Asset Management, Loan ID - R1D89160062096 7.000 09-15-52 117,442 101,024
CTF Asset Management, Loan ID - R1D89160062110 8.000 10-01-41 51,334 44,157
CTF Asset Management, Loan ID - R1D89160062114 4.250 06-15-51 85,440 73,495
CTF Asset Management, Loan ID - R1D89160062136 8.000 07-01-51 125,171 107,672
CTF Asset Management, Loan ID - R1D89160067642 8.000 06-01-52 74,221 63,845
CTF Asset Management, Loan ID - R1D89160069322 7.500 07-15-52 122,248 105,158
CTF Asset Management, Loan ID - R1D89160070252 (J) 9.375 06-01-37 55,282 47,553
CTF Asset Management, Loan ID - R1D89160070254 9.250 09-20-31 56,886 48,933
CTF Asset Management, Loan ID - R1D89160070258 6.000 05-01-42 39,973 34,384
CTF Asset Management, Loan ID - R1D89160070304 12.000 09-01-62 22,365 19,239
CTF Asset Management, Loan ID - R1D89160074370 6.750 07-01-36 41,859 36,007
CTF Asset Management, Loan ID - R1D89160075026 8.000 05-20-49 73,930 63,594
CTF Asset Management, Loan ID - R1D89160076994 7.250 11-01-60 152,583 131,252
CTF Asset Management, Loan ID - R1D89160080328 6.000 12-20-33 285,675 245,737
CTF Asset Management, Loan ID - R1D89160080998 (J) 5.750 03-20-37 79,373 68,277
CTF Asset Management, Loan ID - R1D89160082270 7.115 08-01-37 61,804 53,164
CTF Asset Management, Loan ID - R1D89160082820 7.989 10-01-42 103,058 88,650
CTF Asset Management, Loan ID - R1D89160082824 7.874 11-01-52 42,620 36,662
CTF Asset Management, Loan ID - R1D89160083650 5.890 01-01-28 61,000 52,472
CTF Asset Management, Loan ID - R1D89160083654 6.000 09-01-27 159,895 137,542
CTF Asset Management, Loan ID - R1D89160083656 5.800 04-01-53 81,835 70,395
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 16
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
CTF Asset Management, Loan ID - R1D89160083658 (J) 5.500 03-01-28 124,187 $106,826
CTF Asset Management, Loan ID - R1D89160083660 6.120 02-01-28 146,238 125,794
CTF Asset Management, Loan ID - R1D89160083666 9.250 06-01-26 46,930 40,369
CTF Asset Management, Loan ID - R1D89160083668 8.500 07-01-42 36,720 31,586
CTF Asset Management, Loan ID - R1D89160083676 6.000 08-01-27 106,891 91,948
CTF Asset Management, Loan ID - R1D89160083678 5.000 07-01-27 38,608 33,211
CTF Asset Management, Loan ID - R1D89160083682 (H) 5.875 04-15-53 130,713 112,440
CTF Asset Management, Loan ID - R1D89160083702 5.250 07-01-26 148,902 128,085
CTF Asset Management, Loan ID - R1D89160083706 9.500 10-01-35 47,564 40,914
CTF Asset Management, Loan ID - R1D89160084244 14.999 01-01-53 29,235 25,148
CTF Asset Management, Loan ID - R1D89160085000 11.250 11-01-43 72,331 62,219
CTF Asset Management, Loan ID - R1D89160086154 8.990 09-01-38 71,089 61,151
CTF Asset Management, Loan ID - R1D89160086156 8.990 09-01-38 65,370 56,231
CTF Asset Management, Loan ID - R1D89160086190 5.000 06-01-50 76,719 65,993
CTF Asset Management, Loan ID - R1D89160086660 11.699 12-01-52 46,913 40,355
CTF Asset Management, Loan ID - R1D89160086670 11.549 12-01-53 58,569 50,381
CTF Asset Management, Loan ID - R1D89160087568 10.000 05-01-36 126,071 108,446
CTF Asset Management, Loan ID - R1D89992031886 (J) 9.500 06-01-30 11,794 10,146
PPR Capital Management, Loan ID - R1D51303030492 8.750 10-01-62 46,668 27,968
PPR Capital Management, Loan ID - R1D51403030022 (J) 9.125 09-01-25 153,406 91,936
PPR Capital Management, Loan ID - R1D51403030279 (J) 5.100 10-01-36 85,282 51,109
PPR Capital Management, Loan ID - R1D51403030352 (J) 7.000 11-01-35 87,440 52,403
PPR Capital Management, Loan ID - R1D51403030948 (J) 9.900 05-22-38 22,967 13,764
PPR Capital Management, Loan ID - R1D51502010013 8.350 11-01-42 5,589 3,349
PPR Capital Management, Loan ID - R1D51506010146 7.250 12-01-46 67,743 40,598
17 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R1D51506010444 (J) 9.500 01-01-52 51,258 $30,719
PPR Capital Management, Loan ID - R1D51506010469 (H) 9.750 09-01-36 22,455 13,458
PPR Capital Management, Loan ID - R1D51507010001 (H) 7.000 01-01-28 4,266 2,557
PPR Capital Management, Loan ID - R1D51605010212 7.250 06-01-31 19,124 11,461
PPR Capital Management, Loan ID - R1D51611010043 (J) 9.990 01-01-21 7,162 4,292
PPR Capital Management, Loan ID - R1D51805030001 7.250 03-20-43 18,546 11,115
PPR Capital Management, Loan ID - R1D51808040029 (J) 9.000 06-01-41 17,925 10,743
PPR Capital Management, Loan ID - R1D51812030089 4.000 08-01-47 68,461 41,028
PPR Capital Management, Loan ID - R1D51812030096 13.500 07-01-36 25,671 15,385
PPR Capital Management, Loan ID - R1D51812030180 7.000 02-01-50 116,756 69,972
PPR Capital Management, Loan ID - R1D51903040003 (J) 5.000 01-01-30 12,507 7,495
PPR Capital Management, Loan ID - R1D51903040192 11.625 02-01-37 74,334 44,548
PPR Capital Management, Loan ID - R1D51904010040 (J) 6.250 09-01-51 123,539 74,037
PPR Capital Management, Loan ID - R1D51906030034 6.000 12-01-48 212,701 127,472
PPR Capital Management, Loan ID - R1D52007020001 8.500 04-01-38 18,983 11,377
PPR Capital Management, Loan ID - R1D52110130001 (J) 7.500 05-18-42 96,884 58,063
Shelving Rock, Loan ID - R1D71005316541 7.000 06-01-31 12,481 10,469
Shelving Rock, Loan ID - R1D71005330611 5.750 08-25-26 23,025 19,314
Shelving Rock, Loan ID - R1D71005332444 6.000 10-01-31 24,424 20,487
Shelving Rock, Loan ID - R1D71005349123 (J) 7.000 10-01-31 10,371 8,699
Shelving Rock, Loan ID - R1D71006123597 6.125 11-01-26 162,575 136,368
Shelving Rock, Loan ID - R1D7110507803 8.875 03-01-27 18,516 15,531
Shelving Rock, Loan ID - R1D7111713993 6.000 12-01-26 31,782 26,658
Shelving Rock, Loan ID - R1D7120449362 8.375 03-15-31 12,702 10,655
Shelving Rock, Loan ID - R1D7131263557 10.625 03-01-27 98,309 82,462
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 18
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D7132056137 5.500 10-01-26 113,546 $95,242
Shelving Rock, Loan ID - R1D7138556254 7.000 10-01-28 47,974 40,240
Shelving Rock, Loan ID - R1D714141816 6.500 08-01-36 314,122 263,485
Shelving Rock, Loan ID - R1D7146417973 5.000 11-15-26 46,458 38,969
Shelving Rock, Loan ID - R1D7146861634 10.250 11-13-31 47,400 39,759
Shelving Rock, Loan ID - R1D7147658590 10.525 01-01-27 295,327 247,720
Shelving Rock, Loan ID - R1D7147758371 7.900 05-01-41 2,735 2,294
Shelving Rock, Loan ID - R1D7149559183 4.750 03-01-43 47,972 40,239
Shelving Rock, Loan ID - R1D7149677942 6.000 07-01-26 97,813 82,045
Shelving Rock, Loan ID - R1D7150056432 7.000 08-01-28 108,610 91,102
Shelving Rock, Loan ID - R1D715011 7.000 02-01-37 143,212 120,126
Shelving Rock, Loan ID - R1D7150554252 7.375 05-01-27 60,874 51,061
Shelving Rock, Loan ID - R1D715103820 5.000 12-01-41 49,526 41,542
Shelving Rock, Loan ID - R1D7151175171 6.000 06-01-38 20,170 16,919
Shelving Rock, Loan ID - R1D7152139837 7.750 10-01-29 164,121 137,665
Shelving Rock, Loan ID - R1D7152394494 10.250 11-01-31 61,234 51,363
Shelving Rock, Loan ID - R1D7152875318 6.500 01-01-27 68,105 57,127
Shelving Rock, Loan ID - R1D7153215845 10.875 04-01-29 36,770 30,842
Shelving Rock, Loan ID - R1D7153283112 10.750 10-01-27 31,408 26,345
Shelving Rock, Loan ID - R1D7153331975 8.750 02-01-27 57,529 48,255
Shelving Rock, Loan ID - R1D7153681515 5.000 04-01-28 67,774 56,849
Shelving Rock, Loan ID - R1D7154664695 8.750 04-01-37 42,961 36,036
Shelving Rock, Loan ID - R1D7154844109 10.375 02-01-27 167,964 140,888
Shelving Rock, Loan ID - R1D7155064828 2.000 01-01-32 10,889 9,134
Shelving Rock, Loan ID - R1D7155104113 (H) 5.500 02-01-25 77,406 64,929
19 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D7155528458 9.500 01-01-32 26,922 $22,582
Shelving Rock, Loan ID - R1D7156105663 8.250 01-01-29 43,638 36,603
Shelving Rock, Loan ID - R1D7156530174 7.250 04-01-28 88,720 74,419
Shelving Rock, Loan ID - R1D7157215669 6.500 02-01-44 5,903 4,951
Shelving Rock, Loan ID - R1D7157308823 8.000 03-01-29 74,944 62,863
Shelving Rock, Loan ID - R1D7158076955 11.250 03-01-32 139,068 116,651
Shelving Rock, Loan ID - R1D7158284666 8.250 03-01-28 50,190 42,099
Shelving Rock, Loan ID - R1D7159142975 8.875 05-01-37 24,481 20,535
Shelving Rock, Loan ID - R1D7190028 5.000 01-01-35 162,624 136,409
Shelving Rock, Loan ID - R1D728102939 (I) 7.250 04-01-26 70,919 59,487
Shelving Rock, Loan ID - R1D7358309 6.375 08-01-43 73,183 61,386
Shelving Rock, Loan ID - R1D7358890 (J) 7.500 12-01-29 189,620 159,054
Shelving Rock, Loan ID - R1D7371699 4.000 05-01-32 151,493 127,073
Shelving Rock, Loan ID - R1D7372448 9.000 05-01-37 244,653 205,215
Shelving Rock, Loan ID - R1D7379247 7.000 10-01-29 62,717 52,607
Shelving Rock, Loan ID - R1D7403476 (J) 7.750 10-01-35 19,112 16,032
Shelving Rock, Loan ID - R1D7501299 (I) 10.125 04-01-26 35,573 29,838
Shelving Rock, Loan ID - R1D7501374 9.500 10-01-26 44,440 37,276
Shelving Rock, Loan ID - R1D7612362392 (J) 7.325 08-01-25 75,201 63,079
Shelving Rock, Loan ID - R1D7612363572 10.000 08-01-36 8,468 7,103
Shelving Rock, Loan ID - R1D7612563619 (I)(J) 5.000 12-01-25 35,332 29,636
Shelving Rock, Loan ID - R1D7612687814 7.625 05-01-27 70,812 59,397
Shelving Rock, Loan ID - R1D7612782771 12.250 09-01-28 4,775 4,005
Shelving Rock, Loan ID - R1D7612791616 (J) 6.490 12-01-36 134,985 113,226
Shelving Rock, Loan ID - R1D7612815027 8.312 01-01-37 52,876 44,353
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 20
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D7612822130 7.000 02-01-28 41,779 $35,044
Shelving Rock, Loan ID - R1D7612845552 6.000 12-01-26 54,466 45,686
Shelving Rock, Loan ID - R1D7612870923 9.625 06-01-33 30,271 25,391
Shelving Rock, Loan ID - R1D7612900092 (J) 9.625 08-01-25 14,263 11,964
Shelving Rock, Loan ID - R1D7612916767 (I) 5.500 12-01-28 142,280 119,345
Shelving Rock, Loan ID - R1D7612930362 (J) 6.750 12-01-28 94,632 79,377
Shelving Rock, Loan ID - R1D7612930867 6.000 03-01-30 98,142 82,322
Shelving Rock, Loan ID - R1D7612934083 6.000 12-01-31 36,247 30,404
Shelving Rock, Loan ID - R1D7612946632 (J) 8.000 04-01-26 96,005 80,529
Shelving Rock, Loan ID - R1D7612968586 (J) 5.000 05-01-25 68,107 57,129
Shelving Rock, Loan ID - R1D7612982157 9.125 12-01-31 15,229 12,774
Shelving Rock, Loan ID - R1D7612984567 5.375 01-01-32 65,509 54,949
Shelving Rock, Loan ID - R1D7612987701 5.250 01-01-32 33,522 28,118
Shelving Rock, Loan ID - R1D7612987966 6.250 08-01-26 54,561 45,765
Shelving Rock, Loan ID - R1D7612994574 7.875 12-01-31 45,114 37,841
Shelving Rock, Loan ID - R1D7613006691 7.500 05-01-27 58,389 48,977
Shelving Rock, Loan ID - R1D7613024009 7.500 01-01-32 55,919 46,905
Shelving Rock, Loan ID - R1D7613048636 8.000 06-01-30 38,086 31,946
Shelving Rock, Loan ID - R1D7613050301 (J) 8.000 04-01-29 19,787 16,598
Shelving Rock, Loan ID - R1D7613070523 6.000 02-01-30 70,943 59,507
Shelving Rock, Loan ID - R1D7613081298 8.375 01-01-28 41,363 34,695
Shelving Rock, Loan ID - R1D7613115377 9.125 03-01-32 3,871 3,247
Shelving Rock, Loan ID - R1D7613121615 7.000 09-01-29 172,320 144,542
Shelving Rock, Loan ID - R1D7613170885 (J) 7.000 04-01-25 55,924 46,909
Shelving Rock, Loan ID - R1D7613171974 9.250 04-01-37 41,230 34,583
21 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D7613181106 8.000 05-01-37 8,613 $7,225
Shelving Rock, Loan ID - R1D7613184407 8.625 03-01-35 23,233 19,488
Shelving Rock, Loan ID - R1D7613190008 (J) 8.500 05-01-25 75,279 63,144
Shelving Rock, Loan ID - R1D7613190438 5.000 01-01-27 108,864 91,315
Shelving Rock, Loan ID - R1D7613192491 5.000 03-01-29 44,830 37,603
Shelving Rock, Loan ID - R1D7613201664 5.000 04-01-32 47,611 39,936
Shelving Rock, Loan ID - R1D7613204593 6.000 02-01-27 112,632 94,476
Shelving Rock, Loan ID - R1D7614380152 7.500 06-01-27 125,526 105,291
Shelving Rock, Loan ID - R1D7616147567 11.900 08-01-37 66,728 55,972
Shelving Rock, Loan ID - R1D7618434583 9.000 02-01-30 75,250 63,119
Shelving Rock, Loan ID - R1D7618446017 9.375 12-01-31 15,028 12,606
Shelving Rock, Loan ID - R1D7618446488 5.000 12-01-28 108,541 91,044
Shelving Rock, Loan ID - R1D7618452353 9.875 03-01-27 38,524 32,314
Shelving Rock, Loan ID - R1D76865188 (J) 11.725 05-01-25 60,887 51,072
Shelving Rock, Loan ID - R1D772832781 6.750 04-01-28 15,315 12,846
Shelving Rock, Loan ID - R1D789786346 7.750 01-01-29 160,809 134,887
Shelving Rock, Loan ID - R1D789806906 5.000 08-01-32 196,297 164,654
Shelving Rock, Loan ID - R1D789909929 7.375 12-01-27 56,983 47,797
Shelving Rock, Loan ID - R1D789914746 8.000 12-01-27 30,988 25,992
Shelving Rock, Loan ID - R1D789919476 (J) 6.000 09-01-25 83,157 69,752
Shelving Rock, Loan ID - R1D789919657 (H) 7.000 02-01-27 230,697 193,508
Shelving Rock, Loan ID - R1D789931830 8.000 02-01-32 62,134 52,118
Shelving Rock, Loan ID - R1D789987287 8.125 03-01-37 34,022 28,538
Shelving Rock, Loan ID - R1D789996254 8.000 06-01-29 64,576 54,166
Shelving Rock, Loan ID - R1D789997444 10.325 09-01-26 51,014 42,791
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 22
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D91004717785 (H) 6.000 05-16-29 139,263 $107,776
Shelving Rock, Loan ID - R1D91004729618 (J) 4.500 01-17-37 20,445 15,822
Shelving Rock, Loan ID - R1D91004736151 3.500 12-07-36 82,489 63,838
Shelving Rock, Loan ID - R1D91005327572 7.000 09-20-29 95,455 73,873
Shelving Rock, Loan ID - R1D91005337038 6.500 11-20-29 126,544 97,932
Shelving Rock, Loan ID - R1D91084131 (I) 6.500 03-01-26 49,884 38,605
Shelving Rock, Loan ID - R1D912791 (J) 9.375 12-01-27 71,821 55,583
Shelving Rock, Loan ID - R1D9131159016 (H) 9.990 12-01-26 73,889 57,183
Shelving Rock, Loan ID - R1D9131945755 (J) 12.125 04-25-29 48,373 37,436
Shelving Rock, Loan ID - R1D9141942568 (J) 7.000 01-01-28 79,729 61,702
Shelving Rock, Loan ID - R1D9142583663 0.000 01-25-50 44,302 34,285
Shelving Rock, Loan ID - R1D9146661473 (J) 7.000 12-01-36 86,743 67,130
Shelving Rock, Loan ID - R1D9146948925 5.000 10-01-27 195,900 151,607
Shelving Rock, Loan ID - R1D9148123833 (J) 10.400 08-01-25 50,787 39,304
Shelving Rock, Loan ID - R1D9148506475 2.000 02-01-42 64,523 49,934
Shelving Rock, Loan ID - R1D9148600650 (H) 8.500 02-01-42 40,215 31,123
Shelving Rock, Loan ID - R1D9150222640 9.250 08-01-29 65,118 50,394
Shelving Rock, Loan ID - R1D9155752270 7.125 07-01-28 82,809 64,086
Shelving Rock, Loan ID - R1D9155934430 (J) 9.375 04-01-30 40,784 31,563
Shelving Rock, Loan ID - R1D9156031844 (J) 11.500 02-25-32 36,599 28,324
Shelving Rock, Loan ID - R1D9157715050 6.000 03-01-42 21,564 16,689
Shelving Rock, Loan ID - R1D9158148327 (J) 8.375 08-01-28 57,412 44,431
Shelving Rock, Loan ID - R1D9158148855 7.000 04-01-29 129,266 100,039
Shelving Rock, Loan ID - R1D9158767452 9.000 04-01-37 66,536 51,492
Shelving Rock, Loan ID - R1D9158789377 9.250 03-01-29 29,360 22,722
23 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D9158991614 0.000 06-25-41 52,641 $40,739
Shelving Rock, Loan ID - R1D9200612828 7.500 03-15-29 94,812 73,375
Shelving Rock, Loan ID - R1D9241924992 10.610 09-01-27 71,011 54,955
Shelving Rock, Loan ID - R1D9249324178 6.000 08-01-36 50,940 39,422
Shelving Rock, Loan ID - R1D9284407970 11.000 11-02-35 4,504 3,486
Shelving Rock, Loan ID - R1D930560148 (J) 4.830 09-01-28 101,519 78,566
Shelving Rock, Loan ID - R1D9310904 (J) 7.600 01-15-29 88,975 68,858
Shelving Rock, Loan ID - R1D9371864 9.000 11-01-29 53,845 41,671
Shelving Rock, Loan ID - R1D9372093 (J) 8.000 01-01-34 55,621 43,045
Shelving Rock, Loan ID - R1D9379972 5.000 12-01-36 130,407 100,922
Shelving Rock, Loan ID - R1D9400157 8.500 10-20-31 27,570 21,336
Shelving Rock, Loan ID - R1D9500145 (H) 6.975 07-01-41 134,297 103,933
Shelving Rock, Loan ID - R1D9610225724 (H) 12.300 05-01-27 76,967 59,565
Shelving Rock, Loan ID - R1D9612072348 0.000 05-01-31 17,190 13,303
Shelving Rock, Loan ID - R1D9612761841 (J) 7.000 09-01-28 55,128 42,663
Shelving Rock, Loan ID - R1D9612799072 (J) 9.500 12-01-36 31,381 24,286
Shelving Rock, Loan ID - R1D9612818088 9.125 02-01-32 72,859 56,386
Shelving Rock, Loan ID - R1D9612840629 (J) 8.063 06-01-30 67,302 52,085
Shelving Rock, Loan ID - R1D9612844068 (J) 6.250 08-01-29 135,783 105,083
Shelving Rock, Loan ID - R1D9612943639 (H) 8.250 02-01-27 58,476 45,255
Shelving Rock, Loan ID - R1D9612960286 (H) 0.000 06-01-45 34,865 26,982
Shelving Rock, Loan ID - R1D9612970285 9.375 06-01-33 16,434 12,718
Shelving Rock, Loan ID - R1D9612980318 0.000 06-01-31 3,860 2,987
Shelving Rock, Loan ID - R1D9612999292 (J) 5.500 02-01-27 426,288 329,904
Shelving Rock, Loan ID - R1D9612999375 10.125 09-01-29 23,909 18,504
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 24
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D9613041136 10.250 01-01-32 35,531 $27,497
Shelving Rock, Loan ID - R1D9613052844 8.000 02-01-32 34,798 26,930
Shelving Rock, Loan ID - R1D9613067354 9.125 03-01-27 5,858 4,533
Shelving Rock, Loan ID - R1D9613089978 0.000 02-01-31 14,668 11,352
Shelving Rock, Loan ID - R1D9613099894 (H) 7.875 11-01-29 74,018 57,282
Shelving Rock, Loan ID - R1D9613107093 (J) 6.750 03-01-28 109,030 84,378
Shelving Rock, Loan ID - R1D9613127596 (J) 8.875 03-01-26 18,015 13,942
Shelving Rock, Loan ID - R1D9613142967 10.125 05-01-29 13,636 10,553
Shelving Rock, Loan ID - R1D9613176767 0.000 04-01-34 27,447 21,241
Shelving Rock, Loan ID - R1D9613184639 8.875 03-01-27 46,521 36,002
Shelving Rock, Loan ID - R1D9613207661 (J) 8.500 04-01-32 52,953 40,980
Shelving Rock, Loan ID - R1D9614389724 6.250 11-01-29 166,673 128,988
Shelving Rock, Loan ID - R1D9615372729 6.000 09-01-28 71,580 55,396
Shelving Rock, Loan ID - R1D9616148953 (I) 6.850 04-01-26 133,296 103,157
Shelving Rock, Loan ID - R1D9616189072 (J) 0.000 11-01-36 54,602 42,257
Shelving Rock, Loan ID - R1D9617588413 6.500 09-01-28 179,460 138,884
Shelving Rock, Loan ID - R1D9617704952 (J) 9.250 05-01-29 40,580 31,405
Shelving Rock, Loan ID - R1D9617982608 8.000 06-01-29 147,529 114,172
Shelving Rock, Loan ID - R1D9618205744 (J) 7.823 03-25-31 36,705 28,406
Shelving Rock, Loan ID - R1D9618442362 7.000 12-01-36 57,412 44,431
Shelving Rock, Loan ID - R1D9618448088 8.000 02-01-28 27,202 21,052
Shelving Rock, Loan ID - R1D9618449102 7.750 05-01-29 65,629 50,790
Shelving Rock, Loan ID - R1D9618450936 6.250 06-01-29 88,235 68,285
Shelving Rock, Loan ID - R1D9618452650 (J) 6.875 05-01-25 141,023 109,137
Shelving Rock, Loan ID - R1D989786385 6.000 09-01-27 132,184 102,297
25 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust (continued)
Shelving Rock, Loan ID - R1D989786394 (J) 8.750 11-01-29 54,345 $42,058
Shelving Rock, Loan ID - R1D989906775 (J) 11.250 07-01-26 4,797 3,713
Shelving Rock, Loan ID - R1D989925469 0.000 11-01-30 17,349 13,426
Shelving Rock, Loan ID - R1D989993682 7.500 02-01-31 25,210 19,510
JH Residential Whole Loan Trust II (F)(G) 7.3% 19,199,226
Achieve, Loan ID - R21032974202 15.250 10-01-33 37,015 38,229
Achieve, Loan ID - R2697191229 10.125 12-01-35 65,159 67,296
Achieve, Loan ID - R2697191237 7.375 12-01-55 124,576 128,662
Achieve, Loan ID - R2697191245 10.000 12-01-35 85,781 88,595
Achieve, Loan ID - R2697191252 9.375 12-01-35 17,631 18,209
Achieve, Loan ID - R2697191260 9.500 12-01-40 41,603 42,967
Achieve, Loan ID - R2697191278 7.625 12-01-45 8,777 9,065
Achieve, Loan ID - R2697191286 7.125 12-01-35 48,941 50,546
Achieve, Loan ID - R2697191294 8.750 12-01-35 39,517 40,813
Achieve, Loan ID - R2697191302 10.875 12-01-55 107,726 111,260
Achieve, Loan ID - R2697191310 8.875 12-01-55 99,340 102,598
Achieve, Loan ID - R2697191328 11.000 12-01-40 114,625 118,385
Achieve, Loan ID - R2697191336 10.500 12-01-40 70,589 72,904
Achieve, Loan ID - R2697191344 10.750 12-01-35 19,796 20,445
Achieve, Loan ID - R2697191351 9.875 12-01-40 39,883 41,191
Achieve, Loan ID - R2697191369 8.625 12-01-45 55,962 57,798
Achieve, Loan ID - R2697191377 10.500 12-01-40 44,178 45,627
Achieve, Loan ID - R2697191385 7.750 12-01-40 26,151 27,008
Achieve, Loan ID - R2697191393 9.750 12-01-40 51,531 53,221
Achieve, Loan ID - R2697191401 11.000 12-01-45 77,254 79,788
Achieve, Loan ID - R2697191419 10.875 12-01-45 55,895 57,729
Achieve, Loan ID - R2697191427 8.375 12-01-35 49,498 51,121
Achieve, Loan ID - R2697191435 8.750 12-01-35 60,234 62,209
Achieve, Loan ID - R2697191443 9.000 12-01-40 49,944 51,582
Achieve, Loan ID - R2697191450 10.000 12-01-55 49,656 51,285
Achieve, Loan ID - R2697191468 7.125 12-01-35 41,243 42,596
Achieve, Loan ID - R2697191476 9.000 12-01-40 70,671 72,989
Achieve, Loan ID - R2697191484 7.500 12-01-55 223,562 230,894
Achieve, Loan ID - R2697191492 12.000 12-01-40 72,322 74,694
Achieve, Loan ID - R2697191518 9.125 12-01-40 65,197 67,336
Achieve, Loan ID - R2697191526 9.500 12-01-40 70,926 73,253
Achieve, Loan ID - R2697191534 9.250 12-01-35 65,239 67,379
Achieve, Loan ID - R2697191542 8.875 12-01-55 59,007 60,943
Achieve, Loan ID - R2697191559 11.250 12-01-55 38,022 39,269
Achieve, Loan ID - R2697191567 9.750 12-01-55 83,428 86,165
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 26
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R2697191575 10.500 12-01-55 42,199 $43,583
Achieve, Loan ID - R2697191583 8.250 12-01-35 47,977 49,551
Achieve, Loan ID - R2697191591 8.750 12-01-40 67,757 69,979
Achieve, Loan ID - R2697191609 9.750 12-01-55 49,941 51,579
Achieve, Loan ID - R2697191617 10.500 12-01-55 71,991 74,352
Achieve, Loan ID - R2697191625 10.250 12-01-55 16,133 16,662
Achieve, Loan ID - R2697191633 7.125 12-01-40 53,081 54,822
Achieve, Loan ID - R2697191641 11.500 12-01-40 22,955 23,708
Achieve, Loan ID - R2697191658 8.500 12-01-35 48,424 50,013
Achieve, Loan ID - R2697191666 8.250 12-01-40 69,083 71,348
Achieve, Loan ID - R2697191674 6.750 12-01-35 75,358 77,830
Achieve, Loan ID - R2697191682 9.750 12-01-35 49,574 51,200
Achieve, Loan ID - R2697191690 9.375 12-01-35 101,130 104,447
Achieve, Loan ID - R2697191708 9.625 12-01-55 40,524 41,853
Achieve, Loan ID - R2697191716 9.500 12-01-40 94,517 97,617
Achieve, Loan ID - R2697191724 10.750 12-01-35 49,741 51,372
Achieve, Loan ID - R2697191732 10.375 12-01-55 33,415 34,511
Achieve, Loan ID - R2697191740 10.750 12-01-35 41,699 43,067
Achieve, Loan ID - R2697191757 8.500 12-01-35 29,123 30,079
Achieve, Loan ID - R2697191765 7.625 12-01-35 84,587 87,361
Achieve, Loan ID - R2697191773 12.000 12-01-40 75,136 77,601
Achieve, Loan ID - R2697191781 9.000 12-01-40 59,074 61,011
Achieve, Loan ID - R2697191799 11.750 12-01-35 51,560 53,251
Achieve, Loan ID - R2697191807 11.875 12-01-40 39,000 40,279
Achieve, Loan ID - R2697191815 10.750 12-01-40 36,133 37,318
Achieve, Loan ID - R2697191823 9.750 12-01-35 70,344 72,651
Achieve, Loan ID - R2697191831 9.250 12-01-45 60,074 62,044
Achieve, Loan ID - R2697191849 10.750 12-01-35 61,733 63,758
Achieve, Loan ID - R2697191864 12.250 12-01-35 30,489 31,489
Achieve, Loan ID - R2697191872 11.500 12-01-40 51,832 53,532
Achieve, Loan ID - R2697191880 9.250 12-01-35 15,786 16,304
Achieve, Loan ID - R2697191898 11.375 12-01-40 58,546 60,466
Achieve, Loan ID - R2697191906 10.750 12-01-35 81,675 84,353
Achieve, Loan ID - R2697191914 9.500 12-01-55 99,240 102,495
Achieve, Loan ID - R2697191922 8.500 12-01-35 46,812 48,347
Achieve, Loan ID - R2697191930 9.500 12-01-40 69,693 71,979
Achieve, Loan ID - R2697191948 10.250 12-01-40 68,317 70,557
Achieve, Loan ID - R2697191955 12.750 12-01-35 15,883 16,404
Achieve, Loan ID - R2697191963 11.125 12-01-55 95,109 98,228
Achieve, Loan ID - R2697191971 10.000 12-01-55 32,773 33,848
Achieve, Loan ID - R2697191989 10.500 12-01-40 101,688 105,023
Achieve, Loan ID - R2697191997 10.500 12-01-55 76,112 78,609
Achieve, Loan ID - R2697192003 9.750 12-01-35 46,243 47,760
Achieve, Loan ID - R2697192011 10.875 12-01-55 15,935 16,458
27 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R2697192029 10.125 12-01-40 34,553 $35,686
Achieve, Loan ID - R2697192037 8.000 12-01-35 16,154 16,684
Achieve, Loan ID - R2697192045 11.000 12-01-35 40,574 41,905
Achieve, Loan ID - R2697192052 9.750 12-01-35 102,347 105,704
Achieve, Loan ID - R2697192078 10.500 12-01-40 75,920 78,410
Achieve, Loan ID - R2697192086 9.625 12-01-40 42,349 43,738
Achieve, Loan ID - R2697192094 10.500 12-01-35 78,093 80,654
Achieve, Loan ID - R2697192102 11.000 12-01-40 58,735 60,661
Achieve, Loan ID - R2697192110 11.150 12-01-40 42,501 43,895
Achieve, Loan ID - R2697192128 11.000 12-01-40 21,275 21,973
Achieve, Loan ID - R2697192136 7.875 12-01-40 149,115 154,006
Achieve, Loan ID - R2697192144 10.750 12-01-35 66,787 68,977
Achieve, Loan ID - R2697192151 11.250 12-01-35 49,491 51,115
Achieve, Loan ID - R2697192169 10.000 12-01-40 49,737 51,368
Achieve, Loan ID - R2697192177 9.375 12-01-35 92,524 95,559
Achieve, Loan ID - R2697192185 9.875 12-01-35 70,290 72,596
Achieve, Loan ID - R2697192193 10.875 12-01-35 49,002 50,609
Achieve, Loan ID - R2697192201 12.500 12-01-40 89,897 92,846
Achieve, Loan ID - R2697192219 9.875 12-01-55 33,768 34,875
Achieve, Loan ID - R2697192227 10.000 12-01-40 49,854 51,489
Achieve, Loan ID - R2697192235 10.250 12-01-40 85,791 88,605
Achieve, Loan ID - R2697192243 12.500 12-01-40 46,405 47,927
Achieve, Loan ID - R2697192250 8.750 12-01-35 56,022 57,860
Achieve, Loan ID - R2697192268 9.625 12-01-40 61,204 63,212
Achieve, Loan ID - R2697192276 9.250 12-01-35 50,198 51,844
Achieve, Loan ID - R2697192284 10.000 12-01-35 103,074 106,455
Achieve, Loan ID - R2697192292 10.625 12-01-40 129,329 133,571
Achieve, Loan ID - R2697192300 9.000 12-01-35 51,659 53,353
Achieve, Loan ID - R2697192318 10.750 12-01-35 51,249 52,929
Achieve, Loan ID - R2697192326 10.750 12-01-55 80,273 82,906
Achieve, Loan ID - R2697192334 10.500 12-01-40 148,089 152,946
Achieve, Loan ID - R2697192342 10.250 12-01-55 65,989 68,153
Achieve, Loan ID - R2697192359 6.740 12-01-35 75,496 77,973
Achieve, Loan ID - R2697192367 11.250 12-01-55 33,952 35,066
Achieve, Loan ID - R2697192375 11.375 12-01-40 34,062 35,180
Achieve, Loan ID - R2697192383 10.000 12-01-40 53,751 55,514
Achieve, Loan ID - R2697192391 10.250 12-01-45 99,542 102,807
Achieve, Loan ID - R2697192409 10.250 12-01-35 94,459 97,557
Achieve, Loan ID - R2697192417 11.000 12-01-40 74,390 76,830
Achieve, Loan ID - R2697192425 10.500 12-01-55 62,111 64,148
Achieve, Loan ID - R2697192441 8.375 12-01-35 91,612 94,617
Achieve, Loan ID - R2697192458 12.000 12-01-40 108,311 111,864
Achieve, Loan ID - R2697192466 10.625 12-01-45 94,738 97,845
Achieve, Loan ID - R2697192482 8.500 12-01-40 105,600 109,064
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 28
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R2697192490 10.500 12-01-40 59,137 $61,076
Achieve, Loan ID - R2697192516 12.500 12-01-40 124,004 128,071
Achieve, Loan ID - R2697192524 9.000 12-01-35 44,567 46,029
Achieve, Loan ID - R2697192532 9.000 12-01-35 49,018 50,625
Achieve, Loan ID - R2697192540 10.750 12-01-55 52,128 53,837
Achieve, Loan ID - R2697192557 9.375 12-01-35 34,628 35,763
Achieve, Loan ID - R2697192565 10.125 12-01-55 179,303 185,184
Achieve, Loan ID - R2697192573 12.750 12-01-40 58,189 60,097
Achieve, Loan ID - R2697192581 8.750 12-01-55 100,335 103,626
Achieve, Loan ID - R2697192599 11.500 12-01-40 56,277 58,123
Achieve, Loan ID - R2697192607 10.250 12-01-40 64,365 66,476
Achieve, Loan ID - R2697192615 10.750 12-01-55 68,709 70,963
Achieve, Loan ID - R2697192623 12.500 12-01-40 16,784 17,334
Achieve, Loan ID - R2697192631 8.500 12-01-35 29,377 30,340
Achieve, Loan ID - R2697192649 11.250 12-01-40 49,366 50,985
Achieve, Loan ID - R2697192656 10.625 12-01-55 38,725 39,995
Achieve, Loan ID - R2697192664 11.250 12-01-40 89,002 91,922
Achieve, Loan ID - R2697192672 11.000 12-01-55 94,766 97,874
Achieve, Loan ID - R2697192680 10.750 12-01-35 45,568 47,062
Achieve, Loan ID - R2697192698 12.500 12-01-40 59,721 61,680
Achieve, Loan ID - R2697192706 7.875 12-01-35 35,244 36,400
Achieve, Loan ID - R2697192714 9.000 12-01-55 89,499 92,434
Achieve, Loan ID - R2697192722 11.500 12-01-40 40,233 41,553
Achieve, Loan ID - R2697192730 (J) 12.500 12-01-40 66,939 69,135
Achieve, Loan ID - R2697192748 9.250 12-01-55 197,620 204,102
Achieve, Loan ID - R2697192755 10.500 12-01-40 73,304 75,708
Achieve, Loan ID - R2697192763 7.750 12-01-35 21,831 22,547
Achieve, Loan ID - R2697192771 9.250 12-01-55 152,971 157,988
Achieve, Loan ID - R2697192789 9.000 12-01-35 51,254 52,935
Achieve, Loan ID - R2697192797 10.500 12-01-35 35,313 36,472
Achieve, Loan ID - R2697192805 10.500 12-01-40 96,505 99,670
Achieve, Loan ID - R2697192813 10.000 12-01-55 101,646 104,980
Achieve, Loan ID - R2697192821 10.625 12-01-55 114,387 118,138
Achieve, Loan ID - R2697192839 11.375 12-01-40 122,427 126,443
Achieve, Loan ID - R2697192847 11.000 12-01-40 86,387 89,220
Achieve, Loan ID - R2697192854 11.500 12-01-40 82,686 85,399
Achieve, Loan ID - R2697192862 7.375 12-01-35 32,154 33,209
Achieve, Loan ID - R2697192870 10.500 12-01-40 22,706 23,451
Achieve, Loan ID - R2697192888 9.000 12-01-40 41,753 43,123
Achieve, Loan ID - R2697192896 9.250 12-01-55 130,775 135,065
Achieve, Loan ID - R2697192904 10.000 12-01-40 85,291 88,089
Achieve, Loan ID - R2697192912 10.500 12-01-40 89,394 92,326
Achieve, Loan ID - R2697192920 10.875 12-01-40 74,933 77,391
Achieve, Loan ID - R2697192938 9.125 12-01-35 247,282 255,398
29 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R2697192946 10.750 12-01-40 81,204 $83,867
Achieve, Loan ID - R2697192953 11.250 12-01-40 59,436 61,385
Achieve, Loan ID - R2697192961 10.250 12-01-40 44,917 46,390
Achieve, Loan ID - R2697192979 9.250 12-01-40 54,636 56,428
Achieve, Loan ID - R2697192987 10.625 12-01-40 107,707 111,240
Achieve, Loan ID - R2697192995 11.625 12-01-40 99,028 102,277
Achieve, Loan ID - R2697193001 9.000 12-01-35 138,010 142,537
Achieve, Loan ID - R2697193019 9.000 12-01-40 27,885 28,800
Achieve, Loan ID - R2697193027 7.750 12-01-45 85,176 87,970
Achieve, Loan ID - R2697193035 12.250 12-01-40 148,095 152,952
Achieve, Loan ID - R2697193043 12.500 12-01-40 101,893 105,235
Achieve, Loan ID - R2697193050 11.750 12-01-45 50,532 52,189
Achieve, Loan ID - R2697193068 7.250 12-01-35 61,865 63,894
Achieve, Loan ID - R2697193076 10.625 12-01-55 90,358 93,321
Achieve, Loan ID - R2697193084 9.875 12-01-35 62,355 64,401
Achieve, Loan ID - R2697193092 10.750 12-01-35 47,040 48,583
Achieve, Loan ID - R2697193100 8.500 12-01-35 60,228 62,204
Achieve, Loan ID - R2697193118 10.000 12-01-40 76,015 78,509
Achieve, Loan ID - R2697193126 10.250 12-01-35 106,549 110,044
Achieve, Loan ID - R2697193134 10.500 12-01-40 30,854 31,866
Achieve, Loan ID - R2697193142 12.250 12-01-40 45,418 46,907
Achieve, Loan ID - R2697193159 10.375 12-01-40 59,235 61,178
Achieve, Loan ID - R2697193167 9.625 12-01-35 15,185 15,683
Achieve, Loan ID - R2697193175 11.750 12-01-40 36,630 37,831
Achieve, Loan ID - R2697193183 9.000 12-01-40 61,291 63,302
Achieve, Loan ID - R2697193191 10.750 12-01-35 37,922 39,166
Achieve, Loan ID - R2697193209 8.500 12-01-35 50,682 52,345
Achieve, Loan ID - R2697193217 8.125 12-01-35 71,275 73,613
Achieve, Loan ID - R2697193225 11.375 12-01-55 148,906 153,790
Achieve, Loan ID - R2697193233 9.000 12-01-35 70,045 72,342
Achieve, Loan ID - R2697193241 10.125 12-01-45 141,489 146,130
Achieve, Loan ID - R2697193258 9.250 12-01-35 68,521 70,768
Achieve, Loan ID - R2697193282 9.750 12-01-35 68,580 70,830
Achieve, Loan ID - R2697193308 8.250 12-01-55 56,630 58,487
Achieve, Loan ID - R2697193316 9.500 12-01-40 60,650 62,640
Achieve, Loan ID - R2697193357 10.750 12-01-35 51,789 53,488
Achieve, Loan ID - R2697193423 7.375 12-01-55 84,706 87,485
Achieve, Loan ID - R2697193555 8.125 12-01-35 34,468 35,598
Achieve, Loan ID - R2697193605 10.500 12-01-40 76,710 79,226
Achieve, Loan ID - R2697193613 10.375 12-01-35 75,550 78,028
Achieve, Loan ID - R2697193639 9.250 12-01-55 22,539 23,278
Achieve, Loan ID - R2697193803 10.375 12-01-55 34,557 35,691
Achieve, Loan ID - R2697193878 12.250 12-01-35 138,073 142,602
Achieve, Loan ID - R2697210201 11.000 01-01-41 28,786 29,730
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 30
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Residential Whole Loan Trust II (continued)
Achieve, Loan ID - R2697331189 10.250 01-01-36 37,051 $38,266
Achieve, Loan ID - R2697331213 10.750 01-01-36 35,870 37,047
Achieve, Loan ID - R2697331270 10.000 01-01-36 55,877 57,710
Achieve, Loan ID - R2697331361 11.000 01-01-41 33,702 34,808
Achieve, Loan ID - R2697331395 11.000 01-01-41 148,127 152,986
Achieve, Loan ID - R2697331429 11.375 01-01-56 74,323 76,761
Achieve, Loan ID - R2697331494 11.250 01-01-41 33,622 34,725
Achieve, Loan ID - R2697331536 12.000 01-01-41 83,416 86,152
Achieve, Loan ID - R2697331668 10.750 01-01-46 85,115 87,907
Achieve, Loan ID - R2697331684 10.875 01-01-41 69,524 71,804
Achieve, Loan ID - R2697331700 10.500 01-01-41 118,768 122,663
Achieve, Loan ID - R2697331734 12.500 01-01-41 36,123 37,308
Achieve, Loan ID - R2697331742 12.000 01-01-41 48,569 50,162
Achieve, Loan ID - R2697458008 10.375 01-01-56 72,986 75,380
Achieve, Loan ID - R2697458073 11.375 01-01-41 53,791 55,556
Achieve, Loan ID - R2697458123 12.000 01-01-41 80,751 83,399
Achieve, Loan ID - R2697458156 10.625 01-01-36 39,126 40,409
Achieve, Loan ID - R2697458164 12.250 01-01-41 40,470 41,798
Achieve, Loan ID - R2697458230 12.500 01-01-41 29,561 30,530
Achieve, Loan ID - R2697458248 8.875 01-01-36 91,573 94,576
Achieve, Loan ID - R2697458289 11.000 01-01-41 80,976 83,632
Achieve, Loan ID - R2697458297 12.000 01-01-41 66,040 68,207
Achieve, Loan ID - R2697458438 9.500 01-01-36 34,502 35,634
Achieve, Loan ID - R2697458461 10.500 01-01-41 148,151 153,010
Achieve, Loan ID - R2697458495 9.000 01-01-56 50,011 51,652
Achieve, Loan ID - R2697458503 13.000 01-01-41 111,213 114,861
Achieve, Loan ID - R2697458511 10.875 01-01-56 50,555 52,213
Achieve, Loan ID - R2697497253 10.000 01-01-36 69,982 72,277
Achieve, Loan ID - R2697497329 9.500 01-01-56 96,227 99,383
Achieve, Loan ID - R2697497436 8.625 01-01-41 109,788 113,389
Achieve, Loan ID - R2697497550 9.000 01-01-56 81,864 84,549
Achieve, Loan ID - R2697497592 8.500 01-01-56 49,925 51,562
Achieve, Loan ID - R2697497626 9.000 01-01-36 73,729 76,147
Achieve, Loan ID - R2697497634 9.125 01-01-41 49,204 50,818
Achieve, Loan ID - R2697503944 8.250 01-01-41 48,080 49,657
Achieve, Loan ID - R2697503977 8.250 01-01-36 43,750 45,185
Achieve, Loan ID - R2697503993 8.625 01-01-36 27,527 28,430
Achieve, Loan ID - R2697504017 8.250 01-01-56 58,021 59,924
Achieve, Loan ID - R2697504025 10.500 01-01-41 143,558 148,267
Achieve, Loan ID - R2697504033 7.125 01-01-36 53,983 55,753
Achieve, Loan ID - R2697504058 9.000 01-01-46 28,861 29,807
Achieve, Loan ID - R2697504090 8.750 01-01-36 23,889 24,673
Achieve, Loan ID - R2697504157 8.125 01-01-46 80,196 82,826
Achieve, Loan ID - R2697504215 10.375 01-01-56 174,018 179,726
31 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 - R2697556322 7.350 01-01-56 223,485 $230,816
Achieve, Loan ID - R2697556462 10.750 01-01-56 40,812 42,150
Achieve, Loan ID - R2697556546 9.000 01-01-41 93,893 96,972
Achieve, Loan ID - R2697556843 10.750 01-01-56 65,498 67,646
Achieve, Loan ID - R2697573525 9.125 02-01-36 30,031 31,016
Achieve, Loan ID - R2697573533 9.250 02-01-56 112,156 115,835
Achieve, Loan ID - R2697573616 11.250 02-01-36 103,347 106,737
Achieve, Loan ID - R2697573715 10.125 02-01-41 39,600 40,899
Achieve, Loan ID - R2697573848 11.750 02-01-41 67,755 69,977
Achieve, Loan ID - R2697573988 12.000 02-01-41 54,889 56,689
Achieve, Loan ID - R2697574002 11.500 02-01-41 109,700 113,298
Achieve, Loan ID - R2697574028 12.000 02-01-41 61,465 63,481
Achieve, Loan ID - R2697574036 10.125 02-01-56 72,413 74,789
Achieve, Loan ID - R2697574069 11.250 02-01-41 49,446 51,068
Achieve, Loan ID - R2697574143 9.875 02-01-36 96,890 100,068
Achieve, Loan ID - R2697712958 8.875 02-01-41 68,356 70,598
Achieve, Loan ID - R2697713139 10.250 02-01-36 47,893 49,464
Term loans (K) 14.7% $39,068,668
(Cost $38,532,923)
Commercial real estate lending 11.3% 29,975,432
Clairemont Drive LLC, Term Loan (1 month CME Term SOFR + 7.000%) (F) 10.648 06-09-26 4,914,338 4,911,881
Genprov Holdco LLC, Term Loan (F)(J) 0.000 08-11-26 4,914,630 4,784,392
MCR Newark Airport LLC, Term Loan (1 month CME Term SOFR + 6.250%) (F) 9.898 04-11-27 4,751,364 4,746,138
Stevens Creek Boulevard, Term Loan (1 month CME Term SOFR + 5.800%) (F) 9.448 07-11-26 4,732,080 4,732,080
Verena at Gilbert, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (F) 8.648 01-11-27 4,808,153 4,800,941
Verena at Hillard, Term Loan (1 month CME Term SOFR + 5.350%) (F) 8.998 04-11-27 6,000,000 6,000,000
Equipment 3.4% 9,093,236
VCI Asset Holdings 1 LLC, Fixed Term Loan 10.000 11-20-30 8,550,000 9,093,236
Value
Special purpose vehicles 14.3% $37,813,641
(Cost $35,245,295)
Industrials 10.5% 27,930,640
JH Arbor Leasing LLC (F)(H)(L)(M) 7,506,297
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 32
Table of Contents
Value
Industrials (continued)
JH Finance LeaseCo LLC (L)(M) $259,177
JH Liftco LLC (F)(L)(M) 11,389,345
JH Rail LLC (F)(L)(M) 8,775,821
Real estate 0.1% 146,099
JH REO Trust (F)(L)(M) 146,099
Transportation assets 3.7% 9,736,902
MSN 803 Trust (F)(L)(M) 9,736,902
Rate (%) Maturity date Par value^ Value
Consumer-related assets 6.6% $17,525,660
(Cost $17,036,970)
Consumer loans 6.6% 17,525,660
ACHV ABS Trust
Series 2023-3PL, Class R (A)(E)(F) - 08-19-30 2,637 252,947
Series 2023-1PL, Class CERT (A)(E) - 03-18-30 37,848 2,939,325
Avant Loans Funding Trust
Series 2025-REV1, Class D (A) 8.390 05-15-34 3,000,000 3,033,466
Series 2024-REV1, Class C (A)(B) 7.060 10-15-33 1,750,000 1,751,569
Best Egg Asset Structured Pass Through Master Trust
Series 2025-A, Class CERT (A)(E)(F) - 01-15-35 3,003 283,319
Series 2025-C, Class CERT (A)(E)(F) - 03-15-35 3,003 247,073
Series 2025-B, Class CERT (A)(E)(F) - 02-15-35 3,003 401,237
Series 2025-D, Class CERT (A)(E)(F) - 04-15-35 3,003 442,609
Credit Suisse ABS Repackaging Trust
Series 2013-A, Class R1 (A)(E)(F) - 04-25-43 5,000 1,263,377
Freedom Financial ABS Trust
Series 2022-3FP, Class CERT (A)(E) - 08-20-29 23,900 3,308,240
GreenSky Home Improvement Issuer Trust
Series 2025-2A, Class E (A) 7.790 06-25-60 1,000,000 1,013,940
Mosaic Solar Loan Trust
Series 2018-2GS, Class R IO (A)(E) - 02-22-44 19,131,000 2,588,558
Profit participating notes 4.3% $11,438,137
(Cost $11,352,397)
Corporate asset-based credit 4.2% 11,088,453
Tilapia Finance Profit Participating Notes, Series 2 (3 month EURIBOR + 6.900%) (C)(F) 9.099 12-12-33 EUR 938,388 1,088,453
Tilapia Finance Profit Participating Notes, Series 4 (3 month CME Term SOFR + 7.900%) (C)(F) 11.564 12-31-34 10,000,000 10,000,000
33 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
Transportation assets 0.1% $349,684
JH Aircraft Leasing 4535 (Ireland) Designated Activity Company (L)(N) - 04-26-44 20,897,863 349,684
Corporate asset-based credit 1.9% $4,995,265
(Cost $5,000,000)
Materials 1.9% 4,995,265
CG Finance A LP
Series 2023-1, Class A 11.500 06-28-28 5,000,000 4,995,265
Consumer loans 1.5% $3,913,959
(Cost $4,029,881)
JH Consumer Loan Trust (F)(G) 1.5% 3,913,959
Achieve, Loan ID - C18648251 20.990 12-14-26 7,412 7,275
Achieve, Loan ID - C22902472 16.740 12-10-26 10,264 10,074
Achieve, Loan ID - C23301086 21.740 03-13-28 13,016 12,775
Achieve, Loan ID - C23500788 8.490 01-15-28 5,464 5,363
Achieve, Loan ID - C23964782 26.990 12-10-27 22,584 22,167
Achieve, Loan ID - C23966505 26.990 02-28-28 11,643 11,427
Achieve, Loan ID - C23988868 21.740 12-10-27 11,342 11,133
Achieve, Loan ID - C23992646 26.990 01-15-28 6,181 6,066
Achieve, Loan ID - C23992707 21.990 12-02-27 23,248 22,818
Achieve, Loan ID - C24002565 26.990 12-10-27 5,333 5,234
Achieve, Loan ID - C24100561 26.740 12-14-27 1,992 1,955
Achieve, Loan ID - C24119783 26.740 01-20-28 7,839 7,694
Achieve, Loan ID - C24178392 14.240 01-26-28 12,858 12,620
Achieve, Loan ID - C24219111 13.740 12-14-26 11,880 11,660
Achieve, Loan ID - C24228404 19.740 01-27-27 8,529 8,371
Achieve, Loan ID - C24234040 15.490 02-27-28 9,958 9,774
Achieve, Loan ID - C24281913 26.990 02-29-28 20,612 20,231
Achieve, Loan ID - C24284884 26.240 01-20-28 7,637 7,496
Achieve, Loan ID - C24328234 24.240 02-29-28 21,615 21,215
Achieve, Loan ID - C24332351 26.490 05-29-27 27,858 27,343
Achieve, Loan ID - C24702290 25.490 12-24-27 4,466 4,384
Achieve, Loan ID - C24708215 17.740 03-16-27 5,889 5,780
Achieve, Loan ID - C24770901 18.990 12-25-26 6,289 6,173
Achieve, Loan ID - C24783767 26.990 05-09-28 2,543 2,496
Achieve, Loan ID - C24785164 20.740 12-25-27 8,402 8,247
Achieve, Loan ID - C24786979 (H) 26.990 03-09-28 21,020 20,631
Achieve, Loan ID - C24808124 (H) 23.490 02-13-28 14,335 14,070
Achieve, Loan ID - C24842245 9.240 12-26-27 5,176 5,080
Achieve, Loan ID - C24891649 23.490 04-24-27 19,091 18,738
Achieve, Loan ID - C24929161 25.740 03-12-28 10,928 10,726
Achieve, Loan ID - C24941009 (H) 20.240 02-25-27 4,522 4,438
Achieve, Loan ID - C24941466 26.490 12-30-26 1,536 1,508
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 34
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C31322342 26.990 06-14-28 6,350 $6,233
Achieve, Loan ID - C31358659 20.740 06-12-28 5,747 5,640
Achieve, Loan ID - C31359319 21.740 06-12-28 5,956 5,846
Achieve, Loan ID - C31369376 19.240 06-30-28 1,677 1,646
Achieve, Loan ID - C31375823 24.240 06-18-27 7,203 7,069
Achieve, Loan ID - C31376581 18.990 06-16-28 6,680 6,557
Achieve, Loan ID - C31384566 26.990 09-26-28 16,054 15,757
Achieve, Loan ID - C31388466 20.490 06-13-28 8,349 8,194
Achieve, Loan ID - C31388907 20.740 06-16-27 14,334 14,069
Achieve, Loan ID - C31389230 26.990 06-16-28 1,054 1,034
Achieve, Loan ID - C31389544 18.240 10-15-26 11,351 11,141
Achieve, Loan ID - C31390921 22.490 06-13-27 1,932 1,896
Achieve, Loan ID - C31391521 26.990 06-14-28 5,432 5,331
Achieve, Loan ID - C31393020 26.990 07-27-28 4,495 4,412
Achieve, Loan ID - C31394748 23.990 06-29-27 4,821 4,732
Achieve, Loan ID - C31395045 22.990 05-01-28 7,334 7,198
Achieve, Loan ID - C31395796 24.240 07-30-28 9,625 9,447
Achieve, Loan ID - C31396148 21.740 02-28-29 16,246 15,946
Achieve, Loan ID - C31396302 26.990 07-26-28 5,739 5,633
Achieve, Loan ID - C31397404 20.740 10-24-26 4,391 4,310
Achieve, Loan ID - C31399171 22.990 06-29-28 18,734 18,387
Achieve, Loan ID - C31402076 24.240 08-27-26 3,717 3,649
Achieve, Loan ID - C31404074 14.740 06-25-27 5,723 5,617
Achieve, Loan ID - C31405619 23.740 06-16-28 5,790 5,683
Achieve, Loan ID - C31416188 26.990 06-20-28 12,515 12,284
Achieve, Loan ID - C31421074 22.740 06-23-27 8,275 8,122
Achieve, Loan ID - C31424651 26.990 06-14-28 5,951 5,841
Achieve, Loan ID - C31433338 16.490 06-16-26 3,229 3,170
Achieve, Loan ID - C31439606 18.990 09-30-27 9,447 9,272
Achieve, Loan ID - C31446756 18.990 06-29-27 5,784 5,677
Achieve, Loan ID - C32811890 18.740 12-21-27 22,810 22,388
Achieve, Loan ID - C34505570 17.240 11-17-26 2,914 2,860
Achieve, Loan ID - C34651006 25.240 11-06-27 5,731 5,625
Achieve, Loan ID - C34722397 13.990 11-20-27 6,324 6,207
Achieve, Loan ID - C34739349 25.990 12-28-28 4,685 4,599
Achieve, Loan ID - C34763286 14.490 11-20-26 5,067 4,973
Achieve, Loan ID - C34778675 (H) 19.990 10-06-27 10,862 10,661
Achieve, Loan ID - C34779309 21.240 11-21-27 7,796 7,652
Achieve, Loan ID - C34822398 21.240 11-17-27 7,634 7,493
Achieve, Loan ID - C34859657 25.990 11-18-28 16,026 15,730
Achieve, Loan ID - C34873664 25.990 12-20-28 11,668 11,452
Achieve, Loan ID - C34895842 14.240 10-06-26 2,761 2,710
Achieve, Loan ID - C34903520 25.990 11-07-28 11,148 10,942
Achieve, Loan ID - C34903753 13.990 11-10-28 15,477 15,190
35 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Achieve, Loan ID - C34905741 25.990 02-19-29 4,692 $4,605
Achieve, Loan ID - C34910473 24.240 12-20-26 9,209 9,039
Achieve, Loan ID - C34924262 24.490 11-10-27 8,292 8,138
Achieve, Loan ID - C34925650 21.240 11-21-28 13,107 12,864
Arivo, Loan ID - C1380541 21.950 04-22-29 31,618 31,770
Arivo, Loan ID - C1381078 21.260 04-27-29 20,342 20,440
Arivo, Loan ID - C1381533 18.000 04-13-29 16,513 16,593
Arivo, Loan ID - C1381923 20.150 04-23-29 16,663 16,743
Arivo, Loan ID - C1382501 20.570 03-30-29 14,523 14,593
Arivo, Loan ID - C1383648 22.830 10-12-27 19,670 19,765
Arivo, Loan ID - C1384529 22.200 04-30-29 23,655 23,768
Arivo, Loan ID - C1385054 16.820 04-18-29 22,161 22,267
Arivo, Loan ID - C1385469 22.990 10-19-28 10,429 10,479
Arivo, Loan ID - C1385521 20.000 10-19-27 30,201 30,346
Arivo, Loan ID - C1385526 20.570 04-30-29 20,087 20,184
Arivo, Loan ID - C1385540 13.340 04-19-29 26,489 26,616
Arivo, Loan ID - C1385548 14.700 04-04-29 27,762 27,895
Arivo, Loan ID - C1385661 20.000 04-21-29 30,105 30,249
Arivo, Loan ID - C1385838 17.850 04-29-29 20,726 20,825
Arivo, Loan ID - C1386089 20.200 04-22-29 16,846 16,927
Arivo, Loan ID - C1386584 20.000 04-21-29 15,053 15,125
Arivo, Loan ID - C1386680 17.000 04-21-29 529 531
Arivo, Loan ID - C1386731 13.450 04-23-29 20,513 20,611
Arivo, Loan ID - C1387295 18.890 04-22-29 23,145 23,256
Arivo, Loan ID - C1387393 16.860 04-25-29 25,484 25,606
Arivo, Loan ID - C1387501 18.900 04-22-29 9,762 9,809
Arivo, Loan ID - C1387732 20.660 04-23-29 19,312 19,404
Arivo, Loan ID - C1387802 18.000 04-22-29 14,969 15,041
Arivo, Loan ID - C1387840 20.110 04-22-29 21,108 21,210
Arivo, Loan ID - C1387867 20.000 04-25-29 22,495 22,603
Arivo, Loan ID - C1388265 20.410 04-23-29 16,738 16,818
Arivo, Loan ID - C1388383 18.000 04-23-29 14,840 14,911
Arivo, Loan ID - C1388406 16.500 04-23-29 6,751 6,784
Arivo, Loan ID - C1388509 21.260 04-25-29 23,803 23,917
Arivo, Loan ID - C1388512 18.000 04-23-29 17,918 18,004
Arivo, Loan ID - C1388696 19.230 04-12-29 20,565 20,663
Arivo, Loan ID - C1388855 22.900 04-15-29 17,518 17,603
Arivo, Loan ID - C1388993 18.210 04-23-29 24,683 24,801
Arivo, Loan ID - C1389039 18.710 04-09-29 29,063 29,203
Arivo, Loan ID - C1389201 14.610 04-14-29 27,856 27,990
Arivo, Loan ID - C1389338 20.350 04-25-29 518 520
Arivo, Loan ID - C1389425 16.390 05-01-29 21,167 21,269
Arivo, Loan ID - C1389469 20.000 04-25-29 20,631 20,730
Arivo, Loan ID - C1389502 19.740 04-28-29 22,485 22,593
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 36
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1389530 20.130 04-26-29 16,568 $16,647
Arivo, Loan ID - C1389587 13.740 04-25-29 29,737 29,880
Arivo, Loan ID - C1389869 17.250 10-25-27 9,398 9,444
Arivo, Loan ID - C1390027 17.150 04-23-29 19,052 19,144
Arivo, Loan ID - C1390140 21.880 04-26-29 13,286 13,349
Arivo, Loan ID - C1390165 20.080 04-26-29 18,709 18,799
Arivo, Loan ID - C1390258 20.500 04-11-29 15,059 15,132
Arivo, Loan ID - C1390345 20.000 04-26-29 20,165 20,262
Arivo, Loan ID - C1390443 17.030 04-26-29 35,186 35,355
Arivo, Loan ID - C1390475 20.890 04-26-29 17,130 17,212
Arivo, Loan ID - C1390501 15.920 04-26-29 29,573 29,715
Arivo, Loan ID - C1390516 18.000 04-26-29 38,394 38,341
Arivo, Loan ID - C1390640 20.000 04-25-29 21,471 21,574
Arivo, Loan ID - C1390700 20.000 04-27-29 19,702 19,797
Arivo, Loan ID - C1390709 18.000 04-27-29 23,773 23,887
Arivo, Loan ID - C1390735 18.060 04-13-29 27,397 27,528
Arivo, Loan ID - C1390766 17.830 04-27-29 16,364 16,443
Arivo, Loan ID - C1390807 22.540 04-27-29 18,960 19,051
Arivo, Loan ID - C1391006 18.430 04-26-29 19,657 19,752
Arivo, Loan ID - C1391008 21.850 04-27-29 20,353 20,451
Arivo, Loan ID - C1391067 17.910 04-27-29 19,711 19,806
Arivo, Loan ID - C1391262 16.960 04-27-29 12,783 12,844
Arivo, Loan ID - C1391263 18.000 04-27-29 27,352 27,484
Arivo, Loan ID - C1391280 20.260 04-27-29 18,244 18,331
Arivo, Loan ID - C1391342 14.930 04-28-29 13,512 13,577
Arivo, Loan ID - C1391483 16.470 04-28-29 35,249 35,418
Arivo, Loan ID - C1391610 20.570 04-13-29 19,928 20,023
Arivo, Loan ID - C1391647 20.570 04-29-29 13,702 13,768
Arivo, Loan ID - C1391652 19.570 04-25-29 14,030 14,097
Arivo, Loan ID - C1391694 20.000 04-28-29 36,641 36,816
Arivo, Loan ID - C1391736 16.550 04-29-29 17,146 17,228
Arivo, Loan ID - C1391838 22.660 04-28-29 25,688 25,812
Arivo, Loan ID - C1392009 16.290 10-13-27 5,371 5,397
Arivo, Loan ID - C1392078 18.000 04-28-29 3,692 3,710
Arivo, Loan ID - C1392104 18.000 04-28-29 20,203 20,300
Arivo, Loan ID - C1392258 18.000 04-29-29 13,818 13,885
Arivo, Loan ID - C1392327 18.000 04-14-29 23,456 23,568
Arivo, Loan ID - C1392364 22.070 04-29-29 21,007 21,108
Arivo, Loan ID - C1392401 21.440 04-29-29 17,566 17,650
Arivo, Loan ID - C1392420 14.430 10-29-27 5,126 5,150
Arivo, Loan ID - C1392421 20.000 04-28-29 20,980 21,080
Arivo, Loan ID - C1392514 20.000 04-29-29 18,019 18,106
Arivo, Loan ID - C1392527 14.780 04-29-29 36,071 36,244
Arivo, Loan ID - C1392568 14.740 04-29-29 15,987 16,064
37 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1392580 14.420 04-30-29 20,060 $20,157
Arivo, Loan ID - C1392651 20.270 05-02-29 22,552 22,660
Arivo, Loan ID - C1392768 18.000 04-15-29 15,730 15,806
Arivo, Loan ID - C1392780 24.050 04-29-29 17,523 17,607
Arivo, Loan ID - C1392840 18.140 04-29-29 18,660 18,749
Arivo, Loan ID - C1392844 17.970 04-29-29 17,810 17,895
Arivo, Loan ID - C1392924 22.500 05-04-29 23,681 23,795
Arivo, Loan ID - C1392970 20.000 04-15-29 12,268 12,327
Arivo, Loan ID - C1392982 20.060 04-25-29 27,461 27,593
Arivo, Loan ID - C1393035 12.830 04-30-29 34,879 35,046
Arivo, Loan ID - C1393075 15.310 04-15-29 20,059 20,155
Arivo, Loan ID - C1393081 14.660 04-30-29 14,545 14,615
Arivo, Loan ID - C1393111 17.560 04-29-29 23,803 23,917
Arivo, Loan ID - C1393122 18.260 04-30-29 15,540 15,615
Arivo, Loan ID - C1393159 21.090 10-25-27 13,612 13,678
Arivo, Loan ID - C1393204 20.560 04-30-29 17,764 17,850
Arivo, Loan ID - C1393263 19.710 04-30-29 19,483 19,577
Arivo, Loan ID - C1393343 19.960 04-26-29 6,512 6,544
Arivo, Loan ID - C1393348 20.300 04-30-29 10,082 10,131
Arivo, Loan ID - C1393472 20.000 04-30-29 34,068 34,232
Arivo, Loan ID - C1393511 18.000 04-30-29 19,919 20,015
Arivo, Loan ID - C1393576 21.540 04-30-29 21,117 21,219
Arivo, Loan ID - C1393593 14.460 05-01-29 21,399 21,501
Arivo, Loan ID - C1393720 14.520 04-30-29 19,362 19,455
Arivo, Loan ID - C1393734 16.870 04-25-29 32,953 33,112
Arivo, Loan ID - C1393979 21.130 04-16-29 31,796 31,949
Arivo, Loan ID - C1394007 21.300 04-30-29 12,424 12,484
Arivo, Loan ID - C1394076 18.670 05-01-29 19,868 19,963
Arivo, Loan ID - C1394218 17.260 04-17-29 15,533 15,608
Arivo, Loan ID - C1394326 13.540 05-01-29 31,956 32,109
Arivo, Loan ID - C1394447 15.570 05-01-29 20,752 20,852
Arivo, Loan ID - C1394484 20.000 05-01-29 13,797 13,864
Arivo, Loan ID - C1394590 14.710 04-17-29 14,039 14,106
Arivo, Loan ID - C1394614 16.820 05-01-29 25,451 25,573
Arivo, Loan ID - C1394691 15.960 05-01-29 22,584 22,692
Arivo, Loan ID - C1394761 18.000 05-01-29 21,318 21,421
Arivo, Loan ID - C1394975 16.750 04-26-29 17,900 17,986
Arivo, Loan ID - C1395036 18.600 04-18-29 16,173 16,250
Arivo, Loan ID - C1395055 18.950 05-02-29 29,369 29,510
Arivo, Loan ID - C1395098 14.860 05-02-29 32,318 32,473
Arivo, Loan ID - C1395182 17.670 05-02-29 11,880 11,937
Arivo, Loan ID - C1395239 17.130 04-30-29 23,130 23,241
Arivo, Loan ID - C1395328 20.000 04-18-29 22,840 22,949
Arivo, Loan ID - C1395338 19.730 05-03-29 26,108 26,233
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 38
Table of Contents
Rate (%) Maturity date Par value^ Value
JH Consumer Loan Trust (continued)
Arivo, Loan ID - C1395472 17.210 05-02-29 26,142 $26,267
Arivo, Loan ID - C1395484 19.030 04-18-29 17,872 17,958
Arivo, Loan ID - C1395714 18.000 05-02-29 18,955 19,046
Arivo, Loan ID - C1395914 16.090 05-03-29 9,672 9,718
Arivo, Loan ID - C1395983 16.840 05-03-29 17,644 17,729
Arivo, Loan ID - C1396446 20.570 05-04-29 19,581 19,675
Arivo, Loan ID - C1397113 19.680 05-04-29 28,020 28,154
Arivo, Loan ID - C1397185 20.570 05-04-29 14,468 14,537
Arivo, Loan ID - C1397666 21.960 05-05-29 21,273 21,375
Arivo, Loan ID - C1483586 24.370 09-07-29 27,448 27,580
Arivo, Loan ID - C1485900 19.770 09-10-29 20,195 20,292
Arivo, Loan ID - C1486798 21.980 09-12-29 15,344 15,417
Arivo, Loan ID - C1487273 20.000 09-12-29 25,342 25,463
Arivo, Loan ID - C1488090 20.000 09-15-29 16,966 17,047
Arivo, Loan ID - C1488149 17.370 09-17-29 34,620 34,786
Arivo, Loan ID - C1488570 12.980 09-14-29 4,547 4,568
Arivo, Loan ID - C1488990 18.000 09-15-29 24,617 24,735
Arivo, Loan ID - C1489048 17.770 08-30-29 22,166 22,272
Arivo, Loan ID - C1489582 16.430 09-16-29 15,277 15,351
Arivo, Loan ID - C1490515 19.680 09-04-29 21,667 21,771
Arivo, Loan ID - C1491219 17.650 09-04-29 31,784 31,936
Arivo, Loan ID - C1491340 15.510 09-04-29 20,495 20,593
Arivo, Loan ID - C1492310 20.890 09-21-29 25,339 25,461
Arivo, Loan ID - C1492454 19.010 09-07-29 19,653 19,748
Arivo, Loan ID - C1492664 18.000 09-06-29 16,271 16,349
Arivo, Loan ID - C1493370 19.430 09-22-29 23,958 24,073
Arivo, Loan ID - C1493394 24.340 09-22-29 21,427 21,530
Arivo, Loan ID - C1493661 21.050 09-23-29 30,357 30,503
Credit-linked notes 9.6% $25,420,531
(Cost $25,729,807)
Consumer loans 3.6% 9,460,398
Ally Bank Auto Credit-Linked Note
Series 2025-A, Class F (A) 6.942 06-15-33 1,943,063 1,939,157
Series 2025-B, Class F (A) 6.942 09-15-33 1,591,786 1,588,088
Huntington Bank Auto Credit-Linked Note
Series 2024-1, Class E (30 day Average SOFR + 8.250%) (A)(C) 11.890 05-20-32 445,133 443,880
Santander Bank Auto Credit-Linked Note
Series 2023-A, Class G (A) 24.695 06-15-33 2,698,510 3,036,009
Truist Bank Auto Credit-Linked Note
Series 2025-1, Class D (A) 9.685 09-26-33 1,233,231 1,229,574
39 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Rate (%) Maturity date Par value^ Value
Consumer loans (continued)
U.S. Bank NA Auto Credit-Linked Note
Series 2023-1, Class D (A) 13.597 08-25-32 207,800 $210,629
2025-SUP1, Class R (30 day Average SOFR + 7.500%) (A)(C)(F) 11.154 02-25-32 1,014,888 1,013,061
Corporate asset-backed securities 6.0% 15,960,133
Deutsche Bank AG Credit-Linked Note
Series 2024-1A, Class CLN (3 month CME Term SOFR + 9.250%) (A)(C)(F) 12.917 11-21-33 5,000,000 4,951,500
Series 2025-2A, Class CLN (3 month CME Term SOFR + 7.250%) (A)(C)(F) 10.910 01-21-35 5,750,000 5,719,525
Series 2026-1A, Class CLN (3 month CME Term SOFR + 7.000%) (A)(C)(F) 10.649 10-21-35 1,500,000 1,500,000
MAM SRT Holder II, Ltd.
(1 month CME Term SOFR + 6.500%) (A)(C)(F) 10.148 08-06-32 2,627,512 2,620,943
U.S. Bank C&I Credit-Linked Note
Series 2025-SUP2, Class E (30 day Average SOFR + 3.700%) (A)(C) 7.345 09-25-32 1,162,680 1,168,165
Yield (%) Shares Value
Short-term investments 1.9% $5,210,999
(Cost $5,210,999)
Short-term funds 1.9% 5,210,999
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.5859(O) 3,771,774 3,771,774
U.S. Bank Money Market Deposit Account 2.6850(O) 298,359 298,359
Wilmington U.S. Government Money Market Fund, Institutional Class 3.4500(O) 1,140,866 1,140,866
Total investments (Cost $305,479,576) 116.3% $308,403,292
Other assets and liabilities, net (16.3%) (43,330,033)
Total net assets 100.0% $265,073,259
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Currency Abbreviations
EUR Euro
Security Abbreviations and Legend
CME CME Group Published Rates
EURIBOR Euro Interbank Offered Rate
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 40
Table of Contents
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) This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $163,342,407 or 61.6% of the fund's net assets as of 4-30-26.
(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) 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.
(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) Loans are privately issued. Loan originator and/or seller is reflected.
(H) Non-income producing security.
(I) The underlying loans have matured but are still in the repayment process.
(J) Non-income producing - borrower is in default.
(K) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(L) The fund holds an affiliate interest in this investment.
(M) The fund holds 100% of the economic interests in the investment.
(N) There is no stated interest rate. The fund holds 100% of the economic interests in the investment.
(O) The rate shown is the annualized seven-day yield as of 4-30-26.
41 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  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 30 Short Jun 2026 $(6,260,578) $(6,213,750) $46,828
5-Year U.S. Treasury Note Futures 21 Short Jun 2026 (2,303,438) (2,264,555) 38,883
$85,711
^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.
FORWARD FOREIGN CURRENCY CONTRACTS
Contract to buy Contract to sell Counterparty (OTC) Contractual
settlement
date 		Unrealized
appreciation 		Unrealized
depreciation
EUR 813,816 USD 957,376 SSB 7/22/2026 $1,298 -
EUR 691,271 USD 838,258 SSB 10/22/2026 - $(21,332)
USD 1,124,276 EUR 948,750 SSB 7/22/2026 6,649 -
USD 973,637 EUR 824,832 SSB 10/22/2026 - (1,126)
USD 883,871 EUR 726,285 SSB 1/25/2027 23,078 -
$31,025 $(22,458)
Derivatives Currency Abbreviations
EUR Euro
USD U.S. Dollar
Derivatives Abbreviations
OTC Over-the-counter
SSB State Street Bank and Trust Company
At 4-30-26, the aggregate cost of investments for federal income tax purposes was $306,787,417. Net unrealized appreciation aggregated to $1,710,153, of which $4,979,174 related to gross unrealized appreciation and $3,269,021 related to gross unrealized depreciation.
See Notes to consolidated financial statements regarding investment transactions and other derivatives information.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 42
Table of Contents
Consolidated financial statements
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 4-30-26 (unaudited)
Assets
Unaffiliated investments, at value (Cost $269,866,628) $270,239,967
Affiliated investments, at value (Cost $35,612,948) 38,163,325
Total investments, at value (Cost $305,479,576) 308,403,292
Unrealized appreciation on forward foreign currency contracts 31,025
Receivable for futures variation margin 447,295
Cash 517,317
Collateral held at broker for futures contracts 62,250
Receivable for escrow and corporate advances, at value (Cost $563,378) 563,378
Collateral at prime broker 2,122,613
Dividends and interest receivable 1,691,276
Receivable for fund shares sold 5,348,870
Other assets 58,749
Total assets 319,246,065
Liabilities
Payable for open reverse repurchase agreements 51,019,613
Unrealized depreciation on forward foreign currency contracts 22,458
Deferred tax liability 504,439
Payable to affiliates
Investment management fees 305,278
Incentive fees 641,067
Accounting and legal services fees 29,406
Distribution and service fees 45,844
Trustees' fees 10,265
Other liabilities and accrued expenses 1,594,436
Total liabilities 54,172,806
Net assets $265,073,259
Net assets consist of
Paid-in capital $265,264,267
Total distributable earnings (loss) (191,008)
Net assets $265,073,259
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 A ($60,053 ÷ 2,980 shares) $20.15
Class I ($263,707,809 ÷ 13,090,038 shares) $20.15
Class D ($1,011,792 ÷ 50,118 shares) $20.19
Class S ($243,551 ÷ 12,008 shares) $20.28
Class U ($50,054 ÷ 2,484 shares) $20.15
43 JOHN HANCOCK Marathon Asset-Based Lending Fund | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED STATEMENT OF OPERATIONS For the six months ended 4-30-26 (unaudited)
Investment income
Interest $13,232,967
Dividends from affiliated investments 1,625,937
Dividends 157,233
Total investment income 15,016,137
Expenses
Investment management fees 2,326,818
Incentive fees 1,201,522
Distribution and service fees 2,251
Interest expense 1,174,413
Accounting and legal services fees 23,067
Transfer agent fees 89,567
Trustees' fees 28,507
Custodian fees 131,272
Investment servicing fees 812,391
State registration fees 38,956
Printing and postage 22,993
Professional fees 415,842
Pricing services fees 456,000
Other 5,023
Total expenses 6,728,622
Less expense reductions (438,199)
Net expenses 6,290,423
Net investment income 8,725,714
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions (1,180,646)
Affiliated investments 10,118
Futures contracts (12,369)
Forward foreign currency contracts (97,048)
(1,279,945)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments, foreign currency transactions and receivables 49,430
Affiliated investments 618,167
Deferred taxes (99,108)
Futures contracts 85,711
Forward foreign currency contracts 86,881
741,081
Net realized and unrealized loss (538,864)
Increase in net assets from operations $8,186,850
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Marathon Asset-Based Lending Fund 44
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Six months ended
4-30-26
(unaudited) 		Year ended
10-31-25
Increase (decrease) in net assets
From operations
Net investment income $8,725,714 $17,138,689
Net realized loss (1,279,945) (319,487)
Change in net unrealized appreciation (depreciation) 741,081 359,542
Increase in net assets resulting from operations 8,186,850 17,178,744
Distributions to shareholders
From earnings
Class I (11,958,895) (15,943,315)
Class D (43,412) (36,480)
Class S (9,763) (8,029)
Total distributions (12,012,070) (15,987,824)
From fund share transactions 18,163,046 73,702,809
Total increase 14,337,826 74,893,729
Net assets
Beginning of period 250,735,433 175,841,704
End of period $265,073,259 $250,735,433
45 JOHN HANCOCK Marathon Asset-Based Lending Fund | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 4-30-26 (unaudited)
Cash flows from operating activities
Net increase in net assets from operations $8,186,850
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased (70,641,969)
Long-term investments sold 43,080,017
Net purchases and sales of short-term investments 23,180,341
Net amortization (accretion) of premium (discount) 227,740
(Increase) Decrease in assets:
Receivable for futures variation margin (447,295)
Unrealized appreciation on forward foreign currency contracts 104,057
Collateral held at broker for futures contracts 360,405
Receivable for escrow and corporate advances, at value 30,739
Collateral at prime broker (330,861)
Dividends and interest receivable (462,742)
Other assets 31,484
Increase (Decrease) in liabilities:
Unrealized depreciation on forward foreign currency contracts (190,938)
Deferred tax liability 99,108
Payable to affiliates (124,264)
Other liabilities and accrued expenses 372,990
Net change in unrealized (appreciation) depreciation on:
Investments (672,173)
Net realized (gain) loss on:
Investments 1,194,429
Proceeds received as return of capital 7,159,325
Net cash provided by operating activities $11,157,243
Cash flows provided by (used in) financing activities
Distributions to shareholders $(9,193,824)
Borrowings from reverse repurchase agreements 309,062,735
Repayments of reverse repurchase agreements (321,478,820)
Fund shares sold 20,473,000
Fund shares repurchased (10,322,070)
Net cash used in financing activities $(11,458,979)
Net decrease in cash $(301,736)
Cash at beginning of period $819,053
Cash at end of period $517,317
Supplemental disclosure of cash flow information:
Cash paid for interest $(1,228,605)
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Marathon Asset-Based Lending Fund 46
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CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 4-30-26 (unaudited) (continued)
Noncash financing activities not included herein consists of reinvestment of distributions $2,818,246
47 JOHN HANCOCK Marathon Asset-Based Lending Fund | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL HIGHLIGHTS
CLASS A SHARES Period ended 4-30-261
Per share operating performance
Net asset value, beginning of period $20.13
Net investment income 0.052
Net realized and unrealized gain (loss) on investments (0.03)
Total from investment operations 0.02
Net asset value, end of period3 $20.15
Total return (%)4,5 0.156
Ratios and supplemental data
Net assets, end of period (in millions) $-7
Ratios (as a percentage of average net assets):
Expenses before reductions 5.448,9
Expenses including reductions 5.108,9,10
Net investment income 6.498
Portfolio turnover (%) 14
Total debt outstanding end of period (in millions) $51
Asset coverage per $1,000 of debt11 $6,19612
1 The inception date for Class A shares is 4-24-26.
2 Based on average daily shares outstanding. Prior to 4-24-26, based on average monthly shares outstanding. Refer to Note 1 for details.
3 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund's shares exists.
4 Total returns would have been lower had certain expenses not been reduced during the period.
5 Does not reflect the effect of sales charges, if any.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Includes incentive fees expense of 0.63% (annualized) for period ended 4-30-26.
10 Expenses including reductions excluding interest expense were 4.20% (annualized) for the period ended 4-30-26.
11 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
12 Asset coverage per $1,000 of debt, including borrowings of unconsolidated subsidiaries, was $4,412 the period ended 4-30-26.
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
CLASS I SHARES Period ended 4-30-261 10-31-25 10-31-24 10-31-23 10-31-222
Per share operating performance
Net asset value, beginning of period $20.43 $20.28 $20.01 $19.84 $20.00
Net investment income 0.683 1.584 1.304 1.154 0.094
Net realized and unrealized gain (loss) on investments (0.04) 0.03 0.32 0.09 (0.25)
Total from investment operations 0.64 1.61 1.62 1.24 (0.16)
Less distributions
From net investment income (0.85) (1.46) (1.35) (1.07) -
From net realized gain (0.07) - -5 - -
Total distributions (0.92) (1.46) (1.35) (1.07) -
Net asset value, end of period6 $20.15 $20.43 $20.28 $20.01 $19.84
Total return (%)7 3.208 7.87 8.58 6.40 (0.80)8
Ratios and supplemental data
Net assets, end of period (in millions) $264 $250 $176 $113 $99
Ratios (as a percentage of average net assets):
Expenses before reductions 5.199,10 5.6610 5.1510 4.11 3.9011
Expenses including reductions 4.859,10,12 5.0610,12 4.1210,12 2.50 1.9411
Net investment income 6.749 7.70 6.44 5.75 1.489
Portfolio turnover (%) 14 60 68 80 17
Total debt outstanding end of period (in millions) $51 $63 $38 - -
Asset coverage per $1,000 of debt13 $6,19614 $4,95314 $5,670 - -
1 Six months ended 4-30-26. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average daily shares outstanding. Prior to 4-24-26, based on average monthly shares outstanding. Refer to Note 1 for details.
4 Based on average monthly shares outstanding.
5 Less than $0.005 per share.
6 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.
7 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
8 Not annualized.
9 Annualized.
10 Includes incentive fees expense of 0.63% (annualized), 1.10% and 0.71% for six months ended 4-30-26 and the years ended 10-31-25 and 10-31-24, respectively.
11 Annualized. Certain expenses are presented unannualized.
12 Expenses including reductions excluding interest expense were 3.95% (annualized), 3.99% and 3.43% for the six months ended 4-30-26 and the years ended 10-31-25 and 10-31-24, respectively.
13 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
14 Asset coverage per $1,000 of debt, including borrowings of unconsolidated subsidiaries, was $4,412 and $3,757 for the six months ended 4-30-26 and the year ended 10-31-25.
49 JOHN HANCOCK Marathon Asset-Based Lending Fund | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
CLASS D SHARES Period ended 4-30-261 10-31-25 10-31-24 10-31-23 10-31-222
Per share operating performance
Net asset value, beginning of period $20.47 $20.28 $20.02 $19.82 $20.00
Net investment income 0.653 1.804 1.214 1.114 0.084
Net realized and unrealized gain (loss) on investments (0.04) (0.20) 0.35 0.10 (0.26)
Total from investment operations 0.61 1.60 1.56 1.21 (0.18)
Less distributions
From net investment income (0.82) (1.41) (1.30) (1.01) -
From net realized gain (0.07) - -5 - -
Total distributions (0.89) (1.41) (1.30) (1.01) -
Net asset value, end of period6 $20.19 $20.47 $20.28 $20.02 $19.82
Total return (%)7,8 3.079 7.81 8.24 6.24 (0.90)9
Ratios and supplemental data
Net assets, end of period (in millions) $1 $1 $-10 $-10 $-10
Ratios (as a percentage of average net assets):
Expenses before reductions 5.4411,12 5.9112 5.4012 4.36 4.1513
Expenses including reductions 5.1011,12,14 5.3112,14 4.3712,14 2.75 2.1913
Net investment income 6.5211 9.11 5.86 5.56 1.2411
Portfolio turnover (%) 14 60 68 80 17
Total debt outstanding end of period (in millions) $51 $63 $38 - -
Asset coverage per $1,000 of debt15 $6,19616 $4,95316 $5,670 - -
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Marathon Asset-Based Lending Fund 50
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
1 Six months ended 4-30-26. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average daily shares outstanding. Prior to 4-24-26, based on average monthly shares outstanding. Refer to Note 1 for details.
4 Based on average monthly shares outstanding.
5 Less than $0.005 per share.
6 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.
7 Does not reflect the effect of sales charges, if any.
8 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
9 Not annualized.
10 Less than $500,000.
11 Annualized.
12 Includes incentive fees expense of 0.63% (annualized), 1.10% and 0.71% for six months ended 4-30-26 and the years ended 10-31-25 and 10-31-24, respectively.
13 Annualized. Certain expenses are presented unannualized.
14 Expenses including reductions excluding interest expense were 4.20% (annualized), 4.24% and 3.68% for the six months ended 4-30-26 and the years ended 10-31-25 and 10-31-24, respectively.
15 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.
16 Asset coverage per $1,000 of debt, including borrowings of unconsolidated subsidiaries, was $4,412 and $3,757 for the six months ended 4-30-26 and the year ended 10-31-25.
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
CLASS S SHARES Period ended 4-30-261 10-31-25 10-31-24 10-31-23 10-31-222
Per share operating performance
Net asset value, beginning of period $20.56 $20.38 $20.01 $19.79 $20.00
Net investment income 0.603 1.714 1.224 0.994 0.044
Net realized and unrealized gain (loss) on investments (0.05) (0.25) 0.33 0.10 (0.25)
Total from investment operations 0.55 1.46 1.55 1.09 (0.21)
Less distributions
From net investment income (0.76) (1.28) (1.18) (0.87) -
From net realized gain (0.07) - -5 - -
Total distributions (0.83) (1.28) (1.18) (0.87) -
Net asset value, end of period6 $20.28 $20.56 $20.38 $20.01 $19.79
Total return (%)7,8 2.809 7.03 8.22 5.57 (1.05)9
Ratios and supplemental data
Net assets, end of period (in millions) $-10 $-10 $-10 $-10 $-10
Ratios (as a percentage of average net assets):
Expenses before reductions 6.0411,12 6.5112 6.0012 4.96 4.7513
Expenses including reductions 5.7011,12,14 5.9112,14 4.9712,14 3.35 2.7913
Net investment income 5.9211 8.64 6.02 4.97 0.6411
Portfolio turnover (%) 14 60 68 80 17
Total debt outstanding end of period (in millions) $51 $63 $38 - -
Asset coverage per $1,000 of debt15 $6,19616 $4,95316 $5,670 - -
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Marathon Asset-Based Lending Fund 52
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
1 Six months ended 4-30-26. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average daily shares outstanding. Prior to 4-24-26, based on average monthly shares outstanding. Refer to Note 1 for details.
4 Based on average monthly shares outstanding.
5 Less than $0.005 per share.
6 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.
7 Does not reflect the effect of sales charges, if any.
8 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
9 Not annualized.
10 Less than $500,000.
11 Annualized.
12 Includes incentive fees expense of 0.63% (annualized), 1.10% and 0.71% for six months ended 4-30-26 and the years ended 10-31-25 and 10-31-24, respectively.
13 Annualized. Certain expenses are presented unannualized.
14 Expenses including reductions excluding interest expense were 4.80% (annualized), 4.84% and 4.28% for the six months ended 4-30-26 and the years ended 10-31-25 and 10-31-24, respectively.
15 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.
16 Asset coverage per $1,000 of debt, including borrowings of unconsolidated subsidiaries, was $4,412 and $3,757 for the six months ended 4-30-26 and the year ended 10-31-25.
53 JOHN HANCOCK Marathon Asset-Based Lending Fund | SEMIANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
CLASS U SHARES Period ended 4-30-261
Per share operating performance
Net asset value, beginning of period $20.13
Net investment income 0.052
Net realized and unrealized gain (loss) on investments (0.03)
Total from investment operations 0.02
Net asset value, end of period3 $20.15
Total return (%)4 0.155
Ratios and supplemental data
Net assets, end of period (in millions) $-6
Ratios (as a percentage of average net assets):
Expenses before reductions 5.947,8
Expenses including reductions 5.607,8,9
Net investment income 5.987
Portfolio turnover (%) 14
Total debt outstanding end of period (in millions) $51
Asset coverage per $1,000 of debt10 $6,19611
1 The inception date for Class U shares is 4-24-26.
2 Based on average daily shares outstanding. Prior to 4-24-26, based on average monthly shares outstanding. Refer to Note 1 for details.
3 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund's shares exists.
4 Total returns would have been lower had certain expenses not been reduced during the period.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Includes incentive fees expense of 0.63% (annualized) for period ended 4-30-26.
9 Expenses including reductions excluding interest expense were 4.70% (annualized) for the period ended 4-30-26.
10 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.
11 Asset coverage per $1,000 of debt, including borrowings of unconsolidated subsidiaries, was $4,412 the period ended 4-30-26.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK Marathon Asset-Based Lending Fund 54
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Notes to consolidated financial statements (unaudited)
Note 1-Organization
John Hancock Marathon Asset-Based Lending Fund (the fund) is a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a continuously offered, closed-end management investment company. The fund's investment objective is to seek to provide high current income and to a lesser extent capital appreciation. Under normal circumstances, the fund invests 80% of its net assets (plus any borrowings for investment purposes) in asset-based lending investments, which may include investments in distressed loans.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Consolidated statement of assets and liabilities. Shares may be purchased through brokers, dealers, investment advisers, banks and other intermediaries that have entered into selling agreements with John Hancock Investment Management Distributors LLC or as otherwise set forth in the fund's prospectus. The fund's shares are not listed on any securities exchange and it is not anticipated that a secondary market for fund's shares will develop. The fund is operated as an "interval fund" and, in order to provide a degree of liquidity to shareholders, the fund will make regular offers to repurchase between 5% and 25% of its outstanding Class A, Class I, Class D, Class S and Class U shares at the current net asset value per share, on a quarterly basis, pursuant to Rule 23c-3 under the 1940 Act. 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.
Effective April 24, 2026, the fund structure was converted from a closed end tender offer fund to an interval fund. The fund also converted from a monthly net asset value (NAV) calculation to a daily NAV calculation.
Class A and Class U shares commenced operations on April 24, 2026.
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.
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• JH REO Trust, a Delaware statutory trust, was formed on October 14, 2022 and serves as an investment vehicle to hold foreclosed or real estate owned properties of JH Residential Whole Loan Trust.
• 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.
• JH Aircraft Leasing 4535 (Ireland) Designated Activity Company was established on January 23, 2024 to hold the title to an international commercial aircraft. The commercial aircraft was sold during the year ended October 31, 2025, and therefore, there are no current lease arrangements.
• JH LiftCo, LLC, a Delaware statutory trust, was established on March 4, 2024 for the purpose of holding title to industrial equipment, which is currently subject to a leasing arrangement.
• JH Finance LeaseCo LLC, a Delaware LLC, was formed on May 7, 2024 for the purpose of holding title to industrial equipment. During the six months ended April 30, 2026, the lease arrangement expired and equipment was sold.
• JH Arbor Leasing, LLC, a Delaware LLC, was established on April 10, 2025 for the purpose of holding title to vegetation management equipment. During the six months ended April 30, 2026, the lease arrangement was terminated.
• JH Rail, LLC, a Delaware LLC, was formed on July 31, 2025 for holding title to rail car equipment, which is subject to lease and borrowing arrangements.
Note 2-Significant accounting policies
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the consolidated 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 (ASC) of US GAAP. Events or transactions occurring after the end of the fiscal period through the date that the consolidated 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 stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund's valuation designee.
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. Forward foreign
 | JOHN HANCOCK Marathon Asset-Based Lending Fund 56
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currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
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 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.
The following is a summary of the values by input classification of the Consolidated Fund's investments as of April 30, 2026, by major security category or type:
Total
value at
4-30-26 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:
Assets
Asset-backed securities $106,579,286 - $106,579,286 -
Residential loans 56,437,146 - 10,823,262 $45,613,884
Term loans 39,068,668 - 9,093,236 29,975,432
Special purpose vehicles 37,813,641 - 259,177 37,554,464
Consumer-related assets 17,525,660 - 14,635,098 2,890,562
Profit participating notes 11,438,137 - 349,684 11,088,453
Corporate asset-based credit 4,995,265 - 4,995,265 -
Consumer loans 3,913,959 - - 3,913,959
Credit-linked notes 25,420,531 - 9,615,502 15,805,029
Short-term investments 5,210,999 $4,912,640 298,359 -
Total investments in securities $308,403,292 $4,912,640 $156,648,869 $146,841,783
Liabilities
Reverse repurchase agreements $(51,019,613) - $(51,019,613) -
Derivatives:
Assets
Futures 85,711 $85,711 - -
Forward foreign currency contracts 31,025 - 31,025 -
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Total
value at
4-30-26 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Liabilities
Forward foreign currency contracts $(22,458) - $(22,458) -
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3, if any, represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period and in all cases were transferred into or out of Level 2. Securities were transferred from Level 3 since observable market data became available due to the increased market activity of these securities.
Residential
loans 		Term
loans 		Special
purpose
vehicles 		Consumer-
related
assets 		Profit
participating
notes 		Corporate
asset-based
credit 		Consumer
loans 		Credit-
linked
notes 		Total
Balance as of 10-31-25 $27,731,827 $29,605,546 $43,814,090 $6,773,881 $1,276,545 $5,154,500 $5,257,729 $15,842,273 $135,456,391
Purchases 21,170,759 534,191 300,911 621,074 10,000,000 - - 1,500,000 34,126,935
Sales (3,916,752) - (7,159,325) (4,142,729) (192,887) - (914,840) (1,365,499) (17,692,032)
Realized gain (loss) 232,724 - 10,118 (68,870) 20,179 - (479,228) (257) (285,334)
Transfers out of Level 3 - - (280,634) - - (5,000,000) - - (5,280,634)
Net amortization of (premium) discount (11,814) 52,247 - (196,259) - - (20,429) (64) (176,319)
Change in unrealized appreciation (depreciation) 407,140 (216,552) 869,304 (96,535) (15,384) (154,500) 70,727 (171,424) 692,776
Balance as of 4-30-26 $45,613,884 $29,975,432 $37,554,464 $2,890,562 $11,088,453 - $3,913,959 $15,805,029 $146,841,783
Change in unrealized appreciation (depreciation) at period end1 $474,848 $(216,552) $878,103 $(51,383) $(15,384) - $104,335 $(171,424) $1,002,543
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 Consolidated statement of operations.
The valuation techniques and significant unobservable inputs used in the fair value measurement of the fund's Level 3 securities are outlined in the table below.
Fair Value
at 4-30-2026 		Valuation technique Significant
unobservable inputs 		Input/Range* Input weighted
average*
Special purpose vehicles $37,554,464 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		9.33% - 18.03%
$85.00 - $104.64 		12.42%
$85.48
Residential loans 45,613,884 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		7.03% - 31.28%
$77.68 - $90.79 		10.10%
$85.84
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Fair Value
at 4-30-2026 		Valuation technique Significant
unobservable inputs 		Input/Range* Input weighted
average*
Term loans 29,975,432 Discounted cash flow Discount rate 10.07% - 14.39% 11.61%
Consumer-related assets 2,890,562 Discounted cash flow Discount rate 10.52% - 20.00% 13.04%
Consumer loans 3,913,959 Discounted cash flow Discount rate 6.67% - 8.64% 7.04%
Profit participating notes 11,088,453 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		10.42%
$100.00 		10.42%
$100.00
Credit-linked notes 15,805,029 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		10.43% - 12.51%
$100.00 		11.19%
$100.00
Total $146,841,783
*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, 2026 could have resulted in changes to the fair value measurement, as follows:
Significant Unobservable Input Impact to Valuation
if input had increased 		Impact to Valuation
if input had decreased
Discount rate Decrease Increase
Transaction price Increase Decrease
Reverse repurchase agreements. The fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the fund delivers a security, as collateral, in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreements. In addition, cash collateral received from the counterparty to cover appreciation on the underlying security, if any, is shown on the Consolidated statement of assets and liabilities as Payable for collateral on open reverse repurchase agreements. Obligation to repay cash received by a fund, if any, is shown on the Consolidated statement of assets and liabilities as Payable for open reverse repurchase agreements.
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, 2026:
Counterparty Borrowing
rate 		Settlement
date 		Maturity
date 		Amount
borrowed 		Payable for
reverse
repurchase
agreements
J.P. Morgan Securities LLC 4.907% 4-6-26 5-4-26 $(2,653,926) $(2,662,970)
Lucid Capital Markets LLC 4.194% 4-16-26 5-14-26 (2,124,000) (2,127,712)
Lucid Capital Markets LLC 4.264% 4-16-26 5-14-26 (1,676,000) (1,678,978)
Lucid Capital Markets LLC 4.424% 4-16-26 5-14-26 (5,025,000) (5,034,264)
Lucid Capital Markets LLC 4.444% 4-16-26 5-14-26 (9,067,000) (9,083,792)
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Counterparty Borrowing
rate 		Settlement
date 		Maturity
date 		Amount
borrowed 		Payable for
reverse
repurchase
agreements
Lucid Capital Markets LLC 4.464% 4-16-26 5-14-26 (2,077,000) (2,080,864)
Lucid Capital Markets LLC 4.494% 4-16-26 5-14-26 (202,000) (202,378)
Lucid Capital Markets LLC 4.514% 4-16-26 5-14-26 (1,457,000) (1,459,741)
Lucid Capital Markets LLC 4.764% 4-16-26 5-14-26 (5,530,000) (5,540,978)
UBS AG 4.160% 4-20-26 5-20-26 (2,448,530) (2,451,642)
UBS AG 4.210% 4-6-26 5-6-26 (2,349,825) (2,356,695)
UBS AG 4.260% 4-6-26 5-6-26 (4,861,958) (4,876,341)
UBS AG 4.260% 4-20-26 5-20-26 (1,769,615) (1,771,918)
UBS AG 4.310% 4-2-26 5-4-26 (2,664,750) (2,674,002)
UBS AG 4.450% 4-23-26 5-26-26 (4,741,082) (4,745,770)
UBS AG 4.510% 4-20-26 5-20-26 (828,750) (829,892)
UBS AG 4.560% 4-6-26 5-6-26 (1,436,400) (1,441,676)
$(51,019,613)
Collateral with a market value of $3,568,280 ,$34,045,328 and $25,757,737, have been pledged to J.P. Morgan Securities LLC, Lucid Capital Markets LLC and UBS AG, respectively, in connection with open reverse repurchase agreements. The average borrowings by the fund and the weighted average interest rate for the period the fund entered into reverse repurchase agreements amounted to $51,472,389 and 4.60%, respectively. Securities pledged as collateral are disclosed in the Consolidated Fund's investments.
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, 2026, the fund had $879,435 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 fund 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 fund 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.
The fund may also invest in loans secured by residential real estate, including legacy whole loan pools. The loans may include mortgages made to borrowers with lower credit scores. Accordingly, such mortgage loans may be more sensitive to economic factors that could affect the ability of borrowers to pay their obligations under the mortgage loans. A decline or an extended flattening of home prices and appraisal values may result in increases in delinquencies and losses on residential mortgage loans, particularly with respect to second homes and investor properties and with respect to any residential mortgage loan where the aggregate loan amount (including any subordinate liens) is close to or greater than the related property value. Another factor that may result in higher delinquency rates is the increase in monthly payments on adjustable-rate mortgage loans. The fund may be able to aggregate loans from smaller pools into larger-sized pools for securitization or sale to a third party, resulting in value extraction. Upon the sale of such loans, standard representations, warranties, and documentation requirements apply, which may result in repricing or repurchase if specified conditions are not met.
Residual interests. The fund may make substantial investments in unsecured equity tranches and equivalent junior subordinate securities of structured finance vehicles. Such residuals will represent subordinated interests in the relevant structured finance vehicle only and are not secured by any assets of such structured finance vehicle. Residuals will be subordinated to all other securities of the structured finance vehicle and all other amounts due under the priority of payments set forth in the operative documents of such structured finance vehicle. As such, the greatest risk of loss relating to defaults in the collateral or asset portfolio of the structured finance vehicle is borne by the residuals. The fund, therefore, as holder of the residuals, will rank behind all of the creditors, whether secured or unsecured and known or unknown, of the structured finance vehicle.
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.
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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 daily 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. Interest income from investments in residual interest securities is recognized based on the estimated effective yield utilizing expected cash flows. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income from the funds short-term investments is recorded on ex-date. Distributions from investments in private operating companies are reflected as dividend income. Return of capital distributions from private operating companies, if any, are treated as a reduction of cost. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, for all classes, are charged at the class level based on the net assets of each class and the specific expense rates applicable to each class.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
The fund has five domestic taxable subsidiaries - John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC, JH LiftCo, LLC, JH REO Trust, JH Arbor Leasing, LLC, and JH Rail, LLC (the "Domestic Taxable Subsidiaries"). These entities have elected to be treated as corporations for US income tax purpose and are subject to both federal and state level corporate income taxes. The purposes of the taxable subsidiaries are to permit the fund to gain exposure to commercial aircraft, industrial equipment, real estate properties, vegetation management equipment and rail car equipment lease transactions for U.S. federal income tax purposes in order to comply with the Regulated Investment Company tax compliance requirements. The net investment income and capital gains and losses from the Domestic Taxable Subsidiaries do not always flow through to the fund and these entities may pay dividends up to the fund. The Domestic Taxable Subsidiaries are not consolidated for income tax purposes and may generate income that is subject to federal, state, and local taxes.
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The fund has one foreign taxable subsidiary - JH Aircraft Leasing 4535 (Ireland) Designated Activity Company. The subsidiary is not consolidated for financial reporting purpose. The purpose of the taxable subsidiary is to permit the fund to gain exposure to international commercial aircraft lease transactions. The subsidiary is classified as a controlled foreign corporation under the Internal Revenue Code and is subject to sub part F income rules. Therefore, the fund is required to increase its taxable income by its share of the subsidiary's net taxable income. Net income and realized gains from the subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the subsidiary in any taxable year, the loss will generally not be available to offset the fund's ordinary income and/or capital gains for that year.
Generally, the Domestic Taxable Subsidiaries, which file separate tax returns, are subject to income tax examinations by U.S. federal, state and local authorities for all years through October 31, 2025. The Domestic Taxable Subsidiaries assess their tax position using the provisions of ASC 740, Income Taxes, with regard to uncertain tax positions. Uncertain income tax positions are recognized based on a "more likely than not" threshold. Penalties and interest are recognized in the Provision for Income Taxes in the Consolidated statement of operations. The Domestic Taxable Subsidiaries are not aware of any tax positions for significant unrecognized tax benefits, and do not believe it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by a significant amount. As of October 31, 2025, no liability for interest and penalties have been recognized.
Deferred income taxes reflect the net effects of temporary differences between financial reporting and tax basis of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse.
As noted in "Basis of consolidation" in Note 1 in the Notes to consolidated financial statements, the fund consolidates its investment in John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC and does not consolidate other taxable subsidiaries. Domestic Taxable Subsidiaries are not eligible to elect treatment as regulated investment companies. The amount of taxes paid by Domestic Taxable Subsidiaries will vary depending on the amount of capital appreciation of its investments and such taxes will reduce a fund shareholders return from an investment in the fund. For any unconsolidated subsidiary, the impact of deferred income taxes will be incorporated into the market value of the investment. Upon the sale of an investment, the Domestic Taxable Subsidiaries may be liable for previously deferred taxes.
As of October 31, 2025, the fund had no uncertain tax positions that would require consolidated financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
The components of the fund's income tax provision (benefit) for the six months ended April 30, 2026, are as follows:
Current income tax (benefit)
Federal -
State and local -
Total Current income tax (benefit) -
Deferred income tax
Federal $98,264
State and local 844
Total deferred income tax (benefit) $99,108
Provision for income taxes $99,108
The provision for income taxes is reconciled to the amount determined by applying the statutory federal income tax rate to income before taxes as follows:
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Federal income tax at the statutory rate $97,787
State income tax (net of federal benefit) 563
Other 758
Provision for income taxes $99,108
Amounts reported in the consolidated financial statements and the tax basis of assets and liabilities result in temporary differences. The deferred tax assets (liabilities) consist of the following:
Deferred tax assets
Net operating loss $397,683
Audit fees 985
Deferred tax liabilities
Depreciation $(903,107)
Total $(504,439)
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, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's consolidated financial statements as a return of capital. 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 at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to taxable subsidiary, impairment adjustment and non-deductible start up costs.
Note 3-Derivative instruments
The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the
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agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.
As defined by the ISDA, the fund or its subsidiary may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund, if any, is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund, if any, for OTC transactions is held in a segregated account at the fund's custodian and is noted in the accompanying Consolidated Fund's investments, or if cash is posted, on the Consolidated statement of assets and liabilities. The fund's risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.
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, 2026, the fund used futures contracts to manage against changes in interest rates. The fund held futures contracts with USD notional values ranging up to $9.1 million as measured at each quarter end.
Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the fund thereby reducing the fund's total return, and the potential for losses in excess of the amounts recognized on the Consolidated statement of assets and liabilities.
The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the
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fund as an unrealized gain or loss. Realized gains or losses, 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, are recorded upon delivery or receipt of the currency or settlement with the counterparty.
During the six months ended April 30, 2026, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates. The fund held forward foreign currency contracts with USD notional values ranging from $4.8 million to $8.0 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, 2026 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 $85,711 -
Currency Unrealized appreciation (depreciation) on forward foreign currency contracts Forward foreign currency contracts 31,025 $(22,458)
$116,736 $(22,458)
1 Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of the Consolidated Fund's investments. Only the period end variation margin receivable/payable is separately reported on the Consolidated statement of assets and liabilities.
For financial reporting purposes, the fund and its subsidiary do not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Consolidated statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.
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, 2026:
Consolidated statement of operations location - Net realized gain (loss) on:
Risk Futures contracts Forward foreign
currency contracts 		Total
Interest rate $(12,369) - $(12,369)
Currency - $(97,048) (97,048)
Total $(12,369) $(97,048) $(109,417)
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, 2026:
Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Futures contracts Forward foreign
currency contracts 		Total
Interest rate $85,711 - $85,711
Currency - $86,881 86,881
Total $85,711 $86,881 $172,592
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Note 4-Guarantees and indemnifications
Under the fund's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 5-Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as distributor and principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays the Advisor a fee monthly at an annual rate of 1.35% of the fund's average daily 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). Prior to April 24, 2026, the fund had an investment management agreement with the Advisor under which the fund paid the Advisor a fee, calculated and paid monthly, at an annual rate of 1.35% of the fund's average monthly managed assets. Effective May 1, 2026, the fund's management fee will be reduced from 1.35% of managed assets to 1.25% of net assets.
On January 26, 2026, an affiliate of CVC Capital Partners plc, a private markets investment firm, announced that it has agreed to acquire 100% of Marathon (the Transaction). The closing of the Transaction, which is expected to be in the third quarter of 2026, will result in a change of control of Marathon, and therefore the current subadvisory agreement between Marathon and the Advisor will automatically terminate pursuant to the 1940 Act, thus requiring approval of a new subadvisory agreement between Marathon and the Advisor. At its meeting held March 23, 2026, the fund's Board of Trustees considered and approved a new subadvisory agreement, which was approved by shareholders on June 18, 2026.
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, 2026, this waiver amounted to 0.01% of the fund's average daily managed assets, on an annualized basis. Prior to April 24, 2026, this waiver amounted to 0.01% of the fund's average monthly managed assets. This agreement expires on July 31, 2027, 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 daily net assets (on an annualized basis) of the fund: (a) administrative fees; (b) custody and accounting fees; (c) audit fees; (d) legal fees; (e) independent trustee fees; (f) pricing services fees; (g) blue sky fees; (h) insurance premiums; (i) printing costs; (j) registration and filing expenses; (k) organization and offering expenses; (l) transfer agent fees and service fees; and (m) other miscellaneous ordinary expenses, but excluding management and incentive fees, interest expense, 12b-1 fees, any cashiering or other investment servicing fees; litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the fund; taxes; short dividends, acquired fund fees and expenses (based on indirect net expenses associated with the fund's investments in underlying investment
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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. Prior to April 24, 2026, the Advisor had 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. This agreement expires on April 30, 2027, 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, 2026, the expense reductions described above amounted to the following:
Class Expense reduction
Class A $3
Class D 1,680
Class I 436,106
Class Expense reduction
Class S $407
Class U 3
Total $438,199
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, 2026, were equivalent to a net annual effective rate of 1.11% of the fund's average daily 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 daily 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 daily 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 daily 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 daily 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 for the six months ended April 30, 2026 amounted to $1,201,522.
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, 2026, 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 A, Class D shares, Class S and Class U shares, the fund pays for certain other services. The fund may pay distribution and service fees, expressed as an annual percentage of average daily net assets for each class of the fund's shares, up to 0.25% for Class A and Class D shares, 0.85% (including up to 0.25% for service fees) for Class S shares and up to 0.75% (including up to 0.25% for service fees) for Class U shares.
Sales charges. Class A shares may be subject to a sales charge of up to 2.50%, 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, 2026, no sales charges were assessed.
Class level expenses. Class level expenses for the six months ended April 30, 2026 were as follows:
Class Distribution and service fees
Class A $1
Class U 3
Class D 1,232
Class S 1,015
Total $2,251
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, 2026, the fund did not enter into any investments pursuant to this exemptive order.
Note 6-Fund share transactions
The fund currently accepts purchases of shares on a daily basis. Prior to April 24, 2026, purchases of shares were accepted as of the last business day of each calendar month. Transactions in fund shares for the six months ended April 30, 2026 and for the year ended October 31, 2025 were as follows:
Six Months Ended 4-30-26 Year Ended 10-31-25
Shares Amount Shares Amount
Class A shares1
Sold 2,980 $60,000 - -
Net increase 2,980 $60,000 - -
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Six Months Ended 4-30-26 Year Ended 10-31-25
Shares Amount Shares Amount
Class I shares
Sold 1,254,738 $25,556,870 3,903,309 $79,876,943
Issued pursuant to Dividend Reinvestment Plan 138,199 2,769,437 146,847 2,992,671
Repurchased (516,139) (10,322,070) (500,995) (10,222,859)
Net increase 876,798 $18,004,237 3,549,161 $72,646,755
Class U shares2
Sold 2,484 $50,000 - -
Net increase 2,484 $50,000 - -
Class D shares
Sold - - 40,670 $835,000
Issued pursuant to Dividend Reinvestment Plan 2,048 $41,149 1,611 32,917
Net increase 2,048 $41,149 42,281 $867,917
Class S shares
Sold - - 8,870 $183,350
Issued pursuant to Dividend Reinvestment Plan 380 $7,660 233 4,787
Net increase 380 $7,660 9,103 $188,137
Total net increase 884,690 $18,163,046 3,600,545 $73,702,809
1 The inception date for Class A shares is 4-24-26.
2 The inception date for Class U shares is 4-24-26.
Affiliates of the fund owned 83%, 17%, 5%, 21% and 100% of shares of Class A, Class I, Class D, Class S and Class U, respectively, on April 30, 2026. As of April 30, 2026, the Subadvisor held 12% 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.
Effective April 24, 2026, the fund is operated as an "interval fund" and, in order to provide a degree of liquidity to the shareholders of the fund ("shareholders"), the fund has adopted a fundamental policy pursuant to Rule 23c-3 under the 1940 Act, to make regular offers to repurchase between 5% and 25% of its outstanding Class A Shares, Class I Shares, Class D Shares, Class S Shares, and Class U Share at the current net asset value ("NAV") per share. Quarterly repurchase offers will occur in the months of March, June, September and December. Notices of each quarterly repurchase offer are sent to shareholders of the fund of record at least 21 days before the repurchase request deadline (the repurchase request deadline is the latest date on which shareholders wishing to tender shares for repurchase in response to a repurchase offer can tender their shares). The date on which the repurchase price for shares is determined will occur no later than the 14th day after the repurchase request deadline (or the next business day, if the 14th day is not a business day). There is no minimum number of shares that must be tendered before the fund will honor repurchase requests. However, the fund's Board of Trustees set for each repurchase offer a maximum percentage of shares that may be repurchased by the fund. In the event a repurchase offer by the fund is oversubscribed, the fund may repurchase, but is not required to repurchase, additional shares up to a maximum amount of 2% of the outstanding Shares of the fund.
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Prior to April 24, 2026, the sole discretion of the Board of Trustees and provided that it was in the best interests of the fund and shareholders to do so, the fund intended to provide a limited degree of liquidity to the shareholders by conducting repurchase offers or take any other action permitted by the tender offer rules under 1934 Act, and described in the written tender offer notice that was provided to shareholders for each repurchase offer. In determining whether the fund should offer to repurchase shares from shareholders (generally no more than 5% of shares outstanding), the Board of Trustees considered the recommendations of the Advisor as to the timing of such an offer, as well as a variety of operational, business and economic factors. The fund conducted quarterly repurchase offers during the six months ended April 30, 2026. The fund offered to repurchase shares in an amount up to $11,700,000 and $12,500,000 as of the valuation dates for the repurchase offers, December 31, 2025 ($20.11) and March 31, 2026 ($19.95), respectively. $10,322,070 and 516,139 shares for Class I were tendered and accepted by the fund.
Note 7-Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $68,641,969 and $43,080,017, respectively, for the six months ended April 30, 2026.
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, 2026, funds within the John Hancock group of funds complex held 25.8% 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 25.8%
Note 9-Investments in affiliates
As of April 30, 2026, investments in affiliates consist of the following:
• The fund holds 100% of the profit participating notes issued by JH Aircraft Leasing 4535 (Ireland) Designated Activity Company.
• The fund holds 100% of the limited liability company interests in JH Finance LeaseCo, LLC.
• The fund holds 100% of the limited liability company interests in JH LiftCo, LLC.
• The fund holds 100% of the limited liability company interests in JH REO Trust
• The fund holds 100% of the limited liability company interests in JH Arbor Leasing, LLC.
• The fund holds 100% of the limited liability company interests in JH Rail, LLC. As of April 30, 2026, JH Rail, LLC had outstanding borrowings of $26,673,389 through a Master Loan and Security Agreement, which provides for loans and extensions of credit to JH Rail, LLC. The weighted average interest rate was 5.74% as of April 30, 2026.
• The fund holds 100% of the beneficial ownership interest in MSN 803 Trust as an owner participant.
Information regarding the fund's fiscal year to date purchases and sales of the affiliated underlying funds 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/Return
of capital 		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 $579,364 - - - $(229,680) - - $349,684
JH Arbor Leasing LLC - 8,476,611 $300,911 $(591,976) - (679,249) $418,936 - 7,506,297
JH Finance LeaseCo LLC - 5,825,795 - (5,546,480) $10,118 (30,256) 887,870 - 259,177
JH Liftco LLC - 11,871,681 - (860,000) - 377,664 - - 11,389,345
JH Rail LLC - 8,537,341 - - - 238,480 - - 8,775,821
JH REO Trust - 146,099 - - - - - - 146,099
MSN 803 Trust - 8,956,563 - (160,869) - 941,208 319,131 - 9,736,902
$10,118 $618,167 $1,625,937 - $38,163,325
Note 10-Segment reporting
The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Consolidated statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Consolidated statement of operations, which includes "Increase (decrease) in net assets from operations", Consolidated statements of changes in net assets, which includes "Increase (decrease) in net assets from fund share transactions", and Consolidated financial highlights, which includes total return and income and expense ratios.
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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, 2026, distributions from net investment income and capital gain totaling $0.9193, $0.8939 and $0.8330 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:
Payment Date
Income Distributions Class I Class D Class S
December 29, 2025 $0.4495 $0.4366 $0.4056
April 21, 2026 0.4031 0.3906 0.3607
Capital Gain Distributions
December 29, 2025 0.0667 0.0667 0.0667
Total $0.9193 $0.8939 $0.8330
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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SHAREHOLDER MEETING
(Unaudited)
The fund held a Special Meeting of Shareholders on Thursday, March 19, 2026. The following proposals were considered by the shareholders:
THE PROPOSAL PASSED ON March 19, 2026.
Proposal 1: Adoption of a fundamental policy for the fund to conduct periodic repurchases of its outstanding shares, in accordance with Rule 23c-3 under the Investment Company Act of 1940, as amended (the "1940 Act").
Shares
voted 		% Of
shares voted 		% Of
outstanding
shares
For 8,663,215 99.89% 66.61%
Against 0 0.00% 0.00%
Abstain 9,441 0.11% 0.07%
Proposal 2: Approval of an amendment to the Advisory Agreement between the fund and John Hancock Investment Management LLC, the fund's investment advisor.
Shares
voted 		% Of
shares voted 		% Of
outstanding
shares
For 8,562,846 98.73% 65.84%
Against 100,369 1.16% 0.77%
Abstain 9,441 0.11% 0.07%
Proposal 3: Approval of an amendment to the Subadvisory Agreement between John Hancock Investment Management LLC and Marathon Asset Management, L.P., the fund's subadvisor.
Shares
voted 		% Of
shares voted 		% Of
outstanding
shares
For 8,562,846 98.73% 65.84%
Against 100,369 1.16% 0.77%
Abstain 9,441 0.11% 0.07%
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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 Marathon 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. 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 24, 2026, the Board, including the Independent Trustees, 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 (as well as information on the limitations of such comparable data given the structure of the fund and composition of its holdings and use of leverage), 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 fund 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 February 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 but not limited to conditions and trends prevailing generally in the economy and markets, the securities markets, and the industry) and did not treat any single factor as determinative. Each Trustee may have attributed different
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weights to different factors. The Board's conclusions were informed by relevant background information obtained in connection with the consideration of the advisory and subadvisory arrangements for other funds in the John Hancock Fund Complex over time.
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 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, information regarding the Advisor's compliance and regulatory history, including its Form ADV, and other information. The Board also noted that on a regular basis it receives and reviews 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 observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is 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 provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and other third-party service providers. The Board also considered, among other things, 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.
The Board also considered the differences between the Advisor's services to the fund and the services it provides to other clients that are not closed-end funds, including, for example, the differences in services related to the regulatory and legal obligations of closed-end 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 subadvisor's investment performance and compliance programs, such as the subadvisor's 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;
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(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 the fund and 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.
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, for example, the end date selected and the structure and specific investment strategies of the peer funds. The Board noted that the fund outperformed its benchmark index for the one- and three-year periods ended December 31, 2025, and for the period since inception. The Board also noted that the fund underperformed its peer group median for the one- and three-year periods ended December 31, 2025, 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- and three-year periods ended December 31, 2025, 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- and three-year periods ended December 31, 2025, and for the period since inception. The Board noted the relatively recent inception period of the fund and Management's discussion of the fund's structure, portfolio holdings and use of leverage compared to peers.
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 peer group of funds chosen by the independent third-party provider. The Board considered the limitations on the data presented in light of, for example, the structure and specific investment strategies of peers, including the use of leverage. 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 and net total expenses for the fund are higher 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 receives a management fee from the fund consisting of two components-a base management fee and an incentive fee, and that the Advisor pays 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
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that such fees are negotiated at arm's length with respect to the Subadvisor. The Board noted that the fund had benefitted from a 60 basis point fee waiver which was scheduled to expire on February 28, 2026. The Board also took into account that the fund had benefitted from a one basis point fee waiver..
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 also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(g) noted that affiliates of the Advisor 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 derives reputational and other indirect benefits from providing advisory services to the fund;
(i) noted that the subadvisory fee for the fund is 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 provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
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 had waived expenses of the fund during the year and 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); 
(b) reviewed the advisory fee structure for the fund and considered any economies of scale shared with the fund. The Board also took into account management's discussion of the fund's advisory fee structure, including incentive fee, and total expenses; and
(c) the Board also considered management's discussion of the potential effect of the fund's future growth in size on performance and fees.
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Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(1) information relating to the Subadvisor's business;
(2) the performance of comparable funds, as applicable, managed by the fund's Subadvisor;
(3) 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
(4) 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 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 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 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 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 are 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.
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. 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, including with respect to the incentive fee structure.
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.
79 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND  | 
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Subadvisory fees. The Board considered that the fund pays Advisory Fees to the Advisor, consisting of a base Management Fee and an Incentive Fee, and that, in turn, the Advisor pays the full amount of the Incentive Fee to the Subadvisor and a portion of the base Management Fee. The Board considered that, to the extent the Incentive Fee is earned and paid to the Subadvisor, the Incentive Fee effectively results in a higher rate of total compensation from the Advisor to the Subadvisor than the base Management Fee rate stated in the Subadvisory Agreement.
The Board considered that the net management fee for the fund, which includes the subadvisory fee, was below the median of the fund's peer group based on combined common and leveraged assets and common assets. The Board also considered that the fund's total expenses excluding investment related expenses and taxes were above the median of the fund's peer group based on both combined common and leveraged assets and common assets. The Board took into account management's discussion of the fund's fees and expenses, including any distinctions between the peer funds presented and the fund.
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 took into account 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 provided under the Subadvisory Agreement; and
(4) that the subadvisory fees are 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.
 | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 80
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More information
Trustees
Hassell H. McClellan, Chairperson*
Andrew G. Arnott†,1
William K. Bacic*,2
William H. Cunningham*,3
Kristie M. Feinberg†,4
Grace K. Fey*
Frances G. Rathke4
Officers
Kristie M. Feinberg5
President (Chief Executive Officer and Principal Executive Officer)
Fernando A. Silva
Chief Financial Officer (Principal Financial Officer and Principal Accounting 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
1 Mr. Arnott no longer serves as Trustee effective June 22, 2026.
2 Mr. Bacic serves as Trustee effective January 1, 2026.
3 Mr. Cunningham no longer serves as Trustee effective December 31, 2025.
4 Mses. Feinberg and Rathke serve as Trustees effective June 22, 2026.
5 Ms. Feinberg serves as President, Chief Executive Officer, and Principal Executive Officer effective September 22, 2025.
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
801 Pennsylvania Ave, Suite 219285
Kansas City, MO 64105-1307
81 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND | 
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John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-6020, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
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 Marathon Asset-Based Lending Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
MF5469451 P16SA 4/26
06/26

ITEM 2. CODE OF ETHICS.

Item is not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Item is not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item is not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Item is not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Refer to information included in Item 1.

(b)Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. Information included in Item 1, if applicable.

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

Item is not applicable at this time.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)Item is not applicable at this time

(b)Item is not applicable at this time

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

(a) Not applicable.

(b) Not applicable.

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

No material changes.

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

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 Marathon Asset-Based Lending Fund

By:

/s/ Kristie M. Feinberg

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

Kristie M. Feinberg

President,

Principal Executive Officer

Date:

June 26, 2026

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/ Kristie M. Feinberg

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

Kristie M. Feinberg

President,

Principal Executive Officer

Date:

June 26, 2026

By:

/s/ Fernando A. Silva

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

Fernando A. Silva

Chief Financial Officer,

Principal Financial Officer

Date:

June 26, 2026


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