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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, 2025


ITEM 1. REPORT TO STOCKHOLDERS


Semiannual report
John Hancock
Marathon Asset-Based Lending Fund (formerly John Hancock Asset-Based Lending Fund)
Closed-end alternative
April 30, 2025
John Hancock
Marathon Asset-Based Lending Fund
Table of contents
2 Your fund at a glance
3 Portfolio summary
4 Consolidated Fund’s investments
40 Consolidated financial statements
45 Consolidated financial highlights
48 Notes to consolidated financial statements
65 Additional information
66 Evaluation of advisory and subadvisory agreements by the Board of Trustees
72 More information
1 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND  |   
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 4/30/2025 (%)
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 4/30/2025 (% 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 4-30-25 (unaudited)
  Rate (%) Maturity date   Par value^ Value
Asset-backed securities 35.3%         $79,123,968
(Cost $79,588,995)          
Asset-backed securities 6.7%     14,979,332
Exeter Automobile Receivables Trust          
Series 2025-2A, Class E (A) 7.810 10-15-32   1,500,000 1,521,992
Marlette Funding Trust          
Series 2022-3A, Class D (A)(B) 7.800 11-15-32   3,750,000 3,779,437
Pagaya AI Debt Trust          
Series 2023-7, Class D (A)(B) 9.000 07-15-31   3,498,696 3,534,120
Prosper Marketplace Issuance Trust          
Series 2024-1A, Class D (A) 10.980 08-15-29   3,000,000 3,147,386
Thor LLC          
Series 2024-A, Class C (A) 7.660 08-15-41   2,994,718 2,996,397
Collateralized loan obligations 7.6%     16,949,030
ARES L CLO, Ltd.          
Series 2018-50A, Class D (3 month CME Term SOFR + 3.162%) (A)(B)(C) 7.418 01-15-32   2,000,000 1,994,414
Birch Grove CLO, Ltd.          
Series 19A, Class D2RR (3 month CME Term SOFR + 5.050%) (A)(B)(C) 9.330 07-17-37   1,750,000 1,747,643
CIFC Funding, Ltd.          
Series 2013-4A, Class DR2 (3 month CME Term SOFR + 1.900%) (A)(C) 6.183 04-27-31   2,000,000 1,991,904
Columbia Cent CLO, Ltd.          
Series 2020-29A, Class D1R (3 month CME Term SOFR + 3.862%) (A)(C) 8.131 10-20-34   1,000,000 999,971
Dryden Senior Loan Fund          
Series 2017-49A, Class DR (3 month CME Term SOFR + 3.662%) (A)(B)(C) 7.931 07-18-30   3,730,000 3,720,410
KKR Financial CLO, Ltd.          
Series 2013-1A, Class DR2 (3 month CME Term SOFR + 6.250%) (A)(B)(C) 10.506 04-15-29   2,500,000 2,496,290
Myers Park CLO, Ltd.          
Series 2018-1A, Class D (3 month CME Term SOFR + 3.312%) (A)(B)(C) 7.581 10-20-30   2,000,000 2,001,732
Rockford Tower CLO, Ltd.          
Series 2017-2A, Class DR (3 month CME Term SOFR + 3.112%) (A)(C) 7.368 10-15-29   2,000,000 1,996,666
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 19.6%     $44,036,593
ACREC LLC          
Series 2023-FL2, Class C (1 month CME Term SOFR + 4.281%) (A)(C) 8.603 02-19-38   2,000,000 2,007,088
Arizona Biltmore Trust          
Series 2024-BILT, Class E (A)(B) 7.487 06-11-29   2,000,000 2,033,673
BAMLL Commercial Mortgage Securities Trust          
Series 2024-NASH, Class B (1 month CME Term SOFR + 2.750%) (A)(B)(C) 7.072 05-15-39   2,500,000 2,453,417
Series 2025-ASHF, Class C (1 month CME Term SOFR + 3.000%) (A)(B)(C) 7.322 02-15-42   3,000,000 2,930,348
BX Trust          
Series 2021-ARIA, Class F (1 month CME Term SOFR + 2.708%) (A)(B)(C) 7.030 10-15-36   2,000,000 1,967,500
Series 2023-DELC, Class E (1 month CME Term SOFR + 5.286%) (A)(B)(C) 9.608 05-15-38   2,500,000 2,515,625
Series 2024-SLCT, Class E (1 month CME Term SOFR + 3.391%) (A)(C) 7.712 01-15-42   1,969,000 1,921,547
CLNY Trust          
Series 2019-IKPR, Class C (1 month CME Term SOFR + 2.040%) (A)(C) 6.362 11-15-38   1,500,000 1,410,084
Commercial Mortgage Trust (Deutsche Bank AG)          
Series 2024-WCL1, Class C (1 month CME Term SOFR + 2.889%) (A)(B)(C) 7.211 06-15-41   3,300,000 3,256,828
DBWF Mortgage Trust          
Series 2024-LCRS, Class C (1 month CME Term SOFR + 2.640%) (A)(C) 6.962 04-15-37   1,500,000 1,475,618
FS Rialto Issuer, Ltd.          
Series 2021-FL3, Class D (1 month CME Term SOFR + 2.614%) (A)(C) 6.935 11-16-36   2,500,000 2,479,752
Series 2025-FL10, Class AS (1 month CME Term SOFR + 1.593%) (A)(C) 5.913 08-19-42   2,500,000 2,456,199
GPMT, Ltd.          
Series 2021-FL4, Class D (1 month CME Term SOFR + 2.964%) (A)(C) 7.287 12-15-36   2,000,000 1,785,332
Great Wolf Trust          
Series 2024-WOLF, Class E (1 month CME Term SOFR + 3.639%) (A)(B)(C) 7.961 03-15-39   2,180,000 2,167,738
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)      
KIND Commercial Mortgage Trust          
Series 2024-1, Class D (1 month CME Term SOFR + 3.438%) (A)(C) 7.760 08-15-41   3,000,000 $2,991,563
KKR Real Estate Finance Trust          
Series 2021-FL2, Class AS (1 month CME Term SOFR + 1.414%) (A)(C) 5.743 02-15-39   950,000 925,532
Series 2021-FL2, Class B (1 month CME Term SOFR + 1.764%) (A)(C) 6.093 02-15-39   575,000 559,592
KNDR Trust          
Series 2021-KIND, Class B (1 month CME Term SOFR + 1.464%) (A)(C) 5.790 08-15-38   1,983,710 1,948,995
KSL Commercial Mortgage Trust          
Series 2024-HT2, Class B (1 month CME Term SOFR + 2.042%) (A)(B)(C) 6.364 12-15-39   2,500,000 2,462,500
La Quinta Mortgage Trust          
Series 2023-LAQ, Class D (1 month CME Term SOFR + 4.188%) (A)(B)(C) 8.510 03-15-36   1,304,250 1,265,064
THPT Mortgage Trust          
Series 2023-THL, Class D (A)(B)(D) 9.561 12-10-34   3,000,000 3,022,598
Residential mortgage backed securities 1.4%     3,159,013
ACHM Trust          
Series 2023-HE2, Class C (A)(B)(D) 9.300 10-25-38   3,057,007 3,159,013
Residential loans 18.0%         $40,393,080
(Cost $41,899,015)          
JH Residential Whole Loan Trust (E)(F) 9.8%       21,944,461
Bank of America, Loan ID - R1D2189860 4.125 08-01-35   116,762 96,468
Bank of America, Loan ID - R1D2207514 (G) 8.875 11-01-34   24,107 19,917
Bank of America, Loan ID - R1D2223768 3.500 04-01-57   72,247 59,690
Bank of America, Loan ID - R1D2231928 4.000 06-01-47   193,626 159,973
Bank of America, Loan ID - R1D320115934 12.000 09-25-27   2,328 1,772
Bank of America, Loan ID - R1D320404870 9.875 07-01-38   8,940 6,807
Bank of America, Loan ID - R1D321106165 (H) 10.500 03-01-37   3,168 2,412
Bank of America, Loan ID - R1D321285469 (I) 0.000 06-01-24   11,451 8,718
Bank of America, Loan ID - R1D321313401 14.375 09-25-27   289 220
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 6
Table of Contents
  Rate (%) Maturity date   Par value^ Value
JH Residential Whole Loan Trust (continued)        
Bank of America, Loan ID - R1D321458571 (G) 5.625 05-01-26   12,923 $9,840
Bank of America, Loan ID - R1D321567782 10.125 07-01-35   4,568 3,478
Bank of America, Loan ID - R1D321672554 (G) 4.250 02-01-24   68,643 52,265
Bank of America, Loan ID - R1D321680064 (H) 8.625 01-01-28   4,038 3,074
Bank of America, Loan ID - R1D321772642 (I) 12.875 07-01-24   5,193 3,954
Bank of America, Loan ID - R1D321802346 10.500 07-01-42   3,175 2,418
Bank of America, Loan ID - R1D323613087 0.000 10-01-31   8,648 6,585
Bank of America, Loan ID - R1D326967519 8.750 02-01-30   14,303 10,890
Bank of America, Loan ID - R1D329279749 9.375 02-01-37   7,321 5,574
Bank of America, Loan ID - R1D331184438 4.750 06-01-28   10,556 8,038
Bank of America, Loan ID - R1D331351411 (G) 8.000 11-01-37   29,529 22,483
Bank of America, Loan ID - R1D332396107 1.000 06-01-28   20,770 15,814
Bank of America, Loan ID - R1D333118907 8.625 11-01-28   7,402 5,636
Bank of America, Loan ID - R1D333435452 (G) 10.500 11-01-24   7,785 5,927
Bank of America, Loan ID - R1D334715743 (G) 6.500 12-01-36   16,703 12,717
Bank of America, Loan ID - R1D338003284 (H) 11.125 09-01-41   17,578 13,384
Bank of America, Loan ID - R1D341220853 11.750 10-25-28   10,597 8,069
Bank of America, Loan ID - R1D341275604 (I) 11.750 09-01-24   1,847 1,407
Bank of America, Loan ID - R1D345587535 (G) 9.875 11-01-36   27,471 20,916
Bank of America, Loan ID - R1D345744745 10.125 08-01-33   5,242 3,992
Bank of America, Loan ID - R1D347751887 (H) 8.250 11-25-28   16,276 12,392
Bank of America, Loan ID - R1D348255384 12.625 06-01-35   4,931 3,754
Bank of America, Loan ID - R1D361892055 (G) 11.250 01-01-32   1,226 933
Bank of America, Loan ID - R1D362185211 (G) 8.250 05-25-29   51,849 39,478
Bank of America, Loan ID - R1D362733412 (H) 10.500 08-01-27   5,061 3,853
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 - R1D363420996 11.000 05-25-29   9,822 $7,479
Bank of America, Loan ID - R1D363873763 2.000 08-01-29   37,304 28,403
Bank of America, Loan ID - R1D36749564 (H) 11.500 06-01-35   18 14
Bank of America, Loan ID - R1D368227582 (G) 5.875 12-01-28   21,913 16,685
Bank of America, Loan ID - R1D377116667 (G) 12.125 08-01-24   9,988 7,605
Bank of America, Loan ID - R1D382472688 (G) 6.500 11-01-28   100,524 76,539
Bank of America, Loan ID - R1D4135626031 9.500 10-11-35   55,671 42,466
Bank of America, Loan ID - R1D4142880321 (H) 4.125 06-15-36   57,047 43,515
Bank of America, Loan ID - R1D4176255967 9.125 07-25-32   17,098 13,042
Bank of America, Loan ID - R1D4874021873 6.125 11-01-34   153,879 117,379
Bank of America, Loan ID - R1D4875700321 (G) 7.100 06-30-30   17,365 13,246
Bank of America, Loan ID - R1D4875758189 (G) 2.740 03-29-33   369,829 282,105
Bank of America, Loan ID - R1D4875958325 8.440 12-01-31   13,631 10,398
Bank of America, Loan ID - R1D4875960106 (G) 8.090 04-15-32   35,826 27,328
Bank of America, Loan ID - R1D4875973630 (G) 8.090 03-01-31   22,201 16,935
Bank of America, Loan ID - R1D4876049582 (H) 8.240 07-18-32   18,292 13,953
Bank of America, Loan ID - R1D4876317082 (G) 7.490 07-29-30   59,371 45,288
Bank of America, Loan ID - R1D4876762155 (H) 7.740 01-16-36   60,388 46,064
Bank of America, Loan ID - R1D4876763347 (G) 4.375 01-03-54   347,507 265,078
Bank of America, Loan ID - R1D4876771641 (G) 2.740 06-01-35   137,964 105,239
Bank of America, Loan ID - R1D4876787441 (G) 3.000 09-01-54   333,844 254,656
Bank of America, Loan ID - R1D4877096402 (G) 9.240 05-01-35   30,803 23,496
Bank of America, Loan ID - R1D4877182962 (G) 5.059 11-12-31   48,719 37,163
Bank of America, Loan ID - R1D4877521188 6.190 02-09-32   12,075 9,211
Bank of America, Loan ID - R1D648343679 9.750 11-25-29   70,425 57,178
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 - R1D65796677 10.875 10-25-29   5,117 $4,155
Bank of America, Loan ID - R1D667955965 (G) 11.375 10-25-29   9,340 7,583
Bank of America, Loan ID - R1D67442686 12.750 10-25-29   5,839 4,741
Bank of America, Loan ID - R1D676546412 (G) 5.250 10-25-29   144,930 117,669
Bank of America, Loan ID - R1D677588112 (G) 12.500 08-25-29   17,049 13,842
Bank of America, Loan ID - R1D681784389 (G) 3.875 09-25-29   379,955 308,486
Bank of America, Loan ID - R1D681965722 11.000 10-25-29   24,793 20,129
Bank of America, Loan ID - R1D681977177 9.000 10-25-29   4,098 3,327
Bank of America, Loan ID - R1D682449041 (G) 11.500 10-25-29   13,590 11,034
Bank of America, Loan ID - R1D682585998 (G) 11.500 10-25-29   317 257
Bank of America, Loan ID - R1D683013538 10.750 11-25-29   2,691 2,185
Bank of America, Loan ID - R1D683170000 (G) 6.750 10-25-29   17,414 14,138
Bank of America, Loan ID - R1D683843935 8.500 10-25-29   1,135 922
Bank of America, Loan ID - R1D684180712 9.750 10-25-29   4,970 4,035
Bank of America, Loan ID - R1D684517492 (G) 5.625 10-25-29   32,592 26,461
Bank of America, Loan ID - R1D684760509 13.000 11-25-29   4,154 3,373
Bank of America, Loan ID - R1D684953503 8.500 11-25-29   16,228 13,176
Bank of America, Loan ID - R1D684967411 (G) 4.250 11-25-29   92,711 75,272
Bank of America, Loan ID - R1D685329020 8.750 11-25-29   5,343 4,338
Bank of America, Loan ID - R1D685968483 8.750 11-25-29   8,113 6,587
Bank of America, Loan ID - R1D686170042 (G) 9.125 11-25-29   144,976 117,706
Bank of America, Loan ID - R1D686179719 9.750 11-25-29   6,322 5,133
Bank of America, Loan ID - R1D686281525 13.125 11-25-29   5,096 4,137
Bank of America, Loan ID - R1D686392408 (G) 6.250 11-25-29   82,692 67,138
Bank of America, Loan ID - R1D686481633 12.000 11-25-29   16,069 13,046
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 - R1D686527895 (G) 11.000 11-25-29   10,582 $8,592
Capital Asset Management, Loan ID - R1D1153882 3.900 09-01-47   67,775 40,909
Capital Asset Management, Loan ID - R1D1183348 (G) 4.000 05-01-48   40,134 24,225
Capital Asset Management, Loan ID - R1D1184084 (G) 2.000 02-01-49   46,002 27,767
Capital Asset Management, Loan ID - R1D1184204 (H) 12.375 12-01-36   64,418 38,883
Capital Asset Management, Loan ID - R1D1184992 (G) 4.000 11-10-43   32,697 19,736
Capital Asset Management, Loan ID - R1D1214687 (H) 9.000 01-01-52   146,102 88,187
Capital Asset Management, Loan ID - R1D1214825 (G) 10.250 02-01-37   117,362 70,840
Capital Asset Management, Loan ID - R1D1216036 10.000 03-19-62   47,118 28,441
Capital Asset Management, Loan ID - R1D1233673 (H) 11.000 02-15-27   7,842 4,733
Capital Asset Management, Loan ID - R1D1246972 6.950 11-01-35   19,416 11,719
Capital Asset Management, Loan ID - R1D1251042 (G) 6.000 07-05-41   41,021 24,760
Capital Asset Management, Loan ID - R1D1270661 (G) 4.625 04-01-24   1,659 1,001
Capital Asset Management, Loan ID - R1D1270777 (H) 4.000 03-01-34   63,818 38,520
Capital Asset Management, Loan ID - R1D1271156 (H) 4.875 02-01-40   38,609 23,304
Capital Asset Management, Loan ID - R1D1272438 4.999 05-01-41   15,557 9,390
Capital Asset Management, Loan ID - R1D1285038 7.750 11-01-37   98,275 59,319
Capital Asset Management, Loan ID - R1D1314469 (H) 5.000 08-22-31   1,351 815
Capital Asset Management, Loan ID - R1D1314557 (G) 12.514 11-12-21   113 68
Capital Asset Management, Loan ID - R1D1314775 4.000 10-28-37   20,974 12,660
Capital Asset Management, Loan ID - R1D1316742 3.500 07-25-42   33,492 20,216
Capital Asset Management, Loan ID - R1D1317596 (G) 6.000 07-02-34   38,765 23,399
Capital Asset Management, Loan ID - R1D1317738 (G) 3.000 06-01-58   75,795 45,750
Capital Asset Management, Loan ID - R1D1320040 (H) 0.000 01-12-28   2,645 1,597
Capital Asset Management, Loan ID - R1D1330504 (G) 0.000 09-15-31   4,500 2,716
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 - R1D1331024 (G) 12.389 01-15-23   14,346 $8,659
Capital Asset Management, Loan ID - R1D1331435 (G) 13.930 04-04-24   20,997 12,674
Capital Asset Management, Loan ID - R1D1331710 (G) 0.000 11-01-35   23,678 14,292
Capital Asset Management, Loan ID - R1D1332368 (G) 0.000 06-01-26   11,127 6,716
Capital Asset Management, Loan ID - R1D1333231 0.000 08-01-37   11,984 7,234
Capital Asset Management, Loan ID - R1D1333871 (G) 14.128 04-13-47   18,685 11,278
Capital Asset Management, Loan ID - R1D1333909 9.000 11-01-31   28,570 17,245
Capital Asset Management, Loan ID - R1D1333990 (G) 0.000 12-01-35   68,813 41,536
Capital Asset Management, Loan ID - R1D1346507 0.000 03-01-36   34,768 20,986
Capital Asset Management, Loan ID - R1D1372940 (G) 6.000 02-01-26   4,647 2,805
Capital Asset Management, Loan ID - R1D1373336 (G) 4.250 07-01-22   731 441
Capital Asset Management, Loan ID - R1D1373352 (G) 10.720 12-01-28   12,375 7,469
Capital Asset Management, Loan ID - R1D1373527 (H) 5.000 10-01-24   5,126 3,094
Capital Asset Management, Loan ID - R1D1374601 9.996 06-01-28   9,717 5,865
Capital Asset Management, Loan ID - R1D1376601 (G) 5.250 08-01-21   3,528 2,129
Capital Asset Management, Loan ID - R1D1377871 (G) 14.600 10-01-21   3,780 2,282
Capital Asset Management, Loan ID - R1D1377909 (G) 14.069 04-01-22   5,710 3,447
Capital Asset Management, Loan ID - R1D1379406 (G) 5.750 09-01-25   7,392 4,462
Capital Asset Management, Loan ID - R1D1379505 (G) 5.250 06-01-21   3,599 2,172
Capital Asset Management, Loan ID - R1D1382459 (G) 11.290 09-01-24   8,526 5,147
Capital Asset Management, Loan ID - R1D1382688 (H) 10.480 10-01-28   5,135 3,099
Capital Asset Management, Loan ID - R1D1383898 13.000 03-01-28   7,284 4,397
Capital Asset Management, Loan ID - R1D1383904 (G) 14.447 04-01-26   6,652 4,015
Capital Asset Management, Loan ID - R1D1384406 (G) 14.148 07-01-23   9,112 5,500
Capital Asset Management, Loan ID - R1D1384420 (G) 14.350 02-01-24   8,976 5,418
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 - R1D1386024 8.688 05-01-28   5,875 $3,546
Capital Asset Management, Loan ID - R1D1386378 14.140 08-01-25   1,518 916
Capital Asset Management, Loan ID - R1D1386680 (H) 11.000 02-19-34   12,044 7,270
Capital Asset Management, Loan ID - R1D1387610 (G) 13.656 09-23-32   13,567 8,189
Capital Asset Management, Loan ID - R1D1388781 (G) 14.660 12-20-35   13,649 8,239
Capital Asset Management, Loan ID - R1D138888 (G) 3.000 05-01-57   25,694 15,509
Capital Asset Management, Loan ID - R1D1388909 (G) 5.250 10-01-21   7,478 4,514
Capital Asset Management, Loan ID - R1D1389180 11.060 03-01-27   13,874 8,374
Capital Asset Management, Loan ID - R1D1390047 14.347 05-05-25   5,472 3,303
Capital Asset Management, Loan ID - R1D1390407 (G) 6.000 01-01-21   2,157 1,302
Capital Asset Management, Loan ID - R1D1391149 (G) 14.280 03-01-20   848 512
Capital Asset Management, Loan ID - R1D1391275 (H) 14.908 02-05-32   10,018 6,047
Capital Asset Management, Loan ID - R1D1391842 13.970 06-28-35   13,924 8,404
Capital Asset Management, Loan ID - R1D1392485 (G) 8.304 02-01-22   8,524 5,145
Capital Asset Management, Loan ID - R1D1392795 (H) 5.000 11-01-21   5,716 3,450
Capital Asset Management, Loan ID - R1D1392980 (G) 0.000 09-01-25   6,120 3,694
Capital Asset Management, Loan ID - R1D1393130 (G) 4.000 02-01-29   5,467 3,300
Capital Asset Management, Loan ID - R1D1394267 (G) 4.500 10-01-22   4,002 2,415
Capital Asset Management, Loan ID - R1D1394531 (H) 11.890 05-01-28   10,516 6,348
Capital Asset Management, Loan ID - R1D1395006 (H) 13.690 02-28-30   8,669 5,232
Capital Asset Management, Loan ID - R1D1395613 (H) 14.810 02-01-23   14,939 9,017
Capital Asset Management, Loan ID - R1D1399385 (G) 5.250 10-22-21   329 199
Capital Asset Management, Loan ID - R1D1404291 8.000 08-01-61   24,083 14,537
Capital Asset Management, Loan ID - R1D1404613 (G) 10.000 04-01-25   9,946 6,003
Capital Asset Management, Loan ID - R1D1405485 8.000 02-01-32   37,268 22,495
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 - R1D1406329 (G) 7.000 04-01-35   75,034 $45,291
Capital Asset Management, Loan ID - R1D1410621 (H) 10.000 11-30-37   169,739 102,454
Capital Asset Management, Loan ID - R1D1493873 (G) 6.750 08-20-29   96,719 58,380
Capital Asset Management, Loan ID - R1D1500901 0.000 09-29-25   629 379
Capital Asset Management, Loan ID - R1D1526783 6.750 03-01-32   25,511 15,398
Capital Asset Management, Loan ID - R1D1538702 4.500 10-01-59   357,298 215,665
Capital Asset Management, Loan ID - R1D1582190 (H) 2.000 06-01-28   9,774 5,900
Capital Asset Management, Loan ID - R1D1582271 (G) 7.000 10-01-28   18,747 11,316
Capital Asset Management, Loan ID - R1D1582428 (G) 3.000 01-01-43   74,858 45,185
Capital Asset Management, Loan ID - R1D1582688 (G) 6.750 02-01-30   15,939 9,621
Capital Asset Management, Loan ID - R1D1582848 (G) 13.990 05-24-32   12,462 7,522
Capital Asset Management, Loan ID - R1D1583331 (G) 4.000 06-01-27   11,483 6,931
Capital Asset Management, Loan ID - R1D1584709 (G) 2.000 02-01-31   8,506 5,134
Capital Asset Management, Loan ID - R1D1584745 4.000 12-01-36   22,316 13,470
Capital Asset Management, Loan ID - R1D1584833 11.975 04-01-31   20,842 12,580
Capital Asset Management, Loan ID - R1D1585078 (H) 12.250 04-01-24   3,891 2,349
CTF Asset Management, Loan ID - R1D861192126 7.500 01-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D861221792 7.500 01-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D861350237 8.000 02-01-52   27,500 24,959
CTF Asset Management, Loan ID - R1D861388112 8.000 01-01-52   51,500 46,741
CTF Asset Management, Loan ID - R1D861527735 7.500 03-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862116231 7.500 03-01-52   186,001 168,815
CTF Asset Management, Loan ID - R1D862166335 8.000 03-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862302948 8.000 04-01-52   48,867 44,351
CTF Asset Management, Loan ID - R1D862332325 7.500 04-01-52   500,000 453,800
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)        
CTF Asset Management, Loan ID - R1D862389291 8.500 04-01-52   300,000 $272,280
CTF Asset Management, Loan ID - R1D862389994 8.000 04-01-52   52,500 47,649
CTF Asset Management, Loan ID - R1D862399514 7.500 04-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862440813 8.500 05-01-52   92,000 83,499
CTF Asset Management, Loan ID - R1D862465398 9.000 05-01-52   29,000 26,320
CTF Asset Management, Loan ID - R1D862505037 9.000 05-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862525928 8.500 05-01-52   115,000 104,374
CTF Asset Management, Loan ID - R1D862525936 9.500 05-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862651740 9.000 06-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862651831 9.000 06-01-52   71,460 64,857
CTF Asset Management, Loan ID - R1D862687082 9.500 06-01-52   48,842 44,329
CTF Asset Management, Loan ID - R1D862731658 8.500 06-01-52   59,500 54,002
CTF Asset Management, Loan ID - R1D862732045 8.500 06-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D862739529 8.500 06-01-52   8,340 7,569
CTF Asset Management, Loan ID - R1D862749858 8.500 06-01-52   252,300 228,987
CTF Asset Management, Loan ID - R1D862750401 8.500 06-01-52   72,500 65,801
CTF Asset Management, Loan ID - R1D862750500 8.500 06-01-52   477,000 432,925
CTF Asset Management, Loan ID - R1D862750765 8.500 06-01-52   86,300 78,326
CTF Asset Management, Loan ID - R1D862799119 9.000 07-01-52   49,625 45,040
CTF Asset Management, Loan ID - R1D862829270 8.500 07-01-52   49,399 44,834
CTF Asset Management, Loan ID - R1D862849351 9.000 07-01-52   151,198 137,227
CTF Asset Management, Loan ID - R1D862876396 8.500 07-01-52   60,500 54,910
CTF Asset Management, Loan ID - R1D862922356 8.500 07-01-52   24,596 22,323
CTF Asset Management, Loan ID - R1D865490872 8.500 07-01-52   141,000 127,972
CTF Asset Management, Loan ID - R1D865490948 10.250 08-01-52   50,000 45,380
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 - R1D865490955 10.250 08-01-52   572,500 $519,601
CTF Asset Management, Loan ID - R1D865490971 10.000 08-01-52   54,743 49,685
CTF Asset Management, Loan ID - R1D865490997 10.250 08-01-52   52,525 47,672
CTF Asset Management, Loan ID - R1D865491029 10.250 08-01-52   21,000 19,060
CTF Asset Management, Loan ID - R1D865491052 10.000 09-01-52   101,000 91,668
CTF Asset Management, Loan ID - R1D865491078 10.250 08-01-52   20,000 18,152
CTF Asset Management, Loan ID - R1D865491102 10.000 09-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D865491128 10.250 09-01-52   26,809 24,332
CTF Asset Management, Loan ID - R1D865491136 10.000 09-01-52   58,572 53,160
CTF Asset Management, Loan ID - R1D865491185 10.250 10-01-52   50,000 45,380
CTF Asset Management, Loan ID - R1D865491219 10.250 10-01-52   225,000 204,210
CTF Asset Management, Loan ID - R1D89160038038 12.200 12-01-36   67,932 61,655
CTF Asset Management, Loan ID - R1D89160044688 4.750 04-01-64   193,079 175,239
CTF Asset Management, Loan ID - R1D89160044690 0.000 07-01-37   12,989 11,789
CTF Asset Management, Loan ID - R1D89160044748 11.700 05-01-39   15,160 13,759
CTF Asset Management, Loan ID - R1D89160045474 8.000 06-01-53   22,162 20,114
CTF Asset Management, Loan ID - R1D89160045528 6.000 07-01-29   36,061 32,729
CTF Asset Management, Loan ID - R1D89160046378 7.000 09-01-63   74,980 68,052
CTF Asset Management, Loan ID - R1D89160058918 5.250 11-01-52   88,690 80,495
CTF Asset Management, Loan ID - R1D89160059548 9.000 06-01-42   42,758 38,807
CTF Asset Management, Loan ID - R1D89160062114 4.250 06-15-51   87,440 79,360
CTF Asset Management, Loan ID - R1D89160069322 7.500 07-15-52   123,732 112,299
CTF Asset Management, Loan ID - R1D89160070252 9.375 06-01-37   56,547 51,322
CTF Asset Management, Loan ID - R1D89160070254 9.250 09-20-31   64,926 58,926
CTF Asset Management, Loan ID - R1D89160070258 6.000 05-01-42   41,393 37,569
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 - R1D89160070304 12.000 09-01-62   23,102 $20,967
CTF Asset Management, Loan ID - R1D89160074370 6.750 07-01-36   44,266 40,176
CTF Asset Management, Loan ID - R1D89160075026 8.000 05-20-49   75,099 68,160
CTF Asset Management, Loan ID - R1D89160076994 7.250 11-01-60   153,378 139,206
CTF Asset Management, Loan ID - R1D89160082270 7.115 08-01-37   65,942 59,849
CTF Asset Management, Loan ID - R1D89160082820 7.989 10-01-42   105,931 96,143
CTF Asset Management, Loan ID - R1D89160082824 7.874 11-01-52   43,072 39,093
CTF Asset Management, Loan ID - R1D89160088850 12.990 12-01-53   198,940 180,558
CTF Asset Management, Loan ID - R1D89992031886 9.500 06-01-30   12,250 11,118
Harwood Asset Management, Loan ID - R1D89160058998 9.000 12-01-42   33,623 30,516
Harwood Asset Management, Loan ID - R1D89160059480 6.000 11-01-51   194,734 176,740
Harwood Asset Management, Loan ID - R1D89160061974 9.000 03-01-43   75,822 68,816
Harwood Asset Management, Loan ID - R1D89160061988 9.000 05-01-42   47,631 43,230
Harwood Asset Management, Loan ID - R1D89160062096 7.000 09-01-52   120,225 109,117
Harwood Asset Management, Loan ID - R1D89160062110 8.000 10-01-41   52,930 48,039
Harwood Asset Management, Loan ID - R1D89160062136 8.000 07-01-51   126,686 114,980
Harwood Asset Management, Loan ID - R1D89160067642 8.000 06-01-52   75,190 68,242
Harwood Asset Management, Loan ID - R1D89160080328 6.000 12-20-33   313,929 284,922
Harwood Asset Management, Loan ID - R1D89160080998 5.750 03-20-37   82,599 74,967
Harwood Asset Management, Loan ID - R1D89160083650 5.890 01-01-28   61,000 55,364
Harwood Asset Management, Loan ID - R1D89160083652 5.184 10-01-25   231,500 210,109
Harwood Asset Management, Loan ID - R1D89160083654 6.000 09-01-27   160,000 145,216
Harwood Asset Management, Loan ID - R1D89160083656 5.800 04-25-53   83,035 75,363
Harwood Asset Management, Loan ID - R1D89160083658 5.500 03-01-28   124,187 112,712
Harwood Asset Management, Loan ID - R1D89160083660 6.120 02-01-28   148,084 134,401
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)        
Harwood Asset Management, Loan ID - R1D89160083666 9.250 06-01-26   47,377 $42,999
Harwood Asset Management, Loan ID - R1D89160083668 8.500 07-01-42   37,718 34,233
Harwood Asset Management, Loan ID - R1D89160083676 6.000 08-01-27   106,894 97,017
Harwood Asset Management, Loan ID - R1D89160083678 5.000 07-01-27   39,394 35,754
Harwood Asset Management, Loan ID - R1D89160083682 5.875 04-01-53   132,456 120,217
Harwood Asset Management, Loan ID - R1D89160083702 5.250 07-01-26   151,662 137,648
Harwood Asset Management, Loan ID - R1D89160083706 9.500 10-01-35   50,462 45,799
Harwood Asset Management, Loan ID - R1D89160084244 14.999 01-01-53   29,460 26,738
Harwood Asset Management, Loan ID - R1D89160085000 11.250 11-01-43   73,560 66,763
Harwood Asset Management, Loan ID - R1D89160086154 8.990 09-01-38   74,040 67,199
Harwood Asset Management, Loan ID - R1D89160086156 8.990 09-01-38   68,749 62,397
Harwood Asset Management, Loan ID - R1D89160086190 5.000 06-01-50   78,185 70,961
Harwood Asset Management, Loan ID - R1D89160086660 11.699 12-01-52   47,153 42,796
Harwood Asset Management, Loan ID - R1D89160086670 11.549 12-01-53   58,843 53,406
Harwood Asset Management, Loan ID - R1D89160086674 12.875 01-01-54   86,380 78,399
Harwood Asset Management, Loan ID - R1D89160086676 11.250 12-01-53   62,921 57,107
Harwood Asset Management, Loan ID - R1D89160087568 10.000 05-01-36   126,848 115,127
PPR Capital Management, Loan ID - R1D51303030492 8.750 10-01-62   47,275 24,664
PPR Capital Management, Loan ID - R1D51403030022 (G) 9.125 09-01-25   153,406 80,032
PPR Capital Management, Loan ID - R1D51403030279 (G) 5.100 10-01-36   58,831 30,692
PPR Capital Management, Loan ID - R1D51403030352 9.150 11-01-35   93,301 48,675
PPR Capital Management, Loan ID - R1D51403030948 (G) 9.900 05-22-38   23,064 12,032
PPR Capital Management, Loan ID - R1D51502010013 8.350 11-01-42   8,166 4,260
PPR Capital Management, Loan ID - R1D51506010146 7.250 12-01-46   68,654 35,817
PPR Capital Management, Loan ID - R1D51506010444 9.500 01-01-52   51,641 26,941
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 - R1D51506010469 (G) 9.750 09-01-36   23,928 $12,483
PPR Capital Management, Loan ID - R1D51506010756 4.800 09-01-25   297 155
PPR Capital Management, Loan ID - R1D51507010001 7.000 01-01-28   4,266 2,226
PPR Capital Management, Loan ID - R1D51605010212 7.250 06-01-31   21,999 11,477
PPR Capital Management, Loan ID - R1D51611010043 (G) 9.990 01-01-21   16,292 8,500
PPR Capital Management, Loan ID - R1D51805030001 7.250 03-20-43   26,421 13,784
PPR Capital Management, Loan ID - R1D51808040029 9.000 06-01-41   18,446 9,623
PPR Capital Management, Loan ID - R1D51812030089 (G) 4.000 08-01-47   70,766 36,918
PPR Capital Management, Loan ID - R1D51812030096 (G) 13.500 07-01-36   26,579 13,866
PPR Capital Management, Loan ID - R1D51812030180 7.000 02-01-50   117,963 61,541
PPR Capital Management, Loan ID - R1D51903040003 (G) 5.000 01-01-30   15,327 7,996
PPR Capital Management, Loan ID - R1D51903040192 11.625 02-01-37   77,366 40,362
PPR Capital Management, Loan ID - R1D51903040208 (G) 8.990 02-01-22   82,055 42,808
PPR Capital Management, Loan ID - R1D51904010040 (G) 6.250 09-01-51   123,539 64,450
PPR Capital Management, Loan ID - R1D51906030034 6.000 12-01-48   214,513 111,912
PPR Capital Management, Loan ID - R1D52007020001 (G) 8.500 04-01-38   20,587 10,740
PPR Capital Management, Loan ID - R1D52110130001 (G) 7.500 05-18-42   98,025 51,140
Shelving Rock, Loan ID - R1D71005316541 7.000 06-01-31   18,001 15,824
Shelving Rock, Loan ID - R1D71005330611 5.750 08-25-26   23,351 20,528
Shelving Rock, Loan ID - R1D71005332444 6.000 10-01-31   28,623 25,162
Shelving Rock, Loan ID - R1D71005349123 7.000 10-01-31   14,355 12,619
Shelving Rock, Loan ID - R1D71006123597 6.125 11-01-26   164,100 144,260
Shelving Rock, Loan ID - R1D7110507803 8.875 03-01-27   19,257 16,929
Shelving Rock, Loan ID - R1D7111713993 6.000 12-01-26   32,215 28,320
Shelving Rock, Loan ID - R1D7120449362 8.375 03-15-31   14,781 12,994
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 - R1D7131263557 10.625 03-01-27   98,585 $86,666
Shelving Rock, Loan ID - R1D7132056137 5.500 10-01-26   114,148 100,348
Shelving Rock, Loan ID - R1D7138556254 7.000 10-01-28   48,669 42,785
Shelving Rock, Loan ID - R1D714141816 6.500 08-01-36   282,475 248,324
Shelving Rock, Loan ID - R1D7146417973 5.000 11-15-26   46,871 41,204
Shelving Rock, Loan ID - R1D7146861634 10.250 11-13-31   53,125 46,702
Shelving Rock, Loan ID - R1D7147552201 (I) 6.000 01-01-25   59,594 52,389
Shelving Rock, Loan ID - R1D7147658590 10.525 01-01-27   296,909 261,013
Shelving Rock, Loan ID - R1D7147758371 7.900 05-10-41   6,499 5,714
Shelving Rock, Loan ID - R1D7149230333 12.250 05-01-25   58,992 51,860
Shelving Rock, Loan ID - R1D7149559183 4.750 03-31-43   51,100 44,922
Shelving Rock, Loan ID - R1D7149677942 6.000 07-01-26   99,555 87,519
Shelving Rock, Loan ID - R1D7150056432 7.000 08-01-28   109,236 96,029
Shelving Rock, Loan ID - R1D715011 7.000 02-01-37   145,091 127,549
Shelving Rock, Loan ID - R1D7150554252 7.375 05-01-27   62,814 55,219
Shelving Rock, Loan ID - R1D715103820 5.000 12-01-41   52,220 45,906
Shelving Rock, Loan ID - R1D7151117895 9.125 12-01-31   84,605 74,376
Shelving Rock, Loan ID - R1D7151175171 6.000 06-01-38   21,253 18,684
Shelving Rock, Loan ID - R1D7152139837 7.750 10-01-29   165,451 145,448
Shelving Rock, Loan ID - R1D7152394494 10.250 11-01-31   62,633 55,061
Shelving Rock, Loan ID - R1D7152875318 6.500 01-01-27   69,876 61,428
Shelving Rock, Loan ID - R1D7153125943 7.375 05-01-25   44,308 38,951
Shelving Rock, Loan ID - R1D7153215845 10.875 04-01-29   37,274 32,767
Shelving Rock, Loan ID - R1D7153283112 10.750 10-01-27   34,219 30,081
Shelving Rock, Loan ID - R1D7153331975 8.750 02-01-27   58,226 51,186
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 - R1D7153681515 5.000 04-01-28   70,652 $62,110
Shelving Rock, Loan ID - R1D7154370376 10.000 07-01-28   123,112 108,228
Shelving Rock, Loan ID - R1D7154664695 8.750 04-01-37   47,505 41,761
Shelving Rock, Loan ID - R1D7154844109 10.375 02-01-27   172,090 151,285
Shelving Rock, Loan ID - R1D7155064828 2.000 01-01-32   11,827 10,397
Shelving Rock, Loan ID - R1D7155104113 (I) 5.500 02-01-25   77,452 68,088
Shelving Rock, Loan ID - R1D7155528458 9.500 01-01-32   28,040 24,650
Shelving Rock, Loan ID - R1D7156105663 8.250 01-01-29   44,185 38,843
Shelving Rock, Loan ID - R1D7156530174 7.250 04-01-28   89,142 78,364
Shelving Rock, Loan ID - R1D7157215669 6.500 02-29-44   9,063 7,968
Shelving Rock, Loan ID - R1D7157308823 8.000 03-01-29   75,212 66,119
Shelving Rock, Loan ID - R1D7158076955 11.250 03-01-32   139,317 122,473
Shelving Rock, Loan ID - R1D7158284666 8.250 03-31-28   50,323 44,239
Shelving Rock, Loan ID - R1D7159142975 8.875 05-01-37   27,281 23,983
Shelving Rock, Loan ID - R1D7190028 5.000 01-01-35   163,789 143,987
Shelving Rock, Loan ID - R1D728102939 7.250 04-01-26   71,207 62,598
Shelving Rock, Loan ID - R1D7358309 6.375 08-01-43   73,995 65,049
Shelving Rock, Loan ID - R1D7358890 7.500 12-01-29   190,923 167,841
Shelving Rock, Loan ID - R1D7371699 4.000 05-01-32   153,258 134,729
Shelving Rock, Loan ID - R1D7372448 9.000 05-01-37   171,661 150,907
Shelving Rock, Loan ID - R1D7379247 7.000 10-01-29   65,392 57,486
Shelving Rock, Loan ID - R1D7403476 7.750 10-01-35   19,622 17,250
Shelving Rock, Loan ID - R1D7501299 10.125 04-01-26   35,643 31,334
Shelving Rock, Loan ID - R1D7501374 9.500 10-01-26   44,561 39,174
Shelving Rock, Loan ID - R1D7612362392 7.325 08-01-25   75,288 66,186
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 - R1D7612363572 10.000 08-01-36   13,487 $11,856
Shelving Rock, Loan ID - R1D7612563619 5.000 12-01-25   35,515 31,221
Shelving Rock, Loan ID - R1D7612687814 7.625 05-01-27   94,928 83,452
Shelving Rock, Loan ID - R1D7612704445 7.500 08-01-25   22,113 19,440
Shelving Rock, Loan ID - R1D7612780007 10.630 07-01-25   38,762 34,076
Shelving Rock, Loan ID - R1D7612782771 12.250 09-01-28   8,301 7,297
Shelving Rock, Loan ID - R1D7612786152 8.750 08-01-25   16,664 14,649
Shelving Rock, Loan ID - R1D7612791616 6.490 12-01-36   136,796 120,257
Shelving Rock, Loan ID - R1D7612795344 6.250 11-01-27   54,494 47,906
Shelving Rock, Loan ID - R1D7612815027 8.312 01-01-37   54,480 47,894
Shelving Rock, Loan ID - R1D7612822130 7.000 02-01-28   43,096 37,886
Shelving Rock, Loan ID - R1D7612838599 7.000 05-01-26   78,509 69,018
Shelving Rock, Loan ID - R1D7612845552 6.000 12-01-26   54,820 48,192
Shelving Rock, Loan ID - R1D7612870923 9.625 06-01-33   36,763 32,318
Shelving Rock, Loan ID - R1D7612900092 9.625 08-01-25   14,599 12,834
Shelving Rock, Loan ID - R1D7612916767 (I) 5.500 12-01-24   143,309 125,983
Shelving Rock, Loan ID - R1D7612930362 6.750 12-01-28   95,370 83,840
Shelving Rock, Loan ID - R1D7612930867 6.000 03-01-29   98,585 86,666
Shelving Rock, Loan ID - R1D7612934083 6.000 12-01-31   37,683 33,127
Shelving Rock, Loan ID - R1D7612935650 8.375 01-01-29   89,925 79,053
Shelving Rock, Loan ID - R1D7612945691 12.000 08-01-25   77,211 67,876
Shelving Rock, Loan ID - R1D7612946632 8.000 04-01-26   98,302 86,418
Shelving Rock, Loan ID - R1D7612968586 5.000 05-01-25   68,283 60,028
Shelving Rock, Loan ID - R1D7612982157 9.125 12-01-31   18,806 16,533
Shelving Rock, Loan ID - R1D7612984567 5.375 01-01-32   69,155 60,794
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 - R1D7612987016 8.750 07-01-25   73,447 $64,567
Shelving Rock, Loan ID - R1D7612987701 5.250 01-01-32   40,648 35,734
Shelving Rock, Loan ID - R1D7612987966 6.250 08-01-26   55,845 49,093
Shelving Rock, Loan ID - R1D7612994574 7.875 12-01-31   45,450 39,955
Shelving Rock, Loan ID - R1D7613006691 7.500 05-01-27   60,344 53,048
Shelving Rock, Loan ID - R1D7613009166 2.000 05-01-25   8,120 7,138
Shelving Rock, Loan ID - R1D7613024009 7.500 01-01-32   56,617 49,772
Shelving Rock, Loan ID - R1D7613033455 8.375 09-01-26   42,785 37,612
Shelving Rock, Loan ID - R1D7613048636 8.000 06-01-30   38,545 33,885
Shelving Rock, Loan ID - R1D7613050301 8.000 04-01-29   24,088 21,175
Shelving Rock, Loan ID - R1D7613070523 6.000 02-01-30   71,406 62,773
Shelving Rock, Loan ID - R1D7613081298 8.375 01-01-28   41,722 36,678
Shelving Rock, Loan ID - R1D7613115377 9.125 03-01-32   7,192 6,323
Shelving Rock, Loan ID - R1D7613121615 7.000 09-01-29   174,317 153,242
Shelving Rock, Loan ID - R1D7613166206 8.000 08-01-25   20,037 17,614
Shelving Rock, Loan ID - R1D7613170885 7.000 04-01-25   55,924 49,163
Shelving Rock, Loan ID - R1D7613171974 9.250 04-01-37   41,856 36,795
Shelving Rock, Loan ID - R1D7613181106 8.000 05-01-37   10,180 8,949
Shelving Rock, Loan ID - R1D7613184407 8.625 03-01-35   26,251 23,078
Shelving Rock, Loan ID - R1D7613190008 8.500 05-01-25   75,422 66,304
Shelving Rock, Loan ID - R1D7613190438 5.000 01-01-27   111,061 97,634
Shelving Rock, Loan ID - R1D7613192491 5.000 03-01-29   45,216 39,749
Shelving Rock, Loan ID - R1D7613201664 5.000 04-01-32   48,719 42,829
Shelving Rock, Loan ID - R1D7613204593 6.000 02-01-27   113,390 99,681
Shelving Rock, Loan ID - R1D7614380152 7.500 06-01-27   125,814 110,603
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 - R1D7616147567 11.900 05-01-29   65,790 $57,836
Shelving Rock, Loan ID - R1D7618434583 9.000 02-01-30   75,872 66,699
Shelving Rock, Loan ID - R1D7618446017 9.375 12-01-31   15,962 14,032
Shelving Rock, Loan ID - R1D7618446488 5.000 12-01-28   109,434 96,203
Shelving Rock, Loan ID - R1D7618452353 9.875 03-01-27   39,475 34,702
Shelving Rock, Loan ID - R1D76865188 11.725 05-01-25   60,887 53,526
Shelving Rock, Loan ID - R1D772832781 6.750 04-01-28   16,574 14,570
Shelving Rock, Loan ID - R1D789737854 8.000 05-01-25   165,511 145,501
Shelving Rock, Loan ID - R1D789786346 7.750 01-01-29   162,467 142,825
Shelving Rock, Loan ID - R1D789806906 5.000 08-01-32   197,740 173,833
Shelving Rock, Loan ID - R1D789909028 5.000 04-01-25   69,593 61,179
Shelving Rock, Loan ID - R1D789909929 7.375 12-01-27   57,591 50,628
Shelving Rock, Loan ID - R1D789914746 8.000 12-01-27   31,112 27,350
Shelving Rock, Loan ID - R1D789919476 6.000 09-01-25   83,617 73,508
Shelving Rock, Loan ID - R1D789919657 7.000 02-01-27   233,728 205,470
Shelving Rock, Loan ID - R1D789931830 8.000 02-01-32   64,929 57,079
Shelving Rock, Loan ID - R1D789987287 8.125 03-01-37   35,398 31,118
Shelving Rock, Loan ID - R1D789996254 8.000 05-01-29   66,265 58,253
Shelving Rock, Loan ID - R1D789997444 10.325 09-01-26   51,115 44,935
JH Residential Whole Loan Trust II (E)(F) 3.8%       8,520,207
Achieve, Loan ID - R21032974202 15.250 10-01-33   39,517 40,785
Achieve, Loan ID - R21032974325 12.250 10-01-33   113,605 117,251
Achieve, Loan ID - R21034888477 14.250 05-01-34   108,401 111,881
Achieve, Loan ID - R21034913863 13.750 05-01-34   65,295 67,390
Achieve, Loan ID - R2693294704 11.250 04-01-35   32,400 33,100
Achieve, Loan ID - R2693294712 12.375 04-01-35   54,200 55,371
Achieve, Loan ID - R2693294886 11.250 04-01-40   60,700 62,011
Achieve, Loan ID - R2693294993 13.500 04-01-40   99,850 102,107
Achieve, Loan ID - R2693295008 11.375 04-01-35   44,000 44,950
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 II (continued)        
Achieve, Loan ID - R2693295099 11.750 04-01-55   146,500 $149,664
Achieve, Loan ID - R2693295305 13.000 04-01-40   31,300 31,976
Achieve, Loan ID - R2693295529 10.000 04-01-35   53,550 54,707
Achieve, Loan ID - R2693295545 11.125 04-01-35   32,000 32,691
Achieve, Loan ID - R2693295552 11.625 04-01-35   39,600 40,455
Achieve, Loan ID - R2693295560 10.750 04-01-55   173,500 177,248
Achieve, Loan ID - R2693306110 11.875 04-01-35   66,000 67,426
Achieve, Loan ID - R2693306128 10.250 04-01-35   132,000 134,851
Achieve, Loan ID - R2693306326 11.750 04-01-40   58,600 59,866
Achieve, Loan ID - R2693306367 13.250 04-01-55   77,600 79,276
Achieve, Loan ID - R2693306466 11.875 04-01-35   16,000 16,346
Achieve, Loan ID - R2693355844 10.500 04-01-35   32,800 33,508
Achieve, Loan ID - R2693355919 11.875 04-01-45   141,750 144,812
Achieve, Loan ID - R2693356073 10.875 04-01-55   45,000 45,972
Achieve, Loan ID - R2693356149 11.625 04-01-40   51,100 52,204
Achieve, Loan ID - R2693356297 9.500 04-01-55   43,300 44,235
Achieve, Loan ID - R2693356321 10.875 04-01-55   65,800 67,221
Achieve, Loan ID - R2693356396 11.125 04-01-55   73,400 74,985
Achieve, Loan ID - R2693356602 12.125 04-01-55   86,750 88,624
Achieve, Loan ID - R2693356610 9.350 04-01-55   100,200 102,364
Achieve, Loan ID - R2693356669 9.375 04-01-35   15,600 15,937
Achieve, Loan ID - R2693356727 12.000 04-01-35   49,000 50,058
Achieve, Loan ID - R2693405797 11.000 04-01-35   50,200 51,284
Achieve, Loan ID - R2693406118 10.125 04-01-35   53,150 54,298
Achieve, Loan ID - R2693406126 9.500 04-01-55   190,000 194,104
Achieve, Loan ID - R2693406217 12.125 04-01-55   101,300 103,488
Achieve, Loan ID - R2693406324 11.875 04-01-35   27,800 28,400
Achieve, Loan ID - R2693406407 12.000 04-01-55   62,850 64,208
Achieve, Loan ID - R2693475600 13.000 04-01-35   30,500 31,189
Achieve, Loan ID - R2693475923 11.250 04-01-40   41,800 42,745
Achieve, Loan ID - R2693475980 12.250 05-01-40   113,500 115,833
Achieve, Loan ID - R2693475998 13.000 05-01-40   58,200 59,389
Achieve, Loan ID - R2693476095 12.500 04-01-35   184,950 188,945
Achieve, Loan ID - R2693476111 11.375 04-01-35   50,500 51,591
Achieve, Loan ID - R2693476145 7.740 04-01-40   36,100 36,880
Achieve, Loan ID - R2693476152 11.125 04-01-55   75,050 76,671
Achieve, Loan ID - R2693476228 11.250 04-01-40   150,000 153,390
Achieve, Loan ID - R2693476301 13.250 04-01-35   54,450 55,681
Achieve, Loan ID - R2693476327 11.000 04-01-35   31,200 31,905
Achieve, Loan ID - R2693476335 9.875 04-01-35   89,000 90,922
Achieve, Loan ID - R2693476467 11.750 04-01-35   53,950 55,169
Achieve, Loan ID - R2693476590 10.500 05-01-35   36,250 37,006
Achieve, Loan ID - R2693476673 12.500 04-01-40   48,850 49,954
Achieve, Loan ID - R2693476749 11.500 04-01-40   120,000 122,712
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 II (continued)        
Achieve, Loan ID - R2693476806 12.000 04-01-35   50,250 $51,386
Achieve, Loan ID - R2693476871 11.750 04-01-40   75,000 76,695
Achieve, Loan ID - R2693476897 14.250 04-01-40   73,400 75,059
Achieve, Loan ID - R2693476962 11.625 04-01-35   65,300 66,710
Achieve, Loan ID - R2693476988 14.000 05-01-40   49,000 49,995
Achieve, Loan ID - R2693477010 9.500 04-01-40   62,800 64,156
Achieve, Loan ID - R2693496028 11.500 05-01-35   54,400 55,525
Achieve, Loan ID - R2693496150 10.125 05-01-45   64,900 66,192
Achieve, Loan ID - R2693496168 12.000 05-01-35   73,950 75,473
Achieve, Loan ID - R2693496192 10.250 05-01-55   143,450 146,307
Achieve, Loan ID - R2693496226 11.500 05-01-35   150,000 153,102
Achieve, Loan ID - R2693496234 11.625 05-01-40   43,000 43,845
Achieve, Loan ID - R2693496366 12.250 05-01-35   41,050 41,894
Achieve, Loan ID - R2693496374 11.875 05-01-55   154,200 157,230
Achieve, Loan ID - R2693496457 13.750 05-01-40   49,050 50,046
Achieve, Loan ID - R2693496507 14.250 05-01-40   50,600 51,625
Achieve, Loan ID - R2693496523 11.750 05-01-40   77,600 79,204
Achieve, Loan ID - R2693531733 10.500 05-01-35   33,700 34,403
Achieve, Loan ID - R2693531782 11.875 05-01-55   67,700 69,028
Achieve, Loan ID - R2693531816 10.750 05-01-40   50,000 51,040
Achieve, Loan ID - R2693531824 11.500 05-01-35   83,800 85,533
Achieve, Loan ID - R2693531873 10.500 05-01-35   36,500 37,261
Achieve, Loan ID - R2693531956 10.000 05-01-35   143,700 146,708
Achieve, Loan ID - R2693532046 9.500 05-01-55   75,550 77,062
Achieve, Loan ID - R2693532079 11.375 05-01-55   63,400 64,649
Achieve, Loan ID - R2693532152 13.000 05-01-35   47,000 47,960
Achieve, Loan ID - R2693532186 11.000 05-01-35   23,300 23,784
Achieve, Loan ID - R2693532244 12.750 05-01-35   94,100 96,027
Achieve, Loan ID - R2693532285 10.750 05-01-40   80,000 81,665
Achieve, Loan ID - R2693532343 10.250 05-01-35   125,100 127,714
Achieve, Loan ID - R2693532368 11.000 05-01-35   61,800 63,023
Achieve, Loan ID - R2693532376 9.750 05-01-40   114,000 116,394
Achieve, Loan ID - R2693532400 10.500 05-01-35   73,850 75,390
Achieve, Loan ID - R2693532459 12.250 05-01-40   77,700 79,297
Achieve, Loan ID - R2693532467 9.875 05-01-35   31,000 31,619
Achieve, Loan ID - R2693532475 10.250 05-01-40   114,200 116,472
Achieve, Loan ID - R2693532533 11.000 05-01-35   59,500 60,736
Achieve, Loan ID - R2693532566 11.250 05-01-40   100,000 102,073
Achieve, Loan ID - R2693532574 12.125 05-01-55   88,400 90,131
Achieve, Loan ID - R2693532624 12.250 05-01-40   52,150 53,222
Achieve, Loan ID - R2693532632 13.000 05-01-35   29,000 29,593
Achieve, Loan ID - R2693532681 13.250 05-01-40   53,500 54,591
Achieve, Loan ID - R2693532723 11.500 05-01-35   95,500 97,475
Achieve, Loan ID - R2693532756 10.000 05-01-35   34,700 35,426
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 II (continued)        
Achieve, Loan ID - R2693550147 13.000 05-01-40   61,000 $62,246
Achieve, Loan ID - R2693550154 10.500 05-01-35   126,350 128,984
Achieve, Loan ID - R2693550188 11.500 05-01-40   50,950 52,004
Achieve, Loan ID - R2693550204 12.000 05-01-35   51,500 52,562
Achieve, Loan ID - R2693550212 11.625 05-01-55   66,350 67,656
Achieve, Loan ID - R2693550220 10.000 05-01-40   127,450 129,991
Achieve, Loan ID - R2693550378 10.875 05-01-45   124,000 126,457
Achieve, Loan ID - R2693550386 11.500 05-01-40   46,300 47,259
Achieve, Loan ID - R2693550501 10.250 05-01-35   45,700 46,655
Achieve, Loan ID - R2693550600 10.875 05-01-35   83,200 84,846
Achieve, Loan ID - R2693550618 11.000 05-01-35   33,500 34,162
Achieve, Loan ID - R2693569188 11.625 05-01-55   71,300 72,702
Achieve, Loan ID - R2693569246 12.250 05-01-35   32,150 32,779
Achieve, Loan ID - R2693569543 9.500 05-01-40   32,500 33,151
Achieve, Loan ID - R2693569675 10.375 05-01-55   300,000 305,963
Achieve, Loan ID - R2693569857 11.375 05-01-55   37,700 38,443
Achieve, Loan ID - R2693570012 11.625 05-01-55   55,500 56,591
Residential whole loans 4.4%         9,928,412
ACHM Trust          
Series 2023-HE2, Class D PO (A) 4.030 10-25-38   567,739 241,070
Series 2023-HE2, Class XS IO (A)(F)(J) — 10-25-38   5,373,663 169,270
Series 2024-HE1, Class D PO (A) 5.847 05-25-39   652,321 65,833
Series 2024-HE1, Class XS IO (A)(F)(J) — 05-25-39   9,318,869 941,206
Series 2024-HE2, Class D PO (A) 5.474 10-25-39   635,660 92,718
Series 2024-HE2, Class XS IO (A)(J) — 10-25-39   9,081,034 1,296,575
Series 2025-HE1, Class D PO (A)(F) 2.132 03-25-55   1,515,204 532,258
Series 2025-HE1, Class XS IO (A)(F)(J) — 03-25-55   21,645,780 2,139,512
FIGRE Trust          
Series 2024-HE5, Class CE PO (A)(J) — 10-25-54   444,613 1,576,917
Series 2024-SL1, Class A1 (A)(D) 5.748 07-25-53   860,667 867,498
JP Morgan Mortgage Trust          
Series 2025-CES1, Class M1 (A)(D) 6.267 05-25-55   2,000,000 2,005,555
Term loans (K) 12.9%         $28,830,034
(Cost $28,707,892)          
Commercial real estate lending 12.9%     28,830,034
Clairemont Drive LLC, Term Loan (1 month CME Term SOFR + 7.000%) (F) 11.623 03-11-26   4,279,419 4,200,677
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 26
Table of Contents
  Rate (%) Maturity date   Par value^ Value
Commercial real estate lending (continued)      
Genprov Holdco LLC, Term Loan (1 month CME Term SOFR + 4.900%) (F) 9.775 08-11-26   4,914,630 $4,930,848
MCR Newark Airport LLC, Term Loan (1 month CME Term SOFR + 6.250%) (F) 11.000 04-11-27   4,582,624 4,601,871
Stevens Creek Boulevard, Term Loan (1 month CME Term SOFR + 5.800%) (F) 10.623 07-11-26   4,681,439 4,679,098
Verena at Gilbert, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (F) 9.623 01-11-27   4,697,266 4,685,992
Verena at Hillard, Term Loan (1 month CME Term SOFR + 5.350%) (F) 9.973 04-11-27   5,724,107 5,731,548
Profit participating notes 10.6%         $23,699,431
(Cost $21,221,247)          
Corporate asset-based credit 0.7%     1,563,296
Tilapia Finance Profit Participating Notes (3 month EURIBOR + 6.900%) (C)(F) 9.086 12-12-33 EUR 1,376,800 1,563,296
Transportation assets 9.9%     22,136,135
JH Aircraft Leasing 4535 (Ireland) Designated Activity Company (F)(L)(M) — 04-26-44   20,897,863 22,136,135
    
        Shares Value
Special purpose vehicles 9.9%   $22,234,945
(Cost $20,559,732)          
Industrials 6.1%         13,688,210
JH Liftco LLC (F)(M)(N)       6,845,000 6,318,245
JH Finance LeaseCo LLC (F)(M)(N)       7,332,249 7,369,965
Real estate 0.0%         30,000
JH REO Trust (F)(M)(N)       30,000 30,000
Transportation assets 3.8%         8,516,735
MSN 803 Trust (F)(M)(N)       7,882,217 8,516,735
    
  Rate (%) Maturity date   Par value^ Value
Consumer-related assets 9.6%         $21,555,836
(Cost $22,612,156)          
Consumer loans 9.6%         21,555,836
ACHV ABS Trust          
Series 2023-3PL, Class R (A)(F)(J) — 08-19-30   2,637 287,808
Series 2025-1PL, Class E (A) 6.500 04-26-32   1,000,000 966,517
27 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)          
Avant Loans Funding Trust          
Series 2022-REV1, Class E (A) 12.980 09-15-31   3,000,000 $3,033,531
Series 2025-REV1, Class D (A) 8.390 05-15-34   3,000,000 2,951,153
Series 2024-REV1, Class C (A) 7.060 10-15-33   1,750,000 1,735,034
Best Egg Asset Structured Pass Through Master Trust          
Series 2025-A, Class CERT (A)(F)(J) — 01-15-35   3,003 504,170
Series 2025-C, Class CERT (A)(F)(J) — 03-15-35   3,003 369,873
Series 2025-B, Class CERT (A)(F)(J) — 02-15-35   3,003 643,498
Series 2025-D, Class CERT (A)(F)(J) — 04-15-35   3,003 628,819
Credit Suisse ABS Repackaging Trust          
Series 2013-A, Class R1 (A)(F)(J) — 04-25-43   5,000 1,975,143
Freedom Financial ABS Trust          
Series 2022-3FP, Class CERT (A)(J) — 08-20-29   23,900 2,407,961
Mosaic Solar Loan Trust          
Series 2018-2GS, Class R IO (A)(J) — 02-22-44   19,131,000 3,004,562
Santander Drive Auto Receivables Trust          
Series 2023-S1, Class CERT (A)(F)(J) — 04-18-28   11,500 3,047,767
Consumer loans 3.0%         $6,657,410
(Cost $6,863,339)          
JH Consumer Loan Trust (E)(F) 3.0%       6,657,410
Achieve, Loan ID - C18648251 20.990 12-14-26   15,723 15,411
Achieve, Loan ID - C22902472 16.740 12-10-26   21,930 21,493
Achieve, Loan ID - C23253984 14.990 01-15-26   10,289 10,084
Achieve, Loan ID - C23300084 16.490 01-25-27   11,223 11,000
Achieve, Loan ID - C23301086 21.740 02-13-28   17,405 17,058
Achieve, Loan ID - C23500788 8.490 01-15-28   8,238 8,074
Achieve, Loan ID - C23511393 25.490 01-20-26   1,813 1,777
Achieve, Loan ID - C23885575 13.740 01-24-27   12,767 12,513
Achieve, Loan ID - C23902626 23.990 01-23-28   17,711 17,358
Achieve, Loan ID - C23957226 22.240 12-11-25   13,931 13,654
Achieve, Loan ID - C23964782 26.990 12-10-27   31,592 30,964
Achieve, Loan ID - C23966505 26.990 02-25-28   15,904 15,588
Achieve, Loan ID - C23985013 26.990 02-28-28   8,459 8,291
Achieve, Loan ID - C23988868 21.740 12-10-27   15,603 15,292
Achieve, Loan ID - C23992646 26.990 01-15-28   8,558 8,388
Achieve, Loan ID - C23992707 21.990 12-04-27   33,440 32,774
Achieve, Loan ID - C23993537 22.990 12-16-26   21,224 20,802
Achieve, Loan ID - C24002565 26.990 12-10-27   7,419 7,271
Achieve, Loan ID - C24003540 23.990 01-25-26   5,404 5,296
Achieve, Loan ID - C24016122 24.490 01-23-26   7,697 7,544
Achieve, Loan ID - C24095448 26.990 02-25-28   15,101 14,801
Achieve, Loan ID - C24100561 26.740 12-14-27   11,085 10,865
Achieve, Loan ID - C24111885 25.990 02-25-28   12,110 11,869
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 28
Table of Contents
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C24117426 25.490 01-26-26   8,728 $8,554
Achieve, Loan ID - C24118254 16.240 01-25-28   32,738 32,087
Achieve, Loan ID - C24119783 26.740 01-20-28   12,773 12,519
Achieve, Loan ID - C24160824 21.490 01-26-28   10,334 10,129
Achieve, Loan ID - C24166360 26.990 02-27-28   6,471 6,342
Achieve, Loan ID - C24173305 21.490 01-15-27   5,810 5,694
Achieve, Loan ID - C24178392 14.240 01-26-28   18,002 17,644
Achieve, Loan ID - C24219111 13.740 12-14-26   25,522 25,014
Achieve, Loan ID - C24223658 8.740 12-14-25   10,979 10,760
Achieve, Loan ID - C24228404 19.740 01-27-27   17,105 16,764
Achieve, Loan ID - C24234040 15.490 01-27-28   13,662 13,391
Achieve, Loan ID - C24250851 9.240 01-20-26   7,082 6,941
Achieve, Loan ID - C24253181 24.990 12-15-25   893 876
Achieve, Loan ID - C24253285 15.490 01-27-27   23,401 22,936
Achieve, Loan ID - C24281913 26.990 02-29-28   28,095 27,536
Achieve, Loan ID - C24284884 26.240 01-20-28   10,606 10,395
Achieve, Loan ID - C24305742 25.240 12-16-26   16,072 15,752
Achieve, Loan ID - C24322154 25.490 12-16-25   3,346 3,279
Achieve, Loan ID - C24328234 24.240 01-29-28   28,842 28,268
Achieve, Loan ID - C24332351 26.490 01-29-27   37,816 37,064
Achieve, Loan ID - C24337568 17.990 01-30-26   5,303 5,197
Achieve, Loan ID - C24361791 25.740 02-29-28   28,652 28,082
Achieve, Loan ID - C24702290 25.490 12-24-27   6,273 6,148
Achieve, Loan ID - C24708215 17.740 02-03-27   11,705 11,472
Achieve, Loan ID - C24737748 (H) 16.240 12-28-26   15,427 15,120
Achieve, Loan ID - C24770901 18.990 12-25-26   13,483 13,215
Achieve, Loan ID - C24783767 26.990 03-09-28   9,589 9,398
Achieve, Loan ID - C24785164 20.740 12-25-27   12,007 11,768
Achieve, Loan ID - C24786979 (H) 26.990 03-09-28   24,769 24,277
Achieve, Loan ID - C24808124 23.490 02-13-28   17,241 16,898
Achieve, Loan ID - C24808507 18.990 02-02-26   10,482 10,273
Achieve, Loan ID - C24814257 26.990 03-10-28   2,962 2,903
Achieve, Loan ID - C24838632 26.990 03-11-28   13,761 13,487
Achieve, Loan ID - C24842245 9.240 12-26-27   7,822 7,666
Achieve, Loan ID - C24891649 23.490 02-01-27   30,609 29,999
Achieve, Loan ID - C24929161 25.740 03-12-28   14,728 14,435
Achieve, Loan ID - C24931645 21.240 12-30-27   4,880 4,783
Achieve, Loan ID - C24941009 20.240 02-13-27   7,488 7,339
Achieve, Loan ID - C24941466 26.490 12-30-26   3,164 3,101
Achieve, Loan ID - C31322342 26.990 06-14-28   9,192 9,009
Achieve, Loan ID - C31323216 5.990 04-30-25   1,134 1,111
Achieve, Loan ID - C31335950 5.990 06-27-25   1,083 1,061
Achieve, Loan ID - C31336469 18.990 06-19-27   15,175 14,873
Achieve, Loan ID - C31339468 15.740 05-01-27   9,684 9,492
29 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 - C31346016 (H) 18.740 06-28-27   11,467 $11,238
Achieve, Loan ID - C31355554 24.740 06-16-28   8,499 8,330
Achieve, Loan ID - C31358659 20.740 06-12-28   7,859 7,702
Achieve, Loan ID - C31359319 21.740 06-12-28   7,909 7,752
Achieve, Loan ID - C31361837 16.240 06-21-27   14,352 14,067
Achieve, Loan ID - C31363408 26.990 06-15-28   24,787 24,294
Achieve, Loan ID - C31368567 16.990 06-20-28   36,494 35,768
Achieve, Loan ID - C31369376 19.240 06-13-28   4,696 4,602
Achieve, Loan ID - C31370479 16.490 06-22-26   20,364 19,959
Achieve, Loan ID - C31371254 21.740 06-16-28   11,254 11,030
Achieve, Loan ID - C31375823 24.240 06-18-27   11,885 11,649
Achieve, Loan ID - C31376581 18.990 06-23-28   9,112 8,931
Achieve, Loan ID - C31384566 26.990 07-26-28   19,292 18,908
Achieve, Loan ID - C31386911 21.990 06-16-28   27,854 27,299
Achieve, Loan ID - C31388466 20.490 06-13-28   11,135 10,913
Achieve, Loan ID - C31388907 20.740 06-16-27   24,062 23,583
Achieve, Loan ID - C31389230 26.990 06-16-28   3,161 3,098
Achieve, Loan ID - C31389516 20.740 06-13-28   22,920 22,464
Achieve, Loan ID - C31389544 18.240 06-15-26   23,179 22,718
Achieve, Loan ID - C31390638 19.990 06-16-28   29,691 29,100
Achieve, Loan ID - C31390921 22.490 06-13-27   3,238 3,173
Achieve, Loan ID - C31391521 26.990 06-14-28   7,060 6,919
Achieve, Loan ID - C31391565 21.990 06-21-28   16,795 16,460
Achieve, Loan ID - C31392604 26.990 06-13-28   7,723 7,569
Achieve, Loan ID - C31393020 26.990 07-27-28   5,488 5,379
Achieve, Loan ID - C31393496 22.740 05-09-27   2,621 2,569
Achieve, Loan ID - C31394502 5.990 05-10-25   963 944
Achieve, Loan ID - C31394748 23.990 06-29-27   7,825 7,669
Achieve, Loan ID - C31395045 22.990 05-01-28   9,784 9,589
Achieve, Loan ID - C31395596 18.740 06-29-25   3,876 3,799
Achieve, Loan ID - C31395796 24.240 07-30-28   13,277 13,013
Achieve, Loan ID - C31396148 21.740 06-30-28   17,395 17,048
Achieve, Loan ID - C31396302 26.990 07-26-28   9,136 8,954
Achieve, Loan ID - C31396322 25.240 07-27-28   10,188 9,985
Achieve, Loan ID - C31396534 26.990 07-29-28   11,828 11,592
Achieve, Loan ID - C31397404 20.740 06-24-26   11,290 11,066
Achieve, Loan ID - C31399171 22.990 06-29-28   24,420 23,935
Achieve, Loan ID - C31402076 24.240 06-27-26   14,937 14,640
Achieve, Loan ID - C31403150 5.990 06-13-25   3,221 3,157
Achieve, Loan ID - C31404074 14.740 06-25-27   9,818 9,623
Achieve, Loan ID - C31405619 23.740 06-16-28   7,606 7,454
Achieve, Loan ID - C31407785 19.990 06-25-26   8,841 8,665
Achieve, Loan ID - C31413266 19.740 06-14-26   3,486 3,416
Achieve, Loan ID - C31416188 26.990 06-20-28   16,097 15,777
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 30
Table of Contents
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Achieve, Loan ID - C31421074 22.740 06-23-27   14,264 $13,980
Achieve, Loan ID - C31424651 26.990 06-14-28   7,734 7,580
Achieve, Loan ID - C31433338 16.490 06-16-26   20,566 20,157
Achieve, Loan ID - C31439606 18.990 06-16-27   14,184 13,902
Achieve, Loan ID - C31440568 19.990 06-15-28   13,809 13,534
Achieve, Loan ID - C31446756 18.990 06-29-27   9,654 9,462
Achieve, Loan ID - C31454028 22.990 06-29-28   26,641 26,111
Achieve, Loan ID - C32811890 18.740 11-21-27   31,806 31,173
Achieve, Loan ID - C34505079 18.990 11-20-28   16,197 15,875
Achieve, Loan ID - C34505570 17.240 11-17-26   7,170 7,027
Achieve, Loan ID - C34651006 25.240 10-06-27   7,621 7,469
Achieve, Loan ID - C34722397 13.990 11-20-27   9,606 9,414
Achieve, Loan ID - C34739349 25.990 12-19-28   5,613 5,502
Achieve, Loan ID - C34763286 14.490 11-20-26   12,605 12,354
Achieve, Loan ID - C34778675 19.990 10-06-27   14,864 14,568
Achieve, Loan ID - C34779142 19.740 11-08-25   4,003 3,923
Achieve, Loan ID - C34779309 21.240 11-21-27   11,426 11,198
Achieve, Loan ID - C34779394 5.990 11-10-25   3,068 3,007
Achieve, Loan ID - C34780174 21.990 11-19-25   3,333 3,266
Achieve, Loan ID - C34780323 5.990 10-01-25   3,037 2,977
Achieve, Loan ID - C34822398 21.240 11-17-27   11,218 10,995
Achieve, Loan ID - C34859657 25.990 11-18-28   19,750 19,357
Achieve, Loan ID - C34868243 24.490 12-20-28   19,436 19,049
Achieve, Loan ID - C34873664 25.990 12-20-28   16,789 16,455
Achieve, Loan ID - C34895842 14.240 10-06-26   8,281 8,116
Achieve, Loan ID - C34902889 (H) 25.990 12-20-28   18,967 18,590
Achieve, Loan ID - C34903520 25.990 11-07-28   13,850 13,575
Achieve, Loan ID - C34903753 13.990 11-10-28   31,336 30,712
Achieve, Loan ID - C34905741 25.990 12-19-28   13,621 13,350
Achieve, Loan ID - C34910473 24.240 11-20-26   18,764 18,391
Achieve, Loan ID - C34917068 20.240 11-15-27   30,964 30,348
Achieve, Loan ID - C34917496 5.990 11-21-25   2,502 2,452
Achieve, Loan ID - C34918363 5.990 11-15-25   1,811 1,775
Achieve, Loan ID - C34921910 5.990 11-07-25   3,037 2,976
Achieve, Loan ID - C34924262 24.490 11-10-27   12,096 11,855
Achieve, Loan ID - C34925650 21.240 11-21-28   16,448 16,120
Arivo, Loan ID - C1378970 18.980 05-22-29   32,968 33,080
Arivo, Loan ID - C1380541 21.950 05-22-29   37,322 37,449
Arivo, Loan ID - C1381078 21.260 05-27-29   21,789 21,863
Arivo, Loan ID - C1381533 18.000 05-13-29   19,238 19,303
Arivo, Loan ID - C1381923 20.150 05-23-29   19,279 19,344
Arivo, Loan ID - C1382501 20.570 04-30-29   16,387 16,443
Arivo, Loan ID - C1383648 22.830 11-12-27   19,670 19,737
Arivo, Loan ID - C1384317 20.550 05-18-29   23,019 23,097
31 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 - C1384388 22.310 06-01-29   24,904 $24,989
Arivo, Loan ID - C1384529 22.200 05-30-29   23,965 24,047
Arivo, Loan ID - C1384700 22.000 05-18-29   34,424 34,541
Arivo, Loan ID - C1385054 16.820 05-18-29   24,418 24,501
Arivo, Loan ID - C1385469 22.990 11-19-28   13,223 13,268
Arivo, Loan ID - C1385521 20.000 11-19-27   30,733 30,838
Arivo, Loan ID - C1385526 20.570 05-30-29   21,806 21,880
Arivo, Loan ID - C1385540 13.340 05-19-29   32,256 32,366
Arivo, Loan ID - C1385548 14.700 05-04-29   33,053 33,165
Arivo, Loan ID - C1385661 20.000 05-21-29   35,134 35,253
Arivo, Loan ID - C1385838 17.850 05-29-29   24,287 24,369
Arivo, Loan ID - C1386089 20.200 05-22-29   16,846 16,904
Arivo, Loan ID - C1386584 20.000 05-21-29   17,656 17,716
Arivo, Loan ID - C1386680 17.000 05-21-29   1,079 1,082
Arivo, Loan ID - C1386731 13.450 05-23-29   25,329 25,415
Arivo, Loan ID - C1387131 18.000 05-21-29   18,816 18,880
Arivo, Loan ID - C1387295 18.890 05-22-29   25,261 25,347
Arivo, Loan ID - C1387393 16.860 05-25-29   29,799 29,900
Arivo, Loan ID - C1387501 18.900 05-22-29   11,344 11,382
Arivo, Loan ID - C1387732 20.660 05-23-29   21,924 21,999
Arivo, Loan ID - C1387765 22.560 05-23-29   21,438 21,511
Arivo, Loan ID - C1387802 18.000 05-22-29   17,429 17,488
Arivo, Loan ID - C1387840 20.110 05-22-29   21,692 21,765
Arivo, Loan ID - C1387867 20.000 05-25-29   24,319 24,401
Arivo, Loan ID - C1388209 16.370 05-23-29   10,896 10,933
Arivo, Loan ID - C1388265 20.410 05-23-29   18,819 18,883
Arivo, Loan ID - C1388326 18.000 05-23-29   36,390 36,513
Arivo, Loan ID - C1388383 18.000 05-23-29   18,242 18,304
Arivo, Loan ID - C1388406 16.500 05-23-29   8,701 8,731
Arivo, Loan ID - C1388509 21.260 05-25-29   25,731 25,818
Arivo, Loan ID - C1388512 18.000 05-23-29   22,692 22,769
Arivo, Loan ID - C1388696 19.230 05-12-29   23,664 23,744
Arivo, Loan ID - C1388855 22.900 05-15-29   22,028 22,103
Arivo, Loan ID - C1388993 18.210 05-23-29   27,463 27,556
Arivo, Loan ID - C1389039 18.710 05-09-29   30,644 30,748
Arivo, Loan ID - C1389201 14.610 05-14-29   32,157 32,267
Arivo, Loan ID - C1389213 18.000 05-31-29   35 35
Arivo, Loan ID - C1389271 21.880 06-01-29   19,329 19,395
Arivo, Loan ID - C1389338 20.350 05-25-29   29,188 29,287
Arivo, Loan ID - C1389412 18.350 05-26-29   44,887 45,040
Arivo, Loan ID - C1389425 16.390 06-01-29   23,692 23,773
Arivo, Loan ID - C1389461 19.760 05-29-29   3,339 3,351
Arivo, Loan ID - C1389469 20.000 05-25-29   22,589 22,666
Arivo, Loan ID - C1389502 19.740 05-28-29   25,129 25,215
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 32
Table of Contents
  Rate (%) Maturity date   Par value^ Value
JH Consumer Loan Trust (continued)        
Arivo, Loan ID - C1389530 20.130 05-26-29   20,178 $20,246
Arivo, Loan ID - C1389587 13.740 05-25-29   31,977 32,086
Arivo, Loan ID - C1389712 22.080 05-25-29   43,214 43,361
Arivo, Loan ID - C1389869 17.250 11-25-27   10,234 10,269
Arivo, Loan ID - C1389972 15.580 05-26-29   8,227 8,255
Arivo, Loan ID - C1390027 17.150 05-23-29   24,485 24,569
Arivo, Loan ID - C1390140 21.880 05-26-29   15,070 15,121
Arivo, Loan ID - C1390165 20.080 05-26-29   21,361 21,434
Arivo, Loan ID - C1390258 20.500 05-11-29   17,203 17,262
Arivo, Loan ID - C1390345 20.000 11-26-27   20,165 20,234
Arivo, Loan ID - C1390443 17.030 05-26-29   35,186 35,306
Arivo, Loan ID - C1390475 20.890 05-26-29   19,944 20,012
Arivo, Loan ID - C1390501 15.920 05-26-29   34,567 34,684
Arivo, Loan ID - C1390516 18.000 05-26-29   38,593 38,724
Arivo, Loan ID - C1390616 20.000 05-26-29   31,569 31,676
Arivo, Loan ID - C1390630 15.360 05-26-29   19,126 19,192
Arivo, Loan ID - C1390640 20.000 05-25-29   25,151 25,237
Arivo, Loan ID - C1390700 20.000 05-27-29   22,058 22,133
Arivo, Loan ID - C1390709 18.000 05-27-29   23,773 23,854
Arivo, Loan ID - C1390735 18.060 05-13-29   30,793 30,897
Arivo, Loan ID - C1390766 17.830 05-27-29   18,639 18,702
Arivo, Loan ID - C1390785 21.580 05-29-29   16,616 16,672
Arivo, Loan ID - C1390807 22.540 05-27-29   19,325 19,390
Arivo, Loan ID - C1390907 17.010 05-27-29   21,080 21,152
Arivo, Loan ID - C1391006 18.430 05-27-29   21,319 21,391
Arivo, Loan ID - C1391008 21.850 05-27-29   21,433 21,505
Arivo, Loan ID - C1391067 17.910 05-27-29   24,373 24,456
Arivo, Loan ID - C1391070 16.640 05-27-29   24,980 25,065
Arivo, Loan ID - C1391235 17.930 05-30-29   20,146 20,215
Arivo, Loan ID - C1391262 16.960 05-27-29   16,536 16,592
Arivo, Loan ID - C1391263 18.000 05-27-29   28,654 28,751
Arivo, Loan ID - C1391280 20.260 05-27-29   21,404 21,477
Arivo, Loan ID - C1391342 14.930 05-28-29   16,923 16,981
Arivo, Loan ID - C1391427 19.880 05-28-29   19,697 19,764
Arivo, Loan ID - C1391483 16.470 05-28-29   38,420 38,550
Arivo, Loan ID - C1391610 20.570 05-13-29   21,343 21,416
Arivo, Loan ID - C1391647 20.570 05-29-29   13,702 13,748
Arivo, Loan ID - C1391652 19.570 05-25-29   15,608 15,661
Arivo, Loan ID - C1391694 20.000 05-28-29   38,357 38,488
Arivo, Loan ID - C1391736 16.550 05-29-29   45,527 45,546
Arivo, Loan ID - C1391813 18.000 06-02-29   26,930 27,022
Arivo, Loan ID - C1391838 22.660 05-28-29   25,688 25,776
Arivo, Loan ID - C1392009 16.290 11-13-27   7,624 7,650
Arivo, Loan ID - C1392016 20.470 05-30-29   25,640 25,727
33 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 - C1392078 18.000 05-28-29   3,728 $3,741
Arivo, Loan ID - C1392104 18.000 05-28-29   22,545 22,621
Arivo, Loan ID - C1392195 17.980 05-29-29   30,523 30,627
Arivo, Loan ID - C1392202 16.430 05-29-29   40,592 40,730
Arivo, Loan ID - C1392258 18.000 05-29-29   17,864 17,925
Arivo, Loan ID - C1392320 17.980 05-14-29   31,420 31,527
Arivo, Loan ID - C1392322 20.610 11-14-27   14,453 14,502
Arivo, Loan ID - C1392327 18.000 05-14-29   25,609 25,696
Arivo, Loan ID - C1392364 22.070 05-29-29   22,712 22,789
Arivo, Loan ID - C1392401 21.440 05-29-29   20,765 20,836
Arivo, Loan ID - C1392420 14.430 11-29-27   20,041 20,109
Arivo, Loan ID - C1392421 20.000 05-28-29   24,295 24,378
Arivo, Loan ID - C1392514 20.000 05-29-29   20,605 20,675
Arivo, Loan ID - C1392527 14.780 05-29-29   39,887 40,022
Arivo, Loan ID - C1392568 14.740 05-29-29   19,559 19,626
Arivo, Loan ID - C1392580 14.420 05-30-29   25,087 25,172
Arivo, Loan ID - C1392651 20.270 06-02-29   23,035 23,113
Arivo, Loan ID - C1392768 18.000 05-15-29   19,258 19,324
Arivo, Loan ID - C1392780 24.050 05-29-29   19,605 19,672
Arivo, Loan ID - C1392838 18.000 05-14-29   22,982 23,061
Arivo, Loan ID - C1392840 18.140 05-29-29   22,765 22,842
Arivo, Loan ID - C1392844 17.970 05-29-29   21,434 21,507
Arivo, Loan ID - C1392924 22.500 06-04-29   25,482 25,568
Arivo, Loan ID - C1392970 20.000 05-15-29   14,938 14,989
Arivo, Loan ID - C1392982 20.060 05-25-29   28,914 29,013
Arivo, Loan ID - C1393035 12.830 05-30-29   41,827 41,969
Arivo, Loan ID - C1393075 15.310 05-15-29   23,144 23,223
Arivo, Loan ID - C1393081 14.660 05-30-29   18,044 18,105
Arivo, Loan ID - C1393111 17.560 05-29-29   27,531 27,624
Arivo, Loan ID - C1393122 18.260 05-30-29   17,533 17,592
Arivo, Loan ID - C1393159 21.090 11-25-27   16,349 16,404
Arivo, Loan ID - C1393204 20.560 05-30-29   18,439 18,502
Arivo, Loan ID - C1393263 19.710 05-30-29   20,867 20,938
Arivo, Loan ID - C1393343 19.960 05-26-29   8,252 8,280
Arivo, Loan ID - C1393348 20.300 05-30-29   11,402 11,441
Arivo, Loan ID - C1393370 18.000 05-15-29   8,735 8,765
Arivo, Loan ID - C1393464 19.580 05-30-29   22,424 22,500
Arivo, Loan ID - C1393472 20.000 05-30-29   36,084 36,207
Arivo, Loan ID - C1393511 18.000 05-30-29   21,195 21,267
Arivo, Loan ID - C1393576 21.540 05-30-29   26,109 26,198
Arivo, Loan ID - C1393593 14.460 06-01-29   23,652 23,733
Arivo, Loan ID - C1393720 14.520 05-30-29   21,039 21,111
Arivo, Loan ID - C1393734 16.870 05-25-29   36,129 36,252
Arivo, Loan ID - C1393753 (H) 19.860 11-15-27   16,940 16,997
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)        
Arivo, Loan ID - C1393907 13.250 05-30-29   25,050 $25,136
Arivo, Loan ID - C1393979 21.130 05-16-29   43,679 43,828
Arivo, Loan ID - C1394001 21.320 05-30-29   38,430 38,560
Arivo, Loan ID - C1394007 21.300 05-30-29   16,216 16,271
Arivo, Loan ID - C1394076 18.670 06-01-29   23,948 24,030
Arivo, Loan ID - C1394218 17.260 05-17-29   18,139 18,201
Arivo, Loan ID - C1394326 13.540 06-01-29   38,687 38,818
Arivo, Loan ID - C1394447 15.570 06-01-29   24,367 24,450
Arivo, Loan ID - C1394484 20.000 06-01-29   14,873 14,923
Arivo, Loan ID - C1394590 14.710 05-17-29   17,345 17,404
Arivo, Loan ID - C1394614 16.820 06-01-29   27,931 28,026
Arivo, Loan ID - C1394691 15.960 06-01-29   27,852 27,947
Arivo, Loan ID - C1394693 18.040 06-01-29   26,260 26,350
Arivo, Loan ID - C1394761 18.000 06-01-29   23,103 23,181
Arivo, Loan ID - C1394905 21.820 06-04-29   37,056 37,182
Arivo, Loan ID - C1394975 16.750 05-26-29   20,167 20,235
Arivo, Loan ID - C1395036 18.600 05-18-29   27,629 27,723
Arivo, Loan ID - C1395055 18.950 06-02-29   32,802 32,914
Arivo, Loan ID - C1395098 14.860 06-02-29   39,574 39,709
Arivo, Loan ID - C1395177 14.990 06-02-29   26,920 27,012
Arivo, Loan ID - C1395182 17.670 06-02-29   13,557 13,603
Arivo, Loan ID - C1395239 17.130 05-30-29   26,642 26,732
Arivo, Loan ID - C1395328 20.000 05-18-29   26,270 26,359
Arivo, Loan ID - C1395338 19.730 06-03-29   26,108 26,197
Arivo, Loan ID - C1395472 17.210 06-02-29   30,616 30,720
Arivo, Loan ID - C1395484 19.030 05-18-29   20,401 20,471
Arivo, Loan ID - C1395714 18.000 06-02-29   19,743 19,810
Arivo, Loan ID - C1395914 16.090 06-03-29   19,699 19,766
Arivo, Loan ID - C1395983 16.840 06-03-29   21,123 21,195
Arivo, Loan ID - C1396446 20.570 06-04-29   22,357 22,433
Arivo, Loan ID - C1397113 19.680 06-04-29   28,020 28,115
Arivo, Loan ID - C1397185 20.570 06-04-29   16,669 16,726
Arivo, Loan ID - C1397666 21.960 06-05-29   21,273 21,345
Arivo, Loan ID - C1480324 18.000 09-02-29   29,456 29,556
Arivo, Loan ID - C1483188 14.640 09-07-29   37,453 37,580
Arivo, Loan ID - C1483586 24.370 09-07-29   28,252 28,348
Arivo, Loan ID - C1485900 19.770 09-10-29   21,310 21,383
Arivo, Loan ID - C1486798 21.980 09-12-29   18,073 18,135
Arivo, Loan ID - C1486827 20.110 03-12-28   11,112 11,150
Arivo, Loan ID - C1487273 20.000 09-12-29   29,340 29,439
Arivo, Loan ID - C1488090 20.000 09-15-29   19,953 20,021
Arivo, Loan ID - C1488149 17.370 09-17-29   40,094 40,231
Arivo, Loan ID - C1488220 21.000 09-14-29   13,989 14,037
Arivo, Loan ID - C1488570 12.980 09-14-29   5,496 5,514
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)        
Arivo, Loan ID - C1488990 18.000 09-15-29   30,784 $30,888
Arivo, Loan ID - C1489048 17.770 08-30-29   26,072 26,161
Arivo, Loan ID - C1489582 16.430 09-16-29   17,721 17,781
Arivo, Loan ID - C1490051 20.000 09-17-29   28,031 28,126
Arivo, Loan ID - C1490515 19.680 09-04-29   25,550 25,637
Arivo, Loan ID - C1491219 17.650 09-04-29   34,703 34,821
Arivo, Loan ID - C1491340 15.510 09-04-29   24,589 24,672
Arivo, Loan ID - C1491409 17.650 09-20-29   25,609 25,696
Arivo, Loan ID - C1491789 22.620 03-20-28   18,123 18,184
Arivo, Loan ID - C1492310 20.890 09-21-29   27,775 27,869
Arivo, Loan ID - C1492454 19.010 09-07-29   22,485 22,561
Arivo, Loan ID - C1492664 18.000 09-06-29   18,659 18,723
Arivo, Loan ID - C1492950 22.610 09-22-29   22,850 22,927
Arivo, Loan ID - C1493370 19.430 09-22-29   28,262 28,359
Arivo, Loan ID - C1493394 24.340 09-22-29   22,605 22,681
Arivo, Loan ID - C1493661 21.050 09-23-29   33,952 34,068
Corporate asset-based credit 2.3%     $5,143,500
(Cost $5,000,000)          
Materials 2.3%         5,143,500
CG Finance A LP          
Series 2023-1, Class A (F) 11.500 06-28-28   5,000,000 5,143,500
Credit-linked notes 8.2%         $18,276,052
(Cost $18,299,821)          
Consumer loans 2.8%     6,183,798
Huntington Bank Auto Credit-Linked Note          
Series 2024-1, Class E (30 day Average SOFR + 8.250%) (A)(C) 12.600 05-20-32   804,894 807,914
Series 2024-2, Class E (30 day Average SOFR + 7.500%) (A)(C) 11.850 10-20-32   1,448,621 1,454,924
Santander Bank Auto Credit-Linked Note          
Series 2023-A, Class G (A) 24.695 06-15-33   2,698,510 3,290,561
U.S. Bank NA Auto Credit-Linked Note          
Series 2023-1, Class D (A) 13.597 08-25-32   619,268 630,399
Corporate asset backed securities 5.4%     12,092,254
Deutsche Bank AG Credit-Linked Note          
Series 2024-1A, Class CLN (3 month CME Term SOFR + 9.250%) (A)(C)(F) 13.590 11-21-33   5,000,000 5,001,000
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 36
Table of Contents
  Rate (%) Maturity date   Par value^ Value
Corporate asset backed securities (continued)      
MAM SRT Holder II, Ltd.          
(1 month CME Term SOFR + 6.500%) (A)(C)(F) 10.822 08-06-32   5,223,080 $5,218,901
U.S. Bank NA Credit-Linked Note          
2025-SUP1, Class R (30 day Average SOFR + 7.500%) (A)(C)(F) 11.819 02-25-32   1,872,353 1,872,353
    
        Contracts/Notional amount Value
Purchased options 0.0%         $19,894
(Cost $12,820)          
Calls 0.0%         19,894
Exchange-traded Option on 5-Year U.S. Treasury Note Futures (Expiration Date: 6-20-25; Strike Price: $110.50; Notional Amount: 17,000) (H)       17 6,906
Exchange-traded Option on 5-Year U.S. Treasury Note Futures (Expiration Date: 8-22-25; Strike Price: $111.50; Notional Amount: 25,000) (H)       25 12,988
    
    Yield (%)   Shares Value
Short-term investments 6.3%         $14,139,909
(Cost $14,139,909)          
Short-term funds 6.3%         14,139,909
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.2762(O)   12,478,785 12,478,785
U.S. Bank Money Market Deposit Account 3.4350(O)   348,314 348,314
Wilmington U.S. Government Money Market Fund, Institutional Class 4.1000(O)   1,312,810 1,312,810
    
Total investments (Cost $258,904,926) 116.1%     $260,074,059
Other assets and liabilities, net (16.1%)       (36,052,684)
Total net assets 100.0%         $224,021,375
    
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Currency Abbreviations
EUR Euro
    
Security Abbreviations and Legend
CME CME Group Published Rates
EURIBOR Euro Interbank Offered Rate
IO Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
37 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
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 $128,884,268 or 57.5% of the fund’s net assets as of 4-30-25.
(B) All or a portion of this security is segregated as collateral for reverse repurchase agreements.
(C) Variable rate obligation. The coupon rate shown represents the rate at period end.
(D) Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(E) Loans are privately issued. Loan originator and/or seller is reflected.
(F) Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(G) Non-income producing - borrower is in default.
(H) Non-income producing security.
(I) The underlying loans have matured but are still in the repayment process.
(J) Notes do not bear interest and represent the ownership of the residual interest in the issuing entity. Distributions are made only after all classes senior in priority have received all amounts due.
(K) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(L) There is no stated interest rate. The fund holds 100% of the economic interests in the investment.
(M) The fund holds an affiliate interest in this investment.
(N) The fund holds 100% of the economic interests in the investment.
(O) The rate shown is the annualized seven-day yield as of 4-30-25.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND 38
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 10 Short Jun 2025 $(2,070,468) $(2,081,484) $(11,016)
3-Year U.S. Treasury Note Futures 44 Short Jun 2025 (9,354,178) (9,363,406) (9,228)
            $(20,244)
^ 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 1,172,553 USD 1,243,369 SSB 11/28/2025 $102,025 —
USD 161,387 EUR 151,141 SSB 7/15/2025 — $(10,661)
USD 157,495 EUR 146,734 SSB 10/15/2025 — (10,465)
USD 1,261,801 EUR 1,172,553 SSB 11/28/2025 — (83,592)
USD 1,138,059 EUR 1,070,006 SSB 1/21/2026 — (93,328)
            $102,025 $(198,046)
    
Derivatives Currency Abbreviations
EUR Euro
USD U.S. Dollar
    
Derivatives Abbreviations
OTC Over-the-counter
SSB State Street Bank and Trust Company
At 4-30-25, the aggregate cost of investments for federal income tax purposes was $258,904,926. Net unrealized appreciation aggregated to $1,052,868, of which $4,921,749 related to gross unrealized appreciation and $3,868,881 related to gross unrealized depreciation.
See Notes to consolidated financial statements regarding investment transactions and other derivatives information.
39 JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
Consolidated financial statements
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 4-30-25 (unaudited)
Assets  
Unaffiliated investments, at value (Cost $218,568,762) $215,702,979
Affiliated investments, at value (Cost $40,336,164) 44,371,080
Total investments, at value (Cost $258,904,926) 260,074,059
Unrealized appreciation on forward foreign currency contracts 102,025
Receivable for futures variation margin 350,122
Foreign currency, at value (Cost $62,375) 62,206
Collateral held at broker for futures contracts 74,385
Receivable for escrow and corporate advances, at value (Cost $570,094) 570,094
Collateral at prime broker 1,125,624
Dividends and interest receivable 1,635,745
Other assets 127,415
Total assets 264,121,675
Liabilities  
Payable for open reverse repurchase agreements 37,865,556
Unrealized depreciation on forward foreign currency contracts 198,046
Deferred tax liability 318,781
Payable to affiliates  
Investment management fees 207,693
Incentive fees 466,841
Accounting and legal services fees 4,392
Distribution and service fees 98
Trustees’ fees 142
Other liabilities and accrued expenses 1,038,751
Total liabilities 40,100,300
Net assets $224,021,375
Net assets consist of  
Paid-in capital $219,800,622
Total distributable earnings (loss) 4,220,753
Net assets $224,021,375
 
Net asset value per share  
Based on net asset value and shares outstanding - the fund has an unlimited number of
shares authorized with no par value 		 
Class I ($223,666,665 ÷ 10,913,220 shares) $20.50
Class D ($302,644 ÷ 14,740 shares) $20.53
Class S ($52,066 ÷ 2,525 shares) $20.62
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Marathon Asset-Based Lending Fund 40
Table of Contents
CONSOLIDATED STATEMENT OF OPERATIONS For the six months ended 4-30-25 (unaudited)
Investment income  
Interest $9,994,382
Dividends from affiliated investments 583,932
Dividends 260,180
Total investment income 10,838,494
Expenses  
Investment management fees 1,649,985
Incentive fees 863,952
Distribution and service fees 455
Interest expense 959,231
Accounting and legal services fees 16,410
Transfer agent fees 84,231
Trustees’ fees 33,204
Custodian fees 99,609
Investment servicing fees 686,406
State registration fees 33,681
Printing and postage 21,991
Professional fees 510,156
Pricing services fees 325,000
Tax expense 800
Other 128,665
Total expenses 5,413,776
Less expense reductions (656,325)
Net expenses 4,757,451
Net investment income 6,081,043
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments and foreign currency transactions 2,416,638
Futures contracts 90,585
Forward foreign currency contracts (2,993)
  2,504,230
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments, foreign currency transactions and receivables (2,417,365)
Affiliated investments 2,094,991
Deferred taxes (101,759)
Futures contracts (158,892)
Forward foreign currency contracts (96,021)
  (679,046)
Net realized and unrealized gain 1,825,184
Increase in net assets from operations $7,906,227
41 JOHN HANCOCK Marathon Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS  
  Six months ended
4-30-25
(unaudited) 		Year ended
10-31-24
Increase (decrease) in net assets    
From operations    
Net investment income $6,081,043 $10,324,076
Net realized gain (loss) 2,504,230 (91,438)
Change in net unrealized appreciation (depreciation) (679,046) 2,216,793
Increase in net assets resulting from operations 7,906,227 12,449,431
Distributions to shareholders    
From earnings    
Class I (5,881,897) (10,585,056)
Class D (4,687) (4,910)
Class S (1,298) (2,977)
Total distributions (5,887,882) (10,592,943)
From fund share transactions 46,161,326 60,462,679
Total increase 48,179,671 62,319,167
Net assets    
Beginning of period 175,841,704 113,522,537
End of period $224,021,375 $175,841,704
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Marathon Asset-Based Lending Fund 42
Table of Contents
CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 4-30-25 (unaudited)
   
Cash flows from operating activities  
Net increase in net assets from operations $7,906,227
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:  
Long-term investments purchased (110,494,480)
Long-term investments sold 76,629,493
Net purchases and sales of short-term investments (8,587,040)
Net amortization of premium (discount) (288,542)
(Increase) Decrease in assets:  
Receivable for futures variation margin 68,562
Unrealized appreciation on forward foreign currency contracts (102,025)
Collateral held at broker for futures contracts 208
Receivable for escrow and corporate advances, at value 38,784
Collateral at prime broker (608,998)
Dividends and interest receivable (317,647)
Receivable from affiliates 366,097
Other assets 272,208
Increase (Decrease) in liabilities:  
Unrealized depreciation on forward foreign currency contracts 198,046
Payable for investments purchased (1,800,000)
Payable for delayed delivery securities purchased (2,995,663)
Deferred tax liability 101,759
Payable to affiliates 274,119
Other liabilities and accrued expenses (610,307)
Net change in unrealized (appreciation) depreciation on:  
Investments 226,015
Net realized (gain) loss on:  
Unaffiliated investments (2,423,942)
Proceeds received as return of capital 1,037,000
Net cash used in operating activities $(41,110,126)
Cash flows provided by (used in) financing activities  
Distributions to shareholders $(4,790,415)
Borrowings from reverse repurchase agreements 208,547,103
Repayments of reverse repurchase agreements (208,337,052)
Fund shares sold 50,999,343
Fund shares repurchased (5,935,484)
Net cash flows provided by financing activities $40,483,495
Net decrease in cash $(626,631)
Cash at beginning of period (including foreign currency) $688,837
43 JOHN HANCOCK Marathon Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended  (continued)
   
Cash at end of period (including foreign currency) $62,206
Supplemental disclosure of cash flow information:  
Cash paid for interest $(954,967)
Noncash financing activities not included herein consists of reinvestment of distributions $1,097,467
Cash impact from foreign exchange fluctuations:  
Net change in appreciation (depreciation) in foreign currency $(169)
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Marathon Asset-Based Lending Fund 44
Table of Contents
CONSOLIDATED FINANCIAL HIGHLIGHTS
CLASS I SHARES Period ended 4-30-251 10-31-24 10-31-23 10-31-222
Per share operating performance        
Net asset value, beginning of period $20.28 $20.01 $19.84 $20.00
Net investment income3 0.61 1.30 1.15 0.09
Net realized and unrealized gain (loss) on investments 0.21 0.32 0.09 (0.25)
Total from investment operations 0.82 1.62 1.24 (0.16)
Less distributions        
From net investment income (0.60) (1.35) (1.07) —
From net realized gain — —4 — —
Total distributions (0.60) (1.35) (1.07) —
Net asset value, end of period5 $20.50 $20.28 $20.01 $19.84
Total return (%)6 3.837 8.58 6.40 (0.80)7
Ratios and supplemental data        
Net assets, end of period (in millions) $224 $176 $113 $99
Ratios (as a percentage of average net assets):        
Expenses before reductions 5.358,9 5.159 4.11 3.9010
Expenses including reductions 4.708,9,11 4.129,11 2.50 1.9410
Net investment income 6.018 6.44 5.75 1.488
Portfolio turnover (%) 34 68 80 17
Total debt outstanding end of period (in millions) $38 $38 — —
Asset coverage per $1,000 of debt12 $6,916 $5,670 — —
    
1 Six months ended 4-30-25. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average monthly shares outstanding.
4 Less than $0.005 per share.
5 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund’s shares exists.
6 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
7 Not annualized.
8 Annualized.
9 Includes incentive fees expense of 0.85% (annualized) and 0.71% for the six months ended April 30, 2025 and the year ended 10-31-24, respectively.
10 Annualized. Certain expenses are presented unannualized.
11 Expenses including reductions excluding interest expense were 3.75% (annualized) and 3.43% for the six months ended April 30, 2025 and the year ended 10-31-24, respectively.
12 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
45 JOHN HANCOCK Marathon Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS D SHARES Period ended 4-30-251 10-31-24 10-31-23 10-31-222
Per share operating performance        
Net asset value, beginning of period $20.28 $20.02 $19.82 $20.00
Net investment income3 0.60 1.21 1.11 0.08
Net realized and unrealized gain (loss) on investments 0.23 0.35 0.10 (0.26)
Total from investment operations 0.83 1.56 1.21 (0.18)
Less distributions        
From net investment income (0.58) (1.30) (1.01) —
From net realized gain — —4 — —
Total distributions (0.58) (1.30) (1.01) —
Net asset value, end of period5 $20.53 $20.28 $20.02 $19.82
Total return (%)6,7 3.858 8.24 6.24 (0.90)8
Ratios and supplemental data        
Net assets, end of period (in millions) $—9 $—9 $—9 $—9
Ratios (as a percentage of average net assets):        
Expenses before reductions 5.6010,11 5.4011 4.36 4.1512
Expenses including reductions 4.9510,11,13 4.3711,13 2.75 2.1912
Net investment income 5.7610 5.86 5.56 1.2410
Portfolio turnover (%) 34 68 80 17
Total debt outstanding end of period (in millions) $38 $38 — —
Asset coverage per $1,000 of debt14 $6,916 $5,670 — —
    
1 Six months ended 4-30-25. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average monthly shares outstanding.
4 Less than $0.005 per share.
5 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund’s shares exists.
6 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
7 Does not reflect the effect of sales charges, if any.
8 Not annualized.
9 Less than $500,000.
10 Annualized.
11 Includes incentive fees expense of 0.85% (annualized) and 0.71% for the six months ended April 30, 2025 and the year ended 10-31-24, respectively.
12 Annualized. Certain expenses are presented unannualized.
13 Expenses including reductions excluding interest expense were 4.00% (annualized) and 3.68% for the six months ended April 30, 2025 and the year ended 10-31-24, respectively.
14 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | JOHN HANCOCK Marathon Asset-Based Lending Fund 46
Table of Contents
CONSOLIDATED FINANCIAL HIGHLIGHTS  (continued)
CLASS S SHARES Period ended 4-30-251 10-31-24 10-31-23 10-31-222
Per share operating performance        
Net asset value, beginning of period $20.38 $20.01 $19.79 $20.00
Net investment income3 0.53 1.22 0.99 0.04
Net realized and unrealized gain (loss) on investments 0.22 0.33 0.10 (0.25)
Total from investment operations 0.75 1.55 1.09 (0.21)
Less distributions        
From net investment income (0.51) (1.18) (0.87) —
From net realized gain — —4 — —
Total distributions (0.51) (1.18) (0.87) —
Net asset value, end of period5 $20.62 $20.38 $20.01 $19.79
Total return (%)6,7 3.438 8.22 5.57 (1.05)8
Ratios and supplemental data        
Net assets, end of period (in millions) $—9 $—9 $—9 $—9
Ratios (as a percentage of average net assets):        
Expenses before reductions 6.2010,11 6.0011 4.96 4.7512
Expenses including reductions 5.5510,11,13 4.9711,13 3.35 2.7912
Net investment income 5.1610 6.02 4.97 0.6410
Portfolio turnover (%) 34 68 80 17
Total debt outstanding end of period (in millions) $38 $38 — —
Asset coverage per $1,000 of debt14 $6,916 $5,670 — —
    
1 Six months ended 4-30-25. Unaudited.
2 Period from 7-11-22 (commencement of operations) to 10-31-22.
3 Based on average monthly shares outstanding.
4 Less than $0.005 per share.
5 The fund is a continuously offered closed-end fund, the shares of which are offered at net asset value. No secondary market for the fund’s shares exists.
6 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
7 Does not reflect the effect of sales charges, if any.
8 Not annualized.
9 Less than $500,000.
10 Annualized.
11 Includes incentive fees expense of 0.85% (annualized) and 0.71% for the six months ended April 30, 2025 and the year ended 10-31-24, respectively.
12 Annualized. Certain expenses are presented unannualized.
13 Expenses including reductions excluding interest expense were 4.60% (annualized) and 4.28% for the six months ended April 30, 2025 and the year ended 10-31-24, respectively.
14 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end. As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
47 JOHN HANCOCK Marathon Asset-Based Lending Fund |  SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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Notes to consolidated financial statements (unaudited)
Note 1—Organization
John Hancock Marathon Asset-Based Lending Fund (formerly John Hancock Asset-Based Lending Fund) (the fund) is a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a continuously offered, closed-end management investment company. The fund’s investment objective is to seek to provide high current income and to a lesser extent capital appreciation. Under normal circumstances, the fund invests 80% of its net assets (plus any borrowings for investment purposes) in asset-based lending investments, which may include investments in distressed loans.
The fund’s shares are not listed on any securities exchange. At the sole discretion of the Board and provided that it is in the best interests of the fund and shareholders to do so, the fund intends to provide a limited degree of liquidity to the shareholders by conducting repurchase offers generally quarterly; however, there can be no assurance that any such repurchase offers will be conducted on a quarterly basis or at all.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Consolidated statement of assets and liabilities. Shares are offered only to accredited investors as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933 (the 1933 Act). Eligible Investors must also be either U.S. citizens or U.S. resident aliens. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, for each class may differ.
Prior to March 3, 2025, the fund was known as John Hancock Asset-Based Lending Fund.
Basis of consolidation. The accompanying consolidated financial statements include the accounts of JH Consumer Loan Trust, JH Residential Whole Loan Trust, JH Residential Whole Loan Trust II, and John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC, each a wholly owned subsidiary of the fund:
• JH Residential Whole Loan Trust, a Delaware statutory trust, was established on October 14, 2022 for the purpose of originating and acquiring residential real estate loans and legacy mortgage loan pools.
• John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC, a Delaware LLC, was formed on October 18, 2022 and acts as an investment vehicle for the fund to obtain exposure to commercial aircraft lease transactions.
• JH Consumer Loan Trust, a Delaware statutory trust, was established on November 17, 2022 for the purpose of acquiring consumer loans, high-yield asset-backed securities backed by various forms of non-mortgage household debt largely focused on  select market segments, such as automobile loans and leases, credit cards and personal installment loans, and other types of consumer loans.
• JH Residential Whole Loan Trust II, a Delaware statutory trust, was established on June 5, 2023 for the purpose of originating and acquiring residential real estate loans and legacy mortgage loan pools.
The fund will generally consolidate its investment in a wholly or substantially owned subsidiary, which is an extension of the operations of the fund, or a controlled operating company whose business consists of providing services to the fund. The fund consolidates its investments in JH Consumer Loan Trust, JH Residential Whole Loan Trust, JH Residential Whole Loan Trust II, and John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC. Intercompany accounts and transactions, if any, have been eliminated. The Consolidated Fund’s investments include positions of the fund and these subsidiaries.
The fund has determined that the following wholly owned special purpose vehicles are operating companies, and therefore does not consolidate these investments as it is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the fund has a controlling interest unless the business of the operating company consists of providing services to the fund.
• MSN 803 Trust is a special purpose vehicle purchased by John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC on August 30, 2023, which was established to hold the title to a commercial aircraft and is currently subject to a lease arrangement.
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• JH Aircraft Leasing 4535 (Ireland) Designated Activity Company was established on January 23, 2024 to hold the title to an international commercial aircraft, which is currently subject to a lease arrangement.
• JH LiftCo, LLC, a Delaware statutory trust, was established on March 4, 2024 for the purpose of holding title to industrial equipment, which is currently subject to a lease arrangement.
• JH Finance LeaseCo LLC, a Delaware LLC, was formed on May 7, 2024 for the purpose of holding title to industrial equipment, which is currently subject to lease arrangements.
• 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.
Note 2—Significant accounting policies
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are valued at the end of each month at a minimum pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations, are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Investments by the fund in open-end mutual funds are valued at their respective NAVs each business day. Private investments are measured at fair value based on the present value of the expected cash flows. There are no quoted prices in active markets and valuations rely primarily on the use of significant unobservable inputs, which require significant judgment. Assumptions and inputs used in the valuation include prepayment estimates, determination of the discount rate based on the risk-free interest rate adjusted for credit risk (including estimation of probability of default), liquidity and any other adjustments a third-party market participant would take into account in pricing a transaction. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices from the exchange where the option trades. Unlisted options are generally valued using evaluated prices obtained from an independent pricing vendor. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Forward foreign 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 Advisor’s Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates,
49 JOHN HANCOCK Marathon Asset-Based Lending Fund |   
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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, 2025, by major security category or type:
  Total
value at
4-30-25 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Asset-backed securities $79,123,968 — $79,123,968 —
Residential loans 40,393,080 — 6,146,166 $34,246,914
Term loans 28,830,034 — — 28,830,034
Profit participating notes 23,699,431 — — 23,699,431
Special purpose vehicles 22,234,945 — — 22,234,945
Consumer-related assets 21,555,836 — 14,098,758 7,457,078
Consumer loans 6,657,410 — — 6,657,410
Corporate asset-based credit 5,143,500 — — 5,143,500
Credit-linked notes 18,276,052 — 6,183,798 12,092,254
Purchased options 19,894 $19,894 — —
Short-term investments 14,139,909 13,791,595 348,314 —
Total investments in securities $260,074,059 $13,811,489 $105,901,004 $140,361,566
Liabilities        
Reverse repurchase agreements $(37,865,556) — $(37,865,556) —
Derivatives:        
Assets        
Forward foreign currency contracts 102,025 — 102,025 —
Liabilities        
Futures (20,244) $(20,244) — —
Forward foreign currency contracts (198,046) — (198,046) —
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.
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  Residential
loans 		Term
loans 		Profit
participating
notes 		Special
purpose
vehicles 		Consumer-
related
assets 		Consumer
loans 		Corporate
asset-
based
credit 		Credit-
linked
notes 		Total
Balance as of
10-31-24 		$34,917,923 $27,543,381 $24,415,734 $21,863,018 $5,761,603 $8,694,707 $5,133,000 $11,869,479 $140,198,845
Purchases 43,915,609 1,174,417 — 30,000 2,101,682 — — 2,000,000 49,221,708
Sales (44,540,818) (19,791) (2,271,848) (316,000) (407,746) (1,411,644) — (1,771,689) (50,739,536)
Realized gain (loss) 3,236,195 — — — — (703,286) — — 2,532,909
Transfers out of Level 3 (1,520,150) — — — — — — — (1,520,150)
Net amortization of (premium) discount (197,548) 59,220 — — 98,338 (30,585) — (229) (70,804)
Change in unrealized appreciation (depreciation) (1,564,297) 72,807 1,555,545 657,927 (96,799) 108,218 10,500 (5,307) 738,594
Balance as of 4-30-25 $34,246,914 $28,830,034 $23,699,431 $22,234,945 $7,457,078 $6,657,410 $5,143,500 $12,092,254 $140,361,566
Change in unrealized appreciation (depreciation) at period end1 $(2,101,969) $72,807 $1,555,545 $657,927 $(96,799) $163,580 $10,500 $(5,307) $256,284
    
1 Change in net 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 4-30-25 		Valuation technique Significant
unobservable inputs 		Input/Range* Input weighted
average*
Residential loans $34,246,914 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		7.71%-16.42%
$9.88-$102.10 		10.75%
$85.22
Term loans $28,830,034 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		8.83%-14.18%
$98.68-$99.42 		10.62%
$99.07
Profit participating notes $23,699,431 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		8.49%-12.08%
$100.00 		11.84%
$100.00
Special purpose vehicles $22,234,945 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		10.24%-12.60%
$100.00 		11.10%
$100.00
Consumer-related assets $7,457,078 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		11.33%-20.14%
$20,939.70 		15.33%
$20,939.70
Consumer loans $6,657,410 Discounted cash flow Discount rate 6.83%-9.09% 7.48%
Corporate asset-based credit $5,143,500 Discounted cash flow Discount rate 11.60% 11.60%
Credit-linked notes $12,092,254 Discounted cash flow
Recent transaction 		Discount rate
Transaction price 		9.91%-12.60%
$100.00 		11.23%
$100.00
Total $140,361,566        
51 JOHN HANCOCK Marathon Asset-Based Lending Fund |   
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  Fair Value
at 4-30-25 		Valuation technique Significant
unobservable inputs 		Input/Range* Input weighted
average*
           
*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, 2025 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, 2025:
Counterparty Borrowing
rate 		Settlement
date 		Maturity
date 		Amount
borrowed 		Payable for
reverse
repurchase
agreements
J.P. Morgan Securities LLC 5.170% 4-3-25 5-5-25 $(1,587,000) $(1,593,382)
J.P. Morgan Securities LLC 5.170% 4-21-25 5-21-25 (1,395,000) (1,397,003)
UBS AG 4.970% 4-11-25 5-12-25 (2,093,000) (2,098,779)
UBS AG 4.990% 4-29-25 5-29-25 (2,151,188) (2,151,784)
UBS AG 5.070% 4-29-25 5-29-25 (2,553,060) (2,553,779)
UBS AG 5.090% 4-10-25 5-12-25 (6,133,780) (6,151,993)
UBS AG 5.120% 4-21-25 5-21-25 (2,793,500) (2,797,473)
UBS AG 5.170% 4-2-25 5-2-25 (5,003,696) (5,024,535)
UBS AG 5.170% 4-11-25 5-12-25 (4,655,925) (4,669,298)
UBS AG 5.170% 4-29-25 5-29-25 (1,782,673) (1,783,185)
UBS AG 5.270% 4-11-25 5-12-25 (2,923,106) (2,931,664)
UBS AG 5.320% 4-23-25 5-23-25 (2,836,400) (2,839,753)
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Counterparty Borrowing
rate 		Settlement
date 		Maturity
date 		Amount
borrowed 		Payable for
reverse
repurchase
agreements
UBS AG 5.320% 4-29-25 5-29-25 $(1,872,375) $(1,872,928)
          $(37,865,556)
Collateral with a market value of $3,715,143 and $42,793,207, have been pledged to J.P. Morgan Securities 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 $35,943,365 and 5.38%, respectively.
Term loans. The fund may invest in direct term loans which are not publicly traded, may not have a secondary market, and are not rated by any rating agency. Direct term loans can be asset-based loans secured by collateral such as transportation assets, real estate, consumer or corporate related assets, or other assets. These loans are highly structured and typically include frequent monitoring including but not limited to financial and collateral reporting.
Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower. The fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund is exposed to the risk that the borrower may default or become insolvent and, consequently, that the fund will lose money on the loan. Furthermore, direct loans may subject the fund to liquidity and interest rate risk as certain direct loans may be deemed illiquid.
At April 30, 2025, the fund had $2,120,516 in unfunded loan commitments outstanding.
Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the portfolio may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities also have the risk that the portfolio may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.
Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through
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securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
Credit-linked notes. The fund may purchase credit-linked notes, which are typically privately offered and sold. Credit-linked notes are intended to replicate the economic effects that would apply had the fund directly purchased the underlying reference asset(s). Investments in credit-linked notes represent the right to receive periodic income payments and payment of principal at the end of the term of the note. In addition to the risks associated with the underlying reference instrument, an investment in a credit-linked note is also subject to liquidity risk, market risk, interest rate risk and the risk that the counterparty will be unwilling or unable to meet its obligations under the note.
Escrow and corporate advances. The fund advances payments when the borrower fails to meet contractual payments (e.g. property taxes and insurance) in accordance with the terms of its servicing agreements and to cover corporate advances (e.g. appraisal or title fees) associated with residential loans. Advances are fair valued based on assumptions related to their recoverability and seniority in the claims hierarchy in the event of a liquidation and are reflected on the Consolidated statement of assets and liabilities as Receivable for escrow and corporate advances, at value. Change in value, if any, is reflected in the change in net unrealized appreciation (depreciation) of unaffiliated investments and receivables on the Consolidated statement of operations.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income from the funds short-term 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.
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For federal income tax purposes, as of October 31, 2024, the fund has a long-term capital loss carryforward of $4,946 available to offset future net realized capital gains. This carryforward does not expire.
As of October 31, 2024, the fund had no uncertain tax positions that would require 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 fund has two domestic taxable subsidiaries – John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC and JH LiftCo, LLC (the “Domestic Taxable Subsidiaries”). These entities have elected to be treated as corporations for US income tax purpose and are subject to both federal and state level corporate income taxes. The purposes of the taxable subsidiaries are to permit the fund to gain exposure to commercial aircraft and industrial equipment lease transactions for U.S. federal income tax purposes in order to comply with the Regulated Investment Company tax compliance requirements.  The net investment income and capital gains and losses from the Domestic Taxable Subsidiaries do not always flow through to the fund and these entities may pay dividends up to the fund. The Domestic Taxable Subsidiaries are not consolidated for income tax purposes and may generate income that is subject to federal, state, and local taxes.
The fund has one foreign taxable subsidiary - JH Aircraft Leasing 4535 (Ireland) Designated Activity Company.  The subsidiary is not consolidated for financial reporting purpose. The purpose of the taxable subsidiary is to permit the fund to gain exposure to international commercial aircraft lease transactions. The subsidiary is classified as a controlled foreign corporation under the Internal Revenue Code and is subject to sub part F income rules. Therefore, the fund is required to increase its taxable income by its share of the subsidiary’s net taxable income. Net income and realized gains from the subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the subsidiary in any taxable year, the loss will generally not be available to offset the fund’s ordinary income and/or capital gains for that year.
Generally, the Domestic Taxable Subsidiaries, which file separate tax returns, are subject to income tax examinations by U.S. federal, state and local authorities for all years through October 31, 2024.  The Domestic Taxable Subsidiaries assess their tax position using the provisions of ASC 740, Income Taxes, with regard to uncertain tax positions. Uncertain income tax positions are recognized based on a “more likely than not” threshold. Penalties and interest are recognized in the Provision for Income Taxes in the Statements of Income and Comprehensive Income. The Domestic Taxable Subsidiaries are not aware of any tax positions for significant unrecognized tax benefits, and do not believe it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by a significant amount. As of October 31, 2024, no liability for interest and penalties have been recognized.
Deferred income taxes reflect the net effects of temporary differences between financial reporting and tax basis of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse.
As noted in “Basis of consolidation” in Note 1 in the Notes to consolidated financial statements, the fund consolidates its investment in John Hancock Asset-Based Lending US Aircraft Delaware Subsidiary Fund LLC and does not consolidate JH LiftCo, LLC.  Both Domestic Taxable Subsidiaries are not eligible to elect treatment as regulated investment companies.  The amount of taxes paid by Domestic Taxable Subsidiaries will vary depending on the amount of capital appreciation of its investments and such taxes will reduce a fund shareholders return from an investment in the fund. For any unconsolidated subsidiary, the impact of deferred income taxes will be incorporated into the market value of the investment.  Upon the sale of an investment, the Domestic Taxable Subsidiaries may be liable for previously deferred taxes.
As of October 31, 2024, the fund had no uncertain tax positions that would require consolidated financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
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The components of the fund’s income tax provision (benefit) for the six months ended April 30, 2025, are as follows:
Current income tax (benefit)  
State and local $800
Total Current income tax (benefit) $800
Deferred income tax  
Federal $91,414
State and local 10,345
Total deferred income tax (benefit) $101,759
Provision for income taxes $102,559
   
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:  
Period ended April 30, 2025  
Federal income tax at the statutory rate $93,628
State income tax (net of federal benefit) 8,721
Other 210
Provision for income taxes $102,559
   
Amounts reported in the consolidated financial statements and the tax basis of assets and liabilities result in temporary differences. The deferred tax assets (liabilities) consist of the following:  
As of April 30, 2025  
Deferred tax assets  
Net operating loss $331,079
Audit fees 1,432
Deferred tax liabilities  
Depreciation (651,292)
Total $(318,781)
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 derivative transactions, taxable subsidiary and non-deductible start up costs.
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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 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
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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, 2025, the fund used futures contracts to manage against changes in interest rates. The fund held futures contracts with USD notional values ranging from $8.3 million to $11.4 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 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, 2025, 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 up to $4.0 million, as measured at each quarter end.
Options. There are two types of options, put options and call options. Options are traded either OTC or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying asset at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying asset at the exercise price. Writing puts and buying calls may increase the fund’s exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the fund’s exposure to such changes. Risks related to the use of options include the loss of premiums on purchased options, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values, and for written options, potential losses in excess of the amounts recognized on the Consolidated statement of assets and liabilities. In addition, OTC options are subject to the risks of all OTC derivatives contracts.
Purchased options are included in the Fund’s investments and are subsequently “marked-to-market” to reflect current market value. If a purchased option expires, the fund realizes a loss equal to the premium paid for the option. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying asset transaction to determine the realized gain (loss). 
During the six months ended April 30, 2025, the fund used purchased options contracts to manage against changes in interest rates. The fund held purchased options contracts with market values ranging from $800 to $20,000, as measured at each quarter end. 
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund and its subsidiary at April 30, 2025 by risk category:
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Risk Consolidated statement of assets
and liabilities
location 		Financial
instruments
location 		Assets
derivatives
fair value 		Liabilities
derivatives
fair value
Interest rate Receivable/payable for futures variation margin1 Futures — $(20,244)
Currency Unrealized appreciation (depreciation) on forward foreign currency contracts Forward foreign currency contracts $102,025 (198,046)
Interest rate Unaffiliated investments, at value2 Purchased options 19,894 —
      $121,919 $(218,290)
    
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.
2 Purchased options are included in Consolidated Fund’s investments.
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, 2025:
  Consolidated statement of operations location - Net realized gain (loss) on:
Risk Unaffiliated
investments and
foreign currency
transactions1 		Futures contracts Forward foreign
currency contracts 		Total
Interest rate $(28,956) $90,585 — $61,629
Currency — — $(2,993) (2,993)
Total $(28,956) $90,585 $(2,993) $58,636
    
1 Realized gain (loss) associated with purchased options is included in this caption on the Statement of operations.
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, 2025:
  Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Unaffiliated
investments and
translation of assets
and liabilities in
foreign currencies1 		Futures contracts Forward foreign
currency contracts 		Total
Interest rate $22,780 $(158,892) — $(136,112)
Currency — — $(96,021) (96,021)
Total $22,780 $(158,892) $(96,021) $(232,133)
    
1 Change in unrealized appreciation (depreciation) associated with purchased options is included in this caption on the Statement of operations.
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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, calculated and paid monthly, at an annual rate of 1.35% of the fund’s average monthly managed assets (managed assets means the total assets of the fund (including any assets attributable to any preferred shares that may be issued or to indebtedness), minus the fund’s liabilities incurred in the normal course of operations other than liabilities relating to indebtedness). Pursuant to a subadvisory agreement, the Advisor (and not the fund) has agreed to pay a subadvisory fee directly to Marathon Asset Management LP (the Subadvisor).
The Advisor contractually agreed to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate managed assets of all the funds participating in the waiver or reimbursement. This waiver is allocated proportionally among the participating funds. During the six months ended April 30, 2025, this waiver amounted to 0.01% of the fund’s average monthly managed assets, on an annualized basis. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor has contractually agreed to reduce its management fee for the fund or, if necessary, make payment to the fund, in an amount equal to the amount by which the following expenses of the fund, incurred in the ordinary course of the fund’s business, exceed 0.60% percent of average monthly net assets (on an annualized basis) of the fund: (a) administrative fees; (b) custody and accounting fees; (c) audit fees; (d) legal fees; (e) independent trustee fees; (f) pricing services fees; (g) blue sky fees; (h) insurance premiums; (i) printing costs; (j) registration and filing expenses; (k) organization and offering expenses; (l) transfer agent fees and service fees; and (m) other miscellaneous ordinary expenses, but excluding management and incentive fees, interest expense, 12b-1 fees, any cashiering or other investment servicing fees; litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the fund; taxes; short dividends, acquired fund fees and expenses (based on indirect net expenses associated with the fund’s investments in underlying investment companies); class specific expenses; portfolio brokerage commissions; expenses related to, or incurred by, special purpose vehicles or other subsidiaries of the fund held directly or indirectly by the fund; expenses, including legal expenses, related to investments of the fund; and expenses, including legal expenses, related to co-investment transactions involving the fund. This agreement expires on February 28, 2026, 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.
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For the six months ended April 30, 2025, the expense reductions described above amounted to the following:
Class Expense reduction
Class I $655,585
Class D 566
Class Expense reduction
Class S $174
Total $656,325
 
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, 2025, were equivalent to a net annual effective rate of 0.81% of the fund’s average monthly managed assets.
Incentive fee. The fund has agreed to pay the Advisor an Incentive Fee based upon pre-incentive fee net investment income. The incentive fee shall be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each fiscal quarter. The calculation of the incentive fee for each fiscal quarter is as follows:
• No incentive fee shall be payable in any fiscal quarter in which the pre-incentive fee net investment income attributable to each class does not exceed a quarterly return of 1.25% per quarter based on each class’s average beginning monthly net assets for the applicable quarterly payment period (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period) (the “Quarterly Return”), or 5.00% annualized;
• All pre-incentive fee net investment income attributable to each class (if any) that exceeds the Quarterly Return, but is less than or equal to 1.4286% of the average beginning monthly net assets of that each class (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period) for the fiscal quarter (5.714% annualized), shall be payable to the Advisor; and
• For any fiscal quarter in which pre-incentive fee net investment income attributable to each class exceeds 1.4286% of each class’s average beginning monthly net assets (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period), the incentive fee with respect to each class shall equal 12.5% of pre-incentive fee net investment Income attributable to each class.
The incentive fee for the six months ended April 30, 2025 amounted to $863,952.
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, 2025, amounted to an annual rate of 0.02% of the fund’s average monthly net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has adopted distribution and service plans for certain classes pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. In addition, under a service plan for Class D shares and Class S shares, the fund pays for certain other services. The fund may pay distribution and service fees, expressed as an annual percentage of average monthly net assets for each class of the fund’s shares, up to 0.25% for Class D shares and 0.85% (including up to 0.25% for service fees) for Class S shares.
Sales charges. Class D shares may be subject to a sales charge of up to 1.50% and Class S shares may be subject to a sales charge of up to 3.50%. Such sales load will be subtracted from the investment amount and will not form part of an investor’s investment in the fund. The sales load may be waived in certain circumstances at the Advisor’s discretion. During the six months ended April 30, 2025, no sales charges were assessed.
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Early repurchase fee. For all share classes, a 2.00% early repurchase fee payable to the fund will be charged with respect to the repurchase of a shareholder’s shares at any time prior to the day immediately preceding the one-year anniversary of the shareholder’s purchase of the Shares (on a “first in-first out” basis). The early repurchase fee will be retained by the fund for the benefit of the remaining shareholders.
Class level expenses. Class level expenses for the six months ended April 30, 2025 were as follows:
Class Distribution and service fees
Class I —
Class D $236
Class S 219
Total $455
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, 2025, 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 as of the last business day of each calendar month. Transactions in fund shares for the six months ended April 30, 2025 and for the year ended October 31, 2024 were as follows:
  Six Months Ended 4-30-25  Year Ended 10-31-24
  Shares Amount Shares Amount
Class I shares        
Sold 2,486,130 $50,819,343 2,931,140 $59,114,692
Issued pursuant to Dividend Reinvestment Plan 53,744 1,094,237 76,456 1,542,329
Repurchased (290,733) (5,935,484) (12,855) (260,959)
Net increase 2,249,141 $45,978,096 2,994,741 $60,396,062
Class D shares        
Sold 8,793 $180,000 3,177 $65,000
Issued pursuant to Dividend Reinvestment Plan 158 3,230 80 1,617
Net increase 8,951 $183,230 3,257 $66,617
Total net increase 2,258,092 $46,161,326 2,997,998 $60,462,679
    
  There was no activity for Class S shares during the six months ended April 30, 2025.
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Affiliates of the fund owned 22%, 17% and 100% of shares of Class I, Class D and Class S, respectively, on April 30, 2025. As of April 30, 2025, the Subadvisor held 22% of the fund (Class I). Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.
At the sole discretion of the Board of Trustees and provided that it is in the best interests of the fund and shareholders to do so, the fund intends to provide a limited degree of liquidity to the shareholders by conducting repurchase offers or take any other action permitted by the tender offer rules under 1934 Act, and described in the written tender offer notice that will be provided to shareholders for each repurchase offer. In determining whether the fund should offer to repurchase shares from shareholders (generally no more than 5% of shares outstanding), the Board of Trustees will consider the recommendations of the Advisor as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Advisor currently expects that it will generally recommend to the Board of Trustees that the fund offer to repurchase shares from shareholders quarterly with tender offer valuation dates occurring on the last business day of March, June, September and December (each, a “Valuation Date”); however, there can be no assurance that any such tender offers will be conducted on a quarterly basis or at all. The fund is not required to conduct tender offers and may be less likely to conduct tenders during periods of exceptional market conditions. The fund conducted two quarterly repurchase offers during the six months ended April 30, 2025. The fund offered to repurchase shares in an amount up to $8,700,000 and $9,100,000 as of the valuation dates for the repurchase offers, December 31, 2024 ($20.32) and March 31, 2025 ($20.42), respectively. $5,935,484 and 290,733 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 $110,494,480 and $76,629,493, respectively, for the six months ended April 30, 2025.
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, 2025, funds within the John Hancock group of funds complex held 27.1% 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 27.1%
Note 9—Investments in affiliates
As of April 30, 2025, 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 beneficial ownership interest in MSN 803 Trust as an owner participant.
Information regarding the funds’ fiscal year to date purchases and sales of the affiliated investments as well as income and capital gains earned by the fund, if any, is as follows:
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              Dividends and distributions
Affiliate Ending
share
amount 		Beginning
value 		Cost of
purchases 		Proceeds
from shares
sold 		Realized
gain
(loss) 		Change in
unrealized
appreciation
(depreciation) 		Income
distributions
received 		Capital gain
distributions
received 		Ending
value
JH Aircraft Leasing 4535 (Ireland) Designated Activity Company 20,897,863 $21,420,071 — $(721,000) — $1,437,064 — — $22,136,135
JH Finance LeaseCo LLC 7,332,249 7,392,282 — — — (22,317) $419,932 — 7,369,965
JH Liftco LLC 6,845,000 6,143,962 — — — 174,283 — — 6,318,245
JH REO Trust 30,000 — $30,000 — — — — — 30,000
MSN 803 Trust 7,882,217 8,326,774 — (316,000) — 505,961 164,000 — 8,516,735
          — $2,094,991 $583,932 — $44,371,080
Note 10—New accounting pronouncement
In this reporting period, the fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund’s financial position or the results of its operations. 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, 2025, distributions from net investment income totaling $0.6007, $0.5753 and $0.5142 per share were paid to shareholders for Class I, Class D and Class S, respectively. The dates of payments and the amounts per share for each class were as follows:
Income Distributions:      
Payment Date Class I Class D Class S
January 23, 2025 $0.3679 $0.3551 $0.3243
April 22, 2025 $0.2328 $0.2202 $0.1899
Total $0.6007 $0.5753 $0.5142
Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:
Regular Mail:
SS&C GIDS, Inc.
80 Lamberton Road
Windsor, Connecticut 06095
Registered or Overnight Mail:
SS&C GIDS, Inc.
80 Lamberton Road
Windsor, Connecticut 06095
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.
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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES
This section describes the evaluation by the Board of Trustees (the Board) of John Hancock 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. Prior to the February 5, 2025 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on October 9, 2024. 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 5, 2025, 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), performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meeting at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the 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 conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not
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treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on relevant background information obtained in connection with the consideration of the advisory and subadvisory arrangements for other funds in the John Hancock Fund Complex in prior years.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also 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 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.
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a) reviewed information prepared by management regarding the fund’s performance;
(b) considered the comparative performance of an applicable benchmark index;;
(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d) took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on, 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-year period ended September 30, 2024, and for the period since inception. The Board also noted that the fund underperformed its peer group median for the one-year period ended September 30, 2024, and for the period since inception. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one-year period ended September 30, 2024, and for the period since inception. The Board also took into account management’s discussion of the factors that contributed to the fund’s performance relative to its peer group median for the one-year period ended September 30, 2024, and for the period since inception. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of the fund’s benchmark index. The Board noted the relatively recent inception period of the fund.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund, in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. The Board considered the limitations on the data presented in light of, for example, the structure and specific investment strategies of peers. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that contractual management fees are higher than the average, and that net total expenses for the fund are lower than the peer group median.
The Board also took into account management’s discussion with respect to the management fee and the fees of the Subadvisor, including the amount of the advisory fee to be retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board noted that the Advisor 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
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extent the incentive fee is earned and paid, the incentive fee would effectively result in a higher rate of total compensation from the fund to the Advisor than the base-management fee rate stated in the Advisory Agreement. The Board also noted that the Advisor, and not the fund, would be responsible for paying the subadvisory fees and that such fees are negotiated at arm’s length with respect to the Subadvisor. The Board also took into account that management has agreed to implement an overall fee waiver across a number of funds in the John Hancock Fund Complex, including the fund, which is discussed further below.
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.
Based upon its review, the Board concluded that the projected level of profitability, if any, of the Advisor and its affiliates from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:
(a) considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. This waiver is allocated proportionally among the participating portfolios;
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(b) reviewed the advisory fee structure for the fund and concluded that although economies of scale cannot be measured with precision, these arrangements will permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure, including incentive fee; and
(c) the Board also considered the potential effect of the fund’s future growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(a) information relating to the Subadvisor’s business;
(b) the performance of comparable funds, as applicable, managed by the fund’s Subadvisor;
(c) the subadvisory fee for the fund, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and
(d) Information relating to the nature and scope of any material relationships and their significance to the fund’s Advisor and Subadvisor.
Nature, extent, and quality of services. With respect to the services 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. As a result, the costs of the services provided and the profits realized by the Subadvisor from its relationship with the fund were not a factor in the Board’s consideration of the Subadvisory Agreement.
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The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees.The Board considered that the fund pays an advisory fee 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 based 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. As noted above, the Board also considered the fund’s subadvisory fee, including the incentive fee, as compared to the Subadvisor’s similarly situated investment companies deemed to be comparable to the fund, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group median and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board also noted that it reviews at its regularly scheduled meetings information about the performance of other funds managed by the Advisor. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:
(1) the Subadvisor has extensive experience and demonstrated skills as a manager, and may reasonably be expected to provide a high quality of investment management services to the fund;
(2) the performance of the fund has generally been in line with or outperformed the fund’s benchmark index;
(3) the subadvisory fees are reasonable in relation to the level and quality of services 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.
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More information
Trustees
Hassell H. McClellan, Chairperson*
Andrew G. Arnott†
William H. Cunningham*
Grace K. Fey*
Officers
Andrew G. Arnott†
President
Fernando A. Silva‡
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Marathon Asset Management LP
Portfolio Managers
Ed Cong
Louis Hanover
Andrew Springer
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
SS&C GIDS, Inc.
Legal counsel
K&L Gates LLP
 
* Member of the Audit Committee
† Non-Independent Trustee
‡ Effective July 1, 2024.
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-6020.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
You can also contact us:    
844-292-8018 Regular mail: Express mail:
jhinvestments.com John Hancock Alt
P.O. Box 219285
Kansas City, MO 64121-9285 		John Hancock Alt
801 Pennsylvania Ave, Suite 219285
Kansas City, MO 64105-1307
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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.
MF4442967 P16SA 4/25
06/25

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.

(a)(3) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

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

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/ Andrew G. Arnott

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

Andrew G. Arnott

President, Principal Executive Officer

Date: June 26, 2025

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

By:

/s/ Andrew G. Arnott

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

Andrew G. Arnott

President, Principal Executive Officer

Date: June 26, 2025

 

By:

/s/ Fernando A. Silva

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

Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

Date: June 26, 2025