John Hancock
Asset-Based Lending Fund
Quarterly portfolio holdings 7/31/2022
| Fund’s investments |
As of 7-31-22 (unaudited)
| Rate (%) | Maturity date | Par value^ | Value | ||
| Collateralized mortgage obligations 9.5% | $9,455,803 | ||||
| (Cost $9,458,492) | |||||
| Commercial and residential 8.5% | 8,452,053 | ||||
| New Residential Mortgage Loan Trust | |||||
| Series 2018-1A, Class A1A (A)(B) | 4.000 | 12-25-57 | 2,596,237 | 2,535,127 | |
| Series 2018-5A, Class A1 (A)(B) | 4.750 | 12-25-57 | 1,111,361 | 1,106,242 | |
| Oaktown Re VII, Ltd. | |||||
| Series 2021-2, Class M1A (1 month SOFR + 1.600%) (A)(C) | 3.114 | 04-25-34 | 2,500,000 | 2,439,477 | |
| Ready Capital Mortgage Financing LLC | |||||
| Series 2021-FL6, Class AS (1 month LIBOR + 1.200%) (A)(C) | 2.824 | 07-25-36 | 2,500,000 | 2,371,207 | |
| U.S Government Agency 1.0% | 1,003,750 | ||||
| Federal Home Loan Mortgage Corp. | |||||
| Series 2022-HQA2, Class M1A (1 month SOFR + 2.650%) (A)(C) | 4.174 | 07-25-42 | 1,000,000 | 1,003,750 | |
| Asset backed securities 20.9% | $20,747,679 | ||||
| (Cost $20,718,297) | |||||
| Asset backed securities 20.9% | 20,747,679 | ||||
| Apidos CLO XXV | |||||
| Series 2016-25A, Class A1R (3 month LIBOR + 1.170%) (A)(C) | 3.880 | 10-20-31 | 2,750,000 | 2,699,881 | |
| Arbor Realty Commercial Real Estate Notes, Ltd. | |||||
| Series 2022-FL2, Class D (1 month CME Tem SOFR + 4.350%) (A)(C) | 6.309 | 05-15-37 | 2,500,000 | 2,404,895 | |
| BDS, Ltd. | |||||
| Series 2020-FL5, Class B (1 month CME Term SOFR + 1.914%) (A)(C) | 4.015 | 02-16-37 | 1,000,000 | 966,300 | |
| BPCRE, Ltd. | |||||
| Series 2022-FL2, Class AS (1 month CME Term SOFR + 3.100%) (A)(C) | 5.201 | 01-16-37 | 1,000,000 | 990,560 | |
| Carbone CLO, Ltd. | |||||
| Series 2017-1A, Class A1 (3 month LIBOR + 1.140%) (A)(C) | 3.850 | 01-20-31 | 2,500,000 | 2,457,740 | |
| Carvana Auto Receivables Trust | |||||
| Series 2021-P3, Class A3 | 0.700 | 11-10-26 | 2,000,000 | 1,885,428 | |
| Cedar Funding VII CLO, Ltd. | |||||
| Series 2018-7A, Class A2 (3 month LIBOR + 1.130%) (A)(C) | 3.840 | 01-20-31 | 2,000,000 | 1,933,476 | |
| Flagship Credit Auto Trust | |||||
| Series 2019-2, Class D (A) | 3.530 | 05-15-25 | 1,757,000 | 1,727,398 | |
| Marlette Funding Trust | |||||
| Series 2022-1A, Class B (A) | 2.340 | 04-15-32 | 2,500,000 | 2,362,037 | |
| MF1, Ltd. | |||||
| Series 2022-FL8, Class AS (1 month SOFR + 1.750%) (A)(C) | 3.222 | 02-19-37 | 1,500,000 | 1,410,783 | |
| Westlake Automobile Receivable Trust | |||||
| Series 2022-1A, Class D (A) | 3.490 | 03-15-27 | 2,000,000 | 1,909,181 | |
| Yield (%) | Shares | Value | |||
| Short-term investments 70.2% | $69,857,047 | ||||
| (Cost $69,857,047) | |||||
| Short-term funds 70.2% | 69,857,047 | ||||
| State Street Institutional U.S. Government Money Market Fund, Administration Class | 1.6300(D) | 69,857,047 | 69,857,047 | ||
| Total investments (Cost $100,033,836) 100.6% | $100,060,529 | ||||
| Other assets and liabilities, net (0.6%) | (623,949) | ||||
| Total net assets 100.0% | $99,436,580 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | |
| Security Abbreviations and Legend | |
| CME | Chicago Mercantile Exchange |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| (A) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $28,318,054 or 28.5% of the fund’s net assets as of 7-31-22. |
| 1 | JOHN HANCOCK ASSET-BASED LENDING FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| (B) | 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. |
| (C) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (D) | The rate shown is the annualized seven-day yield as of 7-31-22. |
The fund had the following country composition as a percentage of net assets on 7-31-22:
| United States | 87.0% |
| Cayman Islands | 9.5% |
| Bermuda | 3.5% |
| TOTAL | 100.0% |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK ASSET-BASED LENDING FUND | 2 |
| Notes to Fund’s investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund’s Valuation Policies and Procedures.
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.
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 fund’s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own 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 fund’s investments as of July 31, 2022, by major security category or type:
| Total value at 7-31-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Collateralized mortgage obligations | $9,455,803 | — | $9,455,803 | — |
| Asset backed securities | 20,747,679 | — | 20,747,679 | — |
| Short-term investments | 69,857,047 | $69,857,047 | — | — |
| Total investments in securities | $100,060,529 | $69,857,047 | $30,203,482 | — |
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent prospectus.
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