# EDGAR Filing Document

**Accession Number:** 0002035632
**File Stem:** 0001193125-25-337065
**Filing Date:** 2025-12
**Character Count:** 194594
**Document Hash:** 3f4455c08d0746b7aab4477916083805
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-337065.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-337065

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** John Hancock CQS Asset Backed Securities Fund
- **CENTRAL INDEX KEY:** 0002035632

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24007
- **FILM NUMBER:** 251614219

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617 663 3000

**MAIL ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** John Hancock Asset Backed Securities Fund
- **DATE OF NAME CHANGE:** 20240828

![](gaycno7sj4nv2jatgsavk.jpg)

**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 811-24007**

**JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND**

(Exact name of registrant as specified in charter)

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

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

<u>BOSTON, MA 02116</u>

(Name and address of agent for service)

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

**Date of fiscal year end: October 31**

**Date of reporting period: October 31, 2025**

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ITEM 1. REPORT TO STOCKHOLDERS.

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![](img96cce01a1.gif)

![](img8600a5d32.gif)

Annual report

## John Hancock

## CQS Asset Backed Securities Fund
Closed-end alternative

October 31, 2025

------

John Hancock

CQS Asset Backed Securities Fund

Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;[Your fund at a glance](#xx_f065996e-81c6-43de-9c72-c1ed1d8c7ae2_1) |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;[Management's discussion of fund performance](#xx_6a9cdb20-a9cb-4034-8175-0da69430dd20_1) |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;[A look at performance](#xx_9e9b30bc-1559-468c-af1d-b92f1e85ff4e_1) |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;[Consolidated Fund's investments](#xx_3873db93-40d5-4165-807c-8b5ce2a8f607_1) |
| **14** | &nbsp;&nbsp;[Consolidated financial statements](#xx_04c64dbd-dd31-4d3a-a0e2-a4e2d497f060_1) |
| **18** | &nbsp;&nbsp;[Consolidated financial highlights](#xx_44f715c4-c893-4e4e-b267-64371c348735_1) |
| **21** | &nbsp;&nbsp;[Notes to consolidated financial statements](#xx_eba52db7-da28-491c-8d31-483e675cb3a3_1) |
| **33** | &nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_ef46db20-c524-4a8a-9bbf-c2c60c96bac9_1) |
| **34** | &nbsp;&nbsp;[Tax information](#xx_dd9583e0-80ee-4356-bf17-a2416a7d3d90_1) |
| **35** | &nbsp;&nbsp;[Additional information](#xx_5467b647-d653-4dc8-bdfa-a616b7dbef50_1) |
| **37** | &nbsp;&nbsp;[Trustees and Officers](#xx_ae7d2591-ed41-4ba1-a6ca-51e24ca00105_1) |
| **40** | &nbsp;&nbsp;[More information](#xx_7f41bae5-ec05-4d66-9fef-4ed253f4ebd3_1) |

---

1 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \| ANNUAL REPORT

------

[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

Your fund at a glance

#### INVESTMENT OBJECTIVE

------

The fund seeks to generate a return comprised of both current income and capital appreciation.

#### AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2025 (%)

------

![](img1655a06f3.gif)

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 CQS ASSET BACKED SECURITIES FUND 2

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

#### PERFORMANCE HIGHLIGHTS OVER THE PERIOD

------

#### The fund delivered a positive return for the period from January 21, 2025 (commencement of operations) to October 31, 2025
The fund's results for the period reflect the benefits of a diversified asset-backed securities (ABS) approach, with multiple strategies contributing to overall portfolio resilience and positive returns.

#### Diversification supported stability through volatility
Exposure across ABS sectors helped cushion the impact of spring volatility and positioned the portfolio to benefit from improving credit conditions later in the year.

#### Active management captured recovery opportunities
Dynamic positioning and disciplined risk controls enabled the fund to navigate market swings and participate in the rebound as spreads tightened.

#### PORTFOLIO COMPOSITION AS OF 10/31/2025 (% of total investments)

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![](imgae80da864.gif)

3 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \|

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

#### QUALITY COMPOSITION AS OF 10/31/2025 (% of total investments)

------

![](imgc1c6d75c5.gif)

Ratings are from Moody's Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. "Not rated" securities are those with no ratings available from these agencies. All ratings are as of 10-31-25 and do not reflect subsequent downgrades or upgrades, if any.

\| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 4

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

Management's discussion of fund performance

#### How would you describe the investment backdrop for the period from January 21, 2025 (commencement of operations) to October 31, 2025?
The investment backdrop for the period was marked by persistent macro uncertainty and intermittent volatility. Geopolitical risks, global trade tensions, and shifting investor sentiment drove episodes of risk repricing, most notably in early spring when tariff-related headlines pressured credit spreads and liquidity.

Despite these headwinds, structured credit markets showed relative stability, supported by solid fundamentals and ongoing demand for income-oriented assets. As the year progressed, improving market conditions and recovery in risk appetite led to tighter spreads and renewed issuance activity, creating a more constructive environment for ABS markets heading into year-end.

#### How did the fund perform?
Despite a volatile backdrop, including spring weakness driven by tariff-related headlines and risk-off sentiment, the fund achieved a positive outcome for the period. Performance was led by U.S. credit risk transfer strategies and European CLOs, which delivered the most significant gains. Residential mortgage-backed securities added further support, while commercial mortgage-backed securities and consumer ABS contributed smaller but positive returns. Aircraft exposures remained stable and continued to provide diversification. Credit hedge positions detracted from performance, particularly during April's tariff related volatility. The fund's diversified structure and disciplined risk management helped limit downside risk during periods of stress and positioned the portfolio to participate in the recovery as credit markets strengthened later in the year.

---

| | |
|:---|:---|
| **COUNTRY COMPOSITION<br> AS OF 10/31/2025 (% of total investments)** | **COUNTRY COMPOSITION<br> AS OF 10/31/2025 (% of total investments)** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;50.7 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;44.3 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| **TOTAL** | &nbsp;&nbsp;**100.0** |

---

The views expressed in this report are exclusively those of the portfolio management team at CQS (US), LLC and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

5 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \|

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

A look at performance

#### TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Average annual total returns (%)<br> with maximum sales charge** | &nbsp;&nbsp;**Cumulative total returns (%)<br> with maximum sales charge** |
|  | **Since<br> inception<br> (1-21-25)** | &nbsp;&nbsp;**Accumulated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | 0.09 | &nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<sup>1</sup> | 2.85 | &nbsp;&nbsp;&nbsp;2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U<sup>1</sup> | 2.29 | &nbsp;&nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index<sup>†</sup> | 3.38 | &nbsp;&nbsp;&nbsp;3.38 |

---

*Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 2.5%. Sales charges are not applicable to Class I shares and Class U shares.*

*Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.*

*The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800-225-6020 or visit the fund's website at jhinvestments.com.*

*The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund's performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.*

 <sup>†</sup> *Index is the ICE BofA 0-3 Month U.S. Treasury Bill Index.*

*See the following page for footnotes.*

\| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 6

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

This chart shows what happened to a hypothetical $10,000 investment in John Hancock CQS Asset Backed Securities Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in ICE BofA 0-3 Month U.S. Treasury Bill Index.

![](img8fdc739e6.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Start date** | &nbsp;&nbsp;&nbsp;**With maximum<br> sales charge ($)** | &nbsp;&nbsp;&nbsp;**Without<br> sales charge ($)** | &nbsp;&nbsp;&nbsp;**Index ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | 1-21-25 | &nbsp;&nbsp;10009 | &nbsp;&nbsp;10264 | &nbsp;&nbsp;10338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U<sup>1</sup> | 1-21-25 | &nbsp;&nbsp;10229 | &nbsp;&nbsp;10229 | &nbsp;&nbsp;10338 |

---

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.

The returns reflect past results and should not be considered indicative of future performance.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

#### Footnotes related to performance pages

<sup>1</sup> *For certain types of investors, as described in the fund's prospectus.* 

7 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \|

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

Consolidated Fund's investments

#### AS OF 10-31-25

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** |  | **Par value^** | &nbsp;&nbsp;**Value** |
| **Collateralized mortgage obligations 51.4%** | **Collateralized mortgage obligations 51.4%** |  |  |  | **$51136256** |
| (Cost $50,924,248) |  |  |  |  |  |
| **Commercial and residential 10.9%** | **Commercial and residential 10.9%** | **Commercial and residential 10.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10874765** |
| Castell PLC | Castell PLC | Castell PLC | Castell PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class E (SONIA + 3.500%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-27-62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class F (SONIA + 4.620%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-27-62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class G (SONIA + 6.320%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-27-62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860178 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC23, Class E (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-10-47 |  | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125165 |
| Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG) | Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG) | Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG) | Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR11, Class E (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-10-50 |  | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR19, Class E (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-10-47 |  | &nbsp;&nbsp;&nbsp;&nbsp;2483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346410 |
| Commercial Mortgage Trust (Deutsche Bank AG) | Commercial Mortgage Trust (Deutsche Bank AG) | Commercial Mortgage Trust (Deutsche Bank AG) | Commercial Mortgage Trust (Deutsche Bank AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC15, Class E (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-10-47 |  | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305030 |
| JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-WPG, Class C (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06-05-35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426315 |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC11, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-15-46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895323 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C1, Class E (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05-10-45 |  | &nbsp;&nbsp;&nbsp;&nbsp;1682311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522525 |
| **U.S. Government Agency 40.5%** | **U.S. Government Agency 40.5%** | **U.S. Government Agency 40.5%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**40261491** |
| FARM Mortgage Trust | FARM Mortgage Trust | FARM Mortgage Trust | FARM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class B (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-01-55 |  | &nbsp;&nbsp;&nbsp;&nbsp;3441329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041609 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-DNA6, Class B2 (30 day Average SOFR + 5.650%) (A)(B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-25-50 |  | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HQA3, Class B2 (30 day Average SOFR + 10.114%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-25-50 |  | &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HQA4, Class B2 (30 day Average SOFR + 9.514%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09-25-50 |  | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HQA5, Class B2 (30 day Average SOFR + 7.400%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11-25-50 |  | &nbsp;&nbsp;&nbsp;&nbsp;2743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA1, Class B2 (30 day Average SOFR + 4.750%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-25-51 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B2 (30 day Average SOFR + 6.000%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-25-33 |  | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA3, Class B2 (30 day Average SOFR + 6.250%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-25-33 |  | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979226 |

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SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 8

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** |  | **Par value^** | &nbsp;&nbsp;**Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA1, Class B2 (30 day Average SOFR + 5.000%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-25-33 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3502500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA2, Class B2 (30 day Average SOFR + 5.450%) (A)(B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-25-33 |  | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA4, Class B2 (30 day Average SOFR + 7.000%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-25-41 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164447 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SBT1, Class 1B1 (30 day Average SOFR + 6.864%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02-25-40 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06, Class 1B2 (30 day Average SOFR + 5.900%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-25-43 |  | &nbsp;&nbsp;&nbsp;&nbsp;2762800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999807 |
| **Asset-backed securities 79.8%** |  |  |  |  | &nbsp;&nbsp;**$79428509** |
| (Cost $77,787,715) |  |  |  |  |  |
| **Asset-backed securities 19.8%** | **Asset-backed securities 19.8%** | **Asset-backed securities 19.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**19723491** |
| APL Finance DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class D (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03-20-36 |  | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487382 |
| BBVA Consumo FTA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class D (3 month EURIBOR + 3.150%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-21-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1698554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968295 |
| Bridgecrest Lending Auto Securitization Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05-15-31 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08-15-31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227350 |
| CPS Auto Receivables Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C, Class D (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-15-31 |  | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-D, Class D (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02-17-32 |  | &nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511983 |
| Exeter Select Automobile Receivables Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-15-32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97742 |
| FIGRE Trust |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HE1, Class G PO (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-25-55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HE1, Class XS IO (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-25-55 |  | &nbsp;&nbsp;&nbsp;&nbsp;27100906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HE3, Class F (B)(C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05-25-55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653713 |
| GGAM Master Trust International, Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class Y (B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09-30-60 |  | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481193 |
| Santander Consumo 8 Fondo de Titulizacion |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 8, Class E (3 month EURIBOR + 4.500%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-21-40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881432 |
| **Collateralized loan obligations 60.0%** | **Collateralized loan obligations 60.0%** | **Collateralized loan obligations 60.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**59705018** |
| AlbaCore Euro CLO I DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1X, Class ER (3 month EURIBOR + 5.960%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-18-34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373784 |

---

9 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** |  | **Par value^** | &nbsp;&nbsp;**Value** |
| **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** |  |  |  |
| Anchorage Capital Europe CLO DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3X, Class FR (3 month EURIBOR + 8.490%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-15-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2632333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 8X, Class FR (3 month EURIBOR + 8.250%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-25-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125370 |
| Anchorage Capital Europe CLO I DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-15-39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344039 |
| Aqueduct European CLO XII DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-12X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-25-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049116 |
| Aqueduct European CLO XIII DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-13X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-25-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-13X, Class Z2 (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-25-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83717 |
| Aurium CLO IX DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 9X, Class F (3 month EURIBOR + 9.360%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-28-34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298218 |
| Barings Euro CLO DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A, Class ERR (3 month EURIBOR + 6.860%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-25-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1X, Class FRR (3 month EURIBOR + 8.140%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-21-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class F (3 month EURIBOR + 8.930%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-20-37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669944 |
| Carlyle Euro CLO DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-1X, Class ERR (3 month EURIBOR + 8.450%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-15-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-2X, Class ER (3 month EURIBOR + 9.010%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11-10-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2X, Class D (3 month EURIBOR + 6.060%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-15-34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2X, Class D (3 month EURIBOR + 5.900%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-15-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467581 |
| Contego CLO XI DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 11X, Class FR (3 month EURIBOR + 8.410%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11-20-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128901 |
| CVC Cordatus Loan Fund X DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 10A, Class FR (3 month EURIBOR + 8.260%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-26-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810011 |
| Dryden Euro CLO DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-56X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-15-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1623000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-79X, Class ER (3 month EURIBOR + 6.470%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-18-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-111X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-21-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928982 |
| Hayfin Funding DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 13X, Class F (3 month EURIBOR + 8.340%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-15-37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674719 |
| Henley CLO III DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12-25-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790109 |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 10

------

[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** |  | **Par value^** | &nbsp;&nbsp;**Value** |
| **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** |  |  |  |
| Henley CLO VI DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 6X, Class E (3 month EURIBOR + 6.110%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06-10-34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1147542 |
| Invesco Euro CLO IV DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4X, Class F (3 month EURIBOR + 7.430%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-15-33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641398 |
| Madison Park Euro Funding XIX DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 19X, Class M (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-15-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970134 |
| OCP Euro CLO DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A, Class SUB (B)(E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-20-37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-20-37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186378 |
| Penta CLO DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A, Class FRR (3 month EURIBOR + 7.740%) (A)(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-17-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231003 |
| Providus CLO III DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 3X, Class FR (3 month EURIBOR + 8.700%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-18-34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242903 |
| Providus CLO IX DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 9X, Class FR (3 month EURIBOR + 8.160%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01-18-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677996 |
| Rockford Tower Europe DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB (E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-15-38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918659 |
| RRE 23 Loan Management DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 23A, Class SUB (B)(E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-15-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833197 |
| St. Paul's CLO II DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2X, Class FR4 (3 month EURIBOR + 8.880%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-25-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509936 |
| St. Paul's CLO IV DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 4X, Class DRRR (3 month EURIBOR + 4.970%) (A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-25-30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715555 |
| St. Paul's CLO VIII DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 8X, Class F (3 month EURIBOR + 5.900%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07-17-30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288545 |
| St. Paul's CLO X DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 10X, Class ER (3 month EURIBOR + 6.360%) (A)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-22-35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956498 |
| **Profit participating notes 3.5%** |  |  |  |  | &nbsp;&nbsp;**$3469477** |
| (Cost $3,480,763) |  |  |  |  |  |
| **Financials 3.5%** | **Financials 3.5%** | **Financials 3.5%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3469477** |
| Trafalgar Finance DAC (3 month EURIBOR + 7.950%) (A)(F) | &nbsp;&nbsp;&nbsp;&nbsp;9.990 | &nbsp;&nbsp;04-30-46 | &nbsp;&nbsp;EUR | 3010000 | &nbsp;&nbsp;&nbsp;&nbsp;3469477 |

---

11 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

------

[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Credit-linked notes 1.4%** |  |  |  | &nbsp;&nbsp;**$1365647** |
| (Cost $1,365,661) |  |  |  |  |
| **Consumer loans 1.4%** | **Consumer loans 1.4%** | **Consumer loans 1.4%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1365647** |
| Huntington Bank Auto Credit-Linked Note |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class D (30 day Average SOFR + 3.500%) (A)(B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03-21-33 | &nbsp;&nbsp;&nbsp;&nbsp;1365661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365647 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term investments 7.4%** |  |  | &nbsp;&nbsp;**$7379303** |
| (Cost $7,379,303) |  |  |  |
| **Short-term funds 7.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7379303** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | &nbsp;&nbsp;4.0278(G) | &nbsp;&nbsp;7379303 | &nbsp;&nbsp;&nbsp;7379303 |

---

---

| | |
|:---|:---|
| **Total investments (Cost $140,937,690) 143.5%** | &nbsp;&nbsp;**$142779192** |
| **Other assets and liabilities, net (43.5%)** | &nbsp;&nbsp;&nbsp;**(43299117)** |
| **Total net assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**$99480075** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | 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. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Currency Abbreviations** | **Currency Abbreviations** |
| EUR | Euro |
| GBP | Pound Sterling |

---

---

| | |
|:---|:---|
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| EURIBOR | Euro Interbank Offered Rate |
| IO | Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period. |
| PO | Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase. |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| (A) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (B) | 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 $72,984,259 or 73.4% of the fund's net assets as of 10-31-25. |
| (C) | 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. |
| (D) | All or a portion of this security is segregated as collateral for reverse repurchase agreements. |
| (E) | Notes do not bear interest and represent the ownership of the residual interest in the issuing entity. Distributions are made only after all classes senior in priority have received all amounts due. |
| (F) | Security purchased or sold on a when-issued or delayed delivery basis. |
| (G) | The rate shown is the annualized seven-day yield as of 10-31-25. |

---

SEE NOTES TO FINANCIAL STATEMENTS \| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 12

------

[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

#### DERIVATIVES

#### FORWARD FOREIGN CURRENCY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contract to buy** | **Contract to buy** | **Contract to sell** | **Contract to sell** | **Counterparty (OTC)** | **Contractual<br> settlement<br> date** | **Unrealized<br> appreciation** | **Unrealized<br> depreciation** |
| USD | 11690974 | EUR | 10000000 | SSB | 11/20/2025 | &nbsp;&nbsp;$154080 |  |
| USD | 31485740 | EUR | 27000000 | SSB | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;322066 |  |
| USD | &nbsp;&nbsp;2417959 | GBP | &nbsp;&nbsp;1800000 | SSB | 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;53216 |  |
|  |  |  |  |  |  | **$529362** | **—** |

---

---

| | |
|:---|:---|
| **Derivatives Currency Abbreviations** | **Derivatives Currency Abbreviations** |
| EUR | Euro |
| GBP | Pound Sterling |
| USD | U.S. Dollar |

---

---

| | |
|:---|:---|
| **Derivatives Abbreviations** | **Derivatives Abbreviations** |
| OTC | Over-the-counter |
| SSB | State Street Bank and Trust Company |

---

At 10-31-25, the aggregate cost of investments for federal income tax purposes was $143,076,814. Net unrealized appreciation aggregated to $231,740, of which $1,710,425 related to gross unrealized appreciation and $1,478,685 related to gross unrealized depreciation.

See Notes to consolidated financial statements regarding investment transactions and other derivatives information.

13 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \| SEE NOTES TO FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

Consolidated financial statements

#### CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 10-31-25

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $140,937,690) | &nbsp;&nbsp;$142779192 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529362 |
| Foreign currency, at value (Cost $3,662,837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677795 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346649 |
| Collateral on reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71508 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138012 |
| **Total assets** | &nbsp;&nbsp;&nbsp;**149462518** |
| **Liabilities** |  |
| Payable for open reverse repurchase agreements, at value (cost $45,421,892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45452867 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28709 |
| Payable for delayed-delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469477 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158016 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**49982443** |
| **Net assets** | &nbsp;&nbsp;&nbsp;**$99480075** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$99549641 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69566) |
| **Net assets** | &nbsp;&nbsp;&nbsp;**$99480075** |
| **Net asset value per share** |  |
| Based on net asset value and shares outstanding - the fund has an unlimited number of<br> shares authorized with no par value |  |
| Class A ($102,667 ÷ 5,176 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.84 |
| Class I ($82,660,615 ÷ 4,163,436 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.85 |
| Class U ($16,716,793 ÷ 844,302 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.80 |
| **Maximum offering price per share** |  |
| Class A (net asset value per share ÷ 97.5%)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.35 |

---

<sup>1</sup> On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK CQS Asset Backed Securities Fund 14

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

#### CONSOLIDATED STATEMENT OF OPERATIONS For the period ended 10-31-25<sup>1</sup>

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8709696 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223541 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**8933237** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;1343429 |
| Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35220 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920148 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12743 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35499 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50298 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35234 |
| State registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23476 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385801 |
| Offering and organization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618711 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10872 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**3479723** |
| Less expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(728996) |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**2750727** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**6182510** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2934688) |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1471789) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1544433) |
|  | &nbsp;&nbsp;&nbsp;**(5950910)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments and translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;1960378 |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2489740** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;&nbsp;**(3461170)** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$2721340** |
| <sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25. |  |

---

15 JOHN HANCOCK CQS Asset Backed Securities Fund \| ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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#### CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Period ended<br> 10-31-25<sup>1</sup>** |
| **Increase (decrease) in net assets** |  |
| **From operations** |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6182510 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5950910) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489740 |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2721340** |
| **Distributions to shareholders** |  |
| From earnings |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3474) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790553) |
| Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265878) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(3059905)** |
| **From fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**99718640** |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;**99380075** |
| **Net assets** |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| **End of period** | &nbsp;&nbsp;**$99480075** |

---

<sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT \| JOHN HANCOCK CQS Asset Backed Securities Fund 16

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

#### CONSOLIDATED STATEMENT OF CASH FLOWS For the period ended 10-31-25<sup>1</sup>

------

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| Net increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2721340 |
| **Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:** |  |
| Long-term investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144321057) |
| Long-term investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664435 |
| Net purchases and sales of short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7351381) |
| Net amortization (accretion) of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268667 |
| (Increase) Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529362) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1346649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral on open reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138012) |
| Increase (Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158016 |
| Net change in unrealized (appreciation) depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1841502) |
| Net realized (gain) loss on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182111 |
| **Net cash used in operating activities** | &nbsp;&nbsp;**$(139440020)** |
| **Cash flows provided by (used in) financing activities** |  |
| Increase in due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 |
| Borrowings from reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158132344 |
| Repayments of reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112679477) |
| Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96704948 |
| **Net cash flows provided by financing activities** | &nbsp;&nbsp;&nbsp;**$143017815** |
| **Net increase in cash** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3577795** |
| **Cash at beginning of period (including foreign currency)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$100000** |
| **Cash at end of period (including foreign currency)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3677795** |
| **Supplemental disclosure of cash flow information:** |  |
| **Cash paid for interest** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(719662)** |
| **Noncash financing activities not included herein consists of reinvestment of distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3013692** |
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation (depreciation) in foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14958 |
| Foreign currency net change in appreciation (depreciation) on reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169510 |
| Foreign currency realized gain (loss) on reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2876732) |

---

<sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25.

17 JOHN HANCOCK CQS Asset Backed Securities Fund \| ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

#### CONSOLIDATED FINANCIAL HIGHLIGHTS

------

---

| | |
|:---|:---|
| **CLASS A SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10-31-25<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.53** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| **Net asset value, end of period<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.84** |
| **Total return (%)<sup>4,5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.64<sup>6</sup>** |
| **Ratios and supplemental data** |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>7</sup> |
| Ratios (as a percentage of average net assets): |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40<sup>10</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Total debt outstanding end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45 |
| Asset coverage per $1,000 of debt<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3189 |

---

<sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25.

<sup>2</sup> Based on average daily shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total returns would have been lower had certain expenses not been reduced during the period.

<sup>5</sup> Does not reflect the effect of sales charges, if any.

<sup>6</sup> Not annualized.

<sup>7</sup> Less than $500,000.

<sup>8</sup> Annualized. Certain expenses are presented unannualized.

<sup>9</sup> Expenses including reductions excluding interest expense were 3.04% (annualized) for the period ended October 31, 2025.

<sup>10</sup> Annualized.

<sup>11</sup> 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 ANNUAL REPORT \| JOHN HANCOCK CQS Asset Backed Securities Fund 18

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#### CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

------

---

| | |
|:---|:---|
| **CLASS I SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10-31-25<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.56** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) |
| **Net asset value, end of period<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.85** |
| **Total return (%)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.85<sup>5</sup>** |
| **Ratios and supplemental data** |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83 |
| Ratios (as a percentage of average net assets): |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65<sup>8</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Total debt outstanding end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45 |
| Asset coverage per $1,000 of debt<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3189 |

---

<sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25.

<sup>2</sup> Based on average daily shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total returns would have been lower had certain expenses not been reduced during the period.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized. Certain expenses are presented unannualized.

<sup>7</sup> Expenses including reductions excluding interest expense were 2.79% (annualized) for the period ended October 31, 2025.

<sup>8</sup> Annualized.

<sup>9</sup> 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.

19 JOHN HANCOCK CQS Asset Backed Securities Fund \| ANNUAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

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---

| | |
|:---|:---|
| **CLASS U SHARES Period ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10-31-25<sup>1</sup>** |
| **Per share operating performance** |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20.00** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.45** |
| **Less distributions** |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| **Net asset value, end of period<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.80** |
| **Total return (%)<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29<sup>5</sup>** |
| **Ratios and supplemental data** |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17 |
| Ratios (as a percentage of average net assets): |  |
| &nbsp;&nbsp;&nbsp;Expenses before reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Expenses including reductions<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.89<sup>8</sup> |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Total debt outstanding end of period (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45 |
| Asset coverage per $1,000 of debt<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3189 |

---

<sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25.

<sup>2</sup> Based on average daily shares outstanding.

<sup>3</sup> 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.

<sup>4</sup> Total returns would have been lower had certain expenses not been reduced during the period.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized. Certain expenses are presented unannualized.

<sup>7</sup> Expenses including reductions excluding interest expense were 3.54% (annualized) for the period ended October 31, 2025.

<sup>8</sup> Annualized.

<sup>9</sup> 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 ANNUAL REPORT \| JOHN HANCOCK CQS Asset Backed Securities Fund 20

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[**Table of Contents**](#JOB_CQS_A_c45c070e-dcba-4704-9517-e05ba19ae580_TofC)

Notes to consolidated financial statements

#### Note 1 — Organization
John Hancock CQS Asset Backed Securities Fund (the fund) is a continuously offered, closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek to generate a return comprised of both current income and capital appreciation.

The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Consolidated statement of assets and liabilities. Shares may be purchased through brokers, dealers, investment advisers, banks and other intermediaries that have entered into selling agreements with John Hancock Investment Management Distributors LLC or as otherwise set forth in the fund's prospectus. The fund's shares are not listed on any securities exchange and it is not anticipated that a secondary market for fund's shares will develop. The fund is operated as an "interval fund" and, in order to provide a degree of liquidity to shareholders, the fund will make regular offers to repurchase between 5% and 25% of its outstanding Class A, Class I and Class U shares at the current net asset value per share, on a quarterly basis, pursuant to Rule 23c-3 under the 1940 Act.

The fund commenced operations on January 21, 2025. Prior to commencement of operations, the fund had no operations other than those relating to organizational matters and the sale of 5,000 of its Class U shares on December 2, 2024 for $100,000 to the initial shareholder, John Hancock Life Insurance Company (U.S.A.), at the initial subscription price of $20.00.

**Basis of consolidation. The accompanying consolidated financial statements include the accounts of John Hancock Asset Backed Securities Offshore Subsidiary Fund, Ltd. (the subsidiary), a Cayman Islands exempted company which was incorporated on November 12, 2024, a wholly-owned subsidiary of the fund. The fund and its subsidiary are advised by CQS (US), LLC (the subadvisor), under the supervision of John Hancock Investment Management LLC (the Advisor). As of October 31, 2025, the net assets of the subsidiary were $16,126,697 representing 16.21% of the fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Consolidated Fund's investments include positions of the fund and the subsidiary.**

#### Note 2 — Significant accounting policies
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the consolidated financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The following summarizes the significant accounting policies of the fund:

**Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund's valuation designee.**

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Investments by the fund in open-end mutual funds are valued at their respective NAVs each business day. Swaps are generally valued using evaluated prices obtained from an independent pricing

21 JOHN HANCOCK CQS Asset Backed Securities Fund \|

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vendor. 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 Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor's assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the Consolidated Fund's investments as of October 31, 2025, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> value at<br> 10-31-25** | **Level 1<br> quoted<br> price** | **Level 2<br> significant<br> observable<br> inputs** | **Level 3<br> significant<br> unobservable<br> inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized mortgage obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51136256** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51136256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79428509** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79428509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit participating notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3469477** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit-linked notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1365647** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7379303** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7379303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total investments in securities** | **$142779192** | **$7379303** | **$135399889** | **—** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(45452867)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(45452867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Derivatives:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**529362** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**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**

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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 October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Borrowing<br> rate** | &nbsp;&nbsp;&nbsp;**Settlement<br> date** | &nbsp;&nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;&nbsp;**Amount<br> borrowed** | &nbsp;&nbsp;&nbsp;**Payable for<br> reverse<br> repurchase<br> agreements** |
| Barclays Bank PLC | &nbsp;&nbsp;5.309% | &nbsp;&nbsp;10-24-25 | &nbsp;&nbsp;1-23-26 | &nbsp;&nbsp;$(1905026) | &nbsp;&nbsp;&nbsp;$(1907274) |
| Barclays Bank PLC | &nbsp;&nbsp;5.380% | &nbsp;&nbsp;10-8-25 | &nbsp;&nbsp;1-8-26 | &nbsp;&nbsp;(5007923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5025885) |
| Barclays Bank PLC | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;9-26-25 | &nbsp;&nbsp;1-9-26 | &nbsp;&nbsp;(4059923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4081847) |
| Barclays Bank PLC | &nbsp;&nbsp;5.626% | &nbsp;&nbsp;8-12-25 | &nbsp;&nbsp;11-12-25 | &nbsp;&nbsp;(3698189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3745002) |
| Royal Bank of Canada | &nbsp;&nbsp;2.820% | &nbsp;&nbsp;8-4-25 | &nbsp;&nbsp;11-4-25 | &nbsp;&nbsp;EUR (1090567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1265922) |
| Royal Bank of Canada | &nbsp;&nbsp;2.830% | &nbsp;&nbsp;10-3-25 | &nbsp;&nbsp;1-7-26 | &nbsp;&nbsp;(733605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847537) |
| Royal Bank of Canada | &nbsp;&nbsp;2.910% | &nbsp;&nbsp;8-7-25 | &nbsp;&nbsp;11-7-25 | &nbsp;&nbsp;(4468428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5186824) |
| Royal Bank of Canada | &nbsp;&nbsp;2.920% | &nbsp;&nbsp;8-4-25 | &nbsp;&nbsp;11-4-25 | &nbsp;&nbsp;(1957959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2273349) |
| Societe Generale SA | &nbsp;&nbsp;3.010% | &nbsp;&nbsp;10-21-25 | &nbsp;&nbsp;1-21-26 | &nbsp;&nbsp;(2080910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400785) |
| UBS AG | &nbsp;&nbsp;2.910% | &nbsp;&nbsp;8-12-25 | &nbsp;&nbsp;11-12-25 | &nbsp;&nbsp;(3227196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3744518) |
| UBS AG | &nbsp;&nbsp;2.973% | &nbsp;&nbsp;10-28-25 | &nbsp;&nbsp;1-28-26 | &nbsp;&nbsp;(4237483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4885961) |
| UBS AG | &nbsp;&nbsp;3.010% | &nbsp;&nbsp;8-12-25 | &nbsp;&nbsp;11-12-25 | &nbsp;&nbsp;(719133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834600) |
| UBS AG | &nbsp;&nbsp;3.073% | &nbsp;&nbsp;10-28-25 | &nbsp;&nbsp;1-28-26 | &nbsp;&nbsp;(4463968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5147163) |
| UBS AG | &nbsp;&nbsp;5.265% | &nbsp;&nbsp;10-17-25 | &nbsp;&nbsp;1-21-26 | &nbsp;&nbsp;$(1954149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1958436) |
| UBS AG | &nbsp;&nbsp;5.344% | &nbsp;&nbsp;10-8-25 | &nbsp;&nbsp;1-8-26 | &nbsp;&nbsp;(2140139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2147764) |
|  |  |  |  |  | &nbsp;&nbsp;**$(45452867)** |

---

Collateral with a market value of $24,538,979, $14,306,956, $3,730,630 and $26,291,185, have been pledged to Barclays Bank PLC, Royal Bank of Canada, Societe Generale SA and UBS AG, respectively, in connection with open reverse repurchase agreements. Cash collateral of $370,000 and $550,000 has also been pledged to Royal Bank of Canada and UBS AG, respectively. The average borrowings by the fund and the weighted average interest rate for the period the fund entered into reverse repurchase agreements amounted to $33,364,724 and 3.66%, respectively.

**Profit participating notes. The Fund may invest in profit participating notes ("PPNs"), which are typically privately offered and sold. PPNs are intended to provide exposure to the economic performance of the issuing entity by linking returns to its profitability. Investments in PPNs generally represent the right to receive payments based on a percentage of the issuer's profits and repayment of principal at maturity, subject to the terms of the note. In addition to the risks associated with the issuer's underlying business operations, an investment in a PPN**

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is subject to liquidity risk, market risk, credit risk, and the risk that the issuer will be unwilling or unable to meet its obligations under the note. Because payments are contingent on profitability, returns may be highly variable and could be significantly lower than those of traditional fixed-income instruments.

**When-issued/delayed-delivery securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a "To Be Announced" (TBA) or "forward commitment" transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.** 

Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.

**Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.** 

**Residual interests. The fund may make substantial investments in unsecured equity tranches and equivalent junior subordinate securities of structured finance vehicles. Such residuals will represent subordinated interests in the relevant structured finance vehicle only and are not secured by any assets of such structured finance vehicle. Residuals will be subordinated to all other securities of the structured finance vehicle and all other amounts due under the priority of payments set forth in the operative documents of such structured finance vehicle. As such, the greatest risk of loss relating to defaults in the collateral or asset portfolio of the structured finance vehicle is borne by the residuals. The fund, therefore, as holder of the residuals, will rank behind all of the creditors, whether secured or unsecured and known or unknown, of the structured finance vehicle.**

**Credit-linked notes. The fund may purchase credit-linked notes, which are typically privately offered and sold. Credit-linked notes are intended to replicate the economic effects that would apply had the fund directly purchased the underlying reference asset(s). Investments in credit-linked notes represent the right to receive periodic income payments and payment of principal at the end of the term of the note. In addition to the risks associated with the underlying reference instrument, an investment in a credit-linked note is also subject to liquidity risk, market risk, interest rate risk and the risk that the counterparty will be unwilling or unable to meet its obligations under the note.**

**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**

\| JOHN HANCOCK CQS Asset Backed Securities Fund 24

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its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g., FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

**Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Interest income from investments in residual interest securities is recognized based on the estimated effective yield utilizing expected cash flows. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.**

**Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.**

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

**Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund's custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.**

**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. The fund incurred organization costs of $215,734 and offering costs of $519,741 upon commencement of operations. Organization costs are expensed as**

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incurred. Offering costs are amortized over the fund's first year of operations. $402,977 of offering costs were expensed during the period ended October 31, 2025 and $116,764 of unamortized offering costs are included in Other assets within the Consolidated statement of assets and liabilities.

**Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily 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 qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.**

For federal income tax purposes, as of October 31, 2025, the fund has a short-term capital loss carryforward of $1,486,722 and a long-term capital loss carryforward of $391,492 available to offset future net realized capital gains. These carryforwards do not expire.

**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 makes cash distributions quarterly. Capital gain distributions, if any, are typically distributed annually.**

The tax character of distributions for the period ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**October 31, 2025** |
| Ordinary income | &nbsp;&nbsp;$3059905 |

---

Distributions paid by the fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of October 31, 2025, the components of distributable earnings on a tax basis consisted of $1,606,247 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's consolidated financial statements as a return of capital.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to straddle loss deferrals, amortization and accretion on debt securities, derivative transactions and securities investments in passive foreign investment companies.

#### Note 3 — Derivative instruments
The fund or its subsidiary 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.

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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.

**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 period ended October 31, 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 $45.6 million, as measured at period end.

**Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.** 

Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Consolidated statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments

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received or paid by the fund.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Consolidated statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

**Credit default swaps. Credit default swaps (CDS) involve the exchange of a fixed rate premium (paid by the Buyer), for protection against the loss in value of an underlying debt instrument, referenced entity or index, in the event of a defined credit event (such as payment default or bankruptcy). Under the terms of the swap, one party acts as a "guarantor" (the Seller), receiving the premium and agreeing to contingent payments that are specified within the credit default agreement. The fund may enter into CDS in which it may act as either Buyer or Seller. By acting as the Seller, the fund may incur economic leverage since it would be obligated to pay the Buyer the notional amount of the contract in the event of a default. The amount of loss in such case could be significant, but would typically be reduced by any recovery value on the underlying credit.**

#### Credit default swaps — Buyer
During the period ended October 31, 2025, the fund used credit default swap contracts as the buyer to manage against potential credit events. The fund held credit default swaps with total USD notional amounts ranging up to $25.6 million, as measured at each quarter end. There were no open CDS contracts where the fund acted as buyer as of October 31, 2025.

#### 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 October 31, 2025 by risk category:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk** | &nbsp;&nbsp;**Consolidated statement of assets<br> and liabilities<br> location** | &nbsp;&nbsp;**Financial<br> instruments<br> location** | &nbsp;&nbsp;**Assets<br> derivatives<br> fair value** | &nbsp;&nbsp;**Liabilities<br> derivatives<br> fair value** |
| Currency | Unrealized appreciation (depreciation) on forward foreign currency contracts | Forward foreign currency contracts | $529362 |  |

---

#### 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 period ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Consolidated statement of operations location - Net realized gain (loss) on:** | &nbsp;&nbsp;&nbsp;**Consolidated statement of operations location - Net realized gain (loss) on:** | &nbsp;&nbsp;&nbsp;**Consolidated statement of operations location - Net realized gain (loss) on:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Forward foreign<br> currency contracts** | &nbsp;&nbsp;&nbsp;**Swap contracts** | &nbsp;&nbsp;&nbsp;**Total** |
| Currency | &nbsp;&nbsp;&nbsp;&nbsp;$(1471789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$(1471789) |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$(1544433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544433) |
| **Total** | &nbsp;&nbsp;&nbsp;**$(1471789)** | &nbsp;&nbsp;&nbsp;**$(1544433)** | &nbsp;&nbsp;&nbsp;**$(3016222)** |

---

\| JOHN HANCOCK CQS Asset Backed Securities Fund 28

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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 period ended October 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Consolidated statement of operations location - Change in net unrealized appreciation (depreciation) of:** |
| **Risk** | &nbsp;&nbsp;&nbsp;**Forward foreign<br> currency contracts** |
| Currency | &nbsp;&nbsp;&nbsp;$529362 |

---

#### 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, accrued daily and paid monthly, at an annual rate of as follows: 1.50% of all the fund's average daily managed assets. Managed assets is defined as the total assets of the fund (including any assets attributable to any preferred shares that may be issued or to be indebtedness), minus the fund's liabilities incurred in the normal course of operations other than liabilities relating to indebtedness. The Advisor has a subadvisory agreement with CQS (US), LLC, an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.**

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the period ended October 31, 2025, this waiver amounted to 0.01% of the fund's average daily net assets, on an annualized basis. This agreement expires on July 31, 2027, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor contractually agrees 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 "Other expenses" of the fund incurred in the ordinary course of the fund's business, exceed 0.50% of average daily managed net assets of the fund. "Other expenses" means all the expenses of the fund, excluding: advisory and incentive fees, interest expenses and other borrowing related costs, fees and expenses, 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, which are 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;

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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.

For the period ended October 31, 2025, the expense reductions described above amounted to the following:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$848 |
| Class I | &nbsp;&nbsp;660523 |

---

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;**Expense reduction** |
| Class U | &nbsp;&nbsp;&nbsp;&nbsp;$67625 |
| **Total** | &nbsp;&nbsp;**$728996** |

---

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 period ended October 31, 2025, were equivalent to a net annual effective rate of 0.69% of the fund's average daily managed net assets.

**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 period ended October 31, 2025, amounted to an annual rate of 0.02% of the fund's average daily 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 as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the fund. The fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the fund's shares:**

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Rule 12b-1 Fee** |
| Class A | &nbsp;&nbsp;0.25% |
| Class U | &nbsp;&nbsp;0.75% |

---

**Sales charges. Class A shares may be subject to a sales charge of up to 2.50%. Such sales load will not form part of an investor's investment in the fund. Any sales load will reduce the amount of an investor's initial or subsequent investment in the fund, and the impact on a particular investor's investment returns would not be reflected in the returns of the fund. The sales load may be waived in certain circumstances at the Advisor's discretion. During the period ended October 31, 2025, no sales charges were assessed.**

#### Class level expenses. Class level expenses for the period ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;**Distribution and service fees** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$193 |
| Class U | &nbsp;&nbsp;&nbsp;&nbsp;35027 |
| **Total** | &nbsp;&nbsp;**$35220** |

---

#### 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, 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,**

\| JOHN HANCOCK CQS Asset Backed Securities Fund 30

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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 period ended October 31, 2025, investments entered into by the fund pursuant to the exemptive order amounted to EUR 3,010,000.

#### Note 6 — Fund share transactions
The fund currently accepts purchases of shares on a daily basis. Transactions in fund shares for the period ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Period ended 10-31-25<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Period ended 10-31-25<sup>1</sup>** |
|  | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class A shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100000 |
| Issued pursuant to Dividend Reinvestment Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5176** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$103474** |
| **Class I shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;4023290 | &nbsp;&nbsp;&nbsp;&nbsp;$80370448 |
| Issued pursuant to Dividend Reinvestment Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765135 |
| **Net increase** | &nbsp;&nbsp;&nbsp;**4163436** | &nbsp;&nbsp;&nbsp;**$83135583** |
| **Class U shares** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831892 | &nbsp;&nbsp;&nbsp;&nbsp;$16234500 |
| Issued pursuant to Dividend Reinvestment Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245083 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**844302** | &nbsp;&nbsp;&nbsp;**$16479583** |
| **Total net increase** | &nbsp;&nbsp;**5012914** | &nbsp;&nbsp;**$99718640** |

---

<sup>1</sup> Period from 1-21-25 (commencement of operations) to 10-31-25.

Affiliates of the fund owned 100%, 77% and 1% of shares of Class A, Class I and Class U, respectively, on October 31, 2025. Such concentration of shareholders' capital could have a material effect on the fund if such shareholders redeem from the fund.

The fund is operated as an "interval fund" and, in order to provide a degree of liquidity to the shareholders of the fund ("shareholders"), the fund has adopted a fundamental policy pursuant to Rule 23c-3 under the 1940 Act, to make regular offers to repurchase between 5% and 25% of its outstanding Class I, Class A and Class U shares at the current net asset value ("NAV") per share. Quarterly repurchase offers will occur in the months of March, June, September and December. Notices of each quarterly repurchase offer are sent to shareholders of the fund of record at least 21 days before the repurchase request deadline (the repurchase request deadline is the latest date on which shareholders wishing to tender shares for repurchase in response to a repurchase offer can tender their shares). The date on which the repurchase price for shares is determined will occur no later than the 14th day after the repurchase request deadline (or the next business day, if the 14th day is not a business day). There is no minimum number of shares that must be tendered before the fund will honor repurchase requests. However, the fund's Board of Trustees set for each repurchase offer a maximum percentage of shares that may be repurchased by the fund. In the event a repurchase offer by the fund is oversubscribed, the fund may repurchase, but is not required to repurchase, additional shares up to a maximum amount of 2% of the outstanding shares of the fund. The fund conducted two quarterly repurchase offers during the period ended October 31, 2025. The fund offered

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to repurchase up to of 10% of the net assets of the fund as of the valuation date for the repurchase offer, June 17, 2025 ($19.52, $19.54 and $19.50 for Class A, Class I and Class U, respectively) and September 17, 2025 ($20.10, $20.13 and $20.06 for Class A, Class I and Class U, respectively). No shares were tendered for repurchase.

#### Note 7 — Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $147,791,321 and $13,735,943, respectively, for the period ended October 31, 2025.

#### Note 8 — Country concentration risk
The fund may invest a large percentage of its assets in a single country or region. The fund's performance could be disproportionately affected by factors particular to that country or region. These factors may include economic or political changes, acts of terrorism, natural disasters, reliance on trading partners or natural resources, detrimental budget deficits and other financial difficulties. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher rates of inflation, interest, and unemployment, and greater social, economic, and political uncertainties, than more developed countries.

#### Note 9 — Segment reporting
The management committee of the Advisor acts as the fund's chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund's subadvisor. Segment assets are reflected in the Consolidated statement of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Consolidated statement of operations, which includes "Increase (decrease) in net assets from operations", Consolidated statement 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.

\| JOHN HANCOCK CQS Asset Backed Securities Fund 32

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![](img40caccf17.gif)

![](img0449af8b8.gif)

![](imgdc3bf3dd9.gif)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of John Hancock CQS Asset Backed Securities Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of John Hancock CQS Asset Backed Securities Fund (the "Fund"), including the consolidated Fund's investments, as of October 31, 2025, and the related consolidated statements of operations, changes in net assets and cash flows, the consolidated financial highlights for the period from January 21, 2025 (commencement of operations) to October 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at October 31, 2025, and the consolidated results of its operations, changes in its net assets, its cash flows, and its consolidated financial highlights for the period from January 21, 2025 (commencement of operations) to October 31, 2025, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](imgde90f12810.gif)

We have served as the auditor of one or more John Hancock investment companies since 2019.

December 23, 2025

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Tax information

(Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable period ended October 31, 2025.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in calendar year 2025.

#### Please consult a tax advisor regarding the tax consequences of your investment in the fund.
\| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 34

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#### ADDITIONAL INFORMATION

------

Unaudited

The fund is a continuously offered, non diversified, closed-end management investment company, common shares of which were initially offered to the public on January 21, 2025.

#### Dividends and distributions
During the period ended October 31, 2025, distributions from net investment income totaling $0.6889, $0.7084 and $0.6502 per share were paid to shareholders for Class A, Class I and Class U, respectively. The dates of payments and the amounts per share were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Payment Date** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class U** |
| March 31, 2025 | $0.2849 | $0.2921 | $0.2705 |
| September 30, 2025 | &nbsp;&nbsp;0.4040 | &nbsp;&nbsp;0.4163 | &nbsp;&nbsp;0.3797 |
| **Total** | &nbsp;&nbsp;**$0.6889** | &nbsp;&nbsp;**$0.7084** | &nbsp;&nbsp;**$0.6502** |

---

#### Dividend reinvestment plan
Pursuant to the Dividend Reinvestment Plan (DRP) established by the fund, each shareholder will automatically be a participant under the DRP and have all income distributions, whether dividend distributions or capital gains distributions, automatically reinvested in additional shares. Election not to participate in the DRP and to receive all income distributions, whether dividend distributions or capital gains distributions, in cash may be made by notice to a shareholder's intermediary (who should be directed to inform the fund). A shareholder is free to change this election at any time. A shareholder whose shares are registered in the name of a nominee (such as an intermediary) must contact the nominee regarding its status under the DRP, including whether such nominee will participate on such shareholder's behalf as such nominee will be required to make any such election.

Generally, for U.S. federal income tax purposes, shareholders receiving shares under the DRP will be treated as having received a distribution equal to amount payable to them in cash as a distribution had the shareholder not participated in the DRP.

Shares will be issued pursuant to the DRP at their NAV. There is no sales load or other charge for reinvestment. A request for change of participation/non-participation status in the DRP must be received by the fund within the above timeframe to be effective for that dividend or capital gain distribution. The fund may terminate the DRP at any time upon written notice to the participants in the DRP. The fund may amend the DRP at any time upon 30 days' written notice to the participants. Any expenses of the DRP will be borne by the fund.

A shareholder holding shares that participate in the DRP in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the DRP. For further information on the DRP contact the fund at 800-225-6020.

#### 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: John Hancock Alts P.O.Box 219285 Kansas City, MO 64121-9285
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#### Registered or Overnight Mail: John Hancock Alts 801 Pennsylvania Ave Suite 219285 Kansas City, MO 64105-1307
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

\| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 36

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Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Independent Trustees** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with Trust<br> Principal occupation(s) and other<br> directorships during past 5 years** | &nbsp;&nbsp;&nbsp;**Trustee<br> of the<br> Trust<br> since<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Number of John<br> Hancock funds<br> overseen by<br> Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hassell H. McClellan,<sup>2</sup> Born: 1945** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**179** |
| &nbsp;&nbsp;&nbsp;Trustee and Chairperson of the Board |  |  |
| &nbsp;&nbsp;&nbsp;Trustee of Berklee College of Music (since 2022); Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | &nbsp;&nbsp;&nbsp;Trustee of Berklee College of Music (since 2022); Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | &nbsp;&nbsp;&nbsp;Trustee of Berklee College of Music (since 2022); Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. |
| &nbsp;&nbsp;&nbsp;&nbsp;**William K. Bacic,<sup>2,4</sup> Born: 1956** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**176** |
| &nbsp;&nbsp;&nbsp;Trustee |  |  |
| &nbsp;&nbsp;&nbsp;Director, Audit Committee Chairman, and Risk Committee Member, DWS USA Corp. (formerly, Deutsche Asset Management) (2018-2024); Senior Partner, Deloitte & Touche LLP (1978- retired 2017, including prior positions), specializing in the investment management industry. Trustee of various trusts within the John Hancock Fund Complex (since 2025). | &nbsp;&nbsp;&nbsp;Director, Audit Committee Chairman, and Risk Committee Member, DWS USA Corp. (formerly, Deutsche Asset Management) (2018-2024); Senior Partner, Deloitte & Touche LLP (1978- retired 2017, including prior positions), specializing in the investment management industry. Trustee of various trusts within the John Hancock Fund Complex (since 2025). | &nbsp;&nbsp;&nbsp;Director, Audit Committee Chairman, and Risk Committee Member, DWS USA Corp. (formerly, Deutsche Asset Management) (2018-2024); Senior Partner, Deloitte & Touche LLP (1978- retired 2017, including prior positions), specializing in the investment management industry. Trustee of various trusts within the John Hancock Fund Complex (since 2025). |
| &nbsp;&nbsp;&nbsp;&nbsp;**William H. Cunningham,<sup>2,4</sup> Born: 1944** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**176** |
| &nbsp;&nbsp;&nbsp;Trustee |  |  |
| &nbsp;&nbsp;&nbsp;Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Chairman of the Board, Nuclein (since 2020); Director, Southwest Airlines (2000-2024). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | &nbsp;&nbsp;&nbsp;Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Chairman of the Board, Nuclein (since 2020); Director, Southwest Airlines (2000-2024). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | &nbsp;&nbsp;&nbsp;Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Chairman of the Board, Nuclein (since 2020); Director, Southwest Airlines (2000-2024). Trustee of various trusts within the John Hancock Fund Complex (since 1986). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Grace K. Fey,<sup>2</sup> Born: 1946** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**179** |
| &nbsp;&nbsp;&nbsp;Trustee |  |  |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | &nbsp;&nbsp;&nbsp;Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Non-Independent Trustees<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with Trust<br> Principal occupation(s)<br> during past 5 years** | &nbsp;&nbsp;&nbsp;**Trustee<br> of the<br> Trust<br> since<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Number of John<br> Hancock funds<br> overseen by<br> Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Andrew G. Arnott, Born: 1971** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**176** |
| &nbsp;&nbsp;&nbsp;Non-Independent Trustee |  |  |
| &nbsp;&nbsp;&nbsp;Global Head of Institutional for Manulife (since 2025); Global Head of Retail for Manulife (2022-2025); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (2005-2023, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (2006-2023, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (2004-2023, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). | &nbsp;&nbsp;&nbsp;Global Head of Institutional for Manulife (since 2025); Global Head of Retail for Manulife (2022-2025); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (2005-2023, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (2006-2023, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (2004-2023, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). | &nbsp;&nbsp;&nbsp;Global Head of Institutional for Manulife (since 2025); Global Head of Retail for Manulife (2022-2025); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (2005-2023, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (2006-2023, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (2004-2023, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). |

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37 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \|

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Principal officers who are not Trustees** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name, year of birth<br> Position(s) held with Trust<br> Principal occupation(s)<br> during past 5 years** | &nbsp;&nbsp;&nbsp;**Current<br> Position(s)<br> with the<br> Trust<br> since** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Kristie M. Feinberg,<sup>5</sup> Born: 1975** | &nbsp;&nbsp;&nbsp;**2025** |
| &nbsp;&nbsp;&nbsp;President (Chief Executive Officer and Principal Executive Officer) |  |
| &nbsp;&nbsp;&nbsp;Head of Retail, Manulife Investment Management (since 2025); Head of Wealth & Asset Management, U.S. and Europe, for John Hancock and Manulife (2023–2025); Director and Chairman, John Hancock Investment Management LLC (since 2023); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2023); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021–2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019–2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001–2019, including prior positions); President (Chief Executive Officer and Principal Executive Officer) of various trusts within the John Hancock Fund Complex (since 2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2025). | &nbsp;&nbsp;&nbsp;Head of Retail, Manulife Investment Management (since 2025); Head of Wealth & Asset Management, U.S. and Europe, for John Hancock and Manulife (2023–2025); Director and Chairman, John Hancock Investment Management LLC (since 2023); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2023); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021–2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019–2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001–2019, including prior positions); President (Chief Executive Officer and Principal Executive Officer) of various trusts within the John Hancock Fund Complex (since 2023, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2025). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fernando A. Silva, Born: 1977** | &nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |  |
| &nbsp;&nbsp;&nbsp;Director, Fund Administration and Assistant Treasurer, John Hancock Funds (2016-2020); Assistant Treasurer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Assistant Vice President, John Hancock Life & Health Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (since 2021); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2024) . | &nbsp;&nbsp;&nbsp;Director, Fund Administration and Assistant Treasurer, John Hancock Funds (2016-2020); Assistant Treasurer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Assistant Vice President, John Hancock Life & Health Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (since 2021); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2024) . |
| &nbsp;&nbsp;&nbsp;&nbsp;**Salvatore Schiavone, Born: 1965** | &nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;Treasurer |  |
| &nbsp;&nbsp;&nbsp;Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). | &nbsp;&nbsp;&nbsp;Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Christopher (Kit) Sechler, Born: 1973** | &nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;Secretary and Chief Legal Officer |  |
| &nbsp;&nbsp;&nbsp;Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). | &nbsp;&nbsp;&nbsp;Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trevor Swanberg, Born: 1979** | &nbsp;&nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer |  |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). | &nbsp;&nbsp;&nbsp;Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |

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The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

The Fund does not make available copies of its Statement of Additional Information because the Fund's shares are not continuously offered and the Statement of Additional Information has not been updated since the Fund's last public offering, therefore the information contained in the Statement of Additional Information may be outdated.

\| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 38

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<sup>1</sup> Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee's death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.

<sup>2</sup> Member of the Audit Committee.

<sup>3</sup> The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

<sup>4</sup> Mr. Cunningham no longer serves as Trustee effective December 31, 2025. Mr. Bacic serves as Trustee effective January 1, 2026.

<sup>5</sup> Ms. Feinberg serves as President, Chief Executive Officer, and Principal Executive Officer effective September 22, 2025.

39 JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND \|

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More information

#### Trustees
Hassell H. McClellan, Chairperson\*

Andrew G. Arnott<sup>†</sup>

William K. Bacic\*<sup>,1</sup>

William H. Cunningham\*<sup>,2</sup>

Grace K. Fey\*

#### Officers
Kristie M. Feinberg<sup>3</sup>

*President (Chief Executive Officer and Principal Executive Officer)*

Fernando A. Silva

*Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)*

Salvatore Schiavone

*Treasurer*

Christopher (Kit) Sechler

*Secretary and Chief Legal Officer*

Trevor Swanberg

*Chief Compliance Officer*

#### Investment advisor
John Hancock Investment Management LLC

#### Subadvisor
CQS (US), LLC

#### Portfolio Manager
Jason Walker

#### Principal distributor
John Hancock Investment Management Distributors LLC

#### Custodian
State Street Bank and Trust Company

#### Transfer agent
SS&C GIDS, Inc.

#### Legal counsel
K&L Gates LLP

#### Independent registered public accounting firm
Ernst & Young LLP

<sup>†</sup> Non-Independent Trustee

<sup>\*</sup> Member of the Audit Committee

<sup>1</sup> Mr. Bacic serves as Trustee effective January 1, 2026.

<sup>2</sup> Mr. Cunningham no longer serves as Trustee effective December 31, 2025.

<sup>3</sup> Ms. Feinberg serves as President, Chief Executive Officer, and Principal Executive Officer effective September 22, 2025.

The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

All of the fund's holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund's Form N-PORT filings are available on our website and the SEC's website, sec.gov.

We make this information on your fund, as well as **monthly portfolio holdings**, and other fund details available on our website at jhinvestments.com or by calling 800-225-6020.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;You can also contact us: |  |  |
| &nbsp;&nbsp;**844-292-8018** | &nbsp;&nbsp;**Regular mail:** | &nbsp;&nbsp;**Express mail:** |
| &nbsp;&nbsp;**jhinvestments.com** | &nbsp;&nbsp;John Hancock Alt<br> P.O. Box 219285<br> Kansas City, MO 64121-9285 | &nbsp;&nbsp;John Hancock Alts<br> 801 Pennsylvania Ave<br> Suite 219285<br> Kansas City, MO 64105-1307 |

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\| JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND 40

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![](img22ca453f13.jpg)

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 CQS Asset Backed Securities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

MF4947233 10006A 10/25

12/25

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ITEM 2. CODE OF ETHICS.

As of the end of the period, October 31, 2025, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Grace K. Fey is the audit committee financial expert and is "independent", pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $80,000 for the fiscal period ended October 31, 2025. John Hancock CQS Asset Backed Securities Fund commenced operations on January 21, 2025. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

Audit-related fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was reviews in conjunction with registration statement filings. Amounts billed to the registrant were $15,000 for fiscal period ended October 31, 2025.

(c) Tax Fees

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to $17,000 for the fiscal period ended October 31, 2025. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.

(d) All Other Fees

Other fees amounted to $0 for the fiscal period ended October 31, 2025.

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

The registrant's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The registrant's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit- related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

Audit-Related Fees, Tax Fees and All Other Fees

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f)According to the registrant's principal accountant for the fiscal period ended October 31, 2025, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g)The aggregate non-audit fees billed by the registrant's principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $3,832,530 for the fiscal period ended October 31, 2025.

(h)The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j)Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Grace K. Fey - Chairperson

William H. Cunningham

Hassell H. McClellan

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) 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.

See attached exhibit "Proxy Voting Policies and Procedures".

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

Information about the CQS (US), LLC portfolio manager who is primarily responsible for the day-to-day investment management of John Hancock CQS Asset Backed Securities Fund is below. It provides a brief summary of his business career over the past five years. Information is provided as of the filing date of this N-CSR.

Jason Walker

Co-CIO Manulife \| CQS Investment Management

Joined CQS (UK) LLP in 2010

Began business career in 1995

Managed the fund since inception in 2025

Portfolio Managers and Other Accounts Managed

The following tables provide information regarding other accounts for which the portfolio manager listed above has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other investment companies (and series thereof); (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pays advisory fees that are based on account performance ("performance- based fees"), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date. Also shown below is the portfolio manager's investment in the fund.

The following table provides information as of October 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment |  |  |
|  | Companies | Companies |  | Vehicles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts |
|  | Number |  | Number |  | Number |  |
|  | of | Total Assets | of | Total Assets | of | Total Assets |
|  | Accounts | $Million | Accounts | $Million | Accounts | $Million |
| Jason | 1 | $99.5 | 4 | $1300 | 8 | $1360 |
| Jason | 1 | $99.5 | 4 | $1300 |  | $1360 |
| Walker |  |  |  |  |  |  |

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Performance-Based Fees for Other Accounts Managed. Of the accounts listed in the table above, those for which the subadvisor receives a fee based on investment performance are listed in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registered Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment |  |  |
|  | Companies | Companies |  | Vehicles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accounts |
|  | Number |  | Number |  | Number |  |
|  | of | Total Assets | of | Total Assets | of | Total Assets |
|  | Accounts | $Million | Accounts | $Million | Accounts | $Million |
| Jason | 0 | $0 | 4 | $1300 | 1 | $400 |
| Walker |  |  |  |  |  |  |

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Portfolio Manager Ownership of Shares of the Fund

The following table indicates as of October 31, 2025, the value of shares beneficially owned by the portfolio manager in the fund.

Portfolio Manager <u> Range of Beneficial Ownership in the Fund </u> <br> Jason Walker none <br>    

Conflicts of Interest. Conflicts of interest exist whenever a portfolio manager simultaneously manages multiple accounts. A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the fund, which may have different investment guidelines and objectives. In addition to the fund, these accounts may include accounts of other registered investment companies for which the Subadvisor serves as sub-advisor, private pooled investment vehicles and other accounts. The Subadvisor has adopted aggregation and allocation of investments procedures designed to ensure that all of its clients are treated fairly and equitably over time and to prevent this form of conflict from influencing the allocation of investment opportunities among its clients. As a general matter, the Subadvisor will offer clients the right to participate in all investment opportunities that it determines are appropriate for the client in view of relative amounts of capital available for new investments, each client's investment program, and the then current portfolios of its clients at the time an allocation decision is made. As a result, in certain situations priority or weighted allocations can be expected to occur in respect of certain accounts, including but not limited to situations where clients have differing: (A) portfolio concentrations with respect to geography, asset class, issuer, sector or rating, (B) investment restrictions,

(C)tax or regulatory limitations, (D) leverage limitations or volatility targets, (E) ramp up or ramp down scenarios or (F) counterparty relationships. The Subadvisor maintains conflicts of interest policies and procedures containing provisions designed to prevent potential conflicts related to personal trading, allocation, and fees among other potential conflicts of interest. Such potential conflicts and others are disclosed in Subadvisor's Form ADV Part 2A filing.

Compensation of Portfolio Managers

The Subadvisor follows a remuneration strategy that promotes an effective risk management culture, aligning the interests of its clients, the firm, and its staff. All remuneration is made on a discretionary basis and incorporates a number of factors, including an individual's performance, as assessed across a range of metrics, including, where relevant, the performance of any funds that they manage.

The Subadvisor's remuneration framework includes deferral arrangements whereby 40- 60% of performance-related pay is invested in funds managed by the Subadvisor and/or its affiliates and pays out to staff over a three-year period. The extent of the deferred amount is dependent on regulatory status of the individual, their seniority and overall compensation level. Portfolio managers align with investors by investing in their own strategies.

As part of the acquisition by Manulife Investment Management, long-term incentive plan awards have been made to key staff, including portfolio managers, for retention and incentivization purposes.

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) Code of Ethics for Covered Officers is attached.](f43720d2.htm)

(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 attache](f43720d3.htm)d.

[(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.](f43720d4.htm)

[(c)(1) Proxy Voting Policies and Procedures are attached.](f43720d5.htm)

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 CQS Asset Backed Securities Fund

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ Kristie M. Feinberg |
|  | &nbsp;&nbsp; ------------------------------ |
|  | &nbsp;&nbsp; Kristie M. Feinberg |
|  | &nbsp;&nbsp; President, |
|  | &nbsp;&nbsp; Principal Executive Officer |
| Date: | &nbsp;&nbsp; December 23, 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: | &nbsp;&nbsp; /s/ Kristie M. Feinberg |
|  | &nbsp;&nbsp; ------------------------------ |
|  | &nbsp;&nbsp; Kristie M. Feinberg |
|  | &nbsp;&nbsp; President, |
|  | &nbsp;&nbsp; Principal Executive Officer |
| Date: | &nbsp;&nbsp; December 23, 2025 |
| By: | &nbsp;&nbsp; /s/ Fernando A. Silva |
|  | &nbsp;&nbsp; --------------------------- |
|  | &nbsp;&nbsp; Fernando A. Silva |
|  | &nbsp;&nbsp; Chief Financial Officer, |
|  | &nbsp;&nbsp; Principal Financial Officer |
| Date: | &nbsp;&nbsp; December 23, 2025 |

---

------

## Ex-99.Code

![](gj3gw3e2we95pw1nbqkzv.jpg)

**JOHN HANCOCK ALTERNATIVE FUNDS**

**<u><u>S</u>ARBANES<u>-O</u>XLEY <u>C</u>ODE OF <u>E</u>THICS</u>**

**<u>FOR</u>**

**<u><u>P</u>RINCIPAL <u>E</u>XECUTIVE<u>, P</u>RINCIPAL <u>F</u>INANCIAL <u>O</u>FFICER <u>& T</u>REASURER</u>**

**I.Covered Officers/Purpose of the Code**

This code of ethics (this "Code") for the John Hancock Alternative Funds[<sup>1</sup>](#diva176d366-ffc8-4637-88af-bd49735c493e)(each a "Fund"), a registered management investment company under the Investment Company Act of 1940, as amended ("1940 Act"), applies to each Fund's Principal Executive Officer ("President"), Principal Financial Officer ("Chief Financial Officer") and Treasurer ("Treasurer") (the "Covered Officers" as set forth in <u>Exhibit A</u>) for the purpose of promoting:

****honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

****full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

****compliance with applicable laws and governmental rules and regulations;

****the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

****accountability for adherence to the Code.

1John Hancock Alternative Funds includes the following: John Hancock Asset-Based Lending Fund, Manulife Private Credit Plus Fund, John Hancock CQS Multi Asset Credit Fund and the John Hancock CQS Asset Backed Securities Fund.

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Each of the Covered Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest Overview**

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. Each of the Covered Officers is an officer or employee of the investment adviser or a service provider ("Service Provider") to the Fund. The Fund's, the investment adviser's and the Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board of Trustees/Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

\*\*\*

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Each Covered Officer must:

****not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

****not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and

****not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund's Chief Compliance Officer ("CCO"). Examples of these include:

****serve as a director/trustee on the board of any public or private company;

****the receipt of any non-nominal gifts;

****the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct);

****any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and

****a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.Disclosure & Compliance**

****Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

****Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and to governmental regulators and self- regulatory organizations;

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****Each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund's adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

****It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting & Accountability

Each Covered Officer must:

****upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Fund's CCO that he/she has received, read, and understands the Code;

****annually thereafter affirm to the Fund's CCO that he/she has complied with the requirements of the Code;

****not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

****notify the Fund's CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and

****report at least annually any change in his/her affiliations from the prior year.

The Fund's CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund's Board or the Compliance Committee thereof (the "Committee").

The Fund will follow these procedures in investigating and enforcing this Code:

****the Fund's CCO will take all appropriate action to investigate any potential violations reported to him/her;

****if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

****any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee;

****if the Board or, if applicable, Compliance Committee concurs that a violation has

occurred, the Board, either upon its determination of a violation or upon

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recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant's Executive Officer;

****the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and

****any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.Other Policies & Procedures**

This Code shall be the sole code of ethics adopted by each Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment adviser's codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund's Board, including a majority of independent directors.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund's Board and its counsel, the investment adviser and the relevant Service Providers.

VIII. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

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**<u>Exhibit A</u>**

**Persons Covered by this Code of Ethics**

**(As of September 22, 2025)**

****Principal Executive Officer – Kristie Feinberg

****Principal Financial Officer and Chief Financial Officer – Fernando Silva

****Treasurer – Salvatore Schiavone

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## Ex-99.Cert

<u>CERTIFICATION</u>

**I, Kristie M. Feinberg, certify that:**

1. I have reviewed this report on Form N-CSR of **John Hancock CQS Asset Backed Securities Fund**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 23, 2025

<u>/s/ Kristie M. Feinberg</u> Kristie M. Feinberg

President, Principal Executive Officer

<u>CERTIFICATION</u>

I, **Fernando A. Silva**, certify that:

1. I have reviewed this report on Form N-CSR of **John Hancock CQS Asset Backed Securities Fund**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 23, 2025

<u>/s/ Fernando A. Silva</u> Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

## Exhibit 99.906

**Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\***

In connection with the attached Report of **John Hancock CQS Asset Backed Securities Fund** (the "registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

/s/ Kristie M. Feinberg

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

Kristie M. Feinberg

President, Principal Executive Officer

Dated: December 23, 2025

/s/ Fernando A. Silva

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

Fernando A. Silva

Chief Financial Officer, Principal Financial Officer

Dated: December 23, 2025

A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.

## Ex-99

![](gzgly0a8ki4n2zqpm383e.jpg)

**CQS (US), LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

**September 1, 2021**

**General Guidelines**

CQS will vote where it is proportionate and in the best interests of the Funds. In considering whether or not to vote, CQS will take into consideration a broad range of factors and the potential benefits of voting.

Generally, CQS opts to retain authority for voting all proxies delegated by the Funds and does not further delegate voting authority to proxy advisors. CQS approaches proxy voting in a proportionate manner and, as such, may not always vote at all meetings and on all proposals. Where CQS does exercise a proxy vote, however, it generally aims to vote consistently across the Funds.

As an authorised and regulated firm, CQS has a fiduciary obligation to act in the best interests of its clients. Where CQS does determine it is in the Fund's interest to vote a proxy, CQS will vote such proxies in the best interests of its clients. CQS believes that actively exercising voting rights enhances the long term sustainable value of the companies in which the Funds invest. CQS is aware of the importance of voting securities in a timely manner and of giving due consideration to all proposed resolutions. By exercising the right to vote, CQS seeks both to add value to on behalf of clients and to protect the Fund's interests as shareholders. Prior to exercising voting rights, CQS will consider the issues, meet management if necessary, and vote accordingly.

In the event of the assets of the relevant Fund being subject to re-hypothecation or repurchase agreements (repo), stock loan or similar transfer of title arrangements, CQS may not have the legal right to vote in relation to those assets for the duration of the transfer.

CQS will generally vote proxies in a manner that serves what CQS deems to be in the best interests of the Funds and their investors. CQS will review proxy proposals on a case by case basis and each proxy is considered on its merits. However, CQS will also take into consideration general guidelines in line with the relevant issuer's management's recommendation for certain routine matters including:

&nbsp;&nbsp;&nbsp;&nbsp;•approval of auditors;

&nbsp;&nbsp;&nbsp;&nbsp;•name changes;

&nbsp;&nbsp;&nbsp;&nbsp;•declaring stock splits;

• changing the date and/or the location of the annual meeting;

• minor amendments to the articles of incorporation;

• election of Directors (unless circumstances dictate a vote against); and

• any other issues that do not adversely affect the Funds' economic interests.

Although CQS believes that management's recommendations should be given considerable weight, CQS will consider whether any proposals from management would be detrimental to the underlying value of the Funds' positions, or where proposals are inconsistent with the investment objective and policy of the relevant Fund or CQS adopted client guidelines.

CQS may elect to act collectively with other shareholders or third parties where appropriate, and subject to relevant law and regulation, in order to protect and enhance shareholder value.

CQS may choose to refrain from voting proxies for various reasons including (without limitation):

• if the effect on the Fund's economic interests or the value of the portfolio holding is indeterminable or insignificant;

• where it is disproportionate to do so having due to regard to the relevant facts and circumstances;

• if voting the proxy results in (or may result in) a conflict of interest; or

• if a jurisdiction imposes share blocking restrictions which prevent CQS from exercising discretionary authority.

INTERNAL

In the instance that a Fund's offering documentation, investment policy and/or restrictions, constitutional documents, management agreement, or similar (together "**Relevant Documentation**") stipulates or provides guidelines as to how to vote proxies, CQS will vote those proxies in line with the requirements of the Relevant Documentation. CQS may decline to vote if voting would not be in accordance with the requirements of the Relevant Documentation. Should no guidelines or requirements be provided in the Relevant Documentation, proxies for Funds will be voted in accordance with this Policy.

**Proxy Voting Procedures**

The CQS Corporate Actions Team is responsible for proxy voting processes, with assistance and support from the Legal and Compliance Teams.

The CQS Corporate Actions Team will notify the relevant Portfolio Managers of an impending proxy vote, who will confirm to the team the way in which they wish to vote. CQS does not issue automated standing instructions to vote in a certain way. Each proxy vote is considered by the Portfolio Manager(s) responsible for the Fund holding the position.

CQS uses a voting agency when engaging in proxy voting for the Funds. Certain sub-advised Funds or bespoke mandates may request that other voting agency providers be used. In these circumstances CQS will use those other providers to the extent practicable.

The voting agency provides administrative services related to proxy voting. CQS' existing agency allows CQS to manage, track, reconcile and report the Funds' proxy voting through electronic delivery of ballots, online voting and integrated reporting and record keeping.

**Role of Third Parties**

CQS generally does not use proxy advisors or similar service providers. However, CQS may, on a case by case basis, decide to avail of such services in relation to a particular issue or vote. While such proxy advisor services may provide further analysis and recommendations regarding the relevant proxy proposal, the relevant Portfolio Managers are ultimately responsible for providing the voting recommendation for a given proposal.

INTERNAL