# EDGAR Filing Document

**Accession Number:** 0001742951
**File Stem:** 0001683863-23-001848
**Filing Date:** 2023-3
**Character Count:** 171914
**Document Hash:** c6f1be3106f20895c8dc0b7f78bc2962
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001848.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001683863-23-001848

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** John Hancock GA Senior Loan Trust
- **CENTRAL INDEX KEY:** 0001742951
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23620
- **FILM NUMBER:** 23711352

**BUSINESS ADDRESS:**
- **STREET 1:** 197 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** (617) 633-3000

**MAIL ADDRESS:**
- **STREET 1:** 197 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

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 <u>811-23620</u>

<u>John Hancock GA Senior Loan Trust</u>

(Exact name of registrant as specified in charter)

<u>197 Clarendon Street, Boston, Massachusetts 02116</u> (Address of principal executive offices) (Zip code)

Heidi Knapp

Treasurer

197 Clarendon Street

<u>Boston, Massachusetts 02116</u>

(Name and address of agent for service) Registrant's telephone number, including area code: <u>617-378-1870</u>

Date of fiscal year end: December 31 <br> Date of reporting period: December 31, 2022

------

ITEM 1. REPORTS TO STOCKHOLDERS

------

**John Hancock GA Senior Loan Trust**

**Annual Report**

**December 31, 2022**

![](gmxcn0s0hzxqvp0821oxo.jpg)

**John Hancock GA Senior Loan Trust**

**December 31, 2022**

---

| | |
|:---|:---|
| **Table of Contents** |  |
| Management's discussion of fund performance ..................................................................................... | 2 |
| A look at performance ......................................................................................................................... | 3 |
| Portfolio summary................................................................................................................................ | 5 |
| Portfolio of investments ........................................................................................................................ | 6 |
| Statement of assets and liabilities ......................................................................................................... | 11 |
| Statement of operations ....................................................................................................................... | 12 |
| Statements of changes in net assets..................................................................................................... | 13 |
| Statement of cash flows ....................................................................................................................... | 14 |
| Financial highlights............................................................................................................................... | 15 |
| Notes to financial statements ................................................................................................................ | 16 |
| Report of independent registered public accounting firm ........................................................................ | 25 |
| Tax information .................................................................................................................................... | 26 |
| Investment objective, principal investment strategies, and principal risks .................................................. | 27 |
| Board considerations............................................................................................................................ | 30 |
| Trustees and Officers ........................................................................................................................... | 33 |
| More information.................................................................................................................................. | 35 |

---

![](gvfk1v02ob1yzhnzmguvj.jpg)

**John Hancock GA Senior Loan Trust**

**Management's discussion of fund performance**

MANAGED BY

**Michael A. Foreman, Long Hoang, Daniel A. Walker, Henry Wong, and Ying Yi**

As the fourth quarter closed, the U.S. economy continued to face uncertainty and stress, although signs of improvement had also emerged. Recession fears continued to exist due to high inflation, high interest rates, the war in Ukraine and poor stock market performance over the year. But there were signs of peaking inflation amidst a mostly resilient labor market, despite some recent layoffs in firms in the technology and real estate sectors. This gave hopes for slowing Fed rate hikes and a potential soft landing or a small recession. The unemployment rate decreased to 3.5% for December, the same level as pre-pandemic. Economic growth, while continuing to be impacted by inflation and by supply chain conditions, which have improved but are still below pre-pandemic levels, was resilient. Q4 GDP registered a 2.9% annualized growth rate, which beat expectations and showed a mild slowdown. This was exactly what the Fed wants to see as it attempts to tame inflation without choking off growth. The Fed made a series of interest rate hikes during 2022 to curb the inflation, and these increases are expected to continue. Treasury yields increased by 5-20 basis points for 10-30 years during the final quarter.

The fund returned 3.97% for the year ended December 31, 2022. The return was mainly attributed to revenue streams, which generated an income return of approximately 6.60%, which was offset by capital depreciation.

The market dislocation we experienced in 2022, leading to the absence of syndicated financing options, left a void that many private debt providers gladly stepped in to fill. Volatility in the public markets persisted amid an impending economic recession causing buyers and sellers to revisit valuation expectations. The high interest rate environment underscored the importance of cash flow generation and the ability of borrowers to service debt. As a result, we saw a reduction in leverage and more lender-friendly terms as risk tolerance shifted. Yield and pricing requirement increased overall, as lenders assessed risk vs opportunities in allocating capital to deals. Meanwhile, base rates (LIBOR/SOFR) increased approximately 350 bps over the historic floor level of 100bps.

The views expressed in this report are exclusively those of Manulife Investment Management Private Markets (US) LLC, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report, if any, 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.

![](grnzagp62xlaqcmu6dbs0.jpg)

**John Hancock GA Senior Loan Trust**

**A look at performance**

TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Average annual total returns (%)** | **Average annual total returns (%)** | |
|  |  | **Since fund** | |
|  | **1-Year** | **inception<sup>1</sup>** | **Cumulative**<br>**total**<br>**returns**<br>**(%)**<br>**Since fund**<br>**inception<sup>1</sup>** |
| At Net asset value | 3.97 | 4.87 | 10.83 |
| Morningstar LSTA U.S. B Ratings Loan Index | -1.07 | 3.48 | 7.67 |

---

1From 11-3-20.

Performance figures assume all distributions have been reinvested.

The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Current performance may be higher or lower than the performance cited.

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 sale 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.

![](gpb6yzqd10ll7tdw7g9k5.jpg)

**John Hancock GA Senior Loan Trust**

**A look at performance**

This chart shows what happened to a hypothetical $10,000 investment in John Hancock GA Senior Loan Trust for the periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in the Morningstar LSTA U.S. B Ratings Loan Index.

![](gtzqpr7mutt952uufg1bp.jpg) At net asset value

![](gc52cz3xzqmq4qm7pkg7s.jpg) Morningstar LSTA U.S. B Ratings Loan Index

**Ending values 12-31-22**

$12,000

**$11,083 $10,767**

10,000

9,000

11-3-20 3-21 6-21 9-21 12-21 3-22 6-22 9-22 12-31-22

The Morningstar LSTA U.S. B Ratings Loan Index, formerly known as S&P/LSTA U.S. B Ratings Loan Index, tracks the performance of U.S. leveraged loans in the B rated category.

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

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

![](g4i86cg5yjgqfyvtoxepn.jpg)

**John Hancock GA Senior Loan Trust**

**Portfolio summary 12-31-22**

**Portfolio Composition as of 12-31-22 (% of net assets)**

---

| | |
|:---|:---|
| Senior loans | 91.2 |
| Short-term investments and other | 8.8 |
| **Top 10 Issuers as of 12-31-22 (% of net assets)** |  |
| AIDC Intermediate LLC | 2.4 |
| PVI Holdings, Inc. | 2.3 |
| I.D. Images Acquisition LLC | 2.3 |
| Alta Buyer LLC | 2.3 |
| Apex Service Partners LLC | 2.3 |
| Genuine Cable Group LLC | 2.3 |
| Roofing Buyer LLC | 2.3 |
| Walnut Parent, Inc. | 2.3 |
| Therapeutic Research Center LLC | 2.3 |
| LAC Intermediate LLC | 2.2 |
| **TOTAL** | 23.0 |

---

Cash and cash equivalents are not included.

![](g9n4634ffn4u0tiltwwzj.jpg)

**John Hancock GA Senior Loan Trust**

**Portfolio of investments 12-31-22**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%) Maturity date** | **Rate (%) Maturity date** | **Par value^** | **Value** |
| **Senior loans (A)(B) 91.2%** |  |  |  | **$379989419** |
| (Cost $384,328,494) |  |  |  |  |
| **Consumer staples 0.7%** |  |  |  | **2930819** |
| Fresh Holdco, Inc., Term Loan (3 and 6 month SOFR + 6.000%) | 10.795 | 01-23-26 | 2939698 | 2930819 |
| **Energy 3.2%** |  |  |  | **13547367** |
| Alta Buyer LLC, 2022 Incremental Term Loan (3 month SOFR + |  |  |  |  |
| 6.000%) | 10.730 | 12-21-27 | 9975000 | 9738501 |
| Andretti Buyer LLC, Term Loan (3 month LIBOR + 4.750%) | 9.480 | 06-30-26 | 4010095 | 3808866 |
| **Financials 13.5%** |  |  |  | **56139915** |
| GC Waves Holdings, Inc., 2021 Replacing Term Loan (1 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LIBOR + 5.500%) | 9.884 | 08-13-26 | 4040051 | 4028271 |
| GC Waves Holdings, Inc., Delayed Draw Term Loan (1 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LIBOR + 5.500%) | 9.884 | 08-13-26 | 4769656 | 4755115 |
| GC Waves Holdings, Inc., Revolver (3 month LIBOR + 5.750%) | 9.884 | 08-13-26 | 216824 | 214296 |
| Insignia Finance Merger Sub LLC, Revolver (3 month SOFR + |  |  |  |  |
| 5.000%) | 9.541 | 12-23-27 | 948077 | 872549 |
| Insignia Finance Merger Sub LLC, Term Loan (3 month LIBOR + |  |  |  |  |
| 5.000%) | 9.730 | 12-23-27 | 5521154 | 5271914 |
| MC Group Ventures Corp., 2021 Delayed Draw Term Loan (1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.500%) | 9.884 | 06-30-27 | 2130011 | 2036467 |
| MC Group Ventures Corp., 2021 Term Loan (1 month LIBOR + |  |  |  |  |
| 5.500%) | 9.884 | 06-30-27 | 4080714 | 3913347 |
| Oakbridge Insurance Agency LLC, 2022 2nd Amendment Delayed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Draw Term loan (1 month SOFR + 5.750%) | 10.173 | 12-31-26 | 308723 | 228185 |
| Oakbridge Insurance Agency LLC, 2022 2nd Amendment Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan A (1 month SOFR + 5.750%) | 10.173 | 12-31-26 | 282349 | 272725 |
| Oakbridge Insurance Agency LLC, Revolver (1 month SOFR + |  |  |  |  |
| 5.750%) | 10.178 | 12-31-26 | 259300 | 233803 |
| Oakbridge Insurance Agency LLC, Term Loan A (1 month SOFR |  |  |  |  |
| + 5.750%) | 10.173 | 12-31-26 | 6528716 | 6306170 |
| Omni Intermediate Holdings LLC, 2021 Term Loan (Prime rate + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000% and 3 month LIBOR + 5.000%) | 9.730 | 12-30-26 | 6269031 | 6157456 |
| Omni Intermediate Holdings LLC, 2022 Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 5.000%) | 9.730 | 12-30-26 | 2265306 | 2214942 |
| Simplicity Financial Marketing Holdings, Inc., Delayed Draw Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan (Prime rate + 4.750% and 3 month LIBOR + 5.750%) | 10.483 | 12-02-26 | 2044986 | 1924871 |
| Simplicity Financial Marketing Holdings, Inc., Term Loan (Prime |  |  |  |  |
| &nbsp;&nbsp;&nbsp;rate + 4.750% and 3 month LIBOR + 5.750%) | 10.483 | 12-02-26 | 5765975 | 5561542 |
| Steward Partners Global Advisory LLC, Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LIBOR + 5.250%) | 9.139 | 10-03-29 | 4275000 | 4050242 |
| World Insurance Associates LLC, 2021 Delayed Draw Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tranche 4 (3 month LIBOR + 5.750%) | 10.330 | 04-01-26 | 4808535 | 4695567 |
| World Insurance Associates LLC, 2021 Revolver (1 month SOFR |  |  |  |  |
| + 5.750%) | 10.300 | 04-01-26 | 351679 | 339513 |
| World Insurance Associates LLC, 2021 Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 5.750%) | 10.330 | 04-01-26 | 1809740 | 1769047 |
| World Insurance Associates LLC, 2022 Tranche 7 Delayed Draw |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan (1 and 3 month SOFR + 5.750%) | 9.903 | 04-01-26 | 1358500 | 1293893 |
| **Health care 10.3%** |  |  |  | **42937800** |
| Atlantic Vision Partners LLC, 2022 Delayed Draw Term Loan (3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month SOFR + 6.500%) | 10.161 | 04-02-24 | 219512 | 162149 |

---

The accompanying notes are an integral part of the financial statements.

![](gxzf9va6vtis6rjjhd137.jpg)

**John Hancock GA Senior Loan Trust**

**Portfolio of investments 12-31-22**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%) Maturity date** | **Rate (%) Maturity date** | **Par value^** | **Value** |
| **Health care (continued)** |  |  |  |  |
| Atlantic Vision Partners LLC, 2022 Term Loan A (3 month SOFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;+ 6.500%) | 11.161 | 04-02-24 | 2351463 | $2333827 |
| Avante Health Solutions, Revolver (3 month LIBOR + 4.750%) | 8.659 | 07-15-27 | 229430 | 115669 |
| Avante Health Solutions, Term Loan (3 month LIBOR + 4.750%) | 9.165 | 07-15-27 | 3845540 | 2991817 |
| BrightView LLC, Delayed Draw Term Loan (1 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%) | 10.134 | 04-12-24 | 706639 | 680126 |
| BrightView LLC, Term Loan (1 month LIBOR + 5.750%) | 10.134 | 12-14-26 | 5304974 | 5115054 |
| Health Management Associates, Inc., 2018 Term Loan A (1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.000%) | 9.120 | 09-24-26 | 5923131 | 5923131 |
| Health Management Associates, Inc., 2021 Delayed Draw Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan (1 month LIBOR + 5.000%) | 9.120 | 09-24-26 | 656890 | 656890 |
| MB2 Dental Solutions LLC, 2021 Delayed Draw Term Loan (3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month SOFR + 6.150%) | 10.450 | 01-29-27 | 1889076 | 1851505 |
| MB2 Dental Solutions LLC, 2021 Term Loan (1 month SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%) | 10.423 | 01-29-27 | 5239202 | 5135002 |
| Pediatric Home Respiratory Services LLC, 2022 Incremental |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Delayed Draw Term Loan (1 month SOFR + 6.250%) | 10.673 | 08-19-27 | 575386 | 537326 |
| Pediatric Home Respiratory Services LLC, Delayed Draw Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan (1 month SOFR + 6.250%) | 10.173 | 12-04-24 | 1544734 | 1500403 |
| Premier Imaging LLC, 2021 4th Amendment Delayed Draw Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan (1 month LIBOR + 5.750%) | 10.134 | 01-02-25 | 1384443 | 1384443 |
| Premier Imaging LLC, 2021 4th Amendment Term Loan (1 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LIBOR + 5.750%) | 10.134 | 01-02-25 | 5106489 | 5106489 |
| Therapeutic Research Center LLC, Term Loan (3 month SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%) | 9.980 | 03-21-26 | 9578277 | 9443969 |
| **Industrials 43.4%** |  |  |  | **180762735** |
| AIDC Intermediate LLC, Term Loan (3 month SOFR + 6.400%) | 10.437 | 07-22-27 | 10000000 | 9812855 |
| Apex Service Partners LLC, 2019 Term Loan (3 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%) | 9.459 | 07-31-25 | 4899210 | 4859267 |
| Apex Service Partners LLC, 2020 First Lien Delayed Draw Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan (Prime rate + 4.500% and 3 month LIBOR + 5.250%) | 10.331 | 07-31-25 | 453234 | 441964 |
| Apex Service Partners LLC, 2020 Term Loan (3 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%) | 9.670 | 07-31-25 | 1713155 | 1670555 |
| Apex Service Partners LLC, 2022 15th Amendment Incremental |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Delayed Draw Term Loan A (3 month SOFR + 5.250%) | 9.858 | 07-31-25 | 1399457 | 1364657 |
| Apex Service Partners LLC, 2022 15th Amendment Incremental |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan A (3 month SOFR + 5.250%) | 9.799 | 07-31-25 | 1399457 | 1388047 |
| BlueHalo Financing Holdings LLC, Revolver (3 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%) | 10.718 | 10-31-25 | 1293169 | 1253370 |
| BlueHalo Financing Holdings LLC, Term Loan A (3 month LIBOR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;+ 6.000%) | 10.704 | 10-31-25 | 5768918 | 5624966 |
| Capital Construction LLC, Revolver (1 month SOFR + 6.500%) | 10.923 | 10-22-26 | 206044 | 189560 |
| Capital Construction LLC, Term Loan (1 month SOFR + 6.500%) | 10.898 | 10-22-26 | 3901099 | 3717583 |
| CLS Management Services, Inc., Term Loan (3 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%) | 8.284 | 05-31-27 | 3780662 | 3576805 |
| FusionSite Services LLC, Delayed Draw Term Loan (1 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 5.500%) | 9.913 | 04-22-27 | 271682 | 211076 |
| FusionSite Services LLC, Term Loan (3 month SOFR + 5.500%) | 9.765 | 04-22-27 | 6439394 | 6300000 |
| Gannet Fleming, Inc., Term Loan (3 month SOFR + 6.600%) | 11.106 | 12-16-29 | 8636364 | 8386364 |
| Genuine Cable Group LLC, 2022 3rd Amendment Incremental |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan (1 month SOFR + 5.750%) | 10.073 | 11-02-26 | 9975000 | 9576000 |

---

The accompanying notes are an integral part of the financial statements.

![](g0paelqlf90r0e5q97vbs.jpg)

**John Hancock GA Senior Loan Trust**

**Portfolio of investments 12-31-22**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%) Maturity date** | **Rate (%) Maturity date** | **Par value^** | **Value** |
| **Industrials (continued)** |  |  |  |  |
| GSM Acquisition Corp., Delayed Draw Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LIBOR + 5.000%) | 9.842 | 11-16-26 | 900693 | $875824 |
| GSM Acquisition Corp., Term Loan (3 month SOFR + 5.000%) | 9.842 | 11-16-26 | 7782084 | 7544407 |
| LAC Intermediate LLC, 2022 Term Loan (3 month SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%) | 11.105 | 02-28-27 | 9500000 | 9300000 |
| Luv Car Wash Group LLC, 2021 Delayed Draw Term Loan A (1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.500%) | 9.620 | 12-09-26 | 1927436 | 1914007 |
| Luv Car Wash Group LLC, 2021 Delayed Draw Term Loan B (1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.500%) | 9.243 | 12-09-26 | 1559726 | 1548859 |
| Luv Car Wash Group LLC, 2022 Delayed Draw Term Loan C (1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.500%) | 9.243 | 12-09-26 | 3723615 | 3678559 |
| M+D Midco, Inc., Term Loan (1 month SOFR + 5.750%) | 10.696 | 08-31-28 | 6543234 | 6239213 |
| Management Consulting & Research LLC, 2022 Delayed Draw |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan (1 month SOFR + 6.000%) | 10.941 | 10-29-27 | 822938 | 778395 |
| Management Consulting & Research LLC, Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 6.000%) | 10.941 | 08-16-27 | 6277097 | 6083366 |
| MWD Management LLC, Delayed Draw Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 5.000%) | 9.891 | 06-15-27 | 4000000 | 3878192 |
| MWD Management LLC, Revolver (3 month SOFR + 5.000%) | 9.680 | 06-15-27 | 533333 | 502881 |
| MWD Management LLC, Term Loan (3 month SOFR + 5.000%) | 9.891 | 06-15-27 | 4987500 | 4835620 |
| OIS Management Services LLC, 2022 Term Loan (1 month SOFR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;+ 6.000%) | 10.325 | 11-16-28 | 6666667 | 6466666 |
| Orion Group Holdco LLC, 2022 1st Amendment Term Loan (3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month SOFR + 6.500%) | 11.210 | 12-07-29 | 513333 | 429333 |
| Orion Group HoldCo LLC, Delayed Draw Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 5.500%) | 10.842 | 03-19-27 | 3319225 | 3245999 |
| Orion Group HoldCo LLC, Revolver (3 month SOFR + 5.500%) | 10.061 | 03-19-27 | 38600 | 23790 |
| Orion Group HoldCo LLC, Term Loan (3 month SOFR + 6.000%) | 10.580 | 03-19-27 | 3190000 | 3119625 |
| Paint Intermediate III LLC, 2022 USD Revolver (3 month SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%) | 10.404 | 10-07-27 | 264264 | 234534 |
| Paint Intermediate III LLC, 2022 USD Term Loan B1 (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 5.750%) | 9.869 | 10-06-28 | 9009009 | 8738739 |
| Pathstone Family Office LLC, Delayed Draw Term Loan (Prime |  |  |  |  |
| &nbsp;&nbsp;&nbsp;rate + 4.500% and 1 month LIBOR + 5.500%) | 9.889 | 06-01-27 | 7980000 | 7837708 |
| PVI Holdings, Inc., Term Loan (3 month SOFR + 6.380%) | 10.118 | 09-30-27 | 9969565 | 9781615 |
| Southern Orthodontic Partners Management LLC, 4th |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amendment Delayed Draw Term Loan (3 month SOFR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%) | 10.741 | 01-27-26 | 4213250 | 4051348 |
| The S2 HR Group LLC, Revolver (1 month SOFR + 5.250%) | 9.573 | 05-30-25 | 594404 | 523305 |
| The S2 HR Group LLC, Term Loan (3 month SOFR + 5.250%) | 9.673 | 05-30-25 | 6790060 | 6627622 |
| WSC Holdings Midco LLC, 2022 Delayed Draw Term Loan (6 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 4.500%) | 8.769 | 07-31-27 | 2495861 | 2401328 |
| WSC Holdings Midco LLC, 2022 Term Loan (3 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%) | 8.743 | 07-31-27 | 6243303 | 6034274 |
| WWEC Holdings II Corp., Revolver (1 month SOFR + 6.000%) | 10.244 | 10-03-27 | 559006 | 527950 |
| WWEC Holdings II Corp., Term Loan (3 month SOFR + 6.000%) | 10.580 | 10-03-29 | 7204969 | 6986025 |
| XpressMyself.com LLC, Term Loan (3 month SOFR + 5.000%) | 9.548 | 09-07-28 | 8508088 | 8180482 |
| **Information technology 6.0%** |  |  |  | **24947756** |
| Drilling Info, Inc., 2018 Term Loan (1 month LIBOR + 4.250%) | 8.634 | 07-30-25 | 4885307 | 4885307 |
| MRI Software LLC, 2020 Term Loan B (3 month LIBOR + 5.500%) | 10.230 | 02-10-26 | 4577284 | 4525001 |
| Nxgen Buyer, Inc., 2021 Term Loan (1 month LIBOR + 5.000%) | 9.384 | 10-31-25 | 2227500 | 2217338 |

---

The accompanying notes are an integral part of the financial statements.

![](gyjm4co8az4fusri8p0n4.jpg)

**John Hancock GA Senior Loan Trust**

**Portfolio of investments 12-31-22**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%) Maturity date** | **Rate (%) Maturity date** | **Par value^** | **Value** |
| **Information technology (continued)** |  |  |  |  |
| Nxgen Buyer, Inc., Term Loan (1 month LIBOR + 4.750%) | 9.134 | 10-31-25 | 4886650 | $4864357 |
| Trimech Acquisition Corp., Revolver (3 month SOFR + 4.750%) | 9.392 | 03-10-28 | 157895 | 115352 |
| Trimech Acquisition Corp., Term Loan (3 month SOFR + 4.750%) | 9.480 | 03-10-28 | 8619079 | 8340401 |
| **Materials 12.4%** |  |  |  | **51525241** |
| Comar Holding Company LLC, 2018 Term Loan (3 month LIBOR |  |  |  |  |
| + 5.750%) | 10.480 | 06-18-24 | 1718693 | 1702640 |
| Comar Holding Company LLC, 2nd Amendment Delayed Draw |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan (3 month LIBOR + 6.250%) | 10.980 | 06-18-24 | 730540 | 723717 |
| Comar Holding Company LLC, Delayed Draw Term Loan (3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.750%) | 10.476 | 06-18-24 | 607814 | 602137 |
| Comar Holding Company LLC, First Amendment Term Loan (3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month LIBOR + 5.750%) | 10.480 | 06-18-24 | 1566843 | 1552209 |
| Comar Holding Company LLC, Revolver (3 month LIBOR + |  |  |  |  |
| 5.750%) | 10.258 | 06-18-24 | 138092 | 135512 |
| DCG Acquisition Corp., Second Lien Term Loan (1 month SOFR |  |  |  |  |
| + 8.500%) | 12.724 | 09-30-27 | 5000000 | 4947552 |
| I.D. Images Acquisition LLC, Incremental Term Loan 5 (1 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 6.350%) | 10.673 | 11-30-29 | 9975000 | 9775500 |
| Liqui-Box Holdings, Inc., Term Loan B (3 month LIBOR + 4.500%) | 9.235 | 02-26-27 | 2932331 | 2932331 |
| Polymer Solutions Group LLC, 2019 Term Loan (3 month LIBOR |  |  |  |  |
| + 4.750%) | 9.480 | 11-26-26 | 1874396 | 1874396 |
| Roofing Buyer LLC, Delayed Draw Term Loan (3 month LIBOR + |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% and 3 month SOFR + 6.000%) | 10.716 | 12-08-26 | 9576111 | 9361406 |
| Roofing Buyer LLC, Revolver (3 month SOFR + 6.000%) | 10.519 | 12-01-26 | 152661 | 144104 |
| Tilley Chemical Company, Inc., Delayed Draw Term Loan (3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;month SOFR + 5.500%) | 10.330 | 12-31-26 | 1476026 | 1446788 |
| Tilley Chemical Company, Inc., Revolver (3 month SOFR + |  |  |  |  |
| 5.500%) | 10.142 | 12-31-26 | 249350 | 220950 |
| Tilley Chemical Company, Inc., Term Loan A (3 month SOFR + |  |  |  |  |
| 5.500%) | 10.153 | 12-31-26 | 6790983 | 6656466 |
| Walnut Parent, Inc., 2022 2nd Amendment Incremental Term |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan (3 month LIBOR + 5.500%) | 10.240 | 11-09-27 | 2675676 | 2589351 |
| Walnut Parent, Inc., Term Loan (3 month LIBOR + 5.500%) | 10.240 | 11-09-27 | 7088889 | 6860182 |
| **Real estate 1.7%** |  |  |  | **7197786** |
| Bandon Purchaser LLC, Delayed Draw Term Loan (3 month |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 6.000%) | 7.000 | 07-27-28 | 183727 | 143466 |
| Bandon Purchaser LLC, Revolver (3 month SOFR + 6.000%) | 10.382 | 07-27-28 | 317060 | 309008 |
| Bandon Purchaser LLC, Term Loan (3 month SOFR + 6.000%) | 10.204 | 07-27-28 | 6850394 | 6745312 |
|  |  | **Yield (%)** | **Shares** | **Value** |
| **Short-term investments 6.9%** |  |  |  | **$28862205** |
| (Cost $28,862,205) |  |  |  |  |
| **Short-term funds 6.9%** |  |  |  | **28862205** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.0954(C) | 28862205 | 28862205 |
| **Total investments (Cost $413,190,699) 98.1%** |  |  |  | **$408851624** |
| **Other assets and liabilities, net 1.9%** |  |  |  | **8064688** |
| **Total net assets 100.0%** |  |  |  | **$416916312** |

---

The accompanying notes are an integral part of the financial statements.

![](gpqltrrrlt99iqb9h351x.jpg)

**John Hancock GA Senior Loan Trust**

**Portfolio of investments 12-31-22**

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.

^All par values are denominated in U.S. dollars unless otherwise indicated.

**<u>Security Abbreviations and Legend</u>**

LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate

(A)Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.

(B)Senior loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(C)The rate shown is the annualized seven-day yield as of 12-31-22.

At 12-31-22, the aggregate cost of investments for federal income tax purposes was $413,190,699. Net unrealized depreciation aggregated to $4,339,075, of which $890,296 related to gross unrealized appreciation and $5,229,371 related to gross unrealized depreciation.

The accompanying notes are an integral part of the financial statements.

![](ghaf5kx8mmhk77627ysdl.jpg)

**Financial statements**

John Hancock GA Senior Loan Trust

**Statement of assets and liabilities 12-31-22**

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $413,190,699) | $408851624 |
| Cash | 14611553 |
| Interest receivable | 2787488 |
| Receivable for investments sold | 55435 |
| **Total assets** | **426306100** |
| **Liabilities** |  |
| Distributions payable | 7004947 |
| Payable to affiliates |  |
| &nbsp;&nbsp;Investment management fees | 540220 |
| &nbsp;&nbsp;Performance fees | 1327764 |
| &nbsp;&nbsp;Accounting and legal services fees | 50295 |
| &nbsp;&nbsp;Trustees' fees | 86 |
| Other liabilities and accrued expenses | 466476 |
| **Total liabilities** | **9389788** |
| **Net assets** | **$416916312** |
| **Net assets consist of** |  |
| Paid-in capital | $422684421 |
| Total distributable earnings | (5768109) |
| **Net assets** | **$416916312** |
| **Net asset value per share** |  |
| Based on 26,205,332 shares of beneficial interest outstanding - unlimited number of shares authorized with no |  |
| par value | $15.91 |

---

The accompanying notes are an integral part of the financial statements.

![](gxnhqux4hi14jzqmebg8t.jpg)

**John Hancock GA Senior Loan Trust**

**Statement of operations for the year ended 12-31-22**

---

| | |
|:---|:---|
| **Investment income** |  |
| Interest | $24272677 |
| **Expenses** |  |
| Investment management fees | 1633980 |
| Performance fees | 1327764 |
| Accounting and legal services fees | 160594 |
| Transfer agent fees | 35889 |
| Trustees' fees | 86336 |
| Custodian fees | 235266 |
| Professional fees | 356603 |
| Other | 147288 |
| **Total expenses** | **3983720** |
| **Net investment income** | **20288957** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | 641455 |
|  | **641455** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | (6555082) |
|  | **(6555082)** |
| **Net realized and unrealized loss** | **(5913627)** |
| **Increase in net assets from operations** | **$14375330** |

---

The accompanying notes are an integral part of the financial statements.

![](gi4ybo2bj81jarfzutpan.jpg)

**John Hancock GA Senior Loan Trust**

**Statements of changes in net assets**

---

| | | |
|:---|:---|:---|
| <br>**Increase (decrease) in net assets** | **Year ended**<br>**12-31-22**<br>| **Year ended**<br>**12-31-21**<br>|
| **From operations** |  |  |
| Net investment income | $20288957 | $8208905 |
| Net realized gain | 641455 | 671988 |
| Change in net unrealized appreciation (depreciation) | (6555082) | 373501 |
| **Increase in net assets resulting from operations** | **14375330** | **9254394** |
| **Distributions to shareholders** |  |  |
| From net investment income and net realized gain | (18091362) | (12669417) |
| From tax return of capital |  | (36709717) |
| **Total distributions** | **(18091362)** | **(49379134)** |
| **Fund share transactions** |  |  |
| Fund shares issued | 202000000 | 69200000 |
| **Total increase** | **198283968** | **29075260** |
| **Net assets** |  |  |
| Beginning of year | 218632344 | 189557084 |
| **End of year** | **$416916312** | **$218632344** |
| **Share activity** |  |  |
| **Shares outstanding** |  |  |
| Beginning of year | 13524791 | 9392193 |
| Shares issued | 12680541 | 4132598 |
| **End of year** | **26205332** | **13524791** |

---

The accompanying notes are an integral part of the financial statements.

![](gsr3ld17gjowhkj3sp51s.jpg)

**John Hancock GA Senior Loan Trust**

**Statement of cash flows for the year ended 12-31-22**

**Cash flows from operating activities**

---

| | |
|:---|:---|
| Net increase in net assets from operations | $14375330 |
| **Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:** |  |
| Long-term investments purchased | (267091031) |
| Long-term investments sold | 75649867 |
| Net purchases and sales in short-term investments | 2847923 |
| Net amortization of premium (discount) | (922113) |
| (Increase) Decrease in assets: |  |
| &nbsp;&nbsp;Interest receivable | (2076555) |
| &nbsp;&nbsp;Receivable for investments sold | (55435) |
| Increase (Decrease) in liabilities: |  |
| &nbsp;&nbsp;Payable for investments purchased | (686) |
| &nbsp;&nbsp;Payable to affiliates | 734908 |
| &nbsp;&nbsp;Other liabilities and accrued expenses | (75271) |
| Net change in unrealized (appreciation) depreciation on: |  |
| &nbsp;&nbsp;Unaffiliated investments | 6555082 |
| Net realized (gain) loss on: |  |
| &nbsp;&nbsp;Unaffiliated investments | (641455) |
| **Net cash used in operating activities** | **$(170699436)** |
| **Cash flows provided by (used in) financing activities** |  |
| Distributions to shareholders | $(14996973) |
| Increase (Decrease) in due to custodian | (1692038) |
| Fund shares issued | 202000000 |
| **Net cash flows provided by financing activities** | **$185310989** |
| **Net increase in cash** | **$14611553** |
| **Cash at beginning of year** | **$—** |
| **Cash at end of year** | **$14611553** |

---

The accompanying notes are an integral part of the financial statements.

![](glk8hiurjqskl5l1r0dyn.jpg)

**John Hancock GA Senior Loan Trust**

**Financial highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Period ended**<br>**Per share operating performance** | **12-31-22**<br>| **12-31-21**<br>| **12-31-20<sup>1</sup>**<br>|
| **Net asset value, beginning of period** | **$16.17** | **$20.18** | **$20.00** |
| Net investment income<sup>2</sup> | 1.09 | 0.79 | 0.06 |
| Net realized and unrealized gain (loss) on investments | (0.48) | 0.13 | 0.22 |
| **Total from investment operations** | 0.61 | 0.92 | 0.28 |
| **Less distributions** |  |  |  |
| From net investment income | (0.86) | (1.15) | (0.10) |
| From net realized gain | (0.01) | (0.04) |  |
| From tax return of capital |  | (3.74) |  |
| **Total distributions** | **(0.87)** | **(4.93)** | **(0.10)** |
| **Net asset value, end of period** | **$15.91** | **$16.17** | **$20.18** |
| **Total return (%)** | 3.97 | 5.15 | 1.40<sup>3</sup> |
| **Ratios and supplemental data** |  |  |  |
| Net assets, end of period (in millions) | $417 | $219 | $190 |
| Ratios (as a percentage of average net assets): |  |  |  |
| &nbsp;&nbsp;Expenses | 1.34<sup>4</sup> | 1.54<sup>4</sup> | 1.69<sup>45</sup> |
| &nbsp;&nbsp;Net investment income | 6.83 | 4.32 | 3.44<sup>5</sup> |
| Portfolio turnover (%) | 23 | 37 | 6 |

---

1Period from 11-3-20 (commencement of operations) to 12-31-20.

2Based on average daily shares outstanding.

3Not annualized.

4Includes performance fees expense of 0.45%, 0.50% and 0.10% (unannualized) for the periods ended 12-31-22, 12-31-21 and 12-31-20, respectively.

5Annualized. Certain expenses are presented unannualized.

The accompanying notes are an integral part of the financial statements.

![](guu0k41q7c74noh18im2i.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

1. Organization

John Hancock GA Senior Loan Trust (the fund) is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a closed-end, non-diversified management investment company. The investment objective of the fund is to generate current income.

The fund is only offered to "accredited investors" within the meaning of Regulation D under the Securities Act of 1933 (the 1933 Act), non-U.S. investors within the meaning of Regulation S under the 1933 Act, and other investors eligible to invest in a private placement.

2. Significant accounting policies

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

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

**Security valuation.** Investments are valued at the end of each month at a minimum. The fund invests primarily in senior loans. The Advisor, assisted by its Pricing Committee (composed of officers of the Advisor and its affiliates), determines the fair value of the fund's securities that are not publicly traded or whose market prices are not readily available pursuant to procedures established by the Advisor and adopted by the Board of Trustees. In connection with that determination, portfolio valuations are prepared in accordance with the Advisor's valuation policy using valuation obtained from independent valuation firms and/or proprietary models.

Valuation techniques include discounted cash flow models, comparison with similar instruments for which observable market prices exist and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other inputs used in estimating discount rates. For senior loans, the fund uses valuations from independent valuation firms, which are based on models developed from recognized US GAAP valuation approaches under ASC 820. Some or all of the significant inputs into these models may be unobservable and are derived either from observable market prices or rates or are estimated based on unobservable assumptions. Valuation models that employ significant unobservable inputs require a higher degree of management judgment and estimation in the determination of fair value. Judgment and estimation are usually required for the selection of the appropriate valuation model to be used, determination of expected future cash flows on the financial instrument being valued, determination of the probability of counterparty default and prepayments and selection of appropriate discount rates.

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. 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 own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The

![](g9oqq3acyibrc7dyrkoch.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

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.

Senior loan investments are measured at fair value based on the present value of the expected cash flows of the loans. There are no quoted prices in active markets. Assumptions and inputs used in the valuation of senior loan investments include prepayment estimates, determination of the discount rate based on the risk-free interest rate adjusted for credit risk (including estimation of probability of default), liquidity and any other adjustments that the independent valuation firm believes that a third-party market participant would take into account in pricing a transaction. Senior loan investment valuations rely primarily on the use of significant unobservable inputs, including credit assumptions, which require significant judgment and, accordingly, are classified as Level 3.

Other debt obligations are typically valued based on the 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. Other debt obligations are generally classified as Level 2.

Investments in open-end mutual funds are valued at their respective net asset values each business day and are generally classified as Level 1.

The following is a summary of the values by input classification of the fund's investments as of December 31, 2022 by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Total**<br>**value at**<br>**12-31-22** | <br>**Level 1**<br>**quoted price** | **Level 2**<br>**Significant**<br>**observable**<br>**inputs** | **Level 3**<br>**Significant**<br>**unobservable**<br>**inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| Senior loans | **$379989419** |  |  | $379989419 |
| Short-term investments | **28862205** | $28862205 |  |  |
| **Total investments in securities** | **$408851624** | **$28862205** | **—** | **$379989419** |

---

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. There were no transfers into or out of Level 3 during the period.

---

| | |
|:---|:---|
|  | Senior loans |
| Balance as of 12-31-21 | $193539769 |
| Purchases | 267091031 |
| Sales | (75649867) |
| Realized gain (loss) | 641455 |
| Net amortization of (premium) discount | 922113 |
| Change in unrealized appreciation (depreciation) | (6555082) |
| **Balance as of 12-31-22** | **$379989419** |
| Change in unrealized appreciation (depreciation) at period end\* | $(6045724) |

---

\*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.

![](g3j6joxxnjs8eafd549hu.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund's Level 3 securities are outlined in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** |  | **Significant** |  |  |
|  | **at 12-31-22** | **Valuation Technique** | **Unobservable Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Input/ Range\*** | **Input weighted average\*** |
| Senior Loans | $302603871 | Discounted cash flow | Discount rate | 3.38% - 10.95% | 5.12% |
| Senior Loans | 77385548 | Recent transaction | Transaction price | $96.00 - $99.25 | $97.56 |
|  | $379989419 |  |  |  |  |

---

\*A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security's fair value as a percentage of the total fair value.

A change to unobservable inputs of the fund's Level 3 securities as of December 31, 2022 could have resulted in changes to the fair value measurement, as follows:

---

| | | |
|:---|:---|:---|
|  | Impact to Valuation | Impact to Valuation |
| Significant Unobservable Input | if input had increased | if input had decreased |
| Discount rate | Decrease | Increase |
| Transaction price | Increase | Decrease |

---

Due to the inherent uncertainty of determining the fair value of Level 3 investments, the fair value of the investments may differ significantly from the values that would have been used had a ready market for such securities existed and may differ materially from the values that may ultimately be received or settled. Further, such investments will generally be subject to legal and other restrictions, or otherwise will be less liquid than publicly traded instruments. If the fund is required to liquidate a portfolio investment in a forced or liquidation sale, the fund might realize significantly less than the value at which such investment will have been previously been recorded. The fund's investments will be subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

**Senior loans.** The fund invests in senior loans. Senior loans include first and second lien term loans, delayed draw term loans, and revolving credit facilities. The fund will only invest in loans and commitments that are determined to be below investment-grade. The fund's investment policies are based on credit quality at the time of purchase. Credit quality is determined by the Advisor. The fund may invest in loans with a maturity of up to nine years from the closing date of the loan. The Advisor typically expects to employ a buy-and-hold strategy. The fund may invest in loans either by transacting directly at the initial funding date or acquiring loans in secondary market transactions. The fund may invest in loans secured by substantially all of the assets of the borrower and the other loan parties, subject to customary exceptions, including a pledge of the equity of the borrower and its subsidiaries.

The fund may be subject to greater levels of credit risk, call (or "prepayment") risk, settlement risk and liquidity risk than funds that do not invest in senior loans. Senior loans are considered predominantly speculative with respect to an issuer's continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments and reduce the fund's ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher non-payment rate and a senior loan may lose significant value before a default occurs. The fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior loans. In addition, the senior loans in which the fund invests may not be listed on any exchange and a secondary market for such loans may be comparatively less liquid relative to markets for other more liquid fixed income securities. Consequently, transactions in senior loans may involve greater costs than transactions in more actively traded securities. Restrictions on transfers in loan agreements, a lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make

![](gpro1fsgaj9ou9lfqi626.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

senior loans difficult to value accurately or sell at an advantageous time or price than other types of securities or instruments. These factors may result in the fund being unable to realize full value for the senior loans and/or may result in the fund not receiving the proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the fund. Senior loans may have extended trade settlement periods which may result in cash not being immediately available to the fund. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the fund may have to reinvest the proceeds in other senior loans or similar instruments that may pay lower interest rates. Senior loans in which the fund invests may or may not be collateralized, although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the obligations of the borrower. The fund may have limited rights to exercise remedies against such collateral or a borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the fund to act collectively with other creditors to exercise its rights with respect to a senior loan. Because of the risks involved in investing in senior loans, an investment in the fund should be considered speculative. Junior loans, which are secured and unsecured subordinated loans, second lien loans and subordinate bridge loans, involve a higher degree of overall risk than senior loans of the same borrower due to the junior loan's lower place in the borrower's capital structure and, in some cases, their unsecured status.

The fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a bank or other lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. Unfunded loan commitments are marked to market in accordance with the fund's valuation policies. Any related unrealized appreciation (depreciation) on unfunded commitments is included in unaffiliated investments, at value in the Statement of assets and liabilities and change in net unrealized appreciation (depreciation) in the Statement of operations. As of December 31, 2022, the fund had the following unfunded commitments outstanding.

---

| | | | |
|:---|:---|:---|:---|
| **Unfunded Term Loan** | **Principal on Delayed Draw Term Loan** | **Principal on Revolver** | **Unrealized Appreciation (Depreciation)** |
| Andretti Buyer LLC |  | $897364 | ($36796) |
| Atlantic Vision Partners LLC | $7429024 |  | (55717) |
| Avante Health Solutions | 458861 | 344146 | (159266) |
| Bandon Purchaser LLC | 2440945 | 207874 | (40632) |
| BlueHalo Financing |  | 110057 | (3122) |
| Holdings LLC |  |  |  |
| BrightView LLC | 866848 | 315217 | (25258) |
| Capital Construction LLC | 5274725 | 618132 | (117857) |
| CLS Management Services, | 2132353 | 1279412 | (96701) |
| Inc. |  |  |  |
| Comar Holding Company LLC |  | 138092 | (1290) |
| FusionSite Services LLC | 2758621 | 530303 | (65779) |
| Gannet Fleming, Inc. |  | 1363636 | (34091) |
| GC Waves Holdings, Inc. | 217500 | 650473 | (2530) |
| GSM Acquisition Corp. |  | 825949 | (22805) |
| Health Management | 101363 | 506816 |  |
| Associates, Inc. |  |  |  |
| Insignia Finance Merger |  | 725000 | (32729) |
| SUB LLC |  |  |  |
| ISS Compressors Industries, |  | 251151 |  |
| Inc. |  |  |  |
| LAC Intermediate LLC |  | 500000 | (10000) |

---

![](gdoeq2d2szsna6irbu53w.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

---

| | | | |
|:---|:---|:---|:---|
| **Unfunded Term Loan** | **Principal on Delayed Draw Term Loan** | **Principal on Revolver** | **Unrealized Appreciation (Depreciation)** |
| LUV Car Wash Group LLC | 2743243 |  | (19113) |
| M&D Midco, Inc. | 2293578 | 1146789 | (104766) |
| Management Consulting & | 1925000 | 909498 | (55720) |
| Research LLC |  |  |  |
| MC Group Ventures Corp. | 440179 | 517857 | (34869) |
| MRI Software LLC |  | 318037 | (3397) |
| MWD Management LLC |  | 466667 | (14211) |
| Oakbridge Insurance | 2053966 | 488681 | (86673) |
| Agency LLC |  |  |  |
| OIS Management Services LLC | 2564103 | 769231 | (66667) |
| Omni Intermediate | 850375 | 544601 | (14047) |
| Holdings LLC |  |  |  |
| Orion Group HoldCo LLC | 2286667 | 632697 | (82558) |
| Paint Intermediate III LLC |  | 726727 | (21802) |
| Pathstone Family Office LLC | 2000000 |  | (28515) |
| Pediatric Home Respiratory | 2876865 |  | (47434) |
| Services LLC |  |  |  |
| Polymer Solutions Group LLC |  | 463768 |  |
| Premier Imaging LLC | 3444260 |  |  |
| Roofing Buyer LLC |  | 228991 | (5134) |
| Simplicity Financial Marketing | 1613636 | 460903 | (68108) |
| Holdings, Inc. |  |  |  |
| Southern Orthodontic Partners | 5775000 |  | (93608) |
| Management LLC |  |  |  |
| Steward Partners Global | 4285714 | 1428571 | (128570) |
| Advisory LLC |  |  |  |
| The S2 HR Group LLC |  | 2377617 | (56879) |
| Therapeutic Research |  | 303131 | (4120) |
| Center LLC |  |  |  |
| Tilley Chemical Company, Inc. |  | 1184411 | (23461) |
| Trimech Acquisition Corp. |  | 1157895 | (37438) |
| World Insurance | 1391500 | 189366 | (36949) |
| Associates LLC |  |  |  |
| WSC Holdings Midco LLC | 608444 | 620861 | (37436) |
| WWEC Holdings II Corp. | 1552795 | 683230 | (55901) |
| XpressMyself.com LLC |  | 1470588 | (48280) |
| **Total** | **$60385565** | **$26353739** | **$(1880229)** |

---

**Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.**

**Overdrafts.** Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

![](ghm494e5o0nnx7bg0dyy2.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

**Line of credit.** The fund has entered into a revolving promissory note agreement with John Hancock Funding Company, LLC ("JH Funding") and a Line of Credit agreement with John Hancock Life Insurance Company ("JHUSA"). The aggregate outstanding borrowings under the agreements with JHUSA and JH Funding for the fund will not exceed $50 million. Any borrowings will be first drawn from JHUSA subject to certain conditions as specified in the agreement; otherwise, the borrowings will be drawn from JH Funding. There were no upfront fees or commitment fees paid by the fund in connection with these line of credit agreements. The borrowings under these agreements are designed to be short-term to satisfy intermittent delayed draws and will not be used to originate new loans or for investment leverage.

**Expenses.** Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Statement of cash flows.** A Statement of cash flows is presented when a certain percentage of the fund's investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund's Statement of assets and liabilities and represents the cash on hand at the fund's custodian and does not include any short-term investments.

**Federal income taxes.** The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2022, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

**Distribution of income and gains.** Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends at least quarterly. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended December 31, 2022 and 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2022 | December 31, 2021 |
| Ordinary Income | $17935440 | $12566611 |
| Long-term capital gains | 155922 | 102806 |
| Tax Return of Capital |  | 36709717 |
| **Total** | **$18091362** | **$49379134** |

---

As of December 31, 2022, the components of distributable earnings on a tax basis consisted of $5,796,784 of undistributed ordinary income and $110,810 of undistributed long-term capital gains.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to organizational cost and distributions payable.

![](gpnaqmdnqu3vc35oqj4lo.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

3. 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.

4. Fees and transactions with affiliates

Manulife Investment Management Private Markets (US) LLC (the Advisor) serves as investment advisor for the fund. The fund does not have a principal underwriter. The fund has entered into a Placement Agency Agreement with John Hancock Distributors, LLC (the Distributor), an affiliate of the Advisor, to offer to sell shares of the fund. The Advisor and Distributor are wholly owned subsidiaries of Manulife Financial Corporation (MFC).

**Management fee.** The fund has an investment management agreement with the Advisor under which the fund pays an annual fee rate of 0.55% of average net assets.

**Performance fee.** The fund has an agreement with the Advisor under which the fund pays a performance fee at annual rate of 10% of the fund's net profits, if any, over the high water mark provided that the performance fee shall be due only if (and, to the extent necessary, shall be reduced by an amount so that), after deducting such performance fee the fund's net profits as of the end of the applicable quarter will at least equal a defined preferred return. For the purposes of calculating the performance fee, net profits will be determined by taking into account net realized gain or loss (including realized gain that has been distributed to shareholders during a fiscal quarter and net of fund expenses, including the management fee) and the net change in unrealized appreciation or depreciation of securities positions, as well as dividends, interest and other income. No performance fee will be payable for any fiscal quarter unless losses and depreciation from prior fiscal quarters (the "cumulative loss") have been recovered by the fund, which is referred to as a "high water mark" calculation. The cumulative loss to be recovered before payment of performance fees will be reduced in the event of withdrawals by shareholders. The Advisor is under no obligation to repay any performance fees previously paid by the fund. Thus, the payment of performance fee for a fiscal quarter will not be reversed by the subsequent decline of the fund's net asset value in any subsequent fiscal quarter.

The preferred return as of the end of the applicable fiscal quarter is an amount equal to (a) 1.25% (the "Preferred Return Rate") multiplied by (b) the fund's net asset value as of the beginning of the fiscal quarter, adjusted to reflect additions to the fund's net asset value resulting from new share purchases during the fiscal quarter and reductions to the fund resulting from withdrawals by, or distributions to, shareholders during the fiscal quarter (the "Preferred Return Base"). The performance fee will not be payable for any fiscal quarter unless losses and depreciation from prior fiscal quarters have been recovered by the fund. The performance fee is accrued monthly and paid quarterly.

**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 accounting and legal services fees incurred for the year ended December 31, 2022 amounted to an annual rate of 0.05% of the fund's average net assets.

**Trustee expenses.** The fund compensates each Trustee who is not an employee of the Advisor or its affiliates.

![](g8dsc5p3v2qyv716tcdnr.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

**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 Advisor and its affiliates. The fund is permitted to co-invest with affiliates if certain conditions are met. For example, the Advisor makes an independent determination of the appropriateness of the investment for the fund. Also, 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 as set forth in the order, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the fund and shareholders and do not involve overreaching by the fund or shareholders on the part of 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 year ended December 31, 2022, commitments entered into by the fund pursuant to the exemptive order amounted to $270,443,352, including unfunded commitments of $93,965,522.

5. Fund share transactions

Affiliates of the fund owned 100% of shares of the fund on December 31, 2022.

6. Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $267,091,031 and $75,649,867, respectively, for the year ended December 31, 2022.

7. LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. As market participants transition away from LIBOR, LIBOR's usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR's deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid US LIBOR maturities on June 30, 2023. It is expected that market participants will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. However, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate (SOFR), the future utilization of LIBOR or of any particular replacement rate remains uncertain.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will amend such financial instruments to include fallback provisions and other measures that contemplate the discontinuation of LIBOR. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. There are obstacles to converting certain longer term securities to a new benchmark or benchmarks and the effectiveness of one versus multiple alternative reference rates has not been determined. Certain proposed replacement rates, such as SOFR, are materially different from LIBOR, and will require changes to the applicable spreads. Furthermore, the risks associated with the conversion from LIBOR may be exacerbated if an orderly transition is not completed in a timely manner.

![](gqeuwrau1mqh8d9ubvylw.jpg)

**John Hancock GA Senior Loan Trust**

**Notes to financial statements 12-31-22**

8. New accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management expects that the adoption of the guidance will not have a material impact to the financial statements.

![](g9so35z51zve6huytjvlu.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of John Hancock GA Senior Loan Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of John Hancock GA Senior Loan Trust (the "Fund"), including the portfolio of investments, as of December 31, 2022, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period ended December 31, 2022 and the period from November 3, 2020 (commencement of operations) through December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2022, the results of its operations and cash flows for the year then ended, the statements of changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period ended December 31, 2022 and the period from November 3, 2020 (commencement of operations) through December 31, 2020, 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 audits. 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 audits 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 audits, 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 audits 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 December 31, 2022, by correspondence with the broker and others. Our audits 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 audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

February 24, 2023

![](gv29b9piy7uxdsqhxqrqr.jpg)

**John Hancock GA Senior Loan Trust**

**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 year ended December 31, 2022.

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

The fund paid $155,922 in long term capital gain dividends.

**Qualified Interest Income ("QII")**

NonResident Alien ("NRA") shareholders are normally subject to a 30% (or lower tax treaty rate depending on the country) NRA withholding tax on income and short-term capital gain dividends paid by a mutual fund, unless such dividends are designated as qualified interest income or qualified short-term capital gains, and therefore exempt from NRA withholding tax. Under the American Jobs Creation Act of 2004, the following percentages of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code. Further, the following percentages of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code.

---

| | | | | |
|:---|:---|:---|:---|:---|
| John Hancock GA Senior Loan Trust |  |  |  |  |
|  | Q1 | Q2 | Q3 | Q4 |
| QII | 95.75% | 98.47% | 95.65% | 98.34% |
| QSTCG |  |  |  | 100% |

---

![](g5s2qbaqia0s0cr17ictf.jpg)

**John Hancock GA Senior Loan Trust**

**Investment objective, principal investment strategies, and principal risks (unaudited)**

**Investment Objective**

The fund's investment objective is to generate current income.

**Principal Investment Strategies**

Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in senior loans. Senior loans include first and second lien term loans, delayed draw term loans, and revolving credit facilities. Senior loans do not include commercial mortgage loans (including subordinated real estate mezzanine financing). The fund will only invest in loans and commitments that are determined to be below investment-grade. The fund's investment policies are based on credit quality at the time of purchase. Credit quality is determined by the Advisor. The fund may invest in loans with a maturity of up to nine years from the closing date of the loan. The Advisor typically expects to employ a buy-and-hold strategy. The fund may invest in loans either by transacting directly at the initial funding date or acquiring loans in secondary market transactions.

The fund may invest in loans secured by substantially all of the assets of the borrower and the other loan parties (subject to customary exceptions), including a pledge of the equity of the borrower and its subsidiaries. While real property is not a primary source of collateral, occasionally mortgages are part of the collateral package if the borrower owns particularly valuable real property. The fund may also invest in subordinated debt obligations to the extent permitted by the fund's investment restrictions.

The Advisor undertakes a comprehensive due diligence process, which includes a credit review and internal loan rating process as well as review of loan terms and collateral.

**Principal Risks**

An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.

The fund's main risks are listed below in alphabetical order, not in order of importance.

**Changing distribution level & return of capital risk.** There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder's investment in the fund.

**Credit and counterparty risk.** The issuer or guarantor of a fixed-income security may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund's securities could affect the fund's performance.

**Delayed funding loans and revolving credit facilities risk. Delayed funding loans and revolving credit facilities may have the effect of requiring the fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.**

**Economic and market events risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of

![](gg7u4y0erc02s4tp30i0y.jpg)

**John Hancock GA Senior Loan Trust**

**Investment objective, principal investment strategies, and principal risks (unaudited)**

Russia's economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund's performance, resulting in losses to your investment.

**Fixed-income securities risk.** A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed.

Changes in a security's credit quality may adversely affect fund performance. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.

**Illiquid and restricted securities risk.** Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security's market price and the fund's ability to sell the security.

**LIBOR discontinuation risk.** The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments have used or continue to use as the reference or benchmark rate for interest rate calculations, was discontinued for most maturities at the end of 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund's performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.

**Liquidity risk.** The extent (if at all) to which a security may be sold without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.

**Loan participations risk.** Participations and assignments involve special types of risks, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Investments in loan participations and assignments present the possibility that a fund could be held liable as a co-lender under emerging legal theories of lender liability. If a fund purchases a participation, it may only be able to enforce its rights through the lender and may assume the credit risk of the lender in addition to the borrower.

**Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.**

![](gz0n62x10oaeexbaxxxsb.jpg)

**John Hancock GA Senior Loan Trust**

**Investment objective, principal investment strategies, and principal risks (unaudited)**

**Operational and cyersecurity risk.** Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

**Senior loans risk.** Senior loans may be comparatively less liquid relative to markets for other more liquid fixed income securities. Restrictions on transfers in loan agreements, a lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make senior loans difficult to value accurately or sell at an advantageous time or price than other types of securities or instruments. Senior loans may have extended trade settlement periods which may result in cash not being immediately available. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the fund may have to reinvest the proceeds in other senior loans or similar instruments that may pay lower interest rates. Senior loans in which the fund invests may or may not be collateralized, although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the obligations of the borrower. The fund may have limited rights to exercise remedies against such collateral or a borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the fund to act collectively with other creditors to exercise its rights with respect to a senior loan.

**Subordinated liens on collateral risk.** Certain debt investments that the fund may make will be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the fund's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the fund under the agreements governing the debt. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before the fund is so entitled. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral.

![](gwz69y0vj1y70cuggjo21.jpg)

**John Hancock GA Senior Loan Trust**

**Board considerations (unaudited)**

**Evaluation of Advisory Agreement by the Board of Trustees**

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Senior Loan Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with Manulife Investment Management Private Markets (US) LLC (the Advisor). The Advisory Agreement was re-approved for an annual period at an in-person meeting on October 11, 2022. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees.

**Continuation of Advisory Agreement**

At an in-person meeting held on October 11, 2022, the Board, including all of the Trustees who are not parties to any Agreement or considered to be interested persons of the fund under the 1940 Act, re-approved for an annual period the proposed continuation of the advisory agreement with respect to the fund. In considering the Advisory Agreement with respect to the fund, the Board received in advance of the meeting a variety of materials relating to the fund and the Advisor, including, to the extent available, comparative performance (including performance information for an applicable benchmark index, aggregate performance information for similarly situated commercial real estate whole loan providers), fee and expense information for other comparable investment companies, information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor, and other information provided by the Advisor regarding the nature, extent, and quality of services provided by the Advisor under the Advisory Agreement. The information received and considered by the Board in connection with the October meeting was both written and oral. The Board also considered the nature, quality, and extent of the non-advisory services, if any, provided to the fund by the Advisor's affiliates, including placement agent services. Throughout the process, the Board asked questions of and were afforded the opportunity to request additional information from management. The Board is assisted by counsel for the fund and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Advisory Agreement and discussed the proposed continuation of the Advisory Agreement in private sessions with their independent legal counsel at which no representatives of management were present.

**Continuation of Advisory Agreement**

In approving the proposed continuation of the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board noted that, at the meeting when the renewal of the Advisory Agreement is considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board at prior meetings with respect to the services provided by the Advisor, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations with respect to the fund. Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance

![](gzd21lnutir52qo2ztd72.jpg)

**John Hancock GA Senior Loan Trust**

**Board considerations (unaudited)**

Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management and other programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, and for monitoring and reviewing the activities of third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including investment, operational, enterprise, regulatory and compliance risks. In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex). In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)the skills and competency with which the Advisor has in the past managed the Trust's affairs;

(b)the background, qualifications, and skills of the Advisor's personnel;

(c)the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d)the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund;

(e)the financial condition of the Advisor and whether it has the financial wherewithal to continue to provide a high level and quality of services to the fund;

(f)the Advisor's initiatives intended to improve various aspects of the fund's operations; and

(g)the Advisor's reputation and experience in serving as an investment advisor to the Trust.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

Investment performance. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a)reviewed information prepared by management regarding the fund's performance;

(b)considered the comparative performance of an applicable benchmark index;

(c)considered the performance of comparable funds; and

(d)took into account the Advisor's analysis of the fund's performance and its plans and recommendations regarding the fund's advisory arrangement generally.

The Board noted that while it found the comparative data provided by the Advisor generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group and the strategies and fund structures of the peers selected. The Board noted that the fund outperformed its peer group median for the one-year and year-to-date periods ended June 30, 2022, but underperformed its peer group median for the one-month period ended June 30, 2022, and the calendar year 2021. The Board noted that the Fund outperformed its benchmark index for the one-year, one-month and year-to-date periods ended June 30, 2022, but underperformed its benchmark index for the calendar year 2021. The Board took

![](g1hzq3e22vte9vrbjw4na.jpg)

**John Hancock GA Senior Loan Trust**

**Board considerations (unaudited)**

into account management's discussion of the factors that contributed to the fund's underperformance relative to its peer group for the one-month period ended June 30, 2022 and the calendar year 2021 and relative to its benchmark for the calendar year 2021. The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.

The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.

Fees and Expenses. The Board reviewed comparative information regarding the fund's fees and expenses, including, among other data, the fund's management fees and net total expenses as compared to other comparable investment companies. The Board considered that the management fees were lower than the median advisory fee across the universe of closed-end, interval funds presented and with respect to categories of closed-end interval funds that most closely align with the fund's investment strategy. The Board noted that the peer group was imperfect given the unique investment strategy and structure of the Fund. The Board took into account management's discussion of the fund's expenses. The Board reviewed information provided by the Advisor concerning investment advisory fees charged to other clients having similar investment mandates, if any. The Board considered any difference between the Advisor's services to the fund and the services they provide to other such comparable clients or funds. The Board concluded that the advisory fees paid by the fund are reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

Profitability/Fall Out Benefits. In considering the costs of the services provided and the profits realized by the Advisor and its affiliates from the Advisor's relationship with the fund, the Board:

(a)reviewed financial information of the Advisor;

(b)considered that the Advisor will also provide administrative services to the fund on a cost basis pursuant to a services agreement;

(c)noted that affiliates of the Advisor will provide placement agency services to the fund;

(d)noted that the Advisor will derive reputational and other indirect benefits from providing advisory services to the fund;

(e)considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it will provide to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, and regulatory risk; and

(f)reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund.

Economies of Scale. In considering the extent to which the fund realizes any economies of scale and whether the fee level reflects these economies of scale for the benefit of the fund's shareholders, the Board took into account management's discussions of the current advisory fee structure, and, as noted above, the services the Advisor provides in performing its functions under the Advisory Agreement. In considering the extent to which economies of scale would be realized if the fund grows and whether the fee level reflects these economies of scale, the Board: (a) reviewed the fund's advisory fee structure and took into account management's discussion of the fund's advisory fee structure; and (b) also considered the potential effect of the fund's future growth in size on its performance and fees.

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that continuation of the Advisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement for an additional one-year period.

![](g520at4ansgn5g0zhecy7.jpg)

**John Hancock GA Senior Loan Trust**

**Trustees and Officers**

This chart provides information about the Trustees and Officers who oversee the Fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and executed policies formulated by the Trustees.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Name (Birth Year)** | **Term of Office and**<br>**Length of Time Served<sup>1</sup>** | &nbsp;&nbsp;**Principal Occupation(s) During Past**<br>&nbsp;&nbsp;**5 Years** | **Number of Portfolios in Fund**<br>**Complex Overseen by Trustee** |
| Hassell H. McClellan <sup>2</sup> (1945) | Trustee and Chairperson of the | &nbsp;&nbsp;Director/Trustee, Virtus Funds | 186 |
|  | Board (since 2020) | &nbsp;&nbsp;(2008-2020); Director, The Barnes |  |
|  |  | &nbsp;&nbsp;Group (2010-2021); Associate |  |
|  |  | &nbsp;&nbsp;Professor, The Wallace E. Carroll |  |
|  |  | &nbsp;&nbsp;School of Management, Boston |  |
|  |  | &nbsp;&nbsp;College (retired 2013) Trustee |  |
|  |  | &nbsp;&nbsp;(since 2005) and Chairperson of |  |
|  |  | &nbsp;&nbsp;the Board (since 2017) of various |  |
|  |  | &nbsp;&nbsp;trusts within the John Hancock |  |
|  |  | &nbsp;&nbsp;Fund Complex. |  |
| Grace K. Fey <sup>2</sup> (1946) | Trustee (since 2020) | &nbsp;&nbsp;Chief Executive Officer, Grace Fey | 186 |
|  |  | &nbsp;&nbsp;Advisors (since 2007); Director and |  |
|  |  | &nbsp;&nbsp;Executive Vice President, Frontier |  |
|  |  | &nbsp;&nbsp;Capital Management Company |  |
|  |  | &nbsp;&nbsp;(1988–2007); Director, Fiduciary |  |
|  |  | &nbsp;&nbsp;Trust (since 2009). Trustee of |  |
|  |  | &nbsp;&nbsp;various trusts within the John |  |
|  |  | &nbsp;&nbsp;Hancock Fund Complex (since |  |
|  |  | &nbsp;&nbsp;2008). |  |
| Deborah C. Jackson <sup>2</sup> (1952) | Trustee (since 2020) | &nbsp;&nbsp;President, Cambridge College, | 185 |
|  |  | &nbsp;&nbsp;Cambridge, Massachusetts (since |  |
|  |  | &nbsp;&nbsp;2011); Board of Directors, Amwell |  |
|  |  | &nbsp;&nbsp;Corporation (since 2020); Board of |  |
|  |  | &nbsp;&nbsp;Directors, Massachusetts Women's |  |
|  |  | &nbsp;&nbsp;Forum (2018-2020); Board of |  |
|  |  | &nbsp;&nbsp;Directors, National Association of |  |
|  |  | &nbsp;&nbsp;Corporate Directors/New England |  |
|  |  | &nbsp;&nbsp;(2015-2020); Chief Executive |  |

---

Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011) Trustee of various trusts within the John Hancock Fund Complex (since 2008).

![](glsypdw7ydi2oqwwzhoxy.jpg)

**John Hancock GA Senior Loan Trust**

**Trustees and Officers**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Name (Birth Year)** | **Term of Office and**<br>**Length of Time Served<sup>1</sup>** | **Principal Occupation(s) During Past**<br>**5 Years** | **Number of Portfolios in Fund**<br>**Complex Overseen by Trustee** |
| Ian Roke <sup>3</sup> (1969) | Non-Independent Trustee (since | Global Head of Asset Liability | 2 |
|  | 2022); President (since 2020) | Management for Manulife (since |  |
|  |  | 2022) Vice President, Product |  |
|  |  | Support & Investment Strategy, |  |
|  |  | Global Asset Liability Management |  |
|  |  | for John Hancock and Manulife |  |
|  |  | (2013 to 2022); President, John |  |
|  |  | Hancock GA Mortgage Trust and |  |
|  |  | John Hancock GA Senior Loan |  |
|  |  | Trust (since 2020). |  |

---

---

| | | |
|:---|:---|:---|
| **Principal Officers who are not Trustees** | **Principal Officers who are not Trustees** |  |
| **Name (Birth Year)** | &nbsp;&nbsp;**Position(s) with the Fund** | **Principal Occupation(s) During Past 5 Years** |
| Heidi Knapp (1970) | &nbsp;&nbsp;Treasurer and Chief Financial | Vice President, John Hancock Life Insurance Company (U.S.A.) |
|  | &nbsp;&nbsp;Officer (since 2020) | (since 2017, including prior positions); Vice President, John Hancock |
|  |  | Life Insurance Company of New York (since 2017, including prior |
|  |  | positions); Vice President, John Hancock Life & Health Insurance |
|  |  | Company (since 2017, including prior positions); Vice President, |
|  |  | Hancock Manulife Investment Management Private Markets (since |
|  |  | 2018, including prior positions). |
| Jason M. Pratt (1974) | &nbsp;&nbsp;Chief Compliance Officer (since | Assistant Vice President and Senior Counsel, John Hancock Life |
|  | &nbsp;&nbsp;2020) | Insurance Company (U.S.A.) (2011-2019); Assistant Vice President, |
|  |  | John Hancock Life Insurance Company of New York and John |
|  |  | Hancock Life & Health Insurance Company (2014-2019); Chief |
|  |  | Compliance Officer, Manulife Investment Management Private |
|  |  | Markets (US) LLC (since 2013); Chief Compliance Officer, Hancock |
|  |  | Capital Management, LLC (since 2013); Chief Compliance Officer, |
|  |  | John Hancock Funding Company, LLC (since 2018); and Chief |
|  |  | Compliance Officer, John Hancock GA Mortgage Trust (since 2019); |
|  |  | Vice President and Senior Counsel, John Hancock Life Insurance |
|  |  | Company (U.S.A), Vice President, John Hancock Life Insurance |
|  |  | Company of New York, and John Hancock Life & Health Insurance |
|  |  | Company (since 2019). |
| E. David Pemstein (1967) | &nbsp;&nbsp;Secretary and Chief Legal Officer | Senior Managing Director and Chief Counsel, North American |
|  | &nbsp;&nbsp;(since 2020) | Investments for John Hancock and Manulife (since 2015); AVP & |
|  |  | Senior Counsel, North American Investments for John Hancock and |
|  |  | Manulife (since 2006). Secretary and Chief Legal Officer, John |
|  |  | Hancock GA Mortgage Trust (since 2019). |

---

The business address for all Trustees and Officers is 197 Clarendon Street, Boston, Massachusetts 02116.

1Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee's death, retirement, resignation, or removal.

2Member of the Audit Committee.

3The Trustee is a Non-Independent Trustee due to current positions with the Advisor and certain affiliates.

![](g4f9e68svsu5k6gpd4awx.jpg)

**John Hancock GA Senior Loan Trust**

**More information**

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.

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 the SEC's website, sec.gov.

------

ITEM 2. CODE OF ETHICS.

As of the end of the year, December 31, 2022, 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(s) for John Hancock GA Senior Loan Trust for the audit of the registrant's annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $75,000 for the fiscal year ended December 31, 2022 and $62,000 for the fiscal year ended December 31, 2021. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

Audit-related fees for John Hancock GA Senior Loan Trust amounted to $0 for the fiscal years ended December 31, 2022 and 2021 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 that provides ongoing services to the registrant ("control affiliates").

(c) Tax Fees

The aggregate fees for John Hancock GA Senior Loan Trust billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning ("tax fees") amounted to $15,750 for the fiscal year ended December 31, 2022 and $15,000 for the fiscal year ended December 31, 2021. 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

All other fees for John Hancock GA Senior Loan Trust billed to the registrant or control affiliates for products and services provided by the principal accountant were $0 for the fiscal years ended December 31, 2022 and 2021.

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

John Hancock GA Senior Loan Trust's (fund) 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 fund. 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 fund'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 year ended December 31, 2022, 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 accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for the fiscal year of the registrant were $3,067,470 for the fiscal year ended December 31, 2022 and $2,307,993 for the fiscal year ended December 31, 2021.

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

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

Hassell H. McClellan

Deborah C. Jackson

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not applicable.

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

See attached exhibit - Proxy Voting Policies and Procedures.

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

Information about the Manulife Investment Management Private Markets (US) LLC portfolio managers who share joint responsibility for the day-to-day investment management of John

Hancock GA Senior Loan Trust is below. It provides a brief summary of their business careers over the past five years. Information is provided as of the filing date of this N-CSR.

Michael A. Foreman, CFA

Managing Director

Joined Adviser in 1987

Began career in 1997

Long Hoang

Director

Joined Adviser in 1998

Began career in 1999

Daniel A. Walker, CFA

Director

Joined Adviser in 2012

Began career in 2012

Henry Wong

Senior Managing Director

Joined Adviser in 2007

Began career in 1998

Ying Yi

Managing Director

Joined Adviser in 2019

Began career in 2007

Other Accounts the Portfolio Managers are Managing

The table below indicates, for each portfolio manager, information about the other accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of December 31, 2022. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered Investment** | **Registered Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled** |  |  |
|  | **Companies** | **Companies** | **Investment Vehicles** | **Investment Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** |
|  | **Number**<br>**of**<br>**Accounts** | **Total**<br>**Assets**<br>**$Million** | **Number**<br>**of**<br>**Accounts** | **Total**<br>**Assets**<br>**$Million** | **Number**<br>**of**<br>**Accounts** | **Total**<br>**Assets**<br>**$Million** |
|  Michael A Foreman, CFA | 1 | $1760 | 0 | $0 | 0 | $0 |
|  Long Hoang | 1 | $1760 | 0 | 0 | 0 | 0 |
|  Daniel A. Walker, CFA | 1 | $1760 | 0 | 0 | 5 | $6749 |
|  Henry Wong | 1 | $1760 | 0 | 0 | 0 | 0 |
|  Yi Ying | 1 | $1760 | 0 | 0 | 2 | $11005 |

---

Number and value of other accounts within the total accounts that are subject to a performance-based advisory fee: None.

Conflicts of Interest. The portfolio managers serve in a dual capacity as an officer of the Adviser and an employee and officer of one or more John Hancock affiliated companies (John Hancock).

In these roles he provides investment advice and/or investment management-related services to John Hancock as well the Adviser's advisory client accounts. As such there may be an incentive to favor one account over another, resulting in conflicts of interest. For instance the Adviser or John Hancock may, for example, directly or indirectly, receive fees from an account that are higher than the fee (or other economic benefit) it receives from the Fund. In those instances, the portfolio manager may have an incentive to not favor the Fund over another account. The Adviser has or will adopt, as relevant, trade allocation and other policies and procedures that it believes are reasonably designed to address any potential conflicts of interest.

Compensation of Portfolio Managers. At the present time, the portfolio managers are paid by John Hancock a fixed annual salary as well as an employment compensation bonus that is currently based (in part) on the investment performance of certain accounts of John Hancock and its affiliates. This performance is independent of the Adviser's account-level performance on behalf of its clients. However, since senior loans are invested as part of a co-investment program, the performance of the underlying investments of the John Hancock GA Senior Loan Trust do indirectly contribute to overall compensation of the portfolio management team.

Share Ownership by Portfolio Managers. The following table indicates as of December 31, 2022, the value of shares beneficially owned by the portfolio managers in the Fund.

---

| | | |
|:---|:---|:---|
| | **Range of** | |
| | **Range of** | |
| | **Beneficial** | |
| | **Ownership in the** | |
| <br> **Portfolio Manager** | **Fund** | **Range of**<br>**Beneficial**<br>**Ownership in**<br>**similarly**<br>**managed**<br>**accounts** |
|  XMichael A Foreman, CFA | $0 | $0 |
|  Long Hoang | $0 | $0 |
|  Daniel A. Walker, CFA | $0 | $0 |
|  Henry Wong | $0 | $0 |
|  Yi Ying | $0 | $0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

The Registrant did not participate in securities lending activities.

ITEM 13. EXHIBITS.

[(a)(1) Code of Ethics for Covered Officers is attached](f12648d2.htm).

[(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](f12648d3.htm)

[(b)(1) 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.](f12648d4.htm)

[(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "Nominating, Governance and Administration Committee Charter.](f12648d5.htm)"

[(c)(2) Proxy Voting Policies and Procedures are attached.](f12648d6.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 GA Senior Loan Trust

---

| | |
|:---|:---|
| By: | <u>/s/ Ian Roke</u> |
|  | Ian Roke |
|  | President |
| Date: | February 24, 2023 |

---

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: | <u>/s/ Ian Roke</u> |
|  | Ian Roke |
|  | President |
| Date: | February 24, 2023 |
| By: | <u>/s/ Heidi Knapp</u> |
|  | Heidi Knapp |
|  | Treasurer and Chief Financial Officer |
| Date: | February 24, 2023 |

---

------

## Ex-99.(A)(1)

**JOHN HANCOCK GA MORTGAGE TRUST**

**JOHN HANCOCK GA SENIOR LOAN TRUST**

**SARBANES-OXLEY CODE OF ETHICS**

**FOR**

**PRINCIPAL EXECUTIVE & PRINCIPAL FINANCIAL OFFICER**

1. Covered Officers/Purpose of the Code

This code of ethics (this "Code") for John Hancock GA Mortgage Trust and John Hancock GA Senior Loan Trust, each a registered management investment company under the Investment Company Act of 1940, as amended ("1940 Act"), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a "Fund"), applies to each Fund's Principal Executive Officer ("President") and Principal Financial Officer ("Treasurer") (the "Covered Officers" as set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

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.

**2. 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.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•serve as a director/trustee on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

**3. Disclosure & Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**4. Reporting & Accountability**

Each Covered Officer must:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any matter that the CCO believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the Board concurs that a violation has occurred, the Board, upon its determination of a violation 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**5. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the 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.

6. 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.

7. 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.

8. 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.

John Hancock GA Mortgage Trust, Adopted, Effective January 14, 2019

John Hancock GA Senior Loan Trust, Adopted, November 13, 2020

<u>Exhibit A</u>

**Persons Covered By this Code of Ethics**

As of November 13, 2020

**John Hancock GA Mortgage Trust**

Principal Executive Officer and President—Ian R. Roke Principal Financial Officer/Treasurer—Heidi Knapp

**John Hancock GA Senior Loan Trust**

Principal Executive Officer and President— Ian R. Roke Principal Financial Officer/Treasurer— Heidi Knapp

![](gwnmz3wgq49kv2rxdf5gs.jpg)

<u>Exhibit B—Form of Certifications</u>

**Sarbanes-Oxley Code of Ethics for**

**Principal Executive and Principal Financial Officers**

**Certification of [Principal Financial Officer/Treasurer or Principal Executive**

**Officer]**

I, ______________, [Principal Executive Officer] [Principal Financial Officer/Treasurer] of [John Hancock GA Mortgage Trust and John Hancock GA Senior Loan Trust] hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have received, read and understood the Sarbanes-Oxley Code of Ethics for Principal Executive and Principal Financial Officers of [John Hancock GA Mortgage Trust and John Hancock GA Senior Loan Trust] (the "Code") which is attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.I have been in compliance relative to my role as [Principal Executive Officer] [Principal Financial Officer/Treasurer] of [John Hancock GA Mortgage Trust and John Hancock GA Senior Loan Trust] for the year ending December 31, 2020.

_________________________________________

[NAME]Date [Principal Financial Officer/Treasurer or Principal Executive Officer] of [John Hancock GA Mortgage Trust]

[John Hancock GA Senior Loan Trust]

## Ex-99.(A)(2)

**<u>CERTIFICATION</u>**

I, Ian Roke, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock GA Senior Loan Trust (the "registrant");

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: <u>February 24, 2023</u> | <u>/s/ Ian Roke</u> |
|  | Ian Roke |
|  | President |

---

------

**<u>CERTIFICATION</u>**

I, Heidi Knapp, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock GA Senior Loan Trust (the "registrant");

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: <u>February 24, 2023</u> | <u>/s/ Heidi Knapp</u> |
|  | Heidi Knapp |
|  | Treasurer and Chief Financial Officer |

---

------

## Ex-99.(B)

**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 GA Senior Loan Trust (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.

<u>/s/ Ian Roke</u> Ian Roke President

Dated: February 24, 2023

<u>/s/ Heidi Knapp</u> Heidi Knapp

Treasurer and Chief Financial Officer

Dated: February 24, 2023

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.(C)(1)

**<u>NOMINATING AND GOVERNANCE COMMITTEE CHARTER</u>**

**JOHN HANCOCK GA MORTGAGE TRUST JOHN HANCOCK GA SENIOR LOAN TRUST (Each a "Trust" and**

**Collectively the "Trusts")**

**Overall Role and Responsibility**

The Nominating and Governance Committee (the "Committee") of each of the Trusts shall (1) make determinations and recommendations to the Board of Trustees (the "Board") regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of any of the Trusts, or of any Trust's investment adviser or placement agent (the "Independent Trustees") and (2) discharge such additional duties, responsibilities and functions as are delegated to it from time to time.

**Membership**

The Nominating and Governance Committee (the "Committee") shall be composed of all of the Independent Trustees of the Board. One member of the Committee shall be appointed by the Board as Chair of the Committee. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings of the Committee and making reports to the full Board, as appropriate.

**Structure, Operations and Governance**

<u>Meetings and Actions by Written Consent</u>. The Committee shall meet as often as required or as the Committee deems appropriate, with or without management present. Meetings may be called and notice given by the Committee chair or a majority of the members of the Committee. Members may attend meetings in person or by telephone. The Committee may act by written consent to the extent permitted by law and the Trusts' governing documents. The Committee shall report to the Board on any significant action it takes not later than the next following Board meeting.

<u>Required Vote and Quorum</u>. The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee at which a quorum is present is necessary for the adoption of any resolution. At least a majority of the Committee members present at the meeting in person or by telephone shall constitute a quorum for the transaction of business.

<u>Delegation to Subcommittees</u>. The Committee may delegate any portion of its authority to a subcommittee of one or more members.

DO NOT STAMP DO NOT STAMP

<u>Appropriate Resources and Authority</u>. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds' expense, as it determines necessary or appropriate to carry out its duties and responsibilities. In addition, the Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.

<u>Review of Charter</u>. The Committee Charter shall be approved by at least a majority of the Independent Trustees of the Trusts. The Committee shall review and assess the adequacy of this Charter periodically and, where necessary or as it deems desirable, will recommend changes to the Board for its approval. The Board may amend this Charter at any time in response to recommendations from the Committee or on its own motion.

<u>Executive Sessions</u>. The Committee may meet privately and may invite non-members to attend such meetings.

**Specific Duties and Responsibilities**

The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.To periodically review the Board's committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board's committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board's sole authority to approve the firm's fees and other retention terms.

DO NOT STAMP DO NOT STAMP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Trusts provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.To report its activities to the full Board and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

**Additional Responsibilities**

The Committee will also perform other tasks assigned to it from time to time by the Chair of the Board or by the Board, and will report findings and recommendations to the Board, as appropriate.

Last revised: May 1, 2020

<u>ANNEX A</u>

The Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to) the criteria set forth below. The Committee may determine that a candidate who does not satisfy these criteria in one or more respects should nevertheless be considered as a nominee if the Committee finds that the criteria satisfied by the candidate and the candidate's other qualifications demonstrate the appropriate level of fitness to serve.

**General Criteria**

1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.

2. Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.

3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.

4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.

5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.

6. Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.

Application of Criteria to Current Trustees

The re-nomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee's contribution to the Board and any committee on which he or she serves.

**Review of Nominations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate; however, the appropriate mix of skills, expertise and attributes needed to maintain an effective board are sought in the applicant pool as part of every search the Board undertakes for new trustees, including but not limited to the diversity of thought, as well as of gender, race, ethnic background and geographic origin. These factors may also include (but are not limited to) the person's character, integrity, judgment, skill and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate's experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person's availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to thought, gender, race, ethnic background and geographic origin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust's disclosure documents. Recommendations from management may be submitted to the Committee Chair. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified

in the relevant Trust's By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.

4. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the Trust's proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust's proxy statement.

5. As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.

6. With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trusts to determine the candidate's eligibility to serve as an Independent Trustee.

7. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.

8. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.

## Ex-99.(C)(2)

![](gn8dva0egcg9v7al56mku.jpg)

**General Account Investments of John Hancock Life Insurance Company (U.S.A.)**

**Private Credit and Equity Group of Manulife Investment Management Private Markets**

**Canada Corp. and**

**Manulife Investment Management Private Markets (US) LLC**

**<u>Proxy Voting Policy</u>**

General Account Investments of John Hancock Life Insurance Company U.S.A. ("JHUSA") is, among other things, an investment manager. In this capacity, JHUSA manages primarily institutional fixed income securities portfolios for JHUSA, its affiliates, certain of its and their insurance company separate accounts, and potentially certain other entities. Manulife Investment Management Private Markets (US) LLC ("Manulife IM PM (US)") and the Private Credit and Equity Group of Manulife Investment Management Private Markets Canada Corp. ("MIMPMCC") manages the assets of clients ("Clients") for purposes of the Investment Advisers Act of 1940 (the "Advisers Act"). As fixed income managers, JHUSA, Manulife IM PM (US) and MIMPMCC seldom are called upon to vote equity securities on behalf of any of their managed accounts. When JHUSA and Manulife IM PM (US) do vote equity securities, it is often in the context of extra-judicial workouts and reorganizations of subject companies, or with respect to a mezzanine investment in which the vote may affect the value of related fixed income investments. Most proxy voting activity relate to routine annual corporate proxies related to equity positions.

This policy applies in those instances in which JHUSA or Manulife IM PM (US) is granted the discretion to vote proxies for a managed account and an equity security needs to be voted. If MIMPMCC is presented with a proxy vote for a security, the team will make a recommendation to Manulife IM PM (US). It is the responsibility of the relevant analyst to record the vote and follow the procedure outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.<u>General Principles</u>

In order to set a framework within which proxy questions should be considered and voted, the following general principles should be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The discretion to vote proxies for a Client's account or for any account governed by the Employee Retirement Income Security Act of 1974 ("ERISA") should be exercised keeping in mind JHUSA's and/or Manulife IM PM (US)'s fiduciary duty to use its best efforts to preserve or enhance the value of such account. We should vote on proxy questions with the goal of fostering the interests of the account owner or Client (or the participants and beneficiaries in the case of an ERISA account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Proxy questions should be considered within the individual circumstances of the subject company. It is possible that individual circumstances might mean that a given proxy question could be voted differently than what is generally done in other cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.If a proxy question clearly has the capability of affecting the economic value of the subject company's equity securities, the question should be voted in a way that attempts to preserve, or give the opportunity for enhancement of, the economic value of those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.In certain circumstances, even though a proposal might appear to be beneficial or detrimental in the short term, our analysis will conclude that over the long term greater value may be realized by voting in a different manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.It is our policy that when we are given authority to vote proxies for any account, we must have full discretion and authority to vote all proxies for that account. We do not accept partial voting authority nor do we accept instructions from others on how to vote on specific issues.

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Clients may wish to retain proxy voting authority and vote their own proxies if necessary to satisfy particular social, environmental or other goals.

Since in general the proxy voting will arise in connection with the individual circumstances of subject companies (workouts, mezzanine investments, etc.), JHUSA and Manulife IM PM (US) typically will not know in advance how they will vote. For routine matters JHUSA and Manulife IM PM (US) would expect to vote in accordance with the position of the subject company's management. For all other matters, JHUSA and Manulife IM PM (US) would decide how to vote on a case-by-case basis considering the relevant circumstances of the subject company.

Clients may obtain a record of how we voted the proxies for their accounts by contacting Investment Compliance by sending an email to bcfcomplianceoffice@jhancock.com.

II.<u>Process</u>

The analysts of JHUSA, who also provide services to Manulife IMPM (US) under a services agreement ("Analysts"), are responsible for performing research on the companies in which our managed accounts invest. The same Analysts are responsible for making recommendations or decisions regarding proxy voting, as they are the most familiar with company-specific issues. Portfolio managers also may provide input when appropriate. Proxy voting mechanics are the responsibility of the Analysts. Any proxy voted in accordance with this policy may be executed or directed to be executed by a Director or above.

It is our policy to vote all proxies received on behalf of Manulife IMPM (US)'s Client accounts, JHUSA's separate account clients and accounts governed by ERISA, except in unusual circumstances. We may abstain from voting a proxy if we conclude that the effect on the account holder's economic interests or the value of the portfolio holding is indeterminable or insignificant. We also may abstain from voting a proxy for cost reasons (e.g., costs associated with voting proxies of non-U.S. securities). In accordance with any applicable fiduciary duties, we would weigh the costs and benefits of voting proxy proposals relating to foreign securities and make an informed decision with respect to whether voting a given proxy proposal is prudent. Our decision would consider the expected effect that such vote, either by itself or together with other votes, would have on the value of the account holder's investment and whether this expected effect would outweigh the cost of voting.

We will maintain the records required to be maintained by us with respect to proxies in accordance with the requirements of the Advisers Act and, with respect to any registered investment company Clients, the Investment Company Act of 1940. These records include (a) a copy of each proxy statement received for a security held in a Client account, (b) a record of each vote cast on behalf of a Client account, (c) a copy of any document we created that was material to making a decision on how to vote proxies on behalf of a Client account or that memorializes the basis for that decision and (d) a copy of each written Client request for information on how the adviser voted proxies and a copy of any written response to any written or oral Client request for information on how the adviser voted proxies on behalf of the requesting Client. We may, but need not, maintain proxy statements that we receive regarding Client securities to the extent that such proxy statements are available on the SEC's on-line system. We may also rely upon a third party to maintain certain records required to be maintained under the Advisers Act or the Investment Company Act of 1940.

III.<u>Conflicts of Interest</u>

We have business relationships with various public and private institutions and may invest in the securities of certain of these institutions on behalf of our managed accounts. As noted above, we invest principally in fixed income securities with respect to which proxies are not required to be voted. In cases in which we are granted the discretion to vote proxies by an account holder, and an equity security is held in the corresponding account with respect to which a vote is required, we are responsible for voting proxies for that security. We recognize that the potential for conflicts of interest could arise in situations where we have material business relationships<sup>1</sup> or

<u>1</u>In determining whether we have a material business relationship with a subject company we will consider, among other things, whether the subject company is a party to any material agreement listed on MFC's most recent Annual Information Form, attached to its 40-F filing.

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material personal/family relationships<sup>2</sup> with the subject company (or with a potential acquiring or target company in the case of a takeover proxy vote). To address these potential conflicts we have established a Conflicts of Interest and Investment Allocation Oversight Committee (the "Committee"), to provide oversight, in part, of proxy voting. When voting an equity proxy the Analyst will use reasonable efforts to determine whether a potential conflict may exist, including screening proxies against lists of companies with whom we may have a material business relationship (see Proxy Voting Policy Checklist). However, a potential conflict shall be deemed to exist only if the Analyst responsible for voting the proxy, actually knows of the potential conflict. If identified, the Analyst will consult with Private Markets and General Account Compliance to determine the materiality of the potential conflict. It is the responsibility of the Analyst to escalate any identified material potential conflicts of interest to the Committee for its review.

If a potential material conflict is escalated to the Committee then the Committee will meet to decide how to vote the proxy of any equity security in which we have identified a potential conflict. The Committee will consider the Analyst's recommendation, make a decision on how to vote the proxy and document the Committee's rationale for its decision.

Manulife IM PM (US) and JHUSA are wholly owned, indirect subsidiaries of Manulife Financial Corporation ("MFC"), a public company. It is our general policy not to acquire or hold MFC stock on behalf of our managed accounts. However, in the event that one of our managed accounts were to hold MFC stock, and we were responsible for voting an MFC proxy on behalf of that account, the Committee would decide on how to vote the MFC proxy in a manner that it believes will maximize value for the account holder. The Committee will document the rationale for its decision.

It is JHUSA's and Manulife IM PM (US)' policy for their personnel directly involved in the proxy voting process not to accept input on proxy voting from any person not so involved. Any such input given in contravention of this policy must be reported to the Compliance Office and documented. The Committee would then decide how to vote the proxy in question and would document the rationale for its decision.

If there is controversy or uncertainty about how any particular proxy question should be voted, or if anyone directly involved in the proxy voting process believes that he or she has been pressured to vote in a certain way, he or she will consult the Committee, the Private Markets and General Account Compliance Officer, or the Manulife IM PM (US) Chief Compliance Officer, as appropriate; and a decision will be made whether to refer the proxy to the Committee for voting. Final decisions on proxy voting will ultimately be made with the goal of enhancing the value of our managed accounts' investments.

<u>2</u>For this purpose, a material personal/family relationship is one that would be reasonably likely to influence how we vote proxies. To identify any such relationships, the Proxy Voting Checklist requires the disclosure of information about (i) personal and/or family relationships between JHUSA/Manulife IM PM (US) personnel involved in the proxy vote (e.g., the Analyst, portfolio manager and members of the Committee, as applicable) and directors or senior officers of the subject company and (ii) investments in the subject company by such JHUSA/Manulife IM PM (US) personnel or their family members.

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IV. <u>Policy Information</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;Applicable Business Unit(s): | &nbsp;&nbsp;US General Account and Manulife Investment Management |
|  | &nbsp;&nbsp;Private Markets |
|  | &nbsp;&nbsp;General Account Investments of John Hancock Life Insurance |
|  | &nbsp;&nbsp;Company (U.S.A.), Manulife Investment Management Private |
| &nbsp;&nbsp;Applicable Legal Entity(ies): | &nbsp;&nbsp;Markets (US) LLC., and Private Equity and Credit Group of |
| &nbsp;&nbsp;Applicable Legal Entity(ies): | &nbsp;&nbsp;Manulife Investment Management Private Markets Canada |
|  | &nbsp;&nbsp;Manulife Investment Management Private Markets Canada |
|  | &nbsp;&nbsp;Corp. |
| &nbsp;&nbsp;Committee Approval (if applicable): | &nbsp;&nbsp;Private Markets Conflicts of Interest and Investment Allocation |
| &nbsp;&nbsp;Committee Approval (if applicable): | &nbsp;&nbsp;Oversight Committee |
|  | &nbsp;&nbsp;Oversight Committee |
| &nbsp;&nbsp;Policy Sponsor: | &nbsp;&nbsp;Head of Corporate Finance, General Account Investments |
| &nbsp;&nbsp;Policy Sponsor: |  |
| &nbsp;&nbsp;Compliance Contact: | &nbsp;&nbsp;Chief Compliance Officer, Manulife Investment Management |
| &nbsp;&nbsp;Compliance Contact: | &nbsp;&nbsp;Private Markets (US) LLC |
|  | &nbsp;&nbsp;Private Markets (US) LLC |
| &nbsp;&nbsp;Policy Last Updated/Reviewed: | &nbsp;&nbsp;June 11, 2021 |
| &nbsp;&nbsp;Policy Last Updated/Reviewed: |  |
| &nbsp;&nbsp;Policy Next Review Date: | &nbsp;&nbsp;June 2024 |
| &nbsp;&nbsp;Policy Next Review Date: |  |
|  | &nbsp;&nbsp;Issued: December 2007 |
| &nbsp;&nbsp;Policy Original Issue Date: | &nbsp;&nbsp;Revised: April 2008, June 2009, June 2010, November 2013, |
| &nbsp;&nbsp;Policy Original Issue Date: | &nbsp;&nbsp;May 2020, June 2021 |
|  | &nbsp;&nbsp;May 2020, June 2021 |
| &nbsp;&nbsp;Review Cycle (3 years default): | &nbsp;&nbsp;May 2024 |
| &nbsp;&nbsp;Review Cycle (3 years default): |  |

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Policy documents are for internal use only and may not be shared outside of the firm, in whole or part, without prior approval from the Manulife IM PM (US) Chief Compliance Officer (or delegate).