# EDGAR Filing Document

**Accession Number:** 0001742952
**File Stem:** 0001683863-25-007063
**Filing Date:** 2025-8
**Character Count:** 109291
**Document Hash:** 4d8b4da9a19e3108590ddc4a219c5dda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-007063.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001683863-25-007063

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** John Hancock GA Mortgage Trust
- **CENTRAL INDEX KEY:** 0001742952

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23418
- **FILM NUMBER:** 251255790

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

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

![](g7ges2paotnaqxslq6dyr.jpg)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number 811-23418**

**JOHN HANCOCK GA MORTGAGE TRUST**

(Exact name of registrant as specified in charter)

<u>197 CLARENDON STREET, BOSTON, MA 02116</u> (Address of principal executive offices) (Zip code)

HEIDI KNAPP

&nbsp;&nbsp;&nbsp;&nbsp;TREASURER

197 CLARENDON STREET,

<u>BOSTON, MA 02116</u>

(Name and address of agent for service)

**Registrant's telephone number, including area code: (617) 378-1870**

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

**Date of reporting period: June 30, 2025**

------

ITEM 1. REPORT TO STOCKHOLDERS.

------

### John Hancock GA Mortgage Trust

### Semi-Annual Report

### June 30, 2025

------

John Hancock GA Mortgage Trust

June 30, 2025

------

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_c027fd4d-e179-43d8-ba0d-16c49d0c09bd_1)** |  |
| [Portfolio summary](#xx_32d98379-9dd1-492a-8da5-1bd758da3d49_1)<br>| 2 |
| [Portfolio of investments](#xx_b04412f7-ef64-4db7-9dee-ac392dd9d9b6_1)<br>| 3 |
| [Statement of assets and liabilities](#xx_919baabe-84e2-4153-98e8-6b59b6c431f4_1)<br>| 9 |
| [Statement of operations](#xx_919baabe-84e2-4153-98e8-6b59b6c431f4_2)<br>| 10 |
| [Statements of changes in net assets](#xx_919baabe-84e2-4153-98e8-6b59b6c431f4_3)<br>| 11 |
| [Statement of cash flows](#xx_919baabe-84e2-4153-98e8-6b59b6c431f4_4)<br>| 12 |
| [Financial highlights](#xx_919baabe-84e2-4153-98e8-6b59b6c431f4_5)<br>| 13 |
| [Notes to financial Statements](#xx_7ab0e686-c164-4e7d-a4b9-0e0b0b4b2038_1)<br>| 14 |
| [Investment objective, principal investment strategies, and principal risks](#xx_bdeb6e73-f89c-456b-b2b0-b5fb3bd70bc5_1)<br>| 21 |
| [More information](#xx_5c8d443b-ff95-4df6-8551-13cbc6713bf6_1)<br>| 24 |

---

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio summary 6-30-25 (unaudited)

------

#### Portfolio Composition as of 6-30-25 (% of net assets)
Commercial mortgage loans 94.7 <br> U.S. Government 0.9 <br> Short-term investments and other 4.4

#### Top 10 Issuers as of 6-30-25 (% of net assets)

---

| | |
|:---|:---|
| POP 3 Ravinia LLC | &nbsp;&nbsp;&nbsp;4.2 |
| Regent Garden Associates LLC | &nbsp;&nbsp;&nbsp;4.1 |
| Downtown Woodinville LLC | &nbsp;&nbsp;&nbsp;2.7 |
| Interpark Holdings LLC | &nbsp;&nbsp;&nbsp;2.1 |
| St. Mark Property LLC | &nbsp;&nbsp;&nbsp;1.7 |
| Voyager RV Resort MHC | &nbsp;&nbsp;&nbsp;1.5 |
| Crawford Long - CPI LLC | &nbsp;&nbsp;&nbsp;1.3 |
| Wrd Lincoln Shores LLC | &nbsp;&nbsp;&nbsp;1.3 |
| 5021 St. LLC | &nbsp;&nbsp;&nbsp;1.2 |
| 34th St. South LLC | &nbsp;&nbsp;&nbsp;1.2 |
| **TOTAL** | **21.3** |
| Cash and short-term investments are not included. | Cash and short-term investments are not included. |

---

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio of investments 6-30-25 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Commercial mortgage loans (A) 94.7%** |  |  |  | &nbsp;&nbsp;**$2242598614** |
| (Cost $2,413,246,634) |  |  |  |  |
| **Industrial 13.8%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**326921972** |
| 1419 Potrero LLC | &nbsp;&nbsp;3.660 | &nbsp;&nbsp;09-01-30 | 5248382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727984 |
| 183rd La Palma Investors | &nbsp;&nbsp;5.510 | &nbsp;&nbsp;10-01-34 | 9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10013581 |
| 701 Cottontail Lane Associates LLC | &nbsp;&nbsp;3.680 | &nbsp;&nbsp;04-01-46 | 4005578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241887 |
| Accord/Pac Members LLC | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;09-01-40 | 7393556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209153 |
| American Fork OW LLC | &nbsp;&nbsp;2.900 | &nbsp;&nbsp;02-10-36 | 5222215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246852 |
| Arow Fremont Boulevard LLC | &nbsp;&nbsp;4.420 | &nbsp;&nbsp;11-05-27 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4991140 |
| Artesia Capital II LLC | &nbsp;&nbsp;2.470 | &nbsp;&nbsp;01-01-29 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649380 |
| Bel Bridgeport LLC | &nbsp;&nbsp;2.840 | &nbsp;&nbsp;03-01-29 | 19300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17992965 |
| Bel Statesville LP | &nbsp;&nbsp;5.870 | &nbsp;&nbsp;07-01-35 | 23300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23828166 |
| Colt Street Partners LLC | &nbsp;&nbsp;3.290 | &nbsp;&nbsp;01-01-35 | 9292683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039694 |
| Commerce Industrial Park LLC | &nbsp;&nbsp;2.750 | &nbsp;&nbsp;12-01-31 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13132425 |
| DNP Regio LLC | &nbsp;&nbsp;3.110 | &nbsp;&nbsp;10-01-36 | 11520308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342359 |
| GWL 11 Constitution LLC | &nbsp;&nbsp;5.650 | &nbsp;&nbsp;05-01-35 | 8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8386295 |
| Harborgate LLC | &nbsp;&nbsp;2.610 | &nbsp;&nbsp;01-01-31 | 8971127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967760 |
| Industry West Commerce Center LLC | &nbsp;&nbsp;2.810 | &nbsp;&nbsp;03-01-41 | 9040970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6969720 |
| Injans Investments GP | &nbsp;&nbsp;5.510 | &nbsp;&nbsp;10-01-34 | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475334 |
| Macaw Phoebe Investors | &nbsp;&nbsp;5.510 | &nbsp;&nbsp;09-01-35 | 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713923 |
| Monro Ponderosa LLC | &nbsp;&nbsp;5.430 | &nbsp;&nbsp;07-01-35 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971780 |
| Oltmans Investment Company LLC | &nbsp;&nbsp;5.510 | &nbsp;&nbsp;10-01-33 | 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417558 |
| Orangewood Properties, Ltd. | &nbsp;&nbsp;2.940 | &nbsp;&nbsp;07-01-31 | 8600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692605 |
| Phase 1A GLC 7 LLC and SLC Port Phase 1A LLC | &nbsp;&nbsp;5.830 | &nbsp;&nbsp;09-01-34 | 4952816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078657 |
| Phase 2 GLC 2 LLC | &nbsp;&nbsp;5.780 | &nbsp;&nbsp;07-01-34 | 13440900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13789477 |
| Rancho San Marino Partners GP | &nbsp;&nbsp;5.510 | &nbsp;&nbsp;10-01-34 | 10200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10455989 |
| Rehco Loan LLC | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-51 | 4795443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568783 |
| Rep 2035 LLC | &nbsp;&nbsp;3.260 | &nbsp;&nbsp;12-01-35 | 16129331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13058081 |
| Rep A 2033 LLC | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;10-01-33 | 18800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19655456 |
| RLIF International Parkway SPE LLC | &nbsp;&nbsp;2.890 | &nbsp;&nbsp;12-01-33 | 11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275748 |
| Roderick Catalyst 5 LLC | &nbsp;&nbsp;5.600 | &nbsp;&nbsp;05-01-44 | 5421013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342787 |
| S/K 53 Brunswick Associates LLC | &nbsp;&nbsp;3.160 | &nbsp;&nbsp;04-01-31 | 5920889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245268 |
| SLI III LLC | &nbsp;&nbsp;6.490 | &nbsp;&nbsp;01-01-34 | 4034061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327599 |
| St. Mark Property LLC | &nbsp;&nbsp;5.810 | &nbsp;&nbsp;09-01-36 | 39621117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40152991 |
| Warehouse Associates Corp. Centre Shepherd, Ltd. | &nbsp;&nbsp;3.140 | &nbsp;&nbsp;02-01-31 | 8277160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344713 |
| Weeks Pierce Holdings LLC | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;06-01-35 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087880 |
| West Valley Properties, Inc. | &nbsp;&nbsp;2.780 | &nbsp;&nbsp;12-01-36 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471186 |
| Willow Creek Court LLC | &nbsp;&nbsp;4.530 | &nbsp;&nbsp;07-01-52 | 6942979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921715 |
| WPC Triad LLC | &nbsp;&nbsp;2.960 | &nbsp;&nbsp;04-01-31 | 4697675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135081 |
| **Multifamily 35.9%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**849475198** |
| 11 West Partners LLC | &nbsp;&nbsp;3.770 | &nbsp;&nbsp;05-01-32 | 9409123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611944 |
| 257 Ridgewood Ave LLC | &nbsp;&nbsp;3.560 | &nbsp;&nbsp;04-01-32 | 10068495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9207951 |
| 34th St. South LLC | &nbsp;&nbsp;5.840 | &nbsp;&nbsp;12-01-34 | 27500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27889840 |
| 440 West End Apartments Corp. | &nbsp;&nbsp;5.760 | &nbsp;&nbsp;03-01-35 | 5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5357014 |
| 5021 St. LLC | &nbsp;&nbsp;4.390 | &nbsp;&nbsp;09-01-40 | 30576495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28690354 |
| 655 Kelton LLC | &nbsp;&nbsp;2.270 | &nbsp;&nbsp;04-01-31 | 4671225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105302 |
| 801 West End Avenue Corp. | &nbsp;&nbsp;2.440 | &nbsp;&nbsp;04-01-31 | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798002 |
| 955 995 Stewart Drive LLC | &nbsp;&nbsp;2.360 | &nbsp;&nbsp;01-01-32 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17368940 |
| Americana Lakewood V LLC | &nbsp;&nbsp;3.110 | &nbsp;&nbsp;09-01-32 | 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15849085 |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio of investments 6-30-25 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Multifamily (continued)** |  |  |  |  |
| Americana on the River LLC | &nbsp;&nbsp;2.970 | &nbsp;&nbsp;05-01-36 | 5097457 | &nbsp;&nbsp;$4198852 |
| Arboretum LLC | &nbsp;&nbsp;2.800 | &nbsp;&nbsp;01-01-29 | 5900000 | &nbsp;&nbsp;&nbsp;&nbsp;5508907 |
| Aventura at Mid Rivers LLC | &nbsp;&nbsp;2.390 | &nbsp;&nbsp;02-01-31 | 4210588 | &nbsp;&nbsp;&nbsp;&nbsp;3745811 |
| Aventura at Richmond LLC | &nbsp;&nbsp;2.210 | &nbsp;&nbsp;01-01-31 | 3652948 | &nbsp;&nbsp;&nbsp;&nbsp;3252676 |
| Avondale Siesta Pointe Apartments LP | &nbsp;&nbsp;2.550 | &nbsp;&nbsp;03-01-33 | 3241217 | &nbsp;&nbsp;&nbsp;&nbsp;2762602 |
| Bandicoot LLC | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;06-01-30 | 15000000 | &nbsp;&nbsp;13687620 |
| Bayshore Village, Ltd. | &nbsp;&nbsp;5.650 | &nbsp;&nbsp;07-01-35 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5115192 |
| Berkshire Apartments LLC | &nbsp;&nbsp;2.660 | &nbsp;&nbsp;03-01-46 | 5414052 | &nbsp;&nbsp;&nbsp;&nbsp;4232002 |
| BGN Properties Covina Palms LP | &nbsp;&nbsp;5.630 | &nbsp;&nbsp;09-01-34 | 4929977 | &nbsp;&nbsp;&nbsp;&nbsp;5070516 |
| BGN Properties Palm Gate LP | &nbsp;&nbsp;2.860 | &nbsp;&nbsp;06-01-32 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6142934 |
| Bigos Cedars Lakeside LLC | &nbsp;&nbsp;2.530 | &nbsp;&nbsp;11-01-31 | 6400000 | &nbsp;&nbsp;&nbsp;&nbsp;5591738 |
| Bref-Masters Cove LLC | &nbsp;&nbsp;3.070 | &nbsp;&nbsp;06-01-29 | 6100000 | &nbsp;&nbsp;&nbsp;&nbsp;5700529 |
| BW Logan LLC | &nbsp;&nbsp;6.370 | &nbsp;&nbsp;04-01-28 | 1580146 | &nbsp;&nbsp;&nbsp;&nbsp;1624421 |
| Capri Apartments LLC | &nbsp;&nbsp;3.360 | &nbsp;&nbsp;04-01-30 | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6042758 |
| Castlewood Associates LLC | &nbsp;&nbsp;2.870 | &nbsp;&nbsp;04-01-31 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4470190 |
| Caton House Apartments LLC | &nbsp;&nbsp;2.740 | &nbsp;&nbsp;09-01-36 | 3660356 | &nbsp;&nbsp;&nbsp;&nbsp;2981261 |
| Cavalier Apartments Partnership | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;11-01-34 | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2718382 |
| Chandler Property Development Associates LP | &nbsp;&nbsp;2.550 | &nbsp;&nbsp;03-01-33 | 7022635 | &nbsp;&nbsp;&nbsp;&nbsp;5985638 |
| Chimney Top LLC | &nbsp;&nbsp;2.910 | &nbsp;&nbsp;02-01-29 | 6800000 | &nbsp;&nbsp;&nbsp;&nbsp;6344590 |
| CJ's Pinemeadows Apartments LP | &nbsp;&nbsp;3.380 | &nbsp;&nbsp;07-01-41 | 9193615 | &nbsp;&nbsp;&nbsp;&nbsp;7489027 |
| CLAGB LLC | &nbsp;&nbsp;2.680 | &nbsp;&nbsp;02-01-36 | 5401196 | &nbsp;&nbsp;&nbsp;&nbsp;4374466 |
| Congressional Properties LP | &nbsp;&nbsp;3.210 | &nbsp;&nbsp;04-01-47 | 5478259 | &nbsp;&nbsp;&nbsp;&nbsp;4442474 |
| Copperstone Apartments LP | &nbsp;&nbsp;2.880 | &nbsp;&nbsp;04-01-39 | 4979995 | &nbsp;&nbsp;&nbsp;&nbsp;4295181 |
| CR Ballantyne LLC | &nbsp;&nbsp;3.290 | &nbsp;&nbsp;06-01-36 | 6200000 | &nbsp;&nbsp;&nbsp;&nbsp;5077192 |
| Creekside at Amherst Apartments LLC | &nbsp;&nbsp;3.380 | &nbsp;&nbsp;09-01-31 | 10533517 | &nbsp;&nbsp;&nbsp;&nbsp;9892911 |
| Creekwood Centre Denton LLC | &nbsp;&nbsp;3.400 | &nbsp;&nbsp;04-01-32 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;9973293 |
| Crossing Company LP | &nbsp;&nbsp;2.780 | &nbsp;&nbsp;10-01-31 | 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;5776894 |
| Deer Chase Housing Partners LP | &nbsp;&nbsp;2.630 | &nbsp;&nbsp;04-01-27 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3859980 |
| Draper Southpoint Apartments LLC | &nbsp;&nbsp;2.520 | &nbsp;&nbsp;04-01-31 | 5411792 | &nbsp;&nbsp;&nbsp;&nbsp;4759844 |
| DTN Waters House LLC | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;08-01-31 | 4992631 | &nbsp;&nbsp;&nbsp;&nbsp;4474855 |
| Eastwood Apartments of Springdale LP | &nbsp;&nbsp;2.490 | &nbsp;&nbsp;01-01-36 | 2081049 | &nbsp;&nbsp;&nbsp;&nbsp;1820352 |
| Edgewater Park Real Estate Associates LLC | &nbsp;&nbsp;2.890 | &nbsp;&nbsp;08-01-36 | 8400000 | &nbsp;&nbsp;&nbsp;&nbsp;7020502 |
| Elizabeth Lake Estates LLC | &nbsp;&nbsp;2.920 | &nbsp;&nbsp;05-01-31 | 4729826 | &nbsp;&nbsp;&nbsp;&nbsp;4259696 |
| Fairgrounds Apartments LP | &nbsp;&nbsp;2.490 | &nbsp;&nbsp;01-01-36 | 2378342 | &nbsp;&nbsp;&nbsp;&nbsp;2084291 |
| Forest Meadows Villas, Ltd. | &nbsp;&nbsp;2.770 | &nbsp;&nbsp;12-01-35 | 1960961 | &nbsp;&nbsp;&nbsp;&nbsp;1644529 |
| Fountainview Terrace Apartments | &nbsp;&nbsp;2.900 | &nbsp;&nbsp;07-01-41 | 3811162 | &nbsp;&nbsp;&nbsp;&nbsp;3213747 |
| Four Seasons Apartments LLC | &nbsp;&nbsp;5.590 | &nbsp;&nbsp;03-01-29 | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5441632 |
| FPACP3 Greenville LLC | &nbsp;&nbsp;3.440 | &nbsp;&nbsp;03-01-30 | 8950000 | &nbsp;&nbsp;&nbsp;&nbsp;8421565 |
| Fredwood LLLP | &nbsp;&nbsp;2.740 | &nbsp;&nbsp;09-01-36 | 3751865 | &nbsp;&nbsp;&nbsp;&nbsp;3072229 |
| Gadberry Courts LP | &nbsp;&nbsp;3.330 | &nbsp;&nbsp;05-01-32 | 6336134 | &nbsp;&nbsp;&nbsp;&nbsp;5662362 |
| Gateway MHP, Ltd. | &nbsp;&nbsp;3.950 | &nbsp;&nbsp;07-01-29 | 8839430 | &nbsp;&nbsp;&nbsp;&nbsp;8668705 |
| Georgetown Mews Owners Corp. | &nbsp;&nbsp;2.870 | &nbsp;&nbsp;01-01-36 | 6166078 | &nbsp;&nbsp;&nbsp;&nbsp;5157912 |
| Grande Apartments LP | &nbsp;&nbsp;3.380 | &nbsp;&nbsp;07-01-41 | 7998445 | &nbsp;&nbsp;&nbsp;&nbsp;6515453 |
| Greenhouse Apartments LP | &nbsp;&nbsp;3.380 | &nbsp;&nbsp;07-01-41 | 9193615 | &nbsp;&nbsp;&nbsp;&nbsp;7422153 |
| Harbor Breeze LP | &nbsp;&nbsp;2.400 | &nbsp;&nbsp;11-01-31 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4333200 |
| Hudson Troy Towers Apartment Corp. | &nbsp;&nbsp;6.140 | &nbsp;&nbsp;11-01-28 | 7159207 | &nbsp;&nbsp;&nbsp;&nbsp;7488666 |
| Hunters Price LP | &nbsp;&nbsp;3.360 | &nbsp;&nbsp;04-01-32 | 11500000 | &nbsp;&nbsp;10308888 |
| JGK Garden Grove LP | &nbsp;&nbsp;2.790 | &nbsp;&nbsp;02-01-32 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3073921 |
| Kingswick Apartments LP | &nbsp;&nbsp;3.310 | &nbsp;&nbsp;04-01-42 | 12153998 | &nbsp;&nbsp;&nbsp;&nbsp;9861499 |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio of investments 6-30-25 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Multifamily (continued)** |  |  |  |  |
| La Costa Vista LLC | &nbsp;&nbsp;2.610 | &nbsp;&nbsp;04-01-31 | 4516291 | &nbsp;&nbsp;$3990310 |
| Lassen Associates LLC | &nbsp;&nbsp;3.020 | &nbsp;&nbsp;07-01-31 | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;4828337 |
| McCue Ventures LLC | &nbsp;&nbsp;5.570 | &nbsp;&nbsp;05-01-58 | 11254494 | &nbsp;&nbsp;10762695 |
| Meramec Station Big Bend Investors LLC | &nbsp;&nbsp;2.780 | &nbsp;&nbsp;05-01-41 | 4023898 | &nbsp;&nbsp;&nbsp;&nbsp;3361407 |
| Mesa Broadway Property LP | &nbsp;&nbsp;2.550 | &nbsp;&nbsp;03-01-33 | 4321622 | &nbsp;&nbsp;&nbsp;&nbsp;3683470 |
| Midway Manor Apartments LP | &nbsp;&nbsp;2.400 | &nbsp;&nbsp;11-01-31 | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;2773248 |
| Mill Pond, Ltd. | &nbsp;&nbsp;2.870 | &nbsp;&nbsp;06-01-36 | 6558250 | &nbsp;&nbsp;&nbsp;&nbsp;5382388 |
| Monticello Apartments LLC | &nbsp;&nbsp;5.760 | &nbsp;&nbsp;11-01-38 | 3535368 | &nbsp;&nbsp;&nbsp;&nbsp;3668488 |
| Montrose Manor Apartments LLC | &nbsp;&nbsp;2.740 | &nbsp;&nbsp;09-01-36 | 5216007 | &nbsp;&nbsp;&nbsp;&nbsp;4280991 |
| Niederst Portage Towers LLC | &nbsp;&nbsp;2.670 | &nbsp;&nbsp;12-01-31 | 6257227 | &nbsp;&nbsp;&nbsp;&nbsp;5497262 |
| Northbridge Park Company OP, Inc. | &nbsp;&nbsp;3.640 | &nbsp;&nbsp;06-01-51 | 8931592 | &nbsp;&nbsp;&nbsp;&nbsp;6977065 |
| Northland Monterra LLC | &nbsp;&nbsp;2.890 | &nbsp;&nbsp;07-01-31 | 13500000 | &nbsp;&nbsp;11998382 |
| Northridge Garden Associates LLC | &nbsp;&nbsp;3.020 | &nbsp;&nbsp;07-01-31 | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;4828337 |
| Nostalgia Properties LLC | &nbsp;&nbsp;3.040 | &nbsp;&nbsp;05-01-31 | 16600000 | &nbsp;&nbsp;14827518 |
| Pademelon LLC | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;06-01-30 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5475918 |
| Peace Ranch Madison LLC | &nbsp;&nbsp;5.570 | &nbsp;&nbsp;09-01-27 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5024280 |
| Penndel Apartments LP | &nbsp;&nbsp;3.270 | &nbsp;&nbsp;06-01-31 | 5313506 | &nbsp;&nbsp;&nbsp;&nbsp;4782373 |
| Pepperward Apartments LLC | &nbsp;&nbsp;2.180 | &nbsp;&nbsp;01-01-27 | 3756489 | &nbsp;&nbsp;&nbsp;&nbsp;3618881 |
| Pepperwood Apartments LLC | &nbsp;&nbsp;2.890 | &nbsp;&nbsp;10-01-30 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3095810 |
| Plantation Crossing Apartments LLC | &nbsp;&nbsp;3.040 | &nbsp;&nbsp;09-01-31 | 4686248 | &nbsp;&nbsp;&nbsp;&nbsp;4181858 |
| Platypus LLC | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;06-01-30 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3645152 |
| Plum Grove Rolling Meadows LLC | &nbsp;&nbsp;2.920 | &nbsp;&nbsp;03-01-36 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;2747829 |
| Price Greenbriar Plano LLC | &nbsp;&nbsp;3.240 | &nbsp;&nbsp;05-01-31 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;7186048 |
| Prime/Scrc SPE LLC | &nbsp;&nbsp;2.650 | &nbsp;&nbsp;12-01-31 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;8725000 |
| Raamco Broadwater LLC | &nbsp;&nbsp;3.090 | &nbsp;&nbsp;07-01-31 | 4317156 | &nbsp;&nbsp;&nbsp;&nbsp;3595206 |
| Regency Apartments Vancouver LLC | &nbsp;&nbsp;2.250 | &nbsp;&nbsp;04-01-31 | 4490083 | &nbsp;&nbsp;&nbsp;&nbsp;3959054 |
| Regent Garden Associates LLC | &nbsp;&nbsp;3.250 | &nbsp;&nbsp;03-10-35 | 111149458 | &nbsp;&nbsp;97238436 |
| Richmar II Apartments LLC | &nbsp;&nbsp;2.930 | &nbsp;&nbsp;08-01-36 | 9155608 | &nbsp;&nbsp;&nbsp;&nbsp;7633635 |
| Rollins Park Apartments Section 2 LP | &nbsp;&nbsp;3.210 | &nbsp;&nbsp;04-01-47 | 9221737 | &nbsp;&nbsp;&nbsp;&nbsp;7478165 |
| Rollins Park Apartments Section 3 LP | &nbsp;&nbsp;3.210 | &nbsp;&nbsp;04-01-47 | 3926086 | &nbsp;&nbsp;&nbsp;&nbsp;3183773 |
| Rose Gardens Senior LP | &nbsp;&nbsp;3.330 | &nbsp;&nbsp;05-01-32 | 7942477 | &nbsp;&nbsp;&nbsp;&nbsp;7063849 |
| Sandstone Tucson LLC | &nbsp;&nbsp;5.820 | &nbsp;&nbsp;01-01-29 | 4908945 | &nbsp;&nbsp;&nbsp;&nbsp;5128213 |
| Sebring Associates/Excelsior Two LLC | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;03-08-51 | 9060804 | &nbsp;&nbsp;&nbsp;&nbsp;6730438 |
| SFI Partnership 12, Ltd. | &nbsp;&nbsp;5.900 | &nbsp;&nbsp;11-01-53 | 16657337 | &nbsp;&nbsp;16717087 |
| Sonoma at Porter Ranch LLC | &nbsp;&nbsp;5.400 | &nbsp;&nbsp;05-01-34 | 9788788 | &nbsp;&nbsp;&nbsp;&nbsp;9956519 |
| Spring Park Apartments | &nbsp;&nbsp;3.440 | &nbsp;&nbsp;10-01-31 | 17100000 | &nbsp;&nbsp;15495644 |
| The Enclave LLC | &nbsp;&nbsp;2.940 | &nbsp;&nbsp;05-01-31 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4443595 |
| The Fairways at Derby Apartments, Ltd. | &nbsp;&nbsp;2.560 | &nbsp;&nbsp;01-01-37 | 5115354 | &nbsp;&nbsp;&nbsp;&nbsp;4425436 |
| The Links at Columbia LP | &nbsp;&nbsp;2.720 | &nbsp;&nbsp;05-01-41 | 15660408 | &nbsp;&nbsp;13042144 |
| The Links at Rainbow Curve LP | &nbsp;&nbsp;2.630 | &nbsp;&nbsp;07-01-32 | 5879558 | &nbsp;&nbsp;&nbsp;&nbsp;5501344 |
| The Trails at the Crossings Apartments, Ltd. | &nbsp;&nbsp;2.800 | &nbsp;&nbsp;01-01-42 | 15765268 | &nbsp;&nbsp;13167058 |
| Tivoli Orlando Associates, Ltd. | &nbsp;&nbsp;6.750 | &nbsp;&nbsp;10-01-27 | 8852618 | &nbsp;&nbsp;&nbsp;&nbsp;9283484 |
| Topaz House, Ltd. | &nbsp;&nbsp;3.300 | &nbsp;&nbsp;04-01-47 | 16452331 | &nbsp;&nbsp;13492046 |
| Trail Horse Partners LLC | &nbsp;&nbsp;2.690 | &nbsp;&nbsp;04-01-31 | 5878584 | &nbsp;&nbsp;&nbsp;&nbsp;5200143 |
| Villages at Clear Springs Apartments | &nbsp;&nbsp;3.340 | &nbsp;&nbsp;10-01-29 | 15000000 | &nbsp;&nbsp;14118930 |
| Volunteer Parkridge LLC | &nbsp;&nbsp;3.020 | &nbsp;&nbsp;05-01-31 | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;4912595 |
| Windsor Place Apartments | &nbsp;&nbsp;3.530 | &nbsp;&nbsp;02-01-32 | 9142133 | &nbsp;&nbsp;&nbsp;&nbsp;8382239 |
| Woodlane Place Townhomes LLC | &nbsp;&nbsp;2.900 | &nbsp;&nbsp;05-05-35 | 8854162 | &nbsp;&nbsp;&nbsp;&nbsp;7437496 |
| Woods I LLC | &nbsp;&nbsp;3.100 | &nbsp;&nbsp;07-01-30 | 6694811 | &nbsp;&nbsp;&nbsp;&nbsp;6135044 |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio of investments 6-30-25 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Multifamily (continued)** |  |  |  |  |
| Woods Mill Park Apartments LLC | &nbsp;&nbsp;2.610 | &nbsp;&nbsp;02-01-41 | 4208771 | &nbsp;&nbsp;&nbsp;&nbsp;$3468108 |
| WRD Lincoln Shores LLC | &nbsp;&nbsp;5.500 | &nbsp;&nbsp;09-01-35 | 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;30000000 |
| **Office 16.5%** |  |  |  | &nbsp;&nbsp;**390880671** |
| 1131 Wilshire Boulevard LLC | &nbsp;&nbsp;3.520 | &nbsp;&nbsp;05-01-31 | 4312188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841034 |
| 1600 Dove LP + GS 1600 Dove LLC | &nbsp;&nbsp;3.670 | &nbsp;&nbsp;06-01-31 | 4145185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491473 |
| 1635 Divisadero Medical Building LLC | &nbsp;&nbsp;3.950 | &nbsp;&nbsp;06-01-30 | 3484485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362410 |
| 1635 Divisadero Medical Building LLC | &nbsp;&nbsp;6.000 | &nbsp;&nbsp;06-01-30 | 7040982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346455 |
| 900 Wilshire Boulevard LLC | &nbsp;&nbsp;3.080 | &nbsp;&nbsp;07-01-31 | 11600000 | &nbsp;&nbsp;&nbsp;&nbsp;10156948 |
| Aman, Inc. | &nbsp;&nbsp;5.170 | &nbsp;&nbsp;12-01-29 | 21844653 | &nbsp;&nbsp;&nbsp;&nbsp;21176098 |
| Avamer 57 Fee LLC | &nbsp;&nbsp;2.310 | &nbsp;&nbsp;11-01-26 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9622170 |
| Bayside Square Investments LLC | &nbsp;&nbsp;3.480 | &nbsp;&nbsp;02-01-42 | 11900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244158 |
| Central Way Plaza LLC | &nbsp;&nbsp;2.910 | &nbsp;&nbsp;03-01-32 | 9288092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8276331 |
| Continental Plaza LLC | &nbsp;&nbsp;5.490 | &nbsp;&nbsp;01-01-33 | 4830374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995447 |
| Continental Skypark LLC (B) | &nbsp;&nbsp;5.870 | &nbsp;&nbsp;09-01-35 | 24800000 | &nbsp;&nbsp;&nbsp;&nbsp;25532314 |
| Corp. Center West Associates LLC | &nbsp;&nbsp;3.650 | &nbsp;&nbsp;04-01-35 | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;10782175 |
| Crawford Long - CPI LLC | &nbsp;&nbsp;4.800 | &nbsp;&nbsp;06-01-32 | 31500000 | &nbsp;&nbsp;&nbsp;&nbsp;31342532 |
| Delphi Investors LLC | &nbsp;&nbsp;2.520 | &nbsp;&nbsp;01-01-31 | 8972905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930226 |
| Edina Crosstown Medical LLC | &nbsp;&nbsp;3.230 | &nbsp;&nbsp;06-01-41 | 11618025 | &nbsp;&nbsp;&nbsp;&nbsp;10032408 |
| Fairfield 35 Pinelawn LLC | &nbsp;&nbsp;3.450 | &nbsp;&nbsp;01-01-42 | 6703363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236171 |
| HCFD Round Rock, Ltd. | &nbsp;&nbsp;6.070 | &nbsp;&nbsp;10-01-49 | 10970968 | &nbsp;&nbsp;&nbsp;&nbsp;10957901 |
| JB IV V LLC | &nbsp;&nbsp;4.580 | &nbsp;&nbsp;12-01-32 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837495 |
| L&B Depp-Ucepp 5500 Preston Road, Inc. | &nbsp;&nbsp;4.490 | &nbsp;&nbsp;07-01-29 | 18500000 | &nbsp;&nbsp;&nbsp;&nbsp;18238743 |
| LN Bear Creek LLC | &nbsp;&nbsp;5.490 | &nbsp;&nbsp;01-01-33 | 4830374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995447 |
| Medical Oaks Pavilion PH III, Ltd. | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;11-01-40 | 8616794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7152275 |
| NCHC 3 LLC | &nbsp;&nbsp;3.390 | &nbsp;&nbsp;02-01-32 | 17338257 | &nbsp;&nbsp;&nbsp;&nbsp;15588532 |
| Newton Executive Park LP | &nbsp;&nbsp;2.570 | &nbsp;&nbsp;10-01-33 | 4264542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668133 |
| Ocean Pointe Venture Fund LP | &nbsp;&nbsp;4.840 | &nbsp;&nbsp;08-01-47 | 7030990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338669 |
| Olympic Mills Commerce Center LLC | &nbsp;&nbsp;4.060 | &nbsp;&nbsp;03-01-36 | 9220657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329905 |
| Parc Center Drive Joint Venture | &nbsp;&nbsp;5.480 | &nbsp;&nbsp;02-01-32 | 1742310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791779 |
| POP 3 Ravinia LLC | &nbsp;&nbsp;4.460 | &nbsp;&nbsp;01-01-42 | 108728314 | &nbsp;&nbsp;&nbsp;&nbsp;98317247 |
| Quay Works LLC | &nbsp;&nbsp;2.790 | &nbsp;&nbsp;12-01-36 | 11228958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9164739 |
| Sic 501 Second Street LLC | &nbsp;&nbsp;6.740 | &nbsp;&nbsp;07-01-33 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10218634 |
| Sic Mountainbay Plaza LLC | &nbsp;&nbsp;7.120 | &nbsp;&nbsp;01-01-30 | 9662657 | &nbsp;&nbsp;&nbsp;&nbsp;10237547 |
| Skotdal Mutual LLC | &nbsp;&nbsp;2.860 | &nbsp;&nbsp;06-15-31 | 5833615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260165 |
| Switch Building Investors II LP | &nbsp;&nbsp;2.690 | &nbsp;&nbsp;06-01-36 | 3857042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415110 |
| **Other 6.1%** |  |  |  | &nbsp;&nbsp;**143754291** |
| Interpark Holdings LLC | &nbsp;&nbsp;5.860 | &nbsp;&nbsp;07-01-33 | 48758795 | &nbsp;&nbsp;&nbsp;&nbsp;49391733 |
| Lassen Self Storage LP | &nbsp;&nbsp;6.030 | &nbsp;&nbsp;02-01-35 | 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922033 |
| Rowland LLC (B) | &nbsp;&nbsp;5.540 | &nbsp;&nbsp;09-01-30 | 7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148166 |
| SRB1 LLC | &nbsp;&nbsp;5.670 | &nbsp;&nbsp;09-01-38 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;20278220 |
| UGP Broadway Stadium East LLC | &nbsp;&nbsp;6.530 | &nbsp;&nbsp;11-01-30 | 25533585 | &nbsp;&nbsp;&nbsp;&nbsp;26637453 |
| Voyager RV Resort MHC | &nbsp;&nbsp;4.100 | &nbsp;&nbsp;06-01-29 | 37157020 | &nbsp;&nbsp;&nbsp;&nbsp;36376686 |
| **Retail 22.4%** |  |  |  | &nbsp;&nbsp;**531566482** |
| 1360 Summitridge RS LLC | &nbsp;&nbsp;3.500 | &nbsp;&nbsp;09-01-30 | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118526 |
| 192 Investors LLC | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;08-01-29 | 16083021 | &nbsp;&nbsp;&nbsp;&nbsp;15586924 |
| 8421 Lyndale Avenue South LLC | &nbsp;&nbsp;2.580 | &nbsp;&nbsp;11-01-28 | 4831348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483235 |
| AFCC SPE LLC | &nbsp;&nbsp;5.810 | &nbsp;&nbsp;04-01-34 | 14286577 | &nbsp;&nbsp;&nbsp;&nbsp;14513005 |
| Asian Garden LLC (B) | &nbsp;&nbsp;5.930 | &nbsp;&nbsp;08-01-35 | 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;19283974 |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio of investments 6-30-25 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** |  |  |  |  |
| Beverly West Square Associates LP | &nbsp;&nbsp;5.560 | &nbsp;&nbsp;12-01-30 | 5556001 | &nbsp;&nbsp;$5746866 |
| Burroughs LPM LP | &nbsp;&nbsp;2.980 | &nbsp;&nbsp;01-01-36 | 11346484 | &nbsp;&nbsp;&nbsp;&nbsp;9304140 |
| BWP Crown Valley 1 LLC | &nbsp;&nbsp;3.020 | &nbsp;&nbsp;04-01-37 | 15000000 | &nbsp;&nbsp;11597325 |
| Canton R2g Owner LLC | &nbsp;&nbsp;2.810 | &nbsp;&nbsp;03-01-29 | 7300000 | &nbsp;&nbsp;&nbsp;&nbsp;6828391 |
| Carriage Way LLC | &nbsp;&nbsp;3.520 | &nbsp;&nbsp;08-01-31 | 3691545 | &nbsp;&nbsp;&nbsp;&nbsp;3316000 |
| CE Enterprise Partners LLC | &nbsp;&nbsp;4.700 | &nbsp;&nbsp;07-01-32 | 3923950 | &nbsp;&nbsp;&nbsp;&nbsp;3832499 |
| Chapel Hills East LLC | &nbsp;&nbsp;5.950 | &nbsp;&nbsp;03-01-34 | 6100000 | &nbsp;&nbsp;&nbsp;&nbsp;6139455 |
| CIP Group of Homestead LLC | &nbsp;&nbsp;3.060 | &nbsp;&nbsp;06-01-33 | 6211061 | &nbsp;&nbsp;&nbsp;&nbsp;5371487 |
| City Town Center LP + City Town Center Best Buy LP | &nbsp;&nbsp;5.750 | &nbsp;&nbsp;01-01-35 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5039875 |
| Coral Ridge Shopping Center Trust | &nbsp;&nbsp;6.150 | &nbsp;&nbsp;06-01-35 | 20500000 | &nbsp;&nbsp;21054894 |
| Core Power Bridgepointe LLC | &nbsp;&nbsp;5.690 | &nbsp;&nbsp;01-01-35 | 20000000 | &nbsp;&nbsp;20056000 |
| Cross Keys Development Company | &nbsp;&nbsp;2.550 | &nbsp;&nbsp;10-01-33 | 12366852 | &nbsp;&nbsp;10642839 |
| Downtown Woodinville LLC | &nbsp;&nbsp;3.830 | &nbsp;&nbsp;06-01-29 | 65000000 | &nbsp;&nbsp;63525280 |
| Ds Santa Rosa LP (B) | &nbsp;&nbsp;5.730 | &nbsp;&nbsp;08-01-35 | 10000000 | &nbsp;&nbsp;10216175 |
| Edgewater Partnership LP | &nbsp;&nbsp;5.200 | &nbsp;&nbsp;07-01-25 | 2346813 | &nbsp;&nbsp;&nbsp;&nbsp;2346450 |
| Elsinore Developers LLC | &nbsp;&nbsp;6.090 | &nbsp;&nbsp;02-01-34 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5295320 |
| Erep Cobbler Crossing II LLC | &nbsp;&nbsp;6.620 | &nbsp;&nbsp;12-01-28 | 3083345 | &nbsp;&nbsp;&nbsp;&nbsp;3234007 |
| Gateway Village Plaza LP | &nbsp;&nbsp;3.420 | &nbsp;&nbsp;07-01-31 | 5580296 | &nbsp;&nbsp;&nbsp;&nbsp;5088226 |
| Harbor Center Partners LP | &nbsp;&nbsp;4.720 | &nbsp;&nbsp;09-01-32 | 18100000 | &nbsp;&nbsp;17820355 |
| Harbor Center Partners LP | &nbsp;&nbsp;5.630 | &nbsp;&nbsp;10-01-32 | 1863235 | &nbsp;&nbsp;&nbsp;&nbsp;1906815 |
| Howard Lehigh Holdings LLC | &nbsp;&nbsp;5.770 | &nbsp;&nbsp;04-01-34 | 7584304 | &nbsp;&nbsp;&nbsp;&nbsp;7688580 |
| J J Carson LLC | &nbsp;&nbsp;2.950 | &nbsp;&nbsp;11-01-31 | 11596526 | &nbsp;&nbsp;10182353 |
| Kimberly Partners of Albany LP | &nbsp;&nbsp;2.920 | &nbsp;&nbsp;12-01-30 | 4433576 | &nbsp;&nbsp;&nbsp;&nbsp;3948596 |
| La Habra Westridge Partners LP | &nbsp;&nbsp;5.970 | &nbsp;&nbsp;09-01-34 | 20000000 | &nbsp;&nbsp;20729880 |
| Ladera Corporate Terrace South LLC | &nbsp;&nbsp;3.870 | &nbsp;&nbsp;06-01-32 | 7078570 | &nbsp;&nbsp;&nbsp;&nbsp;6478491 |
| LB PCH Associates LLC | &nbsp;&nbsp;3.870 | &nbsp;&nbsp;05-01-32 | 17241410 | &nbsp;&nbsp;15782925 |
| Manoa Shopping Center Associates LP | &nbsp;&nbsp;6.770 | &nbsp;&nbsp;03-01-30 | 2267069 | &nbsp;&nbsp;&nbsp;&nbsp;2388148 |
| Manoa Shopping Center Associates LP | &nbsp;&nbsp;7.060 | &nbsp;&nbsp;03-01-30 | 4138964 | &nbsp;&nbsp;&nbsp;&nbsp;4413187 |
| Meadow and Central LP | &nbsp;&nbsp;3.100 | &nbsp;&nbsp;01-01-32 | 3708575 | &nbsp;&nbsp;&nbsp;&nbsp;3320691 |
| Mesa Town Center LLC | &nbsp;&nbsp;6.180 | &nbsp;&nbsp;06-01-35 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5148810 |
| Nat City SPE LLC | &nbsp;&nbsp;3.980 | &nbsp;&nbsp;02-01-35 | 1879808 | &nbsp;&nbsp;&nbsp;&nbsp;1601587 |
| National City Plaza | &nbsp;&nbsp;4.110 | &nbsp;&nbsp;02-01-35 | 8080089 | &nbsp;&nbsp;&nbsp;&nbsp;7248414 |
| PEP 1929 South Congress Avenue LP | &nbsp;&nbsp;5.460 | &nbsp;&nbsp;06-01-30 | 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;5200643 |
| Platt Partners LP | &nbsp;&nbsp;3.442 | &nbsp;&nbsp;05-05-37 | 14000000 | &nbsp;&nbsp;11635512 |
| Plaza Inv. LP | &nbsp;&nbsp;3.910 | &nbsp;&nbsp;05-01-26 | 25880674 | &nbsp;&nbsp;25691668 |
| PRTC LP | &nbsp;&nbsp;3.130 | &nbsp;&nbsp;05-01-32 | 10844873 | &nbsp;&nbsp;&nbsp;&nbsp;9809209 |
| SF Lynnwood Crossroads LLC | &nbsp;&nbsp;4.780 | &nbsp;&nbsp;09-01-32 | 3854000 | &nbsp;&nbsp;&nbsp;&nbsp;3792598 |
| SF Mansfield LLC | &nbsp;&nbsp;2.990 | &nbsp;&nbsp;04-01-33 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4224880 |
| SF Stapleton LLC | &nbsp;&nbsp;2.850 | &nbsp;&nbsp;03-01-31 | 4680000 | &nbsp;&nbsp;&nbsp;&nbsp;4111736 |
| Silverado Ranch Centre LLC | &nbsp;&nbsp;7.500 | &nbsp;&nbsp;06-01-30 | 4140947 | &nbsp;&nbsp;&nbsp;&nbsp;4427087 |
| St. Indian Ridge LLC | &nbsp;&nbsp;6.590 | &nbsp;&nbsp;08-01-29 | 3222181 | &nbsp;&nbsp;&nbsp;&nbsp;3365137 |
| Stony Island Plaza | &nbsp;&nbsp;3.620 | &nbsp;&nbsp;10-01-34 | 5307262 | &nbsp;&nbsp;&nbsp;&nbsp;4673565 |
| Sunnyside Marketplace LLC | &nbsp;&nbsp;3.420 | &nbsp;&nbsp;04-01-30 | 6689559 | &nbsp;&nbsp;&nbsp;&nbsp;6257239 |
| Tanecap 1 LP | &nbsp;&nbsp;2.690 | &nbsp;&nbsp;09-01-31 | 4572234 | &nbsp;&nbsp;&nbsp;&nbsp;3988643 |
| THF Greengate Development LP | &nbsp;&nbsp;6.320 | &nbsp;&nbsp;10-01-25 | 22899025 | &nbsp;&nbsp;22967928 |
| Town Center Associates | &nbsp;&nbsp;2.790 | &nbsp;&nbsp;03-01-29 | 3841427 | &nbsp;&nbsp;&nbsp;&nbsp;3605897 |
| University Festival LC | &nbsp;&nbsp;5.810 | &nbsp;&nbsp;05-01-35 | 8487372 | &nbsp;&nbsp;&nbsp;&nbsp;8590680 |
| Valley Square I LP | &nbsp;&nbsp;5.490 | &nbsp;&nbsp;02-01-26 | 14282545 | &nbsp;&nbsp;14311182 |
| Warwick Devco LP | &nbsp;&nbsp;2.880 | &nbsp;&nbsp;07-01-33 | 6384307 | &nbsp;&nbsp;&nbsp;&nbsp;5578920 |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Portfolio of investments 6-30-25 (unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Rate (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** |  |  |  |  |
| Wateridge Goodman Investors LLC | &nbsp;&nbsp;5.980 | &nbsp;&nbsp;07-01-35 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;$3065687 |
| West Linn Shopping Center Associates LLC | &nbsp;&nbsp;3.160 | &nbsp;&nbsp;01-01-32 | 7515338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671290 |
| Westmount Plaza Arlington Plaza Joint Venture | &nbsp;&nbsp;5.820 | &nbsp;&nbsp;06-10-34 | 13056825 | &nbsp;&nbsp;&nbsp;&nbsp;13396277 |
| WG Opelousas LA LLC | &nbsp;&nbsp;7.290 | &nbsp;&nbsp;05-01-28 | 868739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920979 |
| **U.S. Government and Agency obligations 0.9%** | **U.S. Government and Agency obligations 0.9%** |  |  | **$21233125** |
| (Cost $20,828,987) |  |  |  |  |
| **U.S. Government 0.9%** | **U.S. Government 0.9%** |  |  | &nbsp;&nbsp;**21233125** |
| U.S. Treasury<br> Note | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;05-15-35 | 21200000 | &nbsp;&nbsp;&nbsp;&nbsp;21233125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield\* (%)** | &nbsp;&nbsp;**Maturity date** | **Par value^** | &nbsp;&nbsp;**Value** |
| **Short-term investments 7.2%** |  |  |  | &nbsp;&nbsp;**$170378541** |
| (Cost $170,375,260) |  |  |  |  |
| **U.S. Government 3.2%** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75871774** |
| U.S. Treasury Bill | &nbsp;&nbsp;4.203 | &nbsp;&nbsp;07-31-25 | 24800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24713882 |
| U.S. Treasury Bill | &nbsp;&nbsp;4.212 | &nbsp;&nbsp;07-17-25 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9981600 |
| U.S. Treasury Bill | &nbsp;&nbsp;4.218 | &nbsp;&nbsp;07-22-25 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983005 |
| U.S. Treasury Bill | &nbsp;&nbsp;4.222 | &nbsp;&nbsp;07-22-25 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987861 |
| U.S. Treasury Bill | &nbsp;&nbsp;4.230 | &nbsp;&nbsp;07-29-25 | 23300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23224793 |
| U.S. Treasury Bill | &nbsp;&nbsp;4.233 | &nbsp;&nbsp;07-29-25 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980633 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Yield (%)** | **Shares** | &nbsp;&nbsp;**Value** |
| **Short-term funds 4.0%** |  |  | &nbsp;&nbsp;**94506767** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | &nbsp;&nbsp;4.2560(C) | 94506767 | 94506767 |

---

---

| | |
|:---|:---|
| **Total investments (Cost $2,604,450,881) 102.8%** | **$2434210280** |
| **Other assets and liabilities, net (2.8%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(67056223)** |
| **Total net assets 100.0%** | &nbsp;&nbsp;**$2367154057** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| **Security Abbreviations and Legend** | **Security Abbreviations and Legend** |
| (A) | &nbsp;&nbsp;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) | &nbsp;&nbsp;Security purchased or sold on a when-issued or delayed-delivery basis. |
| (C) | &nbsp;&nbsp;The rate shown is the annualized seven-day yield as of 6-30-25. |
| \* | &nbsp;&nbsp;Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end. |

---

At 6-30-25, the aggregate cost of investments for federal income tax purposes was $2,604,490,718. Net unrealized depreciation aggregated to $170,280,438, of which $13,646,845 related to gross unrealized appreciation and $183,927,283 related to gross unrealized depreciation.

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

#### Financial statements John Hancock GA Mortgage Trust

#### Statement of assets and liabilities 6-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated investments, at value (Cost $2,604,450,881) | &nbsp;&nbsp;$2434210280 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7655471 |
| Receivable for fund shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30056457 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59611 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**2486981819** |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092407 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21950039 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30228800 |
| Payable for delayed delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900000 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224162 |
| &nbsp;&nbsp;&nbsp;Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237666 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194130 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119827762** |
| **Net assets** | &nbsp;&nbsp;**$2367154057** |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$2554713297 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187559240) |
| **Net assets** | &nbsp;&nbsp;**$2367154057** |
| **Net asset value per share** |  |
| Based on 128,947,625 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.36 |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Statement of operations for the six months ended 6-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Investment income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$976809 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46601662 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176165 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47754636** |
| **Expenses** |  |
| Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391758 |
| Accounting and legal services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431912 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18891 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54019 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238740 |
| Mortgage servicing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158026 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225088 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106210 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3624644** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44129992** |
| **Realized and unrealized gain (loss)** |  |
| **Net realized gain (loss) on** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618227) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(618227)** |
| **Change in net unrealized appreciation (depreciation) of** |  |
| Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60140410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60140410** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59522183** |
| **Increase in net assets from operations** | &nbsp;&nbsp;**$103652175** |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Statements of changes in net assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended 6-30-25<br> (unaudited)** | &nbsp;&nbsp;**Year ended 12-31-24**  |
| **Increase (decrease) in net assets** |  |  |
| **From operations** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44129992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81812460 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458738) |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60140410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29400931) |
| **Increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**103652175** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51952791** |
| **Distributions to shareholders** |  |  |
| From net investment income and net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39423859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81640383) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(39423859)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(81640383)** |
| **Fund share transactions** |  |  |
| Fund shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 |
| **Total increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**249228316** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**145312408** |
| **Net assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;2117925741 | &nbsp;&nbsp;&nbsp;&nbsp;1972613333 |
| **End of period** | &nbsp;&nbsp;**$2367154057** | &nbsp;&nbsp;**$2117925741** |
| **Share activity** |  |  |
| **Shares outstanding** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118760047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109032224 |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10187578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9727823 |
| **End of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**128947625** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118760047** |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Statement of cash flows for the six months ended 6-30-25 (unaudited)

------

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| Net increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$103652175 |
| **Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:** |  |
| Long-term investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;(318895290) |
| Long-term investments sold | &nbsp;&nbsp;&nbsp;&nbsp;187208652 |
| Net purchases and sales in short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99516099) |
| Net amortization of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419341) |
| (Increase) Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133430 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30056457) |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52026) |
| Increase (Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29954235 |
| &nbsp;&nbsp;&nbsp;Payable for delayed delivery securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55700000 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44968 |
| &nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849712 |
| Net change in unrealized (appreciation) depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60140410) |
| Net realized (gain) loss on: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618227 |
| **Net cash used in operating activities** | &nbsp;&nbsp;**$(130918224)** |
| **Cash flows provided by (used in) financing activities** |  |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;$(43184183) |
| Increase (Decrease) in due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092407 |
| Fund shares issued | &nbsp;&nbsp;&nbsp;&nbsp;170000000 |
| **Net cash flows provided by financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;**$130908224** |
| **Net decrease in cash** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(10000)** |
| **Cash at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10000** |
| **Cash at end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Financial highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period ended** | &nbsp;&nbsp;**6-30-25<sup>1</sup>** | &nbsp;&nbsp;**12-31-24** | &nbsp;&nbsp;**12-31-23** | &nbsp;&nbsp;**12-31-22** | &nbsp;&nbsp;**12-31-21** | &nbsp;&nbsp;**12-31-20** |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;**$17.83** | &nbsp;&nbsp;**$18.09** | &nbsp;&nbsp;**$17.45** | &nbsp;&nbsp;**$20.84** | &nbsp;&nbsp;**$21.76** | &nbsp;&nbsp;**$21.65** |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.78)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.37)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21** |
| **Less distributions** |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| From net realized gain | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| From tax return of capital | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.70)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.67)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.61)** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.55)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.10)** |
| **Net asset value, end of period** | &nbsp;&nbsp;**$18.36** | &nbsp;&nbsp;**$17.83** | &nbsp;&nbsp;**$18.09** | &nbsp;&nbsp;**$17.45** | &nbsp;&nbsp;**$20.84** | &nbsp;&nbsp;**$21.76** |
| **Total return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.73<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.68** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.37)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.70)** | &nbsp;&nbsp;&nbsp;&nbsp;**11.00** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | &nbsp;&nbsp;$2367 | &nbsp;&nbsp;$2118 | &nbsp;&nbsp;$1973 | &nbsp;&nbsp;$1760 | &nbsp;&nbsp;$2089 | &nbsp;&nbsp;$1541 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Portfolio turnover (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |

---

<sup>1</sup> Six months ended 6-30-25. Unaudited.

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

<sup>3</sup> Less than $0.005 per share.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

------

1. Organization

John Hancock GA Mortgage 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 management investment company. The investment objective of the fund is to generate current income and to a lesser extent, capital appreciation.

The fund is only offered to "accredited investors" within the meaning of Regulation D under the Securities Act of 1933, as amended (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 (ASC) 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 mortgage loans that do not have readily ascertainable market prices. Manulife Investment Management Private Markets (US) LLC (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 will be prepared in accordance with the Advisor's valuation policy using proprietary models. In certain instances, valuations may be obtained from independent valuation firms.**

Valuation techniques include net present value and 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 mortgage investments, the fund uses proprietary valuation models, which are 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. Management 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

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

------

may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

Mortgage investments are measured at fair value based on the present value of the expected cash flows of the mortgage. There are no quoted prices in active markets. Assumptions and inputs used in the valuation of mortgage 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 manager believes that a third-party market participant would take into account in pricing a transaction. Mortgage 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 June 30, 2025 by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> value at<br> 6-30-25** | &nbsp;&nbsp;**Level 1<br> quoted price** | &nbsp;&nbsp;**Level 2<br> Significant<br> observable<br> inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> unobservable<br> inputs** |
| **Investments in securities:** | **Investments in securities:** | **Investments in securities:** |  |  |
| **Assets** |  |  |  |  |
| Commercial mortgage loans | &nbsp;&nbsp;**$2242598614** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;$2242598614 |
| U.S. Government and Agency obligations | &nbsp;&nbsp;**21233125** | &nbsp;&nbsp;— | &nbsp;&nbsp;$21233125 | &nbsp;&nbsp;— |
| Short-term investments | &nbsp;&nbsp;**170378541** | &nbsp;&nbsp;$94506767 | &nbsp;&nbsp;75871774 | &nbsp;&nbsp;— |
| **Total investments in securities** | &nbsp;&nbsp;**$2434210280** | &nbsp;&nbsp;**$94506767** | &nbsp;&nbsp;**$97104899** | &nbsp;&nbsp;**$2242598614** |

---

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.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Commercial mortgage loans |
| Balance as of 12-31-24 | &nbsp;&nbsp;$2013132191 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203263235 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30772496) |
| Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157322) |
| Net amortization of (premium) discount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458787) |
| Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57591793 |
| **Balance as of 6-30-25** | &nbsp;&nbsp;**$2242598614** |
| Change in unrealized appreciation (depreciation) at period end<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$57546280 |

---

<br> <sup>1</sup> Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end. This balance is included in change in unrealized appreciation (depreciation) on the Statement of operations.

------

[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Fair Value<br> at 6-30-25** | &nbsp;&nbsp;&nbsp;**Valuation Technique** | &nbsp;&nbsp;&nbsp;**Significant<br> Unobservable Inputs** | &nbsp;&nbsp;&nbsp;**Input/ Range** | &nbsp;&nbsp;&nbsp;**Input Weighted Average\*** |
| Commercial mortgage loans | &nbsp;&nbsp;$2212598614 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount rate | &nbsp;&nbsp;4.18% - 7.30% | &nbsp;&nbsp;5.33% |
|  | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;Transactions Indicative of<br> Value | &nbsp;&nbsp;Recent transactions | &nbsp;&nbsp;$100 | &nbsp;&nbsp;$100 |
|  | &nbsp;&nbsp;**$2242598614** |  |  |  |  |

---

\*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 June 30, 2025 could have resulted in changes to the fair value measurement, as follows:

<u>Significant Unobservable Input </u> <u>Impact to Valuation if input had increased </u> <u>Impact to Valuation if input had decreased </u> <br> Discount rate Decrease Increase <br> Recent transactions 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.

**When-issued/delayed-delivery securities. The fund may purchase or sell securities on a when-issued or delayed-delivery basis, or in a "To Be Announced" (TBA) or "forward commitment" transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues on debt securities until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments. Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.**

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

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

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**Commercial mortgage loans. The fund invests in commercial mortgage loans, and to a lesser extent, mezzanine loans and B-notes (to the extent permitted by the fund's investment restrictions), which are secured by multifamily, commercial or other properties and are subject to risks of delinquency and foreclosure and risks of loss. Commercial real estate loans are generally not fully amortizing, which means that they may have a significant principal balance or balloon payment due on maturity. Full satisfaction of the balloon payment by a commercial borrower is heavily dependent on the availability of subsequent financing or a functioning sales market, as well as other factors such as the value of the property, the level of prevailing mortgage rates, the borrower's equity in the property and the financial condition and operating history of the property and the borrower. In certain situations, and during periods of credit distress, the unavailability of real estate financing may lead to default by a commercial borrower. In addition, in the absence of any such takeout financing, the ability of a borrower to repay a loan secured by an income-producing property will depend upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. Furthermore, the fund may not have the same access to information in connection with investments in commercial mortgage loans, either when investigating a potential investment or after making an investment, as compared to publicly traded securities.**

Commercial mortgage loans are usually non-recourse in nature. Therefore, if a commercial borrower defaults on the commercial loan, then the options for financial recovery are limited in nature. To the extent the underlying default rates with respect to the pool or tranche of commercial real estate loans in which the fund directly or indirectly invests increase, the performance of the fund investments related thereto may be adversely affected. Default rates and losses on commercial loans will be affected by a number of factors, including global, regional and local economic conditions in the area where the properties are located, the borrower's equity in the underlying property and/or assets and the financial circumstances of the borrower. A decline in specific real estate or credit markets may result in higher delinquencies and defaults. In the event of default, the lender will have no right to assets beyond collateral attached to the commercial mortgage loan. In certain instances, a negotiated settlement or an amendment to the terms of the commercial loan are the only options before an ultimate foreclosure on the commercial property. A foreclosure is costly and often protracted by litigation and bankruptcy restrictions. The ultimate disposition of a foreclosed property may also yield a price insufficient to cover the cost of the foreclosure process and the balance attached to the defaulted commercial loan.

In the event of any default under a mortgage or real estate loan held directly by the fund, it will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage or real estate loan, which could have a material adverse effect on the profitability of the fund. In the event of the bankruptcy of a mortgage or real estate loan borrower, the mortgage or real estate loan to such borrower will be deemed to be secured only to the extent of the value of the underlying collateral at the time of bankruptcy (as determined by the bankruptcy court), and the lien securing the mortgage or real estate loan will be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession to the extent the lien is unenforceable under state law. Additionally, in the event of a default under any senior debt, the junior or subordinate lender generally forecloses on the equity, purchases the senior debt or negotiates a forbearance or restructuring arrangement with the senior lender in order to preserve its collateral.

**Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend**

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

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may not be known until after the ex-date. Certain mortgage related fees, such as amendment fees and commitment fees, are recorded as Other income when earned. 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. Overdrafts at period end, if any, are presented under the caption Due to custodian in the Statements of assets and liabilities.**

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

For federal income tax purposes, as of December 31, 2024, the fund has a short-term capital loss carryforward of $19,976,260 and a long-term capital loss carryforward of $1,011,683 available to offset future net realized capital gains. These carryforwards do not expire.

As of December 31, 2024, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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

Such distributions, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.

Capital accounts within the 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. The fund had no material book-tax differences at December 31, 2024.

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.

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

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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

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 Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, to offer to sell shares of the fund. The Advisor is an indirect wholly owned subsidiary of Manulife Financial Corporation (MFC) and the Distributor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of MFC.

**Management fee. The fund has an investment management agreement with the Advisor under which the fund pays an annual fee rate of 0.22% of average net assets, accrued daily and paid quarterly in arrears.**

**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 six months ended June 30, 2025 amounted to an annual rate of 0.04% 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.
**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 six months ended June 30, 2025, investments entered into by the fund pursuant to the exemptive order amounted to $112,363,235.**

5. Fund share transactions

Affiliates of the fund owned 100% of shares of the fund on June 30, 2025.

In January 2019, the Board of Trustees approved a tender offer repurchase policy for the fund. The share repurchase program does not obligate the fund to purchase a specific amount of shares. There were no share repurchases for the six months ended June 30, 2025.

6. Purchase and sale of securities

Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $203,263,235 and $30,772,496, respectively, for the six months ended June 30, 2025. Purchases and sales of U.S. Treasury obligations aggregated $115,632,055 and $156,436,155, respectively, for the six months ended June 30, 2025.

7. Segment reporting

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

Notes to financial statements 6-30-25 (unaudited)

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

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

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

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#### Investment Objective
The fund's investment objective is to generate current income, and to a lesser extent, capital appreciation.

#### Principal Investment Strategies
Under normal circumstances, the fund will seek to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in commercial mortgage loans. The fund's investments in commercial mortgage loans may include fee simple mortgages and leasehold mortgages. The fund will only invest in United States dollar-denominated loans secured by property within the United States or its territories that are sourced by the Real Estate Finance Group of John Hancock Life Insurance Company (U.S.A.) or the Advisor and that are serviced by the Advisor or its affiliates. Commercial mortgage loans are fixed-income instruments, whereby loans are secured by income producing commercial real estate properties, with a mortgage on the real estate securing the collateral. The collateral for a fee simple mortgage consists of the borrower owned land and all improvements. The collateral for a leased fee mortgage (a type of fee simple mortgage) consists of the land only and the borrower's income from its ground lease to a tenant (the tenant owns the improvements). The collateral for a leasehold mortgage consists of the borrower's leasehold interest as the ground tenant in a ground lease. The fund may invest in loans either by transacting directly with the borrower or acquiring loans in secondary market transactions. The fund will typically invest in loans secured by stabilized assets, focusing on certain property types, which include retail, office, industrial and multi-family. The fund will selectively invest in loans secured by mixed use properties, hotels, parking facilities, and self-storage properties. The fund may also invest in subordinated debt obligations, including mezzanine debt, to the extent permitted by the fund's investment restrictions. The fund will be concentrated in the commercial mortgage industry.

Commercial mortgage loans are secured by multifamily or commercial property and are subject to risks of delinquency and foreclosure. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower.

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. The fund may invest in loans of any credit quality, although under normal circumstances the majority of the fund's investments will be investment-grade as determined by the Advisor. The fund's investment policies are based on credit ratings or equivalent assessments at the time of purchase. The fund may invest in loans of any maturity and duration.

The fund's investments may also include original-issue-discount instruments and contractual "payment-in-kind," or PIK, interest arrangements.

#### 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.**

**Commercial mortgage loans risk. Commercial real estate loans are generally not fully amortizing, which means that they may have a significant principal balance or balloon payment due on maturity. In certain situations, and during periods of credit distress, the unavailability of real estate financing may lead to default by a commercial borrower. In addition, in the absence of any such takeout financing, the ability of a borrower to repay a loan secured by an income-producing property will depend upon the successful operation of such**

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

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

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property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. In the event of any default under a mortgage or real estate loan held directly by the fund, it will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage or real estate loan, which could have a material adverse effect on the profitability of the fund.

**Concentration risk. Because the fund focuses on a single industry or sector of the economy, its performance depends in large part on the performance of that industry or sector. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting that industry or sector than a fund that invests more broadly across industries and sectors.**

**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.**

**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. Financial Institutions could suffer losses as interest rates rise or economic conditions deteriorate.**

**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 payments or repay all or any of the principal borrowed. Changes in a security's credit quality may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund's value may decline as a result of this exposure to these securities.**

**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.**

**Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed 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 repurchase requests. Widespread selling of fixed-income securities during periods of reduced demand may adversely impact the price or salability of such securities.**

**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.**

**Mezzanine loans risk. Real estate mezzanine loans made to a mezzanine borrower are secured by the mezzanine borrower's equity interest in its mortgage borrower. As a mezzanine lender, the Advisor's advisory clients will have no lien on the real property as collateral for the mezzanine loan. Instead the value of the mezzanine collateral is the value of the real property above the amount of the mortgage loan(s). As a result, upon foreclosure of the mezzanine loan, the mezzanine lender typically becomes the owner of the mortgage borrower and, consequently, the indirect owner of the mortgaged property. The ability (or inability) of the mortgage borrower (or the mezzanine lender, if the mezzanine loan is foreclosed) to continue to service the mortgage liens is a key risk.**

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

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

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**Operational and cybersecurity 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.**

**Risks of Investing in Commercial Mortgage Loans secured by Ground Leases. The real property and repayment issues for a leasehold mortgage loan secured by the commercial borrower's interest as the ground tenant in a ground lease are similar to the risks associated with a fee simple commercial mortgage loan. The leasehold mortgage's main distinction is the type of property interest. The commercial borrower does not own the land and it may or may not own any improvements. Instead, the commercial borrower has a long term right to use the land. A leasehold loan is usually non-recourse in nature. Therefore, if a commercial borrower defaults on the leasehold loan, then the options for financial recovery are limited in nature, again similar to a fee simple mortgage. The options typically being either a negotiated settlement or amendment to the terms of the leasehold loan, or foreclosure. In the event of default, the lender will have no right to assets beyond the collateral attached to the leasehold loan. The leasehold loan documents include a provision that a default under the ground lease is a default under the leasehold loan. Therefore, in the event the lender exercises remedies and forecloses, the ground lease remains in place and the lender succeeds to the interests of the commercial borrower and becomes the ground tenant. Lender only gets rights granted to the borrower under the terms of the ground lease. The existence of lender's collateral is contingent upon the existence of the ground lease. Lender has additional remedies under a leasehold loan that allow for negotiated solutions with the ground landlord that may include, right to notice of any default, right to cure any default, and right enter into a new lease on substantially the same terms as the original ground lease.**

**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.**

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[**Table of Contents**](#JOB_John__a04053e5-8c23-48e9-906e-d21e7d787ba9_TOC)

John Hancock GA Mortgage Trust

More information

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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.

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ITEM 2. CODE OF ETHICS.

Item is not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Item is not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item is not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Item is not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Refer to information included in Item 1.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item is not applicable at this time.

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

(a)Item is not applicable at this time

(b)Item is not applicable at this time

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

(a)Not applicable.

(b)Not applicable.

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

No material changes.

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](f42699d2.htm)

[(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.](f42699d3.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 Mortgage Trust

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| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ Ian Roke |
|  | &nbsp;&nbsp; ------------------------------ |
|  | &nbsp;&nbsp; Ian Roke |
|  | &nbsp;&nbsp; President, |
|  | &nbsp;&nbsp; Principal Executive Officer |
| Date: | &nbsp;&nbsp; August 18, 2025 |

---

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

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp; /s/ Ian Roke |
|  | &nbsp;&nbsp; ------------------------------ |
|  | &nbsp;&nbsp; Ian Roke |
|  | &nbsp;&nbsp; President, |
|  | &nbsp;&nbsp; Principal Executive Officer |
| Date: | &nbsp;&nbsp; August 18, 2025 |
| By: | &nbsp;&nbsp; /s/ Heidi Knapp |
|  | &nbsp;&nbsp; --------------------------- |
|  | &nbsp;&nbsp; Heidi Knapp |
|  | &nbsp;&nbsp; Treasurer and Chief Financial Officer |
|  | &nbsp;&nbsp; Principal Financial Officer |
| Date: | &nbsp;&nbsp; August 18, 2025 |

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

<u>CERTIFICATION</u>

I, **Ian Roke**, certify that:

1. I have reviewed this report on Form N-CSR of **John Hancock GA Mortgage Trust**;

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: August 18, 2025

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

President, Principal Executive Officer

<u>CERTIFICATION</u>

I, **Heidi Knapp**, certify that:

1. I have reviewed this report on Form N-CSR of **John Hancock GA Mortgage Trust**;

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 statement was 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: August 18, 2025

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

Treasurer and Chief Financial Officer,

Principal 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 Mortgage 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.

/s/ Ian Roke

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

Ian Roke

President, Principal Executive Officer

Dated: August 18, 2025

/s/ Heidi Knapp

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

Heidi Knapp

Treasurer and Chief Financial Officer, Principal Financial Officer

Dated: August 18, 2025

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

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