John Hancock GA Senior Loan Trust
Portfolio of investments 3-31-23 (unaudited)
Portfolio of investments 3-31-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Senior loans (A)(B) 89.5% | $419,365,352 | ||||
(Cost $421,491,741) | |||||
Consumer staples 0.6% | 2,924,623 | ||||
Fresh Holdco, Inc., Term Loan (6 month SOFR + 6.000%) | 10.796 | 01-23-26 | 2,924,623 | 2,924,623 | |
Energy 2.9% | 13,791,277 | ||||
Alta Buyer LLC, 2022 Incremental Term Loan (3 month SOFR + 6.000%) | 11.115 | 12-21-27 | 9,950,000 | 9,803,111 | |
Andretti Buyer LLC, Term Loan (3 month LIBOR + 4.750%) | 9.748 | 06-30-26 | 3,999,813 | 3,988,166 | |
Financials 12.9% | 60,301,390 | ||||
GC Waves Holdings, Inc., 2021 Replacing Term Loan (1 month LIBOR + 5.500%) | 10.340 | 08-13-26 | 4,040,051 | 4,040,051 | |
GC Waves Holdings, Inc., Delayed Draw Term Loan (1 month LIBOR + 5.500%) | 10.340 | 08-13-26 | 4,857,156 | 4,857,156 | |
GC Waves Holdings, Inc., Revolver (1 month LIBOR + 5.500%) | 10.340 | 08-13-26 | 216,824 | 216,824 | |
Insignia Finance Merger Sub LLC, Revolver (Prime rate + 4.000% and 1 and 3 month SOFR + 5.000%) | 10.318 | 12-23-27 | 1,338,462 | 1,278,939 | |
Insignia Finance Merger Sub LLC, Term Loan (1 month SOFR + 5.000%) | 9.957 | 12-23-27 | 5,521,154 | 5,324,729 | |
MC Group Ventures Corp., 2021 Delayed Draw Term Loan (1 month LIBOR + 5.500%) | 10.325 | 06-30-27 | 2,124,638 | 2,062,634 | |
MC Group Ventures Corp., 2021 Term Loan (1 month LIBOR + 5.500%) | 10.325 | 06-30-27 | 4,070,357 | 3,959,440 | |
Oakbridge Insurance Agency LLC, 2022 2nd Amendment Delayed Draw Term loan (1 month SOFR + 5.750%) | 10.657 | 12-31-26 | 474,828 | 414,459 | |
Oakbridge Insurance Agency LLC, 2022 2nd Amendment Term Loan A (1 month SOFR + 5.750%) | 10.657 | 12-31-26 | 281,638 | 274,439 | |
Oakbridge Insurance Agency LLC, Revolver (1 month SOFR + 5.750%) | 10.657 | 12-31-26 | 321,632 | 302,514 | |
Oakbridge Insurance Agency LLC, Term Loan A (1 month SOFR + 5.750%) | 10.657 | 12-31-26 | 6,520,389 | 6,353,731 | |
Omni Intermediate Holdings LLC, 2021 Term Loan (3 month SOFR + 5.000%) | 10.048 | 12-30-26 | 6,610,834 | 6,583,667 | |
Omni Intermediate Holdings LLC, 2022 Term Loan (3 month SOFR + 5.000%) | 9.898 | 12-30-26 | 2,348,875 | 2,332,001 | |
Simplicity Financial Marketing Holdings, Inc., Delayed Draw Term Loan (1 and 3 month LIBOR + 5.750%) | 10.892 | 12-02-26 | 2,786,639 | 2,660,415 | |
Simplicity Financial Marketing Holdings, Inc., Term Loan (3 month LIBOR + 5.750%) | 10.909 | 12-02-26 | 5,739,628 | 5,525,083 | |
Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month SOFR + 5.250%) | 10.171 | 10-03-29 | 714,286 | 634,690 | |
Steward Partners Global Advisory LLC, Revolver (3 month SOFR + 5.250%) | 10.318 | 10-03-27 | 517,857 | 491,526 | |
Steward Partners Global Advisory LLC, Term Loan (3 month SOFR + 5.250%) | 10.324 | 10-03-29 | 4,264,286 | 4,185,088 | |
World Insurance Associates LLC, 2020 Revolver (1 month SOFR + 5.750%) | 10.648 | 04-01-26 | 351,679 | 343,542 | |
World Insurance Associates LLC, 2021 Delayed Draw Term Loan Tranche 4 (3 month SOFR + 5.750%) | 10.648 | 04-01-26 | 4,796,362 | 4,719,645 | |
World Insurance Associates LLC, 2021 Term Loan (3 month SOFR + 5.750%) | 10.648 | 04-01-26 | 1,805,139 | 1,777,991 |
See notes to Portfolio of investments
1
John Hancock GA Senior Loan Trust
Portfolio of investments 3-31-23 (unaudited)
Portfolio of investments 3-31-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
World Insurance Associates LLC, 2022 Tranche 7 Delayed Draw Term Loan (3 month SOFR + 5.750%) | 10.642 | 04-01-26 | 2,006,813 | $1,962,826 | |
Health care 12.4% | 57,891,403 | ||||
Atlantic Vision Partners LLC, 2022 Delayed Draw Term Loan (3 month SOFR + 6.500%) | 11.652 | 04-02-24 | 219,512 | 172,139 | |
Atlantic Vision Partners LLC, 2022 Term Loan A (3 month SOFR + 6.500%) | 11.652 | 04-02-24 | 2,345,461 | 2,330,933 | |
Avante Health Solutions, Revolver (3 month LIBOR + 4.750%) | 9.556 | 07-15-27 | 229,430 | 122,684 | |
Avante Health Solutions, Term Loan (3 month LIBOR + 4.750%) | 9.575 | 07-15-27 | 3,767,261 | 2,980,760 | |
BrightView LLC, Delayed Draw Term Loan (1 month LIBOR + 5.750%) | 10.590 | 04-12-24 | 704,865 | 659,221 | |
BrightView LLC, Revolver (1 month LIBOR + 5.750%) | 10.590 | 12-14-26 | 94,565 | 86,552 | |
BrightView LLC, Term Loan (1 month LIBOR + 5.750%) | 10.590 | 12-14-26 | 5,291,544 | 5,157,020 | |
CPC Cirtec Holdings, Inc., 2023 USD Term Loan (1 month SOFR + 6.250%) | 11.148 | 01-30-29 | 12,500,000 | 12,093,761 | |
Health Management Associates, Inc., 2023 Term Loan A (1 month SOFR + 6.500%) | 11.407 | 03-30-29 | 10,010,669 | 9,635,668 | |
MB2 Dental Solutions LLC, 2021 Delayed Draw Term Loan (1 month SOFR + 6.000%) | 10.907 | 01-29-27 | 1,884,282 | 1,862,141 | |
MB2 Dental Solutions LLC, 2021 Term Loan (1 month SOFR + 6.000%) | 10.907 | 01-29-27 | 5,225,871 | 5,164,465 | |
Pediatric Home Respiratory Services LLC, 2022 Incremental Delayed Draw Term Loan (3 month SOFR + 6.250%) | 11.290 | 08-19-27 | 572,508 | 527,245 | |
Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (3 month SOFR + 5.750%) | 11.290 | 12-04-24 | 1,536,995 | 1,504,708 | |
Premier Imaging LLC, 2021 4th Amendment Delayed Draw Term Loan (1 month LIBOR + 6.000%) | 10.840 | 01-02-25 | 1,380,948 | 1,301,482 | |
Premier Imaging LLC, 2021 4th Amendment Term Loan (1 month LIBOR + 6.000%) | 10.840 | 01-02-25 | 5,093,594 | 5,009,708 | |
Therapeutic Research Center LLC, Term Loan (3 month SOFR + 5.250%) | 10.298 | 03-21-26 | 9,554,211 | 9,282,916 | |
Industrials 40.6% | 189,947,291 | ||||
AIDC Intermediate LLC, Term Loan (3 month SOFR + 6.400%) | 11.059 | 07-22-27 | 9,975,000 | 9,964,271 | |
Apex Service Partners LLC, 2019 Term Loan (3 month LIBOR + 5.250%) | 10.004 | 07-31-25 | 4,886,612 | 4,886,612 | |
Apex Service Partners LLC, 2020 First Lien Delayed Draw Term Loan (Prime rate + 4.500% and 3 month LIBOR + 5.500%) | 11.047 | 07-31-25 | 452,084 | 446,185 | |
Apex Service Partners LLC, 2020 Term Loan (3 month LIBOR + 5.500%) | 10.747 | 07-31-25 | 1,709,197 | 1,686,895 | |
Apex Service Partners LLC, 2022 15th Amendment Incremental DDTL A (3 month SOFR + 5.250%) | 10.304 | 07-31-25 | 1,395,958 | 1,377,743 | |
Apex Service Partners LLC, 2022 15th Amendment Incremental Term Loan A (3 month SOFR + 5.250%) | 10.290 | 07-31-25 | 1,395,958 | 1,395,958 | |
BlueHalo Financing Holdings LLC, Revolver (3 month LIBOR + 6.500%) | 11.625 | 10-31-25 | 188,197 | 153,117 | |
BlueHalo Financing Holdings LLC, Term Loan A (3 month LIBOR + 6.000%) | 11.588 | 10-31-25 | 6,865,028 | 6,693,403 | |
Capital Construction LLC, Delayed Draw Term Loan (1 month SOFR + 6.250%) | 11.048 | 10-22-26 | 5,274,725 | 5,193,034 | |
Capital Construction LLC, Revolver (1 week SOFR + 6.250%) | 11.142 | 10-22-26 | 206,044 | 193,325 | |
Capital Construction LLC, Term Loan (1 month SOFR + 6.250%) | 11.015 | 10-22-26 | 3,901,099 | 3,840,682 |
See notes to Portfolio of investments
2
John Hancock GA Senior Loan Trust
Portfolio of investments 3-31-23 (unaudited)
Portfolio of investments 3-31-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
CLS Management Services, Inc., Term Loan (3 month LIBOR + 4.500%) | 9.288 | 05-31-27 | 3,771,066 | $3,662,605 | |
FusionSite Services LLC, Delayed Draw Term Loan (3 month SOFR + 5.500%) | 10.093 | 04-22-27 | 6,483,835 | 6,332,547 | |
FusionSite Services LLC, Term Loan (3 month SOFR + 5.500%) | 10.093 | 04-22-27 | 210,464 | 198,385 | |
Gannet Fleming, Inc., Term Loan (3 month SOFR + 6.600%) | 11.106 | 12-16-29 | 8,614,773 | 8,430,686 | |
Genuine Cable Group LLC, 2022 3rd Amendment Incremental Term Loan (1 month SOFR + 5.750%) | 10.556 | 11-02-26 | 9,975,000 | 9,651,213 | |
GSM Acquisition Corp., Delayed Draw Term Loan (3 month SOFR + 5.000%) | 10.160 | 11-16-26 | 898,399 | 879,879 | |
GSM Acquisition Corp., Term Loan (3 month SOFR + 5.000%) | 10.160 | 11-16-26 | 7,762,232 | 7,678,861 | |
LAC Intermediate LLC, 2022 Delayed Draw Term Loan (3 month SOFR + 6.250%) | 8.777 | 02-28-27 | 1,000,000 | 980,000 | |
LAC Intermediate LLC, 2022 Term Loan (3 month SOFR + 6.250%) | 10.938 | 02-28-27 | 10,972,500 | 10,743,050 | |
Luv Car Wash Group LLC, 2021 Delayed Draw Term Loan A (1 month SOFR + 7.150%) | 11.743 | 12-09-26 | 1,922,581 | 1,961,032 | |
Luv Car Wash Group LLC, 2021 Delayed Draw Term Loan B (1 month SOFR + 7.150%) | 11.743 | 12-09-26 | 1,555,798 | 1,586,914 | |
Luv Car Wash Group LLC, 2022 Delayed Draw Term Loan C (1 month SOFR + 7.150%) | 11.743 | 12-09-26 | 3,714,257 | 3,843,407 | |
M+D Midco, Inc., Term Loan (1 month SOFR + 5.500%) | 10.446 | 08-31-28 | 6,526,835 | 6,118,649 | |
Management Consulting & Research LLC, 2022 Delayed Draw Term Loan (3 month SOFR + 5.750%) | 10.691 | 10-29-27 | 820,875 | 795,272 | |
Management Consulting & Research LLC, Revolver (3 month LIBOR + 5.750%) | 11.103 | 08-16-27 | 259,857 | 238,970 | |
Management Consulting & Research LLC, Term Loan (3 month SOFR + 5.750%) | 10.691 | 08-16-27 | 6,261,246 | 6,117,462 | |
MWD Management LLC, Delayed Draw Term Loan (3 month SOFR + 5.000%) | 9.998 | 06-15-27 | 3,990,000 | 3,936,716 | |
MWD Management LLC, Revolver (3 month SOFR + 5.000%) | 9.998 | 06-15-27 | 466,667 | 453,313 | |
MWD Management LLC, Term Loan (3 month SOFR + 5.000%) | 9.807 | 06-15-27 | 4,975,000 | 4,908,562 | |
OIS Management Services LLC, 2022 1st Lien Delayed Draw Term Loan (3 month SOFR + 6.500%) | 10.998 | 11-16-28 | 300,000 | 263,523 | |
OIS Management Services LLC, 2022 1st Lien Revolver (3 month SOFR + 6.000%) | 10.861 | 11-16-28 | 51,282 | 40,510 | |
OIS Management Services LLC, 2022 Term Loan (1 month SOFR + 6.000%) | 10.869 | 11-16-28 | 6,666,667 | 6,571,828 | |
Orion Group Holdco LLC, 2022 1st Amendment Term Loan (3 month SOFR + 6.500%) | 11.660 | 12-07-29 | 513,333 | 513,333 | |
Orion Group HoldCo LLC, Delayed Draw Term Loan (3 month SOFR + 5.500%) | 11.160 | 03-19-27 | 3,310,833 | 3,310,833 | |
Orion Group HoldCo LLC, Revolver (3 month SOFR + 5.500%) | 11.160 | 03-19-27 | 239,988 | 231,137 | |
Orion Group HoldCo LLC, Term Loan (3 month SOFR + 6.000%) | 11.160 | 03-19-27 | 3,181,944 | 3,181,944 | |
Paint Intermediate III LLC, 2022 USD Revolver (3 month SOFR + 5.750%) | 10.404 | 10-07-27 | 264,264 | 237,824 | |
Paint Intermediate III LLC, 2022 USD Term Loan B1 (3 month SOFR + 5.750%) | 10.337 | 10-06-28 | 8,986,486 | 8,745,905 | |
Pathstone Family Office LLC, Delayed Draw Term Loan (Prime rate + 4.500% and 1 month LIBOR + 5.500%) | 10.309 | 06-01-27 | 9,960,000 | 9,951,449 | |
PVI Holdings, Inc., Term Loan (3 month SOFR + 5.840%) | 10.568 | 09-30-27 | 9,950,000 | 9,633,407 |
See notes to Portfolio of investments
3
John Hancock GA Senior Loan Trust
Portfolio of investments 3-31-23 (unaudited)
Portfolio of investments 3-31-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
Security Services Acquisition Sub Corp., 2023 5th Amendment Delayed Draw Term Loan (1 month SOFR + 6.000%) | 10.810 | 01-19-30 | 481,910 | $467,453 | |
Security Services Acquisition Sub Corp., 2023 5th Amendment Term Loan A (1 month SOFR + 6.000%) | 10.907 | 01-19-30 | 675,893 | 441,330 | |
Security Services Acquisition Sub Corp., 2023 6th Amendment Term Loan A (1 month SOFR + 6.000%) | 10.907 | 01-19-30 | 2,046,561 | 1,985,164 | |
Security Services Acquisition Sub Corp., 2023 7th Amendment Delayed Draw Term Loan (1 month SOFR + 6.000%) | 10.907 | 01-19-30 | 1,097,082 | 1,064,169 | |
Security Services Acquisition Sub Corp., 2023 Additional Term Loan A (1 month SOFR + 6.000%) | 10.907 | 01-19-30 | 475,907 | 461,630 | |
Security Services Acquisition Sub Corp., 2023 Delayed Draw Term Loan (1 month SOFR + 6.000%) | 10.907 | 01-19-30 | 566,249 | 549,261 | |
Southern Orthodontic Partners Management LLC, 4th Amendment Delayed Draw Term Loan (3 month SOFR + 6.000%) | 11.160 | 01-27-26 | 5,202,688 | 5,109,656 | |
The S2 HR Group LLC, Revolver (1 month SOFR + 5.000%) | 9.907 | 05-30-25 | 594,404 | 523,599 | |
The S2 HR Group LLC, Term Loan (1 month SOFR + 5.000%) | 9.806 | 05-30-25 | 6,775,663 | 6,614,240 | |
WWEC Holdings II Corp., Revolver (1 month SOFR + 6.000%) | 10.728 | 10-03-27 | 559,006 | 538,008 | |
WWEC Holdings II Corp., Term Loan (3 month SOFR + 6.000%) | 10.898 | 10-03-29 | 7,168,944 | 7,020,111 | |
XpressMyself.com LLC, Term Loan (3 month SOFR + 5.000%) | 10.040 | 09-07-28 | 8,486,765 | 8,142,229 | |
Information technology 5.3% | 24,955,182 | ||||
Drilling Info, Inc., 2018 Term Loan (1 month LIBOR + 4.250%) | 9.090 | 07-30-25 | 4,872,566 | 4,872,566 | |
MRI Software LLC, 2020 Term Loan B (3 month LIBOR + 5.500%) | 10.659 | 02-10-26 | 4,565,523 | 4,565,523 | |
Nxgen Buyer, Inc., 2021 Term Loan (3 month LIBOR + 5.000%) | 9.825 | 10-31-25 | 2,221,875 | 2,221,875 | |
Nxgen Buyer, Inc., Term Loan (3 month LIBOR + 4.750%) | 9.575 | 10-31-25 | 4,874,055 | 4,874,055 | |
Trimech Acquisition Corp., Term Loan (3 month SOFR + 4.750%) | 9.648 | 03-10-28 | 8,597,368 | 8,421,163 | |
Materials 13.2% | 62,044,527 | ||||
Chemtron Supply LLC, Term Loan (3 month LIBOR + 6.000%) | 10.840 | 03-03-30 | 6,250,000 | 5,875,000 | |
Comar Holding Company LLC, 2018 Term Loan (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 1,714,194 | 1,705,978 | |
Comar Holding Company LLC, 2nd Amendment Delayed Draw Term Loan (3 month SOFR + 6.250%) | 11.201 | 06-18-24 | 728,686 | 725,194 | |
Comar Holding Company LLC, Delayed Draw Term Loan (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 606,260 | 603,354 | |
Comar Holding Company LLC, First Amendment Term Loan (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 1,562,805 | 1,555,314 | |
Comar Holding Company LLC, Revolver (3 month SOFR + 5.750%) | 10.701 | 06-18-24 | 276,184 | 274,860 | |
DCG Acquisition Corp., Second Lien Term Loan (1 month SOFR + 8.500%) | 13.407 | 09-30-27 | 5,000,000 | 4,990,633 | |
I.D. Images Acquisition LLC, Incremental Term Loan 5 (1 month SOFR + 6.350%) | 11.157 | 11-30-29 | 9,950,000 | 9,801,397 | |
Krayden Holdings, Inc., Term Loan A (1 month SOFR + 6.000%) | 10.998 | 03-01-30 | 7,968,750 | 7,593,751 | |
Polymer Solutions Group LLC, 2019 Term Loan (3 month LIBOR + 4.750%) | 9.913 | 11-26-26 | 1,869,565 | 1,869,565 | |
Roofing Buyer LLC, Delayed Draw Term Loan (3 month SOFR + 6.000%) | 11.065 | 12-08-26 | 9,534,574 | 9,380,810 | |
Tilley Chemical Company, Inc., Delayed Draw Term Loan (3 month SOFR + 5.500%) | 10.548 | 12-31-26 | 1,472,308 | 1,455,811 |
See notes to Portfolio of investments
4
John Hancock GA Senior Loan Trust
Portfolio of investments 3-31-23 (unaudited)
Portfolio of investments 3-31-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Materials (continued) | |||||
Tilley Chemical Company, Inc., Term Loan A (3 month SOFR + 5.500%) | 10.732 | 12-31-26 | 6,773,781 | $6,681,817 | |
Walnut Parent, Inc., 2022 2nd Amendment Incremental Term Loan (3 month LIBOR + 5.500%) | 10.460 | 11-09-27 | 2,605,625 | 2,571,142 | |
Walnut Parent, Inc., Term Loan (3 month LIBOR + 5.500%) | 10.460 | 11-09-27 | 7,053,243 | 6,959,901 | |
Real estate 1.6% | 7,509,659 | ||||
Bandon Purchaser LLC, Delayed Draw Term Loan (3 month SOFR + 6.000%) | 11.061 | 07-27-28 | 387,806 | 384,819 | |
Bandon Purchaser LLC, Revolver (3 month SOFR + 6.000%) | 11.103 | 07-27-28 | 317,060 | 316,462 | |
Bandon Purchaser LLC, Term Loan (3 month SOFR + 6.000%) | 10.826 | 07-27-28 | 6,816,142 | 6,808,378 |
Yield (%) | Shares | Value | |||
Short-term investments 7.1% | $33,051,734 | ||||
(Cost $33,051,734) | |||||
Short-term funds 7.1% | 33,051,734 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4.6799(C) | 33,051,734 | 33,051,734 |
Total investments (Cost $454,543,475) 96.6% | $452,417,086 | ||||
Other assets and liabilities, net 3.4% | 16,032,093 | ||||
Total net assets 100.0% | $468,449,179 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
(A) | Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. |
(B) | Senior loans are variable rate obligations. The coupon rate shown represents the rate at period end. |
(C) | The rate shown is the annualized seven-day yield as of 3-31-23. |
See notes to Portfolio of investments
5
John Hancock GA Senior Loan Trust
Notes to Portfolio of investments 3-31-23 (unaudited)
Notes to Portfolio of investments 3-31-23 (unaudited)
Security valuation. Investments are valued at the end of each month at a minimum. The fund invests primarily in senior loans. The Advisor, assisted by its Pricing Committee (composed of officers of the Advisor and its affiliates), determines the fair value of the fund’s securities that are not publicly traded or whose market prices are not readily available pursuant to procedures established by the Advisor and adopted by the Board of Trustees. In connection with that determination, portfolio valuations are prepared in accordance with the Advisor's valuation policy using valuation obtained from independent valuation firms and/or proprietary models.
Valuation techniques include discounted cash flow models, comparison with similar instruments for which observable market prices exist and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other inputs used in estimating discount rates. For senior loans, the fund uses valuations from independent valuation firms, which are based on models developed from recognized accounting principles generally accepted in the United States of America valuation approaches under ASC 820. Some or all of the significant inputs into these models may be unobservable and are derived either from observable market prices or rates or are estimated based on unobservable assumptions. Valuation models that employ significant unobservable inputs require a higher degree of management judgment and estimation in the determination of fair value. Judgment and estimation are usually required for the selection of the appropriate valuation model to be used, determination of expected future cash flows on the financial instrument being valued, determination of the probability of counterparty default and prepayments and selection of appropriate discount rates.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
Senior loan investments are measured at fair value based on the present value of the expected cash flows of the loans. There are no quoted prices in active markets. Assumptions and inputs used in the valuation of senior loan investments include prepayment estimates, determination of the discount rate based on the risk-free interest rate adjusted for credit risk (including estimation of probability of default), liquidity and any other adjustments that the independent valuation firm believes that a third-party market participant would take into account in pricing a transaction. Senior loan investment valuations rely primarily on the use of significant unobservable inputs, including credit assumptions, which require significant judgment and, accordingly, are classified as Level 3.
Other debt obligations are typically valued based on the evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Other debt obligations are generally classified as Level 2.
Investments in open-end mutual funds are valued at their respective net asset values each business day and are generally classified as Level 1.
6
John Hancock GA Senior Loan Trust
Notes to Portfolio of investments 3-31-23 (unaudited)
Notes to Portfolio of investments 3-31-23 (unaudited)
The following is a summary of the values by input classification of the fund’s investments as of March 31, 2023 by major security category or type:
Total value at 3-31-23 | Level 1 quoted price | Level 2 Significant observable inputs | Level 3 Significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Senior loans | $419,365,352 | — | — | $419,365,352 |
Short-term investments | 33,051,734 | $33,051,734 | — | — |
Total investments in securities | $452,417,086 | $33,051,734 | — | $419,365,352 |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. There were no transfers into or out of Level 3 during the period.
Senior loans | |
Balance as of 12-31-22 | $379,989,419 |
Purchases | 65,119,137 |
Sales | (29,021,522) |
Realized gain (loss) | 692,265 |
Net amortization of (premium) discount | 373,367 |
Change in unrealized appreciation (depreciation) | 2,212,686 |
Balance as of 3-31-23 | $419,365,352 |
Change in unrealized appreciation (depreciation) at period end* | $2,417,950 |
*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.
The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund’s Level 3 securities are outlined in the table below.
Fair Value at 3-31-23 | Valuation technique | Significant unobservable inputs | Input/range | Input weighted average* | |
Senior loans | $367,475,126 | Discounted cash flow | Discount rate | 3.59% - 10.74% | 6.17% |
51,890,226 | Recent transaction | Transaction price | $96.75 - $98.00 | $97.17 | |
Total | $419,365,352 |
*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 March 31, 2023 could have resulted in changes to the fair value measurement, as follows:
Significant Unobservable Input | Impact to Valuation if input had increased | Impact to Valuation if input had decreased |
Discount rate | Decrease | Increase |
Transaction price | Increase | Decrease |
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
7
John Hancock GA Senior Loan Trust
Notes to Portfolio of investments 3-31-23 (unaudited)
Notes to Portfolio of investments 3-31-23 (unaudited)
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.
As of March 31, 2023, the fund had the following unfunded commitments outstanding:
Unfunded Term Loan | Principal on Delayed Draw Term Loan | Principal on Revolver | Unrealized Appreciation (Depreciation) | |
Andretti Buyer LLC | — | $897,364 | ($2,133) | |
Atlantic Vision Partners LLC | $7,429,024 | — | (46,014) | |
Avante Health Solutions | 458,861 | 344,146 | (149,444) | |
Bandon Purchaser LLC | 2,235,433 | 207,874 | (2,783) | |
BlueHalo Financing Holdings LLC | — | 1,215,028 | (30,375) | |
BrightView LLC | 866,848 | 220,652 | (30,783) | |
Capital Construction LLC | — | 618,132 | (9,539) | |
Chemtron Supply LLC | 4,166,667 | 2,083,333 | (187,500) | |
CLS Management Services, Inc. | 2,132,353 | 1,279,412 | (51,518) | |
FusionSite Services LLC | 2,758,621 | 530,303 | (53,789) | |
Gannet Fleming, Inc. | — | 1,363,636 | (24,930) | |
GC Waves Holdings, Inc. | 130,000 | 650,473 | — | |
GSM Acquisition Corp. | — | 825,949 | (8,871) | |
Health Management Associates, Inc. | 1,778,094 | 711,238 | (74,681) | |
Insignia Finance Merger SUB LLC | — | 334,615 | (11,904) | |
Krayden Holdings, Inc. | 2,968,750 | 1,562,500 | (135,937) | |
LAC Intermediate LLC | — | 500,000 | (10,000) | |
LUV Car Wash Group LLC | 2,743,243 | — | 54,865 | |
M&D Midco, Inc. | 2,293,578 | 1,146,789 | (140,893) | |
Management Consulting & Research LLC | 1,925,000 | 649,642 | (32,868) | |
MC Group Ventures Corp. | 440,179 | 517,857 | (23,161) | |
MRI Software LLC | — | 318,037 | — | |
MWD Management LLC | — | 533,333 | (7,122) | |
Oakbridge Insurance Agency LLC | 1,887,069 | 426,349 | (59,130) | |
OIS Management Services LLC | 2,264,103 | 717,949 | (42,263) | |
Omni Intermediate Holdings LLC | 380,769 | 544,601 | 2,196 | |
Orion Group HoldCo LLC | 2,286,667 | 431,308 | (5,687) | |
Paint Intermediate III LLC | — | 726,727 | (19,390) | |
Pediatric Home Respiratory Services LLC | 1,732,988 | 1,143,877 | (47,800) | |
Polymer Solutions Group LLC | — | 463,768 | — | |
Premier Imaging LLC | 3,444,260 | — | (56,724) | |
Security Services Acquisition Sub Corp. | 7,142,857 | — | (214,286) | |
Simplicity Financial Marketing Holdings, Inc. | 861,364 | 460,903 | (45,752) | |
Southern Orthodontic Partners Management LLC | 4,775,000 | — | (44,522) |
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John Hancock GA Senior Loan Trust
Notes to Portfolio of investments 3-31-23 (unaudited)
Notes to Portfolio of investments 3-31-23 (unaudited)
Unfunded Term Loan | Principal on Delayed Draw Term Loan | Principal on Revolver | Unrealized Appreciation (Depreciation) | |
Steward Partners Global Advisory LLC | 3,571,429 | 910,714 | (83,116) | |
The S2 HR Group LLC | — | 2,377,617 | (56,644) | |
Therapeutic Research Center LLC | — | 303,131 | (8,342) | |
Tilley Chemical Company, Inc. | — | 1,433,761 | (16,065) | |
Trimech Acquisition Corp. | — | 1,315,789 | (23,388) | |
World Insurance Associates LLC | 743,188 | 189,366 | (14,736) | |
WWEC Holdings II Corp. | 1,552,795 | 683,230 | (37,980) | |
XpressMyself.com LLC | — | 1,470,588 | (50,884) | |
Total | $62,969,140 | $30,109,991 | $(1,803,893) |
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
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