10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number

814-01664

MANULIFE PRIVATE CREDIT FUND

(Exact name of registrant as specified in its charter)


Delaware		92-3968552
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

197 Clarendon Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (617)

663-3000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Act:

Class NAV Common Shares of Beneficial Interest, par value $0.01 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). Yes ☐ No ☒

As of June 30, 2026, there was no established public market for the Registrant’s common shares of beneficial interest (“Common Shares”). The number of the Registrant’s Common Shares, $0.01 par value per share, outstanding as of August 1

, 2026, was 8,256,380.

PART I. FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements (Unaudited)

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Non-controlled/Non-affiliated
Senior loans (A)(B) 238.6% (Cost $405,674,693)							$	403,155,736
Consumer discretionary 52.9%								89,336,915

Distributors 8.8%
All Glass & Window Holdings, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 4.750%) (C)		8.374		03-26-31		1,280,449		1,280,449
All Glass & Window Holdings, Inc., Revolver (C)		—		03-26-31		769,231		769,231
All Glass & Window Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D)		8.403		03-26-31		3,597,707		3,597,707
Eastern Communications Solutions, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		12-30-30		3,423,296		3,399,333
Eastern Communications Solutions, Inc., Revolver (C)		—		12-30-30		1,031,519		1,024,298
Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		12-30-30		4,789,156		4,755,632
Diversified consumer services 28.8%
Capital Construction LLC, 3rd Amendment Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.592		10-22-26		408,527		391,777
Capital Construction LLC, Add-On Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.750%) (D)		9.566		10-22-26		492,083		471,907
Capital Construction LLC, Add-On Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.470		10-22-26		321,653		308,466
Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.470		10-22-26		1,116,765		1,070,978
Capital Construction LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 5.750%) (D)		9.592		10-22-26		216,155		207,292
Capital Construction LLC, Revolver (1 month CME Term SOFR + 5.750%) (C)		9.592		10-22-26		508,039		487,209
Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.470		10-22-26		823,855		790,077
GarageCo Intermediate II LLC, Delayed Draw Term Loan (C)		—		08-02-32		2,289,562		2,268,956
GarageCo Intermediate II LLC, Revolver (C)		—		08-02-32		686,869		680,687
GarageCo Intermediate II LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		7.914		08-02-32		1,556,902		1,542,890
Impact Climate Technologies LLC, Add-On Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.791		04-04-30		350,362		342,303
Impact Climate Technologies LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%)		9.475		04-04-30		711,718		695,349
Impact Climate Technologies LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.813		04-04-30		2,010,605		1,964,361
Leap Service Partners LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.937		03-15-29		1,728,288		1,728,288
Leap Service Partners LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 5.250%) (D)		8.922		03-15-29		2,003,752		2,003,752
Leap Service Partners LLC, Delayed Draw Term Loan C (3 month CME Term SOFR + 5.250%) (C)		8.961		03-15-29		3,515,770		3,515,770
Leap Service Partners LLC, Revolver (1 month CME Term SOFR + 5.250%) (C)		—		03-15-29		588,235		588,235
Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.925		03-15-29		1,609,487		1,609,487
O2B Early Education Holding, Inc., Delayed Draw Term Loan (C)		—		05-29-31		1,361,162		1,350,272
O2B Early Education Holding, Inc., Revolver ( C )		—		05-29-31		680,581		675,136

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Consumer discretionary (continued)
Diversified consumer services (continued)
O2B Early Education Holding, Inc., Term Loan (1 month CME Term SOFR + 4.500%) (D)		8.144		05-29-31		2,021,325	$	2,005,154
P.J. Fitzpatrick LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.413		08-01-31		1,416,667		1,416,667
P.J. Fitzpatrick LLC, Revolver (C)		—		08-01-31		1,062,500		1,062,500
P.J. Fitzpatrick LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.414		08-01-31		4,358,729		4,358,729
Perennial Services Group LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.500%) (C)		8.232		12-23-32		3,623,585		3,547,490
Perennial Services Group LLC, Revolver (3 month CME Term SOFR + 4.500%) (C)		8.232		12-23-32		806,223		789,293
Perennial Services Group LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.232		12-23-32		4,959,282		4,855,137
Prestige Backyards LLC, Delayed Draw Term Loan (C)		—		08-07-31		2,090,164		1,979,385
Prestige Backyards LLC, Revolver ( Prime rate + 4.250%) (C)		11.000		08-07-31		1,393,443		1,319,590
Prestige Backyards LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.903		08-07-31		4,991,311		4,726,772
Hotels, restaurants and leisure 8.1%
Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan (C)		—		07-27-28		1,705,489		1,555,406
Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000% and 0.500% PIK)		10.299		07-27-28		541,130		493,510
Bandon Fitness, Inc., Revolver (3 month CME Term SOFR + 6.000% and 0.500% PIK)		10.316		07-27-28		115,276		105,132
Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.813		07-27-28		1,448,130		1,320,694
Founders Table Holdings LLC, Delayed Draw Term Loan (C)		—		06-12-31		156,661		155,094
Founders Table Holdings LLC, Revolver (C)		—		06-12-31		156,661		153,527
Founders Table Holdings LLC, Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.894		06-12-31		1,406,421		1,378,293
Rocket Holdco Intermediate II LLC, Revolver (C)		—		06-17-31		801,887		800,283
Rocket Holdco Intermediate II LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.232		06-17-31		3,429,509		3,422,650
Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)		8.920		06-18-29		1,601,518		1,537,457
Star Logistics & Hospitality Services LLC, Revolver (Prime rate + 4.250 % and 3 month CME Term SOFR + 5.250%) (C)		9.117		06-18-29		535,714		514,286
Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.918		06-18-29		2,310,000		2,217,600
Household durables 2.6%
Simon Pearce LLC, Revolver (C)		—		10-21-30		642,857		642,857
Simon Pearce LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.163		10-21-30		3,799,286		3,799,286
Leisure products 2.3%
4M Capital, Ltd., Revolver (C)		—		06-18-27		528,000		527,472
4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		06-18-27		3,283,933		3,280,649

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Consumer discretionary (continued)
Specialty retail 2.3%
RPC TopCo, Inc., Revolver (C)		—		09-02-31		545,455	$	545,455
RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 4.500%) (D)		8.245		09-02-31		3,306,705		3,306,705
Consumer staples 19.2%								32,415,826

Consumer staples distribution and retail 6.5%
PAK Quality Foods Acquisition LLC, 1st Amendment Delayed Draw Term Loan (C)		—		12-28-29		34,071		34,071
PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.504		12-28-29		533,294		533,294
PAK Quality Foods Acquisition LLC, Revolver (1 month CME Term SOFR + 5.750%) (C)		9.504		12-28-29		313,433		313,433
PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.504		12-28-29		2,103,456		2,103,456
TruSource Foods LLC, 1st Amendment Delayed Drawn Term Loan (C)		—		08-01-31		1,109,256		1,059,340
TruSource Foods LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		08-01-31		1,276,604		1,219,157
TruSource Foods LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.732		08-01-31		641,509		612,642
TruSource Foods LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		08-01-31		5,327,661		5,087,916
Food products 12.7%
Foodscience LLC, Delayed Draw Term Loan (3 and 6 month CME Term SOFR + 4.750%) (C)		8.579		11-14-31		2,434,552		2,429,683
Foodscience LLC, Revolver (6 month CME Term SOFR + 4.750%) (C)		8.490		11-14-31		763,889		762,361
Foodscience LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.495		11-14-31		2,257,292		2,252,777
GSF Buyer LLC, Delayed Draw Term Loan (C)		—		04-30-31		1,361,162		1,343,466
GSF Buyer LLC, Revolver (C)		—		04-30-31		680,581		671,733
GSF Buyer LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.413		04-30-31		2,021,325		1,995,048
Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.416		08-01-30		994,355		977,451
Hill Country Dairies, Inc., Revolver (C)		—		08-01-30		725,806		713,468
Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.416		08-01-30		2,638,488		2,593,634
Wheat Holdings LLC, Delayed Draw Term Loan (C)		—		10-15-30		2,742,268		2,706,619
Wheat Holdings LLC, Revolver (C)		—		10-15-30		979,381		966,649
Wheat Holdings LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		7.923		10-15-30		4,092,835		4,039,628
Financials 9.5%								16,099,741

Capital markets 6.2%
Rome Borrower LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.250%) (C)		7.982		01-14-33		1,019,012		1,007,803
Rome Borrower LLC, Revolver (C)		—		01-14-33		344,313		340,525

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Financials (continued)
Capital markets (continued)
Rome Borrower LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		7.982		01-14-33		1,273,765	$	1,259,754
Steward Partners Global Advisory LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (D)		8.644		10-13-28		916,808		910,390
Steward Partners Global Advisory LLC, Delayed Draw Term Loan C (1 month CME Term SOFR + 5.000%) (C)		8.508		10-13-28		5,143,741		5,107,734
Steward Partners Global Advisory LLC, Revolver (C)		—		10-13-28		955,881		949,190
Steward Partners Global Advisory LLC, Term Loan (1 month CME Term SOFR + 5.000%) (D)		8.644		10-13-28		900,081		893,780
Insurance 3.3%
Stellar Buyer LLC, 1st Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		11-12-30		389,803		382,007
Stellar Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.732		11-12-30		1,630,058		1,597,457
Stellar Buyer LLC, Revolver (C)		—		11-12-30		819,536		803,146
Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		11-12-30		2,906,076		2,847,955
Health care 50.8 %								85,909,322

Health care equipment and supplies 6.5%
CPC/Cirtec Holdings, Inc., Add-On Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		01-30-29		1,573,910		1,562,892
CPC/Cirtec Holdings, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		01-30-29		2,109,586		2,094,819
LTC Consulting Services LLC, Revolver (C)		—		05-01-31		454,545		454,545
LTC Consulting Services LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.182		05-01-31		6,838,636		6,838,636
Health care providers and services 44.3%
ARC Health Operating Company LLC, Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.000%) (C)		8.234		10-10-30		3,253,206		3,214,167
ARC Health Operating Company LLC, Revolver (C)		—		10-10-30		768,142		758,925
ARC Health Operating Company LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.644		10-10-30		3,781,411		3,736,034
CRH Healthcare Purchaser, Inc., Delayed Draw Term Loan (C)		—		09-17-31		489,979		484,100
CRH Healthcare Purchaser, Inc., Revolver (C)		—		09-17-31		195,992		193,640
CRH Healthcare Purchaser, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.994		09-17-31		2,139,740		2,114,063
In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%)		9.758		02-28-29		688,160		658,569
In Vitro Sciences LLC, Revolver (3 month CME Term SOFR + 6.000%) (C)		9.925		02-28-29		177,778		170,133
In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 6.000%) (D)		9.758		02-28-29		2,578,889		2,467,997
Innovate 32 Services LLC, Delayed Draw Term Loan (C)		—		10-29-31		2,000,000		1,985,000
Innovate 32 Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D)		9.356		10-29-31		2,000,000		1,970,000
Midwest Eye Services LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 4.500%) (D)		8.382		08-21-28		1,221,413		1,221,413

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Health care (continued)
Health care providers and services (continued)
Midwest Eye Services LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 4.500%) (C)		8.382		08-21-28		2,806,322	$	2,806,322
Midwest Eye Services LLC, Revolver (C)		—		08-21-28		704,931		704,931
Midwest Eye Services LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.382		08-21-28		725,543		725,543
NE Ortho Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)(D)		8.734		12-13-30		8,852,650		8,728,713
NE Ortho Management Services LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.744		12-13-30		553,291		545,545
OIS Management Services LLC, 3rd Amendment Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%)		8.482		11-16-28		428,131		428,131
OIS Management Services LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		11-16-28		2,315,287		2,315,287
OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		11-16-28		542,371		542,371
OIS Management Services LLC, Revolver (C)		—		11-16-28		167,626		167,626
OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		11-16-28		1,405,546		1,405,546
Pediatric Home Respiratory Services LLC, Add-On Term Loan (6 month CME Term SOFR + 5.500%) (D)		9.285		12-23-30		3,496,578		3,486,088
Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (C)		—		12-23-30		900,000		897,300
Pediatric Home Respiratory Services LLC, Revolver (3 month CME Term SOFR + 5.500%) (C)		9.285		12-23-30		500,000		498,500
Pediatric Home Respiratory Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.285		12-23-30		4,542,500		4,528,873
Redwood MSO LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.482		12-20-29		782,344		762,786
Redwood MSO LLC, Revolver (3 month CME Term SOFR + 5.750%) (C)		9.482		12-20-29		337,079		328,652
Redwood MSO LLC, Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.482		12-20-29		4,803,258		4,683,177
Refocus Management Services LLC, 2nd Amendment Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.711		02-14-29		2,252,861		2,250,608
Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.689		02-14-29		1,039,189		1,038,150
Refocus Management Services LLC, Revolver (C)		—		02-14-29		210,526		210,316
Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		02-14-29		2,675,263		2,672,588
SGA Dental Partners Sub Holdings LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.664		06-13-31		2,630,636		2,578,023
The Smilist DSO LLC, 2024-1 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.732		04-04-29		687,933		687,933
The Smilist DSO LLC, 2024-2 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.732		04-04-29		552,476		546,951
The Smilist DSO LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)(D)		8.982		04-04-29		1,993,141		1,993,141
The Smilist DSO LLC, Revolver (1 month CME Term SOFR + 6.000%) (C)		9.644		04-04-29		140,351		140,351

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Health care (continued)
Health care providers and services (continued)
The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.732		04-04-29		2,544,561	$	2,544,561
VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) (C)		9.463		11-02-27		3,007,679		3,001,664
VPD Management, Inc., Revolver (Prime rate + 4.750% and 3 month CME Term SOFR + 5.750%) (C)		10.066		11-02-27		228,571		228,114
VPD Management, Inc., Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.482		11-02-27		730,000		728,540
Wildcats Purchaser LLC, 2nd Amendment Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.416		05-08-31		317,898		314,719
Wildcats Purchaser LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.482		05-08-31		937,158		927,786
Wildcats Purchaser LLC, Delayed Draw Term Loan B (C)		—		05-08-31		266,286		263,624
Wildcats Purchaser LLC, Revolver (C)		—		05-08-31		312,735		309,607
Wildcats Purchaser LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		05-08-31		2,012,447		1,992,322
Industrials 82.7%								139,664,397

Air freight and logistics 2.6%
PNB Holdings III LLC, Delayed Draw Term Loan (C)		—		09-17-30		1,227,273		1,227,273
PNB Holdings III LLC, Revolver (C)		—		09-17-30		818,182		818,182
PNB Holdings III LLC, Term Loan (6 month CME Term SOFR + 4.500%) (D)		8.098		09-17-30		2,411,591		2,411,591
Building products 7.6%
DAWGS Intermediate Holding Company, Revolver (3 month CME Term SOFR + 4.250%) (C)		7.967		03-28-31		378,558		377,801
DAWGS Intermediate Holding Company, Term Loan (3 month CME Term SOFR + 4.250%) (D)		7.982		03-28-31		1,525,212		1,522,162
Integrated Openings Solutions LLC, 4th Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.692		11-20-29		272,393		268,307
Integrated Openings Solutions LLC, 5th Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.692		11-20-29		358,399		353,023
Integrated Openings Solutions LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.692		11-20-29		4,088,427		4,027,101
Integrated Openings Solutions LLC, Revolver (1 and 3 month CME Term SOFR + 5.000%) (C)		8.682		11-20-29		379,121		373,434
Vybond Buyer LLC, Delayed Draw Term Loan (C)		—		02-03-32		1,051,402		1,040,888
Vybond Buyer LLC, Revolver (C)		—		02-03-32		788,551		780,666
Vybond Buyer LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		02-03-32		4,118,446		4,077,262
Commercial services and supplies 23.4%
Air Buyer, Inc., Revolver (3 month CME Term SOFR + 5.500%) (C)		9.160		07-23-30		341,761		282,978
Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.166		07-23-30		3,357,827		2,780,281
American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.250%) (D)		8.994		08-31-28		800,107		794,506
American Combustion Industries, Inc., Delayed Draw Term Loan B (1 month CME Term SOFR + 5.350%) (C)		8.994		08-31-28		956,524		949,829

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Commercial services and supplies (continued)
American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.250%) (C)		8.994		08-31-28		359,168	$	356,654
American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.994		08-31-28		2,327,480		2,311,188
BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 4.750%) (D)		8.382		12-26-31		968,167		958,486
BCTS Parent LLC, Incremental Delayed Draw Term Loan (1 month CME Term SOFR + 4.750%) (D)		8.394		12-26-31		2,873,598		2,844,862
BCTS Parent LLC, Revolver (C)		—		12-26-31		354,484		350,939
BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.416		12-26-31		1,382,489		1,368,664
Beary Landscaping LLC, 3rd Amendment Term Loan A (1 month CME Term SOFR + 5.250%) (D)		8.625		12-21-29		666,629		658,629
Beary Landscaping LLC, 4th Amendment Term Loan A (1 month CME Term SOFR + 5.250%) (D)		8.614		12-21-29		371,910		367,447
Beary Landscaping LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.625		12-21-29		417,254		412,246
Beary Landscaping LLC, Revolver (1 month CME Term SOFR + 5.250%) (C)		8.622		12-21-29		422,535		417,465
Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.894		12-21-29		2,101,056		2,075,844
Diverzify Intermediate LLC, PIK B Note (12.000% PIK) (D)		12.000		04-30-30		557,641		55,764
Diverzify Intermediate LLC, Revolver (C)		—		04-30-29		33,938		32,309
Diverzify Intermediate LLC, Roll Up Priority Term Loan (10.000% PIK) (D)		10.000		04-30-29		135,414		135,414
Diverzify Intermediate LLC, Term Loan (11.816% PIK) (D)		11.816		04-30-29		1,657,229		1,577,682
Identiti Resources LLC, Revolver (C)		—		11-01-29		385,195		385,195
Identiti Resources LLC, Term Loan (1 month CME Term SOFR + 5.000%) (D)		8.644		11-01-29		4,452,950		4,452,950
Renovation Systems LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.000%) (D)		10.232		07-24-28		1,085,657		968,406
Renovation Systems LLC, Add-On Delayed Draw Term Loan D (3 month CME Term SOFR + 4.000% and 2.500% PIK) (C)		10.137		07-24-28		272,439		243,015
Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.000% and 2.500% PIK) (D)		10.232		07-24-28		247,920		221,144
Renovation Systems LLC, Revolver ( Prime rate + 3.000%) (C)		9.750		07-24-28		125,263		111,734
Renovation Systems LLC, Term Loan (3 month CME Term SOFR + 4.000% and 2.500% PIK) (D)		10.232		07-24-28		3,705,956		3,305,714
Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) (D)		9.494		09-30-27		1,477,374		1,468,510
Security Services Acquisition Sub Corp., 12th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) (D)		9.494		09-30-27		412,875		410,398
Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.494		09-30-27		153,264		152,345
Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.494		09-30-27		1,005,700		999,666
Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.494		09-30-27		593,334		589,774
StartKleen Legacy Holdings LLC, Delayed Draw Term Loan (C)		—		03-14-31		1,282,051		1,282,051

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Commercial services and supplies (continued)
StartKleen Legacy Holdings LLC, Revolver (1 month CME Term SOFR + 4.500%) (C)		8.133		03-14-31		1,025,641	$	1,025,641
StartKleen Legacy Holdings LLC, Term Loan (1 month CME Term SOFR + 4.500%) (D)		8.152		03-14-31		3,165,064		3,165,064
XpressMyself.com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.515		09-07-28		582,387		582,387
XpressMyself.com LLC, Revolver (C)		—		09-07-28		233,050		232,118
XpressMyself.com LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.261		09-07-28		1,301,000		1,295,796
Construction and engineering 1.9%
Magic Valley Electric LLC, Delayed Draw Term Loan (C)		—		04-07-31		1,526,252		1,512,515
Magic Valley Electric LLC, Revolver (C)		—		04-07-31		305,250		302,503
Magic Valley Electric LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.418		04-07-31		1,356,456		1,344,248
Machinery 8.1%
Lindstrom LLC, Revolver (6 month CME Term SOFR + 5.500%) (C)		—		12-30-32		1,209,767		1,200,089
Lindstrom LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D)		9.346		12-30-32		8,175,683		8,110,279
Rapid Buyer LLC, Delayed Draw Term Loan (C)		—		10-15-30		1,295,585		1,295,585
Rapid Buyer LLC, Revolver (C)		—		10-15-30		647,793		647,793
Rapid Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D)		8.442		10-15-30		2,360,038		2,360,038
Professional services 21.5%
CPS Holdco, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 4.750%) (D)		8.406		03-28-31		1,356,173		1,343,968
CPS Holdco, Inc., Delayed Draw Term Loan B (3 month CME Term SOFR + 4.750%) (C)		8.432		03-28-31		1,497,481		1,484,003
CPS Holdco, Inc., Revolver (C)		—		03-28-31		705,128		698,782
CPS Holdco, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		03-28-31		2,630,168		2,606,497
Galloway & Company LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.250%) (C)		7.982		05-05-31		1,970,228		1,970,228
Galloway & Company LLC, Revolver (C)		—		05-05-31		656,743		656,743
Galloway & Company LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		7.982		05-05-31		4,291,156		4,291,156
Health Management Associates, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.942		03-30-29		218,820		216,632
Health Management Associates, Inc., Revolver (C)		—		03-30-29		124,004		122,764
Health Management Associates, Inc., Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.942		03-30-29		1,692,990		1,676,060
HMN Acquirer Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 4.500%) (C)		8.232		11-05-31		1,041,667		1,041,667
HMN Acquirer Corp., Revolver (C)		—		11-05-31		625,000		625,000
HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.232		11-05-31		2,790,833		2,790,833
Purple Cow Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.699		11-05-30		1,040,699		1,028,210

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Professional services (continued)
Purple Cow Buyer LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.648		11-05-30		277,835	$	274,501
Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.648		11-05-30		1,642,005		1,622,301
ToxStrategies LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.482		11-12-31		1,704,982		1,704,982
ToxStrategies LLC, Revolver (C)		—		11-12-31		798,319		798,319
ToxStrategies LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		11-12-31		6,956,041		6,956,041
WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (D)		9.082		05-31-27		504,789		499,741
WeLocalize, Inc., Incremental Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.994		05-31-27		1,988,849		1,968,960
WeLocalize, Inc., Revolver (1 and 6 month CME Term SOFR + 5.250%) (C)		8.985		05-31-27		421,597		417,381
WeLocalize, Inc., Term Loan (1 month CME Term SOFR + 5.250%) (D)		9.082		05-31-27		1,513,393		1,498,259
Trading companies and distributors 17.6%
BLP Buyer, Inc., Add-On Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.894		12-24-29		903,266		888,814
BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.894		12-24-29		285,242		280,678
BLP Buyer, Inc., Revolver (1 and 6 month CME Term SOFR + 6.250%) (C)		9.894		12-24-29		290,323		285,677
BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.894		12-24-29		2,370,968		2,333,032
Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.994		05-03-27		2,109,257		2,100,820
Krayden Holdings, Inc., Add-On Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		03-01-29		860,358		856,056
Krayden Holdings, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 4.750%) (D)		8.482		03-01-29		256,107		254,826
Krayden Holdings, Inc., Delayed Draw Term Loan B (3 month CME Term SOFR + 4.750%) (D)		8.482		03-01-29		256,107		254,826
Krayden Holdings, Inc., Delayed Draw Term Loan C (3 month CME Term SOFR + 4.750%) (C)		8.482		03-01-29		873,219		868,853
Krayden Holdings, Inc., Revolver (3 month CME Term SOFR + 4.750%) (C)		8.534		03-01-29		574,269		571,397
Krayden Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		03-01-29		1,343,641		1,336,922
M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.816		08-31-28		820,668		796,868
M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan (C)		—		08-31-28		1,026,393		996,628
M&D Midco, Inc., 3rd Amendment Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.816		08-31-28		1,432,246		1,390,711
M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.816		08-31-28		487,510		473,372
M&D Midco, Inc., Revolver (3 month CME Term SOFR + 6.000%) (C)		9.795		08-31-28		763,871		741,719

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Trading companies and distributors (continued)
M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.816		08-31-28		1,380,090	$	1,340,068
SurfacePrep Buyer LLC, Delayed Draw Term Loan (6 month CME Term SOFR + 4.750%) (D)		8.462		02-04-30		540,572		537,328
SurfacePrep Buyer LLC, Incremental Delayed Draw Term Loan (3 and 6 month CME Term SOFR + 4.750%) (C)(D)		8.450		02-04-30		814,959		810,069
SurfacePrep Buyer LLC, Revolver (6 month CME Term SOFR + 4.750%) (C)		8.369		02-04-30		547,945		544,658
SurfacePrep Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D)		8.369		02-04-30		2,846,027		2,828,951
WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.982		10-03-28		331,079		331,079
WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.982		10-03-28		145,642		145,642
WWEC Holdings III Corp., Revolver (C)		—		10-03-28		434,020		434,020
WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.982		10-03-28		1,516,510		1,516,510
Xenon Arc, Inc., 2024-1 Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.522		12-20-28		3,920,000		3,849,440
Xenon Arc, Inc., 2025-1 Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.832		12-20-28		2,982,250		2,928,570
Information technology 15.9%								26,843,836

IT services 10.0%
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 5.000%) (D)		8.732		12-31-30		1,004,237		984,153
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan B (3 month CME Term SOFR + 5.000%)		8.708		12-31-30		1,009,004		988,824
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan C (3 month CME Term SOFR + 5.000%)		8.661		12-31-30		287,770		282,014
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan D (3 month CME Term SOFR + 5.000%) (C)		8.661		12-31-30		287,770		282,014
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan E (C)		—		12-31-30		287,770		282,014
AC Blackpoint Acquisition, Inc., Revolver (C)		—		12-31-30		508,475		498,305
AC Blackpoint Acquisition, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.732		12-31-30		3,255,508		3,190,398
AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.500%) (D)		9.144		07-22-27		2,109,422		2,096,766
Hy-Tek Opco LLC, Revolver (1 month CME Term SOFR + 5.500%) (C)		9.144		09-19-28		851,942		840,014
Hy-Tek Opco LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.232		09-19-28		4,481,425		4,418,685
Jetson Buyer, Inc., Revolver ( Prime rate + 4.500%) (C)		11.250		04-09-30		443,656		443,656
Jetson Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.232		04-09-30		2,565,217		2,565,217
Software 5.9%
Chime Holdco LLC, Revolver (C)		—		10-11-32		496,966		485,039
Chime Holdco LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		10-11-32		4,213,650		4,112,522

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Rate (%)		Maturity date		Par value^		Value
Information technology (continued)
Software (continued)
QM Buyer, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.482		12-06-30		1,222,222	$	1,206,333
QM Buyer, Inc., Revolver (C)		—		12-06-30		611,111		603,167
QM Buyer, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		12-06-30		3,611,667		3,564,715
Materials 7.6%								12,885,699

Chemicals 7.6%
Chemtron Supply LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.482		03-02-29		2,330,129		2,327,799
Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.446		03-02-29		710,532		709,822
Chemtron Supply LLC, Revolver (C)		—		03-02-29		362,979		362,616
Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.482		03-02-29		1,051,542		1,050,491
Seawolf Buyer LLC, Delayed Draw Term Loan (C)		—		08-08-31		1,041,667		1,039,583
Seawolf Buyer LLC, Revolver (C)		—		08-08-31		1,041,667		1,039,583
Seawolf Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.648		08-08-31		6,368,542		6,355,805


	Shares/Units		Value
Equity (A) 0.7%			$	1,214,948
(Cost $1,091,815)
Consumer discretionary 0.3%				553,636

Diversified consumer services 0.2%
P.J. Fitzpatrick LLC		2,833		390,051
Hotels, restaurants and leisure 0.1%
Rocket Group Holdings LLC, Class A Units (E)		120,283		163,585
Consumer staples 0.1%				102,515

Food products 0.1%
GSF Group Holdings LP, Class A-2 Units (E)		136		102,515
Financials 0.0%				68,400

Insurance 0.0%
Stellar Parent LLC, Class A Units (E)		100		68,400
Industrials 0.1%				197,102

Machinery 0.1%
Rapid Aggregator LLC (E)		138		118,333
Professional services 0.0%
CPS Investors LP, Class A Units (E)		962		78,769
Information technology 0.2%				293,295

IT services 0.2%
AC BlackPoint Holdings LLC, Class A-1 Units (E)		205		293,295

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

6-30-26

(Unaudited)


	Yield (%)			Shares		Value
Short-term investments 8.8%						$	14,939,511
(Cost $14,939,511)
Short-term funds 8.8%							14,939,511

Dreyfus Government Cash Management Fund, Institutional Class		3.5200	(F)		14,939,511		14,939,511
Total investments (Cost $421,706,019) 248.1%						$	419,310,195
Less unfunded loan commitments (53.2%)							(89,958,006	)
Net investments (Cost $331,748,013) 194.9%						$	329,352,189
Other assets and liabilities, net (94.9%)							(160,374,012	)
Total net assets 100.0%						$	168,978,177

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

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

Security Abbreviations and Legend

CME	CME Group Published Rates

PIK	Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment 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. Refer to Note 2 to the consolidated financial statements.

(B)	Senior loans are variable rate obligations which generally pay interest rates that are periodically redetermined by reference to a base lending rate and spread, which are both subject to change. The rate shown represents the rate at period end.

(C)	Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread of the funded portion, if any. No interest rate is determined for unfunded positions. See Note 2 for more information.

(D)	All or a portion of this security is pledged as collateral pursuant to the JPM Funding Facility.

(E)	Non-income producing security.

(F)	The rate shown is the annualized seven-day yield as of 6-30-26.

6-30-26,

the aggregate cost of investments for federal income tax purposes was $331,395,248. Net unrealized depreciation aggregated to $2,043,059, of which $1,760,477 related to gross unrealized appreciation and $3,803,536 related to gross unrealized depreciation.

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Non-controlled/Non-affiliated Senior loans (A)(B) 235.6%							$	402,284,820
(Cost $402,294,215)
Consumer discretionary 51.8%								88,399,752

Distributors 8.8%
All Glass & Window Holdings, Inc., Delayed Draw Term Loan (C)		—		03-26-31		1,282,051		1,272,436
All Glass & Window Holdings, Inc., Revolver (C)		—		03-26-31		769,231		763,462
All Glass & Window Holdings, Inc., Term Loan (1 month CME Term SOFR + 5.000%) (D)		8.727		03-26-31		3,615,923		3,588,803
Eastern Communications Solutions, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		12-30-30		3,515,964		3,489,594
Eastern Communications Solutions, Inc., Revolver (C)		—		12-30-30		1,031,519		1,023,782
Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		12-30-30		4,918,797		4,881,906
Diversified consumer services 28.8%
Capital Construction LLC, 3rd Amendment Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.885		10-22-26		410,585		404,426
Capital Construction LLC, Add-On Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.750%) (D)		9.796		10-22-26		494,568		487,149
Capital Construction LLC, Add-On Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.723		10-22-26		323,278		318,429
Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.723		10-22-26		1,122,406		1,105,569
Capital Construction LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 5.750%) (D)		9.885		10-22-26		217,241		213,982
Capital Construction LLC, Revolver (C)		—		10-22-26		508,039		500,418
Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.723		10-22-26		828,016		815,596
GarageCo Intermediate II LLC, Delayed Draw Term Loan (C)		—		08-02-32		2,289,562		2,278,114
GarageCo Intermediate II LLC, Revolver (C)		—		08-02-32		686,869		683,434
GarageCo Intermediate II LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		8.104		08-02-32		1,556,902		1,549,118
Impact Climate Technologies LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 8.078%) (C)		9.845		04-04-30		711,718		701,043
Impact Climate Technologies LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)		10.085		04-04-30		2,010,605		1,980,446
Leap Service Partners LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%)		9.029		03-15-29		1,737,112		1,737,112
Leap Service Partners LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 5.250%) (C)		9.065		03-15-29		2,013,867		2,013,867
Leap Service Partners LLC, Delayed Draw Term Loan C (3 month CME Term SOFR + 5.250%) (C)		8.936		03-15-29		3,529,477		3,529,477
Leap Service Partners LLC, Revolver (C)		—		03-15-29		588,235		588,235
Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D)		9.132		03-15-29		1,617,722		1,617,722
O2B Early Education Holding, Inc., Delayed Draw Term Loan (C)		—		05-29-31		1,361,162		1,357,759
O2B Early Education Holding, Inc., Revolver (C)		—		05-29-31		680,581		678,879
O2B Early Education Holding, Inc., Term Loan (1 month CME Term SOFR + 4.500%) (D)		8.216		05-29-31		2,031,534		2,026,455
P.J. Fitzpatrick LLC, Delayed Draw Term Loan (C)		—		08-01-31		1,416,667		1,402,500
P.J. Fitzpatrick LLC, Revolver (C)		—		08-01-31		1,062,500		1,051,875

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Consumer discretionary (continued)
Diversified consumer services (continued)
P.J. Fitzpatrick LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.604		08-01-31		4,380,688	$	4,336,881
Perennial Services Group LLC, Delayed Draw Term Loan (C)		—		12-23-32		3,628,006		3,609,866
Perennial Services Group LLC, Revolver (3 month CME Term SOFR + 4.500%) (C)		8.185		12-23-32		806,223		798,161
Perennial Services Group LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.185		12-23-32		4,971,711		4,921,994
Prestige Backyards LLC, Delayed Draw Term Loan (C)		—		08-07-31		2,090,164		2,064,037
Prestige Backyards LLC, Revolver ( Prime rate + 4.000%) (C)		10.750		08-07-31		1,393,443		1,376,025
Prestige Backyards LLC, Term Loan (1 month CME Term SOFR + 5.000%) (D)		8.730		08-07-31		5,016,393		4,953,689
Hotels, restaurants and leisure 7.0%
Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan (C)		—		07-27-28		1,705,489		1,590,368
Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000% and 0.500% PIK) (C)		10.526		07-27-28		562,996		524,993
Bandon Fitness, Inc., Revolver (3 month CME Term SOFR + 6.000% and 0.500% PIK)		10.510		07-27-28		114,998		107,236
Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000% and 0.500% PIK) (D)		10.490		07-27-28		1,451,967		1,353,959
Rocket Holdco Intermediate II LLC, Revolver (C)		—		06-17-31		801,887		795,873
Rocket Holdco Intermediate II LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.172		06-17-31		3,446,830		3,420,979
Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)		8.973		06-18-29		1,603,393		1,467,104
Star Logistics & Hospitality Services LLC, Revolver (3 month CME Term SOFR + 5.250%) (C)		9.108		06-18-29		535,714		490,179
Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.951		06-18-29		2,321,786		2,124,434
Household durables 2.6%
Simon Pearce LLC, Revolver (C)		—		10-21-30		642,857		636,429
Simon Pearce LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.590		10-21-30		3,818,571		3,780,386
Leisure products 2.2%
4M Capital, Ltd., Revolver (C)		—		06-18-27		528,000		528,000
4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		06-18-27		3,283,933		3,283,933
Specialty retail 2.4%
RPC TopCo, Inc., Revolver (C)		—		09-02-31		545,455		540,000
RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 4.750%) (D)		8.622		09-02-31		3,670,341		3,633,638
Consumer staples 19.2%								32,764,553

Consumer staples distribution and retail 6.6%
PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (C)		9.576		12-28-29		535,970		535,970
PAK Quality Foods Acquisition LLC, Revolver (1 month CME Term SOFR + 5.750%) (C)		9.576		12-28-29		313,433		313,433

See Notes to consolidated financial statements

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Consumer staples (continued)
Consumer staples distribution and retail (continued)
PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.576		12-28-29		2,084,507	$	2,084,507
TruSource Foods LLC, Delayed Draw Term Loan (C)		—		08-01-31		1,109,256		1,092,618
TruSource Foods LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.672		08-01-31		1,283,019		1,263,774
TruSource Foods LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.708		08-01-31		641,509		631,887
TruSource Foods LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.756		08-01-31		5,354,468		5,274,151
Food products 12.6%
Foodscience LLC, Delayed Draw Term Loan (6 month CME Term SOFR + 4.750%) (C)		8.358		11-14-31		2,438,601		2,408,118
Foodscience LLC, Revolver (6 month CME Term SOFR + 4.750%) (C)		8.594		11-14-31		763,889		754,340
Foodscience LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D)		8.622		11-14-31		2,268,750		2,240,391
GSF Buyer LLC, Delayed Draw Term Loan (C)		—		04-30-31		1,361,162		1,350,953
GSF Buyer LLC, Revolver (C)		—		04-30-31		680,581		675,476
GSF Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.840		04-30-31		2,031,534		2,016,297
Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.822		08-01-30		1,088,710		1,064,214
Hill Country Dairies, Inc., Revolver (C)		—		08-01-30		725,806		709,476
Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.822		08-01-30		2,651,915		2,592,247
Wheat Holdings LLC, Delayed Draw Term Loan (C)		—		10-15-30		2,742,268		2,714,845
Wheat Holdings LLC, Revolver (C)		—		10-15-30		979,381		969,588
Wheat Holdings LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		8.155		10-15-30		4,113,402		4,072,268
Financials 7.9%								13,558,678

Capital markets 4.6%
Steward Partners Global Advisory LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 4.750%) (D)		8.466		10-13-28		921,484		909,965
Steward Partners Global Advisory LLC, Delayed Draw Term Loan C (1 month CME Term SOFR + 4.750%) (C)		8.466		10-13-28		5,152,417		5,088,012
Steward Partners Global Advisory LLC, Revolver (C)		—		10-13-28		955,881		943,933
Steward Partners Global Advisory LLC, Term Loan (1 month CME Term SOFR + 4.750%) (D)		8.466		10-13-28		904,756		893,447
Insurance 3.3%
Stellar Buyer LLC, 1st Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		11-12-30		391,776		388,838
Stellar Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.672		11-12-30		1,634,429		1,622,171
Stellar Buyer LLC, Revolver (C)		—		11-12-30		819,536		813,390
Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		11-12-30		2,920,828		2,898,922

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Health care 45.8%							$	78,171,260

Health care equipment and supplies 6.5%
CPC/Cirtec Holdings, Inc., Add-On Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		01-30-29		1,581,940		1,581,940
CPC/Cirtec Holdings, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		01-30-29		2,120,489		2,120,489
LTC Consulting Services LLC, Revolver (C)		—		05-01-31		454,545		452,273
LTC Consulting Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.726		05-01-31		7,010,227		6,975,176
Health care providers and services 39.3%
ARC Health Operating Company LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.637		10-10-30		3,256,923		3,216,212
ARC Health Operating Company LLC, Revolver (C)		—		10-10-30		768,142		758,541
ARC Health Operating Company LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		10-10-30		3,800,461		3,752,955
Beacon Behavioral Holdings LLC, Add-On Delayed Draw Term Loan (C)		—		06-21-29		2,805,702		2,784,659
Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C)		9.186		06-21-29		3,245,170		3,220,831
Beacon Behavioral Holdings LLC, Revolver (C)		—		06-21-29		114,512		113,653
Beacon Behavioral Holdings LLC, Term Loan (15.000% PIK )		15.000		06-21-30		1,172,744		1,166,880
CRH Healthcare Purchaser, Inc., Delayed Draw Term Loan (C)		—		09-17-31		489,979		486,305
CRH Healthcare Purchaser, Inc., Revolver (C)		—		09-17-31		195,992		194,522
CRH Healthcare Purchaser, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D)		8.922		09-17-31		2,150,519		2,134,391
In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 7.000%)		10.831		02-28-29		691,680		644,992
In Vitro Sciences LLC, Revolver (3 month CME Term SOFR + 7.000%) (C)		11.218		02-28-29		177,778		165,778
In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 7.000%) (D)		10.831		02-28-29		3,056,667		2,850,342
Midwest Eye Services LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 4.500%) (D)		8.322		08-20-27		1,227,724		1,227,724
Midwest Eye Services LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 4.500%) (C)		8.322		08-20-27		2,809,803		2,809,803
Midwest Eye Services LLC, Revolver (C)		—		08-20-27		704,931		704,931
Midwest Eye Services LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.322		08-20-27		729,343		729,343
OIS Management Services LLC, 3rd Amendment Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.464		11-16-28		949,430		956,551
OIS Management Services LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)(D)		8.478		11-16-28		2,327,008		2,344,460
OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		11-16-28		545,165		549,254
OIS Management Services LLC, Revolver (C)		—		11-16-28		167,626		167,626
OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		11-16-28		1,412,809		1,423,405
Pediatric Home Respiratory Services LLC, Add-On Term Loan (6 month CME Term SOFR + 5.500%) (D)		9.099		12-23-30		3,523,000		3,514,193

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Health care (continued)
Health care providers and services (continued)
Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (C)		—		12-23-30		900,000	$	897,750
Pediatric Home Respiratory Services LLC, Revolver (C)		—		12-23-30		500,000		498,750
Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D)		9.099		12-23-30		4,565,500		4,554,086
Redwood MSO LLC, Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.500%) (C)		9.192		12-20-29		785,421		773,640
Redwood MSO LLC, Revolver (Prime rate + 4.500% and 3 month CME Term SOFR + 5.500%) (C)		10.321		12-20-29		337,079		332,022
Redwood MSO LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.172		12-20-29		4,827,640		4,755,226
Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C)		9.307		02-14-29		2,260,907		2,243,950
Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.384		02-14-29		1,044,453		1,036,619
Refocus Management Services LLC, Revolver (3 month CME Term SOFR + 5.500%) (C)		9.442		02-14-29		210,526		208,947
Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.272		02-14-29		2,688,947		2,668,780
The Smilist DSO LLC, 2024-1 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.672		04-04-29		691,442		698,357
The Smilist DSO LLC, 2024-2 Delayed Draw Term Loan (12 month CME Term SOFR + 6.000%) (D)		9.672		04-04-29		555,283		560,836
The Smilist DSO LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)		8.929		04-04-29		2,001,859		1,981,841
The Smilist DSO LLC, Revolver (C)		—		04-04-29		140,351		140,351
The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.672		04-04-29		2,557,544		2,583,119
VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) (C)		9.422		11-02-27		3,017,605		2,994,973
VPD Management, Inc., Revolver (Prime rate + 4.750% and 3 month CME Term SOFR + 5.750%) (C)		9.850		11-02-27		228,571		226,857
VPD Management, Inc., Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.422		11-02-27		732,857		727,361
Wildcat Purchaser LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.685		05-08-31		937,953		928,574
Wildcat Purchaser LLC, Revolver (C)		—		05-08-31		312,735		309,607
Wildcat Purchaser LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.672		05-08-31		2,022,611		2,002,385
Industrials 85.4%								145,908,205

Air freight and logistics 2.6%
PNB Holdings III LLC, Delayed Draw Term Loan (C)		—		09-17-30		1,227,273		1,224,205
PNB Holdings III LLC, Revolver (C)		—		09-17-30		818,182		816,136
PNB Holdings III LLC, Term Loan (6 month CME Term SOFR + 4.500%) (D)		8.508		09-17-30		2,423,864		2,417,804
Building products 7.5%
DAWGS Intermediate Holding Company, Revolver (3 month CME Term SOFR + 4.500%) (C)		8.257		03-28-31		378,558		377,612

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Building products (continued)
DAWGS Intermediate Holding Company, Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.172		03-28-31		1,532,935	$	1,529,102
Integrated Openings Solutions LLC, 4th Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.985		11-20-29		273,765		270,343
Integrated Openings Solutions LLC, 5th Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.985		11-20-29		360,200		355,698
Integrated Openings Solutions LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.985		11-20-29		4,109,032		4,057,669
Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.930		11-20-29		379,121		374,382
Vybond Buyer LLC, Delayed Draw Term Loan (C)		—		02-03-32		1,051,402		1,043,516
Vybond Buyer LLC, Revolver (C)		—		02-03-32		788,551		782,637
Vybond Buyer LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		02-03-32		4,139,246		4,108,202
Commercial services and supplies 25.0%
Air Buyer, Inc., Revolver ( Prime rate + 4.500%) (C)		11.250		07-23-30		340,909		328,977
Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.360		07-23-30		3,366,477		3,248,651
American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.250%) (D)		9.066		08-31-28		804,177		782,062
American Combustion Industries, Inc., Delayed Draw Term Loan B (1 month CME Term SOFR + 5.250%) (C)		9.066		08-31-28		957,027		930,709
American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.250%) (C)		9.066		08-31-28		359,168		349,291
American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.250%) (D)		9.066		08-31-28		2,339,325		2,274,993
BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (C)		8.808		12-26-29		971,965		971,965
BCTS Parent LLC, Incremental Delayed Draw Term Loan (C)		—		12-26-29		2,880,800		2,880,800
BCTS Parent LLC, Revolver (C)		—		12-26-29		354,484		354,484
BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.822		12-26-29		1,389,578		1,389,578
Beary Landscaping LLC, 3rd Amendment Term Loan A (6 month CME Term SOFR + 5.250%) (D)		9.310		12-21-29		669,996		669,996
Beary Landscaping LLC, 4th Amendment Term Loan A (1 month CME Term SOFR + 5.250%) (D)		9.068		12-21-29		373,784		373,784
Beary Landscaping LLC, Delayed Draw Term Loan (1 and 6 month CME Term SOFR + 5.250%)		9.099		12-21-29		419,366		419,366
Beary Landscaping LLC, Revolver (Prime rate + 4.250% and 1 and 6 month CME Term SOFR + 5.250%) (C)		9.616		12-21-29		422,535		422,535
Beary Landscaping LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D)		9.072		12-21-29		2,111,831		2,111,831
Diverzify Intermediate LLC, Delayed Draw Term Loan (C)		—		05-11-27		1,371,429		1,323,429
Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.745		05-11-27		2,595,714		2,504,864
Identiti Resources LLC, Revolver (1 month CME Term SOFR + 5.000%) (C)		8.712		11-01-29		385,195		381,343
Identiti Resources LLC, Term Loan (1 month CME Term SOFR + 5.000%) (D)		8.716		11-01-29		4,475,383		4,430,629

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Commercial services and supplies (continued)
Renovation Systems LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.672		01-24-28		1,086,026	$	1,050,730
Renovation Systems LLC, Add-On Delayed Draw Term Loan D (3 month CME Term SOFR + 6.000%) (C)		10.081		01-24-28		273,218		264,339
Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.672		01-24-28		248,011		239,950
Renovation Systems LLC, Revolver (3 month CME Term SOFR + 6.000%)		9.882		01-24-28		125,263		121,192
Renovation Systems LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.672		01-24-28		3,707,368		3,586,879
Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) (D)		9.571		09-30-27		1,484,892		1,470,043
Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.571		09-30-27		154,044		152,492
Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.571		09-30-27		1,010,818		1,000,710
Security Services Acquisition Sub Corp., Add-On Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.571		09-30-27		414,976		410,826
Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.571		09-30-27		596,353		590,389
StartKleen Legacy Holdings LLC, Delayed Draw Term Loan (C)		—		03-14-31		1,282,051		1,275,641
StartKleen Legacy Holdings LLC, Revolver (C)		—		03-14-31		1,025,641		1,020,513
StartKleen Legacy Holdings LLC, Term Loan (1 month CME Term SOFR + 4.500%) (D)		8.234		03-14-31		3,181,090		3,165,184
XpressMyself.com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.586		09-07-28		585,389		585,389
XpressMyself.com LLC, Revolver (C)		—		09-07-28		233,050		231,885
XpressMyself.com LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.338		09-07-28		1,307,759		1,301,220
Construction and engineering 1.8%
Magic Valley Electric LLC, Delayed Draw Term Loan (C)		—		04-07-31		1,526,252		1,510,989
Magic Valley Electric LLC, Revolver (C)		—		04-07-31		305,250		302,198
Magic Valley Electric LLC, Term Loan (1 month CME Term SOFR + 4.500%) (D)		8.250		04-07-31		1,363,324		1,349,691
Machinery 7.9%
Lindstrom LLC, Revolver (6 month CME Term SOFR + 5.500%) (C)		9.200		12-30-32		1,209,767		1,191,621
Lindstrom LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D)		9.200		12-30-32		8,196,173		8,073,231
Rapid Buyer LLC, Delayed Draw Term Loan (C)		—		10-15-30		1,295,585		1,263,196
Rapid Buyer LLC, Revolver (C)		—		10-15-30		647,793		631,598
Rapid Buyer LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.527		10-15-30		2,371,958		2,312,659
Professional services 21.3%
CPS Holdco, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 4.750%)		8.572		03-28-31		1,363,022		1,349,392
CPS Holdco, Inc., Delayed Draw Term Loan B (3 month CME Term SOFR + 4.750%) (C)		8.735		03-28-31		1,498,397		1,483,413

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Professional services (continued)
CPS Holdco, Inc., Revolver (C)		—		03-28-31		705,128	$	698,077
CPS Holdco, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		03-28-31		2,643,486		2,617,051
Galloway & Company LLC, Delayed Draw Term Loan (C)		—		05-05-31		1,970,228		1,965,302
Galloway & Company LLC, Revolver (C)		—		05-05-31		656,743		655,101
Galloway & Company LLC, Term Loan (3 month CME Term SOFR + 4.250%) (D)		7.922		05-05-31		4,312,828		4,302,046
Health Management Associates, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.250%) (D)		10.340		03-30-29		219,752		219,752
Health Management Associates, Inc., Revolver (C)		—		03-30-29		124,004		124,004
Health Management Associates, Inc., Term Loan (3 month CME Term SOFR + 6.250%) (D)		10.335		03-30-29		1,698,569		1,698,569
HMN Acquirer Corp., Delayed Draw Term Loan (C)		—		11-05-31		1,041,667		1,036,458
HMN Acquirer Corp., Revolver (C)		—		11-05-31		625,000		621,875
HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.500%) (D)		8.172		11-05-31		2,805,000		2,790,975
Purple Cow Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.902		11-05-30		1,041,699		1,036,490
Purple Cow Buyer LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.845		11-05-30		277,835		276,446
Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.401		11-05-30		1,650,340		1,642,088
ToxStrategies LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.486		11-12-31		1,710,684		1,697,854
ToxStrategies LLC, Revolver (C)		—		11-12-31		798,319		792,332
ToxStrategies LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.593		11-12-31		6,990,996		6,938,564
WeLocalize, Inc., Delayed Draw Term Loan (6 month CME Term SOFR + 5.000%) (D)		8.695		06-23-26		507,358		504,821
WeLocalize, Inc., Incremental Term Loan (6 month CME Term SOFR + 5.000%) (D)		8.695		06-23-26		1,998,970		1,988,975
WeLocalize, Inc., Revolver (1 and 6 month CME Term SOFR + 5.000%) (C)		8.790		06-23-26		421,597		419,489
WeLocalize, Inc., Term Loan (6 month CME Term SOFR + 5.000%) (D)		8.695		06-23-26		1,521,095		1,513,490
Trading companies and distributors 19.3%
BLP Buyer, Inc., Add-On Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.971		12-24-29		907,863		891,975
BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.971		12-24-29		286,694		281,676
BLP Buyer, Inc., Revolver (1 and 6 month CME Term SOFR + 6.250%) (C)		9.973		12-24-29		290,323		285,242
BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.250%) (D)		9.971		12-24-29		2,383,064		2,341,361
Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)		9.566		11-01-26		2,120,214		2,061,908
Krayden Holdings, Inc., Add-On Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		03-01-29		864,737		858,251

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Industrials (continued)
Trading companies and distributors (continued)
Krayden Holdings, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 4.750%) (D)		8.422		03-01-29		257,400	$	255,470
Krayden Holdings, Inc., Delayed Draw Term Loan B (3 month CME Term SOFR + 4.750%) (D)		8.422		03-01-29		257,400		255,470
Krayden Holdings, Inc., Delayed Draw Term Loan C (3 month CME Term SOFR + 4.750%) (C)		8.422		03-01-29		874,571		868,012
Krayden Holdings, Inc., Revolver (1 and 3 month CME Term SOFR + 4.750%) (C)		8.442		03-01-29		574,269		569,961
Krayden Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		03-01-29		1,350,585		1,340,455
M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C)(D)		9.972		08-31-28		843,765		831,109
M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan (C)		—		08-31-28		1,026,393		1,010,997
M&D Midco, Inc., 3rd Amendment Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.972		08-31-28		1,439,516		1,417,924
M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.972		08-31-28		490,017		482,666
M&D Midco, Inc., Revolver (3 month CME Term SOFR + 6.000%) (C)		10.067		08-31-28		763,871		752,413
M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D)		9.972		08-31-28		1,387,259		1,366,451
PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.950%) (D)		8.918		01-18-28		2,120,214		2,120,214
SurfacePrep Buyer LLC, Delayed Draw Term Loan (3 and 6 month CME Term SOFR + 5.000%) (D)		8.757		02-04-30		543,312		543,312
SurfacePrep Buyer LLC, Incremental Delayed Draw Term Loan (6 month CME Term SOFR + 5.000%) (C)(D)		8.821		02-04-30		818,069		818,069
SurfacePrep Buyer LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)		8.870		02-04-30		547,945		547,945
SurfacePrep Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.870		02-04-30		2,860,548		2,860,548
WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		10-03-28		332,776		332,776
WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)		8.672		10-03-28		971,207		971,207
WWEC Holdings III Corp., Revolver (C)		—		10-03-28		434,020		434,020
WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		10-03-28		1,524,388		1,524,388
Xenon Arc, Inc., 2024-1 Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.720		12-20-28		3,940,000		3,920,300
Xenon Arc, Inc., 2025-1 Term Loan (3 month CME Term SOFR + 5.750%) (D)		9.522		12-20-28		2,997,350		2,982,363
Information technology 18.0%								30,692,852

IT services 10.0%
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 5.000%)		8.672		12-31-30		1,009,322		1,001,752
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan B (3 month CME Term SOFR + 5.000%) (C)		8.672		12-31-30		1,012,386		1,004,793
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan C (C)		—		12-31-30		287,770		285,612

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Rate (%)		Maturity date		Par value^		Value
Information technology (continued)
IT services (continued)
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan D (C)		—		12-31-30		287,770	$	285,612
AC Blackpoint Acquisition, Inc., Delayed Draw Term Loan E (C)		—		12-31-30		287,770		285,612
AC Blackpoint Acquisition, Inc., Revolver (C)		—		12-31-30		508,475		504,661
AC Blackpoint Acquisition, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		12-31-30		3,272,034		3,247,494
AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D)		8.966		07-22-27		2,120,352		2,120,352
Hy-Tek Opco LLC, Revolver (C)		—		09-19-28		851,942		845,552
Hy-Tek Opco LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.172		09-19-28		4,504,002		4,470,222
Jetson Buyer, Inc., Revolver (C)		—		04-09-30		443,656		443,656
Jetson Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D)		9.172		04-09-30		2,578,305		2,578,305
Software 8.0%
Alta Buyer LLC, Add-On Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		12-21-27		1,937,855		1,937,855
Alta Buyer LLC, Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		12-21-27		145,285		145,285
Alta Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.672		12-21-27		1,400,646		1,400,646
Chime Holdco LLC, Revolver (C)		—		10-11-32		496,966		493,239
Chime Holdco LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		10-11-32		4,224,210		4,192,529
QM Buyer, Inc., Delayed Draw Term Loan (C)		—		12-06-30		1,222,222		1,219,167
QM Buyer, Inc., Revolver (C)		—		12-06-30		611,111		609,583
QM Buyer, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		12-06-30		3,630,000		3,620,925
Materials 7.5%								12,789,520

Chemicals 7.5%
Chemtron Supply LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)		8.422		03-02-29		2,331,880		2,314,391
Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.455		03-02-29		714,162		708,806
Chemtron Supply LLC, Revolver (C)		—		03-02-29		362,979		360,257
Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)		8.422		03-02-29		1,057,296		1,049,366
Seawolf Buyer LLC, Delayed Draw Term Loan (C)		—		08-08-31		1,041,667		1,026,042
Seawolf Buyer LLC, Revolver (C)		—		08-08-31		1,041,667		1,026,042
Seawolf Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)		8.865		08-08-31		6,400,625		6,304,616

					Shares/ Units		Value
Equity (A) 0.6%							$	1,126,259
(Cost $1,091,815)
Consumer discretionary 0.3%								462,448

Diversified consumer services 0.2%
P.J. Fitzpatrick LLC						2,833		314,500

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25


	Shares/Units		Value
Consumer discretionary (continued)
Hotels, restaurants and leisure 0.1%
Rocket Group Holdings LLC, Class A Units		120,283	$	147,948
Consumer staples 0.1%				156,533


Food products 0.1%
GSF Group Holdings LP, Class A-2 Units		136		156,533
Financials 0.0%				106,524


Insurance 0.0%
Stellar Parent LLC, Class A Units		100		106,524
Industrials 0.1%				191,568


Machinery 0.1%
Rapid Aggregator LLC		138		105,029
Professional services 0.0%
CPS Investors LP, Class A Units		962		86,539
Information technology 0.1%				209,186


IT services 0.1%
AC BlackPoint Holdings LLC, Class A-1 Units		205		209,186


	Yield (%)			Shares		Value
Short-term investments 9.6%						$	16,403,149
(Cost $16,403,149)
Short-term funds 9.6%							16,403,149

Dreyfus Government Cash Management Fund, Institutional Class		3.7000	(E)		16,403,149		16,403,149
Total investments (Cost $419,789,179) 245.8%						$	419,814,228
Less unfunded loan commitments (61.8%)							(105,643,990	)
Net investments (Cost $314,145,189) 184.0%						$	314,170,238
Other assets and liabilities, net (84.0%)							(143,400,151	)
Total net assets 100.0%						$	170,770,087

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.

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Schedule of Investments

12-31-25

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

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

Security Abbreviations and Legend


CME		CME Group Published Rates

PIK		Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment 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. Refer to Note 2 to the consolidated financial statements.

(B)		Senior loans are variable rate obligations which generally pay interest rates that are periodically redetermined by reference to a base lending rate and spread, which are both subject to change. The rate shown represents the rate at period end.

(C)		Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread of the funded portion, if any. No interest rate is determined for unfunded positions. See Note 2 for more information.

(D)		All or a portion of this security is pledged as collateral pursuant to the JPM Funding Facility.

(E)		The rate shown is the annualized seven-day yield as of 12-31-25.

12-31-25,

the aggregate cost of investments for federal income tax purposes was $313,792,424. Net unrealized appreciation aggregated to $377,814, of which $2,048,033 related to gross unrealized appreciation and $1,670,219 related to gross unrealized depreciation.

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Statements of Assets and Liabilities


	June 30, 2026 ( Unaudited )			December 31, 2025
Assets
Investments – Non-controlled/non-affiliated, at value (Cost $331,748,013 and $314,145,189, at June 30, 2026 and December 31, 2025, respectively)	$	329,352,189		$	314,170,238
Cash		1,247,138			1,700,266
Receivable for investments sold		43,612			41,774
Interest and dividends receivable		1,463,208			1,652,900
Receivable from affiliates		—			35,750
Deferred financing cost		2,044,545			2,339,166
Other assets		785			—

Total assets		334,151,477			319,940,094

Liabilities
Credit facility payable		158,400,000			141,500,000
Distributions payable		3,205,705			4,190,113
Interest and credit facility expenses payable		2,298,151			1,878,941
Payables to affiliates:
Management fees payable		42,219			—
Incentive fees payable		770,755			1,241,793
Accounting and legal services fees		14,694			14,045
Other liabilities and accrued expenses		441,776			345,115

Total liabilities		165,173,300			149,170,007

Net assets	$	168,978,177		$	170,770,087
Net assets consist of
Paid-in capital		171,341,640			171,341,640
Total distributable earnings (loss)		(2,363,463	)		(571,553	)

Net assets	$	168,978,177		$	170,770,087
Net asset value per share Based on net assets and shares outstanding - the Fund has an unlimited number of shares authorized with par value of $0.01 per share.
Class NAV:
Net assets	$	168,978,177		$	170,770,087
Shares outstanding		8,256,380			8,256,380
Per share	$	20.47		$	20.68

See Notes to Consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Statements of Operations (Unaudited)


	For the three months ended						For the six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Investment income
From non-controlled/non-affiliated investments:
Interest	$	7,440,804		$	5,151,337		$	14,815,640		$	9,416,599
Dividends		110,364			194,391			211,147			324,327
Other income		77,586			44,389			124,016			67,074

Total investment income		7,628,754			5,390,117			15,150,803			9,808,000

Expenses
Management fee		541,763			470,160			1,067,147			845,967
Incentive fees		585,224			402,599			1,117,938			825,475
Accounting and legal services fees		12,365			11,349			26,760			23,307
Interest and credit facility expenses		2,463,055			1,297,116			4,767,986			2,332,519
Investment servicing fees		25,316			17,220			43,646			36,396
Trustee fees		38,172			23,357			63,275			46,595
Professional fees		257,141			143,064			413,088			272,370
Custody and accounting fees		75,194			63,721			142,402			130,601
Transfer Agent		41,500			35,479			73,054			82,417
Printing and postage		31,940			20,247			51,891			28,945
Other expenses		80,526			37,951			129,231			51,643

Total expenses		4,152,196			2,522,263			7,896,418			4,676,235
Less expense reductions		(320,135	)		(241,277	)		(472,840	)		(466,823	)

Net expenses		3,832,061			2,280,986			7,423,578			4,209,412

Net investment income		3,796,693			3,109,131			7,727,225			5,598,588

Realized and unrealized gain (loss)
Net realized gain (loss) on non-controlled/non-affiliated investments		94,767			40,758			160,583			55,073

Change in net unrealized appreciation (depreciation) of non-controlled/non-affiliated investments		(1,300,460	)		(872,419	)		(2,420,873	)		(490,407	)

Net realized and unrealized gain (loss)		(1,205,693	)		(831,661	)		(2,260,290	)		(435,334	)

Increase (decrease) in net assets from operations	$	2,591,000		$	2,277,470		$	5,466,935		$	5,163,254

See Notes to consolidated financial statements

Table of Contents

Manulife Private Credit Fund

Consolidated Statements of Changes in Net Assets (Unaudited)


	For the three months ended						For the six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Increase (decrease) in net assets
From operations
Net investment income (loss)	$	3,796,693		$	3,109,131		$	7,727,225		$	5,598,588
Net realized gain (loss)		94,767			40,758			160,583			55,073
Change in net unrealized appreciation (depreciation)		(1,300,460	)		(872,419	)		(2,420,873	)		(490,407	)

Increase (decrease) in net assets resulting from operations		2,591,000			2,277,470			5,466,935			5,163,254

Distributions to common shareholders
From earnings
Class NAV		(3,205,705	)		(3,082,107	)		(7,258,845	)		(5,411,043	)
Increase (decrease) from share transactions
Fund shares issued
Class NAV		—			45,000,000			—			60,000,000

Total increase (decrease)		(614,705	)		44,195,363			(1,791,910	)		59,752,211

Net assets
Beginning of period		169,592,882			127,026,312			170,770,087			111,469,464

End of period	$	168,978,177		$	171,221,675		$	168,978,177		$	171,221,675

Share activity
Class NAV shares outstanding
Beginning of period		8,256,380			6,076,649			8,256,380			5,360,173
Shares issued		—			2,179,731			—			2,896,207

End of period		8,256,380			8,256,380			8,256,380			8,256,380

See Notes to consolidated financial statements

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Manulife Private Credit Fund

Consolidated Statements of Cash Flows (Unaudited)


	For the six months ended
	June 30, 2026			June 30, 2025
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	5,466,935		$	5,163,254
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities
Long-term investments purchased		(36,089,430	)		(61,595,570	)
Long-term investments sold		17,886,392			8,314,063
Net purchases and sales of short-term investments		1,463,638			(1,955,092	)
Net amortization of premium (discount)		(702,841	)		(497,616	)
Amortization of deferred financing cost		297,121			229,848
(Increase) decrease in assets:
Receivable for investments sold		(1,838	)		(5,169	)
Interest and dividends receivable		189,692			(407,422	)
Receivable from affiliates		35,750			23,495
Other assets		(785	)		(250	)
Increase (decrease) in liabilities:
Payable to affiliates		(428,170	)		268,265
Interest and credit facility expenses payable		419,210			(9,640	)
Other liabilities and accrued expenses		96,661			(146,707	)
Net change in unrealized (appreciation) depreciation of:
N on-controlled/non-affiliated investments		2,420,873			490,407
Net realized (gain) loss on:
N on-controlled/non-affiliated investments		(160,583	)		(55,073	)

Net cash provided by (used in) operating activities	($	9,107,375	)	($	50,183,207	)

Cash flows from financing activities
Cash distributions to shareholders	($	8,243,253	)	($	5,508,751	)
Due to custodian		—			20,736
Borrowings under the credit facility		22,400,000			41,000,000
Repayments under the credit facility		(5,500,000	)		(45,100,000	)
Financing cost paid		(2,500	)		(982,618	)
Proceeds from Fund shares issued		—			60,000,000

Net cash provided by (used in) financing activities	$	8,654,247		$	49,429,367

Net increase (decrease) in cash	($	453,128	)	($	753,840	)
Cash at beginning of period		1,700,266			753,840

Cash at end of period	$	1,247,138		$	—

Supplemental disclosure of cash flow information:
Distributions declared for the period	$	7,258,845		$	5,411,043
Interest paid for the period	($	3,729,821	)	($	1,660,978	)

See Notes to consolidated financial statements

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Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Organization

Manulife Private Credit Fund (the Fund) was formed on February 8, 2023 as a Delaware statutory trust and commenced operations on July 17, 2023 concurrent with the initial closing on the Seed Contribution (as defined below). The investment objective of the Fund is to seek to maximize total return in the form of current income and, to a lesser extent, capital appreciation.

Effective October 3, 2023, the Fund elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act) (the date of the Fund’s election to be regulated as a BDC under the 1940 Act is referred to herein as the BDC Election Date) and thereafter operate as a continuously offered, diversified

closed-end

management investment company that has elected to be regulated as a BDC under the 1940 Act. The Fund is a

non-exchange

traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed for trading on a stock exchange or other securities market. At the sole discretion of the Board of Trustees (the Board or Trustees) of the Fund and provided that it is in the best interest of the Fund and shareholders to do so, the Fund intends to provide a limited degree of liquidity to shareholders by conducting repurchase offers generally quarterly; however, there can be no assurance that any such tender offers will be conducted on a quarterly basis or at all.

The Fund is only offered to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933, as amended (the Securities Act),

non-U.S.

investors within the meaning of Regulation S under the Securities Act, and other investors eligible to invest in a private placement.

On July 17, 2023, Manulife International Limited (Hong Kong) and Manufacturers Life Reinsurance Limited (collectively, the Sponsors) invested an aggregate of approximately $41.2 million in the Fund (Seed Contribution). The Sponsors received an aggregate of approximately 2.1 million shares of the Fund at $20.00 per share, which represented all the issued and outstanding shares of the Fund on that date. The Fund commenced operations concurrent with the initial closing on the Seed Contribution. Immediately following the closing of the Seed Contribution, the Fund entered into a purchase agreement with John Hancock Funding Company, LLC (JH Funding) to acquire an initial seed portfolio of assets which consisted of approximately $50 million in total par value of senior loan investments, including both funded loans and unfunded commitments.

Effective March 1, 2026, the Fund entered into a Subadvisory Agreement with Comvest Credit Advisors, LLC (the Subadvisor). The Subadvisor, a registered investment advisor, is a Delaware limited liability company and an affiliate of, and under common control with, Manulife Investment Management Private Markets (US) LLC, the Fund’s investment advisor (the Advisor), as Manulife Financial Corporation (Manulife) is the indirect controlling parent company of both the Advisor and the Subadvisor. The Fund’s investment objectives and strategies did not change as a result of the appointment of the Subadvisor as the subadvisor to the Fund. The Subadvisory Agreement provides that the Subadvisor manages the investment and reinvestment of the assets of the Fund, subject to the supervision of the Board and the Advisor. The Subadvisor formulates and implements a continuous investment program for the Fund consistent with the Fund’s investment objective and policies. The Subadvisor implements such program for the Fund by purchases and sales of securities, instruments and other assets (including the placing of orders or the usage of special purpose vehicles for such purchases and sales), entering into derivative transactions to the extent authorized by its registration statement, and managing all cash in the Fund, and regularly reports to the Advisor and the Board with respect to the implementation of such programs.

At special meetings held on April 15, 2026 and April 23, 2026, the Board of the Fund, including all of the Trustees that are not “interested persons” of the Fund (as defined in the 1940 Act), considered and approved the Agreement and Plan of Merger by and among the Fund, John Hancock Comvest Private Income Fund (JHCPIF), John Hancock Comvest Merger Sub, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of JHCPIF (Merger Sub), the Advisor and Comvest Credit Managers, LLC, a Delaware limited liability company and investment adviser to JHCPIF (the Merger Agreement). The Merger Agreement was entered into on June 22, 2026. Under the Merger Agreement and the transactions contemplated thereby, subject to the conditions set forth in the Merger Agreement, at the effective time of the Mergers as defined below, Merger Sub will merge with and into the Fund (the First Merger), with the Fund continuing as the surviving company (the Surviving Company). Immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into JHCPIF (the Second Merger and, together with the First Merger, the Mergers), with JHCPIF continuing as the surviving company. The closing of the Mergers is contingent upon (a) approval of the holders of Shares of the Fund, (b) approval of JHCPIF’s shareholders and (c) satisfaction or waiver of certain other closing conditions.

Note 2 – Significant accounting policies

Basis of Consolidation

Manulife Private Credit Fund SPV, LLC (the SPV) is a Delaware limited liability company that was formed on December 11, 2023. The SPV,

which

holds certain of the Fund’s portfolio loan investments that are used as collateral for the credit facility, is a wholly owned subsidiary of the Fund. The SPV commenced operations on March 26, 2024 upon receipt of a contribution of portfolio loan investments from the Fund.

Manulife Private Credit Subsidiary Fund LLC (the Subsidiary) is a Delaware limited liability company that was formed on October 27, 2023. The Subsidiary, which holds equity investments and commenced operations on November 13, 2024, is a wholly owned subsidiary of the Fund.

As provided under Accounting Standards Codification (ASC) 946, the Fund will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries, the SPV and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

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

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Certain financial information that is included in annual financial statements, including certain financial statement disclosures, prepared in accordance with US GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Fund’s audited financial statements and notes related thereto for the year ended December 31, 2025, included in the Fund’s Form

10-K

filing. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or future year or period.

The following summarizes the significant accounting policies of the Fund:

Security valuation.

Investments are valued at the end of each month at a minimum. The Fund invests primarily in senior loans. Manulife Investment Management Private Markets (US) LLC (the Advisor), assisted by its Pricing Committee (composed of officers of the Advisor and its affiliates), as designated by the Board, 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. In connection with that determination, portfolio valuations are prepared in accordance with the Advisor’s valuation policy using valuations obtained from independent valuation firms and/or proprietary models.

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

The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The 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. Equity investments that do not have a counterparty trading in public market will be fair valued as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. Private equities rely primarily on the use of significant unobservable inputs, which require significant judgment and, accordingly, are classified as Level 3.

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, 2026 and December 31, 2025, by major security category or type:


	Total value at 6-30-26		Level 1 quoted price		Level 2 Significant observable inputs		Level 3 Significant unobservable inputs
Investments in securities:
Assets
Senior loans (less unfunded loan commitments)	$	313,197,730		—		—	$	313,197,730
Equity		1,214,948		—		—		1,214,948
Short-term investments		14,939,511	$	14,939,511		—		—

Total investments in securities	$	329,352,189	$	14,939,511		—	$	314,412,678

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	Total value at 12-31-25		Level 1 quoted price		Level 2 Significant observable inputs		Level 3 Significant unobservable inputs
Investments in securities:
Assets
Senior loans (less unfunded loan commitments)	$	296,640,830		—		—	$	296,640,830
Equity		1,126,259		—		—		1,126,259
Short-term investments		16,403,149	$	16,403,149		—		—

Total investments in securities	$	314,170,238	$	16,403,149		—	$	297,767,089

The Fund holds liabilities for which the carrying amount approximates the fair value

for

financial statement purposes. As of June 30, 2026 and December 31, 2025, the liability for the Fund’s Credit facility payable on the Consolidated Statements

Assets and Liabilities is categorized as Level 2 within the disclosure hierarchy.

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 six months ended June 30, 2026 and year ended December 31, 2025.


Investments in securities	Senior loans			Equity		Total
Beginning balance as of December 31, 2025	$	296,640,830		$	1,126,259	$	297,767,089
Purchases and drawdowns		36,089,430			—		36,089,430
Sales and paydowns		(17,886,392	)		—		(17,886,392	)
Net amortization of (premium) discount		702,841			—		702,841
Realized gain (loss)		160,583			—		160,583
Change in unrealized appreciation (depreciation)		(2,509,562	)		88,689		(2,420,873	)

Ending balance as of June 30, 2026	$	313,197,730		$	1,214,948	$	314,412,678

Change in unrealized appreciation (depreciation) at period end*		$(2,408,550)			$88,689		$(2,319,861)


Investments in securities	Senior loans			Equity		Total
Beginning balance as of December 31, 2024	$	152,865,434		$	377,668	$	153,243,102
Purchases and drawdowns		162,110,600			710,017		162,820,617
Sales and paydowns		(18,819,511	)		—		(18,819,511	)
Net amortization of (premium) discount		1,007,814			—		1,007,814
Realized gain (loss)		87,232			—		87,232
Change in unrealized appreciation (depreciation)		(610,739	)		38,574		(572,165	)

Ending balance as of December 31, 2025	$	296,640,830		$	1,126,259	$	297,767,089

Change in unrealized appreciation (depreciation) at period end*		($581,488)			$38,574		($542,914)

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

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The valuation techniques and significant unobservable inputs used in the fair value measurement of the Fund’s Level 3 securities are outlined in the tables below as of June 30, 2026 and as of December 31, 2025.


	Fair Value at 6-30-26		Valuation Technique		Significant Unobservable Inputs	Input Range		Input Weighted Average*
Senior Loans	$	306,582,619		Discounted cash flow	Discount rate		7.79% - 19.50%		10.04%
Senior Loans		6,559,347		Recent transaction	Transaction price		$95.20 -$99.25		$98.54
Senior Loans		55,764		Market comparable	EV / LTM EBITDA multiple		9.50X		9.50X

	$	313,197,730
Equity	$	1,214,948		Market comparable	EV / LTM EBITDA multiple		9.00X -13.00X		11.16X

	$	314,412,678

Fair Value

12-31-25

Valuation

Technique

Significant Unobservable Inputs

Input Range

Input
Weighted

Average*

Senior Loans

$283,152,514

Discounted cash flow

Discount rate

7.68% - 16.25%

9.31%

Senior Loans

13,488,316

Recent transaction

Transaction price

$98.50 - $99.00

$98.82

$296,640,830

Equity

$1,126,259

Market comparable

EV /LTM EBITDA multiple

8.50X - 13.25X

11.34X

$297,767,089

*	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, 2026 and December 31, 2025 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
EV / LTM EBITDA multiple	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 available market value 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 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.

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Industry Composition as of 12-31-25 (% of net assets)
Health care providers and services	39.3
Diversified consumer services	29.0
Commercial services and supplies	25.0
Professional services	21.3
Trading companies and distributors	19.3
Food products	12.7
IT services	10.1
Distributors	8.8
Software	8.0
Machinery	8.0
Building products	7.5
Chemicals	7.5
Hotels, restaurants and leisure	7.1
Consumer staples distribution and retail	6.6
Health care equipment and supplies	6.5
Capital markets	4.6
Insurance	3.3
Air freight and logistics	2.6
Household durables	2.6
Specialty retail	2.4
Leisure products	2.2
Construction and engineering	1.8
Short-term investments and other (less unfunded loan commitments)	(136.2	)
	100

Percentages include unfunded loan commitments.

As of June 30, 2026 and December 31, 2025, 100% of investments held were based in the United States.

Senior loans.

The Fund invests in senior loans. Senior loans include first and second lien term loans, delayed draw term loans, and revolving credit facilities. The Fund will only invest in loans and commitments that are determined to be below investment-grade, based on credit quality, as determined by the Advisor, at the time of purchase. The Fund will invest in first lien, senior secured loans and senior secured bonds that generally have stated terms of five to seven years, and subordinated debt investments (to a lesser extent) that generally have stated terms of up to nine years, but the expected average life of such securities is generally two to four years. However, the Fund may invest in loans and securities with any maturity or duration. The Advisor typically expects to employ a

buy-and-hold

strategy. The Fund may invest in loans either by transacting directly at the initial funding date or acquiring loans in secondary market transactions. The Fund may invest in loans secured by substantially all of the assets of the borrower and the other loan parties, subject to customary exceptions, including a pledge of the equity of the borrower and its subsidiaries.

The Fund may be subject to greater levels of credit risk, call (or prepayment) risk, settlement risk and liquidity risk than funds that do not invest in senior loans. Senior loans are considered predominantly speculative with respect to an issuer’s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments and reduce the Fund’s ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher

non-payment

rate and a senior loan may lose significant value before a default occurs. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior loans. In addition, the senior loans in which the Fund invests may not be listed on any exchange and a secondary market for such loans may be comparatively less liquid relative to markets for other more liquid fixed income securities. Consequently, transactions in senior loans may involve greater costs than transactions in more actively traded securities. Restrictions on transfers in loan agreements, a lack of publicly available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make senior loans difficult to value accurately or sell at an advantageous time or price than other types of securities or instruments. These factors may result in the Fund being unable to realize full value for the senior loans and/or may result in the Fund not receiving the proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the Fund. Senior loans may have extended trade settlement periods which may result in cash not being immediately available to the Fund. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in other senior loans or similar instruments that may pay lower interest rates. Senior loans in which the Fund invests may or may not be collateralized, although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the obligations of the borrower. The Fund may have limited rights to exercise remedies against such collateral or a

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borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the Fund to act collectively with other creditors to exercise its rights with respect to a senior loan. Because of the risks involved in investing in senior loans, an investment in the Fund should be considered speculative. Junior loans, which are secured and unsecured subordinated loans, second lien loans and subordinate bridge loans, involve a higher degree of overall risk than senior loans of the same borrower due to the junior loan’s lower place in the borrower’s capital structure and, in some cases, their unsecured status.

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

non-controlled/non-affiliated

investments, at value in the Consolidated Statements of Assets and Liabilities and change in net unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

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As of June 30, 2026 and December 31, 2025, the Fund had the following unfunded commitments outstanding:


	June 30, 2026							December 31, 2025
Unfunded Term Loan	Principal on Delayed Draw Term Loan		Principal on Revolver		Unrealized Appreciation (Depreciation)			Principal on Delayed Draw Term Loan		Principal on Revolver		Unrealized Appreciation (Depreciation)
4M Capital, Ltd.		—	$	528,000	$	1,676			—	$	528,000	$	3,328
AC Blackpoint Acquisition, Inc.	$	523,741		508,475		(13,296	)	$	1,203,988		508,475		(953	)
Air Buyer, Inc.		—		112,500		(17,996	)		—		112,500		(2,434	)
All Glass & Window Holdings, Inc.		641,026		769,231		13,013			1,282,051		769,231		3,185
American Combustion Industries, Inc.		689,603		59,861		(1,063	)		857,214		59,861		(18,955	)
ARC Health Operating Company LLC		2,267,556		768,142		(9,582	)		2,513,362		768,142		(3,742	)
Bandon Fitness, Inc.		1,705,489		—		(141,271	)		1,725,959		—		(106,344	)
BCTS Parent LLC		—		354,484		662			3,311,498		354,484		25,387
Beacon Behavioral Holdings LLC		—		—		—			4,073,082		114,512		6,674
Beary Landscaping LLC		—		92,958		396			—		228,169		3,869
BLP Buyer, Inc.		—		30,145		(118	)		—		68,855		(249	)
Capital Construction LLC		—		362,885		(14,058	)		—		508,039		(4,527	)
Chemtron Supply LLC		1,983,585		362,979		13,043			1,983,585		362,979		490
Chime Holdco LLC		—		496,966		(7,468	)		—		496,966		1,083
CPS Holdco, Inc.		1,315,064		705,128		(1,874	)		1,315,064		705,128		(2,239	)
CRH Healthcare Purchaser, Inc.		489,979		195,992		(4,386	)		489,979		195,992		(943	)
DAWGS Intermediate Holding Company		—		328,589		1,978			—		317,989		2,005
Diverzify Intermediate LLC		—		33,938		(1,629	)		1,371,429		—		(35,846	)
Eastern Communications Solutions, Inc.		—		1,031,519		4,495			—		1,031,519		5,245
Foodscience LLC		1,634,722		672,222		12,741			1,634,722		672,222		(9,950	)
Founders Table Holdings LLC		156,661		156,661		(49	)		—		—		—
Galloway & Company LLC		1,313,485		656,743		16,087			1,970,228		656,743		17,036
GarageCo Intermediate II LLC		2,289,562		686,869		(10,833	)		2,289,562		686,869		2,456
GSF Buyer LLC		1,361,162		680,581		(9,708	)		1,361,162		680,581		3,042
Health Management Associates, Inc.		—		124,004		408			—		124,004		1,941
Hill Country Dairies, Inc.		870,968		725,806		(14,066	)		870,968		725,806		(21,210	)

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HMN Acquirer Corp.	760,417	625,000	11,554		1,041,667	625,000	6,097
Hy-Tek Opco LLC	—	638,956	(5,211	)	—	851,942	(303	)
Identiti Resources LLC	—	385,195	3,032		—	335,120	(299	)
Impact Climate Technologies LLC	—	—	—		626,312	—	(9,394	)
In Vitro Sciences LLC	—	106,667	(3,678	)	—	71,111	(4,116	)
Innovate 32 Services LLC	2,000,000	—	(52	)	—	—	—
Integrated Openings Solutions LLC	—	227,473	(919	)	—	265,385	(71	)
Jetson Buyer, Inc.	—	372,671	2,366		—	443,656	3,178
Krayden Holdings, Inc.	605,127	330,779	530		605,127	388,206	(680	)
Leap Service Partners LLC	329,418	588,235	7,122		1,294,141	588,235	13,106
Lindstrom LLC	—	1,209,767	7,273		—	766,387	(9	)
LTC Consulting Services LLC	—	454,545	3,684		—	454,545	1,795
M&D Midco, Inc.	1,026,393	210,663	(31,540	)	1,045,311	348,160	(14,527	)
Magic Valley Electric LLC	1,526,252	305,250	5,488		1,526,252	305,250	5,956
Midwest Eye Services LLC	2,012,039	704,931	11,371		2,216,430	704,931	17,207
NE Ortho Management Services LLC	6,362,840	442,633	(62,162	)	—	—	—
O2B Early Education Holding, Inc.	1,361,162	680,581	(5,142	)	1,361,162	680,581	7,245
OIS Management Services LLC	—	167,626	225		519,146	167,626	6,465
P.J. Fitzpatrick LLC	602,083	1,062,500	17,459		1,416,667	1,062,500	32
PAK Quality Foods Acquisition LLC	34,071	179,104	2,804		—	89,552	1,228
Pediatric Home Respiratory Services LLC	900,000	400,000	(727	)	900,000	500,000	408
Perennial Services Group LLC	1,859,689	564,356	(36,910	)	3,628,006	712,164	(95	)
PNB Holdings III LLC	1,227,273	818,182	15,104		1,227,273	818,182	11,741
Prestige Backyards LLC	2,090,164	1,309,836	(136,581	)	2,090,164	1,309,836	5,102
Purple Cow Buyer LLC	748,071	218,100	(1,029	)	910,604	218,100	8,076
QM Buyer, Inc.	779,167	611,111	(6,927	)	1,222,222	611,111	10,525
Rapid Buyer LLC	1,295,585	647,793	14,392		1,295,585	647,793	(32,726	)
Redwood MSO LLC	—	278,777	(3,007	)	264,405	236,588	(1,587	)
Refocus Management Services LLC	—	210,526	2,815		1,308,165	147,368	9,792
Renovation Systems LLC	102,203	50,105	(15,372	)	102,203	—	(2,460	)
Rocket Holdco Intermediate II LLC	—	801,887	6,717		—	801,887	3,126

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Rome Borrower LLC		764,259		344,313		(5,438	)		—		—		—
RPC TopCo, Inc.		—		545,455		6,068			—		545,455		1,193
Seawolf Buyer LLC		1,041,667		1,041,667		15,845			1,041,667		1,041,667		(9,341	)
Simon Pearce LLC		—		642,857		5,902			—		642,857		142
Star Logistics & Hospitality Services LLC		1,232,143		80,357		(44,461	)		1,232,143		321,429		(119,141	)
StartKleen Legacy Holdings LLC		1,282,051		769,231		13,967			1,282,051		1,025,641		6,651
Stellar Buyer LLC		764,901		819,536		(18,570	)		764,901		819,536		2,812
Steward Partners Global Advisory LLC		139,140		955,881		415			4,506,577		955,881		(39,679	)
SurfacePrep Buyer LLC		117,018		479,452		2,751			199,136		479,452		7,568
The Smilist DSO LLC		197,051		48,583		1,293			331,422		140,351		(159	)
ToxStrategies LLC		570,228		798,319		9,583			570,228		798,319		305
TruSource Foods LLC		1,109,256		336,792		(45,811	)		1,109,256		304,717		(518	)
VPD Management, Inc.		741,658		70,501		604			1,527,165		4,571		(861	)
Vybond Buyer LLC		1,051,402		788,551		(2,644	)		1,051,402		788,551		3,391
WeLocalize, Inc.		—		42,160		(422	)		—		134,911		(674	)
Wheat Holdings LLC		2,742,268		979,381		(28,216	)		2,742,268		979,381		(14,630	)
Wildcats Purchaser LLC		569,639		312,735		(2,778	)		815,455		312,735		(3,166	)
WWEC Holdings III Corp.		—		434,020		4,109			824,818		434,020		11,270
XpressMyself.com LLC		—		233,050		2,801			—		233,050		3,401

Total	$	55,187,238	$	34,770,768	($	465,221	)	$	70,853,184	$	34,790,806	($	238,275	)

Security transactions and related investment income.

Investment security transactions are accounted for on a trade date plus one basis for net asset value (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.

Certain senior loan related fees, such as amendment 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.

Overdraft.

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.

Expenses.

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

Consolidated 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 Consolidated Statements of Cash Flows. The cash amount shown in the Consolidated Statements of Cash Flows is the amount included in the Fund’s Consolidated Statements of Assets and Liabilities and represents the cash on hand at the Fund’s custodian and does not include any short-term investments.

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Federal income taxes.

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

Due to certain Internal Revenue Code rules, future realized gain/loss may be offset by built in gains acquired from when the entity was a partnership.

As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns once filed 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, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s consolidated financial statements as a return of capital. 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 consolidated financial statements are adjusted for permanent

book-tax

differences. These adjustments have no impact on net assets or the results of operations. Temporary

book-tax

differences, if any, will reverse in a subsequent period.

Book-tax

differences are primarily attributable to partnership tracking and incentive fees tracking.

Note 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 may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 – Agreements and transactions with related parties

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 (Manulife), 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 Manulife.

Management fee.

The Fund has an investment management agreement with the Advisor under which the Fund pays an annual fee rate of 1.25% of monthly net assets. The management fee is payable monthly in arrears.

Until October 3, 2025, the Advisor had contractually agreed to limit its management fee for the Fund (excluding any incentive fee) to an annual rate of 1.00% of monthly net assets.

For a one year term beginning on October 4, 2025, the Advisor contractually agrees to reduce the Fund management fee, or, if necessary, make payment to the Fund, in an amount equal to the amount by which the expenses of the Fund, incurred in the ordinary course of the Fund’s business, exceed 0.50% of monthly net assets (on an annualized basis) of the Fund. For purposes of this agreement, “expenses of the Fund” means all expenses of the Fund, excluding: (a) management and incentive fees, (b) interest expense and other borrowing related costs, fees and expenses, (c) Rule

12b-1

fees; (d) any cashiering or other investment servicing fees; (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Fund; (f) taxes; (g) short dividends, (h) Acquired Fund Fees and Expenses; (i) class specific expenses; (j) portfolio brokerage commissions; (k) expenses related to, or incurred by, special purpose vehicles or other subsidiaries of the Fund held directly or indirectly by the Fund; (l) expenses, including legal expenses, related to investments of the Fund; and (m) expenses, including legal expenses, related to

co-investment

transactions involving the Fund. This agreement expires on October 3, 2026, unless renewed by mutual agreement of the Advisor and the Fund based upon a determination that this is appropriate under the circumstances at that time.

Prior to October 4, 2025, the Advisor contractually agreed to reduce the Fund management fee, or, if necessary, make payment to the Fund, in an amount equal to the amount by which the expenses of the Fund, incurred in the ordinary course of the Fund’s business, exceed 0.50% of monthly net assets (on an annualized basis) of the Fund. For purposes of this agreement, “expenses of the Fund” means all expenses of the Fund, excluding (a) management and incentive fees, (b) interest expense and other borrowing related costs, fees and expenses, (c) taxes, (d) portfolio brokerage commissions, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Fund, (f) short dividends and (g) cashiering or other investment servicing fees.

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The expense reductions described above amounted to $320,135 and $472,840 for the three and six months ended June 30, 2026, respectively.

The expense reductions described above amounted to $241,277 and $466,823 for the three and six months ended June 30, 2025, respectively.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The management fee, including the impact of the waivers and reimbursements as described above, incurred for the three and six months ended June 30, 2026, was equivalent to a net annual effective rate of 0.51% and 0.69%, respectively, of the Fund’s average monthly net assets.

The management fee, including the impact of the waivers and reimbursements as described above, incurred for the three and six months ended June 30, 2025, was equivalent to a net annual effective rate of 0.61% and 0.56%, respectively, of the Fund’s average monthly net assets.

Effective March 1, 2026, under the Subadvisory Agreement, the Subadvisor receives compensation, which is paid by the Advisor. The Subadvisor is not be entitled to any portion of the incentive fee that the Advisor may be entitled to receive with respect to the Fund.

Incentive fee.

The Fund has agreed to pay the Advisor an Incentive Fee commencing on and after October 3, 2024. A portion of the incentive fee is based upon

pre-incentive

fee net investment income and a portion is based on capital gains.

Incentive Fee Based on Income

The first part of the Incentive Fee, referred to as the “Incentive Fee on Income,” is based on

“Pre-Incentive

Fee Net Investment Income Returns.”

Pre-Incentive

Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on, the

value

of net investment income, which will include interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the month, minus our operating expenses accrued for the month (including the Management Fee, any fee waiver or expense limitation by the Advisor, expenses payable under the Service Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee on Income and any shareholder servicing and/or distribution fees).

Pre-Incentive

Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with

payment-in-kind

interest and zero coupon securities), accrued income that has not yet been received in cash.

Pre-Incentive

Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Incentive Fee on Income will be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each calendar quarter beginning on and after the commencement of the first calendar quarter following October 3, 2024. With respect to the Fund, the Incentive Fee on Income is earned on

Pre-Incentive

Fee Net Investment Income Returns and compared to a “hurdle rate” of return of 1.50% per quarter (6.00% annualized) and for each calendar quarter will be calculated as follows:

(i) No Incentive Fee on Income will be payable in any calendar quarter in which the Fund’s

Pre-Incentive

Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter, or 6.00% annualized, based on the Fund’s average beginning monthly net assets for the applicable quarterly payment period.

(ii) 100% of the dollar amount of the Fund’s

Pre-Incentive

Fee Net Investment Income Returns with respect to that portion of such

Pre-Incentive

Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.715% (6.86% annualized) of the average beginning monthly net assets of the Fund for the applicable quarterly payment period. This portion of

Pre-Incentive

Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.715%) is referred to as the

“catch-up.”

The

“catch-up”

is meant to provide the Advisor with approximately 12.5% of our

Pre-Incentive

Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.715% in any calendar quarter and (iii) 12.5% of the dollar amount of the Fund’s

Pre-Incentive

Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.715% (6.86% annualized) of the Fund’s average beginning monthly net assets for the applicable quarterly payment period.

This

reflects that once the hurdle rate is reached and the

catch-up

is achieved, 12.5% of all

Pre-Incentive

Fee Net Investment Income Returns thereafter are allocated to the Advisor.

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Incentive Fee Based on Capital Gains

The second component of the Incentive Fee, referred to as the Incentive Fee on Capital Gains, is determined and payable

the end of each calendar year in arrears commencing with the end of the first calendar year after October 3, 2024. The amount payable equals:

(i) 12.5% of cumulative realized capital gains net of cumulative realized capital losses and cumulative unrealized capital depreciation commencing from October 3, 2024 through the end of such calendar year, less the aggregate amount of any previously paid Incentive Fee on Capital Gains as calculated in accordance with GAAP.

Each year, the fee paid for the Incentive Fee on Capital Gains is net of the aggregate amount of any previously paid Incentive Fee on Capital Gains for all prior periods. The Fund will accrue, but will not pay, an Incentive Fee on Capital Gains with respect to unrealized appreciation because an Incentive Fee on Capital Gains would be owed to the Advisor if the Fund was to sell the relevant investment and realize a capital gain. In no event will the Incentive Fee on Capital Gains payable pursuant to this Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

Any of the fees payable to the Advisor under the Investment Advisory Agreement for any partial period will be appropriately prorated.

The Advisor is under no obligation to repay any Incentive Fees previously paid by the Fund.

For the three and six months ended June 30, 2026, the incentive fee amounted to $585,224 and $1,117,938, respectively. As of June 30, 2026 and December 31, 2025, $770,755 and $1,241,793 remained payable, respectively.

For the three and six months ended June 30, 2025, the incentive fee amounted to $402,599 and $825,475, respectively.

Accounting and legal services.

The Fund has entered into a service agreement with the Advisor, under which the Advisor is responsible for providing, at the expense of the Fund, various administrative, accounting and legal services, including treasury, valuation, and portfolio and cash management services. Pursuant to a separate service level agreement between the Advisor and John Hancock Investment Management LLC (JHIM), JHIM is responsible for providing certain financial, accounting and administrative services such as legal, tax, accounting, financial reporting and performance, compliance and service provider oversight services. The Fund shall reimburse the Advisor for all expenses associated with providing all such financial, accounting and administrative services.

These accounting and legal services fees incurred for the three and six months ended June 30, 2026 amounted to an annual rate of 0.03% of the Fund’s average monthly net assets.

These accounting and legal services fees incurred for the three and six months ended June 30, 2025 amounted to an annual rate of 0.03% of the Fund’s average monthly 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 Exemptive 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. The Fund’s participation in

co-investment

transactions is subject to policies and procedures adopted by the Advisor and Subadvisor designed to ensure compliance with the conditions of the Exemptive Order, including investment allocation and approval requirements.

During the three and six months ended June 30, 2026, commitments entered into by the Fund pursuant to the Exemptive Order amounted to $9,910,575 and $22,089,020, including unfunded commitments of $2,647,617 and $10,561,663, respectively.

During the three and six months ended June 30, 2025, commitments entered into by the Fund pursuant to the Exemptive Order amounted to $46,655,917 and $82,232,191, including unfunded commitments of $20,441,672 and $34,435,432, respectively.

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Note 5 – Borrowings

On July 26, 2023, the Board and the Fund’s sole shareholder approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the 1940 Act to the Fund and such election became effective the following day. As a result of this approval, the Fund’s applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200% and the Fund is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of June 30, 2026, the asset coverage ratio was 207%.

JPM Funding Facility

On March 26, 2024, the SPV entered into a Loan and Security Agreement (the JPM Funding Facility), as borrower (the “Borrower”), with the Fund, as the parent and portfolio manager, The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility of up to $150 million with a reinvestment period ending March 26, 2027 and an initial final maturity date of March 26, 2029. The JPM Funding Facility also provides for a feature that allows the Borrower, subject to certain conditions, to increase the overall size of the JPM Funding Facility to a maximum of $500 million. In addition, on March 26, 2024, the Fund, as seller, and the Borrower, as purchaser, entered into a Sale and Contribution Agreement, pursuant to which the Borrower will either purchase certain corporate loans or receive contributions of cash or such corporate loans, (collectively, the Loans), from time to time, originated by the Fund or its affiliates.

ramp-up

period) to 0.75% per annum (or, 0.50% during

ramp-up

period), removal of the administration agency fee, extends the maturity of the JPM Funding Facility to November 26, 2029; and resets the investment period and call protection.

On April 10, 2025, the SPV entered into a Second Amendment to the JPM Funding Facility, which provides for an increase to the maximum loan commitments available under the JPM Funding Facility to $175 million, with an option for the Borrower to further increase the maximum loan commitments to $250 million; a decrease in the interest rate on borrowings under the JPM Funding Facility from an applicable margin of 2.30% to 2.20%, in each case over Term SOFR or an alternate base rate; and a decrease in the commitment fee on undrawn loan commitments from 0.75% to 0.60%. Further, the Second Amendment resets the minimum loan utilization schedule and gives the Borrower the option to increase the maximum advance rate.

On October 8, 2025, the SPV entered into a Third Amendment to the JPM Funding Facility, which provides an increase to the maximum loan commitments available under the JPM Funding Facility to $212.5 million, with an option for the Borrower to further increase the maximum loan commitments to $250 million. In addition, the Third Amendment provides for a decrease in the interest rate on borrowings under the JPM Funding Facility from an applicable margin of 2.20% to 2.00%, in each case over Term SOFR or an alternative base rate. On October 10, 2025, the SPV elected to increase the maximum loan commitments to $250 million.

On March 6, 2026, the SPV entered into a Fourth Amendment to the JPM Funding Facility, which removed the 25% concentration limit of the collateral principal amount of portfolio investments with EBITDA less than $20 million.

On May 29, 2026, the SPV entered into a Fifth Amendment to the JPM Funding Facility, which permitted the Fund to merge with and into JHCPIF and clarified the definition of change of control therein.

The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets held by the Borrower, including the Loans. Borrowings under the JPM Funding Facility will bear interest at Term SOFR or an alternate base rate, in each case plus an applicable margin equal to 2.00% as amended on October 8, 2025, subject to increases for default rate interest from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an upfront fee, an administrative agency fee (removed November 26, 2024) and a commitment fee on the undrawn balance of 0.60% per annum (or, during the March 26, 2024 to March 27, 2025

ramp-up

period, 0.50% per annum) as amended on April 10, 2025 on the average daily unused facility amount.

Under the JPM Funding Facility, the Fund and the Borrower, as applicable, have made customary representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The JPM Funding Facility includes usual and customary events of default for such facilities of this nature. Proceeds from the JPM Funding Facility must be used for the purposes permitted in the JPM Funding Facility, including purchasing of loans or other portfolio investments.

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As of June 30, 2026 and December 31, 2025, the Fund had outstanding borrowings of $158,400,000 and $141,500,000 at a weighted average interest rate of 5.69% and 5.91%, respectively, which is reflected in the Credit facility payable on the Consolidated Statements of Assets and Liabilities. During the three and six months ended June 30, 2026, the average daily outstanding borrowings for the JPM Funding Facility amounted to $152,249,451 and $147,511,602 and the weighted average interest rate was 5.69% and 5.68%, respectively. During the three and six months ended June 30, 2025, the average daily outstanding borrowings for the JPM Funding Facility amounted to $60,201,099 and $56,476,796 and the weighted average interest rate was 6.58% and 6.56%, respectively.

The Fund recorded the following interest expense, unused commitment fee and other credit facility related fees on the JPM Funding Facility as Interest and credit facility expenses on the Consolidated Statements of Operations during the three and six months ended June 30, 2026 and June 30, 2025:


	Three months ended June 30, 2026		Six months ended June 30, 2026		Three months ended June 30, 2025		Six months ended June 30, 2025
Interest expense	$	2,190,213	$	4,211,008	$	1,001,583	$	1,861,563
Unused commitment fee and administration fee		148,255		309,173		176,676		268,287
Other credit facility related fees		—		—		13,622		13,622

	$	2,338,468	$	4,520,181	$	1,191,881	$	2,143,472

In connection with the JPM Funding Facility, the SPV pays an upfront fee which is deferred and amortized over the life of the JPM Funding Facility using the straight-line method. During the three and six months ended June 30, 2026, $124,587 and $247,805, respectively, of the upfront fee was expensed and included in Interest and credit facility expenses and $24,846 and $49,317, respectively, of related upfront legal fees was expensed and included in Professional fees and Investment servicing fees on the Consolidated Statements of Operations. During the three and six months ended June 30, 2025, $105,235 and $189,047, respectively, of the upfront fee was expensed and included in Interest and credit facility expenses and $19,493 and $40,802, respectively, of related upfront legal fees was expensed and included in Professional fees and Investment servicing fees on the Consolidated Statements of Operations. At June 30, 2026 and December 31, 2025, $2,044,545 and $2,339,166, respectively, of unamortized upfront fee is included in Deferred financing cost on the Consolidated Statements of Assets and Liabilities.

Note 6 – Shares of beneficial interest

At June 30, 2026, affiliates of the Fund, Manulife International Limited (Hong Kong), Manufacturers Life Reinsurance Limited and Manulife Private Credit Plus Fund owned 21.0%, 9.0% and 70.0%, respectively, of the Class NAV shares of beneficial interest outstanding.

At December 31, 2025, affiliates of the Fund, Manulife International Limited (Hong Kong), Manufacturers Life Reinsurance Limited

and

Manulife Private Credit Plus Fund owned 21.0%, 9.0% and 70.0%, respectively, of the Class NAV shares of beneficial interest outstanding.

Note 7 – Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, for the six months ended June 30, 2026 and June 30, 2025 was as follows:


Six months ended June 30, 2026				Six months ended June 30, 2025
Purchases		Sales		Purchases		Sales
$	36,089,430	$	17,886,392	$	61,595,570	$	8,314,063

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Note 8 – Consolidated Financial Highlights


	For the six months ended June 30, 2026 Class NAV			For the six months ended June 30, 2025 Class NAV
Per share operating performance
Net asset value, beginning of period	$	20.68		$	20.80
Net investment income (1)		0.94			0.85
Net realized and unrealized gain (loss) on investments		(0.27	)		(0.15	)

Total from investment operations		0.67			0.70
Less distributions to common shareholders
From investment income		(0.88	)		(0.76	)

Total distributions		(0.88	)		(0.76	)

Net asset value, end of period	$	20.47		$	20.74

Total return (%) (2)		3.52	% (3)		3.22	% (3)

Ratios and supplemental data
Net assets, end of period (in millions)	$	169		$	171
Ratios (as a percentage of average net assets):
Expenses before reductions		9.19	% (4)		6.87	% (4)
Expenses including reductions		8.64	% (4)		6.18	% (4)
Interest and credit facility expenses		5.55	% (4)		3.42	% (4)
Incentive fees		1.30	% (4)		1.21	% (4)
Expenses including reductions (excluding interest and credit facility expenses and incentive fees)		1.79	% (4)		1.54	% (4)
Net investment income		9.00	% (4)		8.22	% (4)
Portfolio turnover		6	%		5	%
Total debt outstanding end of period (in millions)	$	158		$	49
Asset coverage per $1,000 of debt, end of period (5)	$	2,067		$	4,487

(1)	Based on average monthly shares outstanding.

(2)	Total return would have been lower had certain expenses not been reduced during the applicable period.

(3)	Not annualized.

(4)	Annualized.

(5)	Asset coverage equals the total net assets plus borrowings divided by the borrowings of the Fund outstanding at period end (Note 5). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

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Note 9 – Segment Reporting

The management committee of the Advisor acts as the Fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The Fund represents a

single

operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, and the fund long-term strategic asset allocation is managed in accordance with the terms of its registration statement, based on a defined investment strategy which is executed by the Fund’s portfolio management team. Segment assets are reflected in the Consolidated statements of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Consolidated statements of operations, which include “Increase (decrease) in net assets from operations”, Consolidated statements of changes in net assets, which include “Increase (decrease) from share transactions”, and Consolidated financial highlights, which include total return and income and expense ratios.

Note 10 – Subsequent Events

Events or transactions occurring after the end of the period through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

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CERTAIN DEFINITIONS

Unless indicated otherwise in this quarterly report on Form

10-Q

or the context requires otherwise, the terms “we,” “us,” “our,” and the “Fund” refer to Manulife Private Credit Fund. The terms “Advisor” and our “Investment Advisor” refers to Manulife Investment Management Private Markets (US) LLC, our investment advisor. The term “Subadvisor” refers to Comvest Credit Advisors, LLC, our investment subadvisor.

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by the Advisor, a registered investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), which is an indirect wholly-owned subsidiary of Manulife Financial Corporation (Manulife). The Advisor has delegated to the Subadvisor responsibility for managing the investment and reinvestment of the assets of the Fund, subject to the supervision of the Board and the Advisor. The Subadvisor, a registered investment advisor under the Advisers Act, is also an indirect wholly-owned subsidiary of Manulife. Manulife does not have any obligation, contractual or otherwise, to financially support us beyond the Seed Contribution (as defined below) of certain of their affiliates. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of a global pandemic;

•

changes in the general interest rate environment;

•

general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with our Advisor, Subadvisor and their affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we invest;

•

the ability of our portfolio companies to achieve their objectives;

•

the use of borrowed money to finance a portion of our investments;

•

the adequacy of our financing sources and working capital;

•

the timing and amount of cash flows, if any, from the operations of our portfolio companies;

•

the ability of our Subadvisor to locate suitable investments for us and to monitor and administer our investments;

•

the ability of our Advisor, Subadvisor and their affiliates to attract and retain highly talented professionals;

•

our ability to qualify and maintain our qualification as a business development company and as a regulated investment company under the Internal Revenue Code of 1986, as amended;

•

the impact on our business of U.S. and international financial reform legislation, rules and regulations; and

•

the effect of changes in tax laws and regulations and interpretations thereof.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form

10-K

for the year ended December 31, 2025 as updated by the Fund’s periodic filings with the United States Securities and Exchange Commission (the SEC). You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we may file with the SEC in the future, including annual reports on Form

10-K,

quarterly reports on Form

10-Q

and current reports on Form

8-K.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information in this section contains forward-looking statements that involve risks and uncertainties, including, but not limited to, those set forth in “Part I Item 1A. Risk Factors” of our annual report for the fiscal year ended December 31, 2025 on Form 10-K. You should read the following discussion in conjunction with the Part I, Item 1 of this Form 10-Q “Consolidated Financial Statements (Unaudited)” and related notes thereto and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion also should be read in conjunction with the “Forward-Looking Statements” in this Quarterly Report on Form 10-Q.

The following discussion and analysis of our financial condition and results of operations is intended to provide a better understanding of our consolidated financial statements, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. Historical results and percentage relationships among any amounts in the consolidated financial statements are not necessarily indicative of trends in operating results for any future periods.

Overview

We are an externally managed, diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 8, 2023, we are externally managed by the Advisor, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Investment Advisory Agreement, and the Service Agreement with the Fund and the Service Level Agreement between the Advisor and JHIM. The Advisor is registered as investment advisor with the SEC. We have elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes, and intend to continue to qualify annually thereafter, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).

The Advisor oversees (subject to the oversight of the Board) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Investment Advisory Agreement. Under the Investment Advisory Agreement, we have agreed to pay the Advisor an annual management fee as well as an incentive fee based on our investment performance.

Effective March 1, 2026, the Fund entered into a Subadvisory Agreement with Comvest Credit Advisors, LLC (the Subadvisor). The Subadvisor, a registered investment advisor, is a Delaware limited liability company and an affiliate of, and under common control with, the Advisor, as Manulife is the indirect controlling parent company of both the Advisor and the Subadvisor. The Fund’s investment objectives and strategies did not change as a result of the appointment of the Subadvisor as the subadvisor to the Fund. The Subadvisory Agreement provides that the Subadvisor manages the investment and reinvestment of the assets of the Fund, subject to the supervision of the Board and the Advisor. The Subadvisor formulates and implements a continuous investment program for the Fund consistent with the Fund’s investment objective and policies. The Subadvisor implements such program for the Fund by purchases and sales of securities, instruments and other assets (including the placing of orders or the usage of special purpose vehicles for such purchases and sales), entering into derivative transactions to the extent authorized by its registration statement, and managing all cash in the Fund, and regularly reports to the Advisor and the Board with respect to the implementation of such programs.

Pursuant to the Service Agreement, the Advisor is responsible for providing, at the expense of the Fund, certain treasury, valuation and portfolio and cash management services to the Fund. Pursuant to the Service Level Agreement, JHIM provides certain financial, accounting and administrative services such as legal, tax, accounting, financial reporting and performance, compliance and service provider oversight services. Pursuant to the Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by the Fund, including an overhead allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services under the Service Agreement because it also provides advisory services under the Investment Advisory Agreement. The reimbursement shall be calculated and paid monthly in arrears. Similarly, under the Service Level Agreement, the Advisor pays JHIM compensation on an at-cost basis, and JHIM does not earn any profit.

We expect to conduct the continuous private offering of our Common Shares (the Private Offering) in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. We are initially offering one class of our Common Shares – the Class NAV shares – and may offer additional classes of our Common Shares in the future. We and the Advisor may apply for the Multi- Class Exemptive Relief from the SEC that, if granted, would permit us to issue multiple classes of shares of our Common Shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date in our discretion. We have not yet applied for the Multi-Class Exemptive Relief, and there is no assurance that such relief would be granted.

We commenced operations concurrent with the initial closing on the Seed Contribution and, prior to the BDC Election Date, we have conducted our investment activities and operations pursuant to the exclusion from the definition of an “investment company” in Section 3(c)(7) of the 1940 Act. Following the BDC Election Date, we commenced holding monthly closings for the Private Offering, in connection with which we issued Common Shares to investors for immediate cash investment. If there are no purchases for the Private Offering for a particular month, a closing will not be held for that month.

Our investment objectives are to maximize the total return to our shareholders in the form of current income and, to a lesser extent, capital appreciation. The Fund invests primarily in the debt of private middle-market U.S. companies with a focus on directly originated first and second lien loans (including delayed draw term loans and revolving credit facilities) typically created by a club of lenders, as well as related equity investments in companies in which loans have been made by the Fund to middle-market companies. The club of lenders is generally a small group of investment firms.

At special meetings held on April 15, 2026 and April 23, 2026, the Board of the Fund, including all of the Trustees that are not “interested persons” of the Fund (as defined in the 1940 Act), considered and approved the Agreement and Plan of Merger by and among the Fund, John Hancock Comvest Private Income Fund (JHCPIF), John Hancock Comvest Merger Sub, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of JHCPIF (Merger Sub), the Advisor and Comvest Credit Managers, LLC, a Delaware limited liability company and investment adviser to JHCPIF (the Merger Agreement). The Merger Agreement was entered into on June 22, 2026. Under the Merger Agreement and the transactions contemplated thereby, subject to the conditions set forth in the Merger Agreement, at the effective time of the Mergers as defined below, Merger Sub would merge with and into the Fund (the First Merger), with the Fund continuing as the surviving company (the Surviving Company). Immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into JHCPIF (the Second Merger and, together with the First Merger, the Mergers), with JHCPIF continuing as the surviving company. The closing of the Mergers is contingent upon (a) approval of the holders of Shares of the Fund, (b) approval of JHCPIF’s shareholders and (c) satisfaction or waiver of certain other closing conditions.

Investments

Our level of investment activity can and is expected to vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $25 million.

Revenues

We plan to principally generate revenues in the form of interest income and, to a lesser extent, capital appreciation on the debt investments we hold, as well as dividends and other distributions on the equity or other securities we hold. In addition, we plan to generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees. Our portfolio activity also reflects the proceeds of sales of securities.

Expenses

The Fund bears all costs of its organization and operation, including but not limited to, as applicable, expenses of preparing, printing and mailing all shareholders’ reports, notices, prospectuses, proxy statements and reports to regulatory agencies; expenses relating to the offering and issuance of shares; investment advisory fees payable under the Investment Advisory Agreement; government fees; interest charges; expenses of furnishing to investors their account statements; taxes; brokerage and other expenses connected with the execution and servicing of portfolio securities and securities transactions; fees and expenses of custodians including those for keeping books and accounts, maintaining any line of credit and calculating the NAV of shares; fees and expenses of dividend disbursing agents; legal, accounting, financial, management, tax and auditing fees and expenses of the Fund (including an allocable portion of the cost of the Advisor’s or an affiliate of the Advisor’s employees rendering such services to the Fund); expenses of Trustees’ and investors’ meetings; trade association memberships; fidelity bond and other insurance premiums; any extraordinary expenses; and all other expenses incurred by the Fund or Advisor with administering the Fund’s business. In addition, the Fund will be responsible for other expenses, fees, taxes, penalties and costs associated with the Fund’s investments, including but not limited to filing fees, fees to third party sub-servicers, taxes payable or required to be withheld by or in respect of the Fund or to which the Fund may be subject, any reasonably incurred fees and expenses relating to legal, accounting, bank or other financial intermediaries, third party advisors and consultants, due diligence, research, litigation and restructuring costs and expenses and all other out of pocket expenses of the Advisor and any affiliate to whom it has delegated any of its functions, power, responsibilities or duties. The Fund indirectly bears the cost related to the SPV, including cost, related to borrowings from the JPM Funding Facility, such as interest expense and other fees. Certain fees may be waived or reimbursed by the Advisor.

Pursuant to a Service Agreement, the Advisor is responsible for providing, at the expense of the Fund, certain treasury, valuation and portfolio and cash management services to the Fund. Pursuant to the Service Level Agreement, JHIM provides certain financial, accounting and administrative services such as legal, tax, accounting, financial reporting and performance, compliance and service provider oversight services. Pursuant to the Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by the Fund, including an overhead allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services under the Service Agreement because it also provides advisory services under the Investment Advisory Agreement. The reimbursement shall be calculated and paid monthly in arrears. Similarly, under the Service Level Agreement, the Advisor pays JHIM compensation on an at-cost basis, and JHIM does not earn any profit.

In addition, we have contracted with SS&C Technologies, Inc. (SS&C) to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Advisor, maintaining accounting and corporate books and records, recording investment and shareholder transactions, preparing and reviewing bank account reconciliations and maintaining dividend reinvestment plan.

The Advisor has agreed to advance all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund’s systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel (provided that the Fund shall not be required to bear the cost of private airfare in excess of comparable first- class/business rates on a commercial airline, if available), meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through a date determined by the Advisor in its discretion.

From time to time, the Advisor or its affiliates may pay third-party providers of goods or services. We will reimburse the Advisor or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Advisor may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Portfolio and Investment Activity

As of June 30, 2026, the Fund had investments, excluding cash equivalents, in 81 portfolio companies across 7 sectors and 22 industries. Based on fair value as of June 30, 2026, 95.1% of the Fund’s fair value was invested in debt bearing a floating interest rate, all of which had an interest rate floor denoted in Secured Overnight Financing Rate (SOFR). The weighted average interest rate floor across the Fund’s portfolio was approximately 1.0% as of June 30, 2026. These floors allow the Fund to mitigate (to a degree) any impact of spread widening on the valuation of the Fund’s investments. As of June 30, 2026, the Fund’s estimated weighted average total yield of investments in debt securities was 8.7%. Weighted average yields are based on interest rates as of June 30, 2026.

As of December 31, 2025, the Fund had investments, excluding cash equivalents, in 79 portfolio companies across 7 sectors and 22 industries. Based on fair value as of December 31, 2025, 94.4% of the Fund’s investments at fair value was invested in debt bearing a floating interest rate, all of which had an interest rate floor denoted in Secured Overnight Financing Rate (“SOFR”). The weighted average interest rate floor across the Fund’s portfolio was approximately 1.0% as of December 31, 2025. These floors allow the Fund to mitigate (to a degree) any impact of spread widening on the valuation of the Fund’s investments. As of December 31, 2025, the Fund’s estimated weighted average total yield of investments in debt securities was 8.9%. Weighted average yields are based on interest rates as of December 31, 2025.

Our portfolio and investment activity for the six months ended June 30, 2026 and June 30, 2025 is presented below (information presented herein is at amortized cost unless otherwise indicated):


	For the six months ended June 30, 2026			For the six months ended June 30, 2025
Investments:
Total investments, beginning of period	$	314,145,189		$	165,237,142
Purchase of investments		36,089,430			61,595,570
Proceeds from principal repayments and sales of investments		(17,886,392	)		(8,314,063	)
Net purchases and sales of short-term investments		(1,463,638	)		1,955,092
Amortization of premium/accretion of discount, net		702,841			497,616
Net realized gain (loss) on investments		160,583			55,073

Total investments, end of period	$	331,748,013		$	221,026,430

Portfolio companies at beginning of period		79			54
Number of new portfolio companies funded		5			13
Number of portfolio companies sold or repaid		(3	)		(2	)
Portfolio companies at end of period		81			65
Count of investments		275			220
Count of industries		22			22

As of June 30, 2026 and December 31, 2025, our investments, excluding unfunded loan commitments, consisted of the following:


	June 30, 2026							December 31, 2025
	Amortized Cost		Fair Value		% of Investments at Fair Value			Amortized Cost		Fair Value		% of Investments at Fair Value
First-Lien Loans	$	315,716,687	$	313,197,730		95.1	%	$	296,650,225	$	296,640,830		94.4	%
Equity		1,091,815		1,214,948		0.4	%		1,091,815		1,126,259		0.4	%
Other Securities		14,939,511		14,939,511		4.5	%		16,403,149		16,403,149		5.2	%

Total Investments	$	331,748,013	$	329,352,189		100	%	$	314,145,189	$	314,170,238		100	%


Portfolio Composition	as of 6-30-26 (% of net assets)			as of 12-31-25 (% of net assets)
Senior loans		238.6			235.6
Equity		0.7			0.6
Short-term investments and other (less unfunded loan commitments)		(139.3	)		(136.2	)
		100			100

Percentages include unfunded loan commitments.


Sector Composition	as of 6-30-26 (% of net assets)			as of 12-31-25 (% of net assets)
Industrials		82.8			85.5
Consumer discretionary		53.2			52.1
Health care		50.8			45.8
Consumer staples		19.3			19.3
Information technology		16.1			18.1
Financials		9.5			7.9
Materials		7.6			7.5
Short-term investments and other (less unfunded loan commitments)		(139.3	)		(136.2	)
		100			100

Percentages include unfunded loan commitments.

Results of Operations

Our operating results for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:


	For the three months ended				For the six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Increase (decrease) in net assets from operations	$	2,591,000	$	2,277,470	$	5,466,935	$	5,163,254

Net increase (decrease) in net assets from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

Our investment income for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:


	For the three months ended				For the six months ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Investment income
From non-controlled/non-affiliated investments:
Interest	$	7,440,804	$	5,151,337	$	14,815,640	$	9,416,599
Dividends		110,364		194,391		211,147		324,327
Other income		77,586		44,389		124,016		67,074
Total investment income	$	7,628,754	$	5,390,117	$	15,150,803	$	9,808,000

For the three and six months ended June 30, 2026 and June 30, 2025, total investment income was driven by the Fund’s deployment of capital and invested balance of investments. The size of the Fund’s investment portfolio at fair value was approximately $329.4 million as of June 30, 2026 and, as of such date, all of the Fund’s debt investments were income-producing.

Interest income on the Fund’s debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Fund expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of June 30, 2026, all of the Fund’s debt investments were performing and current on their interest payments.

Our expenses for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:


	For the three months ended						For the six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Expenses
Management fee	$	541,763		$	470,160		$	1,067,147		$	845,967
Incentive fees		585,224			402,599			1,117,938			825,475
Accounting and legal services fees		12,365			11,349			26,760			23,307
Interest and credit facility expenses		2,463,055			1,297,116			4,767,986			2,332,519
Investment servicing fees		25,316			17,220			43,646			36,396
Trustee fees		38,172			23,357			63,275			46,595
Professional fees		257,141			143,064			413,088			272,370
Custody and accounting fees		75,194			63,721			142,402			130,601
Transfer Agent		41,500			35,479			73,054			82,417
Printing and postage		31,940			20,247			51,891			28,945
Other expenses		80,526			37,951			129,231			51,643
Total expenses		4,152,196			2,522,263			7,896,418			4,676,235
Less expense reductions		(320,135	)		(241,277	)		(472,840	)		(466,823	)
Net expenses		3,832,061			2,280,986			7,423,578			4,209,412

The Fund has an investment management agreement with the Advisor under which the Fund pays an annual fee rate of 1.25% of monthly net assets. The management fee is payable monthly in arrears.

The Fund has agreed to pay the Advisor an incentive fee commencing on October 3, 2024. A portion of the incentive fee is based upon pre-incentive fee net investment income and a portion is based on capital gains. The incentive fee on net investment income shall be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each fiscal quarter pursuant to the Investment Advisory Agreement. The incentive fee on capital gains is determined and payable at the end of each calendar year in arrears pursuant to the Investment Advisory Agreement.

Expense reductions include contractual management fee waivers. For further details, see “Note 4 – Agreements and transactions with related parties” under “Item 1. Consolidated Financial Statements (Unaudited)” in the accompanying unaudited financial statements.

Interest and credit facility expenses include interest expense, amortized deferred financing cost, unused commitment fee and utilization fee related to the JPM Funding Facility. Legal fees related to the establishment and amendments to the JPM Funding Facility were capitalized and are being amortized over the life of the facility. For further details, see “Note 5 – Borrowings” under “Item 1. Consolidated Financial Statements (Unaudited)” in the accompanying unaudited financial statements.

Other expenses generally include insurance, valuation, subscriptions and other costs.

Income Taxes, Including Excise Taxes

The Fund has elected and intends to continue to qualify as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not have to pay corporate-level U.S. federal income taxes on any income and net capital gain that it distributes to shareholders as dividends. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to be eligible for pass-through tax treatment as a RIC, the Fund must distribute to the Fund’s shareholders, for each taxable year, at least the sum of 90% of the Fund’s “investment company taxable income,” which is generally net ordinary income plus the excess of realized net short term capital gains over realized net long-term capital losses and 90% of its net exempt interest income, if any, or the “Annual Distribution Requirement.”

For the three and six months ended June 30, 2026 and June 30, 2025, the Fund did not incur any excise tax.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds from the Private Offering and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the Private Offering. Our primary use of cash will be investments in portfolio companies, payments of our expenses, payment of cash distributions to our shareholders and repurchases, if any, of our Common Shares under our share repurchase program.

Equity

For the six months ended June 30, 2026, there were no closings held of our continuous Private Offering. For the six months ended June 30, 2025, we held three closings of our continuous Private Offering. As a result, the total Class NAV shares issued, and proceeds received related to such closings were as follows:


Shares issued date	Class NAV shares issued		Proceeds Received
June 30, 2025
February 3, 2025		716,476	$	15,000,000
May 1, 2025		1,451,098	$	30,000,000
June 2, 2025		728,633	$	15,000,000

Credit Facilities

We utilize leverage to finance our investments. The amount of leverage that we employ will be subject to the restrictions of the 1940 Act and the supervision of our Board. At the time of any proposed borrowing, the amount of leverage we employ will also depend on our Advisor’s assessment of market and other factors.

We have established one or more credit facilities and may enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over a specified reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

JPM Funding Facility

On March 26, 2024, the SPV, a wholly owned consolidated subsidiary of the Fund, entered into a Loan and Security Agreement (the JPM Funding Facility), as borrower (the “Borrower”), with the Fund, as the parent and portfolio manager, The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility of up to $150 million with a reinvestment period ending March 26, 2027 and an initial final maturity date of March 26, 2029 . The JPM Funding Facility also provides for a feature that allows the Borrower, subject to certain conditions, to increase the overall size of the JPM Funding Facility to a maximum of $500 million. In addition, on March 26, 2024, the Fund, as seller, and the Borrower, as purchaser, entered into a Sale and Contribution Agreement, pursuant to which Borrower will either purchase certain corporate loans or receive contributions of cash or such corporate loans (collectively, the Loans), from time to time, originated by the Fund or its affiliates.

On November 26, 2024, the SPV entered into a First Amendment to the JPM Funding Facility, which provides for a decrease in the interest rate on borrowings under the JPM Funding Facility from an applicable margin of 2.70% to 2.30%, in each case over Term SOFR or an alternate base rate; an increase in commitment fee on the undrawn balance of 0.55% per annum (or, 0.30% during ramp-up period) to 0.75% per annum (or, 0.50% during ramp-up period), removal of the administration agency fee, extends the maturity of the JPM Funding Facility to November 26, 2029; and resets the investment period and call protection.

On May 29, 2026, the SPV entered into a Fifth Amendment to the JPM Funding Facility, which permitted the Fund to merge with and into JHCPIF and clarified the definition of change of control therein.

For further details, see “Note 5 – Borrowings” under “Item 1. Consolidated Financial Statements (Unaudited)” in the accompanying unaudited consolidated financial statements.


	June 30, 2026				December 31, 2025
Unfunded Term Loan	Principal on Delayed Draw Term Loan		Principal on Revolver		Principal on Delayed Draw Term Loan		Principal on Revolver
4M Capital, Ltd.		—	$	528,000		—	$	528,000
AC Blackpoint Acquisition, Inc.	$	523,741		508,475	$	1,203,988		508,475
Air Buyer, Inc.		—		112,500		—		112,500
All Glass & Window Holdings, Inc.		641,026		769,231		1,282,051		769,231
American Combustion Industries, Inc.		689,603		59,861		857,214		59,861
ARC Health Operating Company LLC		2,267,556		768,142		2,513,362		768,142
Bandon Fitness, Inc.		1,705,489		—		1,725,959		—
BCTS Parent LLC		—		354,484		3,311,498		354,484
Beacon Behavioral Holdings LLC		—		—		4,073,082		114,512
Beary Landscaping LLC		—		92,958		—		228,169
BLP Buyer, Inc.		—		30,145		—		68,855
Capital Construction LLC		—		362,885		—		508,039
Chemtron Supply LLC		1,983,585		362,979		1,983,585		362,979
Chime Holdco LLC		—		496,966		—		496,966
CPS Holdco, Inc.		1,315,064		705,128		1,315,064		705,128
CRH Healthcare Purchaser, Inc.		489,979		195,992		489,979		195,992
DAWGS Intermediate Holding Company		—		328,589		—		317,989
Diverzify Intermediate LLC		—		33,938		1,371,429		—
Eastern Communications Solutions, Inc.		—		1,031,519		—		1,031,519
Foodscience LLC		1,634,722		672,222		1,634,722		672,222
Founders Table Holdings LLC		156,661		156,661		—		—
Galloway & Company LLC		1,313,485		656,743		1,970,228		656,743
GarageCo Intermediate II LLC		2,289,562		686,869		2,289,562		686,869
GSF Buyer LLC		1,361,162		680,581		1,361,162		680,581
Health Management Associates, Inc.		—		124,004		—		124,004
Hill Country Dairies, Inc.		870,968		725,806		870,968		725,806
HMN Acquirer Corp.		760,417		625,000		1,041,667		625,000
Hy-Tek Opco LLC		—		638,956		—		851,942
Identiti Resources LLC		—		385,195		—		335,120
Impact Climate Technologies LLC		—		—		626,312		—
In Vitro Sciences LLC		—		106,667		—		71,111
Innovate 32 Services LLC		2,000,000		—		—		—
Integrated Openings Solutions LLC		—		227,473		—		265,385
Jetson Buyer, Inc.		—		372,671		—		443,656
Krayden Holdings, Inc.		605,127		330,779		605,127		388,206
Leap Service Partners LLC		329,418		588,235		1,294,141		588,235


Lindstrom LLC		—		1,209,767		—		766,387
LTC Consulting Services LLC		—		454,545		—		454,545
M&D Midco, Inc.		1,026,393		210,663		1,045,311		348,160
Magic Valley Electric LLC		1,526,252		305,250		1,526,252		305,250
Midwest Eye Services LLC		2,012,039		704,931		2,216,430		704,931
NE Ortho Management Services LLC		6,362,840		442,633		—		—
O2B Early Education Holding, Inc.		1,361,162		680,581		1,361,162		680,581
OIS Management Services LLC		—		167,626		519,146		167,626
P.J. Fitzpatrick LLC		602,083		1,062,500		1,416,667		1,062,500
PAK Quality Foods Acquisition LLC		34,071		179,104		—		89,552
Pediatric Home Respiratory Services LLC		900,000		400,000		900,000		500,000
Perennial Services Group LLC		1,859,689		564,356		3,628,006		712,164
PNB Holdings III LLC		1,227,273		818,182		1,227,273		818,182
Prestige Backyards LLC		2,090,164		1,309,836		2,090,164		1,309,836
Purple Cow Buyer LLC		748,071		218,100		910,604		218,100
QM Buyer, Inc.		779,167		611,111		1,222,222		611,111
Rapid Buyer LLC		1,295,585		647,793		1,295,585		647,793
Redwood MSO LLC		—		278,777		264,405		236,588
Refocus Management Services LLC		—		210,526		1,308,165		147,368
Renovation Systems LLC		102,203		50,105		102,203		—
Rocket Holdco Intermediate II LLC		—		801,887		—		801,887
Rome Borrower LLC		764,259		344,313		—		—
RPC TopCo, Inc.		—		545,455		—		545,455
Seawolf Buyer LLC		1,041,667		1,041,667		1,041,667		1,041,667
Simon Pearce LLC		—		642,857		—		642,857
Star Logistics & Hospitality Services LLC		1,232,143		80,357		1,232,143		321,429
StartKleen Legacy Holdings LLC		1,282,051		769,231		1,282,051		1,025,641
Stellar Buyer LLC		764,901		819,536		764,901		819,536
Steward Partners Global Advisory LLC		139,140		955,881		4,506,577		955,881
SurfacePrep Buyer LLC		117,018		479,452		199,136		479,452
The Smilist DSO LLC		197,051		48,583		331,422		140,351
ToxStrategies LLC		570,228		798,319		570,228		798,319
TruSource Foods LLC		1,109,256		336,792		1,109,256		304,717
VPD Management, Inc.		741,658		70,501		1,527,165		4,571
Vybond Buyer LLC		1,051,402		788,551		1,051,402		788,551
WeLocalize, Inc.		—		42,160		—		134,911
Wheat Holdings LLC		2,742,268		979,381		2,742,268		979,381
Wildcats Purchaser LLC		569,639		312,735		815,455		312,735
WWEC Holdings III Corp.		—		434,020		824,818		434,020
XpressMyself.com LLC		—		233,050		—		233,050

Total	$	55,187,238	$	34,770,768	$	70,853,184	$	34,790,806

Distributions and Dividend Reinvestment Plan

Distributions

The Fund intends to make quarterly distributions of net investment income. Any distributions we make will be at the discretion of our Board, who will consider, among other things, our earnings, cash flow, capital needs and general financial condition, as well as our desire to comply with the RIC requirements, which generally require us to make aggregate annual distributions to our shareholders of at least 90% of our net investment income. As a result, distributions to shareholders cannot be assured, and the amount of each quarterly distribution is likely to vary. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends at least quarterly. Capital gain distributions, if any, are typically distributed annually.

The following table summarizes the distributions declared on our common shares for the six months ended June 30, 2026 and June 30, 2025:

Date Declared

Record Date

Payment Date

Dividend Per Share

June 30, 2026

June 29, 2026

June 26, 2026

July 22, 2026

0.3883

March 30, 2026

March 27, 2026

April 22, 2026

0.4909

June 30, 2025

June 27, 2025

June 26, 2025

July 22, 2025

0.3733

March 28, 2025

March 27, 2025

April 22, 2025

0.3833

Dividend Reinvestment Plan

Pursuant to the Dividend Reinvestment Plan (DRP) established by the Fund, each shareholder will automatically be a participant under the DRP and have all income distributions, whether dividend distributions or capital gains distributions, automatically reinvested in additional Common Shares. Election not to participate in the DRP and to receive all income distributions, whether dividend distributions or capital gains distributions, in cash may be made by notice to a shareholder’s intermediary (who should be directed to inform the Fund). A shareholder is free to change this election at any time. If, however, a shareholder elects to change its election within 95 days prior to a distribution, the request will be effective only with respect to distributions after the 95-day period. A shareholder whose Common Shares are registered in the name of a nominee (such as an intermediary) must contact the nominee regarding its status under the DRP, including whether such nominee will participate on such shareholder’s behalf as such nominee will be required to make any such election.

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

Common Shares will be issued pursuant to the DRP at their NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Common Shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment. A request for change of participation/non-participation status in the DRP must be received by the Fund within the above timeframe to be effective for that dividend or capital gain distribution. The Fund may terminate the DRP at any time upon written notice to the participants in the DRP. The Fund may amend the DRP at any time upon 30 days’ written notice to the participants. Any expenses of the DRP will be borne by the Fund.

As of June 30, 2026 and December 31, 2025, no Common Shares were issued pursuant to the DRP.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•

the Investment Advisory Agreement;

•

the Service Agreement;

•

the Placement Agency Agreement;

•

the Expense Limitation and Fee Waiver Agreement;

•

the Sale and Contribution Agreement; and

•

the Subadvisory Agreement

See “Note 4 – Agreements and transactions with related parties” and “Note 5 – Borrowings” under “Item 1. Consolidated Financial Statements (Unaudited)” in the accompanying unaudited consolidated financial statements.

Critical Accounting Policies and Use of Estimates

Our consolidated financial statements are prepared in conformity with US GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management utilizes available information, which includes our history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in the notes to our unaudited consolidated financial statements.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by the Advisor and overseen by the Board in accordance with the Advisor’s valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. See “Part I Item 1. Business – Determination of Net Asset Value.” of our December 31, 2025 Form 10-K.

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. We may use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we may have the ability to borrow in foreign currencies under any credit facilities or enter into other financing arrangements, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We expect to typically be a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, are expected to benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar. See “Part I Item 1. Business – Determination of Net Asset Value.” of our December 31, 2025 Form 10-K.

ITEM 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Based upon their evaluation of the Fund’s disclosure controls and procedures as of June 30, 2026 (the end of the period covered by this report), the Fund’s principal executive officer and principal financial officer have concluded that those disclosure controls and procedures were effective as of June 30, 2026 and provided reasonable assurance that the material information required to be disclosed by the Fund on this report is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control Over Financial Reporting

There were no changes in our 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, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. Legal Proceedings.

There are no legal proceedings to which the Fund, the Advisor, the Subadvisor or our wholly-owned subsidiaries is a party that are likely to have a material adverse effect on the Fund, nor, to our knowledge, is any material legal proceeding threatened against us, the Advisor, the Subadvisor or our wholly-owned subsidiaries.

ITEM 1A. Risk Factors

Investing in our Common Shares involves a number of significant risks. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in “Part I Item 1A. Risk Factors” our December 31, 2025 Form 10-K, which could materially affect the Fund’s business, financial condition and/or operating results. The risks described in our December 31, 2025 Form 10-K are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Fund offers and sells its Common Shares in a Private Offering under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. Except as previously reported by us on our Current Report on Form 8-K, during the period covered by this Quarterly Report on Form 10-Q, the Fund did not sell any unregistered securities.


	Page
PART I. FINANCIAL INFORMATION		1

ITEM 1. Consolidated Financial Statements (Unaudited)		1
Consolidated Schedule of Investments as of June 30, 2026 (Unaudited) and December 31, 2025		1
Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025		25
Consolidated Statements of Operations for the three and six months ended June 30, 2026 and June 30, 2025 (Unaudited)		26
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and June 30, 2025 (Unaudited)		27
Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and June 30, 2025 (Unaudited)		28
Notes to Consolidated Financial Statements (Unaudited)		29
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		48
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk		62
ITEM 4. Controls and Procedures		64

PART II. OTHER INFORMATION		64
ITEM 1. Legal Proceedings		64
ITEM 1A. Risk Factors		64
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds		64
ITEM 3. Defaults Upon Senior Securities		65
ITEM 4. Mine Safety Disclosures		65
ITEM 5. Other Information		66
ITEM 6. Exhibits		67

SIGNATURES		68


	June 30, 2026				% of Investments at Fair Value			December 31, 2025
	Amortized Cost		Fair Value		% of Investments at Fair Value			Amortized Cost		Fair Value		% of Investments at Fair Value
First-Lien Loans	$	315,716,687	$	313,197,730		95.1	%	$	296,650,225	$	296,640,830		94.4	%
Equity		1,091,815		1,214,948		0.4	%		1,091,815		1,126,259		0.4	%
Other Securities		14,939,511		14,939,511		4.5	%		16,403,149		16,403,149		5.2	%

Total Investments	$	331,748,013	$	329,352,189		100	%	$	314,145,189	$	314,170,238		100	%


Sector Composition	as of 6-30-26 (% of net assets)			as of 12-31-25 (% of net assets)
Industrials		82.8			85.5
Consumer discretionary		53.2			52.1
Health care		50.8			45.8
Consumer staples		19.3			19.3
Information technology		16.1			18.1
Financials		9.5			7.9
Materials		7.6			7.5
Short-term investments and other (less unfunded loan commitments)		(139.3	)		(136.2	)
		100			100
Percentages include unfunded loan commitments.


Industry Composition as of 6-30-26 (% of net assets)
Health care providers and services	44.3
Diversified consumer services	29.0
Commercial services and supplies	23.4
Professional services	21.5
Trading companies and distributors	17.6
Food products	12.8
IT services	10.2
Distributors	8.8
Hotels, restaurants and leisure	8.2
Machinery	8.2
Chemicals	7.6
Building products	7.6
Consumer staples distribution and retail	6.5
Health care equipment and supplies	6.5
Capital markets	6.2
Software	5.9
Insurance	3.3
Air freight and logistics	2.6
Household durables	2.6
Specialty retail	2.3
Leisure products	2.3
Construction and engineering	1.9
Short-term investments and other (less unfunded loan commitments)	(139.3	)
	100

Percentages include unfunded loan commitments.


Industry Composition as of 6-30-26 (% of net assets)
Health care providers and services	44.3
Diversified consumer services	29.0
Commercial services and supplies	23.4
Professional services	21.5
Trading companies and distributors	17.6
Food products	12.8
IT services	10.2
Distributors	8.8
Hotels, restaurants and leisure	8.2
Machinery	8.2
Chemicals	7.6
Building products	7.6
Consumer staples distribution and retail	6.5
Health care equipment and supplies	6.5
Capital markets	6.2
Software	5.9
Insurance	3.3
Air freight and logistics	2.6
Household durables	2.6
Specialty retail	2.3
Leisure products	2.3
Construction and engineering	1.9
Short-term investments and other (less unfunded loan commitments)	(139.3	)
	100


Industry Composition as of 12-31-25 (% of net assets)
Health care providers and services	39.3
Diversified consumer services	29.0
Commercial services and supplies	25.0
Professional services	21.3
Trading companies and distributors	19.3
Food products	12.7
IT services	10.1
Distributors	8.8
Software	8.0
Machinery	8.0
Building products	7.5
Chemicals	7.5
Hotels, restaurants and leisure	7.1
Consumer staples distribution and retail	6.6
Health care equipment and supplies	6.5
Capital markets	4.6
Insurance	3.3
Air freight and logistics	2.6
Household durables	2.6
Specialty retail	2.4
Leisure products	2.2
Construction and engineering	1.8
Short-term investments and other (less unfunded loan commitments)	(136.2	)
	100


Top 10 Issuers as of 6-30-26 (% of net assets)
ToxStrategies LLC			5.6
Leap Service Partners LLC			5.6
Pediatric Home Respiratory Services LLC			5.6
Lindstrom LLC			5.5
NE Ortho Management Services LLC			5.5
Perennial Services Group LLC			5.4
Eastern Communications Solutions, Inc.			5.4
Seawolf Buyer LLC			5.0
Prestige Backyards LLC			4.7
TruSource Foods LLC			4.7
Total			53.0


Top 10 Issuers as of 12-31-25 (% of net assets)
Leap Service Partners LLC			5.6
Pediatric Home Respiratory Services LLC			5.5
ToxStrategies LLC			5.5
Eastern Communications Solutions, Inc.			5.5
Perennial Services Group LLC			5.5
Lindstrom LLC			5.4
Prestige Backyards LLC			4.9
Seawolf Buyer LLC			4.9
TruSource Foods LLC			4.8
Steward Partners Global Advisory LLC			4.6
Total			52.2


	Interest income			Interest expense			Net income
Up 300 basis points	$	9,588,569		$	(4,752,000	)	$	4,836,569
Up 200 basis points	$	6,392,379		$	(3,168,000	)	$	3,224,379
Up 100 basis points	$	3,196,190		$	(1,584,000	)	$	1,612,190
Down 100 basis points	$	(3,196,190	)	$	1,584,000		$	(1,612,190	)


2.1		Agreement and Plan of Merger, by and among John Hancock Comvest Private Income Fund, John Hancock Comvest Merger Sub, LLC, Manulife Private Credit Fund, Comvest Credit Managers, LLC, and Manulife Investment Management Private Markets (US) LLC, dated as of June 22, 2026⁽¹⁾

3.1		Certificate of Trust⁽²⁾

3.2		Certificate of Amendment to Certificate of Trust⁽²⁾

3.3		Amended and Restated Agreement and Declaration of Trust⁽³⁾

3.4		Amended and Restated Bylaws^*

10.1		Fifth Amendment to Loan and Security Agreement dated May 29, 2026 among Manulife Private Credit Fund SPV, LLC, as borrower, Manulife Private Credit Fund, as the parent and as portfolio manager, the lenders party thereto, The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent*

31.1		Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2		Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.*

32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.*

101.INS*		Inline XBRL Instance Document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


		Manulife Private Credit Fund

Date: August 13, 2026	By:	/s/ Ian Roke
		Name: Ian Roke
		Title: Chief Executive Officer (Principal Executive Officer)

Date: August 13, 2026	By:	/s/ Heidi Knapp
		Name: Heidi Knapp
		Title: Chief Financial Officer (Principal Financial Officer)