# EDGAR Filing Document

**Accession Number:** 0001988280
**File Stem:** 0001193125-25-178880
**Filing Date:** 2025-8
**Character Count:** 213081
**Document Hash:** a48f575f8959d688cd556cd78f1f35a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-178880.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001193125-25-178880

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manulife Private Credit Fund
- **CENTRAL INDEX KEY:** 0001988280

**ORGANIZATION NAME:**
- **EIN:** 923968562
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01664
- **FILM NUMBER:** 251206207

**BUSINESS ADDRESS:**
- **STREET 1:** 197 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-663-3000

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

?xml version='1.0' encoding='ASCII'? 10-Q

##### [**Table of Contents**](#toc)

### 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, 2025

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

#### For the transition period from to

#### 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 | (I.R.S. Employer |
| incorporation or organization) | 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:
<u>Title of each class</u> <u>TradingSymbol</u> <u>Name of each exchangeon which registered</u> <br> 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.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

------

#### **Table of Contents**
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, 2025, 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 12, 2025, was 8,256,380.

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [PART I. FINANCIAL INFORMATION](#toc916910_1) |  | 1 |
|  [ITEM 1. Consolidated Financial Statements (Unaudited)](#toc916910_2) |  | 1 |
|  [Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) and December 31, 2024](#toc916910_3) |  | 1 |
|  [Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024](#toc916910_4) |  | 19 |
|  [Consolidated Statements of Operations for the three and six months ended June 30, 2025 and June 30, 2024 (Unaudited)](#toc916910_5) |  | 20 |
|  [Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and June 30, 2024 (Unaudited)](#toc916910_6) |  | 21 |
|  [Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024 (Unaudited)](#toc916910_7) |  | 22 |
|  [Notes to Consolidated Financial Statements (Unaudited)](#toc916910_8) |  | 23 |
|  [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#toc916910_9) |  | 38 |
|  [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](#toc916910_10) |  | 49 |
|  [ITEM 4. Controls and Procedures](#toc916910_11) |  | 50 |
|  [PART II. OTHER INFORMATION](#toc916910_12) |  | 50 |
|  [ITEM 1. Legal Proceedings](#toc916910_13) |  | 50 |
|  [ITEM 1A. Risk Factors](#toc916910_14) |  | 50 |
|  [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](#toc916910_15) |  | 50 |
|  [ITEM 3. Defaults Upon Senior Securities](#toc916910_16) |  | 50 |
|  [ITEM 4. Mine Safety Disclosures](#toc916910_17) |  | 50 |
|  [ITEM 5. Other Information](#toc916910_18) |  | 51 |
|  [ITEM 6. Exhibits](#toc916910_19) |  | 52 |
|  [SIGNATURES](#toc916910_20) |  | 53 |

---

------

##### [**Table of Contents**](#toc)
PART I. FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements (Unaudited)

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity date | Par value^ | Value |
| Non-controlled/Non-affiliated |  |  |  |  |
| Senior loans (A)(B) 170.6%<br> (Cost $292,028,474) |  |  |  | $292112375 |
| Consumer discretionary 31.1% | Consumer discretionary 31.1% | Consumer discretionary 31.1% | Consumer discretionary 31.1% | 53327820 |
| Distributors 6.7% |  |  |  |  |
| All Glass & Window Holdings, Inc., Delayed Draw Term Loan (C) |  | 03-26-31 | 1282051 | 1262821 |
| All Glass & Window Holdings, Inc., Revolver (C) |  | 03-26-31 | 769231 | 757692 |
| All Glass & Window Holdings, Inc., Term Loan (1 month CME Term SOFR +<br> 5.000%) (D) | 9.321 | 03-26-31 | 3634139 | 3579627 |
| Eastern Communications Solutions, Inc., Revolver (C) |  | 12-30-30 | 1031519 | 1016046 |
| Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 12-30-30 | 4943639 | 4869484 |
| Diversified consumer services 10.1% |  |  |  |  |
| Capital Construction LLC, 3rd Amendment Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.196 | 10-22-26 | 411614 | 405440 |
| Capital Construction LLC, Add-On Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.750%) (D) | 10.068 | 10-22-26 | 497059 | 492088 |
| Capital Construction LLC, Add-On Term Loan (1 month CME Term SOFR +<br> 5.750%) (D) | 10.174 | 10-22-26 | 324911 | 321662 |
| Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.174 | 10-22-26 | 1128082 | 1116801 |
| Capital Construction LLC, Delayed Draw Term Loan A (C) |  | 10-22-26 | 217241 | 215611 |
| Capital Construction LLC, Delayed Draw Term Loan B (C) |  | 10-22-26 | 628855 | 624138 |
| Capital Construction LLC, Revolver (C) |  | 10-22-26 | 508039 | 502958 |
| Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.174 | 10-22-26 | 832203 | 823881 |
| Impact Climate Technologies LLC, Delayed Draw Term Loan (C) |  | 04-04-30 | 711718 | 697484 |
| Impact Climate Technologies LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.358 | 04-04-30 | 2010605 | 1970393 |
| Leap Service Partners LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) | 9.295 | 03-15-29 | 1745935 | 1745935 |
| Leap Service Partners LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 5.000%) (C) | 9.313 | 03-15-29 | 2022971 | 2022971 |
| Leap Service Partners LLC, Revolver (1 month CME Term SOFR + 5.000%) (C) | 9.325 | 03-15-29 | 588235 | 588235 |
| Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.280 | 03-15-29 | 1625958 | 1625958 |
| O2B Early Education Holding, Inc., Delayed Draw Term Loan (C) |  | 05-29-31 | 1361162 | 1350953 |
| O2B Early Education Holding, Inc., Revolver (C) |  | 05-29-31 | 680581 | 675476 |
| O2B Early Education Holding, Inc., Term Loan (3 month CME Term SOFR + 4.500%) (D) | 8.829 | 05-29-31 | 2041742 | 2026429 |
| Hotels, restaurants and leisure 7.0% |  |  |  |  |
| Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan (C) |  | 07-27-28 | 1705489 | 1654324 |
| Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C) | 10.468 | 07-27-28 | 564701 | 547760 |
| Bandon Fitness, Inc., Revolver (3 month CME Term SOFR + 6.000%) | 10.429 | 07-27-28 | 114804 | 111360 |
| Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.430 | 07-27-28 | 1456990 | 1413281 |
| Rocket Holdco Intermediate II LLC, Revolver (C) |  | 06-17-31 | 801887 | 791863 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity date | Par value^ | Value |
| Consumer discretionary (continued) | Consumer discretionary (continued) | Consumer discretionary (continued) | Consumer discretionary (continued) |  |
| Hotels, restaurants and leisure (continued) |  |  |  |  |
| Rocket Holdco Intermediate II LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.060 | 06-17-31 | 3464151 | $3420849 |
| Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C) | 9.835 | 06-18-29 | 1605268 | 1480860 |
| Star Logistics & Hospitality Services LLC, Revolver (3 month CME Term SOFR + 5.250%) (C) | 9.432 | 06-18-29 | 535714 | 494196 |
| Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.563 | 06-18-29 | 2333571 | 2152720 |
| Household durables 2.6% |  |  |  |  |
| Simon Pearce LLC, Revolver (3 month CME Term SOFR + 4.500%) (C) | 8.821 | 10-21-30 | 642857 | 638036 |
| Simon Pearce LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D) | 8.824 | 10-21-30 | 3837857 | 3809073 |
| Leisure products 2.2% |  |  |  |  |
| 4M Capital, Ltd., Revolver (C) |  | 06-18-27 | 528000 | 525360 |
| 4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 06-18-27 | 3283933 | 3267514 |
| Specialty retail 2.5% |  |  |  |  |
| RPC TopCo, Inc., Revolver (C) |  | 09-02-31 | 545455 | 541364 |
| RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 4.750%) (D) | 8.967 | 09-02-31 | 3815795 | 3787177 |
| Consumer staples 9.8% | Consumer staples 9.8% | Consumer staples 9.8% | Consumer staples 9.8% | 16728804 |
| Consumer staples distribution and retail 1.7% |  |  |  |  |
| PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan (C) |  | 12-28-29 | 537313 | 537313 |
| PAK Quality Foods Acquisition LLC, Revolver (1 month CME Term SOFR + 5.750%) (C) | 10.187 | 12-28-29 | 313433 | 313433 |
| PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.187 | 12-28-29 | 2084507 | 2084507 |
| Food products 8.1% |  |  |  |  |
| Foodscience LLC, Delayed Draw Term Loan (6 month CME Term SOFR + 4.500%) (C) | 8.666 | 11-14-31 | 2442649 | 2406010 |
| Foodscience LLC, Revolver (3 month CME Term SOFR + 4.500%) (C) | 8.802 | 11-14-31 | 763889 | 752431 |
| Foodscience LLC, Term Loan (6 month CME Term SOFR + 4.500%) (D) | 8.967 | 11-14-31 | 2280208 | 2246005 |
| GSF Buyer LLC, Delayed Draw Term Loan (C) |  | 04-30-31 | 1361162 | 1344147 |
| GSF Buyer LLC, Revolver (C) |  | 04-30-31 | 680581 | 672074 |
| GSF Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.280 | 04-30-31 | 2041742 | 2016221 |
| Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C) | 9.260 | 08-01-30 | 1088710 | 1058770 |
| Hill Country Dairies, Inc., Revolver (3 month CME Term SOFR + 5.000%) (C) | 9.260 | 08-01-30 | 725806 | 705847 |
| Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.260 | 08-01-30 | 2665343 | 2592046 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity date | Par value^ | Value |
| Financials 8.0% | Financials 8.0% | Financials 8.0% | Financials 8.0% | $13624072 |
| Capital markets 4.6% |  |  |  |  |
| Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) | 9.055 | 10-13-28 | 926160 | 916898 |
| Steward Partners Global Advisory LLC, Delayed Draw Term Loan C (3 month CME Term SOFR + 4.750%) (C) | 9.046 | 10-13-28 | 5153319 | 5101786 |
| Steward Partners Global Advisory LLC, Revolver (C) |  | 10-13-28 | 955881 | 946322 |
| Steward Partners Global Advisory LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.046 | 10-13-28 | 909432 | 900338 |
| Insurance 3.4% |  |  |  |  |
| Stellar Buyer LLC, 1st Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.300 | 11-12-30 | 393750 | 391781 |
| Stellar Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C) | 9.296 | 11-12-30 | 1638800 | 1630606 |
| Stellar Buyer LLC, Revolver (C) |  | 11-12-30 | 819536 | 815439 |
| Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.300 | 11-12-30 | 2935579 | 2920902 |
| Health care 35.3% | Health care 35.3% | Health care 35.3% | Health care 35.3% | 60462444 |
| Health care equipment and supplies 6.5% |  |  |  |  |
| CPC/Cirtec Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.077 | 01-30-29 | 1589970 | 1582020 |
| CPC/Cirtec Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.077 | 01-30-29 | 2131391 | 2120734 |
| LTC Consulting Services LLC, Revolver (C) |  | 05-01-31 | 454545 | 452273 |
| LTC Consulting Services LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D) | 9.026 | 05-01-31 | 7045455 | 7010220 |
| Health care providers and services 28.8% |  |  |  |  |
| Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C) | 9.796 | 06-21-29 | 3254170 | 3213493 |
| Beacon Behavioral Holdings LLC, Revolver (3 month CME Term SOFR + 5.500%) (C) | 9.796 | 06-21-29 | 114512 | 113080 |
| Beacon Behavioral Holdings LLC, Term Loan (15.000% PIK) | 15.000 | 06-21-30 | 299597 | 295853 |
| In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 7.000%) | 11.441 | 02-28-29 | 695200 | 615252 |
| In Vitro Sciences LLC, Revolver (C) |  | 02-28-29 | 177778 | 157333 |
| In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 7.000%) (D) | 11.441 | 02-28-29 | 3072222 | 2718917 |
| Midwest Eye Services LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 4.500%) (D) | 8.946 | 08-20-27 | 1234034 | 1237119 |
| Midwest Eye Services LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 4.500%) (C) | 8.946 | 08-20-27 | 2812175 | 2819206 |
| Midwest Eye Services LLC, Revolver (C) |  | 08-20-27 | 704931 | 704931 |
| Midwest Eye Services LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D) | 8.946 | 08-20-27 | 733142 | 734975 |
| OIS Management Services LLC, 3rd Amendment Incremental Delayed Draw Term Loan (C) |  | 11-16-28 | 949658 | 954406 |
| OIS Management Services LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C) | 9.042 | 11-16-28 | 2336937 | 2348622 |
| OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.046 | 11-16-28 | 547959 | 550699 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%)** | **Maturity date** | **Par value^** | **Value** |
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |  |
| **Health care providers and services (continued)** |  |  |  |  |
| OIS Management Services LLC, Revolver (C) |  | 11-16-28 | 167626 | $167626 |
| OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.046 | 11-16-28 | 1420073 | 1427174 |
| Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (C) |  | 12-23-30 | 900000 | 902250 |
| Pediatric Home Respiratory Services LLC, Revolver (6 month CME Term SOFR + 5.500%) (C) | 9.742 | 12-23-30 | 500000 | 501250 |
| Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D) | 9.745 | 12-23-30 | 4588500 | 4599971 |
| Redwood MSO LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C) | 9.213 | 12-20-29 | 786309 | 772549 |
| Redwood MSO LLC, Revolver (Prime rate + 4.500%) (C) | 11.955 | 12-20-29 | 337079 | 331180 |
| Redwood MSO LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D) | 9.796 | 12-20-29 | 4852022 | 4767112 |
| Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C) | 9.896 | 02-14-29 | 2263261 | 2229312 |
| Refocus Management Services LLC, Delayed Draw Term Loan (Prime rate + 4.500% and 3 month CME Term SOFR + 5.500%) | 10.051 | 02-14-29 | 1049716 | 1041843 |
| Refocus Management Services LLC, Revolver (3 month CME Term SOFR + 5.500%) (C) | 9.893 | 02-14-29 | 210526 | 208947 |
| Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D) | 9.896 | 02-14-29 | 2702632 | 2682362 |
| The Smilist DSO LLC, 2024-1 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.296 | 04-04-29 | 694951 | 701900 |
| The Smilist DSO LLC, 2024-2 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) | 10.296 | 04-04-29 | 558090 | 563671 |
| The Smilist DSO LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C) | 9.555 | 04-04-29 | 2007723 | 1987646 |
| The Smilist DSO LLC, Revolver (C) |  | 04-04-29 | 140351 | 140351 |
| The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.296 | 04-04-29 | 2570526 | 2596232 |
| VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C) | 10.296 | 11-02-27 | 3024928 | 3009804 |
| VPD Management, Inc., Revolver (3 month CME Term SOFR + 6.000%) (C) | 10.296 | 11-02-27 | 228571 | 227429 |
| VPD Management, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.296 | 11-02-27 | 735714 | 732036 |
| Wildcat Purchaser LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C) | 9.323 | 05-08-31 | 938204 | 926476 |
| Wildcat Purchaser LLC, Revolver (C) |  | 05-08-31 | 312735 | 308825 |
| Wildcat Purchaser LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.307 | 05-08-31 | 2032775 | 2007365 |
| **Industrials 71.7%** | **Industrials 71.7%** | **Industrials 71.7%** | **Industrials 71.7%** | **122720001** |
| **Air freight and logistics 2.6%** |  |  |  |  |
| PNB Holdings III LLC, Delayed Draw Term Loan (C) |  | 09-17-30 | 1227273 | 1218068 |
| PNB Holdings III LLC, Revolver (1 and 3month CME Term SOFR + 4.750%) (C) | 8.850 | 09-17-30 | 818182 | 812045 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%)** | **Maturity date** | **Par value^** | **Value** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
| **Air freight and logistics (continued)** |  |  |  |  |
| PNB Holdings III LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D) | 8.811 | 09-17-30 | 2436136 | $2417865 |
| **Building products 7.2%** |  |  |  |  |
| DAWGS Intermediate Holding Company, Revolver (3 month CME Term SOFR + 4.500%) (C) | 8.800 | 03-28-31 | 378558 | 375719 |
| DAWGS Intermediate Holding Company, Term Loan (3 month CME Term SOFR + 4.500%) (D) | 8.796 | 03-28-31 | 1540657 | 1529102 |
| Integrated Openings Solutions LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C) | 9.300 | 11-20-29 | 4120879 | 4059066 |
| Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR + 5.000%) (C) | 9.296 | 11-20-29 | 379121 | 373434 |
| Vybond Buyer LLC, Delayed Draw Term Loan (C) |  | 02-03-32 | 1051402 | 1038259 |
| Vybond Buyer LLC, Revolver (C) |  | 02-03-32 | 788551 | 778695 |
| Vybond Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 02-03-32 | 4160047 | 4108046 |
| **Commercial services and supplies 22.5%** |  |  |  |  |
| Air Buyer, Inc., Revolver (C) |  | 07-23-30 | 340909 | 331534 |
| Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D) | 9.779 | 07-23-30 | 3383523 | 3290476 |
| American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.000%) | 9.427 | 08-31-28 | 808248 | 781980 |
| American Combustion Industries, Inc., Delayed Draw Term Loan B (1 month CME Term SOFR + 5.000%) (C) | 9.427 | 08-31-28 | 957530 | 926410 |
| American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.000%) (C) | 9.427 | 08-31-28 | 359168 | 347495 |
| American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.000%) (D) | 9.427 | 08-31-28 | 2351169 | 2274756 |
| BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (C) | 9.327 | 12-26-29 | 973702 | 973702 |
| BCTS Parent LLC, Incremental Delayed Draw Term Loan (C) |  | 12-26-29 | 2880800 | 2880800 |
| BCTS Parent LLC, Revolver (1 month CME Term SOFR + 5.000%) (C) |  | 12-26-29 | 354484 | 354484 |
| BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.333 | 12-26-29 | 1396668 | 1396668 |
| Beary Landscaping LLC, 3rd Amendment Term Loan A (3 month CME Term SOFR + 5.250%) (D) | 9.548 | 12-21-29 | 673363 | 673363 |
| Beary Landscaping LLC, Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.250%) | 9.559 | 12-21-29 | 421479 | 421479 |
| Beary Landscaping LLC, Revolver (3 month CME Term SOFR + 5.250%) (C) | 9.572 | 12-21-29 | 422535 | 422535 |
| Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D) | 9.577 | 12-21-29 | 2122606 | 2122606 |
| Diverzify Intermediate LLC, Delayed Draw Term Loan (C) |  | 05-11-27 | 1371429 | 1330286 |
| Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.336 | 05-11-27 | 2608857 | 2530591 |
| Renovation Systems LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.296 | 01-24-28 | 1091511 | 1091511 |
| Renovation Systems LLC, Add-On Delayed Draw Term Loan D (6 month CME Term SOFR + 6.000%) (C) | 10.212 | 01-24-28 | 274081 | 274081 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity date | Par value^ | Value |
| Industrials (continued) | Industrials (continued) | Industrials (continued) | Industrials (continued) |  |
| Commercial services and supplies (continued) |  |  |  |  |
| Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.296 | 01-24-28 | 249269 | $249269 |
| Renovation Systems LLC, Revolver (3 month CME Term SOFR + 6.000%) (C) | 10.293 | 01-24-28 | 125263 | 125263 |
| Renovation Systems LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.296 | 01-24-28 | 3726242 | 3726242 |
| Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) (D) | 10.177 | 09-30-27 | 1802277 | 1802277 |
| Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.177 | 09-30-27 | 186970 | 186970 |
| Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.177 | 09-30-27 | 1226872 | 1226872 |
| Security Services Acquisition Sub Corp., Add-On Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.177 | 09-30-27 | 503674 | 503674 |
| Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.177 | 09-30-27 | 723819 | 723819 |
| StartKleen Legacy Holdings LLC, Delayed Draw Term Loan (C) |  | 03-14-31 | 1282051 | 1262821 |
| StartKleen Legacy Holdings LLC, Revolver (C) |  | 03-14-31 | 1025641 | 1010256 |
| StartKleen Legacy Holdings LLC, Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.062 | 03-14-31 | 3197115 | 3149159 |
| XpressMyself.com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.173 | 09-07-28 | 588391 | 585449 |
| XpressMyself.com LLC, Revolver (C) |  | 09-07-28 | 233050 | 230719 |
| XpressMyself.com LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D) | 9.907 | 09-07-28 | 1314517 | 1301372 |
| Construction and engineering 1.8% |  |  |  |  |
| Magic Valley Electric LLC, Delayed Draw Term Loan (C) |  | 04-07-31 | 1526252 | 1503358 |
| Magic Valley Electric LLC, Revolver (C) |  | 04-07-31 | 305250 | 300672 |
| Magic Valley Electric LLC, Term Loan (1 month CME Term SOFR + 4.500%) (D) | 8.811 | 04-07-31 | 1370192 | 1349639 |
| Machinery 2.5% |  |  |  |  |
| Rapid Buyer LLC, Delayed Draw Term Loan (C) |  | 10-15-30 | 1295585 | 1276152 |
| Rapid Buyer LLC, Revolver (C) |  | 10-15-30 | 647793 | 638076 |
| Rapid Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D) | 8.848 | 10-15-30 | 2383877 | 2348119 |
| Professional services 15.8% |  |  |  |  |
| CPS Holdco, Inc., Delayed Draw Term Loan A (3 month CME Term SOFR + 4.750%) | 9.083 | 03-28-31 | 1369872 | 1352748 |
| CPS Holdco, Inc., Delayed Draw Term Loan B (C) |  | 03-28-31 | 1498397 | 1479667 |
| CPS Holdco, Inc., Revolver (C) |  | 03-28-31 | 705128 | 696314 |
| CPS Holdco, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.046 | 03-28-31 | 2656803 | 2623593 |
| Galloway & Company LLC, Delayed Draw Term Loan (C) |  | 05-05-31 | 1970228 | 1955451 |
| Galloway & Company LLC, Revolver (C) |  | 05-05-31 | 656743 | 651817 |
| Galloway & Company LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D) | 8.796 | 05-05-31 | 4334501 | 4301992 |
| Health Management Associates, Inc., Delayed Draw Term Loan (6 month CME Term SOFR + 6.250%) | 10.558 | 03-30-29 | 220372 | 220372 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate (%)** | **Maturity date** | **Par value^** | **Value** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |  |
| **Professional services (continued)** |  |  |  |  |
| Health Management Associates, Inc., Revolver (6 month CME Term SOFR + 6.250%) (C) |  | 03-30-29 | 124004 | $124004 |
| Health Management Associates, Inc., Term Loan (6 month CME Term SOFR + 6.250%) (D) | 10.567 | 03-30-29 | 1698569 | 1698569 |
| HMN Acquirer Corp., Delayed Draw Term Loan (C) |  | 11-05-31 | 1041667 | 1033854 |
| HMN Acquirer Corp., Revolver (C) |  | 11-05-31 | 625000 | 620313 |
| HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.500%) (D) | 8.796 | 11-05-31 | 2819167 | 2798023 |
| Purple Cow Buyer LLC, Delayed Draw Term Loan (C) |  | 11-05-30 | 1041881 | 1036672 |
| Purple Cow Buyer LLC, Revolver (C) |  | 11-05-30 | 277835 | 276446 |
| Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.260 | 11-05-30 | 1658675 | 1650381 |
| WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.396 | 06-23-26 | 509927 | 507377 |
| WeLocalize, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.396 | 06-23-26 | 2009091 | 1999046 |
| WeLocalize, Inc., Revolver (1 and 3 month CME Term SOFR + 5.000%) (C) | 9.420 | 06-23-26 | 421597 | 419489 |
| WeLocalize, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.396 | 06-23-26 | 1528797 | 1521153 |
| **Trading companies and distributors 19.3%** |  |  |  |  |
| BLP Buyer, Inc., Add-On Term Loan (1 month CME Term SOFR + 6.250%) | 10.577 | 12-24-29 | 912460 | 896492 |
| BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) | 10.577 | 12-24-29 | 288145 | 283103 |
| BLP Buyer, Inc., Revolver (1 month CME Term SOFR + 6.250%) (C) | 10.577 | 12-24-29 | 290323 | 285242 |
| BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.250%) (D) | 10.577 | 12-24-29 | 2395161 | 2353246 |
| Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.177 | 11-01-26 | 2131171 | 2056580 |
| Krayden Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) | 9.077 | 03-01-29 | 869115 | 862597 |
| Krayden Holdings, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 4.750%) | 9.061 | 03-01-29 | 258694 | 256753 |
| Krayden Holdings, Inc., Delayed Draw Term Loan B (1 month CME Term SOFR + 4.750%) | 9.061 | 03-01-29 | 258694 | 256753 |
| Krayden Holdings, Inc., Delayed Draw Term Loan C (1 month CME Term SOFR + 4.750%) (C) | 9.061 | 03-01-29 | 875683 | 869115 |
| Krayden Holdings, Inc., Revolver (1 month CME Term SOFR + 4.750%) (C) | 9.077 | 03-01-29 | 574269 | 569961 |
| Krayden Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.077 | 03-01-29 | 1357528 | 1347347 |
| M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C) | 9.733 | 08-31-28 | 847944 | 845824 |
| M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan (C) |  | 08-31-28 | 1026393 | 1023827 |
| M&D Midco, Inc., 3rd Amendment Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.733 | 08-31-28 | 1446787 | 1443170 |
| M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) | 9.733 | 08-31-28 | 492523 | 491292 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity date | Par value^ | Value |
| Industrials (continued) | Industrials (continued) | Industrials (continued) | Industrials (continued) |  |
| Trading companies and distributors (continued) |  |  |  |  |
| M&D Midco, Inc., Revolver (Prime rate + 4.250% and 3 month CME Term SOFR + 5.250%) (C) | 10.320 | 08-31-28 | 763871 | $761962 |
| M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.733 | 08-31-28 | 1394429 | 1390943 |
| PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.950%) (D) | 9.321 | 01-18-28 | 2131171 | 2120515 |
| SurfacePrep Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) | 9.297 | 02-04-30 | 546051 | 544686 |
| SurfacePrep Buyer LLC, Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C) | 9.298 | 02-04-30 | 821179 | 819126 |
| SurfacePrep Buyer LLC, Revolver (3 month CME Term SOFR + 5.000%) (C) | 9.299 | 02-04-30 | 547945 | 546575 |
| SurfacePrep Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.299 | 02-04-30 | 2875069 | 2867881 |
| WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.546 | 10-03-28 | 334474 | 336147 |
| WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (1 month CME Term SOFR + 5.250%) (C) | 9.546 | 10-03-28 | 971954 | 976814 |
| WWEC Holdings III Corp., Revolver (C) |  | 10-03-28 | 434020 | 434020 |
| WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.546 | 10-03-28 | 1532266 | 1539927 |
| Xenon Arc, Inc, 2024-1 Term Loan (3 month CME Term SOFR + 5.750%) | 10.119 | 12-20-28 | 3960000 | 3940200 |
| Xenon Arc, Inc, 2025-1 Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.146 | 12-20-28 | 3012450 | 2997388 |
| Information technology 12.1% | Information technology 12.1% | Information technology 12.1% | Information technology 12.1% | 20805365 |
| IT services 6.8% |  |  |  |  |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan A (3 and 6 month CME Term SOFR + 5.000%) | 9.283 | 12-31-30 | 1014407 | 1001727 |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan B (3 month CME Term SOFR + 5.000%) (C) | 9.303 | 12-31-30 | 1015767 | 1003070 |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan C (C) |  | 12-31-30 | 287770 | 284173 |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan D (C) |  | 12-31-30 | 287770 | 284173 |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan E (C) |  | 12-31-30 | 287770 | 284173 |
| AC Blackpoint Acquisition, Inc, Revolver (C) |  | 12-31-30 | 508475 | 502119 |
| AC Blackpoint Acquisition, Inc, Term Loan (6 month CME Term SOFR + 5.000%) (D) | 9.217 | 12-31-30 | 3288559 | 3247452 |
| AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.500%) (D) | 9.827 | 07-22-27 | 2131281 | 2115297 |
| Jetson Buyer, Inc., Revolver (Prime rate + 4.500%) (C) | 12.000 | 04-09-30 | 443656 | 430346 |
| Jetson Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D) | 9.796 | 04-09-30 | 2591393 | 2513651 |
| Software 5.3% |  |  |  |  |
| Alta Buyer LLC, Add-On Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 12-21-27 | 2131171 | 2131171 |
| Alta Buyer LLC, Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 12-21-27 | 146016 | 146016 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**
Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity date | Par value^ | Value |
| Information technology (continued) | Information technology (continued) | Information technology (continued) | Information technology (continued) | Information technology (continued) |
| Software (continued) |  |  |  |  |
| Alta Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 12-21-27 | 1407738 | $1407738 |
| QM Buyer, Inc., Delayed Draw Term Loan (C) |  | 12-06-30 | 1222222 | 1216111 |
| QM Buyer, Inc., Revolver (C) |  | 12-06-30 | 611111 | 608056 |
| QM Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.296 | 12-06-30 | 3648333 | 3630092 |
| Materials 2.6% | Materials 2.6% | Materials 2.6% | Materials 2.6% | 4443869 |
| Chemicals 2.6% |  |  |  |  |
| Chemtron Supply LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C) | 9.046 | 03-02-29 | 2333630 | 2316128 |
| Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.052 | 03-02-29 | 717792 | 712408 |
| Chemtron Supply LLC, Revolver (C) |  | 03-02-29 | 362979 | 360257 |
| Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.046 | 03-02-29 | 1063049 | 1055076 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | Shares/Units | Value |
| Equity (A) 0.5% |  |  | $831388 |
| (Cost $808,482) |  |  |  |
| Consumer discretionary 0.1% |  |  | 120283 |
| Hotels, restaurants and leisure 0.1% | Hotels, restaurants and leisure 0.1% | Hotels, restaurants and leisure 0.1% | Hotels, restaurants and leisure 0.1% |
| Rocket Group Holdings LLC, Class A Units | Rocket Group Holdings LLC, Class A Units | 120283 | 120283 |
| Consumer staples 0.1% |  |  | 136116 |
| Food products 0.1% | Food products 0.1% | Food products 0.1% | Food products 0.1% |
| GSF Group Holdings LP, Class A-2 Units | GSF Group Holdings LP, Class A-2 Units | 136 | 136116 |
| Financials 0.1% | Financials 0.1% |  | 120200 |
| Insurance 0.1% | Insurance 0.1% | Insurance 0.1% | Insurance 0.1% |
| Stellar Parent LLC, Class A Units | Stellar Parent LLC, Class A Units | 100 | 120200 |
| Industrials 0.1% | Industrials 0.1% |  | 222632 |
| Machinery 0.1% | Machinery 0.1% | Machinery 0.1% | Machinery 0.1% |
| Rapid Aggregator LLC | Rapid Aggregator LLC | 138 | 131286 |
| Professional services 0.0% | Professional services 0.0% | Professional services 0.0% | Professional services 0.0% |
| CPS Investors LP, Class A Units | CPS Investors LP, Class A Units | 962 | 91346 |
| Information technology 0.1% | Information technology 0.1% |  | 232157 |
| IT services 0.1% | IT services 0.1% | IT services 0.1% | IT services 0.1% |
| AC BlackPoint Holdings LLC, Class A-1 Units | AC BlackPoint Holdings LLC, Class A-1 Units | 205 | 232157 |
|  | Yield (%) | Shares | Value |
| Short-term investments 8.5% |  |  | $14546346 |
| (Cost $14,546,346) |  |  |  |
| Short-term funds 8.5% |  |  | 14546346 |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | 4.1600 (E) | 14546346 | 14546346 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 6-30-25 (Unaudited)

---

| | |
|:---|:---|
| Total investments (Cost $307,383,302) 179.6% | $307490109 |
| Less unfunded loan commitments (50.4%) | (86356872) |
| Net investments (Cost $221,026,430) 129.2% | $221133237 |
| Other assets and liabilities, net (29.2%) | (49911562) |
| Total net assets 100.0% | $171221675 |

---

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 6-30-25. |

---

At 6-30-25, the aggregate cost of investments for federal income tax purposes was $220,651,170. Net unrealized appreciation aggregated to $482,067, of which $1,903,265 related to gross unrealized appreciation and $1,421,198 related to gross unrealized depreciation.

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br> date | Par value^ | Value |
| Non-controlled/Non-affiliated |  |  |  |  |
| Senior loans (A)(B) 195.4% <br> (Cost $217,210,058) |  |  |  | $217811402 |
| Consumer discretionary 30.7% |  |  |  | 34243658 |
| Distributors 5.3% |  |  |  |  |
| Eastern Communications Solutions, Inc., Revolver (C) |  | 12-30-30 | 1031519 | 1016046 |
| Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.575 | 12-30-30 | 4968481 | 4893961 |
| Diversified consumer services 6.5% |  |  |  |  |
| Capital Construction LLC, Add-On Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.500%) | 10.081 | 10-22-26 | 498946 | 501441 |
| Capital Construction LLC, Add-On Term Loan (1 month CME Term SOFR + 5.500%) (D) | 10.153 | 10-22-26 | 326552 | 328184 |
| Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.500%) (D) | 10.153 | 10-22-26 | 1133794 | 1139463 |
| Capital Construction LLC, Revolver (C) |  | 10-22-26 | 508039 | 508039 |
| Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.500%) (D) | 10.153 | 10-22-26 | 836417 | 840599 |
| Leap Service Partners LLC, Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.000%) (C) | 9.457 | 03-15-29 | 1754088 | 1754088 |
| Leap Service Partners LLC, Revolver (1 and 3 month CME Term SOFR + 5.000%) (C) | 9.339 | 03-15-29 | 588235 | 588235 |
| Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.647 | 03-15-29 | 1634706 | 1634706 |
| Hotels, restaurants and leisure 7.4% |  |  |  |  |
| Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan (C) |  | 07-27-28 | 1705489 | 1705489 |
| Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C) | 10.684 | 07-27-28 | 567436 | 567436 |
| Bandon Fitness, Inc., Revolver (C) |  | 07-27-28 | 114804 | 114804 |
| Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.735 | 07-27-28 | 1464481 | 1464481 |
| Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C) | 9.145 | 06-18-29 | 1607143 | 1558929 |
| Star Logistics & Hospitality Services LLC, Revolver (C) |  | 06-18-29 | 535714 | 519643 |
| Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.101 | 06-18-29 | 2345357 | 2274996 |
| Household durables 4.0% |  |  |  |  |
| Simon Pearce LLC, Revolver (C) |  | 10-21-30 | 642857 | 634821 |
| Simon Pearce LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D) | 9.117 | 10-21-30 | 3857143 | 3808929 |
| Leisure products 3.5% |  |  |  |  |
| 4M Capital, Ltd., Revolver (C) |  | 06-18-27 | 528000 | 524040 |
| 4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.329 | 06-18-27 | 3445960 | 3420115 |
| Specialty retail 4.0% |  |  |  |  |
| RPC TopCo, Inc., Revolver (C) |  | 09-02-31 | 545455 | 540000 |
| RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 5.000%) (D) | 9.245 | 09-02-31 | 3944659 | 3905213 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br> date | Par value^ | Value |
| Consumer staples 11.5% |  |  |  | $12776962 |
| Consumer staples distribution and retail 2.7% |  |  |  |  |
| PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan (C) |  | 12-28-29 | 537313 | 537313 |
| PAK Quality Foods Acquisition LLC, Revolver (C) |  | 12-28-29 | 313433 | 313433 |
| PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.217 | 12-28-29 | 2127761 | 2127761 |
| Food products 8.8% |  |  |  |  |
| Foodscience LLC, Delayed Draw Term Loan (C) |  | 11-14-31 | 2444444 | 2407778 |
| Foodscience LLC, Revolver (C) |  | 11-14-31 | 763889 | 752431 |
| Foodscience LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.079 | 11-14-31 | 2291667 | 2257292 |
| Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C) | 9.271 | 08-01-30 | 1088710 | 1061492 |
| Hill Country Dairies, Inc., Revolver (3 and 6 month CME Term SOFR + 4.750%) (C) | 9.267 | 08-01-30 | 725806 | 707661 |
| Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.321 | 08-01-30 | 2678770 | 2611801 |
| Financials 6.7% |  |  |  | 7483031 |
| Capital markets 1.9% |  |  |  |  |
| Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C) | 8.830 | 10-13-28 | 929401 | 929401 |
| Steward Partners Global Advisory LLC, Revolver (C) |  | 10-13-28 | 311716 | 311716 |
| Steward Partners Global Advisory LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.079 | 10-13-28 | 914108 | 914108 |
| Insurance 4.8% |  |  |  |  |
| Stellar Buyer LLC, Delayed Draw Term Loan (C) |  | 11-12-30 | 1639073 | 1614487 |
| Stellar Buyer LLC, Revolver (C) |  | 11-12-30 | 819536 | 807243 |
| Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.522 | 11-12-30 | 2950331 | 2906076 |
| Health care 41.9% |  |  |  | 46730618 |
| Health care equipment and supplies 3.3% |  |  |  |  |
| CPC/Cirtec Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.107 | 01-30-29 | 1598000 | 1598000 |
| CPC/Cirtec Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.107 | 01-30-29 | 2142293 | 2142293 |
| Health care providers and services 38.6% |  |  |  |  |
| Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C) | 9.854 | 06-21-29 | 3259721 | 3227124 |
| Beacon Behavioral Holdings LLC, Revolver (C) |  | 06-21-29 | 114512 | 112222 |
| Beacon Behavioral Holdings LLC, Term Loan (15.000% PIK) | 15.000 | 06-21-30 | 278219 | 272655 |
| In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) (C) | 10.471 | 02-28-29 | 705831 | 652894 |
| In Vitro Sciences LLC, Revolver (C) |  | 02-28-29 | 177778 | 164444 |
| In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 6.000%) (D) | 10.471 | 02-28-29 | 3087778 | 2856194 |
| Midwest Eye Services LLC, Delayed Draw Term Loan A (1 month CME Term SOFR + 4.500%) (D) | 8.957 | 08-20-27 | 1240345 | 1246546 |
| Midwest Eye Services LLC, Delayed Draw Term Loan B (C) |  | 08-20-27 | 2812729 | 2826792 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br>date | Par value^ | Value |
| Health care (continued) |  |  |  |  |
| Health care providers and services (continued) |  |  |  |  |
| Midwest Eye Services LLC, Revolver (C) |  | 08-20-27 | 704931 | $704931 |
| Midwest Eye Services LLC, Term Loan (1 month CME Term SOFR + 4.500%) (D) | 8.957 | 08-20-27 | 736941 | 740626 |
| OIS Management Services LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C) | 9.191 | 11-16-28 | 2344227 | 2344227 |
| OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.079 | 11-16-28 | 550753 | 550753 |
| OIS Management Services LLC, Revolver (C) |  | 11-16-28 | 167626 | 167626 |
| OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.079 | 11-16-28 | 1427337 | 1427337 |
| Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (C) |  | 12-23-30 | 900000 | 897750 |
| Pediatric Home Respiratory Services LLC, Revolver (6 month CME Term SOFR + 5.500%) (C) | 9.781 | 12-23-30 | 500000 | 497500 |
| Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D) | 9.781 | 12-23-30 | 4600000 | 4577000 |
| Redwood MSO LLC, Delayed Draw Term Loan (C) |  | 12-20-29 | 786517 | 778652 |
| Redwood MSO LLC, Revolver (C) |  | 12-20-29 | 337079 | 330337 |
| Redwood MSO LLC, Term Loan (3 month CME Term SOFR + 5.250%) (D) | 9.604 | 12-20-29 | 4876405 | 4778876 |
| Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C) | 10.113 | 02-14-29 | 1051868 | 1038720 |
| Refocus Management Services LLC, Revolver (C) |  | 02-14-29 | 210526 | 207895 |
| Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D) | 10.256 | 02-14-29 | 2716316 | 2682362 |
| The Smilist DSO LLC, 2024-1 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.329 | 04-04-29 | 698460 | 694967 |
| The Smilist DSO LLC, 2024-2 Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) (C) | 10.345 | 04-04-29 | 560700 | 557897 |
| The Smilist DSO LLC, Add-On Delayed Draw Term Loan (C) |  | 04-04-29 | 2008032 | 1997991 |
| The Smilist DSO LLC, Revolver (C) |  | 04-04-29 | 140351 | 139649 |
| The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.329 | 04-04-29 | 2583509 | 2570591 |
| VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C) | 10.329 | 11-02-27 | 3028571 | 2990714 |
| VPD Management, Inc., Revolver (3 month CME Term SOFR + 6.000%) (C) | 10.329 | 11-02-27 | 228571 | 225714 |
| VPD Management, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D) | 10.329 | 11-02-27 | 738571 | 729339 |
| Industrials 82.8% | Industrials 82.8% | Industrials 82.8% | Industrials 82.8% | 92296045 |
| Air freight and logistics 4.0% |  |  |  |  |
| PNB Holdings III LLC, Delayed Draw Term Loan (C) |  | 09-17-30 | 1227273 | 1218068 |
| PNB Holdings III LLC, Revolver (1 and 3 month CME Term SOFR + 4.500%) (C) | 8.975 | 09-17-30 | 818182 | 812045 |
| PNB Holdings III LLC, Term Loan (3 month CME Term SOFR + 4.500%) | 8.985 | 09-17-30 | 2448409 | 2430046 |
| Building products 6.9% |  |  |  |  |
| Integrated Openings Solutions LLC, Delayed Draw Term Loan (C) |  | 11-20-29 | 4120879 | 4059066 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br> date | Par value^ | Value |
| Industrials (continued) |  |  |  |  |
| Building products (continued) |  |  |  |  |
| Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR + 5.000%) (C) | 9.392 | 11-20-29 | 379121 | $373434 |
| Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan (C) |  | 09-01-27 | 878274 | 873882 |
| Lockmasters Security Intermediate, Inc., Revolver (C) |  | 09-01-27 | 205895 | 204865 |
| Lockmasters Security Intermediate, Inc., Term Loan (3 month CME Term SOFR + 5.500%) (D) | 9.840 | 09-01-27 | 2151619 | 2140861 |
| Commercial services and supplies 27.3% |  |  |  |  |
| Air Buyer, Inc., Delayed Draw Term Loan (C) |  | 07-23-30 | 750000 | 720000 |
| Air Buyer, Inc., Revolver (C) |  | 07-23-30 | 340909 | 327273 |
| Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.250%) | 9.876 | 07-23-30 | 3400568 | 3264545 |
| American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.000%) (C) | 9.457 | 08-31-28 | 812199 | 802046 |
| American Combustion Industries, Inc., Delayed Draw Term Loan B (C) |  | 08-31-28 | 957781 | 945809 |
| American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.000%) (C) | 9.457 | 08-31-28 | 359168 | 354678 |
| American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.000%) | 9.457 | 08-31-28 | 2363014 | 2333476 |
| BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (C) | 9.357 | 12-26-29 | 974455 | 974455 |
| BCTS Parent LLC, Revolver (1 month CME Term SOFR + 5.000%) (C) | 9.366 | 12-26-29 | 354484 | 354484 |
| BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.585 | 12-26-29 | 1403758 | 1403758 |
| Beary Landscaping LLC, Delayed Draw Term Loan (C) |  | 12-21-29 | 422535 | 422535 |
| Beary Landscaping LLC, Revolver (C) |  | 12-21-29 | 422535 | 422535 |
| Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.107 | 12-21-29 | 2133380 | 2133380 |
| Diverzify Intermediate LLC, Delayed Draw Term Loan (C) |  | 05-11-27 | 1371429 | 1330286 |
| Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR + 5.750%) | 10.534 | 05-11-27 | 2622000 | 2543340 |
| Renovation Systems LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) | 10.329 | 01-24-28 | 1096996 | 1096996 |
| Renovation Systems LLC, Add-On Delayed Draw Term Loan D (1 month CME Term SOFR + 6.000%) (C) | 10.356 | 01-24-28 | 274740 | 274740 |
| Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) | 10.329 | 01-24-28 | 250528 | 250528 |
| Renovation Systems LLC, Revolver (1 and 3 month CME Term SOFR + 6.000%) (C) | 10.329 | 01-24-28 | 125263 | 125263 |
| Renovation Systems LLC, Term Loan (1 and 3 month CME Term SOFR + 6.250%) (D) | 10.579 | 01-24-28 | 3745116 | 3745116 |
| Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) | 10.195 | 09-30-27 | 1811425 | 1811425 |
| Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.195 | 09-30-27 | 187934 | 187934 |
| Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.195 | 09-30-27 | 1233100 | 1233100 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br> date | Par value^ | Value |
| Industrials (continued) |  |  |  |  |
| Commercial services and supplies (continued) |  |  |  |  |
| Security Services Acquisition Sub Corp., Add-On Term Loan (1 month CME Term SOFR + 5.750%) | 10.195 | 09-30-27 | 506224 | $506224 |
| Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.195 | 09-30-27 | 727484 | 727484 |
| XpressMyself. com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.246 | 09-07-28 | 591393 | 589915 |
| XpressMyself. com LLC, Revolver (C) |  | 09-07-28 | 233050 | 230719 |
| XpressMyself. com LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D) | 10.028 | 09-07-28 | 1321276 | 1308063 |
| Machinery 3.8% |  |  |  |  |
| Rapid Buyer LLC, Delayed Draw Term Loan (C) |  | 10-15-30 | 1295585 | 1276152 |
| Rapid Buyer LLC, Revolver (C) |  | 10-15-30 | 647793 | 638076 |
| Rapid Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) | 9.199 | 10-15-30 | 2383877 | 2348119 |
| Professional services 14.4% |  |  |  |  |
| Health Management Associates, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + <br> 6.250%) (C) | 10.766 | 03-30-29 | 307593 | 307593 |
| Health Management Associates, Inc., Revolver (Prime rate + 5.250% and 1 month CME Term SOFR + 6.250%) (C) | 11.007 | 03-30-29 | 124004 | 124004 |
| Health Management Associates, Inc., Term Loan (3 month CME Term SOFR + 6.250%) (D) | 10.816 | 03-30-29 | 1698569 | 1698569 |
| HMN Acquirer Corp., Delayed Draw Term Loan (C) |  | 11-05-31 | 1041667 | 1026042 |
| HMN Acquirer Corp., Revolver (C) |  | 11-05-31 | 625000 | 615625 |
| HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.750%) | 9.079 | 11-05-31 | 2833333 | 2790833 |
| Library Associates LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) (D) | 10.821 | 03-01-27 | 289428 | 289428 |
| Library Associates LLC, Revolver (C) |  | 02-26-27 | 72418 | 72418 |
| Library Associates LLC, Term Loan (1 month CME Term SOFR + 6.250%) (D) | 10.705 | 02-26-27 | 1781718 | 1781718 |
| Purple Cow Buyer LLC, Delayed Draw Term Loan (C) |  | 11-05-30 | 1041881 | 1026253 |
| Purple Cow Buyer LLC, Revolver (C) |  | 11-05-30 | 277835 | 273667 |
| Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) | 9.554 | 11-05-30 | 1667010 | 1642005 |
| WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) | 9.679 | 06-23-26 | 512496 | 506089 |
| WeLocalize, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.250%) | 9.679 | 06-23-26 | 2019213 | 1993973 |
| WeLocalize, Inc., Revolver (1 month CME Term SOFR + 5.250%) (C) | 9.737 | 06-23-26 | 421597 | 416327 |
| WeLocalize, Inc., Term Loan (3 month CME Term SOFR + 5.250%) | 9.679 | 06-23-26 | 1536499 | 1517292 |
| Trading companies and distributors 26.4% |  |  |  |  |
| BLP Buyer, Inc., Add-On Term Loan (1 month CME Term SOFR + 6.000%) | 10.345 | 12-24-29 | 917056 | 905593 |
| BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) | 10.345 | 12-24-29 | 289597 | 285977 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit F und

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br> date | Par value^ | Value |
| Industrials (continued) |  |  |  |  |
| Trading companies and distributors (continued) |  |  |  |  |
| BLP Buyer, Inc., Revolver (1 month CME Term SOFR + 6.000%) (C) | 10.345 | 12-24-29 | 290323 | $286694 |
| BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.000%) (D) | 10.345 | 12-24-29 | 2407258 | 2377167 |
| Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D) | 10.207 | 11-01-26 | 2142128 | 2056443 |
| Krayden Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) | 9.107 | 03-01-29 | 873493 | 866942 |
| Krayden Holdings, Inc., Delayed Draw Term Loan A (C) |  | 03-01-29 | 258694 | 256753 |
| Krayden Holdings, Inc., Delayed Draw Term Loan B (C) |  | 03-01-29 | 258694 | 256753 |
| Krayden Holdings, Inc., Delayed Draw Term Loan C (C) |  | 03-01-29 | 875683 | 869115 |
| Krayden Holdings, Inc., Revolver (C) |  | 03-01-29 | 574269 | 569961 |
| Krayden Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D) | 9.107 | 03-01-29 | 1364472 | 1354239 |
| M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.000%) (C) | 9.868 | 08-31-28 | 852123 | 847862 |
| M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan (C) |  | 08-31-28 | 1026393 | 1021261 |
| M&D Midco, Inc., 3rd Amendment Term Loan (1 month CME Term SOFR + 5.000%) (D) | 9.482 | 08-31-28 | 1454057 | 1446787 |
| M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) | 9.697 | 08-31-28 | 495030 | 492555 |
| M&D Midco, Inc., Revolver (C) |  | 08-31-28 | 763871 | 760052 |
| M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.664 | 08-31-28 | 1401598 | 1394590 |
| PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.940%) (D) | 9.681 | 01-18-28 | 2142128 | 2142128 |
| SurfacePrep Buyer LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (C) | 9.524 | 02-04-30 | 547945 | 547945 |
| SurfacePrep Buyer LLC, Revolver (1 month CME Term SOFR + 5.000%) (C) | 9.524 | 02-04-30 | 547945 | 547945 |
| SurfacePrep Buyer LLC, Term Loan (1 month CME Term SOFR + 5.000%) (D) | 9.524 | 02-04-30 | 2889589 | 2889589 |
| WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.079 | 10-03-28 | 336172 | 336172 |
| WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) (C) | 10.079 | 10-03-28 | 972701 | 972701 |
| WWEC Holdings III Corp., Revolver (C) |  | 10-03-28 | 434020 | 434020 |
| WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.750%) (D) | 10.079 | 10-03-28 | 1540144 | 1540144 |
| Xenon Arc, Inc, Term Loan (3 month CME Term SOFR + 5.250%) | 9.982 | 12-20-28 | 3980000 | 3960100 |
| Information technology 17.8% |  |  |  | 19839123 |
| IT services 9.7% |  |  |  |  |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan A (C) |  | 12-31-30 | 1016949 | 1010593 |
| AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan B (C) |  | 12-31-30 | 1016949 | 1010593 |
| AC Blackpoint Acquisition, Inc, Revolver (C) |  | 12-31-30 | 508475 | 502119 |
| AC Blackpoint Acquisition, Inc, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.329 | 12-31-30 | 3305085 | 3263771 |
| AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D) | 9.589 | 07-22-27 | 2142211 | 2142211 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate (%) | Maturity<br>date | Par value^ | Value |
| Information technology (continued) |  |  |  |  |
| IT services (continued) |  |  |  |  |
| Jetson Buyer, Inc., Revolver (C) |  | 04-09-30 | 443656 | $425909 |
| Jetson Buyer, Inc., Term Loan (1 month CME Term SOFR + 5.500%) (D) | 9.857 | 04-09-30 | 2604481 | 2500302 |
| Software 8.1% |  |  |  |  |
| Alta Buyer LLC, Add-On Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.329 | 12-21-27 | 2142128 | 2142128 |
| Alta Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D) | 9.329 | 12-21-27 | 1414830 | 1414830 |
| QM Buyer, Inc., Delayed Draw Term Loan (C) |  | 12-06-30 | 1222222 | 1213056 |
| QM Buyer, Inc., Revolver (C) |  | 12-06-30 | 611111 | 601944 |
| QM Buyer, Inc., Term Loan (6 month CME Term SOFR + 5.000%) (D) | 9.444 | 12-06-30 | 3666667 | 3611667 |
| Materials 4.0% |  |  |  | 4441965 |
| Chemicals 4.0% |  |  |  |  |
| Chemtron Supply LLC, Add-On Delayed Draw Term Loan (C) |  | 03-02-29 | 2333630 | 2310294 |
| Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.128 | 03-02-29 | 721422 | 714207 |
| Chemtron Supply LLC, Revolver (C) |  | 03-02-29 | 362979 | 359350 |
| Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D) | 9.079 | 03-02-29 | 1068802 | 1058114 |
|  |  |  | Shares | Value |
| Equity (A) 0.3% <br> (Cost $381,798) |  |  |  | $377668 |
| Financials 0.1% |  |  |  | 86930 |
| Insurance 0.1% |  |  |  |  |
| Stellar Parent LLC, Class A Units |  |  | 91 | 86930 |
| Industrials 0.1% |  |  |  | 138196 |
| Machinery 0.1% |  |  |  |  |
| Rapid Aggregator LLC |  |  | 138 | 138196 |
| Information technology 0.1% |  |  |  | 152542 |
| IT services 0.1% |  |  |  |  |
| AC BlackPoint Holdings LLC, Class A-1 Units |  |  | 153 | 152542 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Schedule of Investments 12-31-24

---

| | | | |
|:---|:---|:---|:---|
|  | Yield (%) | Shares | Value |
| Short-term investments 11.3% <br> (Cost $12,591,254) |  |  | $12591254 |
| Short-term funds 11.3% |  |  | 12591254 |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Class | 4.4100 (E) | 12591254 | 12591254 |
| Total investments (Cost $230,183,110) 207.0% |  |  | $230780324 |
| Less unfunded loan commitments (58.2%) |  |  | (64945968) |
| Net investments (Cost $165,237,142) 148.8% |  |  | $165834356 |
| Other assets and liabilities, net (48.8%) |  |  | (54364892) |
| Total net assets 100.0% |  |  | $111469464 |

---

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 12-31-24. |

---

At 12-31-24, the aggregate cost of investments for federal income tax purposes was $164,861,882. Net unrealized appreciation aggregated to $972,474, of which $1,741,579 related to gross unrealized appreciation and $769,105 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, 2025<br> (Unaudited) | December 31, 2024 |
|  Assets |  |  |
|  Investments – Non-controlled/Non-affiliated, at value (Cost $221,026,430 and $165,237,142, at June 30, 2025 and December 31, 2024, respectively) | $221133237 | $165834356 |
|  Cash |  | 753840 |
|  Receivable for investments sold | 63093 | 57924 |
|  Interest and dividends receivable | 1517346 | 1109924 |
|  Receivable from affiliates |  | 23495 |
|  Deferred financing cost | 2582808 | 1830038 |
|  Other assets | 250 |  |
|  Total assets | 225296734 | 169609577 |
|  Liabilities |  |  |
|  Due to custodian | 20736 |  |
|  Credit facility payable | 49100000 | 53200000 |
|  Distributions payable | 3082107 | 3179815 |
|  Interest and credit facility expenses payable | 896689 | 906329 |
|  Payables to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees payable | 105851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fees payable | 631157 | 469067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and legal services fees | 11983 | 11659 |
|  Other liabilities and accrued expenses | 226536 | 373243 |
|  Total liabilities | 54075059 | 58140113 |
|  Net assets | 171221675 | 111469464 |
|  Net assets consist of |  |  |
|  Paid-in capital | 171369374 | 111369374 |
|  Total distributable earnings (loss) | (147699) | 100090 |
|  Net assets | $171221675 | $111469464 |
|  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 | $171221675 | $111469464 |
|  Shares outstanding | 8256380 | 5360173 |
|  Per share | $20.74 | $20.80 |

---

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 three months ended | For the six months ended | For the six months ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Investment income |  |  |  |  |
|  From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $5151337 | $2573272 | $9416599 | $4362044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 194391 | 325091 | 324327 | 783181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 44389 | 21983 | 67074 | 42605 |
|  Total investment income | 5390117 | 2920346 | 9808000 | 5187830 |
|  Expenses |  |  |  |  |
|  Management fee | 470160 | 352247 | 845967 | 655138 |
|  Incentive fees | 402599 |  | 825475 |  |
|  Accounting and legal services fees | 11349 | 4321 | 23307 | 13088 |
|  Interest and credit facility expenses | 1297116 | 445109 | 2332519 | 476594 |
|  Investment servicing fees | 17220 |  | 36396 |  |
|  Trustee fees | 23357 | 22280 | 46595 | 43928 |
|  Professional fees | 143064 | 500319 | 272370 | 604310 |
|  Custody and accounting fees | 63721 | 49312 | 130601 | 106551 |
|  Transfer Agent | 35479 | 10552 | 82417 | 10552 |
|  Printing and postage | 20247 | 7883 | 28945 | 18948 |
|  Organization cost |  |  |  | 24253 |
|  Offering cost |  | 101860 |  | 201867 |
|  Other expenses | 37951 | 14714 | 51643 | 23509 |
|  Total expenses | 2522263 | 1508597 | 4676235 | 2178738 |
|  Less expense reductions | (241277) | (639029) | (466823) | (919774) |
|  Net expenses | 2280986 | 869568 | 4209412 | 1258964 |
|  Net investment income | 3109131 | 2050778 | 5598588 | 3928866 |
|  Realized and unrealized gain (loss) |  |  |  |  |
|  Net realized gain (loss) on non-controlled/non-affiliated investments | 40758 | 3597 | 55073 | 6492 |
|  Change in net unrealized appreciation (depreciation) of non-controlled/non-affiliated investments | (872419) | 301138 | (490407) | 785427 |
|  Net realized and unrealized gain (loss) | (831661) | 304735 | (435334) | 791919 |
|  Increase (decrease) in net assets from operations | $2277470 | $2355513 | $5163254 | $4720785 |

---

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 three months ended | For the six months ended | For the six months ended |
|  | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
|  Increase (decrease) in net assets |  |  |  |  |
|  From operations |  |  |  |  |
|  Net investment income | $3109131 | $2050778 | $5598588 | $3928866 |
|  Net realized gain (loss) | 40758 | 3597 | 55073 | 6492 |
|  Change in net unrealized appreciation (depreciation) | (872419) | 301138 | (490407) | 785427 |
|  Increase (decrease) in net assets resulting from operations | 2277470 | 2355513 | 5163254 | 4720785 |
|  Distributions to common shareholders |  |  |  |  |
|  From earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class NAV | (3082107) | (2159774) | (5411043) | (3250408) |
|  Increase (decrease) from share transactions |  |  |  |  |
|  Fund shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class NAV | 45000000 |  | 60000000 | 45000000 |
|  Total increase (decrease) | 44195363 | 195739 | 59752211 | 46470377 |
|  Net assets |  |  |  |  |
|  Beginning of period | 127026312 | 112737757 | 111469464 | 66463119 |
|  End of period | $171221675 | $112933496 | $171221675 | $112933496 |
|  Share activity |  |  |  |  |
|  Class NAV shares outstanding |  |  |  |  |
|  Beginning of period | 6076649 | 5360173 | 5360173 | 3204574 |
| Shares issued | 2179731 |  | 2896207 | 2155599 |
|  End of period | 8256380 | 5360173 | 8256380 | 5360173 |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### Manulife Private Credit Fund

#### Consolidated Statements of Cash Flows (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** | **For the six months ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets from operations | $5163254 | $4720785 |
| **Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities** |  |  |
| Long-term investments purchased | (61595570) | (50828845) |
| Long-term investments sold | 8314063 | 1277178 |
| Net purchases and sales of short-term Investments | (1955092) | 2701604 |
| Net amortization of premium (discount) | (497616) | (51153) |
| Amortization of deferred financing cost | 229848 | 79639 |
| (Increase) decrease in assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (5169) | 34902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends receivable | (407422) | (283190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable from affiliates | 23495 | (207456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (250) | 168016 |
| Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to affiliates | 268265 | 42015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility expenses payable | (9640) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | (146707) | (136675) |
| Net change in unrealized (appreciation) depreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-controlled/non-affiliated investments | 490407 | (785427) |
| Net realized (gain) loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-controlled/non-affiliated investments | (55073) | (6492) |
| **Net cash provided by (used in) operating activities** | **50183207)** | **43275099)** |
| **Cash flows from financing activities** |  |  |
| Cash distributions to shareholders | 5508751) | 2582203) |
| Due to custodian | 20736 |  |
| Borrowings under the credit facility | 41000000 | 5000000 |
| Repayments under the credit facility | (45100000) | (3000000) |
| Financing cost paid | (982618) | (1163646) |
| Proceeds from Fund shares issued | 60000000 | 45000000 |
| **Net cash provided by (used in) financing activities** | $**49429367** | $**43254151** |
| **Net increase (decrease) in cash** | **753840)** | **20948)** |
| **Cash at beginning of period** | 753840 | 95039 |
| **Cash at end of period** | $**—** | $**74091** |
| **Supplemental disclosure of cash flow information:** |  |  |
| Distributions declared for the period | $5411043 | $3250408 |
| Interest paid for the period | 1660978) | 41352) |

---

See Notes to consolidated financial statements

------

#### **Table of Contents**

#### 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 currently does not intend to offer to repurchase shares at any time during the first two years of operations of the Fund.

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.

#### 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.

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, 2024, included in the Fund's Form 10-K filing. The results for the three and six months ended June 30, 2025 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.

------

#### **Table of Contents**
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, 2025 and December 31, 2024, by major security category or type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total value**<br> **at 6-30-25** | **Level 1**<br> **quoted price** | **Level 2**<br> **Significant<br> observable inputs** | **Level 3 Significant<br> unobservable inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| Senior loans (less unfunded loan commitments) | $**205755503** |  |  | $205755503 |
| Equity | **831388** |  |  | 831388 |
| Short-term investments | **14546346** | $14546346 |  |  |
| **Total investments in securities** | $**221133237** | $**14546346** |  | $**206586891** |
|  | **Total value at**<br> **12-31-24** | **Level 1<br> quoted price** | **Level 2<br> Significant<br> observable inputs** | **Level 3**<br> **Significant<br> unobservable inputs** |
| **Investments in securities:** |  |  |  |  |
| **Assets** |  |  |  |  |
| Senior loans (less unfunded loan commitments) | $**152865434** |  |  | $152865434 |
| Equity | **377668** |  |  | 377668 |
| Short-term investments | **12591254** | $12591254 |  |  |
| **Total investments in securities** | $**165834356** | $**12591254** |  | $**153243102** |

---

------

The Fund holds liabilities for which the carrying amount approximates the fair value for financial statement purposes. As of June 30, 2025 and December 31, 2024, the liability for the Fund's Credit facility payable on the Consolidated Statements of 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, 2025 and year ended December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| Investments in securities | Senior loans | Equity | Total |
| Beginning balance as of 12-31-24 | $152865434 | $377668 | $153243102 |
| Purchases | 61168887 | 426683 | 61595570 |
| Sales | (8314063) |  | (8314063) |
| Net amortization of (premium) discount | 497616 |  | 497616 |
| Realized gain (loss) | 55073 |  | 55073 |
| Change in unrealized appreciation (depreciation) at period end | (517444) | 27037 | (490407) |
| Ending balance as of 6-30-25 | $205755503 | $831388 | $206586891 |
| Change in unrealized appreciation (depreciation) at period end\* | 488193) | $27037 | 461156) |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments in securities | Senior loans | Equity | Total |
| Beginning balance as of 12-31-23 | $47912823 |  | $47912823 |
| Purchases and drawdowns | 118987369 | $381798 | 119369167 |
| Sales and paydowns | (14769563) |  | (14769563) |
| Net amortization of (premium) discount | 541066 |  | 541066 |
| Realized gain (loss) | 187238 |  | 187238 |
| Change in unrealized appreciation (depreciation) | 6501 | (4130) | $2371 |
| Ending balance as of 12-31-24 | $**152865434** | $**377668** | $**153243102** |
| Change in unrealized appreciation (depreciation) at period end\* | $44162 | 4130) | $40032 |

---

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

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, 2025 and as of December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value<br> at 6-30-25 | Valuation Technique | Significant Unobservable Inputs | Input Range | Input<br> Weighted<br> Average\* |
| Senior Loans | $201508774 | Discounted cash flow | Discount rate | 8.17% - 16.50% | 9.72% |
| Senior Loans | 4246729 | Recent transaction | Transaction price | $98.50 - $98.75 | $99.08 |
|  | $205755503 |  |  |  |  |
| Equity | $120283 | Recent transaction | Transaction price | $1.00 | $1.00 |
| Equity | 711105 | Market Comparable | EV / LTM EBITDA multiple | 8.50X - 14.00X | 11.82X |
|  | $831388 |  |  |  |  |
|  | $206586891 |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value<br> at 12-31-24 | Valuation<br> Technique | Significant<br> Unobservable<br> Inputs | Input Range | Input Weighted<br> Average\* |
| Senior Loans | $130881801 | Discounted cash flow | Discount rate | 8.36% - 13.79% | 9.88% |
| Senior Loans | 21983633 | Recent transaction | Transaction price | $98.00 - $99.75 | $98.96 |
|  | $152865434 |  |  |  |  |
| Equity | $290738 | Recent transaction | Transaction price | $1000 | $1000 |
| Equity | 86930 | Market Comparable | EV / LTM EBITDA multiple | 10.5X | 10.5X |
|  |  | Ownership allocation | Percentage of ownership | 1.05% | 1.05% |
|  | $377668 |  |  |  |  |
|  | $153243102 |  |  |  |  |

---

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

A change to unobservable inputs of the Fund's Level 3 securities as of June 30, 2025 and December 31, 2024 could have resulted in changes to the fair value measurement, as follows:

---

| | | |
|:---|:---|:---|
| Significant Unobservable Input | Impact to Valuation if input<br>had increased | Impact to Valuation if input<br>had decreased |
| Discount rate | Decrease | Increase |
| Transaction price | Increase | Decrease |
| EV / LTM EBITDA multiple | Increase | Decrease |
| Percentage of ownership | 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 been previously been recorded. The Fund's investments will be subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

------

**Investments.** 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). The Fund's investments (excluding unfunded loan commitments) consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **% of<br> Investments at<br> Fair Value** | **December 31, 2024** | **December 31, 2024** | **% of<br> Investments at<br> Fair Value** |
|  | **Amortized Cost** | **Fair Value** | **% of<br> Investments at<br> Fair Value** | **Amortized Cost** | **Fair Value** | **% of<br> Investments at<br> Fair Value** |
| First-Lien Loans | $205671602 | $205755503 | 93.0% | $152264090 | $152865434 | 92.2% |
| Equity | 808482 | 831388 | 0.4% | 381798 | 377668 | 0.2% |
| Other Securities | 14546346 | 14546346 | 6.6% | 12591254 | 12591254 | 7.6% |
| Total Investments | $221026430 | $221133237 | 100.0% | $165237142 | $165834356 | 100.00% |

---

The sector and industry composition of investments at fair value as a percentage of net assets as of June 30, 2025 and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| **Sector Composition** | **as of 6-30-25<br> (% of net assets)** | **as of 12-31-24<br> (% of net assets)** |
| Industrials | 71.8 | 82.9 |
| Health care | 35.3 | 41.9 |
| Consumer discretionary | 31.2 | 30.7 |
| Information technology | 12.2 | 17.9 |
| Consumer staples | 9.9 | 11.5 |
| Financials | 8.1 | 6.8 |
| Materials | 2.6 | 4.0 |
| Short-term investments and other (less unfunded loan commitments) | (71.1) | (95.7) |
|  | **100** | **100** |

---

Percentages include unfunded loan commitments.

---

| | |
|:---|:---|
| **Industry Composition** | **as of 6-30-25<br> (% of net assets)** |
| Health care providers and services | 28.8 |
| Commercial services and supplies | 22.5 |
| Trading companies and distributors | 19.3 |
| Professional services | 15.8 |
| Diversified consumer services | 10.1 |
| Food products | 8.2 |
| Building products | 7.2 |
| Hotels, restaurants and leisure | 7.1 |
| IT services | 6.9 |
| Distributors | 6.7 |
| Health care equipment and supplies | 6.5 |
| Software | 5.3 |
| Capital markets | 4.6 |
| Insurance | 3.5 |
| Air freight and logistics | 2.6 |
| Household durables | 2.6 |
| Chemicals | 2.6 |
| Machinery | 2.6 |
| Specialty retail | 2.5 |
| Leisure products | 2.2 |
| Construction and engineering | 1.8 |
| Consumer staples distribution and retail | 1.7 |
| Short-term investments and other (less unfunded loan commitments) | (71.1) |
|  | **100** |

---

Percentages include unfunded loan commitments.

------

---

| | |
|:---|:---|
| **Industry composition** | **as of 12-31-24<br> (% of net assets)** |
| Health care providers and services | 38.6 |
| Commercial services and supplies | 27.3 |
| Trading companies and distributors | 26.4 |
| Professional services | 14.4 |
| IT services | 9.8 |
| Food products | 8.8 |
| Software | 8.1 |
| Hotels, restaurants and leisure | 7.4 |
| Building products | 6.9 |
| Diversified consumer services | 6.5 |
| Distributors | 5.3 |
| Insurance | 4.9 |
| Air freight and logistics | 4.0 |
| Specialty retail | 4.0 |
| Household durables | 4.0 |
| Chemicals | 4.0 |
| Machinery | 3.9 |
| Leisure products | 3.5 |
| Health care equipment and supplies | 3.3 |
| Consumer staples distribution and retail | 2.7 |
| Capital markets | 1.9 |
| Short-term investments and other (less unfunded loan commitments) | (95.7) |
|  | **100** |

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As of June 30, 2025 and December 31, 2024, 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 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.

------

As of June 30, 2025 and December 31, 2024, the Fund had the following unfunded commitments outstanding:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Unfunded Term Loan** | **Principal on<br> Delayed Draw<br> Term Loan** | **Principal on<br> Revolver** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Principal on<br> Delayed Draw<br> Term Loan** | **Principal on<br> Revolver** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 4M Capital, Ltd. |  | $528000 | $1827 |  | $528000 | $1623 |
| AC Blackpoint Acquisition, Inc | $1203988 | 508475 | (8487) | $2033898 | 508475 | (9) |
| Air Buyer, Inc. |  | 340909 | (4327) | 750000 | 340909 | (32009) |
| All Glass & Window Holdings, Inc. | 1282051 | 769231 | (10488) |  |  |  |
| American Combustion Industries, Inc. | 857214 | 107750 | (23234) | 1005670 | 299307 | (2284) |
| Bandon Fitness, Inc. | 1725959 |  | (40615) | 1739184 | 114804 | 14226 |
| BCTS Parent LLC | 3704976 | 354484 | 31453 | 824176 | 283587 | 11708 |
| Beacon Behavioral Holdings LLC | 1652027 | 28628 | (5458) | 2646894 | 114512 | (231) |
| Beary Landscaping LLC |  | 338028 | 5948 | 422535 | 422535 | 11776 |
| BLP Buyer, Inc. |  | 142742 | (319) |  | 229839 | 995 |
| Capital Construction LLC | 846096 | 508039 | (81) |  | 508039 | 6891 |
| Chemtron Supply LLC | 1983585 | 362979 | 3327 | 2333630 | 362979 | (175) |
| CPS Holdco, Inc. | 1498397 | 705128 | (6608) |  |  |  |
| DAWGS Intermediate Holding Company |  | 333131 | 701 |  |  |  |
| Diverzify Intermediate LLC | 1371429 |  | (24540) | 1371429 |  | (20191) |
| Eastern Communications Solutions, Inc. |  | 1031519 | (1243) |  | 1031519 | (33) |
| Foodscience LLC | 1726389 | 672222 | (14927) | 2444444 | 763889 | (18860) |
| Galloway & Company LLC | 1970228 | 656743 | 5939 |  |  |  |
| GSF Buyer LLC | 1361162 | 680581 | (5602) |  |  |  |
| Health Management Associates, Inc. |  | 124004 | 2236 | 155005 | 65102 | 4384 |
| Hill Country Dairies, Inc. | 870968 | 653226 | (26665) | 870968 | 508065 | (19932) |
| HMN Acquirer Corp. | 1041667 | 625000 | 3074 | 1041667 | 625000 | (8169) |
| Impact Climate Technologies LLC | 711718 |  | (14234) |  |  |  |
| In Vitro Sciences LLC |  | 177778 | (18480) | 7111 | 177778 | (11611) |
| Integrated Openings Solutions LLC | 3502747 | 341209 | (29201) | 4120879 | 303297 | (31676) |
| Jetson Buyer, Inc. |  | 425909 | (9373) |  | 443656 | (13834) |
| Krayden Holdings, Inc. | 701754 | 566229 | 1080 | 1393071 | 574269 | 9798 |
| Leap Service Partners LLC | 1314931 | 400000 | 14056 | 752941 | 517647 | 13234 |
| LTC Consulting Services LLC |  | 454545 | 2153 |  |  |  |
| Library Associates LLC |  |  |  |  | 72418 | 638 |
| Lockmasters Security Intermediate, Inc. |  |  |  | 878274 | 205895 | 2875 |
| M&D Midco, Inc. | 1045311 | 572904 | 5486 | 1045311 | 763871 | 3848 |
| Magic Valley Electric LLC | 1526252 | 305250 | (1043) |  |  |  |
| Midwest Eye Services LLC | 2460200 | 704931 | 29821 | 2812729 | 704931 | 45607 |
| O2B Early Education Holding, Inc. | 1361162 | 680581 | (1891) |  |  |  |
| OIS Management Services LLC | 1666322 | 167626 | 16313 | 1185503 | 167626 | 5956 |
| PAK Quality Foods Acquisition LLC | 537313 | 268657 | 8132 | 537313 | 313433 | 9755 |
| Pediatric Home Respiratory Services LLC | 900000 | 320000 | 6561 | 900000 | 420000 | (19) |
| PNB Holdings III LLC | 1227273 | 531818 | 1709 | 1227273 | 490909 | 2969 |
| Purple Cow Buyer LLC | 1041881 | 277835 | 11054 | 1041881 | 277835 | (516) |
| QM Buyer, Inc. | 1222222 | 611111 | 7459 | 1222222 | 611111 | (233) |
| Rapid Buyer LLC | 1295585 | 647793 | (11745) | 1295585 | 647793 | (10299) |
| Redwood MSO LLC | 608989 | 213483 | (5083) | 786517 | 337079 | (100) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Refocus Management Services LLC | 1792503 | 84211 |  | 949 | 680000 | 210526 |  | 7587 |
| Renovation Systems LLC | 102203 | 25053 |  | 1406 | 142865 | 68894 |  | 2810 |
| Rocket Holdco Intermediate II LLC |  | 801887 |  | (62) |  |  |  |  |
| RPC TopCo, Inc. |  | 545455 |  | 3127 |  | 545455 |  | 2341 |
| Simon Pearce LLC |  | 450000 |  | 1633 |  | 642857 |  | (245) |
| Star Logistics & Hospitality Services LLC | 1232143 | 321429 |  | (105513) | 1232143 | 535714 |  | (32401) |
| StartKleen Legacy Holdings LLC | 1282051 | 1025641 |  | (14736) |  |  |  |  |
| Stellar Buyer LLC | 1529801 | 819536 |  | 9585 | 1639073 | 819536 |  | (12846) |
| Steward Partners Global Advisory LLC | 5127547 | 955881 |  | (24487) | 317951 | 311716 |  | 10841 |
| SurfacePrep Buyer LLC | 199136 | 479452 |  | 6675 | 227397 | 479452 |  | 10226 |
| The Smilist DSO LLC | 929263 | 140351 |  | (3071) | 2086698 | 140351 |  | 1959 |
| VPD Management, Inc. | 2299948 | 105143 |  | 14322 | 2299948 | 137143 |  | 5715 |
| Vybond Buyer LLC | 1051402 | 788551 |  | (4395) |  |  |  |  |
| WeLocalize, Inc. |  | 202367 |  | (1012) |  | 354142 |  | (4427) |
| Wildcat Purchaser LLC | 903021 | 312735 |  | (5860) |  |  |  |  |
| WWEC Holdings III Corp. | 824818 | 434020 |  | 17319 | 824818 | 434020 |  | 15110 |
| XpressMyself.com LLC |  | 233050 |  | 3076 |  | 233050 |  | 3900 |
| **Total** | $**61493632** | $**24863240** | **($** | **206359)** | $**46297003** | $**18648965** | **($** | **13328)** |

---

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**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. Overdrafts at period end are presented under the caption Due to custodian in the Consolidated Statements of Assets and Liabilities.

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

Offering and Organization Costs

Organization costs are expensed as incurred. During the three and six months ended June 30, 2025 and June 30, 2024, the Fund incurred organization costs of $0 and $0, and $0 and $24,253, respectively. Offering costs are accounted for as a deferred charge by the Fund and will be amortized to expense over 12 months from the BDC Election Date. During the three and six months ended June 30, 2025 and June 30, 2024, $0 and $0, and $101,860 and $201,867, respectively, of offering costs were expensed.

**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.

**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, 2024, 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.

#### 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
Manulife Investment Management Private Markets (US) LLC (the Advisor) serves as investment advisor for the Fund. The Fund does not have a principal underwriter. The Fund has entered into a Placement Agency Agreement with John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, to offer to sell shares of the Fund. The Advisor is an indirect wholly-owned subsidiary of Manulife Financial Corporation (MFC), and the Distributor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of MFC.

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

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#### **Table of Contents**
The Advisor contractually agrees to limit its management fee for the Fund (excluding any incentive fee) to an annual rate of 1.00% of monthly net assets. This agreement expires on October 3, 2025, 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.

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) 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. This agreement expires on October 3, 2025, 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.

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

The expense reductions described above amounted to $639,029 and $919,774 for the three and six months ended June 30, 2024, 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, 2025, was equivalent to a net annual effective rate of 0.61% and 0.56%, 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, 2024, was equivalent to a net annual effective rate of 0.00% of the Fund's average monthly net assets.

On July 16, 2025, the Fund entered into an Expense Limitation and Reimbursement Letter Agreement and Contractual Fee Waiver Notice (the "Expense Limitation Agreement") with the Advisor, effective as of October 4, 2025. For additional information on the Expense Limitation Agreement, see Note 10. Subsequent Events.

**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.

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 at 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.

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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, 2025, the incentive fee amounted to $402,599 and $825,475, respectively. As of June 30, 2025 and December 31, 2024, $631,157 and $469,067 remained payable, respectively.

During the three and six months ended June 30, 2024, there was no incentive fee charged as commencement of the incentive fee had not yet occurred.

**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, 2025 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, 2024 amounted to an annual rate of 0.02% 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.

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.

During the three and six months ended June 30, 2024, commitments entered into by the Fund pursuant to the Exemptive Order amounted to $37,231,534 and $67,474,023, including unfunded commitments of $12,694,640 and $20,744,005, respectively.

#### 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, 2025, the asset coverage ratio was 449%.

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.

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.

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#### **Table of Contents**
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.

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 2.20% as amended on April 10, 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 after March 27, 2025 of 0.60% per annum (or, during 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.

As of June 30, 2025 and December 31, 2024, the Fund had outstanding borrowings of $49,100,000 and $53,200,000 at an average interest rate of 6.50% and 6.80%, 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, 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. During the three and six months ended June 30, 2024, the average daily outstanding borrowings for the JPM Funding Facility amounted to $3,714,285 and $3,793,814 and the weighted average interest rate was 8.00% and 8.00%, 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, 2025 and June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Interest Expense | $1001583 | $75129 | $1861563 | $81806 |
| Unused commitment fee and administration fee | 176676 | 180056 | 268287 | 192139 |
| Other credit facility related fees | 13622 | 115212 | 13622 | 123010 |
|  | $**1191881** | $**370397** | $**2143472** | $**396955** |

---

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, 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. During the three and six months ended June 30, 2024, $74,712 and $79,639, respectively, of the upfront fee was expensed and included in Interest and credit facility expenses on the Consolidated Statements of Operations. At June 30, 2025 and December 31, 2024, $2,582,808 and $1,830,038, 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, 2025, affiliates of the Fund, Manulife International Limited (Hong Kong), Manufacturers Life Reinsurance Limited and Manulife Private Credit Plus Fund owned 21.1%, 9.0% and 69.9%, respectively, of the Class NAV shares of beneficial interest outstanding.

At December 31, 2024, affiliates of the Fund, Manulife International Limited (Hong Kong), Manufacturers Life Reinsurance Limited and Manulife Private Credit Plus Fund owned 32.4%, 13.9% and 53.7%, 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, 2025 and June 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $61595570 | $8314063 | $50828845 | $1277178 |

---

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#### **Table of Contents**

#### Note 8 – Consolidated Financial Highlights

---

| | | |
|:---|:---|:---|
|  | For the six months ended<br>June 30, 2025<br>Class NAV | For the six months ended<br>June 30, 2024<br>Class NAV |
| **Per share operating performance** |  |  |
| **Net asset value, beginning of period** | $20.80 | $20.74 |
| Net investment income<sup>(1)</sup> | 0.85 | 0.79 |
| Net realized and unrealized gain (loss) on investments | (0.15) | 0.14 |
| **Total from investment operations** | 0.70 | 0.93 |
| **Less distributions to common shareholders** |  |  |
| From investment income | (0.76) | (0.60) |
| **Total distributions** | (0.76) | (0.60) |
| **Net asset value, end of period** | $20.74 | $21.07 |
| **Total return (%) <sup>(2)</sup>** | 3.22% <sup>(3)</sup> | 4.53% <sup>(3)</sup> |
| **Ratios and supplemental data** |  |  |
| Net assets, end of period (in millions) | $171 | $113 |
| Ratios (as a percentage of average net assets): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses before reductions | 6.87% <sup>(4)</sup> | 4.13% <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses including reductions  | 6.18% <sup>(4)</sup> | 2.39% <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility expenses | 3.42% <sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 1.21% <sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses including reductions (excluding interest and credit facility expenses and incentive fees) | 1.54% <sup>(4)</sup> | 1.50% <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 8.22% <sup>(4)</sup> | 7.45% <sup>(5)</sup> |
| Portfolio turnover | 5% | 2% |
| Total debt outstanding end of period (in millions) | $49 | $2 |
| Asset coverage per $1,000 of debt, end of period <sup>(6)</sup> | $4487 | $57467 |

---

(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) Annualized. Certain expenses have been presented unannualized.

(6) 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.

#### 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.

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#### **Table of Contents**

#### 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. There are no subsequent events to disclose except for the following:

Expense Limitation Agreement

On July 16, 2025, the Fund entered into the Expense Limitation Agreement with the Advisor. For a one-year term beginning on October 4, 2025 and ending on October 3, 2026, the Advisor contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the aggregate "Expenses" of the Fund incurred in the ordinary course of the Fund's business exceed 0.50% of the Fund's monthly net assets (on an annualized basis). For purposes of this agreement, "Expenses" means all the expenses of the Fund, excluding: (1) advisory and incentive fees, (2) interest expense and other borrowing related costs, fees and expenses, (3) Rule 12b-1 fees; (4) any cashiering or other investment servicing fees; (5) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Fund; (6) taxes; (7) short dividends, (8) Acquired Fund Fees and Expenses; (9) class specific expenses; (10) portfolio brokerage commissions; (11) expenses related to, or incurred by, special purpose vehicles or other subsidiaries of the Fund held directly or indirectly by the Fund; (12) expenses, including legal expenses, related to investments of the Fund; and (13) 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.

Effective August 1, 2025, Brian VanDelinder, the Fund's former Chief Compliance Officer, left the Manulife Financial organization. Jason Pratt has been appointed by the Board to serve as the new interim Chief Compliance Officer. From October 12, 2023 to August 1, 2025, Mr. Pratt was the Deputy Chief Compliance Officer of the Fund. Prior to October 12, 2023, Mr. Pratt was the Chief Compliance Officer of the Fund. Below is further information regarding Mr. Pratt's business experience during the past five years.

Mr. Pratt holds the position of interim Chief Compliance Officer for an indefinite term until his successor is duly appointed and qualified or until he dies, retires, resigns, is removed or becomes disqualified.

---

| | | |
|:---|:---|:---|
| **Name (Birth Year)** | **Position(s) with the Fund** | **Principal Occupation(s) During Past 5 Years** |
| Jason Pratt (1974) | Chief Compliance Officer (since August 1, 2025); Deputy Chief Compliance Officer (October 12, 2023 to August 1, 2025); Chief Compliance Officer (prior to October 12, 2023) | Global Chief Compliance Officer and Senior Managing Director, Manulife Investment Management Private Markets and Manulife General Account Investments, Manulife Financial Group (since 2023); Chief Compliance Officer, Manulife Investment Management Private Markets (US) LLC (since 2013); Vice President and Senior Counsel, John Hancock Life Insurance Company (U.S.A.) (since 2019); Assistant Vice President and Senior Counsel, John Hancock Life Insurance Company (U.S.A.) (2011-2019); Chief Compliance Officer, John Hancock GA Mortgage Trust (2019-2023 and since August 1, 2025); and Chief Compliance Officer, John Hancock GA Senior Loan Trust (2020-2023 and since August 1, 2025). |

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#### **Table of Contents**
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.

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, which is an indirect wholly-owned subsidiary of Manulife Financial Corporation (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 and its affiliates;

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

• 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 Advisor to locate suitable investments for us and to monitor and administer our investments;

• the ability of our Advisor and its 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, 2024 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.

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##### [**Table of Contents**](#toc)
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, 2024 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.

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.

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.

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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, 2025, the Fund had investments, excluding cash equivalents, in 65 portfolio companies across 7 sectors and 22 industries. Based on fair value as of June 30, 2025, 93.0% 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, 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 June 30, 2025, the Fund's estimated weighted average total yield of investments in debt securities was 9.5%. Weighted average yields are based on interest rates as of June 30, 2025.

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As of December 31, 2024, the Fund had investments, excluding cash equivalents, in 54 portfolio companies across 7 sectors and 21 industries. Based on fair value as of December 31, 2024, 92.2% 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 SOFR. The weighted average interest rate floor across the Fund's portfolio was approximately 1.0% as of December 31, 2024. 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, 2024, the Fund's estimated weighted average total yield of investments in debt securities was 9.7%. Weighted average yields are based on interest rates as of December 31, 2024.

Our portfolio and investment activity for the six months ended June 30, 2025 and June 30, 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
|  **Investments:** |  |  |
|  Total investments, beginning of period | $165237142 | $66716527 |
|  Purchase of investments | 61595570 | 50828845 |
|  Proceeds from principal repayments and sales of investments | (8314063) | (1277178) |
|  Net purchases and sales of short-term Investments | 1955092 | (2701604) |
|  Amortization of premium/accretion of discount, net | 497616 | 51153 |
|  Net realized gain (loss) on investments | 55073 | 6492 |
|  **Total investments, end of period** | $**221026430** | $**113624235** |
|  Portfolio companies at beginning of period | 54 | 26 |
|  Number of new portfolio companies funded | 13 | 15 |
|  Number of portfolio companies sold or repaid | 2 |  |
|  Portfolio companies at end of period | 65 | 41 |
|  Count of investments | 220 | 118 |
|  Count of industries | 22 | 16 |

---

As of June 30, 2025 and December 31, 2024, our investments, excluding unfunded loan commitments, consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **% of<br>Investments<br>at Fair<br>Value** | **December 31, 2024** | **December 31, 2024** | **% of<br>Investments<br>at Fair<br>Value** |
|  | **Amortized Cost** | **Fair Value** | **% of<br>Investments<br>at Fair<br>Value** | **Amortized Cost** | **Fair Value** | **% of<br>Investments<br>at Fair<br>Value** |
|  First-Lien Loans | $205671602 | $205755503 | 93.0% | $152264090 | $152865434 | 92.2% |
|  Equity | 808482 | 831388 | 0.4% | 381798 | 377668 | 0.2% |
|  Other Securities | 14546346 | 14546346 | 6.6% | 12591254 | 12591254 | 7.6% |
|  Total Investments | $**221026430** | $**221133237** | **100.0%** | $**165237142** | $**165834356** | **100.00%** |

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| | | |
|:---|:---|:---|
| **Portfolio Composition** | **as of 6-30-25<br>(% of net assets)** | **as of 12-31-24<br>(% of net assets)** |
|  Senior loans | 170.6 | 195.4 |
|  Equity | 0.5 | 0.3 |
|  Short-term investments and other (less unfunded loan commitments) | (71.1) | (95.7) |
|  | **100** | **100** |

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Percentages include unfunded loan commitments.

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| | | |
|:---|:---|:---|
| **Sector Composition** | **as of 6-30-25<br>(% of net assets)** | **as of 12-31-24<br>(% of net assets)** |
|  Industrials | 71.8 | 82.9 |
|  Health care | 35.3 | 41.9 |
|  Consumer discretionary | 31.2 | 30.7 |
|  Information technology | 12.2 | 17.9 |
|  Consumer staples | 9.9 | 11.5 |
|  Financials | 8.1 | 6.8 |
|  Materials | 2.6 | 4.0 |
|  Short-term investments and other (less unfunded loan commitments) | (71.1) | (95.7) |
|  | **100** | **100** |

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Percentages include unfunded loan commitments.

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| | |
|:---|:---|
| **Industry Composition** | **As of 6-30-25<br>(% of net assets)** |
|  Health care providers and services | 28.8 |
|  Commercial services and supplies | 22.5 |
|  Trading companies and distributors | 19.3 |
|  Professional services | 15.8 |
|  Diversified consumer services | 10.1 |
|  Food products | 8.2 |
|  Building products | 7.2 |
|  Hotels, restaurants and leisure | 7.1 |
|  IT services | 6.9 |
|  Distributors | 6.7 |
|  Health care equipment and supplies | 6.5 |
|  Software | 5.3 |
|  Capital markets | 4.6 |
|  Insurance | 3.5 |
|  Air freight and logistics | 2.6 |
|  Household durables | 2.6 |
|  Chemicals | 2.6 |
|  Machinery | 2.6 |
|  Specialty retail | 2.5 |
|  Leisure products | 2.2 |
|  Construction and engineering | 1.8 |
|  Consumer staples distribution and retail | 1.7 |
|  Short-term investments and other (less unfunded loan commitments) | (71.1) |
|  | **100** |

---

Percentages include unfunded loan commitments.

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Industry composition** | **As of 12-31-24**<br> **(% of net assets)** |
|  Health care providers and services | 38.6 |
|  Commercial services and supplies | 27.3 |
|  Trading companies and distributors | 26.4 |
|  Professional services | 14.4 |
|  IT services | 9.8 |
|  Food products | 8.8 |
|  Software | 8.1 |
|  Hotels, restaurants and leisure | 7.4 |
|  Building products | 6.9 |
|  Diversified consumer services | 6.5 |
|  Distributors | 5.3 |
|  Insurance | 4.9 |
|  Air freight and logistics | 4.0 |
|  Specialty retail | 4.0 |
|  Household durables | 4.0 |
|  Chemicals | 4.0 |
|  Machinery | 3.9 |
|  Leisure products | 3.5 |
|  Health care equipment and supplies | 3.3 |
|  Consumer staples distribution and retail | 2.7 |
|  Capital markets | 1.9 |
|  Short-term investments and other (less unfunded loan commitments) | (95.7) |
|  | **100** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Top 10 Issuers as of 6-30-25 (% of net assets)** | |
|  Steward Partners Global Advisory LLC | 4.6 |
|  LTC Consulting Services LLC | 4.4 |
|  Xenon Arc, Inc | 4.1 |
|  Galloway & Company LLC | 4.0 |
|  AC Blackpoint Acquisition, Inc | 4.0 |
|  CPS Holdco, Inc. | 3.6 |
|  Refocus Management Services LLC | 3.6 |
|  Pediatric Home Respiratory Services LLC | 3.5 |
|  The Smilist DSO LLC | 3.5 |
|  Leap Service Partners LLC | 3.5 |
|  Total | **38.8** |

---

Cash and short-term investments are not included.

Percentages include unfunded loan commitments.

---

| | |
|:---|:---|
| **Top 10 Issuers as of 12-31-24 (% of net assets)** | |
|  Pediatric Home Respiratory Services LLC | 5.4 |
|  M&D Midco, Inc. | 5.3 |
|  The Smilist DSO LLC | 5.3 |
|  AC Blackpoint Acquisition, Inc | 5.3 |
|  Eastern Communications Solutions, Inc. | 5.3 |
|  Redwood MSO LLC | 5.3 |
|  Midwest Eye Services LLC | 5.0 |
|  Renovation Systems LLC | 4.9 |
|  QM Buyer, Inc. | 4.9 |
|  Foodscience LLC | 4.9 |
|  **Total** | **51.6** |

---

Cash and cash equivalents are not included.

Percentages include unfunded loan commitments.

As of June 30, 2025 and December 31, 2024, 100% of investments held were based in the United States.

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##### [**Table of Contents**](#toc)
Results of Operations

Our operating results for the three and six months ended June 30, 2025 and June 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the six months ended** | **For the six months ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  **Increase (decrease) in net assets from operations** | $2277470 | $2355513 | $5163254 | $4720785 |

---

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, 2025 and June 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the six months ended** | **For the six months ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  Investment income |  |  |  |  |
|  From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $5151337 | $2573272 | $9416599 | $4362044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 194391 | 325091 | 324327 | 783181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 44389 | 21983 | 67074 | 42605 |
|  **Total investment income** | $**5390117** | $**2920346** | $**9808000** | $**5187830** |

---

For the three and six months ended June 30, 2025 and June 30, 2024, 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 $221.1 million as of June 30, 2025 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, 2025, 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, 2025 and June 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the six months ended** | **For the six months ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
|  **Expenses** |  |  |  |  |
|  Management fee | $470160 | $352247 | $845967 | $655138 |
|  Incentive fees | 402599 |  | 825475 |  |
|  Accounting and legal services fees | 11349 | 4321 | 23307 | 13088 |
|  Interest and credit facility expenses | 1297116 | 445109 | 2332519 | 476594 |
|  Investment servicing fees | 17220 |  | 36396 |  |
|  Trustee fees | 23357 | 22280 | 46595 | 43928 |
|  Professional fees | 143064 | 500319 | 272370 | 604310 |
|  Custody and accounting fees | 63721 | 49312 | 130601 | 106551 |
|  Transfer Agent | 35479 | 10552 | 82417 | 10552 |
|  Printing and postage | 20247 | 7883 | 28945 | 18948 |
|  Organization cost |  |  |  | 24253 |
|  Offering cost |  | 101860 |  | 201867 |
|  Other expenses | 37951 | 14714 | 51643 | 23509 |
|  **Total expenses** | **2522263** | **1508597** | **4676235** | **2178738** |
|  Less expense reductions | (241277) | (639029) | (466823) | (919774) |
|  **Net expenses** | **2280986** | **869568** | **4209412** | **1258964** |

---

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 Advisor contractually agrees to limit its management fee for the Fund (excluding any incentive fee) to an annual rate of 1.00% of monthly net assets. This agreement expires on October 3, 2025, 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.

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.

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##### [**Table of Contents**](#toc)
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 establishing the JPM Funding Facility were capitalized and are being amortized over the life of the facility and are included in professional fees.

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

Organization and offering costs include expenses incurred in the Fund's initial formation and the Fund's offering of Common Shares.

Expense reductions include contractual management fee waivers.

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, 2025 and June 30, 2024, 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 of our Common Shares under our share repurchase program.

Equity

For the six months ended June 30, 2025 and June 30, 2024, 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 issue date** | **Class NAV shares issued** | **Proceeds Received** |
|  **June 30, 2025** |  |  |
|  February 3, 2025 | 716476 | $15000000 |
|  May 1, 2025 | 1451098 | $30000000 |
|  June 2, 2025 | 728633 | $15000000 |
|  **June 30, 2024** |  |  |
|  January 2, 2024 | 723237 | $15000000 |
|  February 1, 2024 | 718284 | $15000000 |
|  March 1, 2024 | 714078 | $15000000 |

---

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.

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##### [**Table of Contents**](#toc)
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), 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.

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 2.20% as amended on April 10, 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 after March 27, 2025 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.

As of June 30, 2025 and December 31, 2024, the Fund had outstanding borrowings of $49,100,000 and $53,200,000 at an average interest rate of 6.50% and 6.80%. 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, 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. During the three and six months ended June 30, 2024, the average daily outstanding borrowings for the JPM Funding Facility amounted to $3,714,285 and $3,793,814 and the weighted average interest rate was 8.00% and 8.00%, respectively.

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

Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations

We have entered into certain contracts under which we may have material future commitments. We have entered into each of the Investment Advisory Agreement and the Service Agreement with the Advisor to provide us with investment advisory services and administrative services. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements made under the Service Agreement are described in "Part I Item 1. Business – Management Agreements" of our December 31, 2024 Form 10-K. The Advisor is responsible for payments under the Service Level Agreement.

If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Service Agreement, and the Service Level Agreement between the Advisor and JHIM.

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

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##### [**Table of Contents**](#toc)
As of June 30, 2025 and December 31, 2024, the Fund had the following unfunded commitments outstanding:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Unfunded Term Loan** | **Principal on Delayed<br>Draw Term Loan** | **Principal on<br>Revolver** | **Principal on Delayed<br>Draw Term Loan** | **Principal on<br>Revolver** |
|  4M Capital, Ltd. |  | $528000 |  | $528000 |
|  AC Blackpoint Acquisition, Inc | $1203988 | 508475 | $2033898 | 508475 |
|  Air Buyer, Inc. |  | 340909 | 750000 | 340909 |
|  All Glass & Window Holdings, Inc. | 1282051 | 769231 |  |  |
|  American Combustion Industries, Inc. | 857214 | 107750 | 1005670 | 299307 |
|  Bandon Fitness, Inc. | 1725959 |  | 1739184 | 114804 |
|  BCTS Parent LLC | 3704976 | 354484 | 824176 | 283587 |
|  Beacon Behavioral Holdings LLC | 1652027 | 28628 | 2646894 | 114512 |
|  Beary Landscaping LLC |  | 338028 | 422535 | 422535 |
|  BLP Buyer, Inc. |  | 142742 |  | 229839 |
|  Capital Construction LLC | 846096 | 508039 |  | 508039 |
|  Chemtron Supply LLC | 1983585 | 362979 | 2333630 | 362979 |
|  CPS Holdco, Inc. | 1498397 | 705128 |  |  |
|  DAWGS Intermediate Holding Company |  | 333131 |  |  |
|  Diverzify Intermediate LLC | 1371429 |  | 1371429 |  |
|  Eastern Communications Solutions, Inc. |  | 1031519 |  | 1031519 |
|  Foodscience LLC | 1726389 | 672222 | 2444444 | 763889 |
|  Galloway & Company LLC | 1970228 | 656743 |  |  |
|  GSF Buyer LLC | 1361162 | 680581 |  |  |
|  Health Management Associates, Inc. |  | 124004 | 155005 | 65102 |
|  Hill Country Dairies, Inc. | 870968 | 653226 | 870968 | 508065 |
|  HMN Acquirer Corp. | 1041667 | 625000 | 1041667 | 625000 |
|  Impact Climate Technologies LLC | 711718 |  |  |  |
|  In Vitro Sciences LLC |  | 177778 | 7111 | 177778 |
|  Integrated Openings Solutions LLC | 3502747 | 341209 | 4120879 | 303297 |
|  Jetson Buyer, Inc. |  | 425909 |  | 443656 |
|  Krayden Holdings, Inc. | 701754 | 566229 | 1393071 | 574269 |
|  Leap Service Partners LLC | 1314931 | 400000 | 752941 | 517647 |
|  LTC Consulting Services LLC |  | 454545 |  |  |
|  Library Associates LLC |  |  |  | 72418 |
|  Lockmasters Security Intermediate, Inc. |  |  | 878274 | 205895 |
|  M&D Midco, Inc. | 1045311 | 572904 | 1045311 | 763871 |
|  Magic Valley Electric LLC | 1526252 | 305250 |  |  |
|  Midwest Eye Services LLC | 2460200 | 704931 | 2812729 | 704931 |
|  O2B Early Education Holding, Inc. | 1361162 | 680581 |  |  |
|  OIS Management Services LLC | 1666322 | 167626 | 1185503 | 167626 |
|  PAK Quality Foods Acquisition LLC | 537313 | 268657 | 537313 | 313433 |
|  Pediatric Home Respiratory Services LLC | 900000 | 320000 | 900000 | 420000 |
|  PNB Holdings III LLC | 1227273 | 531818 | 1227273 | 490909 |
|  Purple Cow Buyer LLC | 1041881 | 277835 | 1041881 | 277835 |
|  QM Buyer, Inc. | 1222222 | 611111 | 1222222 | 611111 |
|  Rapid Buyer LLC | 1295585 | 647793 | 1295585 | 647793 |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
|  Redwood MSO LLC | 608989 | 213483 | 786517 | 337079 |
|  Refocus Management Services LLC | 1792503 | 84211 | 680000 | 210526 |
|  Renovation Systems LLC | 102203 | 25053 | 142865 | 68894 |
|  Rocket Holdco Intermediate II LLC |  | 801887 |  |  |
|  RPC TopCo, Inc. |  | 545455 |  | 545455 |
|  Simon Pearce LLC |  | 450000 |  | 642857 |
|  Star Logistics & Hospitality Services LLC | 1232143 | 321429 | 1232143 | 535714 |
|  StartKleen Legacy Holdings LLC | 1282051 | 1025641 |  |  |
|  Stellar Buyer LLC | 1529801 | 819536 | 1639073 | 819536 |
|  Steward Partners Global Advisory LLC | 5127547 | 955881 | 317951 | 311716 |
|  SurfacePrep Buyer LLC | 199136 | 479452 | 227397 | 479452 |
|  The Smilist DSO LLC | 929263 | 140351 | 2086698 | 140351 |
|  VPD Management, Inc. | 2299948 | 105143 | 2299948 | 137143 |
|  Vybond Buyer LLC | 1051402 | 788551 |  |  |
|  WeLocalize, Inc. |  | 202367 |  | 354142 |
|  Wildcat Purchaser LLC | 903021 | 312735 |  |  |
|  WWEC Holdings III Corp. | 824818 | 434020 | 824818 | 434020 |
|  XpressMyself.com LLC |  | 233050 |  | 233050 |
|  **Total** | $**61493632** | $**24863240** | $**46297003** | $**18648965** |

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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, 2025 and June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend Per Share** |
|  **June 30, 2025** |  |  |  |
|  June 27, 2025 | June 26, 2025 | July 22, 2025 | $0.37330 |
|  March 28, 2025 | March 27, 2025 | April 22, 2025 | $0.38326 |
|  **June 30, 2024** |  |  |  |
|  March 27, 2024 | March 26, 2024 | April 19, 2024 | $0.20347 |
|  June 27, 2024 | June 26, 2024 | July 22, 2024 | $0.40293 |

---

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.

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##### [**Table of Contents**](#toc)
As of June 30, 2025 and December 31, 2024, 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; and

• the Sale and Contribution 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, 2024 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, 2024 Form 10-K.

As of June 30, 2025, approximately $209.2 million (principal amount) of our debt portfolio investments (funded positions) bore interest at variable rates, which are generally SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.

------

##### [**Table of Contents**](#toc)
Based on our June 30, 2025 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

---

| | | | |
|:---|:---|:---|:---|
|  | Interest income | Interest expense | Net income |
|  Up 300 basis points | $6275903 | $(1473000) | $4802903 |
|  Up 200 basis points | $4183935 | $(982000) | $3201935 |
|  Up 100 basis points | $2091968 | $(491000) | $1600968 |
|  Down 100 basis points | $(2091968) | $491000 | $(1600968) |

---

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, 2025 (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, 2025 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 or the Advisor is a party that are likely to have a material adverse effect on the Fund or the ability of the Advisor to perform its services under the Investment Advisory Agreement with the Fund, nor, to our knowledge, is any material legal proceeding threatened against us or the Advisor.

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, 2024 Form 10-K, which could materially affect the Fund's business, financial condition and/or operating results. The risks described in our December 31, 2024 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. In addition to the risk factors discussed in "Part I Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, we are subject to the following risk:

#### Tariffs may adversely affect us or our portfolio companies.
The imposition by the U.S. of import tariffs on goods from foreign countries and reciprocal tariffs levied on U.S. goods may lead to price volatility and instability in U.S. and global investment markets. Among other effects, tariffs may increase the cost of production for certain goods or reduce demand for products, which could affect the performance of the Fund's investments. It is not known whether, or to what extent, any tariff or other trade protections may affect the Fund or its investments.

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.

ITEM 3. Defaults Upon Senior Securities

None

ITEM 4. Mine Safety Disclosures.

Not applicable.

------

#### **Table of Contents**
ITEM 5. Other Information.

(a) On June 2, 2025, the Fund issued 728,632.84 Class NAV Common Shares, for an aggregate offering price of $15,000,000. The issuance and sale of the Common Shares are exempt from registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

(b) None.

(c) For the period covered by this Quarterly Report on Form 10-Q, no trustee or officer of the Fund has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Fund intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934 or (ii) any non-Rule 10b5-1 trading arrangement.

------

##### [**Table of Contents**](#toc)
ITEM 6. Exhibits.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1988280/000119312523203682/d259540dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Certificate of Amendment to Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1988280/000119312523203682/d259540dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [Amended and Restated Agreement and Declaration of Trust<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/1988280/000119312523236937/d551412dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | [Bylaws<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1988280/000119312523203682/d259540dex34.htm) |
| 10.1 | [Expense Limitation Agreement\*](d916910dex101.htm) |
| 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.\*](d916910dex311.htm) |
| 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.\*](d916910dex312.htm) |
| 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.\*](d916910dex321.htm) |
| 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.\*](d916910dex322.htm) |
| 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) |

---

\* Filed herewith

(1) Incorporated by reference to the Fund's Form 10-12G filed by the Fund on August 4, 2023 (File No. 000-56578).

(2) Incorporated by reference to Amendment No. 1 to the Fund's Form 10-12G filed by the Fund on September 19, 2023 (File No. 000-56578).

------

##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | Manulife Private Credit Fund |
| Date: August 12, 2025 | By: | /s/ Ian Roke |
|  |  | Name: Ian Roke |
|  |  | Title: Chief Executive Officer (Principal Executive Officer) |
| Date: August 12, 2025 | By: | /s/ Heidi Knapp |
|  |  | Name: Heidi Knapp |
|  |  | Title: Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 10.1

**Exhibit 10.1** 

---

| | |
|:---|:---|
| **Manulife Investment Management Private Markets (US) LLC** <br> 200 Berkeley Street<br> Boston, MA 02116 | ![LOGO](g916910g11f48.jpg) |

---

July 16, 2025

To the Trustees of

Manulife Private Credit Fund

200 Berkeley Street

Boston, MA 02116

Re: <u>Expense Limitation and Reimbursement Letter Agreement and Contractual Fee Waiver Notice</u>

With reference to the Investment Advisory Agreement approved by the Board and entered into by and between Manulife Investment Management Private Markets (US) LLC (the "Adviser") and Manulife Private Credit Fund (the "Fund"), we hereby notify you as follows:

1. The Adviser agrees to contractually waive its advisory fees or, to the extent necessary, reimburse other expenses of the Fund as set forth in <u>Appendix A</u> hereto.

2. We understand and intend that the Fund will rely on this undertaking in overseeing the preparation and filing of Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission, in accruing the Fund's expenses for purposes of calculating its net and gross asset value per share, and for other purposes permitted under the Investment Company Act of 1940, as amended, and the Securities Exchange Act of 1934, as amended, and we expressly permit the Fund so to rely.

---

| |
|:---|
| Very truly yours, |
| Manulife Investment Management Private Markets (US) LLC |
| By: /s/ Heidi Knapp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidi Knapp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

Agreed and Accepted

on behalf of Manulife Private Credit Fund

<u>By: /s/ Salvatore Schiavone</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salvatore Schiavone

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer

A copy of the document establishing the Fund as a Delaware Trust is filed with the State of Delaware. This Agreement is executed by the officer in his or her capacity as such and not as an individual and is not binding upon any of the Trustees, officers or shareholders of the Fund individually but only upon the assets of the Fund.

CONFIDENTIAL

------

**<u>APPENDIX A</u>**

**Fund Level Contractual Limitation on Other Fund Level Expenses** 

For purposes of this Appendix:

For a one-year term beginning on October 4, 2025 and ending on October 3, 2026 (the "Limitation Period"), the Adviser contractually agrees to reduce its advisory fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the aggregate "Expenses" of the Fund incurred in the ordinary course of the Fund's business exceed the annual rate as set forth in the table below of the Fund's monthly net assets (the "Expense Cap").

"Expenses" means all the expenses of the Fund, <u>excluding:</u> (1) advisory and incentive fees, (2) interest expense and other borrowing related costs, fees and expenses, (3) Rule 12b-1 fees; (4) any cashiering or other investment servicing fees; (5) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Fund; (6) taxes; (7) short dividends, (8) Acquired Fund Fees and Expenses; 1 (9) class specific expenses; (10) portfolio brokerage commissions; (11) expenses related to, or incurred by, special purpose vehicles or other subsidiaries of the Fund held directly or indirectly by the Fund; (12) expenses, including legal expenses, related to investments of the Fund; and (13) expenses, including legal expenses, related to co-investment transactions involving the Fund.

For any month in which the Fund's Expenses exceed the Expense Cap, the Adviser will reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under this expense limitation and reimbursement letter agreement.

This expense limitation and reimbursement letter agreement expires on the Expiration Date of the Expense Limit, as set forth in the table below, unless renewed by mutual agreement of the Fund and the Adviser for successive terms of one year based upon a determination that this is appropriate under the circumstances at that time. This expense limitation and reimbursement letter agreement will also terminate automatically upon the termination of the Investment Advisory Agreement between the Fund and the Adviser, unless a new investment advisory agreement with the Adviser (or with an affiliate under common control with the Adviser) becomes effective upon such termination.

---

| | | |
|:---|:---|:---|
| **Fund** | **Limit on Fund Level<br>Expenses** | **Expiration Date of<br>Expense Limit** |
|  Manulife Private Credit Fund | 0.50% | October 3, 2026 |

---

<sup>1</sup> "Acquired Fund Fees and Expenses" are based on indirect net expenses associated with the Fund's investments in underlying investment companies.

CONFIDENTIAL

## Exhibit 31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ian Roke, certify that:

1. I have reviewed this report on Form 10-Q of Manulife Private Credit Fund;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial conditions, results of operations, changes in net assets, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

---

| | | |
|:---|:---|:---|
| Date: August 12, 2025 | By: | /s/ Ian Roke |
|  |  | Ian Roke |
|  |  | President |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Heidi Knapp, certify that:

1. I have reviewed this report on Form 10-Q of Manulife Private Credit Fund;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial conditions, results of operations, changes in net assets, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

---

| | | |
|:---|:---|:---|
| Date: August 12, 2025 | By: | /s/ Heidi Knapp |
|  |  | Heidi Knapp |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

Exhibit 32.1

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

In connection with the attached Report of Manulife Private Credit Fund (the "registrant") on Form 10-Q for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), the undersigned officer of the registrant does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of such officer's knowledge:

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

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

---

| |
|:---|
| /s/ Ian Roke |
| Ian Roke |
| President |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

Dated: August 12, 2025

## Exhibit 32.2

Exhibit 32.2

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

In connection with the attached Report of Manulife Private Credit Fund (the "registrant") on Form 10-Q for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), the undersigned officer of the registrant does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of such officer's knowledge:

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

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

---

| | |
|:---|:---|
| By: | /s/ Heidi Knapp |
|  | Heidi Knapp |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

Dated: August 12, 2025