Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
INVESTMENT
COMPANIES
-
2.68%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2.68%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
3.56%
(a),(b),(c),(d)
3,474,663
$
3,475
TOTAL
INVESTMENT
COMPANIES
$
3,475
COMMON
STOCKS
-
0.60%
Shares
Held
Value
(000's)
Commercial
Services
-
0.23%
APS
Blackwater
Holdings
LLC
(c),(e),(f),(g)
194
$
190
CPS
Investors,
LP
(e),(f),(g)
442
30
Mascarene
VTC
Investment
(e),(f),(g)
79,840
73
Warrior
Ultimate
Holdings
LLC
-
Class
A
(c),(e),(f),(g)
87
—
$
293
Cosmetics
&
Personal
Care
-
0.00%
CVS
Parent
Holdings
LLC
(c),(e),(f),(g)
3
5
Diversified
Financial
Services
-
0.15%
CWC
Fund
I
Co-Invest
MFA
LP
(c),(e),(f),(g)
183,735
193
Electrical
Components
&
Equipment
-
0.09%
SENS
Intermediate
Holdings
LLC
(c),(e),(f),(g)
80
114
Electronics
-
0.07%
Advantage
Surveillance,
LLC
(c),(e),(f),(g)
93
97
Engineering
&
Construction
-
0.02%
AKS
Engineering
Holdings
LLC
(c),(e),(f),(g)
20
21
Enterprise
Software
&
Services
-
0.01%
Douglas
Top
Parent
LLC
(c),(e),(f),(g)
19,712
17
Software
-
0.03%
CIT
Intermediate
Holdco,
Inc.
(e),(f),(g)
5
38
TOTAL
COMMON
STOCKS
$
778
JOINT
VENTURE
-
1.70%
Shares
Held
Value
(000's)
Private
Equity
-
1.70%
Principal
Private
Credit
Fund
Joint
Venture,
LLC
(e),(g),(h)
N/A
2,211
TOTAL
JOINT
VENTURE
$
2,211
PREFERRED
STOCKS
-
0.03%
Shares
Held
Value
(000's)
Commercial
Services
-
0.03%
Warrior
Ultimate
Holdings
LLC
-
Class
A
0.00%
(c),(e),(f),(g)
394
$
43
TOTAL
PREFERRED
STOCKS
$
43
BONDS
-
5.03%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0.11%
TransDigm
Inc
6.38%,
03/01/2029
(i)
$
135
$
137
Airlines
-
0.00%
OneSky
Flight
LLC
8.88%,
12/15/2029
(i)
5
5
Building
Materials
-
0.17%
Ameritex
Holdco
Intermediate
LLC
7.63%,
08/15/2033
(i)
76
79
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(i)
140
140
$
219
Diversified
Financial
Services
-
0.58%
Credit
Acceptance
Corp
9.25%,
12/15/2028
(i)
335
349
OneMain
Finance
Corp
3.50%,
01/15/2027
135
134
Rocket
Cos
Inc
6.13%,
08/01/2030
(i)
275
280
$
763
Electric
-
0.54%
Clearway
Energy
Operating
LLC
4.75%,
03/15/2028
(i)
325
322
VoltaGrid
LLC
7.38%,
11/01/2030
(i)
359
373
$
695
Engineering
&
Construction
-
0.05%
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(i)
70
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
-
0.29%
Caesars
Entertainment
Inc
4.63%,
10/15/2029
(i)
$
380
$
365
Food
-
0.52%
B&G
Foods
Inc
8.00%,
09/15/2028
(i)
365
365
Chobani
LLC
/
Chobani
Finance
Corp
Inc
7.63%,
07/01/2029
(i)
320
330
$
695
Forest
Products
&
Paper
-
0.01%
Mercer
International
Inc
12.88%,
10/01/2028
(i)
15
8
Healthcare
-
Services
-
0.11%
Tenet
Healthcare
Corp
6.13%,
06/15/2030
140
141
Investment
Companies
-
0.11%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
160
137
Media
-
0.54%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.38%,
06/01/2029
(i)
405
397
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
5.88%,
08/15/2027
(i)
22
22
9.25%,
06/01/2032
(i)
135
137
EchoStar
Corp
10.75%,
11/30/2029
130
140
$
696
Oil
&
Gas
-
0.16%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
7.50%,
10/01/2029
(i)
70
73
Chord
Energy
Corp
6.00%,
10/01/2030
(i)
140
140
$
213
Oil
&
Gas
Services
-
0.01%
Kodiak
Gas
Services
LLC
5.88%,
04/01/2031
(i)
7
7
Packaging
&
Containers
-
0.55%
Clydesdale
Acquisition
Holdings
Inc
6.63%,
04/15/2029
(i)
375
376
Mauser
Packaging
Solutions
Holding
Co
7.88%,
04/15/2030
(i)
335
342
$
718
Pharmaceuticals
-
0.28%
Adapthealth
LLC
6.13%,
08/01/2028
(i)
255
255
Endo
Finance
Holdings
LP
8.50%,
04/15/2031
(i)
94
99
$
354
Pipelines
-
0.39%
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp
8.13%,
02/15/2029
(i)
135
140
Venture
Global
LNG
Inc
9.50%,
02/01/2029
(i)
340
366
$
506
REITs
-
0.59%
Arbor
Realty
SR
Inc
7.88%,
07/15/2030
(i)
40
38
8.50%,
12/15/2028
(i)
245
241
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(i)
360
351
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(i)
$
145
$
142
$
772
Retail
-
0.02%
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(i)
25
26
TOTAL
BONDS
$
6,527
SENIOR
FLOATING
RATE
INTERESTS
-
104.77%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
3.80%
Finn
Partners
Inc
;
Term
Loan
9.42%,
04/29/2031
(b),(f)
1,831
1,804
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
Finn
Partners
Inc
;
Revolver
9.42%,
04/29/2031
(f)
635
626
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
KL
Charlie
Acquisition
Corp
;
Term
Loan
8.97%,
12/30/2029
(b),(f)
789
781
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.35%
KL
Charlie
Acquisition
Corp
;
Delayed
Draw
Term
Loan
8.97%,
12/30/2029
(b),(f)
1,376
1,362
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.35%
8.97%,
12/30/2029
(b),(f)
263
261
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.35%
8.99%,
12/30/2029
(b),(f)
89
89
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.35%
$
4,923
Aerospace
&
Defense
-
4.26%
TransDigm
Inc
;
Term
Loan
J
7.26%,
02/28/2031
575
575
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Trident
Borrower,
LLC
;
Revolver
8.15%-8.23%,
03/05/2032
(f)
690
684
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Trident
Borrower,
LLC
;
Term
Loan
8.15%,
03/05/2032
(f)
4,310
4,274
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
$
5,533
Automobile
Parts
&
Equipment
-
0.50%
M&D
Midco
Inc
;
Term
Loan
9.84%,
08/31/2028
(b),(f)
661
661
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.15%
Beverages
-
3.14%
Diaspora
Tea
&
Herb
Company,
LLC
;
Term
Loan
8.19%,
02/18/2032
(b),(f)
3,393
3,373
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Diaspora
Tea
&
Herb
Company,
LLC
;
Revolver
8.15%,
02/18/2032
(f)
558
555
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
Diaspora
Tea
&
Herb
Company,
LLC
;
Delayed
Draw
Term
Loan
8.19%,
02/18/2032
(f)
$
152
$
151
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.50%
$
4,079
Building
Materials
-
1.24%
Stonegrove
Roofing,
LLC
;
Delayed
Draw
Term
Loan
8.90%-8.99%,
04/17/2030
(f)
1,258
1,239
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
8.99%,
04/17/2030
(f)
337
332
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Stonegrove
Roofing,
LLC
;
Revolver
8.91%-8.92%,
04/17/2030
(f)
39
39
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
$
1,610
Chemicals
-
3.37%
B'laster
Holdings
LLC
;
Term
Loan
8.42%,
10/25/2029
(b),(f)
1,147
1,139
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
8.42%,
10/25/2029
(b),(f)
580
575
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Element
Solutions
Inc
;
Term
Loan
B3
6.51%,
12/18/2030
301
301
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Kano
Intermediate
Inc.
;
Term
Loan
8.20%,
12/17/2030
(b),(f)
2,306
2,305
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Kano
Intermediate
Inc.
;
Delayed
Draw
Term
Loan
8.18%,
12/17/2030
(f)
52
52
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
$
4,372
Commercial
Services
-
25.70%
Atlantic
Pipe
Services,
LLC
;
Term
Loan
8.20%,
12/01/2031
(b),(f)
2,221
2,203
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.50%
Atlantic
Pipe
Services,
LLC
;
Delayed
Draw
Term
Loan
8.12%,
12/01/2031
(f)
48
47
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Atlantic
Pipe
Services,
LLC
;
Revolver
8.12%,
12/01/2031
(f)
156
154
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Barricade
Holdings
LLC
;
Delayed
Draw
Term
Loan
8.37%,
09/30/2030
(f)
276
272
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Barricade
Holdings
LLC
;
Term
Loan
8.37%,
09/30/2030
(f)
445
438
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
8.39%,
09/30/2030
(b),(f)
262
258
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Barricade
Holdings
LLC;
Term
Loan
(continued)
8.39%,
09/30/2030
(b),(f)
$
3,002
$
2,956
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Barricade
Holdings
LLC
;
Revolver
8.40%,
09/30/2030
(f)
89
88
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
CPS
Holdco,
Inc
;
Term
Loan
8.47%,
03/28/2031
(b),(f)
1,483
1,480
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
CPS
Holdco,
Inc
;
Delayed
Draw
Term
Loan
8.43%,
03/28/2031
(f)
764
763
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
8.45%,
03/28/2031
(f)
103
103
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Cy's
Holdings,
LLC
;
Term
Loan
9.64%,
03/04/2031
(f)
2,171
2,133
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
Fowler
Route
Co.,
Inc
;
Delayed
Draw
Term
Loan
9.15%,
02/28/2030
(f)
45
45
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.50%
Fowler
Route
Co.,
Inc
;
Term
Loan
9.14%,
02/28/2030
(b),(f)
2,166
2,159
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Fowler
Route
Co.,
Inc
;
Revolver
9.12%,
02/28/2030
(f)
224
224
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Garda
World
Security
Corp
;
Term
Loan
B
6.42%,
02/01/2029
664
662
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
HEF
Safety
Ultimate
Holdings,
LLC
;
Term
Loan
8.85%,
11/19/2029
(b),(f)
1,033
1,033
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.25%
Mazcon,
A
Kurtz
Bros.
Company,
LLC
;
Term
Loan
8.41%,
11/25/2030
(f)
2,103
2,086
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Prosource
Holdings
MP,
LLC
;
Term
Loan
8.22%,
12/30/2030
(f)
1,553
1,553
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Prosource
Holdings
MP,
LLC
;
Delayed
Draw
Term
Loan
8.21%,
12/30/2030
(f)
636
636
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Riverview
Landscape
Holdings
LLC
;
Delayed
Draw
Term
Loan
10.23%,
01/29/2030
(f)
2,314
2,299
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
Riverview
Landscape
Holdings
LLC
;
Term
Loan
10.23%,
01/29/2030
(b),(f)
1,868
1,856
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Riverview
Landscape
Holdings
LLC
;
Revolver
10.18%,
01/29/2030
(f)
$
228
$
227
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
Rotolo
Consultants
Inc.
;
Term
Loan
9.47%,
01/31/2031
(b),(f)
1,526
1,525
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%
Ruppert
Landscape,
LLC
;
Delayed
Draw
Term
Loan
8.69%,
12/01/2028
(b),(f)
149
149
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Ruppert
Landscape,
LLC
;
Term
Loan
8.69%,
12/01/2028
(b),(f)
614
614
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Sales
Performance
International,
LLC
;
Term
Loan
8.67%,
08/24/2028
(b),(f)
1,584
1,579
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
8.67%,
08/24/2028
(b),(f)
986
983
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Shift4
Payments
LLC
;
Term
Loan
B
2.60%,
06/30/2032
547
545
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
VTC
Buyer
Corp.
;
Delayed
Draw
Term
Loan
9.02%,
07/15/2031
(f)
369
371
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
8.90%-8.91%,
07/15/2031
(f)
98
99
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
VTC
Buyer
Corp.
;
Revolver
8.90%-8.92%,
07/15/2031
(f)
78
78
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
VTC
Buyer
Corp.
;
Term
Loan
8.95%,
07/15/2031
(b),(f)
720
725
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Wolverine
Seller
Holdings,
LLC
;
Revolver
9.20%,
01/17/2030
(f)
28
28
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Wolverine
Seller
Holdings,
LLC
;
Delayed
Draw
Term
Loan
9.22%,
01/17/2030
(f)
361
355
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Wolverine
Seller
Holdings,
LLC
;
Term
Loan
9.16%,
01/17/2030
(b),(f)
441
435
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
9.22%,
01/17/2030
(b),(f)
867
853
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
YAU
Intermediate,
LLC
;
Term
Loan
8.73%,
06/10/2032
(f)
1,363
1,349
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
$
33,363
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
0.32%
McAfee
Corp
;
Term
Loan
B1
6.64%,
03/01/2029
$
475
$
421
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Consumer
Products
-
0.26%
Kronos
Acquisition
Holdings
Inc
;
Term
Loan
B
7.73%,
07/08/2031
491
338
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Cosmetics
&
Personal
Care
-
7.92%
Accupac,
LLC
;
Term
Loan
12.70%,
12/31/2029
(b),(f)
2,132
1,792
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
9.00%
Accupac,
LLC
;
Revolver
10.65%-10.68%,
12/31/2029
(f)
206
173
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
9.00%
CompletePet
Florida,
LLC
;
Term
Loan
8.22%,
02/05/2030
(b),(f)
4,146
4,145
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
8.22%,
02/06/2030
(b),(f)
594
594
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
G-2
Lather
Acquisition
Corp.
;
Term
Loan
8.64%,
01/31/2031
(b),(f)
1,203
1,200
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
WB
Group
Acquisition
Company
;
Term
Loan
8.47%,
02/03/2032
(f)
2,400
2,383
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
10,287
Distribution
&
Wholesale
-
0.36%
Veritiv
Operating
Co
;
Term
Loan
B
7.73%,
11/30/2030
490
462
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Diversified
Financial
Services
-
4.55%
Jane
Street
Group
LLC
;
Term
Loan
B
5.95%,
12/15/2031
538
533
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Jupiter
Borrower
Inc
;
Term
Loan
B
0.00%,
03/25/2033
(j)
345
344
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Merit
Financial
Group,
LLC
;
Term
Loan
8.47%,
08/27/2032
(b),(f)
2,036
2,024
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Merit
Financial
Group,
LLC
;
Delayed
Draw
Term
Loan
8.41%-8.43%,
08/27/2032
(f)
869
864
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Obra
Capital,
Inc
;
Term
Loan
11.21%,
PIK
0.50%;
06/21/2029
(b),(f),(k)
2,159
2,139
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
8.11%
$
5,904
Electric
-
1.08%
TPS
Intermediate,
LLC
;
Term
Loan
8.79%,
06/09/2029
(b),(f)
1,267
1,243
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.10%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
TPS
Intermediate,
LLC
;
Delayed
Draw
Term
Loan
8.74%,
06/08/2029
(f)
$
158
$
155
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.10%
$
1,398
Electrical
Components
&
Equipment
-
3.00%
Energizer
Holdings
Inc
;
Term
Loan
B
5.64%,
03/13/2032
403
401
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Engineered
Products
Co.,
LLC
;
Term
Loan
8.15%,
08/12/2031
(b),(f)
2,202
2,195
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.50%
Engineered
Products
Co.,
LLC
;
Revolver
8.16%-8.18%,
08/12/2031
(f)
121
121
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.50%
SENS
Intermediate
Holdings
LLC
;
Term
Loan
8.47%,
03/10/2031
(b),(f)
1,171
1,171
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
3,888
Electronics
-
3.20%
Advantage
Surveillance,
LLC
;
Term
Loan
8.16%,
11/04/2030
(f)
935
918
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Advantage
Surveillance,
LLC
;
Revolver
8.16%,
11/04/2030
(f)
23
22
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
AEP
Passion
Intermediate
Holdings
Inc
;
Term
Loan
5.57%,
PIK
4.75%;
10/05/2027
(f),(k)
357
351
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.65%
AIDC
Intermediate
Co
2,
LLC
;
Term
Loan
8.89%,
07/22/2027
(b),(f)
1,525
1,525
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
DecisionPoint
Technologies,
Inc.
;
Term
Loan
9.43%,
09/03/2029
(b),(f)
1,365
1,343
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
$
4,159
Engineering
&
Construction
-
4.74%
AKS
Engineering
&
Forestry,
LLC
;
Term
Loan
8.37%,
01/07/2031
(b),(f)
414
410
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
8.39%,
01/02/2031
(b),(f)
1,393
1,380
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
AKS
Engineering
&
Forestry,
LLC
;
Revolver
9.01%,
01/02/2031
(f)
55
54
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
AKS
Engineering
&
Forestry,
LLC
;
Delayed
Draw
Term
Loan
8.37%,
01/07/2031
(f)
114
112
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Array
Architects,
LLC
;
Term
Loan
8.44%,
04/28/2032
(f)
1,533
1,514
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Engineering
&
Construction
(continued)
Force
Electrical
Buyerco,
LLC
;
Term
Loan
8.17%,
10/21/2032
(b),(f)
$
460
$
458
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Force
Electrical
Buyerco,
LLC
;
Delayed
Draw
Term
Loan
8.14%-8.24%,
10/21/2032
(f)
161
160
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Force
Electrical
Buyerco,
LLC
;
Revolver
8.24%-10.25%,
10/21/2032
(f)
71
70
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%,
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Seahawk
Buyer,
LLC
;
Term
Loan
8.87%,
05/01/2032
(f)
1,910
1,900
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Seahawk
Buyer,
LLC
;
Revolver
8.87%-8.89%,
05/01/2032
(f)
92
92
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
$
6,150
Enterprise
Software
&
Services
-
4.08%
Douglas
Holdings,
Inc.
;
Term
Loan
0.00%,
PIK
9.45%;
08/27/2030
(b),(f),(k)
1,182
1,176
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
Douglas
Holdings,
Inc.
;
Delayed
Draw
Term
Loan
9.48%,
08/27/2030
(b),(f)
257
256
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
Douglas
Holdings,
Inc.
;
Synthetic
PIK
Delayed
Draw
Term
Loan
9.45%,
PIK
0.00%;
08/27/2030
(f),(k)
190
191
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
ES
Ventures,
LLC
;
Term
Loan
8.41%,
12/13/2028
(b),(f)
1,019
1,004
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
8.41%,
12/13/2028
(b),(f)
683
674
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
UKi
Buyer
LLC
;
Term
Loan
8.45%,
01/13/2032
(f)
2,056
2,000
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
5,301
Environmental
Control
-
1.46%
Gold
Medal
Holdings
Inc
;
Term
Loan
9.46%,
03/17/2027
(b),(
f)
1,909
1,890
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%,
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
$
1,890
Food
-
4.77%
Cornhusker
Buyer,
Inc.
;
Term
Loan
8.13%,
PIK
2.00%;
10/31/2028
(f),(k)
784
769
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.40%
10.08%,
10/31/2028
(f)
21
21
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.40%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Costanzo's
Bakery,
LLC
;
Term
Loan
9.22%,
06/18/2027
(b),(f)
$
771
$
770
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Fiesta
Purchaser
Inc
;
Term
Loan
B
6.91%,
02/12/2031
491
481
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Hill
Country
Dairies,
Inc.
;
Term
Loan
8.42%,
08/01/2030
(b),(f)
1,529
1,535
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Hill
Country
Dairies,
Inc.
;
Delayed
Draw
Term
Loan
8.42%,
08/01/2030
(f)
71
72
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
KNPC
Holdco,
LLC
;
Term
Loan
9.29%,
10/22/2029
(b),(f)
1,257
1,257
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.60%
10.54%,
10/22/2029
(b),(f)
204
204
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
6.85%
Maldives
Acquisition,
LLC
;
Term
Loan
9.79%,
07/15/2028
(b),(f)
659
659
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.15%
Maldives
Acquisition,
LLC
0.00%,
07/15/2031
(e),(f)
4
4
9.23%,
07/15/2031
(f)
428
423
$
6,195
Healthcare
-
Services
-
11.48%
Ally
Medical
Holdings,
L.L.C.
;
Term
Loan
10.70%,
01/15/2030
(b),(f)
1,290
1,274
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.00%
IPC
Pain
Acquisition
LLC
;
Term
Loan
9.12%,
05/19/2027
(b),(f)
195
195
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
9.12%,
05/19/2027
(b),(f)
407
406
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
LifePoint
Health
Inc
;
Term
Loan
B
7.42%,
05/16/2031
244
240
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
North
Haven
USHC
Acquisition,
Inc.
;
Term
Loan
9.02%,
PIK
0.00%;
10/29/2027
(b),(f),(k)
714
711
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.35%
Orion
Midco
LLC
;
Term
Loan
8.91%,
05/21/2031
(b),(f)
2,066
2,081
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Pediatric
Home
Respiratory
Services,
LLC
;
Term
Loan
9.31%,
12/23/2030
(b),(f)
2,813
2,812
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.50%
9.31%,
12/23/2030
(b),(f)
1,770
1,770
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.50%
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Pediatric
Home
Respiratory
Services,
LLC
;
Revolver
9.29%,
12/23/2030
(f)
$
62
$
62
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
SDG
MGMT
Company,
LLC
;
Term
Loan
9.55%,
07/03/2028
(b),(f)
715
715
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.85%
9.82%,
07/03/2028
(b),(f)
214
214
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.10%
SSA
Acquisition
Holdco,
LLC
;
Term
Loan
9.97%,
07/25/2029
(b),(f)
1,937
1,898
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.25%
SSA
Acquisition
Holdco,
LLC
;
Revolver
9.99%,
07/25/2029
(f)
59
58
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.25%
SSA
Acquisition
Holdco,
LLC
;
Delayed
Draw
Term
Loan
9.97%,
07/25/2029
(f)
1,171
1,148
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.25%
9.89%-9.98%,
07/25/2029
(f)
1,331
1,305
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.25%
$
14,889
Insurance
-
0.17%
Asurion
LLC
;
Term
Loan
B4
9.03%,
01/20/2029
228
225
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Lodging
-
0.38%
Fertitta
Entertainment
LLC/NV
;
Term
Loan
B
5.75%,
01/27/2029
490
489
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Machinery
-
Diversified
-
0.01%
TK
Elevator
US
Newco
Inc
;
Term
Loan
B
6.89%,
04/30/2030
15
15
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Media
-
0.65%
Directv
Financing
LLC
;
Tern
Loan
Extended
9.17%,
08/02/2029
108
109
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Directv
Financing
LLC
;
Term
Loan
B
9.16%,
02/15/2031
333
333
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
iHeartCommunications
Inc
;
Term
Loan
10.65%,
05/01/2029
420
400
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%
$
842
Mining
-
0.22%
Arsenal
AIC
Parent
LLC
;
Term
Loan
B
7.51%,
08/18/2030
285
285
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
-
0.59%
Flexpak
Investment
Corp
;
Term
Loan
8.51%,
07/30/2027
(f)
$
277
$
277
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.85%
Mauser
Packaging
Solutions
Holding
Co
;
Term
Loan
B
7.12%,
04/15/2030
495
487
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
764
Pharmaceuticals
-
2.79%
1261229
BC
Ltd
;
Term
Loan
B
9.89%,
10/08/2030
898
870
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Endo
Finance
Holdings
LP
;
Term
Loan
B
8.51%,
04/23/2031
491
491
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
KL
Moon
Acquisition,
LLC
;
Term
Loan
10.66%,
PIK
0.00%;
02/01/2029
(f),(k)
632
629
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
Vert
Markets
LLC
;
Term
Loan
8.89%,
12/18/2029
(b),(f)
1,476
1,469
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Vert
Markets
LLC
;
Revolver
8.87%,
12/18/2029
(f)
158
157
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
$
3,616
Retail
-
0.81%
KFC
Holding
Co
;
Term
Loan
B
5.50%,
03/15/2028
491
492
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Michaels
Cos
Inc/The
;
Term
Loan
B
5.60%,
02/18/2033
565
562
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
$
1,054
Software
-
8.10%
CEV
Multimedia,
LLC
;
Term
Loan
9.97%,
12/27/2027
(b),(f)
240
240
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.35%
Charles
IT,
LLC
;
Term
Loan
8.45%,
11/14/2030
(f)
1,492
1,461
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Charles
IT,
LLC
;
Delayed
Draw
Term
Loan
8.45%,
11/14/2030
(f)
794
778
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Cleartelligence,
LLC
;
Term
Loan
9.62%,
07/10/2029
(f)
2,441
2,394
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
Cleartelligence,
LLC
;
Revolver
9.64%,
07/10/2029
(f)
61
59
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
Cloud
Software
Group
Inc
;
Term
Loan
B1
3.85%,
08/13/2032
497
429
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Global
Precision
Research,
LLC
;
Term
Loan
7.95%,
10/28/2031
(b),(f)
$
1,538
$
1,500
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Moonraker
AcquisitionCo
LLC
;
Term
Loan
9.42%,
08/04/2028
(b),(f)
798
798
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.75%
PTS
HoldCo,
Inc.
;
Term
Loan
9.45%,
03/04/2031
(f)
2,880
2,831
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.75%
$
10,490
Telecommunications
-
1.82%
OptConnect
Management,
LLC
;
Revolver
8.37%,
11/22/2028
(f)
41
41
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
OptConnect
Management,
LLC
;
Term
Loan
8.37%,
11/22/2028
(f)
1,764
1,753
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Zayo
Group
Holdings
Inc
;
PIK
Term
Loan
6.73%,
PIK
0.50%;
03/11/2030
(k)
576
576
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
2,370
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
135,973
Total
Investments
$
149,007
Other
Assets
and
Liabilities
- (14.81)%
(19,237)
TOTAL
NET
ASSETS
-
100.00%
$
129,770
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
All
or
a
portion
of
this
security
is
owned
by
the
Principal
Private
Credit
Fund
(SPV),
LLC
(the
"SPV"),
which
is
a
wholly-owned
subsidiary
of
the
Fund.
(c)
All
or
a
portion
of
this
security
is
owned
by
the
Principal
Private
Credit
Fund
(Corp
Blocker),
LLC
(the
"Domestic
Subsidiary"),
which
is
a
wholly-owned
subsidiary
of
the
Fund.
(d)
All
or
a
portion
of
this
security
is
owned
by
the
Principal
Private
Credit
Fund
Lending
Vehicle,
LLC
(the
"Lending
Vehicle"),
which
is
a
wholly-owned
subsidiary
of
the
Fund.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(g)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(h)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(i)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,975
or
4.60%
of
net
assets.
(j)
This
Senior
Floating
Rate
Note
will
settle
after
June
30,
2026,
at
which
time
the
interest
rate
will
be
determined.
(k)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
Portfolio
Summary
Sector
Percent
Consumer,
Non-cyclical
57.23%
Industrial
19.56%
Technology
12.54%
Financial
7.85%
Communications
6.81%
Basic
Materials
3.60%
Money
Market
Funds
2.68%
Consumer,
Cyclical
2.36%
Utilities
1.62%
Energy
0.56%
Other
Assets
and
Liabilities
(14.81)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
March
31,
2026
Purchases
Sales
June
30,
2026
Value
Cost
Proceeds
Value
Principal
Private
Credit
Fund
Joint
Venture,
LLC
$
1,246
$
944
$
—
$
2,211
$
1,246
$
944
$
–
$
2,211
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Private
Credit
Fund
Joint
Venture,
LLC
$
16
$
—
$
—
$
21
$
16
$
—
$
—
$
21
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Principal
Private
Credit
Fund
June
30,
2026
(unaudited)
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Advantage
Surveillance,
LLC
11/04/2025
$
93
$
97
0.07%
AKS
Engineering
Holdings
LLC
01/07/2025
20
21
0.02%
APS
Blackwater
Holdings
LLC
12/01/2025
194
190
0.15%
CIT
Intermediate
Holdco,
Inc.
11/14/2025
46
38
0.03%
CPS
Investors,
LP
03/28/2025-05/30/2025
44
30
0.02%
CVS
Parent
Holdings
LLC
02/06/2025
8
5
0.00%
CWC
Fund
I
Co-Invest
MFA
LP
08/26/2025-03/12/2026
184
193
0.15%
Douglas
Top
Parent
LLC
08/27/2024
20
17
0.01%
Mascarene
VTC
Investment
07/15/2025-11/25/2025
80
73
0.06%
Principal
Private
Credit
Fund
Joint
Venture,
LLC
02/17/2026-06/30/2026
2,183
2,211
1.70%
SENS
Intermediate
Holdings
LLC
03/10/2025
80
114
0.09%
Warrior
Ultimate
Holdings
LLC
-
Class
A
12/30/2024
—
—
0.00%
Warrior
Ultimate
Holdings
LLC
-
Class
A
0.00%
12/30/2024
39
43
0.03%
Total
$
3,032
2.33%
Amounts
in
thousands.
Glossary
to
the
Schedule
of
Investments
June
30,
2026
(unaudited)
Currency
Abbreviations
USD/$
United
States
Dollar
June
30,
2026
(unaudited)
Security
Valuation.
Principal
Private
Credit
Fund
(known
as
the
“Fund”)
values
securities,
including
exchange-traded
funds,
for
which
market
quotations
are
readily
available
at
fair
value,
which
is
determined
using
the
last
reported
sale
price.
If
no
sales
are
reported,
as
is
regularly
the
case
for
some
securities
traded
over-the-counter,
securities
are
valued
using
the
last
reported
bid
price
or
an
evaluated
bid
price
provided
by
a
pricing
service.
Pricing
services
use
modeling
techniques
that
incorporate
security
characteristics
such
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
other
yield
and
risk
factors,
and
other
market
conditions
to
determine
an
evaluated
bid
price.
When
reliable
market
quotations
are
not
considered
to
be
readily
available,
which
may
be
the
case,
for
example,
with
respect
to
restricted
securities,
certain
debt
securities,
preferred
stocks,
and
foreign
securities,
the
investments
are
valued
at
their
fair
value
as
determined
in
good
faith
by
Principal
Global
Investors,
LLC
(“the
Manager”)
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Trustees.
The
Fund
invests
in
other
publicly
traded
investment
funds
which
are
valued
at
the
respective
fund’s
net
asset
value.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange
but
prior
to
the
calculation
of
the
Fund’s
net
asset
value
are
reflected
in
the
Fund’s
net
asset
value
and
these
securities
are
valued
at
fair
value.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value,
including,
but
not
limited
to,
price
movements
in
American
Depositary
Receipts
(“ADRs”),
futures
contracts,
industry
indices,
general
indices,
and
foreign
currencies.
To
the
extent
the
Fund
invests
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Fund
does
not
determine
net
asset
value,
for
example
weekends
and
other
customary
national
U.S.
holidays,
the
Fund’s
net
asset
value
could
be
significantly
affected
on
days
when
shareholders
cannot
purchase
or
redeem
shares.
Certain
securities
issued
by
companies
in
emerging
market
countries
may
have
more
than
one
quoted
valuation
at
any
given
point
in
time,
sometimes
referred
to
as
a
“local”
price
and
a
“premium”
price.
The
premium
price
is
often
a
negotiated
price,
which
may
not
consistently
represent
a
price
at
which
a
specific
transaction
can
be
affected.
It
is
the
policy
of
the
Fund
to
value
such
securities
at
prices
at
which
it
is
expected
those
shares
may
be
sold,
and
the
Manager
or
any
sub-advisor
is
authorized
to
make
such
determinations
subject
to
such
oversight
by
the
Fund’s
Board
of
Trustees
as
may
occasionally
be
necessary.
Fair
value
is
defined
as
the
price
that
the
Fund
would
receive
upon
selling
a
security
or
transferring
a
liability
in
a
timely
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
of
the
security
at
the
measurement
date.
In
determining
fair
value,
the
Fund
may
use
one
or
more
of
the
following
approaches:
market,
income,
and/or
cost.
A
hierarchy
for
inputs
is
used
in
measuring
fair
value
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
requiring
that
the
most
observable
inputs
be
used
when
available.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
Fund.
Unobservable
inputs
are
inputs
that
reflect
the
Fund’s
own
estimates
about
the
estimates
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
levels
listed
below.
Level
1
–
Quoted
prices
are
available
in
active
markets
for
identical
securities
as
of
the
reporting
date.
Investments
which
are
generally
included
in
this
category
include
listed
equities
and
exchange-traded
derivatives.
Level
2
–
Other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayments
speeds,
credit
risk,
etc.).
Investments
which
are
generally
included
in
this
category
include
certain
foreign
equities,
corporate
bonds,
senior
floating
rate
interests,
municipal
bonds,
OTC
derivatives,
exchange
cleared
derivatives,
repurchase
agreements,
and
U.S.
Government
and
Government
Agency
Obligations.
Level
3
–
Significant
unobservable
inputs
(including
the
Fund’s
assumptions
in
determining
the
fair
value
of
investments).
Investments
which
are
generally
included
in
this
category
include
certain
common
stocks,
convertible
preferred
stocks,
corporate
bonds,
preferred
stocks,
privately-
held
entities,
or
senior
floating
rate
interests.
In
accordance
with
Accounting
Standards
Codification
820
–
Fair
Value
Measurement,
the
Fund
has
elected
to
apply
the
practical
expedient
to
value
its
investments
in
the
Joint
Venture
at
its
respective
net
asset
value
each
calendar
month.
The
Joint
Venture
is
valued
at
net
asset
value
and
is
excluded
from
the
fair
value
hierarchy.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
market
place,
and
other
characteristics
particular
to
the
transaction.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
June
30,
2026
(unaudited)
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
by
the
Fund
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Fair
value
is
a
market-based
measure
considered
from
the
perspective
of
a
market
participant
who
holds
the
asset
rather
than
an
entity
specific
measure.
Therefore,
even
when
market
assumptions
are
not
readily
available,
the
Fund’s
own
assumptions
are
set
to
reflect
those
that
market
participants
would
use
in
pricing
the
asset
or
liability
at
the
measurement
date.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
when
available.
Investments
which
are
included
in
the
Level
3
category
may
be
valued
using
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
these
investments.
These
investments
are
classified
as
Level
3
investments
due
to
the
lack
of
market
transparency
and
market
corroboration
to
support
these
quoted
prices.
Valuation
models
may
be
used
as
the
pricing
source
for
other
investments
classified
as
Level
3.
Valuation
models
rely
on
one
or
more
significant
unobservable
inputs
such
as:
yield
to
maturity,
EBITDA
multiples,
discount
rates,
available
cash,
or
direct
offering
price.
Significant
increases
in
yield
to
maturity,
EBITDA
multiples,
available
cash,
or
direct
offering
price
would
have
resulted
in
significantly
higher
fair
value
measurements.
A
significant
increase
in
discount
rates
would
have
resulted
in
significantly
lower
fair
value
measurement.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of
June
30,
2026
in
valuing
the
Fund’s
securities
carried
at
value
(amounts
in
thousands):
*For
additional
detail
regarding
sector
and/or
sub-industry
classifications,
please
see
the
Schedule
of
Investments.
Certain
detailed
information
is
provided
for
those
Funds
with
significant
investments
in
Level
3
securities.
Quantitative
information
about
the
significant
unobservable
inputs
used
in
the
fair
value
measurements
categorized
within
Level
3
of
the
fair
value
hierarchy
is
as
follows
(amounts
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
Private
Credit
Fund
Bonds*
$
—
$
6,527
$
—
$
6,527
Common
Stocks
Consumer,
Non-cyclical
—
—
298
298
Financial
—
—
193
193
Industrial
—
—
232
232
Technology
—
—
55
55
Investment
Companies*
3,475
—
—
3,475
Preferred
Stocks
Consumer,
Non-cyclical
—
—
43
43
Senior
Floating
Rate
Interests*
—
11,066
124,907
135,973
Total
$
3,475
$
17,593
$
125,728
$
146,796
Investments
Using
NAV
as
practical
expedient
Joint
Venture
2,211
Total
investments
in
securities
$
149,007
Fund
Asset
Type
Fair
Value
as
of
June
30,
2026
Valuation
Technique
Unobservable
Input
Input
Valuations
(weighted
average)*
Impact
to
valuation
if
input
had
increased
Principal
Private
Credit
Fund
Senior
Floating
Rate
Interests
$122,943
Discounted
Cash
Flow
Discount
Rate
4.0%-8.5%
(5.5)%
Decrease
1,964
Market
Comparables
EV/LTM
Revenue
(a)
.9x
(9x)
Increase
Common
Stock
778
Market
Comparables
EV/LTM
Revenue
8.0x-18.8x
(14.5x)
Increase
Movement
of
Median
Multiples
50%
Increase
June
30,
2026
(unaudited)
*Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments
(a)
During
the
period,
the
valuation
technique
for
Accupac,
LLC
changed
from
using
the
Discounted
Cash
Flow
model
to
using
the
Revenue
Multiple
model.
The
changes
in
investments
measured
at
fair
value
for
which
Level
3
inputs
have
been
used
to
determine
fair
value
are
as
follows
(amounts
shown
in
thousands):
*Securities
are
transferred
into
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
has
been
halted
2.
Securities
that
have
certain
restrictions
on
trading
3.
Instances
in
which
a
security
is
not
priced
by
a
pricing
service
**Securities
are
transferred
out
of
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
resumes
2.
Securities
where
trading
restrictions
have
expired
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
Fund
Asset
Type
Fair
Value
as
of
June
30,
2026
Valuation
Technique
Unobservable
Input
Input
Valuations
(weighted
average)*
Impact
to
valuation
if
input
had
increased
Preferred
Stock
43
Market
Comparables
EV/LTM
Revenue
13.5x
Increase
Movement
of
Median
Multiples
50%
Increase
Total
$
125,728
Fund
Value
as
of
March
31,
2025
Realized
Gain/
(Loss)
Accrued
Discounts/
Premiums
and
Change
in
Unrealized
Gain/
(Loss)
Purchases
Proceeds
from
Sales
Transfers
into
Level
3*
Transfers
Out
of
Level
3**
Value
as
of
June
30,
2026
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
held
at
June
30,2026
Principal
Private
Credit
Fund
Senior
Floating
Rate
Interests
$
118,319
$93
$(287)
$12,824
$(6,042)
$
—
$
—
$124,907
$(322)
Common
Stock
748
—
30
—
—
—
—
778
30
Preferred
Stock
42
—
1
—
—
—
—
43
1
Total
$
119,109
$93
$(256)
$12,824
$(6,042)
$
—
$
—
$125,728
$(291)