# EDGAR Filing Document

**Accession Number:** 0002016900
**File Stem:** 0002016900-25-000030
**Filing Date:** 2025-8
**Character Count:** 89512
**Document Hash:** e72356d36646f3988535a1237f4a7dda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002016900-25-000030.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002016900-25-000030

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Private Credit Fund
- **CENTRAL INDEX KEY:** 0002016900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23954
- **FILM NUMBER:** 251266727

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH ST
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-247-5111

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH ST
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Principal Private Credit Fund I
- **DATE OF NAME CHANGE:** 20240325

## Nport-Ex

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

June

30,

2025

(unaudited)

INVESTMENT

COMPANIES

-

5.54%

Shares

Held

Value

(000's)

Money

Market

Funds

-

5.54%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.25%

(a),(b),(c)

5,210,470

$

5,210

TOTAL

INVESTMENT

COMPANIES

$

5,210

COMMON

STOCKS

-

0.18%

Shares

Held

Value

(000's)

Commercial

Services

-

0.04%

CPS

Investors,

LP

(d),(e),(f)

$

Warrior

Ultimate

Holdings

LLC

-

Class

A

Common

(c),(d),(e),(f)

—

$

Cosmetics

&

Personal

Care

-

0.01%

CVS

Parent

Holdings

LLC

(c),(d),(e),(f)

Electrical

Components

&

Equipment

-

0.09%

SENS

Intermediate

Holdings

LLC

(c),(d),(e),(f)

Engineering

&

Construction

-

0.02%

AKS

Engineering

Holdings

LLC

(c),(d),(e),(f)

Enterprise

Software

&

Services

-

0.02%

Douglas

Top

Parent

LLC

(c),(d),(e),(f)

19,712

TOTAL

COMMON

STOCKS

$

PREFERRED

STOCKS

-

0.04%

Shares

Held

Value

(000's)

Commercial

Services

-

0.04%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Preferred

0.00%

(c),(d),(e),(f)

$

TOTAL

PREFERRED

STOCKS

$

BONDS

-

7.38%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0.01%

OneSky

Flight

LLC

8.88%,

12/15/2029

(g) $

$

Automobile

Parts

&

Equipment

-

0.80%

Dana

Inc

5.38%,

11/15/2027

750

753

Building

Materials

-

0.11%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(g) 95

Diversified

Financial

Services

-

0.60%

Credit

Acceptance

Corp

9.25%,

12/15/2028

(g) 335

OneMain

Finance

Corp

3.50%,

01/15/2027

Rocket

Cos

Inc

6.13%,

08/01/2030

(g) 75

$

563

Electric

-

0.34%

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(g) 325

Entertainment

-

0.83%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(g) 815

778

Food

-

1.11%

B&G

Foods

Inc

8.00%,

09/15/2028

(g) 710

684

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(g) 320

Post

Holdings

Inc

5.50%,

12/15/2029

(g) 25

$

1,042

Forest

Products

&

Paper

-

0.02%

Mercer

International

Inc

12.88%,

10/01/2028

(g) 15

Media

-

0.80%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.38%,

06/01/2029

(g) 405

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(g) 350

$

752

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

-

0.08%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(g) $

$

Packaging

&

Containers

-

0.76%

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(g) 375

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(g) 335

$

721

Pharmaceuticals

-

0.27%

AdaptHealth

LLC

6.13%,

08/01/2028

(g) 255

Pipelines

-

0.73%

Venture

Global

LNG

Inc

9.50%,

02/01/2029

(g) 635

692

REITs

-

0.89%

Blackstone

Mortgage

Trust

Inc

7.75%,

12/01/2029

(g) 15

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(g) 795

774

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

10.50%,

02/15/2028

(g) 49

$

842

Retail

-

0.03%

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(g) 25

TOTAL

BONDS

$

6,939

SENIOR

FLOATING

RATE

INTERESTS

-

87.53%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

1.36%

Finn

Partners

Inc

Term

Loan

10.98%,

07/01/2026

(b),(e),(h)

$

1,284

$

1,281

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.65%

Aerospace

&

Defense

-

0.43%

TransDigm

Inc

Term

Loan

J

3.50%,

02/28/2031

(h) 399

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

0.45%

SkyMiles

IP

Ltd

Term

Loan

B

8.02%,

09/16/2027

(h) 417

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Automobile

Parts

&

Equipment

-

2.44%

B'laster

Holdings

LLC

Term

Loan

9.06%,

10/25/2029

(b),(e),(h)

1,156

1,150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

M&D

Midco

Inc

Term

Loan

9.76%,

08/31/2028

(b),(e),(h)

668

668

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.40%

Tenneco

Inc

Term

Loan

B

9.42%,

11/17/2028

(h) 485

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

2,290

Building

Materials

-

0.53%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.76%,

03/28/2031

(h) 496

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

June

30,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

3.08%

Advancion

Holdings

LLC

Term

Loan

B

8.43%,

11/24/2027

(h) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Element

Solutions

Inc

Term

Loan

B3

6.08%,

12/18/2030

(h) 401

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Kano

Intermediate

Inc.

Term

Loan

9.05%,

12/17/2030

(b),(e),(h)

2,352

2,330

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

2,903

Commercial

Services

-

18.27%

Certified

Collision

Group,

Inc.

Term

Loan

9.32%,

05/17/2027

(e),(h)

900

897

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

CPS

Holdco,

Inc

Delayed

Draw

Term

Loan

9.08%,

03/28/2031

(e),(h)

772

761

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

CPS

Holdco,

Inc

Term

Loan

9.08%,

03/28/2031

(e),(h)

1,498

1,476

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Fowler

Route

Co.,

Inc

Revolver

9.83%,

02/28/2030

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fowler

Route

Co.,

Inc

Term

Loan

9.82%,

02/28/2030

(e),(h)

2,193

2,157

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Garda

World

Security

Corp

Term

Loan

B

7.31%,

02/01/2029

(h) 670

671

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

O6

Environmental,

LLC

Term

Loan

10.46%,

06/30/2027

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.15%

O6

Environmental,

LLC

Delayed

Draw

Term

Loan

10.42%,

06/30/2027

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.15%

Prosource

Holdings

MP,

LLC

Delayed

Draw

Term

Loan

8.83%,

12/30/2030

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Prosource

Holdings

MP,

LLC

Term

Loan

8.82%,

12/30/2030

(e),(h)

1,569

1,555

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Riverview

Landscape

Holdings,

LLC

Delayed

Draw

Term

Loan

10.58%,

01/29/2030

(e),(h)

961

944

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Riverview

Landscape

Holdings,

LLC

Revolver

10.55%,

01/29/2030

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Riverview

Landscape

Holdings,

LLC

Term

Loan

10.58%,

01/29/2030

(e),(h)

1,887

1,854

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Rotolo

Consultants

Inc.

Term

Loan

10.08%,

01/31/2031

(b),(e),(h)

$

1,541

$

1,520

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Ruppert

Landscape,

LLC

Delayed

Draw

Term

Loan

9.33%,

12/01/2028

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Ruppert

Landscape,

LLC

Term

Loan

9.26%,

12/01/2028

(b),(e),(h)

622

615

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Sales

Performance

International,

LLC

Term

Loan

10.78%,

08/24/2028

(b),(e),(h)

1,042

1,036

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

10.85%,

08/24/2028

(b),(e),(h)

1,674

1,665

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Wolverine

Seller

Holdings,

LLC

Term

Loan

9.07%,

01/17/2030

(b),(e),(h)

876

875

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

17,189

Consumer

Products

-

0.47%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(h) 496

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cosmetics

&

Personal

Care

-

7.98%

Accupac,

LLC

Term

Loan

11.30%,

12/31/2029

(b),(e),(h)

2,052

2,013

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Accupac,

LLC

Revolver

11.28%,

12/31/2029

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Custom

Veterinary

Services,

LLC

Term

Loan

9.07%,

02/05/2030

(e),(h)

4,188

4,140

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Lather

Acquisition

Corp.

Term

Loan

9.35%,

01/31/2031

(e),(h)

1,215

1,199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

7,503

Distribution

&

Wholesale

-

1.10%

HEF

Safety

Ultimate

Holdings,

LLC

Term

Loan

9.57%,

11/19/2029

(b),(e),(h)

1,041

1,041

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Diversified

Financial

Services

-

4.16%

Avolon

TLB

Borrower

US

LLC

Term

Loan

B6

6.07%,

06/22/2030

(h) 672

672

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Jane

Street

Group

LLC

Term

Loan

B

6.33%,

12/15/2031

(h) 545

544

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Obra

Capital

Term

Loan

11.68%,

06/21/2029

(e),(h)

2,185

2,152

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.36%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

June

30,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Russell

Investments

US

Institutional

Holdco

Inc

PIK

Term

Loan

B

9.28%,

PIK

1.50%,

05/30/2027

(h),(i)

$

574

$

541

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

3,909

Electric

-

1.36%

TPS

Intermediate,

LLC

Term

Loan

9.70%,

06/09/2029

(e),(h)

1,281

1,279

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.35%

Electrical

Components

&

Equipment

-

1.76%

Energizer

Holdings

Inc

Term

Loan

B

6.32%,

03/13/2032

(h) 455

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENS

Intermediate

Holdings

LLC

Revolver

9.30%,

03/10/2031

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

SENS

Intermediate

Holdings

LLC

Term

Loan

9.36%,

03/10/2031

(e),(h)

1,183

1,166

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

1,660

Electronics

-

3.44%

AEP

Passion

Intermediate

Holdings

Inc

Term

Loan

9.08%,

PIK

1.90%,

10/05/2027

(e),(h),(i)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.65%

AIDC

Intermediate

Co

2,

LLC

Term

Loan

9.85%,

07/22/2027

(b),(e),(h)

1,541

1,542

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Thames

Technology

Holdings,

Inc.

Term

Loan

10.56%,

09/03/2029

(e),(h)

1,376

1,363

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

$

3,239

Engineering

&

Construction

-

1.48%

AKS

Engineering

&

Forestry,

LLC

Term

Loan

9.32%,

01/02/2031

(b),(e),(h)

1,407

1,390

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Enterprise

Software

&

Services

-

1.33%

Douglas

Holdings,

Inc.

Term

Loan

5.13%,

PIK

4.94%,

08/27/2030

(e),(h),(i)

1,182

1,178

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Douglas

Holdings,

Inc.

Delayed

Draw

Term

Loan

9.95%,

08/27/2030

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Douglas

Holdings,

Inc.

Synthetic

PIK

Delayed

Draw

Term

Loan

10.05%,

PIK

0.00%,

08/27/2030

(e),(h),(i)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

1,248

Environmental

Control

-

1.15%

Gold

Medal

Holdings

Inc

Term

Loan

10.07%,

03/17/2027

(b),(e),(h)

1,082

1,082

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

6.26%

Cornhusker

Buyer,

Inc.

Term

Loan

8.95%,

PIK

1.75%,

10/31/2028

(e),(h),(i)

$

774

$

774

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.40%

Costanzo's

Bakery,

LLC

Term

Loan

9.80%,

06/18/2027

(b),(e),(h)

785

785

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fiesta

Purchaser

Inc

Term

Loan

B

7.58%,

02/12/2031

(h) 495

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Hill

Country

Dairies,

Inc.

Delayed

Draw

Term

Loan

9.26%,

08/01/2030

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Hill

Country

Dairies,

Inc.

Revolver

9.26%,

08/01/2030

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Hill

Country

Dairies,

Inc.

Term

Loan

9.28%,

08/01/2030

(e),(h)

1,541

1,532

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

KNPC

Holdco,

LLC

Term

Loan

10.14%,

10/22/2029

(b),(e),(h)

1,270

1,265

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.85%

11.39%,

10/22/2029

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.10%

Maldives

Acquisition,

LLC

Term

Loan

10.56%,

07/15/2028

(e),(h)

664

657

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

$

5,884

Healthcare

-

Products

-

0.53%

Medline

Borrower

LP

Term

Loan

B

6.58%,

10/23/2028

(h) 498

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Healthcare

-

Services

-

11.64%

IPC

Pain

Acquisition

LLC

Term

Loan

9.97%,

05/19/2027

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.61%

KL

Charlie

Acquisition

Corp

Term

Loan

9.93%,

12/30/2026

(b),(e),(h)

737

732

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

KL

Charlie

Acquisition

Corp

Delayed

Draw

Term

Loan

9.95%,

12/30/2026

(b),(e),(h)

1,078

1,071

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

North

Haven

USHC

Acquisition,

Inc.

Term

Loan

9.41%,

10/30/2025

(b),(e),(h)

706

706

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

Orion

Midco

LLC

Term

Loan

9.60%,

05/21/2031

(b),(e),(h)

2,087

2,065

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Pediatric

Home

Respiratory

Services,

LLC

Term

Loan

9.77%,

12/23/2030

(b),(e),(h)

2,841

2,826

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

June

30,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Pediatric

Home

Respiratory

Services,

LLC

Revolver

9.74%,

12/23/2030

(e),(h)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

SDG

MGMT

Company,

LLC

Term

Loan

9.91%,

07/03/2028

(b),(e),(h)

722

714

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

10.43%,

07/03/2028

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.10%

SSA

Acquisition

Holdco,

LLC

Term

Loan

10.06%,

07/25/2029

(e),(h)

1,956

1,927

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

SSA

Acquisition

Holdco,

LLC

Delayed

Draw

Term

Loan

10.01%,

07/25/2029

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

10,958

Insurance

-

.26%

Keystone

Agency

Investors,

LLC

Term

Loan

9.07%,

05/03/2027

(b),(e),(h)

786

781

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

9.07%,

05/03/2027

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

1,186

Iron

&

Steel

-

0.53%

TMS

International

Corp/DE

Term

Loan

B7

7.79%,

03/02/2030

(h) 495

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Lodging

-

0.53%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.83%,

01/27/2029

(h) 495

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Machinery

-

Diversified

-

0.02%

TK

Elevator

US

Newco

Inc

Term

Loan

B

7.24%,

04/30/2030

(h) 15

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

0.51%

Directv

Financing

LLC

Tern

Loan

Extended

9.79%,

08/02/2029

(h) 121

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

Term

Loan

B

9.83%,

02/15/2031

(h) 376

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

$

Mining

-

0.32%

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.08%,

08/18/2030

(h) 297

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

3.17%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.58%,

03/26/2032

(h) 280

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

(continued)

Flexpak

Investment

Corp

Term

Loan

9.16%,

07/30/2027

(e),(h)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.85%

Keg

Logistics

LLC

Term

Loan

11.26%,

11/23/2027

(b),(e),(h)

1,926

1,926

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.90%

Mauser

Packaging

Solutions

Holding

Co

Term

Loan

B1

7.32%,

04/15/2027

(h) 497

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,982

Pharmaceuticals

-

3.02%

1261229

BC

Ltd

Term

Loan

B

10.56%,

09/25/2030

(h) 275

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

Term

Loan

B

8.33%,

04/23/2031

(h) 496

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

KL

Moon

Acquisition,

LLC

Term

Loan

9.28%,

PIK

2.75%,

02/01/2029

(e),(h),(i)

633

620

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Vert

Markets

LLC

Term

Loan

10.10%,

12/18/2029

(e),(h)

1,491

1,459

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

2,839

Pipelines

-

0.53%

NGL

Energy

Operating

LLC

Term

Loan

B

4.35%,

02/03/2031

(h) 500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Retail

-

1.06%

IRB

Holding

Corp

Term

Loan

B

7.26%,

12/15/2027

(h) 498

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

KFC

Holding

Co

Term

Loan

B

6.18%,

03/15/2028

(h) 496

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

995

Software

-

7.36%

Alta

Buyer

LLC

Term

Loan

9.32%,

12/21/2027

(b),(e),(h)

1,011

1,011

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Alta

Buyer

LLC

Delayed

Draw

Term

Loan

9.32%,

12/21/2027

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

CEV

Multimedia,

LLC

Term

Loan

10.70%,

12/27/2027

(b),(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.35%

Cleartelligence,

LLC

Term

Loan

10.35%,

07/10/2029

(e),(h)

2,460

2,457

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Cleartelligence,

LLC

10.32%,

07/10/2029

(e),(h)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.10%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

June

30,

2025

(unaudited)

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Cloud

Software

Group

Inc

Term

Loan

B1

7.80%,

03/30/2029

(h) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

ES

Ventures,

LLC

Term

Loan

9.30%,

12/13/2028

(b),(e),(h)

1,029

1,016

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

9.30%,

12/13/2028

(b),(e),(h)

692

683

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Moonraker

AcquisitionCo

LLC

Term

Loan

9.89%,

08/04/2028

(b),(e),(h)

835

834

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

6,925

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

82,314

Total

Investments

$

94,678

Other

Assets

and

Liabilities

- (0.67)%

(648) TOTAL

NET

ASSETS

-

100.00%

$

94,030

(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

I

(Corp

Blocker),

LLC

(the

"Domestic

Subsidiary"),

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(d) Non-income

producing

security

(e) 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.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) 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

$6,054

or

6.44%

of

net

assets.

(h) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(i) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

Portfolio

Summary

Sector

Percent

Consumer,

Non-cyclical

49.65%

Industrial

12.96%

Technology

8.71%

Consumer,

Cyclical

7.24%

Financial

6.91%

Money

Market

Funds

5.54%

Basic

Materials

3.95%

Communications

2.67%

Utilities

1.70%

Energy

1.34%

Other

Assets

and

Liabilities

(0.67)%

TOTAL

NET

ASSETS

100.00%

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

AKS

Engineering

Holdings

LLC

01/07/2025

$

$

0.02%

CPS

Investors,

LP

/28/2025-05/30/2025

0.04%

CVS

Parent

Holdings

LLC

02/06/2025

0.01%

Douglas

Top

Parent

LLC

08/27/2024

0.02%

SENS

Intermediate

Holdings

LLC

03/10/2025

0.09%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Common

12/30/2024

—

—

0.00%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Preferred

0.00%

12/30/2024

0.04%

Total

$

0.22%

Amounts

in

thousands.

Glossary

to

the

Schedule

of

Investments

June

30,

2025

(unaudited)

See

accompanying

notes.

Currency

Abbreviations

USD/$

United

States

Dollar

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Private Credit Fund

- **b. Investment Company Act file number:** 811-23954

- **c. CIK number of Registrant:** 0002016900

- **d. LEI of Registrant:** 2549005PWLUGTRGOB384

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Principal Private Credit Fund

- **c. LEI of Series:** 2549005PWLUGTRGOB384

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $95785298.20

**Total Liabilities:** $1756601.35

**Net Assets:** $94028696.85

**Delayed Delivery Securities:** $674250.00

**Cash Not Reported:** $381467.49

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.39340000 | **1-Year:** 1.14260000 | **5-Year:** 24.19060000 | **10-Year:** 71.51440000 | **30-Year:** 101.48890000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.02330000 | **1-Year:** 0.06750000 | **5-Year:** 1.43000000 | **10-Year:** 4.22750000 | **30-Year:** 5.99940000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.39%                | 0.78%                | 0.78%                |
| Class ID N/A | 0.39%                | 0.88%                | 0.78%                |
| Class ID N/A | 0.39%                | 0.68%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-34589.42               | $-121460.49                                |
| Month 2  | $-33210.61               | $185756.26                                 |
| Month 3  | $9548.26                 | $131704.47                                 |

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| G-2 Lather Acquisition Corp. Term Loan                                                    | G-2 Lather Acquisition Corp. Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1217901 | PA      | $1201778.01   | 1.28%             | 2031-01-31      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| CPS Holdco, Inc Term Loan                                                                 | CPS Holdco, Inc Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1501880 | PA      | $1479351.50   | 1.57%             | 2031-03-28      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Wolverine Seller Holdings, LLC Term Loan                                                  | Wolverine Seller Holdings, LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    877743 | PA      | $877743.22    | 0.93%             | 2030-01-17      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Advancion Holdings LLC Term Loan B                                                        | Advancion Holdings LLC Term Loan B                                                        | CUSIP: N/A<br>LEI: 254900GMIYFF4FZ0A357       | Long             | LON              | CORP              | US        |    182379 | PA      | $170524.55    | 0.18%             | 2027-11-24      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| TPS Intermediate, LLC Term Loan                                                           | TPS Intermediate, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1285210 | PA      | $1282823.80   | 1.36%             | 2029-06-09      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Directv Financing LLC Term Loan B                                                         | Directv Financing LLC Term Loan B                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    383134 | PA      | $364552.02    | 0.39%             | 2031-02-15      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Ruppert Landscape, LLC Delayed Draw Term Loan                                             | Ruppert Landscape, LLC Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150736 | PA      | $149228.85    | 0.16%             | 2028-12-01      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| Post Holdings Inc                                                                         | Post Holdings Inc                                                                         | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24885.37     | 0.03%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp Term Loan B                                                     | Garda World Security Corp Term Loan B                                                     | CUSIP: N/A<br>LEI: 549300ZF1NDXLMCHNO20       | Long             | LON              | CORP              | CA        |    670381 | PA      | $670749.96    | 0.71%             | 2029-02-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| AdaptHealth LLC                                                                           | AdaptHealth LLC                                                                           | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $254675.44    | 0.27%             | 2028-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Finn Partners Inc Term Loan                                                               | Finn Partners Inc Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1287415 | PA      | $1284768.88   | 1.37%             | 2026-07-01      | Floating      | 10.95%                | No            |                  3 | On Loan: No      |
| Prosource Holdings MP, LLC Term Loan                                                      | Prosource Holdings MP, LLC Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1572996 | PA      | $1558731.38   | 1.66%             | 2030-12-30      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| Venture Global LNG Inc                                                                    | Venture Global LNG Inc                                                                    | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    635000 | PA      | $691755.03    | 0.74%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AIDC Intermediate Co 2, LLC Term Loan                                                     | AIDC Intermediate Co 2, LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1544849 | PA      | $1544848.62   | 1.64%             | 2027-07-22      | Floating      | 9.83%                 | No            |                  3 | On Loan: No      |
| IPC Pain Acquisition LLC Term Loan                                                        | IPC Pain Acquisition LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    199990 | PA      | $199989.75    | 0.21%             | 2027-05-19      | Floating      | 9.94%                 | No            |                  3 | On Loan: No      |
| TK Elevator US Newco Inc Term Loan B                                                      | TK Elevator US Newco Inc Term Loan B                                                      | CUSIP: N/A<br>LEI: 549300C2AFWPAYWS5574       | Long             | LON              | CORP              | US        |     15000 | PA      | $15032.40     | 0.02%             | 2030-04-30      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc Term Loan B                                                                   | Tenneco Inc Term Loan B                                                                   | CUSIP: N/A<br>LEI: 549300U0EXXFAQFAD785       | Long             | LON              | CORP              | US        |    485000 | PA      | $472390.00    | 0.50%             | 2028-11-17      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Douglas Holdings, Inc. Synthetic PIK Delayed Draw Term Loan                               | Douglas Holdings, Inc. Synthetic PIK Delayed Draw Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     39010 | PA      | $39389.50     | 0.04%             | 2030-08-27      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| Avolon TLB Borrower 1 US LLC Term Loan B6                                                 | Avolon TLB Borrower 1 US LLC Term Loan B6                                                 | CUSIP: N/A<br>LEI: 635400O84AGITYFZQB55       | Long             | LON              | CORP              | US        |    672059 | PA      | $672348.35    | 0.72%             | 2030-06-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Obra Capital Term Loan                                                                    | Obra Capital Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2184921 | PA      | $2151269.54   | 2.29%             | 2029-06-21      | Floating      | 11.68%                | No            |                  3 | On Loan: No      |
| Custom Veterinary Services, LLC Term Loan                                                 | Custom Veterinary Services, LLC Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4198831 | PA      | $4150299.45   | 4.41%             | 2030-02-05      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| TMS International Corp/DE Term Loan B7                                                    | TMS International Corp/DE Term Loan B7                                                    | CUSIP: N/A<br>LEI: 549300L4K0F1YF8WKF23       | Long             | LON              | CORP              | US        |    495012 | PA      | $495012.50    | 0.53%             | 2030-03-02      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc Term Loan J                                                                 | TransDigm Inc Term Loan J                                                                 | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |    400213 | PA      | $400893.38    | 0.43%             | 2031-02-28      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Cleartelligence, LLC                                                                      | Cleartelligence, LLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     40426 | PA      | $40384.56     | 0.04%             | 2029-07-10      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| IRB Holding Corp Term Loan B                                                              | IRB Holding Corp Term Loan B                                                              | CUSIP: N/A<br>LEI: 549300HVW4WNWYBXN830       | Long             | LON              | CORP              | US        |    497500 | PA      | $497325.88    | 0.53%             | 2027-12-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Kano Intermediate Inc. Term Loan                                                          | Kano Intermediate Inc. Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2351549 | PA      | $2330706.04   | 2.48%             | 2030-12-17      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Alta Buyer LLC Term Loan                                                                  | Alta Buyer LLC Term Loan                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1013332 | PA      | $1013332.28   | 1.08%             | 2027-12-21      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Keg Logistics LLC Term Loan                                                               | Keg Logistics LLC Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1930809 | PA      | $1930808.80   | 2.05%             | 2027-11-23      | Floating      | 11.23%                | No            |                  3 | On Loan: No      |
| Kronos Acquisition Holdings Inc Term Loan B                                               | Kronos Acquisition Holdings Inc Term Loan B                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    496250 | PA      | $442779.06    | 0.47%             | 2031-06-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC Term Loan B                                                        | Arsenal AIC Parent LLC Term Loan B                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    297253 | PA      | $296584.31    | 0.32%             | 2030-08-18      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Warrior Ultimate Holdings LLC - Class A Common                                            | Warrior Ultimate Holdings LLC - Class A Common                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        87 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AKS Engineering Holdings LLC                                                              | AKS Engineering Holdings LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        20 | NS      | $20553.24     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sales Performance International, LLC Term Loan                                            | Sales Performance International, LLC Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1048222 | PA      | $1042266.63   | 1.11%             | 2028-08-24      | Floating      | 10.71%                | No            |                  3 | On Loan: No      |
| ES Ventures, LLC Term Loan                                                                | ES Ventures, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    691542 | PA      | $682897.39    | 0.73%             | 2028-12-13      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Keystone Agency Investors, LLC Term Loan                                                  | Keystone Agency Investors, LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    407999 | PA      | $405692.16    | 0.43%             | 2027-05-03      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| CPS Investors, LP                                                                         | CPS Investors, LP                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       442 | NS      | $42924.62     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AmeriTex HoldCo Intermediate LLC                                                          | AmeriTex HoldCo Intermediate LLC                                                          | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $100775.26    | 0.11%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Credit Acceptance Corp                                                                    | Credit Acceptance Corp                                                                    | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $354645.07    | 0.38%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SENS Intermediate Holdings LLC Revolver                                                   | SENS Intermediate Holdings LLC Revolver                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     39054 | PA      | $38515.65     | 0.04%             | 2031-03-10      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Rocket Cos Inc                                                                            | Rocket Cos Inc                                                                            | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76427.25     | 0.08%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Thames Technology Holdings, Inc. Term Loan                                                | Thames Technology Holdings, Inc. Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1379462 | PA      | $1366814.91   | 1.45%             | 2029-09-03      | Floating      | 10.54%                | No            |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                                       | Clydesdale Acquisition Holdings Inc                                                       | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    375000 | PA      | $380431.83    | 0.40%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co Term Loan B1                                        | Mauser Packaging Solutions Holding Co Term Loan B1                                        | CUSIP: N/A<br>LEI: 549300DNGHXL0OMHW304       | Long             | LON              | CORP              | US        |    497462 | PA      | $497153.49    | 0.53%             | 2027-04-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp                                                 | Victra Holdings LLC / Victra Finance Corp                                                 | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26192.13     | 0.03%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc                                  | Directv Financing LLC / Directv Financing Co-Obligor Inc                                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $348857.68    | 0.37%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SSA Acquisition Holdco, LLC Delayed Draw Term Loan                                        | SSA Acquisition Holdco, LLC Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    398177 | PA      | $392101.26    | 0.42%             | 2029-07-25      | Floating      | 9.98%                 | No            |                  3 | On Loan: No      |
| Pediatric Home Respiratory Services, LLC Term Loan                                        | Pediatric Home Respiratory Services, LLC Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2848606 | PA      | $2833090.91   | 3.01%             | 2030-12-23      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| Hill Country Dairies, Inc. Delayed Draw Term Loan                                         | Hill Country Dairies, Inc. Delayed Draw Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    125901 | PA      | $125216.16    | 0.13%             | 2030-08-01      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| HEF Safety Ultimate Holdings, LLC Term Loan                                               | HEF Safety Ultimate Holdings, LLC Term Loan                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1043950 | PA      | $1043950.13   | 1.11%             | 2029-11-19      | Floating      | 9.55%                 | No            |                  3 | On Loan: No      |
| Endo Finance Holdings Inc Term Loan B                                                     | Endo Finance Holdings Inc Term Loan B                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    496250 | PA      | $495133.44    | 0.53%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Fiesta Purchaser Inc Term Loan B                                                          | Fiesta Purchaser Inc Term Loan B                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    495009 | PA      | $495944.94    | 0.53%             | 2031-02-12      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                             | Blackstone Mortgage Trust Inc                                                             | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15955.71     | 0.02%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd Term Loan B                                                               | SkyMiles IP Ltd Term Loan B                                                               | CUSIP: N/A<br>LEI: 2549008L7P4I8VB90936       | Long             | LON              | CORP              | KY        |    416667 | PA      | $418699.99    | 0.45%             | 2027-09-16      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| North Haven USHC Acquisition, Inc. Term Loan                                              | North Haven USHC Acquisition, Inc. Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    708010 | PA      | $708009.64    | 0.75%             | 2025-10-30      | Floating      | 9.38%                 | No            |                  3 | On Loan: No      |
| Jane Street Group LLC Term Loan B                                                         | Jane Street Group LLC Term Loan B                                                         | CUSIP: N/A<br>LEI: 5493002N1IVX6KHGYO08       | Long             | LON              | CORP              | US        |    545000 | PA      | $544296.95    | 0.58%             | 2031-12-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Riverview Landscape Holdings, LLC Delayed Draw Term Loan                                  | Riverview Landscape Holdings, LLC Delayed Draw Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    963742 | PA      | $946683.37    | 1.01%             | 2030-01-29      | Floating      | 10.55%                | No            |                  3 | On Loan: No      |
| Douglas Top Parent LLC                                                                    | Douglas Top Parent LLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     19712 | NS      | $21868.79     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SENS Intermediate Holdings LLC                                                            | SENS Intermediate Holdings LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        80 | NS      | $81892.90     | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Certified Collision Group, Inc. Term Loan                                                 | Certified Collision Group, Inc. Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    901923 | PA      | $899216.61    | 0.96%             | 2027-05-17      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| SDG MGMT Company, LLC Term Loan                                                           | SDG MGMT Company, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    216926 | PA      | $216926.07    | 0.23%             | 2028-07-03      | Floating      | 10.40%                | No            |                  3 | On Loan: No      |
| Douglas Holdings, Inc. Term Loan                                                          | Douglas Holdings, Inc. Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1182498 | PA      | $1177943.53   | 1.25%             | 2030-08-27      | Floating      | 5.13%                 | No            |                  3 | On Loan: No      |
| CVS Parent Holdings LLC                                                                   | CVS Parent Holdings LLC                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         3 | NS      | $6658.70      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Riverview Landscape Holdings, LLC Term Loan                                               | Riverview Landscape Holdings, LLC Term Loan                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1891575 | PA      | $1858094.19   | 1.98%             | 2030-01-29      | Floating      | 10.55%                | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC Term Loan                                                                | KNPC Holdco, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1273443 | PA      | $1268365.18   | 1.35%             | 2029-10-22      | Floating      | 10.11%                | No            |                  3 | On Loan: No      |
| Maldives Acquisition, LLC Term Loan                                                       | Maldives Acquisition, LLC Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    665420 | PA      | $659158.18    | 0.70%             | 2028-07-15      | Floating      | 10.53%                | No            |                  3 | On Loan: No      |
| Energizer Holdings Inc Term Loan B                                                        | Energizer Holdings Inc Term Loan B                                                        | CUSIP: N/A<br>LEI: 5493000D6NN0V57UME20       | Long             | LON              | CORP              | US        |    454765 | PA      | $455192.25    | 0.48%             | 2032-03-13      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP Term Loan B                                                           | Medline Borrower LP Term Loan B                                                           | CUSIP: N/A<br>LEI: 254900QT3R363TVK6F09       | Long             | LON              | CORP              | US        |    497500 | PA      | $497743.78    | 0.53%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Warrior Ultimate Holdings LLC - Class A Preferred                                         | Warrior Ultimate Holdings LLC - Class A Preferred                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       394 | NS      | $40738.59     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dana Inc                                                                                  | Dana Inc                                                                                  | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    750000 | PA      | $752518.50    | 0.80%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| B'laster Holdings LLC Term Loan                                                           | B'laster Holdings LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1158785 | PA      | $1152156.04   | 1.23%             | 2029-10-25      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Prosource Holdings MP, LLC Delayed Draw Term Loan                                         | Prosource Holdings MP, LLC Delayed Draw Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     55193 | PA      | $54692.33     | 0.06%             | 2030-12-30      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| Aethon United BR LP / Aethon United Finance Corp                                          | Aethon United BR LP / Aethon United Finance Corp                                          | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $73425.38     | 0.08%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| O6 Environmental, LLC Term Loan                                                           | O6 Environmental, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    341535 | PA      | $338119.54    | 0.36%             | 2027-06-30      | Floating      | 10.46%                | No            |                  3 | On Loan: No      |
| Sales Performance International, LLC Term Loan                                            | Sales Performance International, LLC Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1684960 | PA      | $1676056.89   | 1.78%             | 2028-08-24      | Floating      | 10.78%                | No            |                  3 | On Loan: No      |
| SDG MGMT Company, LLC Term Loan                                                           | SDG MGMT Company, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    724087 | PA      | $715626.64    | 0.76%             | 2028-07-03      | Floating      | 9.88%                 | No            |                  3 | On Loan: No      |
| SENS Intermediate Holdings LLC Term Loan                                                  | SENS Intermediate Holdings LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1185554 | PA      | $1169225.02   | 1.24%             | 2031-03-10      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| Chobani LLC / Chobani Finance Corp Inc                                                    | Chobani LLC / Chobani Finance Corp Inc                                                    | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $333459.84    | 0.35%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Ruppert Landscape, LLC Term Loan                                                          | Ruppert Landscape, LLC Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    621709 | PA      | $615491.66    | 0.65%             | 2028-12-01      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Riverview Landscape Holdings, LLC Revolver                                                | Riverview Landscape Holdings, LLC Revolver                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    219032 | PA      | $215148.57    | 0.23%             | 2030-01-29      | Floating      | 10.55%                | No            |                  3 | On Loan: No      |
| Russell Investments US Institutional Holdco Inc PIK Term Loan B                           | Russell Investments US Institutional Holdco Inc PIK Term Loan B                           | CUSIP: N/A<br>LEI: 5493008YG7V0FQCJQI74       | Long             | LON              | CORP              | US        |    574295 | PA      | $540698.77    | 0.58%             | 2027-05-30      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC Term Loan B                                                      | NGL Energy Operating LLC Term Loan B                                                      | CUSIP: N/A<br>LEI: 5493008CQD36WWZJ3O79       | Long             | LON              | CORP              | US        |    500000 | PA      | $495445.00    | 0.53%             | 2031-02-03      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC/NV Term Loan B                                                 | Fertitta Entertainment LLC/NV Term Loan B                                                 | CUSIP: N/A<br>LEI: 984500A0805D8V551D35       | Long             | LON              | CORP              | US        |    494885 | PA      | $494018.87    | 0.53%             | 2029-01-27      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Flexpak Investment Corp Term Loan                                                         | Flexpak Investment Corp Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    280405 | PA      | $280404.95    | 0.30%             | 2027-07-30      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc Delayed Draw Term Loan B-DD                           | Clydesdale Acquisition Holdings Inc Delayed Draw Term Loan B-DD                           | CUSIP: N/A<br>LEI: 254900QKSDYFR3K5YD98       | Long             | LON              | CORP              | US        |       107 | PA      | $106.52       | 0.00%             | 2032-04-01      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc Term Loan B1                                                     | Cloud Software Group Inc Term Loan B1                                                     | CUSIP: N/A<br>LEI: 04EEB871XLHVNY4RZJ65       | Long             | LON              | CORP              | US        |    368648 | PA      | $368898.89    | 0.39%             | 2029-03-30      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Moonraker AcquisitionCo LLC Term Loan                                                     | Moonraker AcquisitionCo LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    836793 | PA      | $836792.98    | 0.89%             | 2028-08-04      | Floating      | 9.87%                 | No            |                  3 | On Loan: No      |
| Clearway Energy Operating LLC                                                             | Clearway Energy Operating LLC                                                             | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    325000 | PA      | $321127.98    | 0.34%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mercer International Inc                                                                  | Mercer International Inc                                                                  | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15213.96     | 0.02%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| KFC Holding Co Term Loan B                                                                | KFC Holding Co Term Loan B                                                                | CUSIP: N/A<br>LEI: 549300G2LG4YUB3MM115       | Long             | LON              | CORP              | US        |    496114 | PA      | $498128.20    | 0.53%             | 2028-03-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                                                 | Caesars Entertainment Inc                                                                 | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    815000 | PA      | $777946.04    | 0.83%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| KL Charlie Acquisition Corp Term Loan                                                     | KL Charlie Acquisition Corp Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    737325 | PA      | $731888.48    | 0.78%             | 2026-12-30      | Floating      | 9.93%                 | No            |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc Term Loan B                                           | Clydesdale Acquisition Holdings Inc Term Loan B                                           | CUSIP: N/A<br>LEI: 254900QKSDYFR3K5YD98       | Long             | LON              | CORP              | US        |    280103 | PA      | $278859.43    | 0.30%             | 2032-03-26      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| AKS Engineering & Forestry, LLC Term Loan                                                 | AKS Engineering & Forestry, LLC Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1410944 | PA      | $1393930.32   | 1.48%             | 2031-01-02      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| KL Moon Acquisition, LLC Term Loan                                                        | KL Moon Acquisition, LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    634927 | PA      | $621497.04    | 0.66%             | 2029-02-01      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| Vert Markets LLC Term Loan                                                                | Vert Markets LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1494346 | PA      | $1462581.53   | 1.56%             | 2029-12-18      | Floating      | 10.08%                | No            |                  3 | On Loan: No      |
| MITER Brands Acquisition Holdco Inc Term Loan B2                                          | MITER Brands Acquisition Holdco Inc Term Loan B2                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    497494 | PA      | $498085.76    | 0.53%             | 2031-03-28      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Pediatric Home Respiratory Services, LLC Revolver                                         | Pediatric Home Respiratory Services, LLC Revolver                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    111467 | PA      | $110856.26    | 0.12%             | 2030-12-23      | Floating      | 9.74%                 | No            |                  3 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                           | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                           | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $51942.08     | 0.06%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| O6 Environmental, LLC Delayed Draw Term Loan                                              | O6 Environmental, LLC Delayed Draw Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250919 | PA      | $248410.12    | 0.26%             | 2027-06-30      | Floating      | 10.42%                | No            |                  3 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                        | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                        | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    795000 | PA      | $774084.29    | 0.82%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AEP Passion Intermediate Holdings Inc Term Loan                                           | AEP Passion Intermediate Holdings Inc Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    344530 | PA      | $334533.16    | 0.36%             | 2027-10-05      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| B&G Foods Inc                                                                             | B&G Foods Inc                                                                             | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    710000 | PA      | $683578.76    | 0.73%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OneSky Flight LLC                                                                         | OneSky Flight LLC                                                                         | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5206.21      | 0.01%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Rotolo Consultants Inc. Term Loan                                                         | Rotolo Consultants Inc. Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1545085 | PA      | $1523659.98   | 1.62%             | 2031-01-31      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| 1261229 BC Ltd Term Loan B                                                                | 1261229 BC Ltd Term Loan B                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    275000 | PA      | $264643.50    | 0.28%             | 2030-09-25      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| Hill Country Dairies, Inc. Revolver                                                       | Hill Country Dairies, Inc. Revolver                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     41967 | PA      | $41719.95     | 0.04%             | 2030-08-01      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   4842744 | NS      | $4842743.87   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Costanzo's Bakery, LLC Term Loan                                                          | Costanzo's Bakery, LLC Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    785044 | PA      | $785043.79    | 0.83%             | 2027-06-18      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| Cornhusker Buyer, Inc. Term Loan                                                          | Cornhusker Buyer, Inc. Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    776326 | PA      | $776325.54    | 0.83%             | 2028-10-31      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                              | CCO Holdings LLC / CCO Holdings Capital Corp                                              | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $403519.12    | 0.43%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fowler Route Co., Inc Term Loan                                                           | Fowler Route Co., Inc Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2193184 | PA      | $2157111.37   | 2.29%             | 2030-02-28      | Floating      | 9.82%                 | No            |                  3 | On Loan: No      |
| Gold Medal Holdings Inc Term Loan                                                         | Gold Medal Holdings Inc Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1085007 | PA      | $1085006.60   | 1.15%             | 2027-03-17      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC Term Loan                                                                | KNPC Holdco, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    206954 | PA      | $209023.49    | 0.22%             | 2029-10-22      | Floating      | 11.36%                | No            |                  3 | On Loan: No      |
| Fowler Route Co., Inc Revolver                                                            | Fowler Route Co., Inc Revolver                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    160250 | PA      | $157623.43    | 0.17%             | 2030-02-28      | Floating      | 9.83%                 | No            |                  3 | On Loan: No      |
| CPS Holdco, Inc Delayed Draw Term Loan                                                    | CPS Holdco, Inc Delayed Draw Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    772143 | PA      | $760560.72    | 0.81%             | 2031-03-28      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| SSA Acquisition Holdco, LLC Term Loan                                                     | SSA Acquisition Holdco, LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1961317 | PA      | $1931389.89   | 2.05%             | 2029-07-25      | Floating      | 10.03%                | No            |                  3 | On Loan: No      |
| M&D Midco Inc Term Loan                                                                   | M&D Midco Inc Term Loan                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    669649 | PA      | $669648.93    | 0.71%             | 2028-08-31      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Keystone Agency Investors, LLC Term Loan                                                  | Keystone Agency Investors, LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    787793 | PA      | $783338.09    | 0.83%             | 2027-05-03      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| OneMain Finance Corp                                                                      | OneMain Finance Corp                                                                      | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    135000 | PA      | $132166.16    | 0.14%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co                                                     | Mauser Packaging Solutions Holding Co                                                     | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    335000 | PA      | $340491.32    | 0.36%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Accupac, LLC Revolver                                                                     | Accupac, LLC Revolver                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    154266 | PA      | $151345.21    | 0.16%             | 2029-12-31      | Floating      | 11.28%                | No            |                  3 | On Loan: No      |
| ES Ventures, LLC Term Loan                                                                | ES Ventures, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1029255 | PA      | $1016389.39   | 1.08%             | 2028-12-13      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Directv Financing LLC Tern Loan Extended                                                  | Directv Financing LLC Tern Loan Extended                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    120938 | PA      | $119783.03    | 0.13%             | 2029-08-02      | Floating      | 9.79%                 | No            |                  2 | On Loan: No      |
| Accupac, LLC Term Loan                                                                    | Accupac, LLC Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2051733 | PA      | $2012891.17   | 2.14%             | 2029-12-31      | Floating      | 11.30%                | No            |                  3 | On Loan: No      |
| Cleartelligence, LLC Term Loan                                                            | Cleartelligence, LLC Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2466276 | PA      | $2462129.73   | 2.62%             | 2029-07-10      | Floating      | 10.33%                | No            |                  3 | On Loan: No      |
| Element Solutions Inc Term Loan B3                                                        | Element Solutions Inc Term Loan B3                                                        | CUSIP: N/A<br>LEI: 549300FLGN6P5CU20J91       | Long             | LON              | CORP              | US        |    401473 | PA      | $402392.48    | 0.43%             | 2030-12-18      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Hill Country Dairies, Inc. Term Loan                                                      | Hill Country Dairies, Inc. Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1545011 | PA      | $1535855.36   | 1.63%             | 2030-08-01      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| CEV Multimedia, LLC Term Loan                                                             | CEV Multimedia, LLC Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    242137 | PA      | $242137.06    | 0.26%             | 2027-12-27      | Floating      | 10.68%                | No            |                  3 | On Loan: No      |
| KL Charlie Acquisition Corp Delayed Draw Term Loan                                        | KL Charlie Acquisition Corp Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1081250 | PA      | $1073266.41   | 1.14%             | 2026-12-30      | Floating      | 9.93%                 | No            |                  3 | On Loan: No      |
| Douglas Holdings, Inc. Delayed Draw Term Loan                                             | Douglas Holdings, Inc. Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     30848 | PA      | $30728.96     | 0.03%             | 2030-08-27      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Alta Buyer LLC Delayed Draw Term Loan                                                     | Alta Buyer LLC Delayed Draw Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    273900 | PA      | $273900.46    | 0.29%             | 2027-12-21      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Orion Midco LLC Term Loan                                                                 | Orion Midco LLC Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2092381 | PA      | $2070319.72   | 2.20%             | 2031-05-21      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-25

**Name of Applicant:** Principal Private Credit Fund

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Controller