# EDGAR Filing Document

**Accession Number:** 0002016900
**File Stem:** 0002016900-26-000018
**Filing Date:** 2026-5
**Character Count:** 237445
**Document Hash:** df47b63bef0692998bc5cedd093c6336
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002016900-26-000018.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002016900-26-000018

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**EFFECTIVENESS DATE**: 20260528

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23954
- **FILM NUMBER:** 261028616

**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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

## FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED
**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u> 811-23954 </u>

&nbsp;&nbsp; Principal Private Credit Fund<br>

(Exact name of registrant as specified in charter)

&nbsp;&nbsp; 711 High Street, Des Moines, IA 50392<br>

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

&nbsp;&nbsp; <br>Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309<br>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u> 515-235-1719 </u>

Date of fiscal year end: <u> March 31, 2026 </u>

Date of reporting period: <u> March 31, 2026 </u>

**ITEM 1 – REPORT TO STOCKHOLDERS**

(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Not applicable.

Principal

Private

Credit

Fund

Annual

Report

March

31,

2026

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are,

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eDelivery

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#### Visit

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#### Note:
If

your

shares

are

not

held

directly

with

Principal

Funds

but

through

a

brokerage

firm,

please

contact

your

broker

for

electronic

delivery

options

available.

Table

of

Contents

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
• #### Not

#### a

#### deposit
• #### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Economic

&

Financial

Market

Review

Important

Fund

Information

Management's

Discussion

of

Fund

Performance

(unaudited)

Consolidated

Financial

Statements

Notes

to

Consolidated

Financial

Statements

Consolidated

Schedule

of

Investments

Consolidated

Financial

Highlights

(includes

performance

information)

Report

of

Independent

Registered

Public

Accounting

Firm

Shareholder

Expense

Example

Supplemental

Information

Economic

&

Financial

Market

Review

Global

economic

growth

was

resilient

in

2025

despite

rising

policy

uncertainty

and

elevated

tariffs.

While

most

countries'

GDP

growth

came

in

lower

than

forecasted,

recession

was

avoided.

With

2.1%

real

GDP

growth,

the

U.S.

remained

the

fastest

growing

economy

among

major

developed

countries.

Significant

AI

investment

spending

continued,

and

its

impact

seemingly

broadened

out

to

other

industrial

sectors.

Elsewhere,

the

fiscal

overhaul

in

Germany

is

expected

to

lift

GDP

growth

in

2026. In

Japan,

the

reflation

theme

continued.

China's

economy

was

also

resilient

with

the

help

of

consumption

stimulus

and

strong

exports.

Global

inflation

was

stable

around

2.6%

in

the

last

twelve

months,

but

risks

of

reflation

are

on

the

rise

as

oil

supply

becomes

a

significant

concern.

In

the

U.S.,

the

Federal

Reserve

resumed

rate

cuts,

tightening

75bps

in

the

last

twelve

months

due

to

normalizing

services

inflation

and

labor

softness.

However,

the

cutting

cycle

was

paused

again

as

elevated

oil

prices

could

put

upward

pressure

on

inflation.

The

latest

dot

plot

implies

no

further

rate

movement

in

2026. Global

policy

rates

fell

by

70bps

in

the

last

twelve

months—90bps

in

emerging

markets

(EM)

and

57bps

in

developed

markets

(DM).

Global

manufacturing

Purchasing

Managers'

Index

(PMI)

finally

rose

above

in

January

2026,

breaking

a

21-month

streak

of

below

readings.

March's

reading

came

in

at

51.6. Additionally,

both

emerging

markets

and

developed

markets

PMIs

were

above

in

March.

Global

earnings

growth

was

moderate.

The

MSCI

All

Country

World

Index

(ACWI)

trailing

twelve

months

earnings

per

share

growth

(TTM

EPS)

was

up

11%

compared

to

the

same

time

last

year.

The

S&P

500

saw

12%

earnings

growth,

while

the

MSCI

World

ex-U.S.

Index

saw

4%

growth.

Within

the

U.S.,

large-cap

growth

stocks,

represented

by

the

Russell

1000

Growth

Index,

delivered

the

highest

earnings

growth

at

15%.

Small-cap

and

value,

represented

by

the

S&P

Small-Cap

600

Index,

and

the

Russell

1000

Value

Index,

both

saw

year-on-year

earnings

growth

at

7%.

Emerging

markets,

represented

by

the

MSCI

Emerging

Markets

Index,

delivered

a

strong

14%

earnings

growth.

Global

equities

outperformed

global

bonds

in

the

last

twelve

months.

In

USD

terms,

the

MSCI

ACWI

Index

recorded

a

20%

gain

year-over-

year

while

the

Bloomberg

Global

Aggregate

Corporate

Index

gained

6%.

Within

equities,

emerging

markets

(MSCI

Emerging

Markets

Index)

outperformed

developed

markets

(MSCI

World

Index)

30%

vs.

19%.

Elsewhere

in

major

markets,

the

U.S.

(MSCI

U.S.

Index)

underperformed

developed

market

ex-U.S.

(MSCI

World

ex-U.S.

Index)

by

6%.

Among

major

markets,

China

(MSCI

China

Index)

was

the

worst

performer

with

a

4%

return,

while

emerging

markets

(MSCI

Emerging

Markets

Index)

was

the

best

performer

with

a

30%

gain.

The

Bloomberg

U.S.

Treasury

Index

delivered

3%

as

the

U.S.

10-year

Treasury

was

up

11bps

to

4.32%.

Global

high

yield

bonds

(Bloomberg

Global

High

Yield

Index)

outperformed

investment

grade

corporate

bonds

(Bloomberg

Global

Aggregate

Corporate

Index)

and

global

treasury

bonds

(Bloomberg

Global

Treasury

Index)

by

3%

and

6%,

respectively,

year-over-year.

The

DXY

index,

a

proxy

for

USD

strength,

weakened

by

4%

compared

to

the

same

time

last

year

to

99.96. Commodity

prices

(S&P

GSCI

Total

Return

Index)

gained

43%,

with

the

help

of

strong

Gold

and

Crude

oil

performance.

Unless

otherwise

stated,

data

sources

are

Bloomberg,

FactSet,

and

Principal

Asset

Allocation.

Data

as

of

March

31,

2026. 1

In

global

PMI

readings,

a

number

above

means

that

manufacturing

activity

is

expanding,

and

a

number

below

indicates

contraction.

Index

descriptions:

MSCI

All

Country

World

Index

(ACWI)

includes

large

and

mid-cap

stocks

across

developed

and

emerging

market

countries.

MSCI

China

Index

captures

large-

and

mid-cap

representation

across

China

A

shares,

H

shares,

B

shares,

Red

chips,

P

chips

and

foreign

listings

(e.g.

ADRs).

MSCI

World

Index captures

large-

and

mid-cap

representation

across

developed

market

countries.

MSCI

World

ex-U.S.

Index

captures

large-

and

mid-cap

representation

across

of

developed

market

countries--

excluding

the

United

States.

MSCI

Emerging

Markets

Index

consists

of

large-

and

mid-cap

companies

across

countries

and

represents

10%

of

the

world

market

capitalization.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

of

the

countries.

MSCI

U.S.

Index

is

designed

to

measure

the

performance

of

the

large-

and

mid-cap

segments

of

the

U.S.

market.

Russell

1000

Growth

Index measures

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

Russell

1000

Value

Index measures

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

Bloomberg

Global

Aggregate

Corporate

Index

is a

flagship

measure

of

global

investment-grade

debt

from

local

currency

markets.

This

multi-currency

benchmark

includes

treasury,

government-related,

corporate,

and

securitized

fixed-rate

bonds

from

both

developed

and

emerging

market

issuers.

Bloomberg

Global

High

Yield

Index

is

a

multi-currency

flagship

measure

of

the

global

high

yield

debt

market.

The

index

represents

the

union

of

the

U.S.

High

Yield,

the

Pan-

European

High

Yield,

and

Emerging

Markets

Hard

Currency

High

Yield

indices.

Bloomberg

Global

Treasury

Index

tracks

fixed-rate,

local

currency

government

debt

of

investment-grade

countries,

including

both

developed

and

emerging

markets.

The

index

represents

the

treasury

sector

of

the

Global

Aggregate

Index

and

contains

issues

from

countries

denominated

in

currencies.

Bloomberg

U.S.

Treasury

Index

measures

U.S.

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury.

U.S.

Dollar

Index

(USDX,

DXY,

DX)

is

an

index

(or

measure)

of

the

value

of

the

United

States

dollar

relative

to

a

basket

of

foreign

currencies,

often

referred

to

as

a

basket

of

U.S.

trade

partners'

currencies.

Standard

&

Poor's

500

(S&P

500)

Index

is

a

market

capitalization-weighted

index

of

500

widely

held

stocks

often

used

as

a

proxy

for

the

stock

market.

S&P

Small-Cap

600

Index

is

a

stock

market

index

established

by

Standard

&

Poor's.

It

covers

roughly

the

small-cap

range

of

American

stocks,

using

a

capitalization-weighted

index.

S&P

GSCI

Total

Return

Index

is

an

index

of

exchange-traded

futures

contracts

that

represent

a

large

portion

of

the

global

commodities

market.

Important

Fund

Information

Securities

described

in

the

fund

commentary

may

no

longer

be

held

in

the

fund.

The

line

graph

on

the

following

page

illustrates

the

growth

of

a

hypothetical

$100,000

investment.

The

illustration

is

based

on

performance

of

Class

Y

shares.

The

performance

of

other

share

classes

will

differ.

Investment

results

shown

represent

historical

performance

and

do

not

guarantee

future

results.

Your

investment's

returns

and

principal

values

will

fluctuate

with

changes

in

interest

rates

and

other

market

conditions

so

the

value,

when

redeemed,

may

be

worth

more

or

less

than

original

costs.

Current

performance

may

be

lower

or

higher

than

the

performance

shown.

For

more

information,

including

the

most

recent

month-end

performance,

call

your

financial

professional,

or

call

800-222-5852.

A

sales

charge

may

apply

as

follows:

Class

A

shares:

maximum

up-front

sales

charges

on

sales

based

on

declining

rates

which

begin

at

5.75%.

Institutional

and

Class

Y

shares

do

not

have

a

sales

charge.

See

the

prospectus

for

details.

Performance

listed

with

sales

charge

reflects

the

maximum

sales

charge.

.

Principal

Private

Credit

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Average

Annual

Total

Returns\*

as

of

March

31,

2026

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

Fund

is

a

private

credit,

direct

lending

solution

that

seeks

to

maximize

total

return

through

current

income

and

capital

appreciation.

The

Fund

targets

investing

at

least

80%

of

its

assets

in

private

credit

investments,

specifically

focusing

on

providing

direct

loans

to

borrowers

in

the

lower

and

core

middle

markets.

With

tight

covenants,

attractive

spread

compensation,

and

dedicated

capital

to

support

future

growth,

these

borrowers

have

historically

provided

investors

with

attractive

risk-adjusted

returns.

The

Fund

benefited

from

a

stable

environment

for

credit

fundamentals

throughout

much

of

the

fiscal

year,

with

all

loans

on

accrual

status.

The

primary

contribution

to

the

Fund's

performance

was

its

exposure

to

floating

rate,

direct

lending

loans.

There

were

no

material

detractors

to

performance

during

the

year.

Over

85%

of

the

Fund's

total

return

came

in

the

form

of

interest

income,

consistent

with

what

we

expect

in

most

years.

The

Fund

is

appropriately

diversified,

emphasizing

borrowers

in

industries

with

less

economic

sensitivity

in

the

event

that

growth

slows

in

coming

quarters.

New

loan

origination

through

year-end

was

robust

as

the

M&A

market

continued

to

recover

from

the

slower

activity

experienced

in

2022–2023.

Spreads

remained

at

attractive

levels

but

did

experience

tightening

as

the

year

progressed,

albeit

still

offering

a

meaningful

premium

to

the

public

loan

market.

Leverage

levels

were

generally

lower

on

new

deals

than

historical

averages.

Value

of

a

$100,000

Investment\*

June

3,

2024

-

March

31,

2026

1-Year

Since

Inception

Inception

Date

Class

A

Shares

Excluding

Sales

Charge

6.95%

7.32%

6/3/24

Including

Sales

Charge

0.83%

3.90%

Class

Y

Shares

7.55%

7.86%

6/3/24

Institutional

Shares

7.26%

7.59%

6/3/24

\*Performance

assumes

reinvestment

of

all

dividends

and

capital

gains.

Performance

does

not

reflect

the

impact

of

federal,

state,

or

municipal

taxes.

If

it

did,

performance

would

be

lower.

\*\*Performance

shown

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

Consolidated

Statement

of

Assets

and

Liabilities

March

31,

2026

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

Private

Credit

Fund

(a) Investment

in

securities--at

cost

............................................................................................................................

$

141,253

Investment

in

affiliated

securities--at

cost

..................................................................................................................

$

1,239

Assets

Investment

in

securities--at

value

............................................................................................................................

$

141,126

Investment

in

affiliated

securities--at

value

...................................................................................................................

1,246

Cash

...........................................................................................................................................................

596

Receivables:

Dividends

and

interest

...................................................................................................................................

762

Expense

reimbursement

from

Manager

.................................................................................................................

Fund

shares

sold

.........................................................................................................................................

Investment

securities

sold

...............................................................................................................................

Unrealized

gain

on

unfunded

commitments

............................................................................................................

Prepaid

expenses

..............................................................................................................................................

541

Total

Assets

144,452

Liabilities

(b) Accrued

management

and

investment

advisory

fees

..........................................................................................................

Accrued

administrative

fees

...................................................................................................................................

Accrued

transfer

agent

fees

...................................................................................................................................

Accrued

chief

compliance

officer

fees

........................................................................................................................

Accrued

credit

facility

fees

....................................................................................................................................

Accrued

directors'

expenses

...................................................................................................................................

Accrued

professional

fees

.....................................................................................................................................

Accrued

other

expenses

.......................................................................................................................................

Cash

overdraft

.................................................................................................................................................

Payables:

Borrowing

...............................................................................................................................................

20,500

Dividends

payable

.......................................................................................................................................

Investment

securities

purchased

........................................................................................................................

668

Unrealized

loss

on

unfunded

commitments

.............................................................................................................

Total

Liabilities

22,251

Net

Assets

Applicable

to

Outstanding

Shares

..............................................................................................................

$

122,201

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.................................................................................................................

$

122,330

Total

distributable

earnings

(accumulated

loss)

...............................................................................................................

(129)

Total

Net

Assets

$

122,201

Capital

Stock

(par

value:

$.01

per

share):

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

............................................................................................................................................

$

Shares

Issued

and

Outstanding

..........................................................................................................................

Net

Asset

Value

per

share

...............................................................................................................................

$

.17

(c) Maximum

Offering

Price

................................................................................................................................

$

.79

Class

Y

:

Net

Assets

............................................................................................................................................

$

119,599

Shares

Issued

and

Outstanding

..........................................................................................................................

11,651

Net

Asset

Value

per

share

...............................................................................................................................

$

.26

Institutional

:

Net

Assets

.......................................................................................................................................

$

2,590

Shares

Issued

and

Outstanding

..........................................................................................................................

Net

Asset

Value

per

share

...............................................................................................................................

$

.22

(a) Effective

June

30,

2025,

Principal

Private

Credit

Fund

I

changed

its

name

to

Principal

Private

Credit

Fund.

(b) See

Note

for

details

of

any

unfunded

commitments.

(c) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Consolidated

Statement

of

Operations

Year

Ended

March

31,

2026

See

accompanying

notes.

Amounts

in

thousands

Principal

Private

Credit

Fund

(a) Net

Investment

Income

(Loss)

Income:

Dividends

...................................................................................................................................................

$

Interest

......................................................................................................................................................

9,721

Payment-in-kind

............................................................................................................................................

Total

Income

10,166

Expenses:

Management

and

investment

advisory

fees

................................................................................................................

1,298

Administrative

fees

.........................................................................................................................................

Registration

fees

-

Class

A

.................................................................................................................................

Registration

fees

-

Class

Y

.................................................................................................................................

Registration

fees

-

Institutional

............................................................................................................................

Shareholder

reports

-

Class

A

..............................................................................................................................

Shareholder

reports

-

Institutional

.........................................................................................................................

Transfer agent

fees

-

Class

A

...............................................................................................................................

Transfer agent

fees

-

Class

Y

...............................................................................................................................

Transfer agent

fees

-

Institutional

..........................................................................................................................

Chief

compliance

officer

expenses

.........................................................................................................................

Credit

facility

fees

..........................................................................................................................................

610

Custodian

fees

..............................................................................................................................................

Directors'

expenses

.........................................................................................................................................

Professional fees

...........................................................................................................................................

715

Other

expenses

.............................................................................................................................................

Total

Gross

Expenses

3,139

Less:

Reimbursement

from

Manager

-

Class

A

............................................................................................................

Less:

Reimbursement

from

Manager

-

Class

Y

............................................................................................................

Less:

Reimbursement

from

Manager

-

Institutional

.......................................................................................................

Total

Net

Expenses

2,537

Net

Investment

Income

(Loss)

7,629

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

....................................................................................................................................

(49)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.................................................................................................................................................

(83)

Investment

in

affiliated

securities

..........................................................................................................................

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(125)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

7,504

(a) Effective

June

30,

2025,

Principal

Private

Credit

Fund

I

changed

its

name

to

Principal

Private

Credit

Fund.

Consolidated

Statement

of

Changes

in

Net

Assets

See

accompanying

notes.

Amounts

in

thousands

Principal

Private

Credit

Fund

(a) Year

Ended

March

31,

2026

Period Ended

March

31,

2025

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

7,629

$

4,482

Net

realized

gain

(loss)

on

investments

..............................................................................................

(49)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(76)

(210)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

7,504

4,330

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(7,541)

(4,422)

Total

Dividends

and

Distributions

(7,541)

(4,422)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

30,073

50,422

Total

Increase

(Decrease)

in

Net

Assets

30,036

50,330

Net

Assets

Beginning

of

period

..................................................................................................................

92,165

41,835

End

of

period

........................................................................................................................

$

122,201

$

92,165

Class

A

Class

Y

Institutional

Capital

Share

Transactions:

Year

Ended

March

31,

2026

Dollars:

Sold

.........................................................................................

–

$

20,001

$

2,559

Reinvested

....................................................................................

7,471

Net

Increase

(Decrease)

$

$

27,472

$

2,600

Shares:

Sold

.........................................................................................

–

1,925

Reinvested

....................................................................................

–

727

Net

Increase

(Decrease)

–

2,652

Period Ended

March

31,

2025

(b) Dollars:

Sold

.........................................................................................

–

$

46,000

–

Reinvested

....................................................................................

4,420

Net

Increase

(Decrease)

$

$

50,420

$

Shares:

Sold

.........................................................................................

–

4,455

–

Reinvested

....................................................................................

–

–

Net

Increase

(Decrease)

–

4,887

–

Dividends

and

Distributions

to

Shareholders:

Year

Ended

March

31,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1)

$

(7,471)

$

(69)

Total

Dividends

and

Distributions

$

(1)

$

(7,471)

$

(69)

Period Ended

March

31,

2025

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1)

$

(4,420)

$

(1)

Total

Dividends

and

Distributions

$

(1)

$

(4,420)

$

(1)

(a) Effective

June

30,

2025,

Principal

Private

Credit

Fund

I

changed

its

name

to

Principal

Private

Credit

Fund.

(b) Period

from

June

3,

2024,

the

effective

date

of

the

Fund's

registration

statement

on

Form

N-2,

through

March

31,

2025. See

Organization

in

Notes

to

Consolidated

Financial

Statements.

Consolidated

Statement

of

Cash

Flows

Year

Ended

March

31,

2026

See

accompanying

notes.

Amounts

in

thousands

Principal

Private

Credit

Fund

(a) Cash

Flows

from

Operating

Activities:

Net increase

in

net

assets

from

operations

..................................................................................

$

7,504

Adjustments

to

reconcile

net

increase

in

net

assets

from

operations

to

net

cash

used

in

operating

activities:

Purchase

of

investment

securities

...................................................................................

(69,462)

Proceeds

from

sale

of

investment

securities

............................................................................

20,593

Net

sales

or

(purchases)

of

short

term

securities

.........................................................................

(1,034)

Net

accretion

of

bond

discounts

and

amortization

of

premiums

..............................................................

(180)

Payment-in-kind

income

..........................................................................................

(194) Change

in

unrealized

(appreciation)

depreciation

on

investments

.............................................................

Net

realized

(gain)

loss

from

investments

..............................................................................

(Increase)

decrease

in

dividends

and

interest

receivable

....................................................................

(185) (Increase)

decrease

in

fund

shares

sold

................................................................................

(37) (Increase)

decrease

in

investment

securities

sold

.........................................................................

653

Incre

ase

(decrease)

in

unrealized

loss

on

unfunded

commitments

.............................................................

Increase

(decrease)

in

accrued

fees,

expenses,

and

expense

reimbursement

from

Manager

...........................................

(24) Increase

(decrease)

in

dividends

payable

..............................................................................

Increase

(decrease)

in

investment

securities

purchased

....................................................................

Net

cash used

in

operating

activities

(42,103)

Cash

Flows

from

Financing

Activities:

Proceeds

from

shares

sold

.........................................................................................

22,560

Dividends

and

distributions

paid

to

shareholders

.........................................................................

(28) Payments

made

on

credit

facility

....................................................................................

(4,500)

Proceeds

from

credit

facility

.......................................................................................

24,500

Net

cash provided

by

financing

activities

42,532

Net

increase in

cash

.............................................................................................

Cash

and

foreign

currency:

Beginning

of

year

..............................................................................................

$

(84) End

of

year

...................................................................................................

$

Supplemental

disclosure

of

cash

flow

information:

Reinvestment

of

dividends

and

distributions

...........................................................................

$

7,513

Cash

paid

during

the

year

for

interest

expense

..........................................................................

$

(a) Effective

June

30,

2025,

Principal

Private

Credit

Fund

I

changed

its

name

to

Principal

Private

Credit

Fund.

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

1. Organization

Principal

Private

Credit

Fund

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act")

as

a

non-

diversified,

closed-end

management

investment

company.

The

Fund

was

organized

as

a

Delaware

limited

liability

company

on

December

1,

2023,

but

converted

itself

to

a

Delaware

statutory

trust

on

April

12,

2024. As

a

statutory

trust,

the

Fund

operates

pursuant

to

an

Agreement

and

Declaration

of

Trust

and

is

governed

by

the

State

of

Delaware.

The

U.S.

Securities

and

Exchange

Commission

declared

the

Fund's

registration

statement

on

Form

effective

on

June

3,

2024. The

Fund

had

net

assets

of

$41,835,000

resulting

from

operations

prior

the

effective

date

of

the

Fund's

registration

statement.

The

Fund

continuously

offers

three

classes

of

shares:

Class

A,

Class

Y,

and

Institutional

Class.

Principal

Global

Investors,

LLC

(the

"Manager")

serves

as

the

Fund's

investment

advisor.

Principal

Private

Credit

Fund

(Corp

Blocker),

LLC

(the

"Domestic

Subsidiary"),

Principal

Private

Credit

Fund

(SPV),

LLC

(the

"SPV"),

and

Principal

Private

Credit

Fund

Lending

Vehicle,

LLC

(the

"Lending

Vehicle")

are

Delaware

limited

liability

companies

that

were

formed

on

April

23,

2024,

September

13,

2024,

and

February

24,

2025,

respectively.

The

Domestic

Subsidiary,

SPV,

and

Lending

Vehicle

are

wholly-owned

subsidiaries

of

the

Fund

and

are

consolidated

in

these

consolidated

financial

statements

commencing

from

the

dates

of

their

respective

formation.

The

Fund

is

structured

as

an

interval

fund,

meaning

it

conducts

quarterly

repurchase

offers

of

no

less

than

5%

and

no

more

than

25%

of

the

Fund's

outstanding

shares

at

net

asset

value.

Repurchase

offers

of

more

than

5%

are

made

solely

at

the

discretion

of

the

Fund's

Board

of

Trustees

(the

"Board"),

and

investors

should

not

rely

on

any

expectation

of

repurchase

offers

being

made

in

excess

of

5%.

Investors

should

consider

the

Fund's

shares

illiquid.

The

Fund's

shares

are

not

listed

on

any

national

securities

exchange

and

are

not

publicly

traded.

There

is

currently

no

secondary

market

for

the

shares,

and

the

Fund

expects

that

no

secondary

market

will

develop.

An

unlimited

number

of

shares

has

been

authorized

under

the

Agreement

and

Declaration

of

Trust.

Only

eligible

purchasers

can

buy

shares

of

the

Fund

in

that

share

class.

The

Manager

and

Principal

Funds

Distributor,

Inc.

(the

"Distributor")

(an

affiliate

of

the

Manager),

the

principal

distributor

of

the

Fund,

reserve

the

right

to

broaden,

limit,

and

change

the

designation

of

eligible

purchasers

without

notice.

Shares

of

the

Fund

are

only

sold

in

U.S.

jurisdictions.

Subject

to

eligibility

and

minimum

initial

investment

requirements,

shares

of

the

Fund

may

be

purchased

directly

or

through

intermediary

organizations,

such

as

broker-dealers,

insurance

companies,

plan

sponsors,

third

party

administrators,

and

retirement

plans.

Minimum

initial

investment

requirements

are

$25,000

for

Class

A

shares

and

$100,000

for

Class

Y

and

Institutional

Class

shares.

Effective

June

30,

2025,

the

Fund

changed

its

name

from

Principal

Private

Credit

Fund

I

to

Principal

Private

Credit

Fund.

The

Fund

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

.

The

Fund

has

not

provided

financial

support

and

is

not

contractually

required

to

provide

financial

support

to

any

investee.

All

classes

of

shares

of

the

Fund

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class

except

where

otherwise

required

by

law

or

as

determined

by

the

Board.

In

addition,

the

Fund

declares

separate

dividends

on

each

class

of

shares.

The

Fund

may

offer

additional

classes

of

shares

in

the

future.

2. Significant

Accounting

Policies

The

preparation

of

consolidated

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Fund:

Security

Valuation.

The

Fund

values

securities

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

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board.

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

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

of

the

Fund's

net

asset

values

are

reflected

in

the

Fund's

net

asset

values

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

depository

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

values,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Fund's

net

asset

values

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

effected.

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

Board

as

may

occasionally

be

necessary.

Income

and

Investment

Transactions.

The

Fund

records

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Fund

records

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the

Fund

is

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The

Fund

allocates

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses.

Expenses

directly

attributed

to

the

Fund

are

charged

to

the

Fund.

Other

expenses

not

directly

attributed

to

the

Fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses

specifically

attributable

to

a

particular

class

are

charged

directly

to

such

class

and

are

included

separately

in

the

consolidated

statement

of

operations.

Dividends

and

Distributions

to

Shareholders.

Dividends

and

distributions

to

shareholders

of

the

Fund

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

foreign

currency

transactions

and

paydowns.

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

on

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

as

return

of

capital

distributions.

Basis

for

Consolidation.

The

Fund

may

invest

up

to

25%

of its

total

net

assets

in

the

Domestic

Subsidiary.

The Fund is

the

sole

shareholder

of

the

Domestic

Subsidiary,

and

shares

of

the Domestic

Subsidiary will

not

be

sold

or

offered

to

other

investors.

To

the

extent

that

the

Fund

invests

in

the

Domestic

Subsidiary, it

will

be

subject

to

the

particular

risks

associated

with

the

Domestic

Subsidiary's

investments,

which

are

discussed

in

the

applicable

Prospectus

and

Statement

of

Additional

Information.

The

principal

purpose

of

investing

in

the

Domestic

Subsidiary

is

to

allow

the

Fund

to

gain

exposure

to equity

assets within

the

limitations

of

federal

tax

laws

applicable

to

regulated

investment

companies.

The

Domestic

Subsidiary

has

elected

to

be

treated

as

a

C-corporation

for

federal

income

tax

purposes.

The

Domestic

Subsidiary

files

federal

and

state

tax

returns. All

income

and

losses

are

included

on

the

Domestic

Subsidiary

tax

return.

The

Fund

may

borrow

for

investment

purposes,

to

meet

repurchase

requests

and

for

temporary,

extraordinary,

or

emergency

purposes

through

the

SPV.

The

Fund

established

the

Lending

Vehicle

as

part

of

its

efforts

to

secure

a

U.S.

state

lending

license.

The

Fund's

investment

portfolio

has

been

consolidated

and

includes

the

portfolio

holdings

of the

Fund,

the

Domestic

Subsidiary,

the

SPV,

and

the

Lending

Vehicle,

as

noted

on

the

consolidated

schedule

of

investments.

The

consolidated

financial

statements

for

the

Fund

include

the

accounts

of

the

Fund,

the

Domestic

Subsidiary,

the

SPV,

and

the

Lending

Vehicle.

All

intercompany

transactions

and

balances

have

been

eliminated

in

consolidation.

At

March

31,

2026,

the

net

assets

of

the

consolidated

subsidiaries

were

as

follows

(amounts

in

thousands):

2. Significant

Accounting

Policies

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

Federal

Income

Taxes.

No

provision

for

federal

income

taxes

is

considered

necessary

because

the

Fund

intends

to

qualify

as

a

"regulated

investment

company"

under

the

Internal

Revenue

Code

and

intends

to

distribute

each

year

substantially

all

of

its

net

investment

income

and

realized

capital

gains

to

shareholders.

Management

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

it

is

"more

likely

than

not"

that

each

tax

position

would

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Tax

positions

not

deemed

to

meet

the

"more

likely

than

not"

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

consolidated

statements

of

operations.

During

the

year

ended

March

31,

2026,

the

Fund

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

consolidated

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

The

Domestic

Subsidiary

may

be

subject

to

taxes.

Deferred

tax

assets

and

liabilities

of

the

Domestic

Subsidiary

may

arise

from

temporary

differences

and

tax

attributes;

however,

such

amounts

were

not

material

to

the

Fund's

consolidated

financial

statements

at

year

end.

The

SPV

is

a

disregarded

entity

for

tax

purposes

and

is

consolidated

with

the

tax

return

of

the

Fund.

Foreign

Taxes.

The

Fund

may

be

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Foreign

income

taxes

are

accrued

by

the

Fund

as

a

reduction

of

income.

This

amount

is

shown

as

withholding

tax

on

the

consolidated

statement

of

operations.

In

consideration

of

recent

decisions

rendered

by

European

court,

the

Fund

may

file

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

the

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

tax

reclaims

received

are

included

in

dividends

income

on

the

consolidated

statement

of

operations.

Recent

Accounting

Pronouncements.

In

December

2023,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("ASU")

No.

2023-09

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation,

disaggregation

of

income

taxes

paid,

and

other

income

tax-

related

disclosures.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024

.

As

of

April

1,

2025,

the

Fund

has

adopted

the

ASU

and

added

required

disclosures,

as

applicable.

3. Operating

Policies

Borrowing.

The

Fund

is

permitted

to

incur

indebtedness

to

the

extent

that

the

Fund's

asset

coverage

with

respect

to

its

outstanding

senior

securities

representing

indebtedness,

as

defined

under

the

1940

Act,

is

at

least

300%

immediately

after

each

such

borrowing.

The

use

of

borrowing

for

investment

purposes

increases

both

investment

opportunity

and

investment

risk.

The

SPV

intends

to

borrow

money

through

a

credit

facility,

which

allows

a

borrowing

commitment

amount

of

up

to

$30

million

(prior

to

December

5,

2025

the

amount

was

$20

million)

($20

million

uncommitted).

The

credit

facility

is

effective

December

17,

2024

and

matures

December

17,

2029. Interest

is

charged

at

an

annual

rate

equal

to

daily

Secured

Overnight

Financing

Rate

("SOFR")

plus

an

applicable

spread

of

2.40%.

The

interest

expense

along

with

non-usage

fees,

collateral

administrator

fees,

collateral

management

fees,

commitment

fees

and

legal

fees,

associated

with

the

credit

facility

is

included

in

credit

facility

fees

on

the

consolidated

statement

of

operations.

Commitment

fees

and

legal

fees

are

amortized

over

the

year

term

of

the

credit

facility.

The

SPV

has

pledged

investments

in

securities,

investment

proceeds

and

cash

as

collateral

for

borrowing

through

the

credit

facility.

As

of

March

31,

2026,

the

SPV

has

a

cash

balance

of

$596,000.

Securities

pledged

as

collateral

under

the

credit

facility

are

noted

in

the

consolidated

schedule

of

investments.

Any

outstanding

borrowing

as

of

year

ended

March

31,

2026

is

included

in

borrowing

on

the

consolidated

statements

of

assets

and

liabilities.

During

the

year

ended

March

31,

2026,

the

Fund's

borrowings

against

the

credit

facility

were

as

follows

(amounts

in

thousands):

Cross

Trades.

The

Fund

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Registered

investment

companies

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

Net

Assets

Percent

of

Consolidated

Fund's

Net

Assets

Domestic

Subsidary

$642

0.53%

Lending

Vehicle

0.03 SPV

52,528

43.00 Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Principal

Private

Credit

Fund

$

5,516

6.40 %

2. Significant

Accounting

Policies

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

investment

advisor,

so

a

registered

investment

company

may

be

considered

affiliated

with

any

portfolio

for

which

the

Fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

year

ended

March

31,

2026

,

the

Fund

did

not

engage

in

cross

trades.

Illiquid

Securities.

Illiquid

securities

generally

cannot

be

sold

or

disposed

of

in

the

ordinary

course

of

business

(within

seven

calendar

days)

at

approximately

the

value

at

which

the

Fund

has

valued

the

investments.

This

may

have

an

adverse

effect

on

the

Fund's

ability

to

dispose

of

particular

illiquid

securities

at

fair

value

and

may

limit

the

Fund's

ability

to

obtain

accurate

market

quotations

for

purposes

of

valuing

the

securities.

Indemnification.

Under

the

Fund's

by-laws,

present

and

past

officers,

trustees,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

Operating

Segments.

An

operating

segment

is

defined

in

ASC

Topic

280,

Segment

Reporting,

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

("CODM")

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

Committees

and

working

groups

within

Management

under

the

direction

of

the

President

act

as

the

Fund's

CODM.

The

Fund

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

strategic

asset

allocation

to

ensure

compliance

with

the

defined

investment

strategy

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

types

of

investments

from

which

the

Fund

generates

its

returns

are

reflected

on

the

schedule

of

investments.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

consolidated

statement

of

operations

and

financial

highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

of

expenses

to

average

net

assets

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmark

and

investment

objectives,

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment.

Segment

assets

are

reported

on

the

consolidated

statement

of

assets

and

liabilities

as

total

assets.

Principal

Private

Credit

Fund

JV,

LLC. The

Fund

and

Erie

Insurance

Exchange

("Erie")

are

the

members

of

Principal

Private

Credit

Fund

JV,

LLC

(the

"Joint

Venture"),

a

joint

venture

formed

as

a

Delaware

limited

liability

company;

pursuant

to

the

terms

of

the

Amended

and

Restated

Limited

Liability

Company

Agreement

of

the

Joint

Venture

currently

in

effect.

The

Fund

and

Erie

make

capital

contributions

to

the

Joint

Venture

in

the

form

of

equity

interests

as

investment

opportunities

are

identified.

All

portfolio

and

other

material

decisions

regarding

the

Joint

Venture

must

be

submitted

to

the

Joint

Venture's

board

of

directors,

which

is

comprised

of

an

equal

number

of

directors

appointed

by

each

of

the

Fund

and

Erie.

As

a

result,

management

of

the

Joint

Venture

is

shared

equally

between

Erie

and

the

Fund,

and

neither

member

has

the

ability

to

unilaterally

direct

the

activities

of

the

Joint

Venture.

Accordingly,

the

Fund

does

not

control

the

Joint

Venture

and

is

not

consolidated

for

financial

reporting

purposes.

Restricted

Securities.

The

Fund

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

SOFR,

or

a similar reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

3. Operating

Policies

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedules

of

investments.

In

connection

with

the

senior

floating

rate

interests,

the

Funds

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower's

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover their

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

consolidated

statement

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

consolidated

statement

of

operations,

as

applicable.

As

of

year

end,

the

unfunded

loan

commitments

are

categorized

as

Level

within

the

disclosure

hierarchy.

As

of

March

31,

2026,

the

Funds

had

unfunded

loan

commitments

as

follows

(amounts

in

thousands):

4. Fair

Valuation

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

–

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

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

municipal

bonds,

OTC

derivatives,

exchange

cleared

derivatives,

senior

floating

rate

interests,

repurchase

agreements,

and

U.S.

Government

and

Government

Agency

Obligations.

Level

–

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

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.

Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Principal

Private

Credit

Fund

$

32,513

$

(81) 3. Operating

Policies

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

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

a

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

March

31,

2026

in

valuing

the

Fund's

securities

carried

at

fair

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

securities.

Quantitative

information

about

the

significant

unobservable

inputs

used

in

the

fair

value

measurements

categorized

within

Level

of

the

fair

value

hierarchy

is

as

follows

(amounts

in

thousands):

\*Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments

\*\*During

the

period,

the

valuation

technique

for

Warrior

Ultimate

Holdings

LLC

–

Class

A

Common,

AKS

Engineering

Holdings

LLC,

CVS

Parent

Holdings

LLC,

SENS

Intermediate

Holdings

LLC,

and

CPS

Investors,

LP

changed

from

using

the

transaction

price

to

using

the

Enterprise

Valuation

Model.

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Private

Credit

Fund

Bonds\*

$

—

$

6,718

$

—

$

6,718

Common

Stocks

Consumer,

Non-cyclical

—

—

Financial

—

—

Industrial

—

—

Technology

—

—

Investment

Companies\*

3,482

—

—

3,482

Preferred

Stocks

Consumer,

Non-cyclical

—

—

Senior

Floating

Rate

Interests\*

—

11,

817

118,

130,136

Total

$

3,482

$

18,5

$

119,

$

141,126

Investments

Using

NAV

as

practical

expedient

Joint

Venture

1,246

Total

investments

in

securities

$

142,372

Fund

Asset

Type

Fair

Value

as

of

March

31,

2026

Valuation

Technique

Unobservable

Input

Input

Valuations

(weighted

average)\*

Impact

to

valuation

if

input

had

increased

Principal

Private

Credit

Fund

Senior

Floating

Rate

Interests

$118,319

Discounted

Cash

Flow

Discount

Rate

4.0%-10.4%

(5.5%)

Decrease

Common

Stock

748

Market

Comparables

EV/LTM

Revenue\*\*

8.0x-18.8x

(14.4x)

Increase

Movement

of

Median

Multiples

50%

Increase

Preferred

Stock

Market

Comparables

EV/LTM

Revenue

13.5x

Increase

Movement

of

Median

Mulitples

50%

Increase

Total

$

119,109

4. Fair

Valuation

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

The

changes

in

investments

measured

at

fair

value

for

which

Level

inputs

have

been

used

to

determine

fair

value

are

as

follows

(amounts

shown

in

thousands):

\*Securities

are

transferred

into

Level

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

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

5. Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Manager,

subject

to

the

supervision

of

the

Board,

is

responsible

for

the

investment

management

of

the

Fund.

The

Manager

serves

as

investment

advisor

to

the

Fund

pursuant

to

a

management

agreement

and

administration

agreement

(collectively

"Investment

Advisory

Agreements").

The

Manager

is

responsible

for

providing

continuous

supervision

of

the

investment

portfolio

of

the

Fund

as

well

as

certain

administrative

functions

to

the

Fund.

For

the

services

provided

to

the

Fund

under

the

Investment

Advisory

Agreements,

the

Fund

pays

the

Manager

fees

based

on

a

percentage

of

the

Fund's

average

daily

net

assets.

From

time

to

time,

the

Manager

may

waive

all

or

a

portion

of

its

fee.

The

management

fee

is

1.25%

and

the

administration

fee

is

0.10%

on

all

assets

(expressed

as

a

percentage

of

average

daily

net

assets).

The

Manager

has

contractually

agreed

to

limit

the

Fund's

expenses

(excluding

incentive

fees,

interest

expense

on

fund

borrowings

(but

including

other

expenses

associated

with

the

credit

facility),

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

tax

reclaim

recovery

expenses,

and

other

extraordinary

expenses).

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

each

class

of

shares

on

an

annualized

basis

during

the

reporting

period.

Any

amounts

outstanding

at

the

end

of

the

year

are

shown

as

an

expense

reimbursement

from

Manager

or

expense

reimbursement

to

Manager

on

the

consolidated

statement

of

assets

and

liabilities

and

are

settled

monthly.

It

is

expected

that

the

operating

expense

limits

will

continue

through

the

period

ending

July

31,

2026,

the

contractual

expiration

date;

however,

the

Fund

and

the

Manager,

the

parties

to

the

agreement,

may

mutually

agree

to

terminate

the

operating

expense

limits

prior

to

the

end

of

the

period.

The

operating

expense

limits

are

as

follows:

Subject

to

applicable

expense

limits,

the

Fund

may

reimburse

the

Manager

for

expenses

incurred

during

the

current

fiscal

year

and

the

previous

two

fiscal

years.

All

organizational

expenses

of

the

Fund

will

be

borne

by

the

Fund.

As

of

March

31,

2026,

the

class

specific

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

were

as

follows

(amounts

in

thousands):

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

March

31,

2026

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

at

March

31,

2026

Principal

Private

Credit

Fund

Senior

Floating

Rate

Interests

$

70,110

$

$

$

56,167

$

(8,293)

$

—

$

—

$

118,319

$

Common

Stock

—

(25) 612

—

—

—

748

(25) Preferred

Stock

—

—

—

—

—

Total

$

70,309

$

$

$56,779

$

(8,293)

$

—

$

—

$

119,109

$

Share

Class

Operating

Expense

Limit

Expiration

Class

A

2.60%

July

31,

2026

Class

Y

2.10 %

July

31,

2026

Institutional

2.30 %

July

31,

2026

4. Fair

Valuation

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

\*Includes

reimbursements

prior

to

June

3,

2024,

the

effective

date

of

the

Fund's

registration

statement

on

Form

N-2,

through

March

31,

2025. Incentive

Fee

.

The

Incentive

Fee

is

calculated

daily

and

payable

to

the

Manager

quarterly

in

arrears

based

upon

the

Fund's

"pre-incentive

fee

net

investment

income"

for

the

immediately

preceding

quarter,

and

is

subject

to

a

hurdle

rate,

expressed

as

a

rate

of

return

on

the

Fund's

net

assets,

equal

to

the

greater

of

(x) 1.50%

per

quarter

(or

an

annualized

rate

of

6.00%),

or

(y) the

sum

of

the

current

three-month

forward-looking

term

SOFR

(i.e.,

as

published

two-business

days

prior

to

the

commencement

of

the

applicable

quarter),

divided

by

four,

plus

0.75%

per

quarter

(the

"Hurdle

Rate"),

subject

to

a

"catch-up"

feature.

For

this

purpose,

"pre-incentive

fee

net

investment

income"

is

defined

as:

(i) fund-level

book

interest

income,

dividend

income,

and

payment-in-kind

income

(and

not

including

amortization/accretion

or

income

generated

from

original

issue

discounts),

minus

(ii) the

Fund's

operating

expense

(which,

for

this

purpose,

shall

include

interest

payments

on

fund

borrowings

as

well

as

other

credit

facility

expenses,

and

shall

not

include

any

distributions

and/or

shareholder

servicing

fees,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

tax

reclaim

recovery

expenses,

litigation,

and

other

extraordinary

expense,

any

class-level

specific

expenses,

or

Incentive

Fee)

for

the

quarter.

Net

assets

means

the

total

assets

of

the

Fund

minus

the

Fund's

liabilities.

For

purposes

of

the

Incentive

Fee,

net

assets

are

calculated

using

the

quarter-to-date

average

net

assets

for

the

relevant

fiscal

quarter.

The

Hurdle

Rate

will

be

determined

at

the

beginning

of

each

applicable

quarter

and

will

remain

the

same

throughout

that

quarter.

In

the

event

that

SOFR

is

discontinued,

ceases

to

be

published

during

a

given

period,

or

is

otherwise

unavailable,

1.50%

will

be

used

as

the

Hurdle

Rate

for

the

applicable

quarter.

The

"catch-up"

provision

is

intended

to

provide

the

Manager

with

an

incentive

fee

of

15%

on

all

of

the

Fund's

pre-incentive

fee

net

investment

income

when

the

Fund's

pre-incentive

fee

net

investment

income

reaches

a

percentage

determined

based

upon

the

current

Hurdle

Rate

for

the

applicable

quarter.

For

the

year

ended

March

31,

2026,

the

Fund

did

not

incur

incentive

fees.

Distribution

Fees.

The

Class

A

shares

of

the

Fund

bear

distribution

fees.

The

fees

are

computed

at

an

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

Class

A

shares

of

the

Fund.

Distribution

fees

are

paid

to

the

Distributor

of

the

Fund.

A

portion

of

the

distribution

fees

may

be

paid

to

other

selling

dealers

for

providing

certain

services.

Chief

Compliance

Officer

Expenses.

The

Fund

pays

certain

expenses

associated

with

the

Chief

Compliance

Officer

("CCO").

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statement

of

operations.

Sales

Charges.

The

Distributor

retains

sales

charges

on

certain

sales

of

Class

A

shares

based

on

declining

rates

which

begin

at

5.75%.

For

the

year

ended

March

31,

2026,

there

were

no

sales

charges

retained

by

the

Distributor.

Affiliated

Ownership.

As

of

March

31,

2026,

Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager)

owned

shares

of

the

Fund

as

follows

(amounts

of

shares

in

thousands):

Principal

Private

Credit

Fund

11,651

6. Investment

Transactions

For

the

year

ended

March

31,

2026,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-

term

investments)

by

the

Fund

were

as

follows

(amounts

in

thousands):

7. Repurchase

Offers

The

Fund

has

a

fundamental

policy

to

make

quarterly

repurchase

offers

for

no

less

than

5%

and

not

more

than

25%

of

its

shares

at

a

price

equal

to

net

asset

value

per

share,

unless

suspended

or

postponed

in

accordance

with

regulatory

requirements,

and

that

each

quarterly

repurchase

pricing

share

occur

on

the

Repurchase

Pricing

Date,

the

date

that

will

be

used

to

determine

the

Fund's

net

asset

value

per

share

applicable

to

the

repurchase.

The

Fund

will

make

quarterly

repurchase

offers

every

three

months,

in

the

following

months:

March,

June,

September,

and

December.

Share

Class

Expiring

March

31,

2027\*

Expiring

March

31,

2028

Class

A

$34

$49

Class

Y

Institutional

Class

A

Class

Y

Institutional

Purchases

Sales

Principal

Private

Credit

Fund

$

69,506

$

20,537

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

The

Fund

will

repurchase

shares

that

are

tendered

by

a

specific

date

(the

"Repurchase

Request

Deadline"),

which

will

be

established

by

the

Board

in

accordance

with

Rule

23c-3,

as

amended

from

time

to

time.

Rule

23c-3

requires

the

Repurchase

Request

Deadline

to

be

no

less

than

and

no

more

than

days

after

the

Fund

sends

notification

to

shareholders

of

the

repurchase

offer.

There

will

be

a

maximum

calendar

day

period,

or

the

next

business

day

if

the

14th

calendar

day

is

not

a

business

day,

between

the

Repurchase

Request

Deadline

and

the

Repurchase

Pricing

Date.

If

a

repurchase

offer

by

the

Fund

is

oversubscribed,

the

Fund

may

repurchase,

but

is

not

required

to

repurchase,

additional

shares

up

to

a

maximum

amount

of

2%

of

the

outstanding

shares

of

the

Fund.

If

the

Fund

determines

not

to

repurchase

additional

shares

beyond

the

repurchase

offer

amount,

or

if

shareholders

tender

an

amount

of

shares

greater

than

that

which

the

Fund

is

entitled

to

repurchase,

the

Fund

will

repurchase

the

shares

tendered

on

a

pro

rata

basis.

During

the

year

ended

March

31,

2026,

the

Fund

completed

no

quarterly

repurchase

offers.

8. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

the

distribution

paid

for

the

year

ended

March

31,

2026,

was

as

follows

(amounts

in

thousands):

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of

March

31,

2026,

the

components

of

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

\*Represents

book-to-tax

accounting

differences.

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Fund.

As

of

March

31,

2026

,

the

Fund

had

no

capital

loss

carryforwards.

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

of

the

Fund's

taxable

year

subsequent

to

October

and

December

31,

respectively.

As

of

March

31,

2026

,

the

Fund

does

not

plan

to

defer

any

late-year

losses.

Reclassification

of

Capital

Accounts.

The

Fund

may

record

reclassifications

in

its

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Fund.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Fund's

distributions

may

be

shown

in

the

accompanying

statement

of

changes

in

net

assets

as

from

net

investment

income

and

net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended

March

31,

2026,

the

Fund

did

not

record

reclassifications.

Federal

Income

Tax

Basis.

As

of

March

31,

2026,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

and

unfunded

commitments

held

by

the

Fund

were

as

follows

(amounts

in

thousands):

Ordinary

Income

2026

2025

Principal

Private

Credit

Fund

$

7,541

$

4,422

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

\*

Total

Accumulated

Earnings

(Deficit)

Principal

Private

Credit

Fund

$

$

$

—

$

(217) $

—

$

(129) Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Principal

Private

Credit

Fund

$

723

$

(940) $

(217) $

142,509

7. Repurchase

Offers

(continued)

Notes

to

Consolidated

Financial

Statements

Principal

Private

Credit

Fund

March

31,

2026

9. Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

consolidated

financial

statements

were

issued

that

would

merit

recognition

or

disclosure

in

the

consolidated

financial

statements.

The

Fund

completed

a

quarterly

repurchase

offer

on

April

30,

2026

which

resulted

in

6,100

shares

being

repurchased

for

$63,000.

There

were

no

additional

items

requiring

adjustment

of

the

consolidated

financial

statements

or

additional

disclosure.

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2.85%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.85%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.57%

(a),(b),(c),(d)

3,482,247

$

3,482

TOTAL

INVESTMENT

COMPANIES

$

3,482

COMMON

STOCKS

-

0.60%

Shares

Held

Value

(000's)

Commercial

Services

-

0.23%

APS

Blackwater

Holdings

LLC

(c),(e),(f),(g)

$

CPS

Investors,

LP

(e),(f),(g)

Mascarene

VTC

Investment

(e),(f),(g)

79,840

Warrior

Ultimate

Holdings

LLC

-

Class

A

Common

(c),(e),(f),(g)

—

$

Cosmetics

&

Personal

Care

-

0.00%

CVS

Parent

Holdings

LLC

(c),(e),(f),(g)

Diversified

Financial

Services

-

0.14%

CWC

Fund

I

Co-Invest

MFA

LP

(c),(e),(f),(g)

183,735

Electrical

Components

&

Equipment

-

0.09%

SENS

Intermediate

Holdings

LLC

(c),(e),(f),(g)

Electronics

-

0.07%

Advantage

Surveillance,

LLC

(c),(e),(f),(g)

Engineering

&

Construction

-

0.02%

AKS

Engineering

Holdings

LLC

(c),(e),(f),(g)

Enterprise

Software

&

Services

-

0.01%

Douglas

Top

Parent

LLC

(c),(e),(f),(g)

19,712

Software

-

0.04%

CIT

Intermediate

Holdco,

Inc.

(e),(f),(g)

TOTAL

COMMON

STOCKS

$

748

JOINT

VENTURE

-

1.02%

Shares

Held

Value

(000's)

Private

Equity

-

1.02%

Principal

Private

Credit

Fund

Joint

Venture,

LLC

(e),(g),(h)

1,239,769

1,246

TOTAL

JOINT

VENTURE

$

1,246

PREFERRED

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Commercial

Services

-

0.03%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Preferred

0.00%

(c),(e),(f),(g)

$

TOTAL

PREFERRED

STOCKS

$

BONDS

-

5.49%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.11%

TransDigm

Inc

6.38%,

03/01/2029

(i)

$

$

Airlines

-

0.00%

OneSky

Flight

LLC

8.88%,

12/15/2029

(i)

Building

Materials

-

0.17%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(i)

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(i)

$

Diversified

Financial

Services

-

0.62%

Credit

Acceptance

Corp

9.25%,

12/15/2028

(i)

OneMain

Finance

Corp

3.50%,

01/15/2027

Rocket

Cos

Inc

6.13%,

08/01/2030

(i)

$

758

Electric

-

0.57%

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(i)

VoltaGrid

LLC

7.38%,

11/01/2030

(i)

$

691

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

-

0.06%

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(i)

$

$

Entertainment

-

0.30%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(i)

Food

-

0.56%

B&G

Foods

Inc

8.00%,

09/15/2028

(i)

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(i)

$

687

Forest

Products

&

Paper

-

0.01%

Mercer

International

Inc

12.88%,

10/01/2028

(i)

Healthcare

-

Services

-

0.19%

LifePoint

Health

Inc

11.00%,

10/15/2030

(i)

Tenet

Healthcare

Corp

6.13%,

06/15/2030

$

Investment

Companies

-

0.11%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

Media

-

0.45%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.38%,

06/01/2029

(i)

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(i)

$

544

Oil

&

Gas

-

0.18%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(i)

Chord

Energy

Corp

6.00%,

10/01/2030

(i)

$

Oil

&

Gas

Services

-

0.06%

Enerflex

Inc

6.88%,

01/15/2031

(i)

Kodiak

Gas

Services

LLC

5.88%,

04/01/2031

(i)

$

Packaging

&

Containers

-

0.58%

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(i)

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2030

(i)

$

703

Pharmaceuticals

-

0.35%

AdaptHealth

LLC

6.13%,

08/01/2028

(i)

Endo

Finance

Holdings

LP

8.50%,

04/15/2031

(i)

$

Pipelines

-

0.41%

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.13%,

02/15/2029

(i)

Venture

Global

LNG

Inc

9.50%,

02/01/2029

(i)

$

506

REITs

-

0.63%

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(i)

8.50%,

12/15/2028

(i)

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(i)

$

$

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(i)

$

766

Retail

-

0.02%

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(i)

Telecommunications

-

0.11%

EchoStar

Corp

10.75%,

11/30/2029

TOTAL

BONDS

$

6,718

SENIOR

FLOATING

RATE

INTERESTS

-

106.48%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

3.08%

Finn

Partners

Inc

;

Term

Loan

10.35%,

07/01/2026

(b),(f)

1,274

1,275

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.65%

KL

Charlie

Acquisition

Corp

;

Term

Loan

8.77%,

12/30/2029

(b),(f)

789

781

CME

Term

Secured

Overnight

Financing

Rate

Month

+

10.20%

KL

Charlie

Acquisition

Corp

;

Delayed

Draw

Term

Loan

8.77%,

12/30/2029

(b),(f)

1,376

1,363

CME

Term

Secured

Overnight

Financing

Rate

Month

+

10.20%

8.77%,

12/30/2029

(f) 263

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

8.80%,

12/30/2029

(f) 90

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

$

3,769

Aerospace

&

Defense

-

4.52%

TransDigm

Inc

;

Term

Loan

J

7.26%,

02/28/2031

575

575

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Trident

Borrower,

LLC

;

Revolver

8.09%,

03/05/2032

(f) 690

683

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Trident

Borrower,

LLC

;

Term

Loan

8.17%,

03/05/2032

(f) 4,310

4,267

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

5,525

Automobile

Parts

&

Equipment

-

0.55%

M&D

Midco

Inc

;

Term

Loan

9.85%,

08/31/2028

(b),(f)

663

663

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.15%

Beverages

-

3.32%

Diaspora

Tea

&

Herb

Company,

LLC

;

Term

Loan

8.16%,

02/18/2032

(f) 3,393

3,360

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Diaspora

Tea

&

Herb

Company,

LLC

;

Revolver

8.16%,

02/18/2032

(f) 558

552

CME

Term

Secured

Overnight

Financing

Rate

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

8.10%,

02/18/2032

(f) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

4,062

Building

Materials

-

0.89%

Stonegrove

Roofing,

LLC

;

Delayed

Draw

Term

Loan

8.92%-8.94%,

04/17/2030

(f) 1,110

1,093

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Chemicals

-

3.58%

B'laster

Holdings

LLC

;

Term

Loan

8.42%,

10/25/2029

(b),(f)

1,147

1,136

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.43%,

10/25/2029

(f) 580

574

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Element

Solutions

Inc

;

Term

Loan

B3

5.42%,

12/18/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Kano

Intermediate

Inc.

;

Term

Loan

8.42%,

12/17/2030

(b),(f)

2,306

2,306

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Kano

Intermediate

Inc.

;

Delayed

Draw

Term

Loan

8.42%,

12/17/2030

(f) 52

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

4,369

Commercial

Services

-

25.43%

Atlantic

Pipe

Services,

LLC

;

Revolver

8.12%-8.17%,

12/01/2031

(f) 233

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Atlantic

Pipe

Services,

LLC

;

Term

Loan

8.22%,

12/01/2031

(f) 2,221

2,197

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Barricade

Holdings

LLC

;

Term

Loan

8.42%,

09/30/2030

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.44%,

09/30/2030

(b),(f)

3,010

2,964

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Barricade

Holdings

LLC

;

Revolver

8.42%-10.50%,

09/30/2030

(f) 538

530

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%,

Prime

Rate

+

3.75%

CPS

Holdco,

Inc

;

Delayed

Draw

Term

Loan

8.43%,

03/28/2031

(f) 103

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.44%,

03/28/2031

(f) 766

765

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

CPS

Holdco,

Inc

;

Term

Loan

8.44%,

03/28/2031

(f) 1,487

1,483

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Cy's

Holdings,

LLC

;

Term

Loan

9.68%,

03/04/2031

(f) $

2,176

$

2,133

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Fowler

Route

Co.,

Inc

;

Term

Loan

9.20%,

02/28/2030

(b),(f)

2,171

2,164

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fowler

Route

Co.,

Inc

;

Revolver

9.17%-9.18%,

02/28/2030

(f) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fowler

Route

Co.,

Inc

;

Delayed

Draw

Term

Loan

9.12%,

02/28/2030

(f) 45

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

HEF

Safety

Ultimate

Holdings,

LLC

;

Term

Loan

8.87%,

11/19/2029

(b),(f)

1,033

1,033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Mazcon

,

A

Kurtz

Bros.

Company,

LLC

;

Term

Loan

8.41%,

11/25/2030

(f) 2,103

2,077

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Prosource

Holdings

MP,

LLC

;

Term

Loan

8.19%,

12/30/2030

(f) 1,557

1,557

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Prosource

Holdings

MP,

LLC

;

Delayed

Draw

Term

Loan

8.20%,

12/30/2030

(f) 515

515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Riverview

Landscape

Holdings

LLC

;

Delayed

Draw

Term

Loan

10.20%,

01/29/2030

(f) 2,319

2,298

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Riverview

Landscape

Holdings

LLC

;

Revolver

10.17%,

01/29/2030

(f) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Riverview

Landscape

Holdings

LLC

;

Term

Loan

10.20%,

01/29/2030

(b),(f)

1,873

1,855

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Rotolo

Consultants

Inc.

;

Term

Loan

9.45%,

01/31/2031

(b),(f)

1,530

1,527

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Ruppert

Landscape,

LLC

;

Term

Loan

8.69%,

12/01/2028

(b),(f)

615

615

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Ruppert

Landscape,

LLC

;

Delayed

Draw

Term

Loan

8.70%,

12/01/2028

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Sales

Performance

International,

LLC

;

Term

Loan

8.71%,

08/24/2028

(b),(f)

1,022

1,018

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

8.73%,

08/24/2028

(b),(f)

1,641

1,636

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Shift4

Payments

LLC

;

Term

Loan

B

5.65%,

06/30/2032

$

549

$

547

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Veritiv

Operating

Co

;

Term

Loan

B

7.70%,

11/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

VTC

Buyer

Corp.

;

Delayed

Draw

Term

Loan

8.93%,

07/15/2031

(f) 373

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

8.93%,

07/15/2031

(f) 99

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

VTC

Buyer

Corp.

;

Revolver

8.90%-8.92%,

07/15/2031

(f) 78

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

VTC

Buyer

Corp.

;

Term

Loan

8.94%,

07/15/2031

(f) 722

726

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Wolverine

Seller

Holdings,

LLC

;

Delayed

Draw

Term

Loan

8.42%,

01/17/2030

(f) 362

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Wolverine

Seller

Holdings,

LLC

;

Revolver

8.45%,

01/17/2030

(f) 33

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Wolverine

Seller

Holdings,

LLC

;

Term

Loan

8.44%,

01/17/2030

(b),(f)

869

866

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

31,077

Computers

-

0.35%

McAfee

Corp

;

Term

Loan

B1

6.67%,

03/01/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consumer

Products

-

0.24%

Kronos

Acquisition

Holdings

Inc

;

Term

Loan

B

7.70%,

06/27/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cosmetics

&

Personal

Care

-

8.89%

Accupac

,

LLC

;

Term

Loan

12.67%,

12/31/2029

(b),(f)

2,132

2,036

CME

Term

Secured

Overnight

Financing

Rate

Month

+

9.00%

Accupac

,

LLC

;

Revolver

10.65%-10.67%,

12/31/2029

(f) 206

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

CompletePet

Florida,

LLC

;

Term

Loan

8.19%,

02/05/2030

(b),(f)

4,157

4,155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.19%,

02/06/2030

(b),(f)

596

595

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

CompletePet

Florida,

LLC

;

Revolver

8.17%,

02/05/2030

(f) 181

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Lather

Acquisition

Corp.

;

Term

Loan

8.69%,

01/31/2031

(f) $

1,206

$

1,200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

WB

Group

Acquisition

Company

;

Term

Loan

8.41%,

02/03/2032

(f) 2,406

2,376

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

WB

Group

Acquisition

Company

;

Revolver

8.43%,

02/03/2032

(f) 122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

10,860

Diversified

Financial

Services

-

4.68%

Jane

Street

Group

LLC

;

Term

Loan

B

5.96%,

12/15/2031

539

529

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Jupiter

Borrower

Inc

;

Term

Loan

B

0.00%,

03/25/2033

(j) 345

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Merit

Financial

Group,

LLC

;

Term

Loan

8.44%,

08/27/2032

(f) 2,041

2,029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Merit

Financial

Group,

LLC

;

Delayed

Draw

Term

Loan

8.42%,

08/27/2032

(f) 454

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Merit

Financial

Group,

LLC

;

Revolver

8.42%,

08/27/2032

(f) 204

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Obra

Capital,

Inc

;

Term

Loan

11.06%,

06/21/2029

(f) 2,163

2,154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.36%

$

5,710

Electric

-

1.15%

TPS

Intermediate,

LLC

;

Term

Loan

8.79%,

06/09/2029

(b),(f)

1,270

1,248

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

TPS

Intermediate,

LLC

;

Delayed

Draw

Term

Loan

8.74%,

06/08/2029

(f) 158

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

$

1,403

Electrical

Components

&

Equipment

-

3.18%

Energizer

Holdings

Inc

;

Term

Loan

B

5.67%,

03/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Engineered

Products

Co.,

LLC

;

Term

Loan

8.40%,

08/12/2031

(f) 2,208

2,197

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Engineered

Products

Co.,

LLC

;

Revolver

8.32%-8.42%,

08/12/2031

(f) 99

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electrical

Components

&

Equipment

(continued)

SENS

Intermediate

Holdings

LLC

;

Term

Loan

8.44%,

03/10/2031

(f) $

1,174

$

1,173

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

3,871

Electronics

-

3.39%

Advantage

Surveillance,

LLC

;

Term

Loan

8.16%,

11/04/2030

(f) 935

919

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Advantage

Surveillance,

LLC

;

Revolver

8.15%,

11/04/2030

(f) 10

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

AEP

Passion

Intermediate

Holdings

Inc

;

Term

Loan

5.57%,

PIK

4.75%;

10/05/2027

(f),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.65%

AIDC

Intermediate

Co

2,

LLC

;

Term

Loan

8.95%,

07/22/2027

(b),(f)

1,529

1,529

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

DecisionPoint

Technologies,

Inc.

;

Term

Loan

9.43%,

09/03/2029

(f) 1,365

1,343

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

4,147

Engineering

&

Construction

-

1.93%

AKS

Engineering

&

Forestry,

LLC

;

Term

Loan

8.44%,

01/02/2031

(b),(f)

1,397

1,383

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.44%,

01/07/2031

(f) 414

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Force

Electrical

Buyerco

,

LLC

;

Delayed

Draw

Term

Loan

8.14%-8.17%,

10/21/2032

(f) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Force

Electrical

Buyerco

,

LLC

;

Term

Loan

8.17%,

10/21/2032

(f) 460

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Force

Electrical

Buyerco

,

LLC

;

Revolver

10.11%,

10/21/2032

(f) 63

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

2,372

Enterprise

Software

&

Services

-

4.32%

Douglas

Holdings,

Inc.

;

Term

Loan

0.00%,

PIK

9.44%;

08/27/2030

(f),(k)

1,182

1,177

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Douglas

Holdings,

Inc.

;

Delayed

Draw

Term

Loan

9.41%-9.44%,

08/27/2030

(f) 257

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Douglas

Holdings,

Inc.

;

Synthetic

PIK

Delayed

Draw

Term

Loan

9.44%,

PIK

0.00%;

08/27/2030

(f),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Enterprise

Software

&

Services

(continued)

ES

Ventures,

LLC

;

Term

Loan

8.41%,

12/13/2028

(b),(f)

$

1,021

$

1,006

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.41%,

12/13/2028

(b),(f)

685

675

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

UKi

Buyer

LLC

;

Term

Loan

8.38%,

01/13/2032

(f) 2,056

2,025

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

5,285

Environmental

Control

-

0.88%

Gold

Medal

Holdings

Inc

;

Term

Loan

9.45%,

03/17/2027

(b),(f)

1,074

1,074

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Food

-

4.72%

Cornhusker

Buyer,

Inc.

;

Term

Loan

8.32%,

PIK

1.75%;

10/31/2028

(f),(k)

782

782

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.40%

Costanzo's

Bakery,

LLC

;

Term

Loan

9.20%,

06/18/2027

(b),(f)

780

780

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fiesta

Purchaser

Inc

;

Term

Loan

B

6.42%,

02/12/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Hill

Country

Dairies,

Inc.

;

Term

Loan

8.69%,

08/01/2030

(b),(f)

1,529

1,532

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Hill

Country

Dairies,

Inc.

;

Delayed

Draw

Term

Loan

8.67%,

08/01/2030

(f) 71

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

KNPC

Holdco,

LLC

;

Term

Loan

9.29%,

10/22/2029

(b),(f)

1,260

1,260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

10.55%,

10/22/2029

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.85%

Maldives

Acquisition,

LLC

;

Term

Loan

9.81%,

07/15/2028

(f) 659

657

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.15%

$

5,765

Healthcare

-

Services

-

12.16%

Ally

Medical

Holdings,

L.L.C.

;

Term

Loan

10.77%,

01/15/2030

(f) 1,312

1,286

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

IPC

Pain

Acquisition

LLC

;

Term

Loan

9.20%,

05/19/2027

(f) 198

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

9.20%,

05/19/2027

(f) 413

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

LifePoint

Health

Inc

;

Term

Loan

B

7.42%,

05/16/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

North

Haven

USHC

Acquisition,

Inc.

;

Term

Loan

0.88%,

PIK

8.33%;

10/29/2027

(b),(f),(k)

$

716

$

712

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.35%

Orion

Midco

LLC

;

Term

Loan

8.94%,

05/21/2031

(b),(f)

2,071

2,085

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Pediatric

Home

Respiratory

Services,

LLC

;

Term

Loan

9.12%,

12/23/2030

(f) 1,775

1,776

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

9.12%,

12/23/2030

(b),(f)

2,820

2,819

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Pediatric

Home

Respiratory

Services,

LLC

;

Revolver

9.19%,

12/23/2030

(f) 62

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

SDG

MGMT

Company,

LLC

;

Term

Loan

9.53%,

07/03/2028

(b),(f)

717

717

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.85%

9.80%,

07/03/2028

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.10%

SSA

Acquisition

Holdco,

LLC

;

Term

Loan

9.95%,

07/25/2029

(b),(f)

1,942

1,914

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

SSA

Acquisition

Holdco,

LLC

;

Revolver

9.95 %,

07/25/2029

(f) 47

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

SSA

Acquisition

Holdco,

LLC

;

Delayed

Draw

Term

Loan

9.95%,

07/25/2029

(f) 1,174

1,157

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

9.95%,

07/25/2029

(f) 1,229

1,211

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

$

14,853

Insurance

-

0.18%

Asurion

LLC

;

Term

Loan

B4

9.05%,

01/20/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Internet

-

0.54%

iliad

SA

;

Term

Loan

6.42%,

02/01/2029

665

660

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Lodging

-

0.39%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

6.92%,

01/27/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

0.01%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

6.38%,

04/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

-

0.67%

Directv

Financing

LLC

;

Tern

Loan

Extended

9.18%,

08/02/2029

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

;

Term

Loan

B

9.17%,

02/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

iHeartCommunications

Inc

;

Term

Loan

9.56%,

05/01/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

824

Mining

-

0.23%

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.42%,

08/18/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Oil

&

Gas

Services

-

0.34%

Deep

Blue

Operating

I

LLC

;

Term

Loan

B

6.42%,

10/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

2.57%

Clydesdale

Acquisition

Holdings

Inc

;

Term

Loan

B

6.92%,

03/26/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Flexpak

Investment

Corp

;

Term

Loan

8.55%,

07/30/2027

(f) 278

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.85%

Keg

Logistics

LLC

;

Term

Loan

10.23%,

PIK

0.50%;

11/23/2027

(b),(f),(k)

1,943

1,943

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.90%

Mauser

Packaging

Solutions

Holding

Co

;

Term

Loan

B

7.16%,

04/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

3,147

Pharmaceuticals

-

2.95%

1261229

BC

Ltd

;

Term

Loan

B

9.92%,

10/08/2030

900

868

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

LP

;

Term

Loan

B

7.42%,

04/23/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

KL

Moon

Acquisition,

LLC

;

Term

Loan

10.85%,

PIK

0.00%;

02/01/2029

(f),(k)

632

627

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Vert

Markets

LLC

;

Term

Loan

8.95%,

12/18/2029

(b),(f)

1,479

1,470

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Vert

Markets

LLC

;

Revolver

8.92%,

12/18/2029

(f) 158

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

$

3,611

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

-

0.85%

KFC

Holding

Co

;

Term

Loan

B

5.56%,

03/15/2028

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Michaels

Cos

Inc

/The

;

Term

Loan

B

8.67%,

02/18/2033

565

547

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

1,039

Software

-

8.61%

CEV

Multimedia,

LLC

;

Term

Loan

10.05%,

12/27/2027

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.35%

Charles

IT,

LLC

;

Term

Loan

8.44%,

11/14/2030

(f) 1,492

1,461

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Charles

IT,

LLC

;

Delayed

Draw

Term

Loan

8.42%,

11/14/2030

(f) 794

778

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Cleartelligence

,

LLC

;

Term

Loan

9.70%,

07/10/2029

(f) 2,441

2,392

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Cleartelligence

,

LLC

;

Revolver

9.67%,

07/10/2029

(f) 61

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Cloud

Software

Group

Inc

;

Term

Loan

B1

6.95%,

08/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Global

Precision

Research,

LLC

;

Term

Loan

8.19%,

10/28/2031

(f) 1,538

1,503

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Moonraker

AcquisitionCo

LLC

;

Term

Loan

9.45%,

08/04/2028

(b),(f)

798

798

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

PTS

HoldCo

,

Inc.

;

Term

Loan

9.45%,

03/04/2031

(f) 2,880

2,829

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

10,515

Telecommunications

-

1.88%

OptConnect

Management,

LLC

;

Revolver

8.42%,

11/22/2028

(f) 37

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

OptConnect

Management,

LLC

;

Term

Loan

8.42%,

11/22/2028

(f) 1,764

1,746

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

7.87%,

PIK

0.50%;

03/11/2030

(k) 519

509

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

2,292

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

130,136

Total

Investments

$

142,372

Other

Assets

and

Liabilities

- (16.47)%

(20,171)

TOTAL

NET

ASSETS

-

100.00%

$

122,201

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

March

31,

2026

See

accompanying

notes.

(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

$6,168

or

5.05%

of

net

assets.

(j) This

Senior

Floating

Rate

Note

will

settle

after

March

31,

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

59.07%

Industrial

18.47%

Technology

13.33%

Financial

7.38%

Communications

6.73%

Basic

Materials

3.82%

Money

Market

Funds

2.85%

Consumer,

Cyclical

2.11%

Utilities

1.72%

Energy

0.99%

Other

Assets

and

Liabilities

(16.47)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

March

31,

2025

Purchases

Sales

March

31,

2026

Value

Cost

Proceeds

Value

Principal

Private

Credit

Fund

Joint

Venture,

LLC

$

—

$

1,239

$

—

$

1,246

$

—

$

1,239

$

—

$

1,246

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Private

Credit

Fund

Joint

Venture,

LLC

$

—

$

—

$

—

$

$

—

$

—

$

—

$

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Advantage

Surveillance,

LLC

11/04/2025

$

$

0.07%

AKS

Engineering

Holdings

LLC

01/07/2025

0.02%

APS

Blackwater

Holdings

LLC

12/01/2025

0.14%

CIT

Intermediate

Holdco,

Inc.

11/14/2025

0.04%

CPS

Investors,

LP

03/28/2025-05/30/2025

0.03%

CVS

Parent

Holdings

LLC

02/06/2025

0.00%

CWC

Fund

I

Co-Invest

MFA

LP

08/26/2025-03/12/2026

0.14%

Douglas

Top

Parent

LLC

08/27/2024

0.01%

Mascarene

VTC

Investment

07/15/2025-11/25/2025

0.06%

Principal

Private

Credit

Fund

Joint

Venture,

LLC

02/17/2026-03/20/2026

1,240

1,246

1.02%

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

0.03%

Total

$

2,036

1.65%

Amounts

in

thousands.

Glossary

to

the

Schedule

of

Investments

March

31,

2026

See

accompanying

notes.

Currency

Abbreviations

USD/$

United

States

Dollar

Consolidated

Financial

Highlights

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

March

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

PRIVATE

CREDIT

FUND

(b) Class

A

shares

2026

$

.21

$

.67

$

.02

$

.69

($

.73)

$

–

($

.73)

$

.17

2025(e)

.16

.63

.01

.64

(0

.58)

(0

.01)

(0

.59)

.21

Class

Y

shares

2026

.24

.76

(0

.01)

.75

(0

.73)

–

(0

.73)

.26

2025(e)

.16

.67

.01

.68

(0

.59)

(0

.01)

(0

.60)

.24

Institutional

shares

2026

.23

.73

(0

.01)

.72

(0

.73)

–

(0

.73)

.22

2025(e)

.16

.66

–

.66

(0

.58)

(0

.01)

(0

.59)

.23

Consolidated

Financial

Highlights

(Continued)

See

accompanying

notes.

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Expenses

to

Average

Net

Assets

(Excluding

Interest

Expense

and

Fees)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.95

%

(c) $

.07

%

(d) 2

.60

%

(d) 6

.51

%

.9

%

.37

(c) ,(f)

.61

(d) ,(g)

.60

(d) ,(g)

.46

(g) 15

.3

(g) 7

.55

119,599

.44

(d) 2

.10

(d) 7

.35

.9

.74

(f) 92,143

.11

(d) ,(g)

.10

(d) ,(g)

.82

(g) 15

.3

(g) 7

.26

2,590

.92

(d) 2

.30

(d) 7

.10

.9

.54

(f) 11

.31

(d) ,(g)

.30

(d) ,(g)

.77

(g) 15

.3

(g) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Effective

June

30,

2025,

Principal

Private

Credit

Fund

I

changed

its

name

to

Principal

Private

Credit

Fund.

(c) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(d) Subject

to

Manager's

contractual

expense

limit.

(e) Period

from

June

3,

2024,

date

operations

commenced,

through

March

31,

2025. (f) Total

return

amounts

have

not

been

annualized.

(g) Computed

on

an

annualized

basis.

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

the

Board

of

Trustees

of

Principal

Private

Credit

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities

of

Principal

Private

Credit

Fund,

formerly

known

as

Principal

Private

Credit

Fund

I

(the

"Fund"),

including

the

consolidated

schedule

of

investments,

as

of

March

31,

2026,

and

the

related

consolidated

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

consolidated

statement

of

changes

in

net

assets

and

the

consolidated

financial

highlights

for

the

year

ended

March

31,

2026

and

the

period

from

June

3,

2024,

the

effective

date

of

the

Fund's

registration

statement

on

Form

N-2,

through

March

31,

2025,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

consolidated

financial

position

of

the

Fund

at

March

31,

2026,

the

consolidated

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

consolidated

changes

in

its

net

assets

and

its

consolidated

financial

highlights

for

the

year

ended

March

31,

2026

and

the

period

from

June

3,

2024,

the

effective

date

of

the

Fund's

registration

statement

on

Form

N-2,

through

March

31,

2025,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Fund's

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund's

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026,

by

correspondence

with

the

custodian,

agent

banks,

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969. Minneapolis,

Minnesota

May

22,

2026

Shareholder

Expense

Example

Principal

Private

Credit

Fund

March

31,

2026

(unaudited)

As

a

shareholder

of

Principal

Private

Credit

Fund,

you

incur

two

types

of

costs:

(1) transaction

costs,

including

sales

charges

on

purchase

payments

and

contingent

deferred

sales

charges;

and

(2) ongoing

costs,

including

management

fees;

distribution

fees;

and

other

fund

expenses.

In

addition

to

the

expenses

the

Fund

bears

directly,

the

Fund

may

indirectly

bear

its

pro

rata

share

of

the

expenses

incurred

by

the

investment

companies

in

which

the

Fund

invests.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

Principal

Private

Credit

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

October

1,

2025

to

March

31,

2026

,

unless

otherwise

noted.

Actual

Expenses

The

first

section

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading

entitled

"Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Additional

account

fees

may

apply

to

certain

types

of

investment

products

which

are

not

included

in

the

table

below.

If

they

were,

the

estimate

of

expenses

you

paid

during

the

period

would

be

higher,

and

your

ending

account

value

lower,

by

this

amount.

Hypothetical

Example

for

Comparison

Purposes

The

second

section

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

on

purchase

payments,

contingent

deferred

sales

charges,

redemption

fees

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

Beginning

Account

Value

October

1,

2025

Ending

Account

Value

March

31,

2026

Expenses

Paid

During Period

October

1,

2025 to

March

31,

2026

(a) Beginning

Account

Value

October

1,

2025

Ending

Account

Value

March

31,

2026

Expenses

Paid

During Period

October

1,

2025 to

March

31,

2026

(a) Annualized

Expense

Ratio

Principal

Private

Credit

Fund

Class

A

$

1,000.00

$

1,028.35

$

15.58 $

1,000.00

$

1,009.57

$

15.43 3.08 %

Class

Y

1,000.00

1,031.28

13.37 1,000.00

1,011.77

13.24 2.64 Institutional

1,000.00

1,029.40

15.18 1,000.00

1,009.97

15.03 3.00 Principal

Private

Credit

Fund

(Excluding

Interest

Expense

and

Fees)

Class

A

1,000.00

1,028.35

13.15 1,000.00

1,011.97

13.04 2.60 Class

Y

1,000.00

1,031.28

10.64 1,000.00

1,014.46

10.55 2.10 Institutional

1,000.00

1,029.40

11.64 1,000.00

1,013.46

11.55 2.30 (a) Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

one-half

year

period).

Principal

Private

Credit

Fund

(unaudited)

Notification

of

Source

of

Distributions

Pursuant

to

Rule

19a-1

of

the

Investment

Company

Act

of

1940

As

noted

in

the

table

provided

below,

Principal

Private

Credit

Fund

made

distributions

for

the

months

of

December

and

March

for

which

a

portion

is

estimated

to

be

in

excess

of

the

Fund's

current

and

accumulated

net

income.

As

of

this

month

end,

the

estimated

sources

of

these

distributions

were

as

follows:

The

ultimate

composition

of

these

distributions

may

vary

from

the

estimates

provided

above

due

to

a

variety

of

factors

including

future

income

and

expenses,

and

realized

gains

and

losses

from

the

purchase

and

sale

of

securities.

Please

note

that

this

information

is

being

provided

to

satisfy

certain

notice

requirements

under

the

Investment

Company

Act

of

1940. Tax

reporting

information

for

shareholders

of

the

Fund

will

not

be

available

until

the

end

of

the

Fund's

fiscal

year.

As

a

result,

shareholders

should

not

use

the

information

provided

in

this

notice

for

tax

reporting

purposes.

December

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Principal

Private

Credit

Fund

95.46%

1.90%

2.64%

March

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Principal

Private

Credit

Fund

98.43%

1.57%

0.00%

FUND

BOARD

OF

TRUSTEES

AND

OFFICERS

The

Board

of

Trustees

(the

"Board")

has

overall

responsibility

for

overseeing

the

Fund's

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

"1940

Act"),

other

applicable

laws,

and

the

Fund's

charter.

Each

member

of

the

Board

("Board

Member")

serves

on

the

Boards

of

the

following

investment

companies:

Principal

Private

Credit

Fund

and

Principal

Real

Asset

Fund

which

are

collectively

referred

to

as

the

"Fund

Complex".

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

"interested

persons"

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

referred

to

as

"Interested

Board

Members".

Board

Members

who

are

not

Interested

Board

Members

are

referred

to

as

"Independent

Board

Members".

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

shareholders

or

until

such

Board

Member's

earlier

death,

resignation,

or

removal.

The

Board

elects

officers

to

supervise

the

day-to-day

operations

of

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

INTERESTED

BOARD

MEMBERS

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392. Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

Years

Danielle

E. Davis

Board

Member

since

2024

1981

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

Head

of

Corporate

Development

and

Strategy,

Chainalysis

(blockchain

data

company)

since

2022

Managing

Director

and

Chief

M&A

Counsel,

S&P

Global

(formerly,

IHS

Markit)

(financial

information

company)

(2018-2022)

None

Shane

C. Goodwin

Board

Member

since

2024

1968

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

Associate

Dean

&

Professor,

Cox

School

of

Business

at

Southern

Methodist

University

since

2018

Managing

Director,

The

Center

for

Global

Enterprise

(research

and

analytics)

(2017-2023)

None

James

E. Stueve

Lead

Independent

Board

Member

since

2024

Board

Member

since

2024

1964

Member,

Audit

Committee

Member,

Nominating

and

Governance

Committee

Owner,

Stueve

Insights

LLC

(consulting

services)

since

2018

None

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

Years

Barbara

Wenig

Principal

Financial

Group\*

None

Chair

and

Board

Member

since

2024

Chief

Executive

Officer

and

President

(since

2024)

1972

Executive

Managing

Director

–

Chief

Business

Officer

(since

2025)

Executive

Managing

Director

–

Global

Head

of

Operations

and

Services

–

Principal

Asset

Management

~

SM

(2021-2024)

Neuberger

Berman

Managing

Director

(2008-2021)

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

years

George

Djurasovic

Principal

Financial

Group\*

Vice

President

and

General

Counsel

Des

Moines,

IA

50392

1971

Vice

President

and

General

Counsel

–

Principal

Asset

Management

~

SM

(since

2022)

Artisan

Partners

Limited

Partnership

Global

Chief

Compliance

Officer

(2013-2022)

Calvin

Eib

Principal

Financial

Group\*

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1963

Assistant

General

Counsel

(since

2025)

Counsel

(since

2021-2025)

Transamerica

Tax

Counsel

(2016-2021)

Megan

Hoffmann

Principal

Financial

Group\*

Vice

President

and

Treasurer

Des

Moines,

IA

50392

1979

Vice

President

and

Controller

(2021-2025)

Senior

Director

–

Fund

Accounting

and

Administration

(since

2025)

Senior

Director

–

Fund

Administration

(2024) Director

–

Accounting

(2020-2024)

Laura

B. Latham

Principal

Financial

Group\*

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Assistant

Counsel

and

Assistant

Secretary

(2018-

2023)

Assistant

General

Counsel

(since

2025)

Counsel

(2018-2025)

Ann

Meiners

Principal

Financial

Group\*

Vice

President

and

Assistant

Treasurer

Des

Moines,

IA

50392

1977

Vice

President

and

Assistant

Controller

(2025) Director

–

Fund

Accounting

(since

2024)

Assistant

Director

–

Fund

Accounting

(2017-2024)

David

P. Michalik

Principal

Financial

Group\*

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1991

Counsel

(since

2025)

The

Northern

Trust

Company

Second

Vice

President

(2019-2025)

Diane

K. Nelson

Principal

Financial

Group\*

AML

Officer

Des

Moines,

IA

50392

1965

Director–

Compliance

(since

2024)

Chief

Compliance

Officer/AML

Officer

(2015-2024)

Tara

Parks

Principal

Financial

Group\*

Vice

President

and

Assistant

Treasurer

Des

Moines,

IA

50392

1983

Vice

President

and

Assistant

Controller

(2021-2025)

Senior

Director

–

Fund

Tax

(since

2024)

Director

–

Accounting

(2019-2024)

Deanna

Y. Pellack

Principal

Financial

Group\*

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Assistant

Counsel

and

Assistant

Secretary

(2022-

2023)

Counsel

(since

2022)

The

Northern

Trust

Company

Vice

President

(2019-2022)

Sara

L. Reece

Principal

Financial

Group\*

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

(2016-2021)

Managing

Director

–

Global

Head

of

Fund

Services

(since

2024)

Managing

Director

–

Global

Funds

Ops

(2021-2024)

Director

-

Accounting

(2015-2021)

Teri

R. Root

Principal

Financial

Group\*

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Chief

Compliance

Officer

–

Funds

(since

2018)

Vice

President

(since

2015)

\*

The

reference

to

Principal

Financial

Group

includes

positions

held

by

the

Interested

Board

Member

/

Fund

Complex

Officer,

including

as

an

officer,

employee,

and/or

director,

with

affiliates

or

subsidiaries

of

Principal

Financial

Group.

The

titles

set

forth

here

are

each

Interested

Board

Member's

/

Fund

Complex

Officer's

title

with

Principal

Workforce,

LLC,

an

affiliated

entity

of

PGI

that

is

the

payroll

employer

of

the

Interested

Board

Member

and

Fund

Complex

Officers.

The

Audit

Committee's

primary

purpose

is

to

assist

the

Board

by

serving

as

an

independent

and

objective

party

to

monitor

the

Fund

Complex's

accounting

policies,

financial

reporting

and

internal

control

system,

as

well

as

the

work

of

the

independent

registered

public

accountants.

The

Audit

Committee

assists

Board

oversight

of

1)

the

integrity

of

the

Fund

Complex's

financial

statements;

2)

the

Fund

Complex's

compliance

with

certain

legal

and

regulatory

requirements;

3)

the

independent

registered

public

accountants'

qualifications

and

independence;

and

4)

the

performance

of

the

Fund

Complex's

independent

registered

public

accountants.

The

Audit

Committee

also

provides

an

open

avenue

of

communication

among

the

independent

registered

public

accountants,

the

Manager's

internal

auditors,

Fund

Complex

management,

and

the

Board.

The

Nominating

and

Governance

Committee's

primary

purpose

is

to

oversee

the

structure

and

efficiency

of

the

Board

and

the

committees.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392. Such

recommendations

must

include

all

information

specified

in

the

Committee's

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

be

found

at

https://investors.principal.com/documents-charters.

Examples

of

such

information

include

the

nominee's

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate's

background,

experience,

skills

and

views

would

complement

the

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

final

decision

is

based

on

a

combination

of

factors,

including

the

strengths

and

the

experience

an

individual

may

bring

to

the

Board.

The

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

Additional

information

about

the

Fund

is

available

in

the

Prospectuses

and

the

Statement

of

Additional

Information

dated

June

30,

2025

(and

as

supplemented).

These

documents

may

be

obtained

free

of

charge

by

writing

Principal

Private

Credit

Fund,

P.O.

Box

219971,

Kansas

City,

MO

64121-9971

or

telephoning

1-800-222-5852.

The

prospectus

may

be

viewed

at

www.PrincipalAM.com/IntervalProspectuses

.

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

years

Michael

Scholten

Principal

Financial

Group\*

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Assistant

Vice

President

and

Actuary

(since

2021)

Chief

Financial

Officer

–

Funds/Platforms

(2015-

2021)

Adam

U. Shaikh

Principal

Financial

Group\*

Vice

President

and

Assistant

General

Counsel,

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

Counsel

(2006-2023)

Associate

General

Counsel

(since

2024)

Assistant

General

Counsel

(2018-2024)

John

L. Sullivan

Principal

Financial

Group\*

Counsel

and

Secretary

Des

Moines,

IA

50392

1970

Counsel

and

Assistant

Secretary

(2023-2024)

Assistant

Counsel

and

Assistant

Secretary

(2019-

2023)

Assistant

General

Counsel

(since

2023)

Counsel

(2019-2023)

Jared

A. Yepsen

Principal

Financial

Group\*

Tax

Counsel

Des

Moines,

IA

50392

1981

Assistant

Tax

Counsel

(2017-2025)

Assistant

General

Counsel

(since

2023)

Counsel

(2015-2023)

PROXY

VOTING

POLICIES

A

description

of

the

policies

and

procedures

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

the

results

of

the

proxy

votes

for

the

most

recent

twelve

months

ended

June

may

be

obtained

free

of

charge

by

telephoning

1-800-222-5852,

or

on

the

SEC

website

at

www.sec.gov.

SCHEDULES

OF

INVESTMENTS

The

Fund

files

complete

schedules

of

investments

with

the

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund's

Form

N-PORT

reports

are

available

on

the

Commission's

website

at

www.sec.gov.

Federal

Income

Tax

Information

Principal

Private

Credit

Fund

March

31,

2026

(unaudited)

Long-Term

Capital

Gain

Dividends.

The

Fund

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

March

31,

2026

.

Details

of

designated

long-term

capital

gain

dividends

for

federal

income

tax

purposes

are

shown

in

the

Notes

to

Financial

Statements.

To

the

extent

necessary

to

distribute

such

capital

gains,

the

Fund

may

also

utilize,

and

hereby

designate,

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

Dividends

Paid

Deduction.

Dividends

Received

Deduction

("DRD").

For

corporate

shareholders,

the

Fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions\*

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2025

:

\*

For

purposes

of

calculating

DRD,

"ordinary

income

distributions"

includes

ordinary

dividend

income

distribution,

short

term

capital

gains

distribution,

and

the

foreign

tax

paid.

Qualified

Dividend

Income

("QDI").

Certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

Fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2025

:

Section

163(j)

Interest

Dividends.

The

Fund

intends

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).

The

Fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2025

:

In

early

2026

,

if

applicable,

shareholders

of

record

received

the

above

information

on

QDI,

Foreign

Tax

Credit,

and

Section

199A,

if

applicable,

for

the

distribution

paid

to

them

by

the

Fund

during

the

calendar

year

2025

via

Form

1099. The

Fund

will

notify

shareholders

in

early

2027

of

amounts

paid

to

them

by

the

Fund,

if

any,

during

the

calendar

year

2026

.

This

information

is

given

to

meet

certain

requirements

of

the

Internal

Revenue

Code

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

you

will

receive

from

the

Fund's

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal's

Tax

Center

website.

Website:

https://www.principal.com/tax-center

Please

consult

your

tax

advisor

if

you

have

any

questions.

DRD

Principal

Private

Credit

Fund

0.00%

QDI

Principal

Private

Credit

Fund

0.00%

163(j)

Interest

Dividends

Principal

Private

Credit

Fund

94.68 %

#### Principal

#### Funds

#### Distributor,

#### Inc.
711

High

Street

Des

Moines,

IA

50392-6370

Do

not

use

this

address

for

business

correspondence

PrincipalAM.com

Investing

involves

risk,

including

possible

loss

of

principal.

This

shareholder

report

is

published

as

general

information

for

the

shareholders

of

Principal

Private

Credit

Fund.

This

material

is

not

authorized

for

distribution

unless

preceded

or

accompanied

by

a

current

prospectus

or

a

summary

prospectus

that

includes

more

information

regarding

the

risk

factors,

expenses,

policies,

and

objectives

of

the

funds.

Investors

should

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

To

obtain

a

prospectus

or

summary

prospectus,

please

contact

your

financial

professional

or

call

800-222-5852.

Principal

Funds

are

distributed

by

Principal

Funds

Distributor,

Inc.

Principal®

,

Principal

Financial

Group®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.©

2026

Principal

Financial

Services,

Inc.

\|

INF104AR-01

\|

03/2026

\|

4312610

#### ITEM 2 – CODE OF ETHICS
(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended, as described in Item 2(c) of Form N-CSR, its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto in response to Item 19(a)(1).

#### ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT
The Registrant's Board has determined that Shane Goodwin, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

#### ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES
 <u>(a) Audit Fees.</u>

Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

March 31, 2026 - $133,288

March 31, 2025 - $165,639

 <u>(b) Audit-Related Fees.</u>

Ernst & Young provided audit-related services to the registrant that are not included in response to item 4(a). Those services related to the review of Form N-2. During the last two fiscal years, Ernst & Young has billed the following amounts for those services.

March 31, 2026 - $0

March 31, 2025 - $0

Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

 <u>(c) Tax Fees.</u>

Ernst & Young prepares and reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this service, Ernst & Young prepares and reviews the calculation of the registrant's dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries and services to determine the taxability of corporate actions. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

March 31, 2026 - $39,322

March 31, 2025 - $12,756

Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

 <u>(d) All Other Fees.</u>

Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst & Young billed no fees that registrant's audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

 <u>(e) (1) Audit Committee Pre-Approval Policy.</u>

&nbsp;&nbsp;&nbsp;&nbsp;The audit committee of the registrant has adopted the following pre-approval policy:

**The Principal Funds Policy**

**on Auditor Independence**

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Board of Trustees of the Principal Private Credit Fund I, Principal Real Asset Fund, and any other registered closed-end investment companies that the Board of Trustees oversees (the "Funds").

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds. For the purposes of this policy, Prohibited Services are:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Services that are subject to audit procedure during a financial statement audit;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Services where the auditor would act on behalf of management;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Services where the auditor is an advocate to the client's position in an adversarial proceeding;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial information systems design and implementation;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Actuarial services;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Internal audit functions or human resources;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Broker or dealer, investment advisor, or investment banking services;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Legal services and expert services unrelated to the audit;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Tax planning services related to listed, confidential and aggressive transactions;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Board of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Any other service that the International Ethics Standards Board for Accountants (IESBA) determines, by regulation, is impermissible.

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval and pre-concurrence, a detailed description of each particular service, excluding tax services, for which pre-approval and pre-concurrence is sought, and the corresponding range of fees for such service. The Committee may delegate pre-approval and pre-concurrence authority to one or more of its members provided such delegated member(s) shall present a report of any services so pre-approved and pre-concurred to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall have pre-approval and pre-concurrence authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.

In considering whether to grant pre-approval and pre-concurrence with respect to the primary independent auditor's provision of non-audit services, the Committee (or the delegated members(s), as applicable) will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee (or the delegated members(s), as applicable) will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC ("PGI") or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds as well as any controlled subsidiary.

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Committee shall monitor that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For persons recently promoted or hired into a financial reporting oversight role (other than members of the Board of the Funds who are not also officers or otherwise "interested persons" (as defined by the Investment Company Act of 1940) of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Board of the Funds on June 17, 2025).

 <u>(e) (2) Pre-Approval Waivers.</u>

There were no services, or 0%, provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 <u>(f)</u>

Substantially all work in connection with the audit of the registrant's financial statements was performed by full-time employees of Ernst & Young.

 <u>(g)</u>

The aggregate non-audit fees Ernst & Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

March 31, 2026 - $246,551

March 31, 2025 - $225,575

 <u>(h)</u>

The registrant's audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence and notes there were no fees requiring such consideration.

(i) The registrant has not been identified by the Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position of authority in that jurisdiction.

(j) the registrant is not a foreign issuer.

#### ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) Not applicable.

(b) Not applicable.

#### ITEM 6 – INVESTMENTS
Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

(a) Not applicable.

(b) Not applicable.

ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES**

Not applicable.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Statement Regarding Basis for Approval of Investment Advisory Contracts is included as part of the Report to Stockholders filed under Item 1 of this form.

ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Below are copies of the Registrant's proxy voting policies and procedures, which consist of the proxy voting policies and procedures of the Registrant's adviser, Principal Global Investors, LLC ("PGI"), and its sub-advisers.

**Proxy Voting Policies and Procedures**

**Principal Private Credit Fund**

**Principal Real Asset Fund**

(Closed-End Interval Funds)

It is the Interval Funds' policy to delegate authority to its adviser or sub-adviser, as appropriate, to vote proxy ballots relating to the Funds' portfolio securities in accordance with the adviser's or sub-adviser's voting policies and procedures.

The adviser or sub-adviser must provide, on a quarterly basis:

1. Written affirmation that all proxies voted during the preceding calendar quarter, other than those specifically identified by the adviser or sub-adviser, were voted in a manner consistent with the adviser's or sub-adviser's voting policies and procedures. In order to monitor the potential effect of conflicts of interest of an adviser or sub-adviser, the adviser or sub-adviser will identify any proxies the adviser or sub-adviser voted in a manner inconsistent with its policies and procedures. The adviser or sub-adviser shall list each vote, explain why the adviser or sub-adviser voted in a manner contrary to its policies and procedures, state whether the adviser or sub-adviser's vote was consistent with the recommendation to the adviser or sub-adviser of a third-party and, if so, identify the third-party; and

2. Written notification of any material changes to the adviser's or sub-adviser's proxy voting policies and procedures made during the preceding calendar quarter.

The adviser or sub-adviser must provide, no later than July 31 of each year, the following information regarding each proxy vote cast during the 12-month period ended June 30 for each Fund portfolio or portion of Fund portfolio for which it serves as investment adviser, in a format acceptable to Fund management:

1. Identification of the issuer of the security;

2. Exchange ticker symbol of the security;

3. CUSIP number of the security;

4. The date of the shareholder meeting;

5. A brief description of the subject of the vote;

6. Whether the proposal was put forward by the issuer or a shareholder;

7. Whether and how the vote was cast; and

8. Whether the vote was cast for or against management of the issuer.

**Principal Global Investors, LLC**

**Proxy Voting Policy**

**Introduction**

Principal Global Investors, LLC[\[1\]](#_ftn1) (doing business as Principal Asset Management) is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940 (the "Advisers Act"). As a registered investment adviser, Principal Asset Management has a fiduciary duty to act in the best interests of its clients. Principal Asset Management recognizes that this duty requires it to vote client securities, for which it has voting power on the applicable record date, in a timely manner and make voting decisions that are in the best interests of its clients. This document, the Principal Asset Management Proxy Voting Policies and Procedures (the "Policy"), is intended to comply with the requirements of the Investment Advisers Act of 1940, the Investment Company Act of 1940 and the Employee Retirement Income Security Act of 1974 applicable to the voting of the proxies of both US and non-US issuers on behalf of clients of Principal Asset Management who have delegated such authority and discretion.

**Relationship between Investment Strategy, Sustainable Investing, and Proxy Voting**

Principal Asset Management has a fiduciary duty to make investment decisions that are in its clients' best interests by maximizing the value of their shares. Proxy voting is an important part of this process through which Principal Asset Management can support strong corporate governance structures, shareholder rights, and transparency. Principal Asset Management also believes a company's positive environmental and social practices may reduce risk and, in turn, influence the value of a company. Principal Asset Management may take these factors into consideration, alongside other non-sustainability factors, when voting proxies in its effort to seek the best economic outcome for its clients. Shareholder proposals often address matters that are in direct conflict with the opinions of company management. As a result, we believe additional scrutiny is required and, therefore, all shareholder proposals are escalated to the investment teams for a final voting decision.

**ROLES AND RESPONSIBILITIES**

**Role of the Proxy Voting Committee**

Principal Asset Management's Proxy Voting Committee (the "Proxy Voting Committee") shall (i) oversee the voting of proxies and the Proxy Advisory Firm, (ii) where necessary, make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with the Policy, (iv) review the business practices of the Proxy Advisory Firm and (v) evaluate, maintain, and review the Policy on an annual basis. The Proxy Voting Committee is comprised of representatives of each investment team and a representative from Principal Asset Management Risk, Legal, Operations, and Compliance will be available to advise the Proxy Voting Committee but are non-voting members. The Proxy Voting Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Policy and may designate personnel to instruct the vote on proxies on behalf the Principal Asset Management clients (collectively, "Authorized Persons").

The Proxy Voting Committee shall meet at least four times per year, and as necessary to address special situations.

**Role of Portfolio Management**

While the Proxy Voting Committee establishes the Guidelines and Procedures, the Proxy Voting Committee does not direct votes for any client except in certain cases where a conflict of interest exists. Each investment team is responsible for determining how to vote proxies for those securities held in the portfolios their team manages. While investment teams generally vote consistently with the Guidelines, there may be instances where their vote deviates from the Guidelines. In those circumstances, the investment team will work within the Exception Process. In some instances, the same security may be held by more than one investment team. In these cases, Principal Asset Management may vote differently on the same matter for different accounts as determined by each investment team.

**Proxy Voting Guidelines**

The Proxy Voting Committee and Chief Investment Officer, on an annual basis, or more frequently as needed, will establish a working group to review draft proxy voting guidelines recommended to the Committee ("Draft Guidelines"). The Guidelines Working Group will collect feedback and propose Draft Guidelines for adoption by the Committee. Each investment team maintains autonomy to select the most correlated Guidelines for their strategies. Collectively, these guidelines will constitute the current Proxy Voting Guidelines of Principal Asset Management and may change from time to time (the "Guidelines"). The Proxy Voting Committee has the obligation to determine that, in general, voting proxies pursuant to the Guidelines is in the best interests of clients. Exhibit A (Proxy Voting Philosophy Summary) provides an overview of our current philosophy underlying our three core Guidelines; Base, Sustainable and Board Aligned. Full overviews of each of these custom Guidelines are maintained and available.

There may be instances where proxy votes will not be in accordance with the Guidelines. Clients may instruct Principal Asset Management to utilize a different set of guidelines, request specific deviations, or directly assume responsibility for the voting of proxies. In addition, Principal Asset Management may deviate from the Guidelines on an exception basis if the investment team or Principal Asset Management has determined that it is the best interest of clients in a particular strategy to do so, or where the Guidelines do not direct a particular response and instead list relevant factors. Any such a deviation will comply with the Exception Process which shall include a written record setting out the rationale for the deviation.

The subject of the proxy vote may not be covered in the Guidelines. In situations where the Guidelines do not provide a position, Principal Asset Management will consider the relevant facts and circumstances of a particular vote and then vote in a manner Principal Asset Management believes to be in the clients' bests interests. In such circumstance, the analysis will be documented in writing and periodically presented to the Proxy Voting Committee. To the extent that the Guidelines do not cover potential voting issues, Principal Asset Management may consider the spirit of the Guidelines and instruct the vote on such issues believed to be in the best interests of the client.

**Use of Proxy Advisory Firms**

Principal Asset Management has retained one or more third-party proxy service provider(s) (the "Proxy Advisory Firm") to provide recommendations for proxy voting guidelines, information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom Principal Asset Management has proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although Principal Asset Management has retained the Proxy Advisory Firm for Proxy Voting Services, the entity remains responsible for proxy voting decisions. Principal Asset Management has designed the Policy to oversee and evaluate the Proxy Advisory Firm, including with respect to the matters described below, to support its voting in accordance with this Policy.

**Oversight of Proxy Advisory Firms**

Prior to the selection of any new Proxy Advisory Firm and annually thereafter or more frequently if deemed necessary by Principal Asset Management, the Proxy Voting Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of Principal Asset Management's clients, and consistent with its voting policies. Such considerations may include, depending on the Proxy Voting Services provided, the following: (i) periodic sampling of votes pre populated by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by Principal Asset Management are being followed; (ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to Principal Asset Management; (iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations that Principal Asset Management considers material to Proxy Voting Services, including factors considered, with a particular focus on those relating to identifying, addressing, and disclosing potential conflicts of interest (including potential conflicts related to the provision of Proxy Voting Services, activities other than Proxy Voting Services, and those presented by affiliation such as a controlling shareholder of the Proxy Advisory Firm) and monitoring that materially current, accurate, and complete information is used in creating recommendations and research; (iv) requiring the Proxy Advisory Firm to notify Principal Asset Management if there is a substantive change in the Proxy Advisory Firm's policies and procedures or otherwise to business practices, including with respect to conflicts, information gathering and creating voting recommendations and research, and reviewing any such change(s); (v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from, issuers, the Proxy Advisory Firm's clients and other third-party information sources; (vi) assessing how the Proxy Advisory Firm considers factors unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote; (vii) in case of an error made by the Proxy Advisory Firm, discussing the error with the Proxy Advisory Firm and determining whether appropriate corrective and preventive action is being taken; and (viii) assessing whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis and incorporates input from issuers and Proxy Advisory Firm clients in the update process. In evaluating the Proxy Advisory Firm, Principal Asset Management may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology.

**Procedures for Voting Proxies**

To increase the efficiency of the voting process, Principal Asset Management utilizes the Proxy Advisory Firm to act as its voting agent for its clients' holdings. Issuers initially send proxy information to the clients' custodians.

Principal Asset Management instructs these custodians to direct proxy related materials to the Proxy Advisory Firm. The Proxy Advisory Firm provides Principal Asset Management with research related to each resolution. Principal Asset Management analyzes relevant proxy materials on behalf of their clients and seeks to instruct the vote (or refrain from voting) in accordance with the Guidelines. A client may direct Principal Asset Management to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. Principal Asset Management may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations. Principal Asset Management seeks to vote (or refrain from voting) proxies for its clients in a manner determined to be in their best interests, which may include both considering both the effect on the value of the client's investments and ESG factors. In some cases, Principal Asset Management may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. Principal Asset Management may determine that voting is not in the best interests of a client and refrain from voting if the costs, including the opportunity costs, of voting would, in the view of Principal Asset Management, exceed the expected benefits of voting to the client.

**Procedures for Proxy Issues within the Guidelines**

Where the Guidelines address the proxy matter being voted on, the Proxy Advisor Firm will generally process all proxy votes in accordance with the Guidelines. The applicable investment team may provide instructions to vote contrary to the Guidelines in their discretion and with sufficient rationale documented in writing to seek to maximize the value of the client's investments or is otherwise in the client's best interest. This rationale will be submitted to Principal Asset Management Compliance to approve and once approved, is administered by Principal Asset Management Operations. This process will follow the Exception Process. The Proxy Voting Committee will receive and review a quarterly report summarizing all proxy votes for securities for which Principal Asset Management exercises voting authority. In certain cases, a client may have elected to have Principal Asset Management administer a custom policy which is unique to the Client. If Principal Asset Management is also responsible for the administration of such a policy, in general, except for the specific policy differences, the procedures documented here will also be applicable, excluding reporting and disclosure procedures.

**Procedures for Proxy Issues Outside the Guidelines**

To the extent that the Guidelines do not cover potential voting issues, the Proxy Advisory Firm will seek direction from Principal Asset Management. Principal Asset Management may consider the spirit of the Guidelines and instruct the vote on such issues in a manner believed to be in the best interests of the client. Although this not an exception to the Guidelines, this process will also follow the Exception Process. The Proxy Voting Committee will receive and review a quarterly report summarizing all proxy votes for securities for which Principal Asset Management exercises voting discretion, which shall include instances where issues fall outside the Guidelines.

**Securities Lending**

Some clients may have entered into securities lending arrangements with agent lenders to generate additional revenue. If a client participates in such lending, the client will need to inform Principal Asset Management as part of their contract with Principal Asset Management if they require Principal Asset Management to take actions in regard to voting securities that have been lent. If not commemorated in such agreement nor dictated by regulatory requirements, Principal Asset Management will not recall securities and, as such, they will not have an obligation to direct the proxy voting of lent securities.

In the case of lending, Principal Asset Management maintains one share for each company security out on loan by the client. Principal Asset Management will vote the remaining share in these circumstances.

In cases where Principal Asset Management does not receive a solicitation or enough information within a sufficient time (as reasonably determined by Principal Asset Management) prior to the proxy voting deadline, Principal Asset Management or the Proxy Advisory Firm may be unable to vote.

**Regional Variances in Proxy Voting**

Principal Asset Management utilizes the Policy and Guidelines for both US and non-US clients, and there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is usually relatively easy to vote proxies, as the proxies are typically received automatically and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company's shareholders.

With respect to non-U.S. companies, we make reasonable efforts to vote most proxies and follow a similar process to those in the U.S. However, in some cases it may be both difficult and costly to vote proxies due to local regulations, customs or other requirements or restrictions, and such circumstances and expected costs may outweigh any anticipated economic benefit of voting. The major difficulties and costs may include: (i) appointing a proxy; (ii) obtaining reliable information about the time and location of a meeting; (iii) obtaining relevant information about voting procedures for foreign shareholders; (iv) restrictions on trading securities that are subject to proxy votes (share-blocking periods); (v) arranging for a proxy to vote locally in person; (vi) fees charged by custody banks for providing certain services with regard to voting proxies; and (vii) foregone income from securities lending programs. In certain instances, it may be determined by Principal Asset Management that the anticipated economic benefit outweighs the expected cost of voting. Principal Asset Management intends to make their determination on whether to vote proxies of non-U.S. companies on a case-by case basis. In doing so, Principal Asset Management shall evaluate market requirements and impediments, including the difficulties set forth above, for voting proxies of companies in each country. Principal Asset Management periodically reviews voting logistics, including costs and other voting difficulties, on a client by client and country by country basis, in order to determine if there have been any material changes that would affect Principal Asset Management's determinations and procedures.

**Conflicts of Interest**

Principal Asset Management recognizes that, from time to time, potential conflicts of interest may exist. In order to avoid any perceived or actual conflict of interest, the procedures set forth below have been established for use when Principal Asset Management encounters a potential conflict to ensure that its voting decisions are based on maximizing shareholder value and are not the product of a conflict.

**Addressing Conflicts of Interest - Exception Process**

Prior to voting contrary to the Guidelines, the relevant investment team must complete and submit a report to Principal Asset Management Compliance setting out the name of the security, the issue up for vote, a summary of the Guidelines' recommendation, the vote changes requested and the rational for voting against the Guidelines' recommendation. The member of the investment team requesting the exception must attest to compliance with Principal's Code of Conduct and has an affirmative obligation to disclose any known personal or business relationship that could affect the voting of the applicable proxy. Principal Asset Management Compliance will approve or deny the exception in consultation, if deemed necessary, with the Legal.

If Principal Asset Management Compliance determines that no potential material conflict exists, the Guidelines may be overridden. If Principal Asset Management Compliance determines that there exists or may exist a material conflict, it will refer the issue to the Proxy Voting Committee. The Proxy Voting Committee will consider the facts and circumstances of the pending proxy vote and the potential or actual material conflict and decide by a majority vote as to how to vote the proxy - i.e., whether to permit or deny the exception.

In considering the proxy vote and potential material conflict of interest, the Proxy Voting Committee may review the following factors:

• &nbsp;&nbsp;&nbsp;&nbsp;

The percentage of outstanding securities of the issuer held on behalf of clients by Principal Asset Management;

• &nbsp;&nbsp;&nbsp;&nbsp;

The nature of the relationship of the issuer with Principal Asset Management, its affiliates, or its executive officers;

• &nbsp;&nbsp;&nbsp;&nbsp;

Whether there has been any attempt to directly or indirectly influence the investment team's decision;

• &nbsp;&nbsp;&nbsp;&nbsp;

Whether the direction of the proposed vote would appear to benefit Principal Asset Management or a related party; and/or

• &nbsp;&nbsp;&nbsp;&nbsp;

Whether an objective decision to vote in a certain way will still create a strong appearance of a conflict.

To further address potential conflicts of interest for any proxy votes specific to Principal Financial Group common stock, the exception process is not applicable. In the case of any proprietary electronically traded funds ("ETF"s), mutual funds or other comingled proprietary vehicles, PGI will vote in the same proportion as all other voting shareholders of the underlying fund/vehicle, which is referred to as echo voting, and the exception process is not applicable If echo voting is not available or operationally feasible, PGI may abstain from voting.

In the event that the Proxy Advisor Firm itself has a conflict and thus is unable to provide a recommendation, the investment team may vote in accordance with the recommendation of another independent service provider, if available. If a recommendation from an independent service provider other than the Proxy Advisor Firm is not available, the investment team will follow the Exception Process. Principal Asset Management Compliance will review the form and if it determines that there is no potential material conflict mandating a voting recommendation from the Proxy Voting Committee, the investment team may instruct the Proxy Advisory Firm to vote the proxy issue as it determines is in the best interest of clients. If Principal Asset Management Compliance determines that there exists or may exist a material conflict, it will refer the issue to the Proxy Voting Committee for consideration as outlined above.

**Availability of Proxy Voting Information and Recordkeeping**

**Disclosure**

Principal Asset Management publicly discloses on our website <u>Principal Asset Management Vote Disclosure</u>. The interactive voting dashboard, allows for dynamic disclosure of the manner in which votes were cast, including details related to (i) votes against management, (ii) abstentions, (iii) vote rationale, and (iii) voting metrics. For more information, Clients may contact Principal Asset Management for details related to how Principal Asset Management has voted with respect to securities held in the Client's account. On request, Principal Asset Management will provide clients with a summary of Principal Asset Management's proxy voting guidelines, process, and policies and will inform the clients how they can obtain a copy of the complete Proxy Voting Policies and Procedures upon request. Principal Asset Management will also include such information described in the preceding two sentences in Part 2A of its Form ADV.

**Recordkeeping**

Principal Asset Management will keep records of the following items: (i) the Guidelines; (ii) the Proxy Voting Policies and Procedures; (iii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iv) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (v) records of written client requests for proxy voting information and responses from Principal Asset Management (whether a client's request was oral or in writing); (vi) any documents prepared by Principal Asset Management that were material to making a decision how to vote, or that memorialized the basis for the decision; (vii) a record of any testing conducted on any Proxy Advisory Firm's votes; (viii) materials collected and reviewed by Principal Asset Management as part of its due diligence of the Proxy Advisory Firm; (ix) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to Principal Asset Management; and (x) the minutes of the Proxy Voting Committee meetings. All of the records referenced above will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six years. If the local regulation requires that records are kept for more than six years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

**APPENDIX** 

**Proxy Voting Philosophy** 

Principal Asset Management's Proxy Voting Philosophy is built on an unwavering commitment of creating long-term value for our shareholders and investing in businesses sharing this commitment. While we think setting and executing corporate policies should generally rest with a company's board of directors and executive management, we also think shareholders play a critical role in holding these parties accountable. We take this responsibility seriously. Our policy is implemented globally, taking into consideration the relevant legal and regulatory requirements in each region.

Our philosophy is structured around four key themes:

• &nbsp;&nbsp;&nbsp;&nbsp;

Board Structure and Composition

• &nbsp;&nbsp;&nbsp;&nbsp;

Board Oversight of Risk and Strategy

• &nbsp;&nbsp;&nbsp;&nbsp;

Board Oversight of Executive Selection and Compensation

• &nbsp;&nbsp;&nbsp;&nbsp;

Shareholder Rights and Protections

The positions described below should be understood as principles underlying our general philosophy and not as strict requirements to be followed with respect to each and every proxy vote.

**Board Structure, Composition, and Accountability** 

The philosophy of our active investment teams: Our clients, as shareholders, own the corporation. Boards of directors are accountable to them. Corporate management, in turn, is accountable to its board. As investors, we need to be comfortable delegating trust and responsibility to these parties – and these parties should have the appropriate discretion to manage a company's affairs with an awareness of the company's particular circumstances. We guide our proxy voting in this area to help ensure our clients are invested in companies with trustworthy and effective boards. Examples of relevant principals underlying this philosophy include but are not limited to:

• &nbsp;&nbsp;&nbsp;&nbsp;

Independence – A majority of board members are expected to be substantially independent from the company – not company executives, not key customers or suppliers, and not executives who sit on one another's boards. Non-independent board members should be prohibited from serving on key board committees such as audit, compensation, nominating and governance. In addition, board leadership should be independent of company management either through an independent chair or lead independent director with sufficient authority.

• &nbsp;&nbsp;&nbsp;&nbsp;

Board composition and selection – A board must possess the fully array of skills and experience necessary to oversee and guide the company it serves. We expect boards to curate an inventory of necessary skills and experiences and ensure full representation across the board. For new board members, boards should recruit unbiased slates of candidates who reflect the skills needed by the board.

• &nbsp;&nbsp;&nbsp;&nbsp;

Board size – A board should bring a wide range of relevant perspectives, incorporate skills aligning with business needs, and include enough members to ensure sufficient levels of independence for key committees.

• &nbsp;&nbsp;&nbsp;&nbsp;

Capacity and commitments of board members – Board members should demonstrate a capacity to fulfill their roles and a commitment to the responsible discharge of their duties. This includes attendance of at least 75% of board meetings and participation in no more than four other public company boards.

• &nbsp;&nbsp;&nbsp;&nbsp;

Accountability – As shareholder representatives, board members should be held to a high standard with their performance assessed on a regular basis. As such, shareholders should have the right to vote on the entire slate of directors on an annual basis.

**Board Oversight of Risk and Strategy**

The philosophy of our active investment teams: The oversight, guidance, and support a board of directors provides to a management team is critical to the execution of its long-term corporate strategy and ultimately, the creation of shareholder value. We expect boards to assist in identifying material risks to the company's strategy, disclosure practices, and execution and to provide risk mitigation insight and monitoring. Examples of relevant principles underlying this philosophy include but are not limited to:

• &nbsp;&nbsp;&nbsp;&nbsp;

Capital Structure – Increases in authorized shares outstanding are generally accepted if the proposed authorization results in an increase in shares authorized of 10% or less over a 2-year period. Proposals to create, modify, or issue common and preferred stock are generally accepted if the rights of the issuance are not superior to the rights of the current shareholders, subject to the principal that the authorization increase is limited to 10% of less over a 2-year period.

• &nbsp;&nbsp;&nbsp;&nbsp;

Mergers and Acquisitions – We expect boards to actively review potential targets and offers, assessing all such activities with shareholder value creation as the primary consideration. As investors, we recognize all merger and acquisition proposals are unique and should be assessed on their individual merit, including the deal premium, strategic rationale and possibility of competing offers.

• &nbsp;&nbsp;&nbsp;&nbsp;

Auditors – A board of directors should oversee the company's third-party auditor to ensure an independent and accurate assessment of the company's financial position is being portrayed. This should include a regular review of auditor qualifications, independence and competency.

• &nbsp;&nbsp;&nbsp;&nbsp;

Climate Reporting – We expect boards and managements to assess financially material climate risks to the business and, when relevant, provide the disclosure necessary for a reasonable investor to make informed decisions regarding potential impacts upon shareholder value.

**Board Oversight of Executive Selection and Compensation**

The philosophy of our active investment teams: A key aspect of a board of directors' governance responsibility is the support, selection and assessment of the management team. Boards should hold executives to clear value creation and be willing to make changes to management when shareholder value creation falls short of reasonable potential. Boards should also create and maintain formal succession plans to ensure continuity and minimize key person risk. Examples of relevant principles underlying this philosophy include but are not limited to:

• &nbsp;&nbsp;&nbsp;&nbsp;

Executive Pay – A board should have a clear philosophy on executive pay and maintain an independent compensation committee focused on attracting and retaining executives who will drive shareholder value over time. Executives' pay and long-term performance should align executives with shareholders through measures of financial performance relative to financial targets aligned with value generation, and the performance of relevant peers. Likewise, we expect the board of directors to be aligned with shareholders through financial incentives and share ownership.

• &nbsp;&nbsp;&nbsp;&nbsp;

Stock Based Compensation – We support the use of share-based incentive plans intended to increase the share ownership by management and align shareholder interests with management. Such plans should take into consideration the dollar cost of the plans to shareholders and the appropriateness of financial targets included in the plans. However, we believe that retroactive re-pricing of underwater options is indicative of poor corporate governance and will generally vote in opposition to a repricing scheme.

• &nbsp;&nbsp;&nbsp;&nbsp;

Say on Pay Frequency – In order to ensure alignment between pay and performance, we support annual advisory votes to approve executive compensation.

• &nbsp;&nbsp;&nbsp;&nbsp;

Executive Selection and Succession – We expect a board of directors to carry out a thorough executive selection process considering a range of qualified candidates with a variety of skills and backgrounds. It is ultimately the responsibility of a board to select the candidate they think will best generate long-term value for shareholders.

**Shareholder Rights and Protections** 

The philosophy of our active investment teams: As investors, we view the protection of shareholder rights as integral to proper corporate governance and think major corporate changes require prior shareholder approval. We also recognize there are costs associated with shareholder proposals and think ownership thresholds are appropriate in many circumstances. We oppose all structural impediments to increasing shareholder value. Examples of relevant principles underlying this philosophy include but are not limited to:

• &nbsp;&nbsp;&nbsp;&nbsp;

Shareholder Rights Plans "Poison Pills" – We generally oppose the use of poison pills unless a "pill" is approved by shareholders and does not hamper value creation.

• &nbsp;&nbsp;&nbsp;&nbsp;

Supermajority Voting – A majority vote of shareholders should be sufficient to approve items such as bylaws and acquisitions. Supermajority requirements have the potential to erode the rights of minority shareholders and are viewed negatively.

• &nbsp;&nbsp;&nbsp;&nbsp;

Unequal Voting Rights – We support equal voting rights and think voting power should be allocated in direct proportion to the shareholders' equity ownership. Accordingly, we believe that dual share classes generally present more disadvantages than advantages to long-term investors and will generally vote against proposals to create or continue such structures. Notable exceptions include Real Estate Investment Trusts.

• &nbsp;&nbsp;&nbsp;&nbsp;

Shareholder Rights – We think shareholders generally have the right to nominate directors, call special meetings and act without holding a meeting in certain circumstances. However, we also recognize there is potential for abuse and therefore support reasonable ownership thresholds.

• &nbsp;&nbsp;&nbsp;&nbsp;

Capital Structure – The decision to issue or repurchase stock, issue debt or split shares is made by a board presumably with the intent of improving the overall capital structure, investing in growth, reaching a broader investment audience, enhancing shareholder value, and/or managing challenging liquidity/leverage circumstances. As such, we review these decisions on a case-by-case basis taking into consideration the degree of dilution and impact on liquidity. Proposals to create, modify or issue common and preferred stock are generally accepted if the rights of the issuance are not superior to the rights of current shareholders subject to the principal that an authorization increase is limited to 10% or less over a 2-year period.

**A Note on Shareholder Proposals**

Shareholder Proposals are often company specific making a one-size fits all approach to voting suboptimal. For that reason, shareholder proposals are escalated to the active investment teams for case-by-case analysis and decision making. Voting decisions are made by weighing the financial materiality of the proposal against any opposing rationale from company management, with the ultimate determination driven by the economic best interest of shareholders. While votes are generally cast consistently across the investment teams, there may be situations where portfolio managers holding the same security disagree on what is in the best interests of their shareholders.

**Passive Strategy Voting**

Our passively managed strategies follow the same voting philosophy as our actively managed strategies. In the absence of a determination by our active investment teams, our passive strategies will typically vote in alignment with management. We think managements and boards of directors should have comprehensive insights into the company's long-term strategy and operations. This insight puts them in a sound position to determine the financial materiality of proposals and their alignment with the economic interest of shareholders in the absence of an evaluation by our active teams.

We execute this philosophy through our Proxy Voting Guidelines as overseen by our Proxy Voting committee. Strategies are aligned to one of our custom Guidelines - Base, Sustainable and Board Aligned. We provide clients with transparency into our voting history and rationale via our interactive website. In most strategies, clients may also choose to vote their own shares or request a custom set of vote guidelines aligning with their own specific requirements.

**ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

This section contains information about portfolio managers and the other accounts they manage, their compensation, and their ownership of securities. The "Ownership of Securities" tables reflect the portfolio managers' beneficial ownership, which means a direct or indirect pecuniary interest.

Information in this section is as of March 31, 2026, unless otherwise noted.

(a)(1)

**Matt Darrah** <br> has served as portfolio manager for the Fund since its launch in 2024. He leads the Underwriting Team for Principal's Direct Lending strategy with responsibility for the team's underwriting philosophy and processes, as well as overseeing the underwriting of new direct loan investment opportunities. Mr. Darrah is a member of the Direct Lending Investment Committee and has been with PGI since 2020. He has 15 years of experience in direct lending, having previously started the strategy for Capital Southwest, a publicly traded, lower middle market business development company, and also as Portfolio Manager of the leveraged loan strategy for Petrus Asset Management, the primary investment vehicle for Ross Perot and his family. Mr. Darrah received a bachelor's degree in Finance from Southern Methodist University.<br>**Tim Warrick** <br> has served as portfolio manager for the Fund since its launch in 2024. He has been with Principal for over 30 years and leads its Direct Lending business and is the Portfolio Manager for the strategy. Mr. Warrick is a member of the Direct Lending Investment Committee. He has spent much of his career managing corporate and U.S. core plus portfolios and continues to manage select portfolios in these strategies. Mr. Warrick previously served as Portfolio Management Team Leader with responsibility for overseeing portfolio management functions for all total return fixed income products. He also oversaw the corporate trading desk, was one of the first Portfolio Managers for Principal's general account and began his career at Principal as a fixed income credit analyst focused on both private and public credit. In addition to his responsibilities with the firm, Mr. Warrick also spent two years with ReliaStar Investment Research, Inc., where he was an Analyst for multiple sectors, including mezzanine debt, leveraged bank loans, corporate bonds and asset-backed securities. Mr. Warrick received an MBA from Drake University and a bachelor's degree in Accounting and Economics from Simpson College. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute.<br>

(a)(2)

The following table provides information relating to other accounts managed by the Registrant's portfolio managers disclosed in (a)(1).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
|  | **Total Number<br> of Accounts**<br>| **Total Assets<br> in the Accounts**<br>| **Number of Accounts that Base the Advisory Fee on Performance**<br>| **Total Assets of the<br> Accounts that Base the Advisory Fee on Performance**<br>|
| **Matt Darrah:** <br> Principal Private Credit Fund  | **Matt Darrah:** <br> Principal Private Credit Fund  | **Matt Darrah:** <br> Principal Private Credit Fund  | **Matt Darrah:** <br> Principal Private Credit Fund  | **Matt Darrah:** <br> Principal Private Credit Fund  |
| Registered investment companies | 0 | $0 | 0 | $0 |
| Other pooled investment vehicles | 11 | $710.8 million | 1 | $96.2 million |
| Other accounts | 1 | $77.8 million | 0 | $0 |
| **Tim Warrick:** <br> Principal Private Credit Fund  | **Tim Warrick:** <br> Principal Private Credit Fund  | **Tim Warrick:** <br> Principal Private Credit Fund  | **Tim Warrick:** <br> Principal Private Credit Fund  | **Tim Warrick:** <br> Principal Private Credit Fund  |
| Registered investment companies | 0 | $0 | 0 | $0 |
| Other pooled investment vehicles | 11 | $710.8 million | 1 | $96.2 million |
| Other accounts | 1 | $77.8 million | 0 | $0 |

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**Conflicts of Interest** 

Portfolio managers at PGI typically manage multiple accounts. These accounts may include, among others, mutual funds, proprietary accounts, and separate accounts (assets managed on behalf of pension funds, foundations, and other investment accounts). The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees. In addition, the side-by-side management of these funds and accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities, and the aggregation and allocation of trades. PGI seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, PGI has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3)

PGI offers the Fund's investment professionals a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for the Fund's investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one year, three-year and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan are delivered in cash or as a combination of cash and deferred compensation . The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral scale. Deferred compensation will be deferred into one or any combination of the following vehicles: cash, Principal Financial Group ("PFG") restricted stock units, and/or deferred cash. All payment vehicles are subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives, alignment with Principal stakeholders, and talent retention.

In addition to deferred compensation obtained through their compensation programming, team members have investments acquired through their participation in the PFG's employee stock purchase plan, retirement plans, and direct personal investments. It should be noted that the Company's retirement plans and deferred compensation plans generally utilize its non-registered group separate accounts or commingled vehicles rather than the traditional mutual funds. However, in each instance these vehicles are managed in lockstep alignment with the mutual funds (i.e. "clones").

Finally, PGI may offer certain investment professionals the opportunity to participate in a carried interest program based on their expected contributions to the success of the strategy. Payments under the carried interest program are expected to be paid in the form of cash.

(a)(4)

The portfolio managers disclosed in (a)(1) above own shares of the Registrant as follows:

---

| | |
|:---|:---|
| **Portfolio Manager**<br>| **Dollar Range of Securities<br> Owned by the Portfolio Manager**<br>|
| Matt Darrah | $100001 - $500000 |
| Tim Warrick | $100001 - $500000 |

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(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

#### ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

### None.

#### ITEM 16 – CONTROLS AND PROCEDURES
a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.

#### ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
(a) Not applicable.

(b) Not applicable.

**ITEM 19 – EXHIBITS**

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as [Exhibit 99.CODE ETH](code.htm)

.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as [Exhibit 99.CERT](cert99.htm)

.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as [Exhibit 99.906CERT](cert906.htm)

.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Principal
 Private Credit Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Barbara Wenig |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

Date <u> 5/19/2026 </u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Barbara Wenig |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

Date <u> 5/19/2026 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 5/18/2026 </u>

------

[\[1\]](#_ftnref1) *Principal Global Investors, LLC ("PGI") began using Principal Asset Management ("Principal AM") as a DBA (doing business as) name and PGI will be referenced throughout this document as Principal AM (or "the Firm"). While Principal AM may include other entities, this Charter refers specifically to PGI and Principal Real Estate Investors, LLC.*

## Ex-99.Code

**Exhibit 99.CODE ETH**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS** 

Adopted on March 18, 2025

**I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The code of ethics (this "Code") of the Principal Private Credit Fund and Principal Real Asset Fund (collectively "Funds" and each, "Company") applies to each Company's Principal Executive Officer, Principal Financial Officer, and Treasurer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and Principal Global Investors, LLC's (the "Investment Adviser") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Investment Adviser of which the Covered Officers may also be trustees, officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the Investment Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Investment Adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the Investment Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Board of Trustees ("Board") recognizes that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code covers other conflicts of interest, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

not retaliate against any other Covered Officer or any employee of the Funds or its affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are some conflicts of interest it is advisable for Covered Officers to discuss in advance with Counsel for the Funds, if material. Examples of these include:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

service as a director on the board of any public or private company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its principal underwriter, administrator, the Investment Adviser or any affiliated person thereof;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment such as compensation or equity ownership.

**III.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance**

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should be familiar with the disclosure requirements generally applicable to the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's trustees and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Investment Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public communications made by the Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations.

**IV.&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that s/he has received, read, and understands the Code;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

annually thereafter affirm to the Board that s/he has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

notify Counsel to the Funds promptly if s/he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

report at least annually possible conflicts of interest by completing the Principal Funds Trustee and Officer Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel to the Funds is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the Audit Committee (the "Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Counsel to the Funds will take all appropriate action to investigate any potential violations reported to Counsel;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if, after such investigation, Counsel to the Funds believes that no violation has occurred, Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any matter that Counsel believes is a violation will be reported to the Committee;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

if the Committee concurs that a violation has occurred, it will take appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Investment Adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the Committee will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Investment Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds, and its Investment Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others and are not part of this Code.

**VI.&nbsp;&nbsp;&nbsp;&nbsp; Amendments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Committee.

**VII.&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee, Board, Counsel to the Funds, and officers of the Investment Adviser.

**VIII.&nbsp;&nbsp;&nbsp;&nbsp; Internal Use**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

Persons Covered by this Code of Ethics

Principal Executive Officer:...... Barbara Wenig, President and Chief Executive Officer

Principal Financial Officer:....... Michael Scholten, Chief Financial Officer

Controller:................................. Megan Hoffmann, Vice President and Treasurer

## Ex-99.Cert

# Exhibit 99.CERT

# CERTIFICATIONS
I, Barbara Wenig, certify that:

1. I have reviewed this report on Form N-CSR of Principal Private Credit Fund

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

Date: <u> 5/19/2026 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Barbara Wenig&nbsp;&nbsp;&nbsp;&nbsp;

Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Michael Scholten, certify that:

1. I have reviewed this report on Form N-CSR of Principal Private Credit Fund

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

Date: <u> 5/18/2026 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Michael Scholten

Michael Scholten, Chief Financial Officer (Principal Financial Officer)

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Certified Shareholder Report of

Principal Private Credit Fund

(the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of their knowledge:

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Barbara Wenig |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

Date <u> 5/19/2026 </u>

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| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 5/18/2026 </u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.