Principal Private Credit Fund I (PPACX) NPORT-P Principal Private Credit Fund I (Jun 2024 report)

Schedule

of

Investments

Principal

Private

Credit

Fund

I

June

30,

2024

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

16.78%

Shares

Held

Value

(000's)

Money

Market

Funds

-

16.78%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.23%

(a)

7,751,027‌

$

7,751‌

TOTAL

INVESTMENT

COMPANIES

$

7,751‌

SENIOR

FLOATING

RATE

INTERESTS

-

82.36%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

2.78%

Finn

Partners

Inc

11.98%,

07/01/2026

(b),(c)

$

1,297‌

$

1,286‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.65%

Automobile

Parts

&

Equipment

-

3.99%

B'laster

Holdings

LLC

10.80%,

10/25/2029

(b),(c)

1,171‌

1,168‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

5.50%

M&D

Midco

Inc

11.00%,

08/31/2028

(b),(c)

675‌

676‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.65%

$

1,844‌

Commercial

Services

-

13.29%

Certified

Collision

Group,

Inc.

10.33%,

05/17/2027

(b),(c)

909‌

911‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.00%

Hobbs

&

Associates,

LLC

11.58%,

04/11/2029

(b),(c)

784‌

768‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.50%

11.58%,

04/11/2029

(b),(c)

717‌

703‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.50%

O6

Environmental,

LLC

11.48%,

06/30/2027

(b),(c)

344‌

346‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.15%

11.48%,

06/30/2027

(b),(c)

253‌

254‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.15%

Rotolo

Consultants

Inc.

12.54%,

01/15/2029

(b),(c)

1,301‌

1,270‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

7.21%

12.54%,

01/15/2029

(b),(c)

260‌

257‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

7.21%

Ruppert

Landscape,

LLC

11.08%,

12/01/2028

(b),(c)

628‌

626‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.00%

11.23%,

12/01/2028

(b),(c)

152‌

152‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.90%

Wolverine

Seller

Holdings,

LLC

10.57%,

01/17/2030

(b),(c)

884‌

855‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.25%

$

6,142‌

Distribution

&

Wholesale

-

2.26%

HEF

Safety

Ultimate

Holdings,

LLC

11.08%,

11/19/2029

(b),(c)

1,055‌

1,043‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.75%

Diversified

Financial

Services

-

6.97%

Ninjatrader

Group

LLC

12.20%,

12/18/2026

(b),(c)

1,093‌

1,089‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.90%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Obra

Capital,

Inc

12.95%,

06/21/2029

(b),(c)

$

2,190‌

$

2,131‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

7.61%

$

3,220‌

Electric

-

2.79%

TPS

Intermediate,

LLC

11.23%,

06/09/2027

(b),(c)

1,296‌

1,289‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.90%

Electronics

-

7.02%

AEP

Passion

Intermediate

Holdings

Inc

12.04%,

10/05/2027

(b),(c)

342‌

332‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

6.75%

AIDC

Intermediate

Co

2,

LLC

11.72%,

07/22/2027

(b),(c)

1,557‌

1,546‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.40%

Thames

Technology

Holdings,

Inc.

11.55%,

09/03/2029

(b),(c)

1,390‌

1,368‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.25%

$

3,246‌

Environmental

Control

-

2.40%

Gold

Medal

Holdings

Inc

11.08%,

03/17/2027

(b),(c)

1,093‌

1,107‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.75%

Food

-

8.10%

Cornhusker

Buyer,

Inc.

11.48%,

10/31/2028

(b),(c)

778‌

777‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.15%

Costanzo's

Bakery,

LLC

10.58%,

06/18/2027

(b),(c)

794‌

798‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.90%

KNPC

Holdco,

LLC

10.78%,

10/22/2029

(b),(c)

1,283‌

1,294‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

5.60%

12.03%,

10/22/2029

(b),(c)

209‌

210‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

6.75%

Maldives

Acquisition,

LLC

11.72%,

07/15/2028

(b),(c)

672‌

661‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.40%

$

3,740‌

Healthcare

-

Services

-

9.79%

IPC

Pain

Acquisition

LLC

11.46%,

05/19/2027

(b),(c)

202‌

201‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.11%

KL

Charlie

Acquisition

Corp

12.18%,

12/30/2026

(b),(c)

737‌

722‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.85%

12.18%,

12/30/2026

(b),(c)

1,090‌

1,067‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.85%

North

Haven

USHC

Acquisition,

Inc.

11.67%,

10/30/2025

(b),(c)

713‌

713‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.35%

Schedule

of

Investments

Principal

Private

Credit

Fund

I

June

30,

2024

(unaudited)

See

accompanying

notes.

2

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Pediatric

Home

Respiratory

Services,

LLC

11.80%,

12/04/2025

(b),(c)

$

862‌

$

855‌

CME

Term

Secured

Overnight

Financing

Rate

6

Month

+

6.50%

SDG

MGMT

Company,

LLC

10.90%,

07/03/2028

(b),(c)

730‌

739‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.60%

11.43%,

07/03/2028

(b),(c)

219‌

220‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.10%

$

4,517‌

Household

Products

&

Wares

-

3.80%

TCI

Buyer

LLC

11.69%,

04/13/2028

(b),(c)

1,779‌

1,756‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.35%

Insurance

-

4.15%

Drive

Assurance

Corporation

14.34%,

05/23/2028

(b),(c)

699‌

713‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

9.00%

Keystone

Agency

Investors,

LLC

10.98%,

05/03/2027

(b),(c)

794‌

795‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.65%

10.98%,

05/03/2027

(b),(c)

411‌

410‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.60%

$

1,918‌

Packaging

&

Containers

-

4.78%

Flexpak

Investment

Corp

10.18%,

07/30/2027

(b),(c)

283‌

280‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.85%

Keg

Logistics

LLC

12.24%,

11/23/2027

(b),(c)

1,946‌

1,926‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.90%

$

2,206‌

Pharmaceuticals

-

1.35%

KL

Moon

Acquisition,

LLC

12.33%,

02/01/2029

(b),(c)

624‌

622‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

7.00%

Software

-

8.89%

Alta

Buyer

LLC

10.86%,

12/21/2027

(b),(c)

1,021‌

1,011‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.53%

10.86%,

12/21/2027

(b),(c)

276‌

274‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

5.53%

CEV

Multimedia,

LLC

11.69%,

12/27/2027

(b),(c)

244‌

240‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.35%

ES

Ventures,

LLC

11.30%,

12/13/2028

(b),(c)

1,040‌

1,043‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.00%

11.30%,

12/13/2028

(b),(c)

700‌

703‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Moonraker

AcquisitionCo

LLC

11.34%,

08/04/2028

(b),(c)

$

843‌

$

836‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

6.00%

$

4,107‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

38,043‌

Total

Investments

$

45,794‌

Other

Assets

and

Liabilities

-  0.86%

393‌

TOTAL

NET

ASSETS

-

100.00%

$

46,187‌

(a)

1-day

yield

shown

is

as

of

period

end.

(b)

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.

(c)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

Portfolio

Summary

Sector

Percent

Consumer,

Non-cyclical

36.33‌%

Money

Market

Funds

16.78‌%

Industrial

14.20‌%

Financial

11.12‌%

Technology

8.89‌%

Consumer,

Cyclical

6.25‌%

Utilities

2.79‌%

Communications

2.78‌%

Other

Assets

and

Liabilities

0.86‌%

TOTAL

NET

ASSETS

100.00%

Glossary

to

the

Schedule

of

Investments

June

30,

2024

(unaudited)

See

accompanying

notes.

3

Currency

Abbreviations

USD/$

United

States

Dollar

June

30,

2024

(unaudited)

4

Security

Valuation.

Principal

Private

Credit

Fund

I

(known

as

the

“Fund”)

values

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price

or,

in

the

case

of

certain

credit

default

swaps,

a

mean

price

provided

by

a

pricing

service.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

Principal

Global

Investors,

LLC

(“the

Manager”)

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Trustees.

The

Fund

invests

in

other

publicly

traded

investment

funds

which

are

valued

at

the

respective

fund’s

net

asset

value.

In

addition,

the

Fund

invests

a

portion

of

its

assets

in

private

investment

funds

which

are

valued

at

fair

value

based

upon

the

net

asset

value

reported

on

a

periodic

basis.

In

the

event

that

a

net

asset

value

is

not

provided

by

a

private

investment

fund

following

the

end

of

the

period,

the

Fund’s

fair

valuation

procedures

will

be

followed,

which

includes

reviewing

investor

statements

and

trade

activity

.

The

appropriateness

of

the

fair

value

of

these

securities

is

monitored

by

the

Manager.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Fund’s

net

asset

value

are

reflected

in

the

Fund’s

net

asset

value

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value,

including,

but

not

limited

to,

price

movements

in

American

Depositary

Receipts

(“ADRs”),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Fund

invests

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Fund

does

not

determine

net

asset

value,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Fund’s

net

asset

value

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

“local”

price

and

a

“premium”

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

affected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund’s

Board

of

Trustees

as

may

occasionally

be

necessary.

Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

a

security

or

transferring

a

liability

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Fund

may

use

one

or

more

of

the

following

approaches:

market,

income,

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Fund.

Unobservable

inputs

are

inputs

that

reflect

the

fund’s

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

exchange-traded

derivatives.

Level

2

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayments

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

senior

floating

rate

interests,

municipal

bonds,

and

US

Government

and

Government

Agency

Obligations.

Level

3

–

Significant

unobservable

inputs

(including

the

Fund’s

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

are

generally

included

in

this

category

include

certain

common

stocks,

corporate

bonds,

or

senior

floating

rate

interests.

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.

June

30,

2024

(unaudited)

5

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund’s

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as

discount

rates,

prepayment

rates,

probability

of

default,

or

loss

severity

in

the

event

of

default.

Significant

increases

in

any

of

those

inputs

in

isolation

would

result

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

following

is

a

summary

of

the

inputs

used

as

of

June

30,

2024

in

valuing

the

Fund’s

securities

carried

at

value

(amounts

in

thousands):

*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

Schedule

of

Investments.

Certain

detailed

information

is

provided

for

those

Funds

with

significant

investments

in

Level

3

securities.

Quantitative

information

about

the

significant

unobservable

inputs

used

in

the

fair

value

measurements

categorized

within

Level

3

of

the

fair

value

hierarchy

is

as

follows

(amounts

in

thousands):

*Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments

The

changes

in

investments

measured

at

fair

value

for

which

Level

3

inputs

have

been

used

to

determine

fair

value

are

as

follows

(amounts

in

thousands):

*Securities

are

transferred

into

Level

3

for

a

variety

of

reasons

including,

but

not

limited

to:

1.

Securities

where

trading

has

been

halted

2.

Securities

that

have

certain

restrictions

on

trading

3.

Instances

in

which

a

security

is

not

priced

by

a

pricing

service

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Private

Credit

Fund

I

Investment

Companies*

$

7,751

$

—

$

—

$

7,751

Senior

Floating

Rate

Interests*

—

—

38,043

38,043

Total

investments

in

securities

$

7,751

$

—

$

38,043

$

45,794

Fund

Asset

Type

Fair

Value

as

of

June

30,

2024

Valuation

Technique

Unobservable

Input

Input

Valuations

(weighted

average)*

Impact

to

valuation

if

input

had

increased

Principal

Private

Credit

Fund

I

Senior

Floating

Rate

Interests

$38,043

Discounted

Cash

Flow

Discount

Rate

4.9%-8.4%

(6.5)%

Decrease

Total

$

38,043

Fund

Value

as

of

March

31,

2023

Realized

Gain/

(Loss)

Accrued

Discounts/

Premiums

and

Change

in

Unrealized

Gain/

(Loss)

Purchases

Proceeds

from

Sales

Transfers

into

Level

3*

Transfers

Out

of

Level

3**

Value

as

of

June

30,

2024

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

at

June

30,2024

Principal

Private

Credit

Fund

I

Senior

Floating

Rate

Interests

$

—

$17

$142

$38,496

$(612)

$

—

$

—

$38,043

$122

Total

$

—

$17

$142

$38,496

$(612)

$

—

$

—

$38,043

$122

June

30,

2024

(unaudited)

6

**Securities

are

transferred

out

of

Level

3

for

a

variety

of

reasons

including,

but

not

limited

to:

1.

Securities

where

trading

resumes

2.

Securities

where

trading

restrictions

have

expired

3.

Instances

in

which

a

price

becomes

available

from

a

pricing

service

At

the

end

of

the

period,

there

were

no

other

Funds

which

had

a

significant

Level

3

balance.

During

the

period,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3,

except

as

noted

above. 

The

Fund's

Schedule

of

Investments

as

of

June

30,

2024

has

not

been

audited.

This

report

is

provided

for

the

general

information

of

the

Fund's

shareholders.

For

more

information

regarding

the

Fund

and

its

holdings,

please

see

the

Fund's

prospectus

and

annual

report.