Company: PDSRX
Filing Date: 2025-05-28
Form Type: N-CSR
Source: 0001756404-25-000011
Chunk: 31

Company: Principal Real Asset Fund
Filing Date: 2025-05-28
Form: N-CSR
Chunk 31
---

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statement

of

operations,

as

applicable.

Commitments

are

typically

categorized

as

Level

2

within

the

disclosure

hierarchy.

As

of

March

31,

2025

,

the

Fund

had

no

unfunded

commitments

in

connection

with

PIPEs.

#### Private

#### and

#### Other

#### Underlying

#### Funds.
The

Fund

may

invest

in

private

investment

funds

and

other

publicly

traded

investment

funds.

The

shares

of

publicly

traded

investment

funds

and

private

investment

funds

are

collectively

referred

to

as

the

“Underlying

Funds”.

The

Fund

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the

Underlying

Funds

in

which

it

invests.

Because

the

Underlying

Funds

have

varied

expense

levels

and

the

Fund

may

own

different

proportions

of

Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

the

Fund

#### 3.

#### Operating

#### Policies
**(continued)**

#### Notes

#### to

### Financial

#### Statements

#### Principal

#### Real

#### Asset

#### Fund

#### March

#### 31,

#### 2025
13

will

vary.

Expenses

included

in

the

statement

of

### operations
and

### financial
highlights

of

the

Fund

do

not

include

any

expenses

associated

with

the

Underlying

Funds.

Private

investment

funds

are

not

registered

as

investment

companies

under

the

1940

Act

and

therefore

the

Fund

will

not

be

able

to

avail

itself

of

the

protection

of

the

1940

Act

with

respect

to

such

private

investment

funds,

including