Company: PDSRX
Filing Date: 2025-11-25
Form Type: N-CSRS
Source: 0001756404-25-000041
Chunk: 28

Company: Principal Real Asset Fund
Filing Date: 2025-11-25
Form: N-CSRS
Chunk 28
---
hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund’s

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,**

### EBITDA
multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

### EBITDA
multiples,

available

cash,

or

direct

offering

price

would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increase

in

discount

rates

would

have

resulted

in

a

significantly

lower