Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 82

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 82
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 and social opportunities. Governance factors can include corporate governance and/or corporate behavior. Integration of ESG factors is qualitative and subjective by nature. There is no guarantee that the criteria used, or judgment exercised, will reflect the beliefs or values of any particular investor. Further, there is no assurance that any strategy or integration of ESG factors will be successful or profitable.

With respect to the Fund's global listed infrastructure sleeve, the sub-advisor's portfolio managers incorporate ESG investment insights into their investment strategy when assessing potential portfolio investments. Employing these sustainability standards may affect the Fund's exposure to certain companies and industries. The Fund and/or sleeve's performance may at times be better or worse than funds and/or sleeves that do not consider sustainability criteria or that consider other criteria.

The Fund is structured as an asset allocation fund, in which PGI is responsible for selecting sub-advisor(s) and investment teams within PGI who, in turn, are responsible for selecting underlying investments. In selecting sub-advisor(s), investment teams and asset classes, the PGI asset allocation team considers ESG factors. ESG factors are generally no more significant than other factors in the selection process, such that ESG factors may not be determinative in deciding to include or exclude any particular sub-advisor, investment team or asset class in the portfolio. Integration of ESG factors is qualitative and subjective by nature. There is no guarantee that the criteria used, or judgment exercised, will reflect the beliefs or values of any particular investor. Further, there is no assurance that any strategy or integration of ESG factors will be successful or profitable.

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#### Portfolio Turnover
Portfolio turnover is a measure of how frequently a portfolio's securities are bought and sold. It is not possible to predict future turnover rates with accuracy. Many variable factors are outside the control of a portfolio manager. Each portfolio manager considers the economic effects of portfolio turnover but generally does not treat the portfolio turnover rate as a limiting factor in making investment decisions.

During the most recent fiscal year, the Fund's annualized portfolio turnover rate was 31.5% of the average value of its portfolio. For the fiscal year ended March 31, 2024, the Fund's annualized portfolio turnover rate was 32.0% of the average value of its portfolio.

#### MANAGEMENT OF THE FUND

#### Leadership Structure and Board of Trustees
The Fund’s Board has overall responsibility for overseeing the Fund’s operations in accordance with the 1940 Act, other applicable laws, and the