Company: PDSRX
Filing Date: 2025-11-25
Form Type: N-CSRS
Source: 0001756404-25-000041
Chunk: 22

Company: Principal Real Asset Fund
Filing Date: 2025-11-25
Form: N-CSRS
Chunk 22
---
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

certain

corporate

governance

protections,

such

as

the

requirement

of

having

a

majority

or

50%

of

the

directors

serving

on

a

board

as

independent

directors,

statutory

protections

against

self-

dealings

by

the

institutional

asset

managers,

and

leverage

limitations.

Due

to

the

inherent

uncertainty

and

subjectivity

of

determining

the

value

of

investments

in

private

investment

funds,

upon

disposition

the

amounts

realized

may

differ

significantly

had

readily

available

market

values

existed

on

such

investments.

The

Fund

will

hold

liquid

assets

while

it

waits

for

such

Underlying

Funds

to

call

capital,

which

may

negatively

impact

its

performance.

#### Rebates.
Subject

to

best

execution,

the

Fund

may

direct

certain

portfolio

transactions

to

brokerage

firms

that,

in

turn,

have

agreed

to

rebate

a

portion

of

the

related

brokerage

commission

to

the

Fund

in

cash.

Commission

rebates

are

included

as

a

component

of

realized

gain

from

investment

transactions

in

the

statement

of

operations.

#### Restricted

#### Securities.
The

Fund

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrict