Company: PDSRX
Filing Date: 2025-11-12
Form Type: 424B3
Source: 0001756404-25-000035
Chunk: 1

Company: Principal Real Asset Fund
Filing Date: 2025-11-12
Form: 424B3
Chunk 1
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 8% provided to the investors of such Private Funds before the manager (or its affiliate) might share in any returns. B ecause these fees are based on the performance of the 3(c)(1) and 3(c)(7) Private Funds, which may fluctuate over time, future AFFE may be substantially higher or lower. The calculation of AFFE is based on the Fund's average net assets of approximately $150 million for the fiscal year ended March 31, 2025 and assumes investments in shares of investment companies and interests of 3(c)(1) and 3(c)(7) Private Funds of approximately 56% of the Fund's net assets. These allocations may change substantially over time and such changes may significantly affect AFFE. As of March 31, 2025, approximately 35% of the Fund's average net assets were invested in Excluded Private Funds either directly or indirectly. If the estimated Operating Costs of such Excluded Private Funds (which equal approximately 0.91% of the Fund's net assets) were included in AFFE, the Fund's Total Annual Operating Expenses would equal 2.44% for Class Y, 2.64% for Institutional Class and 2.94% for Class A shares.

INVESTMENT STRATEGIES AND RISKS

Under Principal Investment Strategies , please replace the paragraph entitled Infrastructure with the following paragraph:

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Infrastructure . This strategy invests in infrastructure, including in equity and debt securities issued by private and public infrastructure companies. Infrastructure investments and companies include, among other assets, utilities and other regulated assets (such as electricity transmission and distribution facilities, gas distribution systems, water-related businesses like water distribution and waste water collection and processing facilities), transportation assets (such as toll roads, airports, seaports, and railway lines), communications assets (including broadcast and wireless towers and satellite networks) and social infrastructure (including schools, hospitals, prisons and courthouses). With respect to the Fund’s investment in global listed infrastructure equities, the applicable Sub-Advisor incorporates environmental, social, and/or governance investment insights into its investment strategy when assessing potential portfolio investments.

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Under Principal Risks , please add the following risk factors in alphabetical order:

Sustainable Investing Risk. Investing in companies that meet certain sustainability standards may affect the Fund’s exposure to certain companies and industries. The Fund’s performance may at times be better or worse than funds that do not consider sustainability criteria or