Company: PDSRX
Filing Date: 2025-05-28
Form Type: N-CSR
Source: 0001756404-25-000011
Chunk: 7

Company: Principal Real Asset Fund
Filing Date: 2025-05-28
Form: N-CSR
Chunk 7
---

Investors,

LLC

#### Average

#### Annual

#### Total

#### Returns*
as

of

#### March

#### 31,

#### 2025

#### What

#### contributed

#### to

#### or

#### detracted

#### from

#### Fund

#### performance

#### during

#### the

#### fiscal

#### year?
The

Fund

seeks

to

provide

long-term

total

return

(after

fund

fees

and

expenses)

in

excess

of

inflation.

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

real

assets

and

real

asset

companies.

It

invests

in

real

assets

and

real

asset

companies

directly,

and

indirectly

through

other

entities,

including

private

institutional

investment

funds

that

pursue

these

strategies.

It

is

non-diversified.

The

real

asset

universe

delivered

a

wide

range

of

returns

for

the

one-year

period

ending

March

31,

2025.

Global

infrastructure

equity

index

was

up

more

than

+17%,

benefiting

from

the

trend

toward

digitalization

and

the

accompanying

boom

in

power

consumption.

Meanwhile

global

natural

resource

equities

fell

more

than

-4%,

as

energy

prices

are

now

in

correction

mode.

In

the

private

real

asset

space,

private

infrastructure

deal

flow

and

returns

continued

positively.

Meanwhile,

private

real

estate

appears

to

be

finding

a

trough

in

valuations,

while

transaction

activity

improves

from

a

low

level.

Within

liquid

real

assets,

global

infrastructure

and

global

real

estate

securities

provided

positive

returns

for

the

Fund,

while

global

natural

resource

equities

were

negative.

Within

the

private

infrastructure

portfolio,

most

sectors

produced