Company: PDSRX
Filing Date: 2025-10-09
Form Type: 424B3
Source: 0001756404-25-000033
Chunk: 5

Company: Principal Real Asset Fund
Filing Date: 2025-10-09
Form: 424B3
Chunk 5
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 in Private Funds, involve various judgments and consideration of factors that may be subjective. See "Valuation" below.

In order to meet its obligation to provide capital for unfunded commitments to Private Fund, the Fund may be required to hold some, or in certain cases a substantial amount, of its assets temporarily in money market securities, cash or cash equivalents, possibly for several months; liquidate portfolio securities at an inopportune time; or borrow under a line of credit. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the PGI’s investment strategy.

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Under Additional Information about Investment Strategies and Risks , please add the following paragraphs after the paragraph entitled Repurchase Offers and Liquid Assets (Non-Principal) :

#### Selection of Private Funds (Principal)
PGI follows certain general guidelines when reviewing and selecting Private Funds. PGI takes into consideration the following criteria, as applicable, when selecting the approved asset managers of the Private Funds: assets under management; length of time in the business; stability and depth of corporate management; stability and depth of investment management team; investment strategies, target returns and use of leverage; investment process and research capacity; existing portfolio composition and valuation; structure of any Private Funds and tax considerations; historical performance and reputation; fees and expenses; conflicts policies; reporting and valuation policies/process; and investor rights and controls.

Although PGI will attempt to apply the guidelines consistently, the guidelines involve the application of subjective and qualitative criteria, and the selection of Private Funds is a fundamentally subjective process. The use of the selection guidelines may be modified or eliminated at the discretion of PGI. In addition, some Private Funds may be newly organized and have no, or only limited, operating histories. PGI, however, typically will select asset managers whose principals have substantial experience investing assets in real asset investments. There can be no assurance that PGI will be able to access asset managers that can enable the Fund to meet its investment objective.

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The current investment guidelines developed by the Adviser include a review of the Private Funds. In conducting this review, PGI will rely on its analysis and due diligence process for the selection of the appropriate Private Funds. PGI may engage research and consulting services to assist in the aggregation and review of due diligence materials for each of the Private Funds that it considers . In addition, PGI seeks to conduct a multi-step process to review and evaluate each potential Private Fund