# EDGAR Filing Document

**Accession Number:** 0001756404
**File Stem:** 0001756404-25-000041
**Filing Date:** 2025-11
**Character Count:** 139356
**Document Hash:** 3ff0ffe395fd1312c0804d7d057b50cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756404-25-000041.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001756404-25-000041

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Real Asset Fund
- **CENTRAL INDEX KEY:** 0001756404

**ORGANIZATION NAME:**
- **EIN:** 832104764
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23403
- **FILM NUMBER:** 251516159

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH ST.
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 5152359328

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH ST.
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Principal Diversified Select Real Asset Fund
- **DATE OF NAME CHANGE:** 20181018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

## FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED
**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u> 811-23403 </u>

&nbsp;&nbsp; Principal Real Asset Fund<br>

(Exact name of registrant as specified in charter)

&nbsp;&nbsp; 711 High Street, Des Moines, IA 50309<br>

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

&nbsp;&nbsp; <br>Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309<br>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u> 515-235-1719 </u>

Date of fiscal year end: <u> March 31, 2026 </u>

Date of reporting period: <u> September 30, 2025 </u>

**ITEM 1 – REPORT TO STOCKHOLDERS**

Principal

Real

Asset

Fund

Semi-Annual

Report

September

30,

2025

#### Sign

#### up

#### for

#### eDelivery!
Safe,

secure

and

ready

when

you

are,

sign

up

for

eDelivery

today.

#### Visit

#### PrincipalAM.com

#### Note:
If

your

shares

are

not

held

directly

with

Principal

Funds

but

through

a

brokerage

firm,

please

contact

your

broker

for

electronic

delivery

options

available.

Table

of

Contents

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
• #### Not

#### a

#### deposit
• #### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Financial

Statements

Notes

to

Financial

Statements

Schedule

of

Investments

Financial

Highlights

(includes

performance

information)

Shareholder

Expense

Example

Supplemental

Information

Statement

of

Assets

and

Liabilities

September

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

Real

Asset

Fund

Investment

in

securities--at

cost

............................................................................................................................

$

152,128

Foreign

currency--at

cost

....................................................................................................................................

$

Assets

Investment

in

securities--at

value

............................................................................................................................

$

163,692

Foreign

currency--at

value

....................................................................................................................................

Cash

...........................................................................................................................................................

Receivables:

Dividends

and

interest

...................................................................................................................................

636

Expense

reimbursement

from

Manager

.................................................................................................................

Investment

securities

sold

...............................................................................................................................

Prepaid

expenses

..............................................................................................................................................

Total

Assets

165,177

Liabilities

(a) Accrued

management

and

investment

advisory

fees

..........................................................................................................

Accrued

transfer

agent

fees

...................................................................................................................................

Accrued

chief

compliance

officer

fees

........................................................................................................................

Accrued

directors'

expenses

...................................................................................................................................

Accrued

professional

fees

.....................................................................................................................................

Accrued

other

expenses

.......................................................................................................................................

Payables:

Investment

securities

purchased

........................................................................................................................

975

Total

Liabilities

1,479

Net

Assets

Applicable

to

Outstanding

Shares

..............................................................................................................

$

163,698

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.................................................................................................................

$

144,060

Total

distributable

earnings

(accumulated

loss)

...............................................................................................................

19,638

Total

Net

Assets

$

163,698

Capital

Stock

(par

value:

$.01

per

share):

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

............................................................................................................................................

$

523

Shares

Issued

and

Outstanding

..........................................................................................................................

Net

Asset

Value

per

share

...............................................................................................................................

$

.03

(b) Maximum

Offering

Price

................................................................................................................................

$

.68

Class

Y

:

Net

Assets

............................................................................................................................................

$

162,102

Shares

Issued

and

Outstanding

..........................................................................................................................

5,875

Net

Asset

Value

per

share

...............................................................................................................................

$

.59

Institutional

:

Net

Assets

.......................................................................................................................................

$

1,073

Shares

Issued

and

Outstanding

..........................................................................................................................

Net

Asset

Value

per

share

...............................................................................................................................

$

.23

(a) See

Note

for

details

of

any

unfunded

commitments.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statement

of

Operations

Six

Months

Ended

September

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Real

Asset

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

...................................................................................................................................................

$

3,623

Withholding

tax

............................................................................................................................................

(52)

Total

Income

3,571

Expenses:

Management

and

investment

advisory

fees

................................................................................................................

1,359

Distribution

f

ees

-

Class

A

.................................................................................................................................

Registration

fees

-

Class

A

.................................................................................................................................

Registration

fees

-

Class

Y

.................................................................................................................................

Registration

fees

-

Institutional

............................................................................................................................

Shareholder

reports

-

Class

A

..............................................................................................................................

Shareholder

reports

-

Institutional

.........................................................................................................................

Transfer agent

fees

-

Class

A

...............................................................................................................................

Transfer agent

fees

-

Class

Y

...............................................................................................................................

Transfer agent

fees

-

Institutional

..........................................................................................................................

Chief

compliance

officer

expenses

.........................................................................................................................

Custodian

fees

..............................................................................................................................................

Directors'

expenses

.........................................................................................................................................

Professional fees

...........................................................................................................................................

Other

expenses

.............................................................................................................................................

Total

Gross

Expenses

1,876

Less: Reimbursement

from

Manager

......................................................................................................................

656

Less:

Reimbursement

from

Manager

-

Class

A

............................................................................................................

Less:

Reimbursement

from

Manager

-

Class

Y

............................................................................................................

Less:

Reimbursement

from

Manager

-

Institutional

.......................................................................................................

Total

Net

Expenses

747

Net

Investment

Income

(Loss)

2,824

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

(net

of

foreign

taxes

of

$

(1)

,

respectively)

......................................................................................

758

Foreign

currency

transactions

..............................................................................................................................

(1)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.................................................................................................................................................

5,533

Translation

of

assets

and

liabilities

in

foreign

currencies

..................................................................................................

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

6,291

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

9,115

Statement

of

Changes

in

Net

Assets

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Real

Asset

Fund

Period

Ended

September

30,

2025

Year

Ended

March

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

2,824

$

5,386

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

757

749

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

5,534

(526)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,115

5,609

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(1,501)

(2,516)

Total

Dividends

and

Distributions

(1,501)

(2,516)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(8,253)

14,384

Total

Increase

(Decrease)

in

Net

Assets

(639)

17,477

Net

Assets

Beginning

of

period

..................................................................................................................

164,337

146,860

End

of

period

........................................................................................................................

$

163,698

$

164,337

Class

A

Class

Y

Institutional

Capital

Share

Transactions:

Period

Ended

September

30,

2025

Dollars:

Sold

.........................................................................................

$

–

$

Reinvested

....................................................................................

1,486

–

Redeemed

.....................................................................................

(362)

(9,083)

(328)

Net

Increase

(Decrease)

$

(335)

$

(7,597)

$

(321)

Shares:

Sold

.........................................................................................

–

–

Reinvested

....................................................................................

–

–

Redeemed

.....................................................................................

(14)

(344)

(13)

Net

Increase

(Decrease)

(13)

(288)

(13)

Year

Ended

March

31,

2025

Dollars:

Sold

.........................................................................................

$

$

44,001

$

Reinvested

....................................................................................

2,468

Redeemed

.....................................................................................

(120)

(23,000)

(9,006)

Net

Increase

(Decrease)

$

(109)

$

23,469

$

(8,976)

Shares:

Sold

.........................................................................................

–

1,688

Reinvested

....................................................................................

–

–

Redeemed

.....................................................................................

(5)

(881)

(356)

Net

Increase

(Decrease)

(5)

903

(355)

Dividends

and

Distributions

to

Shareholders:

Period Ended

September

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(5)

$

(1,486)

$

(10)

Total

Dividends

and

Distributions

$

(5)

$

(1,486)

$

(10)

Year

Ended

March

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(13)

$

(2,468)

$

(35)

Total

Dividends

and

Distributions

$

(13)

$

(2,468)

$

(35)

Statement

of

Cash

Flows

Six

Months

Ended

September

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Real

Asset

Fund

Cash

Flows

from

Operating

Activities:

Net

increase

in

net

assets

from

operations

..................................................................................

$

9,115

Adjustments

to

reconcile

net

increase

in

net

assets

from

operations

to

net

cash

provided

by

operating

activities:

Purchase

of

investment

securities

...................................................................................

(17,425)

Proceeds

from

sale

of

investment

securities

............................................................................

20,632

Net

sales

or

(purchases)

of

short

term

securities

.........................................................................

10,439

Change

in

unrealized

(appreciation)

depreciation

on

investments

.............................................................

(5,534)

Net

realized

(gain)

loss

from

investments

..............................................................................

(757)

(Increase)

decrease

in

dividends

and

interest

receivable

....................................................................

(Increase)

decrease

in

investment

securities

sold

.........................................................................

Increase

(decrease)

in

accrued

fees,

expenses,

and

expense

reimbursement

from

Manager

...........................................

(40)

Increase

(decrease)

in

investment

securities

purchased

....................................................................

(6,342)

Net

cash provided

by

operating

activities

10,346

Cash

Flows

from

Financing

Activities:

Increase

(decrease)

in

cash

overdraft

.................................................................................

(206)

Proceeds

from

shares

sold

.........................................................................................

Payment

on

shares

redeemed

.......................................................................................

(9,773)

Dividends

and

distributions

paid

to

shareholders

.........................................................................

(14)

Net

cash used

in

financing

activities

(9,960)

Net

increase

in

cash

.............................................................................................

Cash

and

foreign

currency:

Beginning

of

period

.............................................................................................

$

End

of

period

..................................................................................................

$

630

Supplemental

disclosure

of

cash

flow

information:

Reinvestment

of

dividends

and

distributions

...........................................................................

$

1,487

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

1. Organization

Principal

Real

Asset

Fund

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act")

as

a

non-

diversified,

closed-end

management

investment

company.

The

Fund

continuously

offers

three

classes

of

shares:

Class

A,

Class

Y,

and

Institutional

Class.

The

Fund

was

organized

as

a

Delaware

statutory

trust

on

September

21,

2018

pursuant

to

an

Agreement

and

Declaration

of

Trust

governed

by

the

State

of

Delaware.

Principal

Global

Investors,

LLC

(the

"Manager")

serves

as

the

Fund's

manager

and

advisor.

The

Fund

is

structured

as

an

interval

fund,

meaning

it

conducts

quarterly

repurchase

offers

of

no

less

than

5%

and

no

more

than

25%

of

the

Fund's

outstanding

shares

at

net

asset

value.

Repurchase

offers

of

more

than

5%

are

made

solely

at

the

discretion

of

the

Fund's

Board

of

Trustees

(the

"Board"),

and

shareholders

should

not

rely

on

any

expectation

of

repurchase

offers

being

made

in

excess

of

5%.

Shareholders

should

consider

the

Fund's

shares

illiquid.

The

Fund's

shares

are

not

listed

on

any

national

securities

exchange

and

are

not

publicly

traded.

There

is

currently

no

secondary

market

for

the

shares,

and

the

Fund

expects

that

no

secondary

market

will

develop.

An

unlimited

number

of

shares

has

been

authorized

under

the

Agreement

and

Declaration

of

Trust.

Only

eligible

purchasers

can

buy

shares

of

the

Fund

in

that

share

class.

The

Manager

and

Principal

Funds

Distributor,

Inc.

(the

"Distributor")

(an

affiliate

of

the

Manager),

the

principal

distributor

of

the

Fund,

reserve

the

right

to

broaden,

limit,

and

change

the

designation

of

eligible

purchasers

without

notice.

Shares

of

the

Fund

are

only

sold

in

U.S.

jurisdictions.

Subject

to

eligibility

and

minimum

initial

investment

requirements,

shares

of

the

Fund

may

be

purchased

directly

or

through

intermediary

organizations,

such

as

broker-dealers,

insurance

companies,

plan

sponsors,

third

party

administrators,

and

retirement

plans.

Minimum

initial

investment

requirements

are

$25,000

for

Class

A

shares

and

$100,000

for

Class

Y

and

Institutional

Class

shares.

The

Fund

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

.

The

Fund

has

not

provided

financial

support

and

is

not

contractually

required

to

provide

financial

support

to

any

investee.

All

classes

of

shares

of

the

Fund

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class

except

where

otherwise

required

by

law

or

as

determined

by

the

Board.

In

addition,

the

Board

declares

separate

dividends

on

each

class

of

shares.

The

Fund

may

offer

additional

classes

of

shares

in

the

future.

2. Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Fund:

Security

Valuation.

The

Fund

values

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board.

The

Fund

invests

in

other

publicly

traded

investment

funds

which

are

valued

at

the

respective

fund's

net

asset

value.

In

addition,

the

Fund

invests

a

portion

of

its

assets

in

private

investment

funds

which

are

valued

at

fair

value

based

upon

the

net

asset

value

reported

on

a

periodic

basis.

In

the

event

that

a

net

asset

value

is

not

provided

by

a

private

investment

fund

following

the

end

of

the

period,

the

Fund's

fair

valuation

procedures

will

be

followed,

which

includes

reviewing

investor

statements

and

trade

activity.

The

appropriateness

of

the

fair

value

of

these

private

investment

funds

is

monitored

by

the

Manager.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Fund's

net

asset

values

are

reflected

in

the

Fund's

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

To

the

extent

the

Fund

invests

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Fund

does

not

determine

net

asset

values,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Fund's

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Board

as

may

occasionally

be

necessary.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Fund's

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

Fund

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

as

of

September

30,

2025

as

follows:

Income

and

Investment

Transactions.

The

Fund

records

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Fund

records

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the

Fund

is

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The

Fund

allocates

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Distributions

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

net

capital

gain,

or

a

return

of

capital

to

the

Fund.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Distributions

from

private

investment

funds

are

recorded

as

ordinary

income

and

are

included

in

dividend

income

on

the

statement

of

operations.

Expenses.

Expenses

directly

attributed

to

the

Fund

are

charged

to

the

Fund.

Other

expenses

not

directly

attributed

to

the

Fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses

specifically

attributable

to

a

particular

class

are

charged

directly

to

such

class

and

are

included

separately

in

the

statement

of

operations.

Dividends

and

Distributions

to

Shareholders.

Dividends

and

distributions

to

shareholders

of

the

Fund

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

foreign

currency

transactions,

REITs,

passive

foreign

investment

companies,

partnership

investments,

losses

deferred

due

to

wash

sales,

and

paydowns.

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

on

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

as

return

of

capital

distributions.

Principal

Real

Asset

Fund

Euro

.0%

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

Federal

Income

Taxes.

No

provision

for

federal

income

taxes

is

considered

necessary

because

the

Fund

intends

to

qualify

as

a

"regulated

investment

company"

under

the

Internal

Revenue

Code

and

intends

to

distribute

each

year

substantially

all

of

its

net

investment

income

and

realized

capital

gains

to

shareholders.

Management

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Fund's

tax

returns

to

determine

whether

it

is

"more

likely

than

not"

that

each

tax

position

would

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Tax

positions

not

deemed

to

meet

the

"more

likely

than

not"

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

statements

of

operations.

During

the

period

ended

September

30,

2025,

the

Fund

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

The

Fund

may

be

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Foreign

income

taxes

are

accrued

by

the

Fund

as

a

reduction

of

income.

This

amount

is

shown

as

withholding

tax

on

the

statement

of

operations.

In

consideration

of

recent

decisions

rendered

by

European

court,

the

Fund

may

file

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

the

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

tax

reclaims

received

are

included

in

dividends

income

on

the

statement

of

operations.

Recent

Accounting

Pronouncements.

In

December

2023,

the

FASB

issued

ASU

No.

2023-09

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024

.

Management

does

not

expect

the

future

adoption

of

this

standard

to

have

a

material

impact

on

the

Fund's

financial

statements.

3. Operating

Policies

Borrowings.

T

he

Fund

participates

in

a

line

of

credit

with

a

bank

which

allows

a

borrowing

commitment

amount

of

up

to

$15

million.

Borrowings

may

be

used

for

investment

purposes,

to

meet

repurchase

requests

and/or

to

facilitate

the

handling

of

unusual

or

unanticipated

short-term

cash

requirements.

The

Fund

will

pledge

securities

as

collateral

for

borrowing

on

the

line

of

credit

and

maintain

an

aggregate

collateral

value

not

less

than

the

outstanding

borrowing

amount

at

all

times.

Interest

is

charged

at

an

annual

rate

equal

to

the

Overnight

Bank

Funding

Rate

("OBFR")

plus

0.90%.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

0.40%

on

any

day

when

the

outstanding

borrowing

amount

is

less

than

90%

of

the

borrowing

commitment

amount.

The

interest

expense

and

commitment

fee

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statement

of

operations.

There

were

no

outstanding

borrowings

as

of

September

30,

2025

.

During

the

period

ended

September

30,

2025

,

the

Fund

did

not

borrow

against

the

line

of

credit.

Cross

Trades.

The

Fund

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Mutual

funds

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

investment

advisor,

so

a

fund

may

be

considered

affiliated

with

any

portfolio

for

which

the

Fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

period

ended

September

30,

2025

,

the

Fund

did

not

engage

in

cross

trades.

Foreign

Currency

Contracts.

The

Fund

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

the

Fund's

investment

objectives.

The

Fund

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies. The

Fund enters

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

use

of

forward

foreign

currency

contracts

does

not

eliminate

the

fluctuations

in

underlying

prices

of

the

Fund's

portfolio

securities,

but

it

does

establish

a

rate

of

exchange

that

can

be

achieved

in

the

future.

Although

forward

foreign

currency

contracts

limit

the

risk

of

loss

due

to

a

decline

in

the

value

of

the

hedged

currency,

they

also

limit

any

potential

gain

that

might

result

should

the

value

of

the

currency

increase.

In

addition,

the

Fund

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

value

of

the

currency

changes

unfavorably

to

the

U.S.

dollar

or

other

respective

currency.

Illiquid

Securities.

Illiquid

securities

generally

cannot

be

sold

or

disposed

of

in

the

ordinary

course

of

business

(within

seven

calendar

days)

at

approximately

the

value

at

which

the

Fund

has

valued

the

investments.

This

may

have

an

adverse

effect

on

the

Fund's

ability

to

dispose

of

particular

illiquid

securities

at

fair

value

and

may

limit

the

Fund's

ability

to

obtain

accurate

market

quotations

for

purposes

of

valuing

the

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

securities.

Indemnification.

Under

the

Fund's

by-laws,

present

and

past

officers,

trustees,

and

employees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties.

In

addition,

in

the

normal

course

of

business,

the

Fund

may

enter

into

a

variety

of

contracts

that

may

contain

representations

and

warranties

which

provide

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

Operating

Segments

.

An

operating

segment

is

defined

in

ASC

Topic

280,

Segment

Reporting

,

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

("CODM")

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

Committees

and

working

groups

within

Management

under

the

direction

of

the

President

act

as

the

Fund's

CODM.

The

Fund

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

strategic

asset

allocation

to

ensure

compliance

with

the

defined

investment

strategy

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

types

of

investments

from

which

the

Fund

generates

its

returns

are

reflected

on

the

schedule

of

investments.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

statement

of

operations

and

financial

highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

of

expenses

to

average

net

assets

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmark

and

investment

objectives,

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment.

Segment

assets

are

reported

on

the

statement

of

assets

and

liabilities

as

total

assets.

Private

Investments

in

Public

Equity.

The

Fund

may

invest

in

private

investments

in

public

equity

("PIPEs")

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Fund

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

as

a

financial

instrument

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Fund

is

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

obligation.

Commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statement

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statement

of

operations,

as

applicable.

Commitments

are

typically

categorized

as

Level

within

the

disclosure

hierarchy.

As

of

September

30,

2025

,

the

Fund

had

no

unfunded

commitments

in

connection

with

PIPEs.

Private

and

Other

Underlying

Funds.

The

Fund

may

invest

in

private

investment

funds

and

other

publicly

traded

investment

funds.

The

shares

of

publicly

traded

investment

funds

and

private

investment

funds

are

collectively

referred

to

as

the

"Underlying

Funds".

The

Fund

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the

Underlying

Funds

in

which

it

invests.

Because

the

Underlying

Funds

have

varied

expense

levels

and

the

Fund

may

own

different

proportions

of

Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

the

Fund

will

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

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Senior

Floating

Rate

Interests.

The

Fund

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

Fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

Secured

Overnight

Financing

Rate

("SOFR"),

or

a

similar

reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedule

of

investments.

Unfunded

Commitments.

In

connection

with

the

senior

floating

rate

interests,

the

Fund

may

enter

into

unfunded

loan

commitments

("commitments").

All

or

a

portion

of

the

commitments

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

Borrower's

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

Commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statement

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statement

of

operations,

as

applicable.

As

of

September

30,

2025,

the

Fund

had

no

unfunded

commitments

relating

to

senior

floating

rate

interests.

The

Fund

may

also

enter

into

unfunded

commitments

relating

to

potential

future

investments

in

private

investment

funds,

which

are

not

marked

to

market

daily.

These

unfunded

commitments

are

typically

made

for

a

specified

amount

of

capital

and

may

be

called

at

the

discretion

of

the

general

partner

of

the

private

investment

fund

pursuant

to

its

limited

partnership

agreement.

As

of

September

30,

2025,

the

Fund

had

unfunded

commitments

relating

to

potential

future

investments,

as

follows

(amounts

in

thousands):

\*Unfunded

commitments

approximate

their

fair

values.

4. Fair

Valuation

Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

a

security

or

transferring

a

liability

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Fund

may

use

one

or

more

of

the

following

approaches:

market,

income,

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Fund.

Unobservable

inputs

are

inputs

that

reflect

the

Fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

exchange-traded

derivatives.

Level

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

municipal

bonds,

OTC

derivatives,

exchange

cleared

derivatives,

senior

floating

rate

interests,

repurchase

agreements,

and

U.S.

Government

and

Government

Agency

Obligations.

Level

–

Significant

unobservable

inputs

(including

the

Fund's

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

are

generally

included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks,

or

senior

floating

rate

interests.

Private

Investment

Fund

Unfunded

Commitment\*

Cloud

Capital

Feeder,

LP

$

10,000

ACIP

Parallel

Fund

A,

LP

Blackstone

Infrastructure

Partners

F.2,

LP

4,500

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

3,150

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

In

accordance

with

Accounting

Standards

Codification

820

–

Fair

Value

Measurement

,

the

Fund

has

elected

to

apply

the

practical

expedient

to

value

its

investments

in

private

investment

funds

at

their

respective

net

asset

value

each

calendar

month

or

quarter.

Private

investment

funds

valued

at

net

asset

value

are

excluded

from

the

fair

value

hierarchy.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Fund

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund's

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3. Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples,

available

cash,

or

direct

offering

price

would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increase

in

discount

rates

would

have

resulted

in

a

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political,

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of

September

30,

2025

in

valuing

the

Fund's

securities

carried

at

fair

value

(amounts

in

thousands):

\*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

schedule

of

investments.

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Real

Asset

Fund

Common

Stocks

Basic

Materials

$

2,307

$

1,529

$

—

$

3,836

Communications

—

—

Consumer,

Cyclical

—

—

Consumer,

Non-cyclical

851

508

—

1,359

Energy

2,833

1,486

—

4,319

Financial

10,445

5,156

—

15,601

Industrial

2,068

2,013

—

4,081

Utilities

5,806

2,183

—

7,989

Investment

Companies\*

16,039

—

—

16,039

Total

$

40,357

$

13,250

$

—

$

53,607

Investments

Using

NAV

as

practical

expedient

Private

Investment

Funds

110,085

Total

investments

in

securities

$

163,692

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

5. Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Fund

has

agreed

to

pay

management

and

investment

advisory

fees

to

the

Manager

computed

at

an

annual

percentage

rate

of

the

Fund's

average

daily

net

assets.

A

portion

of

the

management

fee

is

paid

by

the

Manager

to

the

sub-advisors

of

the

Fund,

which

may

be

affiliates

of

the

Manager.

The

annual

rate

paid

by

the

Fund

is

based

upon

the

aggregate

average

daily

net

assets

("aggregate

net

assets")

of

the

Fund.

The

management

and

investment

advisory

fees

schedule

for

the

Fund

is

1.70%

of

aggregate

net

assets

up

to

$1.5

billion

and

1.65%

of

aggregate

net

assets

over

$1.5

billion.

The

Manager

has

contractually

agreed

to

waive

0.82%

of

the

Fund's

management

and

investment

advisory

fees.

It

is

expected

that

the

fee

waiver

will

continue

through

the

period

ending

July

31,

2026;

however,

the

Fund

and

the

Manager,

the

parties

to

the

agreement,

may

mutually

agree

to

terminate

the

fee

waiver

prior

to

the

end

of

the

period.

The

Manager

has

contractually

agreed

to

limit

the

Fund's

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses).

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limits

are

expressed

as

a

percentage

of

average

daily

net

assets

attributable

to

each

class

of

shares

on

an

annualized

basis

during

the

reporting

period.

Any

amounts

outstanding

at

the

end

of

the

period

are

shown

as

an

expense

reimbursement

from

Manager

or

expense

reimbursement

to

Manager

on

the

statement

of

assets

and

liabilities

and

are

settled

monthly.

It

is

expected

that

the

operating

expense

limits

will

continue

through

the

period

ending

July

31,

2026,

the

contractual

expiration

date;

however,

the

Fund

and

the

Manager,

the

parties

to

the

agreement,

may

mutually

agree

to

terminate

the

operating

expense

limits

prior

to

the

end

of

the

period.

The

operating

expense

limits

are

as

follows:

Subject

to

applicable

expense

limits,

the

Fund

may

reimburse

the

Manager

for

expenses

incurred

during

the

current

fiscal

year

and

the

previous

two

fiscal

years.

All

organizational

expenses

of

the

Fund

will

be

borne

by

the

Fund.

As

of

September

30,

2025,

the

class

specific

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

were

as

follows

(amounts

in

thousands):

Distribution

Fees.

The

Class

A

shares

of

the

Fund

bear

distribution

fees.

The

fees

are

computed

at

an

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

Class

A

shares

of

the

Fund.

Distribution

fees

are

paid

to

the

Distributor

of

the

Fund.

A

portion

of

the

distribution

fees

may

be

paid

to

other

selling

dealers

for

providing

certain

services.

Chief

Compliance

Officer

Expenses.

The

Fund

pays

certain

expenses

associated

with

the

Chief

Compliance

Officer

("CCO").

This

expense

is

allocated

among

the

registered

investment

companies

managed

by

the

Manager

based

on

the

relative

net

assets

of

each

fund

and

is

shown

on

the

statement

of

operations.

Sales

Charges.

The

Distributor

retains

sales

charges

on

certain

sales

of

Class

A

shares

based

on

declining

rates

which

begin

at

5.75%.

For

the

period

ended

September

30,

2025,

sales

charges

retained

by

the

Distributor

were

less

than

$500.

Affiliated

Ownership

.

As

of

September

30,

2025,

Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager)

owned

shares

of

the

Fund

as

follows

(amounts

of

shares

in

thousands):

Share

Class

Operating

Expense

Limit

Expiration

Class

A

1.39%

July

31,

2026

Class

Y

0.89 July

31,

2026

Institutional

1.09 July

31,

2026

Share

Class

Expiring

March

31,

2026

Expiring

March

31,

2027

Expiring

March

31,

2028

Class

A

$139

$37

$29

Class

Y

715

Institutional

Class

Y

Principal

Real

Asset

Fund

5,875

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

6. Investment

Transactions

For

the

period

ended

September

30,

2025,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments,

return

of

capital,

and

mergers)

by

the

Fund

were

as

follows

(amounts

in

thousands):

7. Repurchase

Offers

The

Fund

has

a

fundamental

policy

to

make

quarterly

repurchase

offers

for

no

less

than

5%

and

not

more

than

25%

of

its

shares

at

a

price

equal

to

net

asset

value

per

share,

unless

suspended

or

postponed

in

accordance

with

regulatory

requirements,

and

that

each

quarterly

repurchase

pricing

share

occur

on

the

Repurchase

Pricing

Date,

the

date

that

will

be

used

to

determine

the

Fund's

net

asset

value

per

share

applicable

to

the

repurchase.

The

Fund

will

make

quarterly

repurchase

offers

every

three

months,

in

the

following

months:

March,

June,

September,

and

December.

The

Fund

will

repurchase

shares

that

are

tendered

by

a

specific

date

(the

"Repurchase

Request

Deadline"),

which

will

be

established

by

the

Board

in

accordance

with

Rule

23c-3,

as

amended

from

time

to

time.

Rule

23c-3

requires

the

Repurchase

Request

Deadline

to

be

no

less

than

and

no

more

than

days

after

the

Fund

sends

notification

to

shareholders

of

the

repurchase

offer.

There

will

be

a

maximum

calendar

day

period,

or

the

next

business

day

if

the

14th

calendar

day

is

not

a

business

day,

between

the

Repurchase

Request

Deadline

and

the

Repurchase

Pricing

Date.

If

a

repurchase

offer

by

the

Fund

is

oversubscribed,

the

Fund

may

repurchase,

but

is

not

required

to

repurchase,

additional

shares

up

to

a

maximum

amount

of

2%

of

the

outstanding

shares

of

the

Fund.

If

the

Fund

determines

not

to

repurchase

additional

shares

beyond

the

repurchase

offer

amount,

or

if

shareholders

tender

an

amount

of

shares

greater

than

that

which

the

Fund

is

entitled

to

repurchase,

the

Fund

will

repurchase

the

shares

tendered

on

a

pro

rata

basis.

For

the

period

ended

September

30,

2025,

shares

of

the

Fund

were

repurchased

during

the

repurchase

offer

windows

as

per

the

table

below

(amounts

in

thousands).

In

these

offers,

the

Fund

offered

to

repurchase

up

to

5%

of

the

number

of

outstanding

shares

as

of

the

Repurchase

Pricing

Date.

8. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the

period

ended

September

30,

2025

and

year

ended

March

31,

2025,

were

as

follows

(amounts

in

thousands):

\*The

Fund

designates

these

distributions

as

long-term

capital

gain

dividends

per

IRC

Sec.

852

(b)(3)(C)

in

the

20-percent

group

(which

may

be

taxed

at

a

20-percent

rate,

a

15-percent

rate,

or

a

0-percent

rate,

depending

on

the

shareholder's

taxable

income).

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of

March

31,

2025,

the

components

of

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

Purchases

Sales

Principal

Real

Asset

Fund

$

17,425

$

20,632

Repurchase

Offer

#1

Repurchase

Offer

#2

Commencement

Date

March

31,

2025

June

30,

2025

Repurchase

Request

Deadline

April

28,

2025

July

29,

2025

Repurchase

Pricing

Date

April

28,

2025

July

29,

2025

Amount

Repurchased

$

9,733

$

Shares

Repurchased

Percentage

of

Outstanding

Shares

Repurchased

5.97%

0.03%

Ordinary

Income

Long-Term

Capital

Gain\*

September

30,

2025

March

31,

2025

September

30,

2025

March

31,

2025

Principal

Real

Asset

Fund

$

1,501

$

2,332

$

—

$

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

Total

Accumulated

Earnings

(Deficit)

Principal

Real

Asset

Fund

$

1,016

$

$

—

$

10,521

$

—

$

12,024

Notes

to

Financial

Statements

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Fund.

As

of

March

31,

2025

,

the

Fund

had

no

capital

loss

carryforwards.

For

the

year

ended

March

31,

2025

,

the

Fund

did

not

utilize

capital

loss

carryforwards.

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

of

the

Fund's

taxable

year

subsequent

to

October

and

December

31,

respectively.

As

of

March

31,

2025

,

the

Fund

does

not

plan

to

defer

any

late-year

losses.

Reclassification

of

Capital

Accounts.

The

Fund

may

record

reclassifications

in

its

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Fund.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Fund's

distributions

may

be

shown

in

the

accompanying

statement

of

changes

in

net

assets

as

from

net

investment

income

and

net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended

March

31,

2025,

the

Fund

recorded

reclassifications

as

follows

(amounts

in

thousands):

Federal

Income

Tax

Basis.

As

of

September

30,

2025

,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Fund

were

as

follows

(amounts

in

thousands):

9. Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements.

There

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Principal

Real

Asset

Fund

$

$

(11) Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Principal

Real

Asset

Fund

$

24,314

$

(8,261)

$

16,053

$

147,639

8. Federal

Tax

Information

(continued)

Schedule

of

Investments

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.80

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.05

%

iShares

Global

Infrastructure

ETF

121,100

$

7,402

iShares

U.S.

Infrastructure

ETF

140,395

7,416

$

14,818

Money

Market

Funds

-

.75

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.05%

(a) 1,221,211

1,221

TOTAL

INVESTMENT

COMPANIES

$

16,039

PRIVATE

INVESTMENT

FUNDS

-

.25

%

Shares

Held

Value

(000's)

Agriculture

-

.78

%

Ceres

Farmland

Holdings,

LP

(b) N/A

$

12,279

Hancock

Timberland

and

Farmland

Fund,

LP

(b) N/A

10,997

UBS

AgriVest

Farmland

Fund

(b) N/A

5,827

$

29,103

Energy

-

Alternate

Sources

-

.80

%

ACIP

Parallel

Fund

A,

LP

(b) N/A

5,115

Blackstone

Infrastructure

Partners

F2,

LP

(b) N/A

6,691

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(b) N/A

11,328

IFM

Net

Zero

Infrastructure

Fund

(USD)

B,

SCSp

(b) N/A

5,853

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

(b) N/A

3,419

$

32,406

Forest

Products

&

Paper

-

.52

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b) N/A

5,759

Private

Equity

-

.35

%

GDIF

US

Hedged

Feeder

Fund,

LP

(b) N/A

7,027

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(b) N/A

11,553

$

18,580

Real

Estate

-

.04

%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b) N/A

1,875

FDR

PELF

SCA,

SICAV-RAIF

(b) N/A

6,158

PGIM

Real

Estate

US

Debt

Fund,

LP

(b) N/A

5,048

UBS

Trumbull

Property

Growth

&

Income

Fund

(b) N/A

4,995

$

18,076

Transportation

-

.76

%

Global

Transport

Income

Fund

Feeder

LLC,

LP

(b) N/A

6,161

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

110,085

COMMON

STOCKS

-

.95

%

Shares

Held

Value

(000's)

Agriculture

-

.14

%

Archer-Daniels-Midland

Co

1,671

$

Bunge

Global

SA

Darling

Ingredients

Inc

(c) 545

Wilmar

International

Ltd

35,800

$

Biotechnology

-

.10

%

Corteva

Inc

2,369

Building

Materials

-

.11

%

Louisiana-Pacific

Corp

Svenska

Cellulosa

AB

SCA

8,091

West

Fraser

Timber

Co

Ltd

772

$

Chemicals

-

.37

%

CF

Industries

Holdings

Inc

560

FMC

Corp

ICL

Group

Ltd

9,760

Mosaic

Co/The

1,094

Nutrien

Ltd

6,016

Yara

International

ASA

2,201

$

598

Commercial

Services

-

.49

%

Atlas

Arteria

Ltd

132,107

Motiva

Infraestrutura

de

Mobilidade

SA

133,292

$

801

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

-

.03

%

Avery

Dennison

Corp

$

Electric

-

.10

%

Boralex

Inc

11,253

CenterPoint

Energy

Inc

13,280

515

CMS

Energy

Corp

6,859

502

DTE

Energy

Co

1,970

EDP

Renovaveis

SA

9,010

Elia

Group

SA/NV

3,423

Emera

Inc

8,147

Entergy

Corp

7,376

687

National

Grid

PLC

47,092

677

NextEra

Energy

Inc

15,551

1,174

Northwestern

Energy

Group

Inc

2,135

PG&E

Corp

27,424

Sempra

7,279

655

Xcel

Energy

Inc

6,891

556

$

6,709

Engineering

&

Construction

-

.08

%

Aeroports

de

Paris

SA

3,475

Beijing

Capital

International

Airport

Co

Ltd

(c) 564,000

Cellnex

Telecom

SA

(c),(d)

12,831

China

Tower

Corp

Ltd

(d) 155,600

Enav

SpA

(d) 47,427

Sarana

Menara

Nusantara

Tbk

PT

5,392,600

$

1,766

Food

-

.02

%

Ingredion

Inc

Forest

Products

&

Paper

-

.32

%

International

Paper

Co

1,822

Mondi

PLC

5,961

Oji

Holdings

Corp

12,900

Suzano

SA

ADR

9,491

UPM-Kymmene

Oyj

7,157

$

523

Gas

-

.20

%

ENN

Energy

Holdings

Ltd

40,600

Healthcare

-

Services

-

.06

%

Chartwell

Retirement

Residences

6,500

Housewares

-

.00

%

Scotts

Miracle-Gro

Co/The

Iron

&

Steel

-

.27

%

ArcelorMittal

SA

1,136

Fortescue

Ltd

4,255

Nippon

Steel

Corp

13,500

Novolipetsk

Steel

PJSC

(c) 36,800

—

Nucor

Corp

580

POSCO

Holdings

Inc

Reliance

Inc

Severstal

PAO

(c) 4,878

—

Steel

Dynamics

Inc

Vale

SA

ADR

9,078

$

Mining

-

.38

%

Agnico

Eagle

Mines

Ltd

1,275

Anglo

American

PLC

2,981

Anglogold

Ashanti

Plc

1,075

Antofagasta

PLC

867

Barrick

Mining

Corp

4,348

BHP

Group

Ltd

12,788

Cameco

Corp

689

China

Hongqiao

Group

Ltd

5,500

First

Quantum

Minerals

Ltd

(c) 1,699

Franco-Nevada

Corp

Freeport-McMoRan

Inc

3,631

Glencore

PLC

(c) 24,593

Gold

Fields

Ltd

ADR

2,272

Ivanhoe

Mines

Ltd

(c) 1,806

Kinross

Gold

Corp

3,094

Schedule

of

Investments

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

(continued)

Newmont

Corp

2,808

$

Norsk

Hydro

ASA

3,329

Northern

Star

Resources

Ltd

3,486

Polyus

PJSC

(c) 4,070

—

Rio

Tinto

Ltd

933

Southern

Copper

Corp

Teck

Resources

Ltd

1,110

Wheaton

Precious

Metals

Corp

1,148

Zijin

Mining

Group

Co

Ltd

16,000

$

2,266

Oil

&

Gas

-

.34

%

BP

PLC

25,396

Canadian

Natural

Resources

Ltd

3,347

Cenovus

Energy

Inc

2,020

Chevron

Corp

1,316

ConocoPhillips

863

Coterra

Energy

Inc

521

Devon

Energy

Corp

Diamondback

Energy

Inc

Ecopetrol

SA

ADR

Eni

SpA

3,286

EOG

Resources

Inc

EQT

Corp

Equinor

ASA

1,238

Exxon

Mobil

Corp

2,968

Imperial

Oil

Ltd

Marathon

Petroleum

Corp

Occidental

Petroleum

Corp

Petroleo

Brasileiro

SA

-

Petrobras

ADR

2,944

Phillips

Reliance

Industries

Ltd

(d) 2,747

Repsol

SA

1,832

Shell

PLC

9,530

Suncor

Energy

Inc

1,955

TotalEnergies

SE

3,621

Valero

Energy

Corp

Woodside

Energy

Group

Ltd

3,005

$

2,196

Oil

&

Gas

Services

-

.05

%

Baker

Hughes

Co

678

Halliburton

Co

588

Schlumberger

NV

1,025

$

Packaging

&

Containers

-

.23

%

Amcor

PLC

7,909

Graphic

Packaging

Holding

Co

1,041

Packaging

Corp

of

America

Sealed

Air

Corp

507

SIG

Group

AG

4,646

Smurfit

WestRock

PLC

1,711

Stora

Enso

Oyj

8,368

$

Pipelines

-

.25

%

APA

Group

75,870

DT

Midstream

Inc

2,488

Gibson

Energy

Inc

24,400

Williams

Cos

Inc/The

13,576

860

$

2,040

Real

Estate

-

.08

%

CTP

NV

(d) 4,600

Fastighets

AB

Balder

(c) 14,600

Mitsui

Fudosan

Co

Ltd

67,000

729

Qualitas

Ltd

44,887

Sun

Hung

Kai

Properties

Ltd

22,000

Swire

Properties

Ltd

34,700

Vonovia

SE

11,836

$

1,769

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.45

%

Agree

Realty

Corp

4,400

$

American

Healthcare

REIT

Inc

14,499

609

American

Homes

Rent

12,288

American

Tower

Corp

4,170

802

AvalonBay

Communities

Inc

2,400

Boardwalk

Real

Estate

Investment

Trust

1,500

CapitaLand

Integrated

Commercial

Trust

157,995

COPT

Defense

Properties

5,300

Cousins

Properties

Inc

6,495

Crown

Castle

Inc

6,204

599

Digital

Realty

Trust

Inc

2,023

Equinix

Inc

1,174

919

Equity

LifeStyle

Properties

Inc

1,200

Equity

Residential

3,900

Essex

Property

Trust

Inc

800

Extra

Space

Storage

Inc

3,105

Gaming

and

Leisure

Properties

Inc

3,815

Goodman

Group

24,827

538

InvenTrust

Properties

Corp

6,254

Japan

Hotel

REIT

Investment

Corp

Keppel

DC

REIT

88,200

Keppel

DC

REIT

-

Rights

(c) 6,376

Klepierre

SA

11,870

Link

REIT

35,024

Merlin

Properties

Socimi

SA

8,816

Mitsui

Fudosan

Accommodations

Fund

Inc

Nippon

Building

Fund

Inc

Nippon

Prologis

REIT

Inc

Prologis

Inc

5,421

621

Prologis

Property

Mexico

SA

de

CV

18,600

Regency

Centers

Corp

2,700

Rexford

Industrial

Realty

Inc

2,292

Ryman

Hospitality

Properties

Inc

3,100

Sabra

Health

Care

REIT

Inc

8,405

Safestore

Holdings

PLC

12,273

Segro

PLC

7,557

Sekisui

House

Reit

Inc

Simon

Property

Group

Inc

1,050

Stockland

51,195

Unibail-Rodamco-Westfield

(c) 2,300

UNITE

Group

PLC/The

27,212

Ventas

Inc

8,183

573

VICI

Properties

Inc

15,475

505

Vornado

Realty

Trust

4,882

Welltower

Inc

7,147

1,273

Weyerhaeuser

Co

2,503

$

13,832

Telecommunications

-

.23

%

Indus

Towers

Ltd

(c) 54,460

NEXTDC

Ltd

(c) 14,700

$

Transportation

-

.07

%

Canadian

National

Railway

Co

2,200

CSX

Corp

18,448

655

Norfolk

Southern

Corp

Rumo

SA

101,304

Union

Pacific

Corp

1,950

$

1,754

Water

-

.58

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

11,600

Guangdong

Investment

Ltd

318,513

Severn

Trent

PLC

10,535

$

945

TOTAL

COMMON

STOCKS

$

37,568

Total

Investments

$

163,692

Other

Assets

and

Liabilities

- 0.00%

TOTAL

NET

ASSETS

-

100.00%

$

163,698

Schedule

of

Investments

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

See

accompanying

notes.

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Private

Investment

Funds

have

quarterly

or

annual

redemption

frequencies

and

are

considered

restricted

securities.

Please

see

Private

Investment

Funds

sub-

schedule

for

additional

information.

(c) Non-income

producing

security

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,187

or

0.73%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

.92

%

Energy

.44

%

Consumer,

Non-cyclical

.62

%

Exchange-Traded

Funds

.05

%

Industrial

.25

%

Utilities

.88

%

Materials

.52

%

Basic

Materials

.34

%

Money

Market

Funds

.75

%

Communications

.23

%

Consumer,

Cyclical

.00

%

Other

Assets

and

Liabilities

.00

%

TOTAL

NET

ASSETS

100.00%

Private

Investment

Funds

Security

Name

Acquisition

Date

Cost

Value

Redemption

Notice

(days)

Percent

of

Net

Assets

ACIP

Parallel

Fund

A,

LP

(a) 11/15/2021

-

09/25/2025

$

6,458

$

5,115

N/A

3.12%

Blackstone

Infrastructure

Partners

F2,

LP

(b) 09/27/2024

6,000

6,691

4.09%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(c) 03/31/2022

5,000

1,875

N/A

1.15%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(d) 07/01/2019

-

12/30/2021

4,697

5,759

3.52%

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(e) 07/16/2021

-

06/27/2024

10,959

11,328

N/A

6.92%

Ceres

Farmland

Holdings,

LP

(f) 11/06/2019,

02/05/2021

7,000

12,279

N/A

7.50%

FDR

PELF

SCA,

SICAV-RAIF

(g) 12/01/2022

6,610

6,158

3.76%

GDIF

US

Hedged

Feeder

Fund,

LP

(h) 04/23/2021

-

08/17/2022

6,115

7,027

N/A

4.29%

Global

Transport

Income

Fund

Feeder

LLC,

LP

(i) 08/01/2024

6,000

6,161

3.76%

Hancock

Timberland

and

Farmland

Fund,

LP

(j) 08/12/2020

-

04/20/2023

10,556

10,997

N/A

6.72%

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(k) 06/27/2022

8,000

11,553

7.06%

IFM

Net

Zero

Infrastructure

Fund

(USD)

B,

SCSp

(l) 02/29/2024

6,000

5,853

3.58%

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

(m) 08/30/2024

2,898

3,419

2.09%

PGIM

Real

Estate

US

Debt

Fund,

LP

(n) 04/30/2021,

06/30/2021

5,315

5,048

N/A

3.08%

UBS

AgriVest

Farmland

Fund

(o) 07/01/2020

-

01/03/2023

5,147

5,827

3.56%

UBS

Trumbull

Property

Growth

&

Income

Fund

(p) 07/01/2020

-

12/30/2021

6,092

4,995

3.05%

Total

$

110,085

67.25%

The

private

investment

funds

listed

in

the

table

do

not

include

any

unfunded

commitments. Please

see

Note

for

details

of

any

unfunded

commitments.

Amounts

in

thousands.

(a) This

closed-end

fund

focuses

on

the

Climate

Infrastructure

sector

which

includes

value-add

renewable

energy,

resource

and

energy

efficiency,

transmission

and

smart

grids,

vehicle

electrification,

and

energy

storage

and

microgrids.

The

fund

has

a

life

term

of

years

during

which,

redemptions

are

not

permitted.

(b) This

fund

is

an

open-ended

investment

fund

whose

objective

is

to

identify,

acquire

and

operate

a

diversified

portfolio

of

high

quality,

long-duration,

cash-yielding

investments

that

can

compound

at

attractive

risk-adjusted

rates

of

return. The

fund

seeks

to

invest

in

assets

across

four

primary

infrastructure

sectors:

energy

infrastructure,

transportation,

digital

infrastructure,

and

water

and

waste. Redemptions

are

subject

to

a

three-year

lock

up

from

the

acquisition

date.

(c) The

fund

was

established

as

an

open-end

senior

real

estate

debt

fund

focused

on

providing

primarily

floating

rate

financing

secured

by

commercial

property

primarily

located

in

the

U.S.

Management

of

the

fund

has

recently

announced

their

intention

to

dissolve

this

fund.

They

expect

to

return

50%

of

capital

by

the

end

of

2025

and

the

remaining

over

the

next

five

years.

(d) The

fund

was

established

to

invest

and

reinvest

assets

of

the

investors

through

the

REIT,

primarily

in

interests

(including

ownership

or

leasehold

interests)

in

real

property,

which

is

to

be

planted

with

trees,

or

real

property

on

which

trees

are

growing

(timberland),

trees

growing

on

timberland,

or

trees

which

have

been

cut

but

not

removed

from

the

timberland

(timber);

contracts

or

agreements

for

the

cutting

and/or

use

of

timber

on

timberland.

Timber

investments

are

not

intended

to

produce

immediate

revenues.

Redemptions

are

subject

to

a

two-year

holding

period

from

the

acquisition

date.

(e) The

fund

will

seek

to

invest

in

a

global,

diversified

portfolio

of

high-quality

core

and

core-plus

mid-market

infrastructure

investments

with

stable

returns,

inflation

protection,

low

volatility,

predictable

yield

and

a

low

correlation

with

other

asset

classes

through

an

open-end

structure.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(f) The

fund

is

an

open-ended

investment

fund

whose

objective

is

to

generate

an

attractive

total

return

through

the

acquisition

and

management

of

farmland

in

the

Midwestern

United

States.

Redemptions

are

subject

to

a

one-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

five

months

prior

to

the

annual

redemption

date,

which

is

the

last

day

of

February.

(g) This

feeder

fund

represents

an

indirect

ownership

of

the

Prologis

European

Logistics

Fund

which

has

an

investment

objective

of

combining

attractive

current

income

with

long-term

capital

growth

by

investing

in

European

logistics

real

estate

assets.

Redemption

requests

accommodated

quarterly

to

the

extent

of

sufficient

liquid

assets,

with

at

least

days

notice.

(h) This

feeder

fund

offers

hedging

to

protect

against

currency

movements

in

the

Global

Diversified

Infrastructure

Fund

which

invests

in

diversified

infrastructure

investments.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(i) This

feeder

fund

represents

an

indirect

ownership

of

the

Global

Transport

Income

Fund

which

seeks

to

deliver

attractive,

risk-adjusted

returns

with

an

emphasis

on

stable

income

generation

through

investing

in

the

transport

industries.

Redemption

requests

are

allowed

three

years

after

the

third-quarter

date.

(j) This

open-end

fund

blends

the

two

asset

classes

of

timberland

and

farmland.

The

geographic

focus

will

be

in

the

U.S.,

Canada,

Australia,

New

Zealand,

Chile,

Brazil,

Uruguay,

and

Western

Europe.

Agriculture

investments

will

be

diversified

among

row

crops

(corn,

soy,

wheat,

etc.),

permanent

crops

(vines/trees),

and

commodity

crops

(cotton,

lettuce,

strawberries,

etc.).

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

given

by

April

30th

of

that

year.

(k) The

fund

will

primarily

invest,

directly

or

indirectly,

in

core

and

core

plus

infrastructure

assets

and

infrastructure

investments

focused

on

the

infrastructure

and

power

sectors.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

Schedule

of

Investments

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

See

accompanying

notes.

(l) This

feeder

fund

represents

an

indirect

ownership

of

the

IFM

Core

Energy

Transition

Fund

SCSp

which

seeks

to

achieve

long-term

capital

appreciation

as

well

as

current

income

through

equity

and

equity-related

investments

in

infrastructure

assets

that

IFM

believes

will

seek

to

accelerate

the

world's

transition

to

a

net-zero

emissions

economy. Redemptions

are

subject

to

a

two-year

holding

period

of

the

acquisition

date. Withdrawal

requests

need

to

be

provided

in

writing

at

least

days

prior

to

the

first

day

of

any

calendar

quarter.

(m) The

fund's

primary

objective

will

be

to

make

equity

and

equity

like

investments

in

a

diversified

portfolio

of

sustainable

infrastructure,

real

assets,

and

businesses,

primarily

those

focused

on

the

development

and

deployment

of

mature

sustainable

technologies

and,

through

their

operations,

contribute

towards

accelerating

the

global

energy

transition. Redemptions

are

subject

to

a

five-year

holding

period

from

the

Commencement

Date.

(n) This

fund

is

comprised

of

loans

with

strong

fundamentals

and

focused

on

income

return.

Redemptions

are

available

if

inflows

of

capital

offset

the

requested

redemption

amount

and

if

liquidity

is

sufficient.

(o) This

open-end

fund

invests

primarily

in

U.S.

farmland.

It

is

a

well-diversified

portfolio

across

many

regions

of

the

country

and

diversified

across

row

crops,

vegetable

crops,

and

permanent

crops.

Redemptions

are

permitted

with

written

redemption

notice

days

prior

to

the

end

of

the

quarter.

(p) This

open-end,

commingled

private

real

estate

portfolio

combines

value-add

properties

with

capital

appreciation

potential

and

more

stable

income-generating

properties.

Properties

in

the

portfolio

typically

start

as

development,

renovation,

repositioning,

or

lease-up

stage

investments,

and

transition

toward

stabilized

assets.

Redemptions

are

permitted

with

written

redemption

notice

days

prior

to

the

end

of

the

quarter.

Financial

Highlights

(unaudited)

See

accompanying

notes.

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

REAL

ASSET

FUND

Class

A

shares

September

30,

2025(c)

$

25.84 $

0.33 $

1.12 $

1.45 ($

0.26)

$

–

($

0.26)

$

.03

March

31,

2025

25.41 0.69 0.14 0.83 (0.37)

(0.03)

(0.40)

25.84 March

31,

2024

25.40 0

.42

0.06 0.48 (0.24)

(0.23)

(0.47)

25.41 March

31,

2023

28.09 0.63 (1.54)

(0.91)

(0.41)

(1.37)

(1.78)

25.40 March

31,

2022

26.27 0.33 3.34 3.67 (0.37)

(1.48)

(1.85)

28.09 March

31,

2021

19.35 0.49 7.18 7.67 (0.52)

(0.23)

(0

.75)

26.27 Class

Y

shares

September

30,

2025(c)

26.31 0.46 1.08 1.54 (0.26)

–

(0.26)

27.59 March

31,

2025

25.77 0.85 0.12 0.97 (0.40)

(0.03)

(0.43)

26.31 March

31,

2024

25.68 0.55 0.07 0.62 (0.30)

(0.23)

(0.53)

25.77 March

31,

2023

28.31 0.76 (1.54)

(0.78)

(0.48)

(1.37)

(1.85)

25.68 March

31,

2022

26.42 0.47 3.36 3.83 (0

.42)

(1.52)

(1.94)

28.31 March

31,

2021

19.39 0.62 7.20 7.82 (0.55)

(0.24)

(0.79)

26.42 Institutional

shares

September

30,

2025(c)

26.00 0.19 1.30 1.49 (0.26)

–

(0.26)

27.23 March

31,

2025

25.51 0.64 0.28 0.92 (0.40)

(0.03)

(0.43)

26.00 March

31,

2024

25.48 0.50 0.06 0.56 (0.30)

(0.23)

(0.53)

25.51 March

31,

2023

28.15 0.64 (1

.46)

(0.82)

(0.48)

(1.37)

(1.85)

25.48 March

31,

2022

26.33 0.42 3.33 3.75 (0.41)

(1.52)

(1.93)

28.15 March

31,

2021

19.36 0.56 7.20 7.76 (0.55)

(0.24)

(0.79)

26.33 Financial

Highlights

(Continued)

(unaudited)

See

accompanying

notes.

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Expenses

to

Average

Net

Assets

(Excluding

Interest

Expense

and

Fees)(b)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

5.06 %

(d),(e),(f)

$

523

1.43 %

(g),(h)

1.39 %

(g),(h)

2.54 %

(g) 22.8 %

(g) 3.28 (e),(i),(j)

833

1.43 (h) 1.39 (h) 2.69 31.5 2.30 (e),(i),(k)

930

1.48 (h) 1.44 (h) 1.68 32.0 (2.13)

(e),(i),(l)

754

1.70 (h) 1.66 (h) 2.41 39.8 12.58 (e),(i),(m)

1.91 (h) 1.88 (h) 1.19 45.4 39.63 (e),(i)

1.67 (h) N/A(h)

2.11 56.0 5.27 (d),(f),(i)

162,102

0.93 (g),(h)

0.89 (g),(h)

3.44 (g) 22.8 (g) 3.82 (i),(j)

162,159

0.93 (h) 0.89 (h) 3.27 31.5 2.78 (i),(k)

135,552

0.98 (h) 0.94 (h) 2.19 32.0 (1.62)

(i),(l)

148,223

1.24 (h) 1.20 (h) 2.84 39.8 13.13 (i),(m)

187,063

1.41 (h) 1.38 (h) 1.69 45.4 40.36 (i) 162,855

1.17 (h) N/A(h)

2.61 56.0 5.19 (d),(f)

1,073

1.13 (g),(h)

1.09 (g),(h)

1.43 (g) 22.8 (g) 3.62 (i),(j)

1,345

1.13 (h) 1.09 (h) 2.49 31.5 2.60 (i),(k)

10,378

1.18 (h) 1.14 (h) 1.99 32.0 (1.82)

(i),(l)

10,753

1.30 (h) 1.26 (h) 2.48 39.8 12.93 (i),(m)

627

1.63 (h) 1.60 (h) 1.54 45.4 40.06 (i) 277

1.37 (h) N/A(h)

2.41 56.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Excludes

interest

expense

and

commitment

fees

charged

on

borrowings.

See

"Operating

Policies"

in

notes

to

financial

statements.

(c) Six

months

ended

September

30,

2025. (d) Total

return

amounts

have

not

been

annualized.

(e) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(f) Total

returns

calculated

using

the

reported

net

asset

values

as

of

September

30,

2025

are

5.63%,

5.87%,

and

5.75%

for

Class

A,

Class

Y,

and

Institutional,

respectively.

(g) Computed

on

an

annualized

basis.

(h) Subject

to

Manager's

contractual

expense

limit.

(i) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(j) Total

returns

calculated

using

the

reported

net

asset

values

as

of

March

31,

2025

are

3.31%,

3.81%

and

3.65%

for

Class

A,

Class

Y

and

Institutional,

respectively.

(k) Total

returns

calculated

using

the

reported

net

asset

values

as

of

March

31,

2024

are

1.94%,

2.46%

and

2.24%

for

Class

A,

Class

Y

and

Institutional,

respectively.

(l) Total

returns

calculated

using

the

reported

net

asset

values

as

of

March

31,

2023

are

(3.11)%,

(2.64)%

and

(2.80)%

for

Class

A,

Class

Y

and

Institutional,

respectively.

(m) Total

returns

calculated

using

the

reported

net

asset

values

as

of

March

31,

2022

are 14.32%,

14.86%,

and

14.62%

for

Class

A,

Class

Y,

and

Institutional,

respectively.

Shareholder

Expense

Example

Principal

Real

Asset

Fund

September

30,

2025

(unaudited)

As

a

shareholder

of

Principal

Real

Asset

Fund,

you

incur

two

types

of

costs:

(1) transaction

costs,

including

sales

charges

on

purchase

payments

and

contingent

deferred

sales

charges;

and

(2) ongoing

costs,

including

management

fees;

distribution

fees;

and

other

fund

expenses.

In

addition

to

the

expenses

the

Fund

bears

directly,

the

Fund

may

indirectly

bear

its

pro

rata

share

of

the

expenses

incurred

by

the

investment

companies

in

which

the

Fund

invests.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

Principal

Real

Asset

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

April

1,

2025

to

September

30,

2025

,

unless

otherwise

noted.

Actual

Expenses

The

first

section

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading

entitled

"Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Additional

account

fees

may

apply

to

certain

types

of

investment

products

which

are

not

included

in

the

table

below.

If

they

were,

the

estimate

of

expenses

you

paid

during

the

period

would

be

higher,

and

your

ending

account

value

lower,

by

this

amount.

Hypothetical

Example

for

Comparison

Purposes

The

second

section

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

on

purchase

payments,

contingent

deferred

sales

charges,

redemption

fees

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

Beginning

Account

Value

April

1,

2025

Ending

Account

Value

September

30,

2025

Expenses

Paid

During Period

April

1,

2025 to

September

30,

2025

(a) Beginning

Account

Value

April

1,

2025

Ending

Account

Value

September

30,

2025

Expenses

Paid

During Period

April

1,

2025 to

September

30,

2025

(a) Annualized

Expense

Ratio

Principal

Real

Asset

Fund

Class

A

$

1,000.00

$

1,050.61

$

7.35 $

1,000.00

$

1,017.90

$

7.23 1.43 %

Class

Y

1,000.00

1,052.75

4.79 1,000

.00

1,020.41

4.71 0.93 Institutional

1,000.00

1,051.85

5.81 1,000.00

1,019.40

5.72 1.13 Principal

Real

Asset

Fund

(Excluding

Interest

Expense

and

Fees)

Class

A

1,000.00

1,050.61

7.15 1,000.00

1,018.10

7.03 1.39 Class

Y

1,000.00

1,052.75

4.58 1,000

.00

1,020.61

4.51 0.89 Institutional

1,000.00

1,051.85

5.61 1,000.00

1,019.60

5.52 1.09 (a) Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period).

BOARD

CONSIDERATION

OF

INVESTMENT

ADVISORY

CONTRACTS

Approval

of

Management

Agreement

and

Sub-Advisory

Agreement

At

a

meeting

held

on

September

16,

2025

(the

"Meeting"),

the

Board

of

Trustees

(the

"Board")

of

Principal

Real

Asset

(the

"Fund")

considered

the

approval

of

the

renewal

of:

(i)

the

Management

Agreement

between

Principal

Global

Investors,

LLC

(the

"Manager")

and

the

Fund

(the

"Management

Agreement")

and

(ii) the

Amended

and

Restated

Sub-Advisory

Agreement

between

Principal

Real

Estate

Investors,

LLC

(the

"Sub-Adviser")

and

the

Manager

(the

"Sub-Advisory

Agreement").

In

connection

with

the

Board's

consideration

of

the

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Board

received

written

materials

in

advance

of

the

Meeting,

which

included

information

regarding:

(i)

the

nature,

extent,

and

quality

of

services

to

be

provided

to

the

Fund

by

the

Manager

and

the

Sub-Adviser;

(ii) a

description

of

the

Manager's

and

the

Sub-Adviser's

investment

management

and

other

personnel;

(iii) an

overview

of

the

Manager's

and

the

Sub-Adviser's

respective

operations

and

financial

condition;

(iv) a

comparison

of

the

Fund's

management

fee

and

overall

expenses

with

those

of

comparable

funds;

(v) the

level

of

profitability

from

the

Manager's

and

the

Sub-

Adviser's

fund-related

operations;

(vi) the

Manager's

and

the

Sub-Adviser's

compliance

policies

and

procedures,

including

policies

and

procedures

for

business

continuity

and

information

security

and

(vii) information

regarding

the

performance

record

of

the

Fund

as

compared

to

other

comparable

funds.

Throughout

the

process,

including

at

the

Meeting,

the

Board

had

numerous

opportunities

to

ask

questions

of

and

request

additional

materials

from

the

Manager

and

the

Sub-Adviser.

During

the

Meeting,

the

Board

was

advised

by,

and

met

in

executive

session

with,

the

Board's

independent

legal

counsel,

and

received

a

memorandum

from

such

independent

counsel

regarding

their

responsibilities

under

applicable

law.

Matters

considered

by

the

Board

in

connection

with

its

approval

of

the

Management

Agreement

and

the

Sub-Advisory

Agreement

included,

among

others,

the

following:

Nature,

Extent

and

Quality

of

Service

.

In

considering

the

nature,

extent

and

quality

of

services

to

be

provided

by

the

Manager

under

the

Management

Agreement,

including

accounting

and

administrative

services

as

applicable,

the

Board

reviewed

materials

provided

by

the

Manager,

including:

a

description

of

the

manner

in

which

investment

decisions

are

made

and

executed;

an

overview

of

the

personnel

that

perform

services

for

the

Fund

and

their

background

and

experience;

a

review

of

the

financial

condition

of

the

Manager;

information

regarding

risk

management

processes

and

liquidity

management;

a

description

of

the

Manager's

brokerage

practices

(including

any

soft

dollar

arrangements);

the

compliance

policies

and

procedures

of

the

Manager,

including

its

business

continuity

and

cybersecurity

policies

and

a

code

of

ethics

that

contained

provisions

reasonably

necessary

to

prevent

Access

Persons,

as

that

term

is

defined

in

Rule

17j-1

under

the

1940

Act,

from

engaging

in

conduct

prohibited

by

Rule

17j-1(b).

The

Board

considered

the

experience

and

skills

of

senior

management

that

would

lead

the

Fund's

operations,

the

experience

and

skills

of

the

personnel

that

would

perform

the

functions

under

the

Management

Agreement

and

the

resources

that

would

be

made

available

to

such

personnel,

the

ability

of

the

Manager

to

attract

and

retain

high-quality

personnel

and

the

organizational

depth

and

stability

of

the

Manager.

The

Board

also

considered

that

the

Manager

had

delegated

day-to-day

portfolio

management

responsibility

to

the

Sub-Adviser,

an

affiliate

of

the

Manager.

The

Board

noted

that

the

Manager's

process

for

the

selection

of

sub-advisors

emphasizes

the

selection

of

Principal-affiliated

sub-advisors

that

are

determined

to

be

qualified

under

the

Manager's

due

diligence

process,

but

that

the

Manager

will

select

an

unaffiliated

sub-advisor

to

manage

all

or

a

portion

of

the

Fund's

investment

portfolio

when

deemed

necessary

or

appropriate

based

upon

a

consideration

of

the

Fund's

investment

mandate

and

available

expertise

and

resources

within

the

Principal

organization.

The

Board

considered

the

due

diligence

process

developed

by

the

Manager

for

purposes

of

selecting

a

qualified

sub-advisor

for

the

Fund.

The

Board

considered

the

Manager's

due

diligence

process

for

monitoring

and

replacing

sub-advisors

and

for

monitoring

the

investment

performance

of

sub-advisors.

The

Board

concluded

that

appropriate

resources

were

provided

under

the

Management

Agreement,

that

the

Manager

had

sufficient

quality

and

depth

of

personnel,

resources,

investment

methods,

and

compliance

policies

and

procedures

to

perform

its

duties

under

the

Management

Agreement

and

that

the

nature,

overall

quality

and

extent

of

the

services

provided

by

the

Manager

to

the

Fund

were

satisfactory

and

reliable.

In

considering

the

nature,

extent

and

quality

of

services

to

be

provided

by

the

Sub-Adviser

with

respect

to

the

Fund

under

the

Sub-Advisory

Agreement,

the

Board

reviewed

materials

provided

by

the

Sub-Adviser,

including:

an

overview

of

the

personnel

that

perform

services

for

the

Fund

and

their

background

and

experience;

a

summary

of

the

financial

condition

of

the

Sub-Adviser;

information

regarding

risk

management

processes

and

liquidity

management;

a

description

of

the

Sub-Adviser's

brokerage

practices

(including

any

soft

dollar

arrangements);

information

regarding

the

Sub-Adviser's

compliance

policies

and

procedures,

including

its

business

continuity

and

cybersecurity

policies

and

a

code

of

ethics

that

contained

provisions

reasonably

necessary

to

prevent

Access

Persons,

as

that

term

is

defined

in

Rule

17j-1

under

the

1940

Act,

from

engaging

in

conduct

prohibited

by

Rule

17j-1(b).

The

Board

concluded

that

the

Sub-Adviser

had

sufficient

quality

and

depth

of

personnel,

resources,

investment

methods

and

compliance

policies

and

procedures

to

perform

its

duties

under

the

Sub-Advisory

Agreement

and

that

the

nature,

overall

quality

and

extent

of

the

services

provided

by

the

Sub-Adviser

to

the

Fund

were

satisfactory

and

reliable.

Performance.

The

Board

considered,

among

other

performance

data,

the

performance

of

the

Fund

for

the

one-year,

three-year,

five-year

and

since

inception

periods

ended

June

30,

2025,

as

compared

to

a

comparable

fund

provided

by

the

Manager.

The

Board

also

took

into

account

the

Manager's

discussion

of

the

Fund's

performance.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

Fees

and

Expenses

.

The

Board

reviewed

information

provided

by

Broadridge

,

an

independent

third-party

data

provider,

with

respect

to

the

actual

management

fees

and

actual

total

expenses

for

the

Fund

as

compared

to

those

for

a

peer

group

comprised

of

comparable

funds

identified

by

Broadridge

.

The

Board

considered

that

the

Fund's

actual

management

fee

and

actual

total

expenses

were

lower

than

the

peer

group's

median.

With

respect

to

the

sub-advisory

fee,

the

Board

considered

that

the

Fund

pays

a

management

fee

to

the

Manager

and

that,

in

turn,

the

Manager

pays

a

portion

of

its

management

fee

to

the

Sub-Adviser.

The

Board

took

into

account

that

the

Manager

had

agreed

to

reimburse

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses)

to

limit

total

operating

expenses

to

1.39%

on

Class

A

shares,

1.09%

on

Institutional

Class

shares,

and

0.89%

on

Class

Y

shares.

The

Board

concluded

that

the

Fund's

management

fee

and

sub-advisory

fee

were

not

unreasonable.

Profitability

.

The

Board

considered

the

profitability

of

each

of

the

Manager

and

the

Sub-Adviser

with

respect

to

the

Fund

and

whether

the

profits

were

reasonable

in

light

of

the

services

provided

by

the

Manager

and

the

Sub-Adviser.

The

Board

reviewed

profitability

analysis

prepared

by

the

Manager

and

considered

the

total

profits,

if

any,

of

the

Manager

from

its

relationship

with

the

Fund.

The

Board

considered

the

profitability

of

the

Sub-Adviser,

an

affiliate

of

the

Manager,

in

conjunction

with

its

review

of

the

Manager's

profitability.

The

Board

concluded

that

the

profitability,

if

any,

of

each

of

the

Manager

and

the

Sub-Adviser

from

its

respective

relationship

with

the

Fund

was

not

excessive.

Economies

of

Scale

.

The

Board

considered

whether

there

are

economies

of

scale

with

respect

to

the

management

of

the

Fund

and

whether

the

Fund

benefits

from

any

such

economies

of

scale.

The

Board

noted

management's

explanation

of

efficiencies

in

the

Manager's

cost

structure.

The

Board

concluded

that

at

the

Fund's

current

asset

levels,

economies

of

scale

were

not

a

consideration

at

this

time

but

that

the

Board

would

consider

whether

economies

of

scale

exist

in

the

future.

Other

Benefits.

The

Board

also

considered

the

character

and

amount

of

other

incidental

benefits

received

by

the

Manager,

the

Sub-Adviser

and

their

affiliates

from

their

relationships

with

the

Fund.

The

Board

considered

as

a

part

of

this

analysis,

the

brokerage

practices,

soft

dollar

practices

and

use

of

research

payment

accounts

by

the

Manager

and

the

Sub-Adviser.

The

Board

concluded

that

the

incidental

benefits

received

by

the

Manager,

the

Sub-Adviser

and

their

affiliates

from

their

relationships

with

the

Fund

were

appropriate.

Conclusion

.

The

Board,

having

requested

and

received

such

information

from

each

of

the

Manager

and

the

Sub-Adviser

as

it

believed

reasonably

necessary

to

evaluate

the

terms

of

the

Management

Agreement

and

the

Sub-Advisory

Agreement

and

having

been

advised

by

independent

counsel

that

it

had

appropriately

considered

and

weighed

all

relevant

factors,

determined

that

the

approval

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreement

for

an

additional

one-year

term

was

in

the

best

interests

of

the

Fund

and

its

shareholders.

In

considering

the

renewal

of

the

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Board

considered

a

variety

of

factors,

including

those

discussed

above,

and

also

considered

other

factors

(including

conditions

and

trends

prevailing

generally

in

the

economy,

the

securities

markets,

and

the

industry).

The

Board

did

not

identify

any

one

factor

as

determinative,

and

each

Board

Member

may

have

weighed

each

factor

differently.

FUND

BOARD

OF

TRUSTEES

AND

OFFICERS

The

Board

of

Trustees

(the

"Board")

has

overall

responsibility

for

overseeing

the

Fund's

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

"1940

Act"),

other

applicable

laws,

and

the

Fund's

charter.

Each

member

of

the

Board

("Board

Member")

serves

on

the

Boards

of

the

following

investment

companies:

Principal

Private

Credit

Fund

and

Principal

Real

Asset

Fund

which

are

collectively

referred

to

as

the

"Fund

Complex".

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

"interested

persons"

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

referred

to

as

"Interested

Board

Members".

Board

Members

who

are

not

Interested

Board

Members

are

referred

to

as

"Independent

Board

Members".

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

shareholders

or

until

such

Board

Member's

earlier

death,

resignation,

or

removal.

The

Board

elects

officers

to

supervise

the

day-to-day

operations

of

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

INTERESTED

BOARD

MEMBERS

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392. Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

Years

Danielle

E. Davis

Board

Member

since

2024

1981

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

Head

of

Corporate

Development

and

Strategy,

Chainalysis

(blockchain

data

company)

since

2022

Managing

Director

and

Chief

M&A

Counsel,

S&P

Global

(formerly,

HIS

Markit)

(financial

information

company)

(2018-2022)

None

Shane

C. Goodwin

Board

Member

since

2024

1968

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

Associate

Dean

&

Professor,

Cox

School

of

Business

at

Southern

Methodist

University

since

2018

Managing

Director,

The

Center

for

Global

Enterprise

(research

and

analytics)

(2017-2023)

None

James

E. Stueve

Lead

Independent

Board

Member

since

2024

Board

Member

since

2024

1964

Member,

Audit

Committee

Member,

Nominating

and

Governance

Committee

Owner,

Stueve

Insights

LLC

(consulting

services)

since

2018

None

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

Years

Barbara

Wenig

Principal

Financial

Group\*

None

Chair

and

Board

Member

since

2024

Chief

Executive

Officer

and

President

(since

2024)

1972

Executive

Managing

Director

–

Chief

Business

Officer

(since

2025)

Executive

Managing

Director

–

Global

Head

of

Operations

and

Services

–

Principal

Asset

Management

~

SM

(2021-2024)

Neuberger

Berman

Managing

Director

(2008-2021)

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

years

George

Djurasovic

Principal

Financial

Group\*

Vice

President

and

General

Counsel

Des

Moines,

IA

50392

1971

Vice

President

and

General

Counsel

–

Principal

Asset

Management

~

SM

(since

2022)

Artisan

Partners

Limited

Partnership

Global

Chief

Compliance

Officer

(2013-2022)

Calvin

Eib

Principal

Financial

Group\*

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1963

Assistant

General

Counsel

(since

2025)

Counsel

(since

2021-2025)

Transamerica

Tax

Counsel

(2016-2021)

Megan

Hoffmann

Principal

Financial

Group\*

Vice

President

and

Treasurer

Des

Moines,

IA

50392

1979

Vice

President

and

Controller

(2021-2025)

Senior

Director

–

Fund

Accounting

and

Administration

(since

2025)

Senior

Director

–

Fund

Administration

(2024) Director

–

Accounting

(2020-2024)

Mandy

L. Huebbe

Principal

Financial

Group\*

Assistant

Secretary

Des

Moines,

IA

50392

1982

Funds

Board

Liaison

(since

2024)

Legal

Production

Assistant

(2015-2021,

2021-2024)

Hy-Vee

Corporate

Executive

Administration

Assistant

(2021-2021)

Laura

B. Latham

Principal

Financial

Group\*

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Assistant

Counsel

and

Assistant

Secretary

(2018-

2023)

Assistant

General

Counsel

(since

2025)

Counsel

(2018-2025)

Ann

Meiners

Principal

Financial

Group\*

Vice

President

and

Assistant

Treasurer

Des

Moines,

IA

50392

1977

Vice

President

and

Assistant

Controller

(2025) Director

–

Fund

Accounting

(since

2024)

Assistant

Director

–

Fund

Accounting

(2017-2024)

David

P. Michalik

Principal

Financial

Group\*

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1991

Counsel

(since

2025)

The

Northern

Trust

Company

Second

Vice

President

(2019-2025)

Diane

K. Nelson

Principal

Financial

Group\*

AML

Officer

Des

Moines,

IA

50392

1965

Director–

Compliance

(since

2024)

Chief

Compliance

Officer/AML

Officer

(2015-2024)

Tara

Parks

Principal

Financial

Group\*

Vice

President

and

Assistant

Treasurer

Des

Moines,

IA

50392

1983

Vice

President

and

Assistant

Controller

(2021-2025)

Senior

Director

–

Fund

Tax

(since

2024)

Director

–

Accounting

(2019-2024)

Deanna

Y. Pellack

Principal

Financial

Group\*

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Assistant

Counsel

and

Assistant

Secretary

(2022-

2023)

Counsel

(since

2022)

The

Northern

Trust

Company

Vice

President

(2019-2022)

\*

The

reference

to

Principal

Financial

Group

includes

positions

held

by

the

Interested

Board

Member

/

Fund

Complex

Officer,

including

as

an

officer,

employee,

and/or

director,

with

affiliates

or

subsidiaries

of

Principal

Financial

Group.

The

titles

set

forth

here

are

each

Interested

Board

Member's

/

Fund

Complex

Officer's

title

with

Principal

Workforce,

LLC,

an

affiliated

entity

of

PGI

that

is

the

payroll

employer

of

the

Interested

Board

Member

and

Fund

Complex

Officers.

The

Audit

Committee's

primary

purpose

is

to

assist

the

Board

by

serving

as

an

independent

and

objective

party

to

monitor

the

Fund

Complex's

accounting

policies,

financial

reporting

and

internal

control

system,

as

well

as

the

work

of

the

independent

registered

public

accountants.

The

Audit

Committee

assists

Board

oversight

of

1)

the

integrity

of

the

Fund

Complex's

financial

statements;

2)

the

Fund

Complex's

compliance

with

certain

legal

and

regulatory

requirements;

3)

the

independent

registered

public

accountants'

qualifications

and

independence;

and

4)

the

performance

of

the

Fund

Complex's

independent

registered

public

accountants.

The

Audit

Committee

also

provides

an

open

avenue

of

communication

among

the

independent

registered

public

accountants,

the

Manager's

internal

auditors,

Fund

Complex

management,

and

the

Board.

The

Nominating

and

Governance

Committee's

primary

purpose

is

to

oversee

the

structure

and

efficiency

of

the

Board

and

the

committees.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392. Such

recommendations

must

include

all

information

specified

in

the

Committee's

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

be

found

at

https://investors.principal.com/documents-charters.

Examples

of

such

information

include

the

nominee's

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate's

background,

experience,

skills

and

views

would

complement

the

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

years

Sara

L. Reece

Principal

Financial

Group\*

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

(2016-2021)

Managing

Director

–

Global

Head

of

Fund

Services

(since

2024)

Managing

Director

–

Global

Funds

Ops

(2021-2024)

Director

-

Accounting

(2015-2021)

Teri

R. Root

Principal

Financial

Group\*

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Chief

Compliance

Officer

–

Funds

(since

2018)

Vice

President

(since

2015)

Michael

Scholten

Principal

Financial

Group\*

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Assistant

Vice

President

and

Actuary

(since

2021)

Chief

Financial

Officer

–

Funds/Platforms

(2015-

2021)

Adam

U. Shaikh

Principal

Financial

Group\*

Vice

President

and

Assistant

General

Counsel,

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

Counsel

(2006-2023)

Associate

General

Counsel

(since

2024)

Assistant

General

Counsel

(2018-2024)

John

L. Sullivan

Principal

Financial

Group\*

Counsel

and

Secretary

Des

Moines,

IA

50392

1970

Counsel

and

Assistant

Secretary

(2023-2024)

Assistant

Counsel

and

Assistant

Secretary

(2019-

2023)

Assistant

General

Counsel

(since

2023)

Counsel

(2019-2023)

Jared

A. Yepsen

Principal

Financial

Group\*

Tax

Counsel

Des

Moines,

IA

50392

1981

Assistant

Tax

Counsel

(2017-2025)

Assistant

General

Counsel

(since

2023)

Counsel

(2015-2023)

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

final

decision

is

based

on

a

combination

of

factors,

including

the

strengths

and

the

experience

an

individual

may

bring

to

the

Board.

The

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

Additional

information

about

the

Fund

is

available

in

the

Prospectuses

and

the

Statement

of

Additional

Information

dated

August

1,

2025

(and

as

supplemented).

These

documents

may

be

obtained

free

of

charge

by

writing

Principal

Real

Asset

Fund,

P.O.

Box

219971,

Kansas

City,

MO

64121-9971

or

telephoning

1-800-222-5852.

The

prospectus

may

be

viewed

at

www.PrincipalAM.com/IntervalProspectuses

.

PROXY

VOTING

POLICIES

A

description

of

the

policies

and

procedures

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

the

results

of

the

proxy

votes

for

the

most

recent

twelve

months

ended

June

may

be

obtained

free

of

charge

by

telephoning

1-800-222-5852,

or

on

the

SEC

website

at

www.sec.gov.

SCHEDULES

OF

INVESTMENTS

The

Fund

files

complete

schedules

of

investments

with

the

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund's

Form

N-PORT

reports

are

available

on

the

Commission's

website

at

www.sec.gov.

#### Principal

#### Funds

#### Distributor,

#### Inc.
711

High

Street

Des

Moines,

IA

50392-6370

Do

not

use

this

address

for

business

correspondence

PrincipalAM.com

Investing

involves

risk,

including

possible

loss

of

principal.

This

shareholder

report

is

published

as

general

information

for

the

shareholders

of

Principal

Real

Asset

Fund.

This

material

is

not

authorized

for

distribution

unless

preceded

or

accompanied

by

a

current

prospectus

or

a

summary

prospectus

that

includes

more

information

regarding

the

risk

factors,

expenses,

policies,

and

objectives

of

the

funds.

Investors

should

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

To

obtain

a

prospectus

or

summary

prospectus,

please

contact

your

financial

professional

or

call

800-222-5852.

Principal

Funds

are

distributed

by

Principal

Funds

Distributor,

Inc.

Principal®

,

Principal

Financial

Group®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.©

2025

Principal

Financial

Services,

Inc.

\|

INF100SAR-06

\|

09/2025

\|

4312584

ITEM 2 – CODE OF ETHICS

Not applicable to semi-annual reports.

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable to semi-annual reports.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable to semi-annual reports.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6 – INVESTMENTS

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

(a) Not applicable.

(b) Not applicable.

ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES**

Not applicable.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Statement Regarding Basis for Approval of Investment Advisory Contracts is included as part of the Report to Stockholders filed under Item 1 of this form.

ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to semi-annual reports.

ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to semi-annual reports.

ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

#### ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.

#### ITEM 16 – CONTROLS AND PROCEDURES
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.

#### ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
(a) Not applicable.

(b) Not applicable.

**ITEM 19 – EXHIBITS**

(a)(1) Code of Ethics – Not applicable to semi-annual reports.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as [Exhibit 99.CERT](cert99.htm)

.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as [Exhibit 99.906CERT](cert906.htm)

.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Principal
 Real Asset Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Barbara Wenig |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

Date <u> 11/18/2025 </u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Barbara Wenig |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

Date <u> 11/18/2025 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 11/17/2025 </u>

## Ex-99.Cert

# Exhibit 99.CERT

# CERTIFICATIONS
I, Barbara Wenig, certify that:

1. I have reviewed this report on Form N-CSR of Principal Real Asset Fund

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 11/18/2025 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Barbara Wenig&nbsp;&nbsp;&nbsp;&nbsp;

Barbara Wenig President and Chief Executive Officer (Principal Executive Officer)

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Michael Scholten, certify that:

1. I have reviewed this report on Form N-CSR of Principal Real Asset Fund

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u> 11/17/2025 </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

/s/ Michael Scholten

Michael Scholten, Chief Financial Officer (Principal Financial Officer)

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Certified Shareholder Report of

Principal Real Asset Fund

(the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of their knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| &nbsp;&nbsp; By | &nbsp;&nbsp; /s/ Barbara Wenig |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbara Wenig, President and Chief Executive Officer (Principal Executive Officer)

Date <u> 11/18/2025 </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; By  | &nbsp;&nbsp; /s/ Michael Scholten |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Scholten, Chief Financial Officer (Principal Financial Officer)

Date <u> 11/17/2025 </u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.