PDARX

Principal Diversified Real Asset Fund

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Prospectus

    Principal Diversified Real Asset Fund

    Highlights

    Dynamic real asset exposure, balanced risk profile, more consistent outcome

    • Strategically allocate among real return and real asset securities, beyond TIPS, commodities, and REITs.
    • Blends multiple strategies to help mitigate undesired risk; designed to offer real return with lower-than-market volatility.
    • Specialist managers within each asset class exploit opportunities and deliver a more consistent real asset outcome.

    Fund details

    as of 12/02/2025 unless indicated otherwise
    Fund ticker
    PDARX
    CUSIP
    742537467
    Benchmark
    Diversified Real Asset Index (Linked)
    Extended performance inception date
    03/16/2010
    NAV
    $12.32
    Total fund assets
    $2.48B
    Dividend frequency
    Quarterly
    Minimum investment
    —
    Inception date
    12/31/2014
    Morningstar category
    Global Moderate Allocation
    Investment approach
    The investment seeks a long-term total return in excess of inflation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. It allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt.

    Performance & expenses

    As of 11/30/2025
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Total return 2.82% 4.32% 14.76% 9.29% 5.83% 6.92% 5.41% 4.71% —
    Benchmark performance — — — — — — — — —
    Morningstar category average — — — — — — — — —
    Morningstar percentile rankings — — — 99 98 66 94 — —
    # of funds in category 419 418 417 415 410 397 320 — 410
    Morningstar rating — — — — —
    Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
    Returns shown for periods of less than one year are not annualized.
    Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.

    Holdings

    Top 10

    as of 10/31/2025
    % of Assets
    % of Assets
    1. DRA Cayman Corporation
    7.12%
    2. DRA Cayman Corporation
    4.72%
    3. DRA Cayman Corporation
    3.94%
    4. Welltower Inc
    1.93%
    5. Principal Government Money Mar
    1.73%
    6. NextEra Energy Inc
    1.38%
    7. Enbridge Inc
    1.36%
    8. Equinix Inc
    1.28%
    9. Global X US Infrastructure Dev
    1.26%
    10. Prologis Inc
    1.10%
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    May not reflect current holdings or allocations.

    Portfolio characteristics

    # of holdings
    as of 10/31/2025
    971
    Turnover ratio
    as of 08/31/2025
    85.90%
    R-squared (3-year)
    as of 10/31/2025
    —
    Standard deviation (3-year)
    as of 10/31/2025
    —
    May not reflect current holdings or allocations.

    Portfolio management

    Jessica Bush, CFA
    24 years of experience
    Ben Rotenberg, CFA, CAIA
    32 years of experience
    May Tong, CFA
    24 years of experience

    Literature

    Investment materials

    Portfolio holdings

    Disclosures
    Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
    Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
    Performance assumes reinvestment of all dividends and capital gains.
    Fixed-income investments are subject to interest rate risk; as interest rates rise their value will decline. The U.S. government does not guarantee the principal or coupon payments of non-U.S. Treasury bonds. Investments in natural resource industries can be affected by disease, embargoes, international/political/economic developments, variations in the commodities markets/weather and other factors. Investing in derivatives entails specific risks regarding liquidity, leverage and credit that may reduce returns and/or increase volatility.
    Principal Global Investors is the Investment Adviser of all funds included in the Principal Funds, Inc. Principal Funds are managed by Principal Global Investors, its boutique affiliates, and by many leading sub-advisors.
    To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
    Effective January 1, 2022, the Diversified Real Asset Index (Linked) blend is 15% Bloomberg U.S. Treasury TIPS Index, 30% S&P Global Infrastructure Index, 15% S&P Global Natural Resources Index, 15% Bloomberg Commodity Index, and 25% FTSE EPRA/NAREIT Developed Markets Index. Prior to January 1, 2022, the blend consisted of 35% Bloomberg U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index, 20% S&P Global Natural Resources Index, 15% Bloomberg Commodity Index, and 10% FTSE EPRA/NAREIT Developed Markets Index.
    © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
    The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx .
    The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
    The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
    The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.
    These calculated returns reflect the historical performance of the oldest share class of the Fund, adjusted to reflect the fees and expenses of the share class shown. Please see the Fund's prospectus for more information on specific expenses and see the Fund's most recent shareholder report for the actual date of first sale. Expenses are deducted from income earned by the Fund. As a result, dividends and investment results will differ for each share class.