PDSKX
Prospectus
Principal Real Asset Fund
Prospectus
Overview
Performance & expenses
Holdings
Portfolio characteristics
Portfolio management
Literature
Overview
Performance
As of 12/31/2025
YTD
Returns shown for periods of less than one year are not annualized.
7.72%
1 year
7.72%
3 year
4.44%
5 year
5.44%
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.
Highlights

Private and public real asset universe, asset allocation expertise, and rigorous manager selection process

  • Strategic allocation to private real asset investments with opportunistic exposure to public real assets.
  • Multi-real asset strategy aims to deliver superior diversification and enhanced risk adjusted returns. 
  • Investment team with a proven track record of identifying specialized real asset investment managers.
Fund details as of 01/22/2026 unless indicated otherwise
Fund ticker
PDSKX
CUSIP
74257T309
NAV
$27.33
Total fund assets
Total Fund Assets as of 12/31/2025
$164.40M
Gross assets
Gross Assets as of 12/31/2025
164,407,405.97
Leverage
Leverage as of 12/31/2025
0.00%
Dividend frequency
Semi-Annually
Minimum investment
$100,000.00
Inception date
06/25/2019
Investment approach The investment seeks to provide long-term total return (after fund fees and expenses) in excess of inflation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in real assets and real asset companies. It invests in real assets and real asset companies directly, and indirectly through other entities, including private institutional investment funds that pursue these strategies. It is non-diversified.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 12/31/2025
As of 12/31/2025
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return -0.43% 1.38% 7.72% 7.72% 4.44% 5.44% — 5.17% —
Distribution rate
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
1.88%
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.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return -0.43% 1.38% 7.72% 7.72% 4.44% 5.44% — 5.17% —
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.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Total return 7.72% 3.44% 2.24% -0.17% 14.57%
Morningstar category average
Global Conservative Allocation
 9.78% — — — —
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.
Performance and Expenses Data Table
Date Type Dollar per share
12/29/2025 Income 0.2529
06/18/2025 Income 0.2554
12/27/2024 Income 0.2672
12/27/2024 Long Term Capital Gain 0.0311
06/20/2024 Income 0.1337
03/19/2024 Income 0.1323
12/27/2023 Income 0.1314
09/20/2023 Income 0.1345
06/20/2023 Income 0.1324
03/17/2023 Income 0.1294
Expense ratio gross
As of current prospectus date
5.25%
Expense ratio net
As of current prospectus date
1.73%
Expense limit expiration date
07/31/2026
Maximum up-front sales charge
—
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Holdings
Top Allocations
as of 12/31/2025
Public Fund Allocation
33.22% of total fund
% of public allocations
Global infrastructure
Principal Real Estate-Listed Infrastructure
42.76%
Natural resources
Principal Asset Allocation
33.92%
Global REITs
Principal Real Estate-REIT
23.31%
Total of public allocations
100.00%
Private Fund Allocation
66.78% of total fund
% of public allocations
Private credit
Principal Asset Allocation
100.00%
Total of private allocations
100.00%
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
Analysis Public v Private
# of holdings as of 12/31/2025
206
May not reflect current holdings or allocations.
sector allocations
as of 12/31/2025
Public Asset Type
% of total allocations
Infrastructure
14.02%
Real Estate
7.91%
Natural Resources
4.71%
Liquidity
0.00%
Total of public allocations
26.64%
Private Asset Type
% of total allocations
Infrastructure
41.19%
Natural Resources
21.29%
Real Estate
10.88%
Total of private allocations
73.36%
May not reflect current holdings or allocations.
Portfolio management
Jessica Bush, CFA
25 years of experience
Ben Rotenberg, CFA, CAIA
33 years of experience
May Tong, CFA
25 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Prospectus, Annual report, Semi-annual report and Statement of additional information
Interval funds primer
Interval fund repurchase offer request form
Portfolio holdings Quarterly full portfolio holdings
The fund is subject to annual expenses including management fees, distribution and/or service (12b-1) fees, interest payments on borrowed funds, acquired funds fees, and other expenses. In addition, a sales load may be charged, depending on the share class selected and the amount invested. These fees and expenses are reflected in the expense ratios shown.
Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. Real estate investment options, such as real estate investment trusts (REITs) and commercial mortgage backed securities (CMBS), are subject to risks associated with credit, liquidity, interest rate fluctuation, adverse general and local economic conditions, and decreases in real estate values and occupancy rates. Investments in companies involved in agriculture, infrastructure, natural resources and energy can be significantly affected by government policies, regulations, interest costs, surplus capacity, weather conditions, and natural disasters. Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility. The use of leverage increases investment exposure and has the potential to magnify losses. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Risk is magnified in emerging markets, which may lack established legal, political, business or social structures to support securities markets. Fixed-income investments are subject to interest rate risk; as interest rates rise their value will decline. Floating rate debt instruments are subject to credit risk, interest rate risk, and impaired collateral risk, which means that the value of the collateral used to secure a loan held by the fund could decline over the course of the loan. Lower-rated securities are subject to additional credit and default risks. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's private investments may differ significantly from the values that would have been used had a readily available market value existed and may differ materially from the amounts the Fund may realize on any disposition of such investments. Asset allocation and diversification do not ensure a profit or protect against a loss.
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.
Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability, and energy conservation policies.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
Principal Real Asset Fund is a closed-end investment company that continuously offers its shares. Investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV per share. There is no secondary market for the Shares, and the Fund does not expect a secondary market will develop. You may not be able to sell your Shares when and/or in the amount that you desire.
The Fund is structured as an interval fund, which means it conducts quarterly repurchase offers of no less than 5% of the Fund's outstanding shares at net asset value (“NAV”). Investors should not rely on any expectation of repurchase offers being made in excess of 5%.
Investors should consider the Fund's shares illiquid. The ability of investors to sell shares to access their invested capital is very limited.
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
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.
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.
Principal Real Asset Fund is distributed by Principal Funds Distributor, Inc. Principal Global Investors is the Investment Adviser to the Fund.
© 2026 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 refer to the Morningstar shareholder disclosures .
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.
Overview
Performance
As of 12/31/2025
YTD
Returns shown for periods of less than one year are not annualized.
7.72%
1 year
7.72%
3 year
4.44%
5 year
5.44%
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.
Highlights

Private and public real asset universe, asset allocation expertise, and rigorous manager selection process

  • Strategic allocation to private real asset investments with opportunistic exposure to public real assets.
  • Multi-real asset strategy aims to deliver superior diversification and enhanced risk adjusted returns. 
  • Investment team with a proven track record of identifying specialized real asset investment managers.
Fund details as of 01/22/2026 unless indicated otherwise
Fund ticker
PDSKX
CUSIP
74257T309
NAV
$27.33
Total fund assets
Total Fund Assets as of 12/31/2025
$164.40M
Gross assets
Gross Assets as of 12/31/2025
164,407,405.97
Leverage
Leverage as of 12/31/2025
0.00%
Dividend frequency
Semi-Annually
Minimum investment
$100,000.00
Inception date
06/25/2019
Investment approach The investment seeks to provide long-term total return (after fund fees and expenses) in excess of inflation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in real assets and real asset companies. It invests in real assets and real asset companies directly, and indirectly through other entities, including private institutional investment funds that pursue these strategies. It is non-diversified.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 12/31/2025
As of 12/31/2025
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return -0.43% 1.38% 7.72% 7.72% 4.44% 5.44% — 5.17% —
Distribution rate
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
1.88%
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.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Total return -0.43% 1.38% 7.72% 7.72% 4.44% 5.44% — 5.17% —
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.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Total return 7.72% 3.44% 2.24% -0.17% 14.57%
Morningstar category average
Global Conservative Allocation
 9.78% — — — —
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.
Performance and Expenses Data Table
Date Type Dollar per share
12/29/2025 Income 0.2529
06/18/2025 Income 0.2554
12/27/2024 Income 0.2672
12/27/2024 Long Term Capital Gain 0.0311
06/20/2024 Income 0.1337
03/19/2024 Income 0.1323
12/27/2023 Income 0.1314
09/20/2023 Income 0.1345
06/20/2023 Income 0.1324
03/17/2023 Income 0.1294
Expense ratio gross
As of current prospectus date
5.25%
Expense ratio net
As of current prospectus date
1.73%
Expense limit expiration date
07/31/2026
Maximum up-front sales charge
—
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Holdings
Top Allocations
as of 12/31/2025
Public Fund Allocation
33.22% of total fund
% of public allocations
Global infrastructure
Principal Real Estate-Listed Infrastructure
42.76%
Natural resources
Principal Asset Allocation
33.92%
Global REITs
Principal Real Estate-REIT
23.31%
Total of public allocations
100.00%
Private Fund Allocation
66.78% of total fund
% of public allocations
Private credit
Principal Asset Allocation
100.00%
Total of private allocations
100.00%
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
Analysis Public v Private
# of holdings as of 12/31/2025
206
May not reflect current holdings or allocations.
sector allocations
as of 12/31/2025
Public Asset Type
% of total allocations
Infrastructure
14.02%
Real Estate
7.91%
Natural Resources
4.71%
Liquidity
0.00%
Total of public allocations
26.64%
Private Asset Type
% of total allocations
Infrastructure
41.19%
Natural Resources
21.29%
Real Estate
10.88%
Total of private allocations
73.36%
May not reflect current holdings or allocations.
Portfolio management
Jessica Bush, CFA
25 years of experience
Ben Rotenberg, CFA, CAIA
33 years of experience
May Tong, CFA
25 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Prospectus, Annual report, Semi-annual report and Statement of additional information
Interval funds primer
Interval fund repurchase offer request form
Portfolio holdings Quarterly full portfolio holdings
The fund is subject to annual expenses including management fees, distribution and/or service (12b-1) fees, interest payments on borrowed funds, acquired funds fees, and other expenses. In addition, a sales load may be charged, depending on the share class selected and the amount invested. These fees and expenses are reflected in the expense ratios shown.
Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. Real estate investment options, such as real estate investment trusts (REITs) and commercial mortgage backed securities (CMBS), are subject to risks associated with credit, liquidity, interest rate fluctuation, adverse general and local economic conditions, and decreases in real estate values and occupancy rates. Investments in companies involved in agriculture, infrastructure, natural resources and energy can be significantly affected by government policies, regulations, interest costs, surplus capacity, weather conditions, and natural disasters. Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility. The use of leverage increases investment exposure and has the potential to magnify losses. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Risk is magnified in emerging markets, which may lack established legal, political, business or social structures to support securities markets. Fixed-income investments are subject to interest rate risk; as interest rates rise their value will decline. Floating rate debt instruments are subject to credit risk, interest rate risk, and impaired collateral risk, which means that the value of the collateral used to secure a loan held by the fund could decline over the course of the loan. Lower-rated securities are subject to additional credit and default risks. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's private investments may differ significantly from the values that would have been used had a readily available market value existed and may differ materially from the amounts the Fund may realize on any disposition of such investments. Asset allocation and diversification do not ensure a profit or protect against a loss.
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.
Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability, and energy conservation policies.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
Principal Real Asset Fund is a closed-end investment company that continuously offers its shares. Investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV per share. There is no secondary market for the Shares, and the Fund does not expect a secondary market will develop. You may not be able to sell your Shares when and/or in the amount that you desire.
The Fund is structured as an interval fund, which means it conducts quarterly repurchase offers of no less than 5% of the Fund's outstanding shares at net asset value (“NAV”). Investors should not rely on any expectation of repurchase offers being made in excess of 5%.
Investors should consider the Fund's shares illiquid. The ability of investors to sell shares to access their invested capital is very limited.
The distribution rate is calculated based on actual distributions paid over a trailing 12-month period and dividing by the NAV as of the reporting date plus any capital gains distributed over the same period. The Fund makes periodic distributions to shareholders based on a set distribution frequency. The level of distributions (including any return of capital) is not fixed. The Fund's distribution amounts are determined based on the cash distributions received from the underlying investments less applicable expenses. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the distributions consist of a return of capital based on the character of the distributions received from the underlying holdings. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099- DIV forms after the end of the year. There is no assurance that the Company will continue to declare distributions or that they will continue at these rates.
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.
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.
Principal Real Asset Fund is distributed by Principal Funds Distributor, Inc. Principal Global Investors is the Investment Adviser to the Fund.
© 2026 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 refer to the Morningstar shareholder disclosures .
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.