Principal Real Asset Fund
Data through 2026-03-31 · latest filing 486BPOS filed 2026-07-27
Sponsored by Principal. Interval Fund structure focused on private real estate.
Interval FundPrivate Real Estate
- Net assets
- $170.6M
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-26 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- Not yet compiled Not yet compiled
- Net flows, last qtr
- +0.0% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- Not yet compiled Not yet compiled
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
New share sales were 0.1% of net assets in the latest month, and down 99% over the trailing year.
New share sales were 0.1% of net assets in the latest month, and down 99% over the trailing year.
Why it matters and what changed
New share sales down 50% or more over the trailing year, as a share of the fund: the fund is raising half the money it did, and redemptions now lean on the portfolio.
0.1% of net assets in the period, from 0.0% the period before.
Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1756404/000175640426000017/xslFormNPORT-P_X01/primary_doc.xml
A fee waiver; it expires July 31, 2027.
A fee waiver; it expires July 31, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/1756404/000175640426000030/ck0001756404-20260727.htm | Summary of Fund Expenses footnote 4, page 5 | management fee reduction of 0.82 percent of average net assets, stated as running through the period ending July 31, 2027
Historical findings (15)
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2025-04-28).
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2025-01-23).
Redemption demand reached the fund's cap: cap use at 121% of the period limit (offer expired 2024-07-25).
Redemption demand reached the fund's cap: 100% of requests filled and cap use at 99% of the period limit (offer expired 2024-04-25).
Net outflow of 5.9% of NAV in the period ended 2025-04-30.
Net flows stayed negative at -$115.37, narrowing from -$4.2M (period ended 2025-02-28).
CCR SA was marked down 26% between the September 30, 2024 and December 31, 2024 reports ($517,622 to $380,589) with par unchanged: a valuation mark, not a sale. (2024-12-31)
Net flows stayed negative at -$4.05, narrowing from -$2.0M (period ended 2024-11-30).
Redemption demand reached 89% of the fund's stated cap in the offer that expired 2024-10-24; pressure is building short of the gate.
Put to a shareholder vote: Approval of an Amended and Restated Sub-Advisory Agreement with Principal Global Investors, LLC. (2024-07-08)
Net outflow of 5.2% of NAV in the period ended 2024-01-31.
Net outflow of 5.2% of NAV in the period ended 2023-07-31.
Vonovia SE was marked down 34% between the March 31, 2022 and June 30, 2022 reports ($629,430 to $417,822) with par unchanged: a valuation mark, not a sale. (2022-06-30)
Csail 2015-C2 Commercial Mortgage Trust was marked down 26% between the March 31, 2020 and June 30, 2020 reports ($710,521 to $527,602) with par unchanged: a valuation mark, not a sale. (2020-06-30)
Targa Resources Corp was marked down 44% between the December 31, 2019 and March 31, 2020 reports ($2,268,355 to $1,265,867) with par unchanged: a valuation mark, not a sale. (2020-03-31)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
Not yet compiled. no cached SEC filing yielded a return with an exact window, basis label, and the audited class scope
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | New position Maxim Income Opportunity Fund IV, LP: 4.2% of portfolio value ($7,103,616) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | IFM Net Zero Infrastructure Fund (USD) B, SCSp (3.5% of portfolio value in the 2025-09-30 report, $5,726,264) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | iShares U.S. Infrastructure ETF (4.6% of portfolio value in the 2025-09-30 report, $7,415,664) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | New position Cloud Capital Feeder (ON), LP: 6.1% of portfolio value ($9,993,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position IFM Core Energy Transition Fund (USD) B, SCSp: 3.6% of portfolio value ($5,858,466) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-06-30 | Brookfield Super-Core Infrastructure Partners Fund, LP (2.4% of portfolio value in the 2025-03-31 report, $3,976,790) is absent from the 2025-06-30 report -- realized, sold, or restructured under a different name. |
| 2025-06-30 | Global X US Infrastructure Development ETF (1.6% of portfolio value in the 2025-03-31 report, $2,614,689) is absent from the 2025-06-30 report -- realized, sold, or restructured under a different name. |
| 2025-06-30 | New position iShares Global Infrastructure ETF: 4.5% of portfolio value ($7,169,120) as of 2025-06-30; absent from the 2025-03-31 report. |
| 2024-12-31 | CCR SA was marked down 26% between the September 30, 2024 and December 31, 2024 reports ($517,622 to $380,589) with par unchanged: a valuation mark, not a sale. |
| 2024-12-31 | New position Brookfield Super-Core Infrastructure Partners Fund, LP: 2.5% of portfolio value ($3,933,098) as of 2024-12-31; absent from the 2024-09-30 report. |
| 2024-12-31 | New position Global X US Infrastructure Development ETF: 2.8% of portfolio value ($4,372,362) as of 2024-12-31; absent from the 2024-09-30 report. |
| 2024-09-30 | Brookfield Super-Core Infrastructure Partners Fund, LP (6.0% of portfolio value in the 2024-06-30 report, $8,689,238) is absent from the 2024-09-30 report -- realized, sold, or restructured under a different name. |
Where exit demand met the cap.
Every one of the 4 disclosed periods was filled in full. The Fund does not currently charge a repurchase fee. The Fund may introduce or modify the amount of a repurchase fee in the future.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-01-28 | - | 100% | 23% | filled |
| 2025-10-29 | - | - | 0% | Not yet compiled |
| 2025-07-29 | - | 100% | 1% | filled |
| 2024-10-24 | - | 100% | 89% | filled |
| 2024-04-25 | - | 100% | 99% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-07-27.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class A | Sales-load class for transactional brokerage distribution. | 5.75% | 25 bps | $25,000 | - |
| Class Y | - | 0.00% | 0 bps | $100,000 | - |
| Institutional Class | - | 0.00% | 0 bps | $100,000 | - |
Management fee: 1.70% of avg daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001756404-26-000030.
Filed fee conditions
The Fund has agreed to pay PGI a management fee at an annual rate (shown below) of the average daily value of the Fund's net assets. Net Asset Value of the Fund First $1.5 Billion Over $1.5 Billion 1.70% 1.65%
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Institutional Class | 1.70% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001756404-26-000030 |
0.00% | 0 bps | - | - |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (7)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Fund has agreed to pay PGI a management fee at an annual rate (shown below) of the average daily value of the Fund's net assets. Net Asset Value of the Fund First $1.5 Billion Over $1.5 Billion 1.70% 1.65% | 1.7 pct annual of avg daily net assets | - |
| expense_limitation | (5) Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 1.39% on Class A shares, 1.09% on Institutional Class shares and 0.89% on Class Y shares. It is expected that the expense limits will continue through the period ending July 31, 2027; however, the Fund and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year and the previous two fiscal years. | Text disclosure | - |
| fee_waiver | (4) Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's Management Fees through the period ending July 31, 2027. The fee waiver will reduce the Fund's Management Fees by 0.82% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, the Fund and PGI, the parties to the agreement, may mutually agree to terminate the fee waiver prior to the end of the period. | 0.82 pct of avg net assets annualized | - |
| fund_inception_date | 2019-06-25 | Text disclosure | 2019-06-25 |
| leverage_ceiling | Under the 1940 Act, the Fund is permitted to incur indebtedness to the extent that the Fund's asset coverage with respect to its outstanding senior securities representing indebtedness, as defined under the 1940 Act, is at least 300% immediately after each such borrowing. In addition, the Fund is permitted to issue Preferred Stock to the extent that the Fund's asset coverage, which also reflects any outstanding borrowings, is at least 200% immediately after issuance. | 300.0 asset coverage | - |
| lockup_or_early_repurchase_fee | The Fund does not currently charge a repurchase fee. The Fund may introduce or modify the amount of a repurchase fee in the future. | 0.0 pct of nav repurchased | - |
| repurchase_program_terms | has adopted a fundamental policy requiring the Fund to offer to repurchase at least 5% and not more than 25% of its Shares at NAV per share on a regular quarterly schedule. Repurchase offers of more than 5% are made solely at the discretion of the Fund’s Board of Trustees, and investors should not rely on any expectation of repurchase offers being made in excess of 5%. ... The Fund will make quarterly repurchase offers every three months, in the following months: March, June, September, and December. | 5.0 pct of shares outstanding per quarter | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-27 | 486BPOS | 0001756404-26-000030 |
| 2026-07-08 | N-23C3A | 0001756404-26-000025 |
| 2026-05-28 | N-CSR | 0001756404-26-000018 |
| 2026-05-26 | NPORT-P | 0001756404-26-000017 |
| 2026-04-07 | N-23C3A | 0001756404-26-000008 |
| 2026-02-23 | NPORT-P | 0001756404-26-000006 |
| 2025-12-29 | N-23C3A | 0001756404-25-000046 |
| 2025-11-25 | N-CSRS | 0001756404-25-000041 |
| 2025-11-24 | NPORT-P | 0001756404-25-000039 |
| 2025-09-29 | N-23C3A | 0001756404-25-000028 |
| 2025-08-28 | NPORT-P | 0001756404-25-000022 |
| 2025-06-30 | N-23C3A | 0001756404-25-000013 |
| 2025-05-28 | N-CSR | 0001756404-25-000011 |
| 2025-05-23 | NPORT-P | 0001752724-25-117831 |
| 2025-03-31 | N-23C3A | 0001756404-25-000006 |