Company: PDSRX
Filing Date: 2025-11-25
Form Type: N-CSRS
Source: 0001756404-25-000041
Chunk: 67

Company: Principal Real Asset Fund
Filing Date: 2025-11-25
Form: N-CSRS
Chunk 67
---
visory

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