Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 49

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 49
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 PGI begins with an analysis of whether registered funds available within the Principal organization and managed by PGI or by an affiliated sub-advisor are consistent with the Fund’s objective(s), principal investment strategies and attendant risks and are otherwise appropriate investments. PGI will select an underlying registered fund managed by an unaffiliated advisor, however, in situations in which it is appropriate based upon those criteria and available expertise and resources within the Principal organization.

• When selecting advisors, PGI begins with an analysis of whether PGI or an affiliated sub-advisor is qualified under existing due diligence criteria and, based upon the fund’s objective(s), principal investment strategies and attendant risks, is otherwise an appropriate manager for that fund. PGI will select an unaffiliated sub-advisor to manage all or a portion of the Fund’s portfolio, however, in situations in which it is appropriate based upon those criteria and available expertise and resources within the Principal organization.

Subject to the requirements of applicable law, PGI and the Sub-Advisor(s) intend to engage in such activities and may receive compensation from third parties for their respective services. They may provide investment management services to other funds and discretionary managed accounts that follow an investment program similar to the Fund’s. The Fund may buy or sell securities of an issuer that are also bought or sold by PGI, a Sub-Advisor, or their respective clients. The results of the Fund's investment activities may differ from those of the Fund's affiliates, or another account managed by the Fund's affiliates, and it is possible that the Fund could sustain losses during periods in which other accounts achieve profits on their trading for proprietary or other accounts. To the extent that the same investment opportunities might be desirable for more than one account, conflicts could arise in determining how to allocate them. PGI and the Sub-Advisor(s) have developed policies and procedures reasonably designed to mitigate these conflicts. However, there can be no assurance that an investment opportunity which comes to the attention of

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PGI, a Sub-Advisor, or their respective affiliates will be appropriate for the Fund or will be referred to the Fund. PGI and the Sub-Advisor(s) are not obligated to refer any investment opportunity to the Fund.

Because PGI and the Sub-Advisor(s) may allocate certain investment opportunities to multiple funds and accounts, conflicts may arise when other accounts seek to sell investments when the Fund holds similar or the same investments. For example, other accounts in liquidation or wind-down, or with differing liquidity or redemption