Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 107

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 107
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, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. 1

1 For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investor’s expectations for timely payment, the ratings reflect the likelihood of impairment and the expected financial loss in the event of impairment.

| Aaa: |     | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.                                               |
| Aa:  |     | Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.                                                           |
| A:   |     | Obligations rated A are considered upper-medium grade and are subject to low credit risk.                                                                |
| Baa: |     | Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. |
| Ba:  |     | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.                                                            |
| B:   |     | Obligations rated B are considered speculative and are subject to high credit risk.                                                                      |
| Caa: |     | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.                                            |
| Ca:  |     | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.          |
| C:   |     | Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.        |

| NOTE: |     | Moody’s appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range ranking, and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, issuers, financial companies, and securities firms.*