Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 47

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 47
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 the sub-advisor agrees to assume the obligations of PGI to provide investment advisory services to the portion of the assets of the Fund allocated to its strategy by PGI. For these services, PGI pays the sub-advisor a fee.

PGI or the sub-advisor provides the Board with a recommended investment program. The program must be consistent with the Fund's investment objective and policies. Within the scope of the approved investment program, the sub-advisor advises the Fund on its investment policy and determines which securities are bought or sold, and in what amounts.

Sub-Advisor: Principal Real Estate Investors, LLC (doing business as Principal Real Estate), 711 High Street, Des Moines, IA 50392, was founded in 2000 and manages commercial real estate across the spectrum of public and private equity and debt investments, primarily for institutional investors.

Strategy: Global Real Estate Securities and Global Listed Infrastructure

#### Approval of Advisory Agreements
Availability of the discussion regarding the basis for the Board approval of the Advisory Agreements is provided in the Annual Report to Shareholders for the period ending March 31, 2025 or the Semi-Annual Report to Shareholders for the period ended September 30, 2025.

#### Fees Paid to PGI
The Fund pays PGI a fee for its services, which includes the fees PGI pays to the Sub-Advisor(s). 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%             |

#### Fees PGI Pays to Sub-Advisor(s)
PGI (and not the Fund) pays the Sub-Advisor fees determined pursuant to a sub-advisory agreement with the Sub-Advisor. For Sub-Advisor Principal-REI, "Assets under Management" refers to prior month end assets managed by Principal-REI.

| Principal-REI Sub-Advisory Fee (Global Real Estate Securities Portfolio) |     |                   |
| Assets Under Management*                                                 |     |                   |
| First $1.5 billion                                                       |     | Over $1.5 billion |
| 0.47%                                                                    |     | 0.44%             |

*To calculate, the assets of PRA managed by Principal-REI are aggregated with the assets