Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 111

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 111
---
 than three years as follows:

| SP-1: |     | A strong capacity to pay principal and interest. Issues that possess a very strong capacity to pay debt service is given a “+” designation.                                                                                      |
| SP-2: |     | A satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the terms of the notes.                                                                            |
| SP-3: |     | A speculative capacity to pay principal and interest.                                                                                                                                                                            |
| D:    |     | Assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty. |

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#### APPENDIX B - PROXY VOTING POLICIES
The proxy voting policies applicable to the Fund appear in the following order:

The proxy voting policy for the Fund Complex is first, followed by PGI's proxy voting policy, and followed by the proxy voting policies for the sub-advisor(s), alphabetically.

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### Proxy Voting Policies and Procedures For

#### Principal Funds, Inc. (“PFI”)

#### Principal Variable Contracts Funds, Inc.(“PVC”)

#### Principal Exchange-Traded Funds (“PETF”)
<div align='center'>(each a “Fund” and together “the Principal Funds”)</div>

The Board has delegated responsibility for decisions regarding proxy voting for securities held by each Fund to Principal Global Investors (“PGI”) or to the Fund’s sub-advisor, as appropriate. PGI and each sub-advisor will vote such proxies in accordance with its proxy policies and procedures, which have been reviewed by the Fund’s Board. Any material changes to the proxy policies and procedures will be submitted to the Board for approval.

Funds that operate as funds of funds invest in shares of other Funds of PFI and PETF. PGI is authorized to vote proxies related to the underlying funds. If an underlying fund holds a shareholder meeting, in order to avoid any potential conflict of interest, PGI will vote shares of such fund on any proposal submitted to the fund's shareholders in the same proportion as the votes of other shareholders of the underlying fund.

For Funds that participate in a securities lending program, the voting rights for securities that are loaned are transferred to the borrower. Therefore, the lender (i.e., a Fund) is not entitled to vote the loaned securities,