Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 18

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 18
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 is designed to illustrate the effects of leverage on total return of shares of our common stock, assuming hypothetical annual investment portfolio total returns, net of expenses (consisting of income and changes in the value of investments held in our portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns that we expect to experience. Actual returns may be higher or lower than those appearing in the table.

| Assumed Return on Portfolio (Net of Expenses) |     | -10%     |     | -5%     |     | 0%      |     | 5%    |     | 10%   |
| Corresponding Return to Common Stockholder(1) |     | (10.53)% |     | (5.53)% |     | (0.53)% |     | 4.47% |     | 9.47% |

(1) The calculation assumes (i) total assets as of March 31, 2024, (ii) a cost of funds of 5.23%, (iii) $15 million in borrowings outstanding. “Corresponding return to common stockholder” is composed of two elements: Our net investment income and gains or losses on the value of the securities we own.

#### Cash Management (Non-Principal)
The Fund may have uninvested cash balances pending investment in other securities, pending payment of repurchases, or in other circumstances where liquidity is necessary or desirable. The Fund may hold uninvested cash; invest it in cash equivalents such as money market funds, including the Principal Funds, Inc. - Government Money Market Fund; and/or invest in other instruments that those managing the Fund’s assets deem appropriate for cash management purposes. Generally, these types of investments offer less potential for gains than other types of securities. For example, to attempt to provide returns similar to its benchmark, the Fund (regardless of how it designates usage of derivatives and investment companies) may invest uninvested cash in derivatives, such as total return swaps, credit default swap indices (CDX), stock index futures contracts, or exchange-traded funds (“ETFs”), including Principal Exchange-Traded Funds ETFs. In selecting such investments, PGI may have conflicts of interest due to economic or other incentives to make or retain an investment in certain affiliated funds instead of in other investments that may be appropriate for the Fund.

#### China Investment Risk (Non‑