Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 46

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 46
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 strategies for the Fund. A team within Principal Asset Allocation, an investment team within PGI whose members are listed below, determines the portion of the Fund's assets that the Sub-Advisor will manage for the multiple strategies and may reallocate Fund assets among the Sub-Advisor's different strategies from time-to-time. This team agrees on allocation decisions and shares authority and responsibility for day-to-day portfolio management, with no limitation on the authority of one portfolio manager in relation to another.

The decision to reallocate Fund assets between PGI acting in a discretionary advisory capacity and the Sub-Advisor strategies may be based on a variety of factors, including but not limited to: the investment capacity of PGI and the Sub-Advisor and its strategies, portfolio diversification, volume of net cash flows, fund liquidity, investment performance, investment strategies, changes in PGI or the Sub-Advisor's firm or investment professionals, or changes in the number of Sub-Advisors and associated strategies. Ordinarily, reallocations of Fund assets among the Sub-Advisor strategies occur as the Sub-Advisor liquidates assets in the normal course of portfolio management or with net new cash flows; however, at times existing Fund assets may be reallocated among the Sub-Advisor and its strategies.

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Jessica S. Bush has been with Principal ® since 2006. She earned a bachelor’s degree in Business Administration from the University of Michigan. Ms. Bush has earned the right to use the Chartered Financial Analyst designation.

Benjamin E. Rotenberg has been with Principal ® since 2014. He earned a bachelor’s degree in International Relations and Russian from Pomona College. Mr. Rotenberg has earned the right to use the Chartered Financial Analyst and the Chartered Alternative Investment Analyst designations.

May Tong has been with Principal ® since 2021. Prior to that, Ms. Tong was a Senior Vice President, Portfolio Manager for Franklin Templeton Multi-Asset Solutions since 2018. She earned a bachelor’s degree in Accounting and Finance from Boston College and an M.B.A. from Columbia University. Ms. Tong has earned the right to use the Chartered Financial Analyst designation.

The SAI provides additional information about each portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of Shares in the Fund.

#### The Sub-Advisor(s)
PGI has signed a contract with one sub-advisor to manage assets pursuant to different investment strategies. Under the sub-advisory agreement,