Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 48

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 48
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 of the Diversified Real Asset mutual fund and collective investment trust managed by Principal-REI.

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| Principal-REI Sub-Advisory Fee (Global Listed Infrastructure Equities Portfolio) |     |                   |
| Assets Under Management*                                                         |     |                   |
| First $500 million                                                               |     | Over $500 million |
| 0.34%                                                                            |     | 0.32%             |

*To calculate, the assets of PRA managed by Principal-REI are aggregated with the assets of the Principal Funds, Inc. Global Listed Infrastructure Fund managed by Principal-REI.

#### Custodian
The custodian for the Fund is Bank of New York Mellon. The Custodian is responsible for the safeguarding of the Fund's assets.

#### Transfer Agent
Principal Shareholder Services, Inc. provides transfer agency and dividend payment services necessary to the Fund on a per account basis.

#### Independent Registered Public Accounting Firm
Ernst & Young LLP serves as the Fund’s independent registered public accounting firm, providing professional services including audits of the Fund’s annual financial statements, assistance and consultation in connection with Securities and Exchange Commission filings, and preparation, review, and signing of the annual income tax returns filed on behalf of the Fund.

#### Affiliated Brokerage
The Board has approved procedures that permit the Fund to effect a purchase or sale transaction between the Fund and any other affiliated investment company or between the Fund and affiliated persons of the Fund under limited circumstances prescribed by SEC rules. See BROKERAGE ALLOCATION AND OTHER PRACTICES in the Statement of Additional Information.

#### Control Persons
A control person is a person who beneficially owns more than 25% of the voting securities of a company. A separate account of Principal Life Insurance Company is a control person of the Fund because, as of June 30, 2025, it owns more than 25% of the Fund's voting securities.

#### Conflicts of Interest
As a general matter, PGI and the Sub-Advisor(s) are involved with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or their clients’ interests conflict with those of the Fund. When selecting underlying funds and advisors for the Fund, PGI implements the following in an effort to limit the appearance of conflicts of interest and the opportunity for events that could trigger an actual conflict of interest:

• When selecting underlying registered funds in which the Fund will invest (if any),