Company: PDSRX
Filing Date: 2025-11-25
Form Type: N-CSRS
Source: 0001756404-25-000041
Chunk: 66

Company: Principal Real Asset Fund
Filing Date: 2025-11-25
Form: N-CSRS
Chunk 66
---
ed,

among

other

performance

data,

the

performance

of

the

Fund

for

the

one-year,

three-year,

five-year

and

since

inception

periods

ended

June

30,

2025,

as

compared

to

a

comparable

fund

provided

by

the

Manager.

The

Board

also

took

into

account

the

Manager’s

### discussion
of

the

Fund’s

performance.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Fees

and

Expenses

.

The

Board

reviewed

information

provided

by

Broadridge

,

an

independent

third-party

data

provider,

with

respect

to

the

actual

### management
fees

and

actual

total

expenses

for

the

Fund

as

compared

to

those

for

a

peer

group

comprised

of

comparable

funds

identified

by

Broadridge

.

The

Board

considered

that

the

Fund’s

actual

### management
fee

and

actual

total

expenses

were

lower

than

the

peer

group’s

median.

With

respect

to

the

sub-advisory

fee,

the

Board

considered

that

the

Fund

pays

a

### management
fee

to

the

Manager

and

that,

in

turn,

the

Manager

pays

a

portion

of

its

### management
fee

to

the

Sub-Adviser.

The

Board

took

into

account

that

the

Manager

had

agreed

to

reimburse

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

and

tax

reclaim

recovery

expenses

and

other

extraordinary

expenses)

to

limit

total

operating

expenses

to

1.39%

on

Class

A

shares,

1.09%

on

Institutional

Class

shares,

and

0.89%

on

Class

Y

shares.

The

Board

concluded

that

the

Fund’s

### management
fee

and

sub-ad