# EDGAR Filing Document

**Accession Number:** 0001756404
**File Stem:** 0001756404-26-000006
**Filing Date:** 2026-2
**Character Count:** 120996
**Document Hash:** 2d90f340195bd36327ce39af8eade73f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756404-26-000006.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001756404-26-000006

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Real Asset Fund
- **CENTRAL INDEX KEY:** 0001756404

**ORGANIZATION NAME:**
- **EIN:** 832104764
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23403
- **FILM NUMBER:** 26664566

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH ST.
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 5152359328

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH ST.
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Principal Diversified Select Real Asset Fund
- **DATE OF NAME CHANGE:** 20181018

## Nport-Ex

Schedule

of

Investments

Principal

Real

Asset

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.86

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.18

%

iShares

Global

Infrastructure

ETF

4,900

$

Money

Market

Funds

-

.68

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(a) 1,130,318

1,130

TOTAL

INVESTMENT

COMPANIES

$

1,431

PRIVATE

INVESTMENT

FUNDS

-

.84

%

Shares

Held

Value

(000's)

Agriculture

-

.69

%

Ceres

Farmland

Holdings,

LP

(b) N/A

$

12,519

Hancock

Timberland

and

Farmland

Fund,

LP

(b) N/A

11,006

UBS

AgriVest

Farmland

Fund

(b) N/A

5,819

$

29,344

Energy

-

Alternate

Sources

-

.67

%

ACIP

Parallel

Fund

A,

LP

(b) N/A

4,827

Blackstone

Infrastructure

Partners

F2,

LP

(b) N/A

6,652

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(b) N/A

11,921

IFM

Core

Energy

Transition

Fund

(USD)

B,

SCSp

(b) N/A

5,754

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

(b),(c)

N/A

3,459

$

32,613

Forest

Products

&

Paper

-

.57

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b) N/A

5,924

Private

Equity

-

.38

%

GDIF

US

Hedged

Feeder

Fund,

LP

(b) N/A

6,978

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(b) N/A

11,898

$

18,876

Real

Estate

-

.80

%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b) N/A

1,696

FDR

PELF

SCA,

SICAV-RAIF

(b) N/A

6,172

PGIM

Real

Estate

US

Debt

Fund,

LP

(b) N/A

5,033

UBS

Trumbull

Property

Growth

&

Income

Fund

(b) N/A

5,013

$

17,914

Software

-

.03

%

Cloud

Capital

Feeder

(ON),

LP

(b) N/A

9,993

Transportation

-

.70

%

Global

Transport

Income

Fund

Feeder

LLC,

LP

(b) N/A

6,139

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

120,803

COMMON

STOCKS

-

.04

%

Shares

Held

Value

(000's)

Agriculture

-

.17

%

Archer-Daniels-Midland

Co

1,987

$

Bunge

Global

SA

577

Darling

Ingredients

Inc

(c) 652

Wilmar

International

Ltd

41,400

$

Biotechnology

-

.11

%

Corteva

Inc

2,824

Building

Materials

-

.12

%

Louisiana-Pacific

Corp

Svenska

Cellulosa

AB

SCA

9,221

West

Fraser

Timber

Co

Ltd

890

$

Chemicals

-

.40

%

CF

Industries

Holdings

Inc

667

FMC

Corp

514

ICL

Group

Ltd

11,320

Mosaic

Co/The

1,307

Nutrien

Ltd

6,461

Yara

International

ASA

2,555

$

659

Commercial

Services

-

.73

%

Atlas

Arteria

Ltd

224,119

729

Motiva

Infraestrutura

de

Mobilidade

SA

177,192

$

1,216

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

-

.04

%

Avery

Dennison

Corp

$

Electric

-

.82

%

Algonquin

Power

&

Utilities

Corp

83,700

515

Boralex

Inc

16,153

CenterPoint

Energy

Inc

18,453

707

CMS

Energy

Corp

11,503

804

Consolidated

Edison

Inc

4,336

EDP

Renovaveis

SA

17,607

Elia

Group

SA/NV

5,111

658

Entergy

Corp

10,601

980

National

Grid

PLC

66,687

1,023

NextEra

Energy

Inc

20,579

1,652

PG&E

Corp

41,029

659

Sempra

10,596

936

Xcel

Energy

Inc

9,926

733

$

9,645

Engineering

&

Construction

-

.23

%

Aeroports

de

Paris

SA

3,158

Beijing

Capital

International

Airport

Co

Ltd

(c) 882,000

Cellnex

Telecom

SA

(c),(d)

13,251

China

Tower

Corp

Ltd

(d) 223,600

Enav

SpA

(d) 41,918

Sarana

Menara

Nusantara

Tbk

PT

9,285,800

$

2,041

Food

-

.02

%

Ingredion

Inc

Forest

Products

&

Paper

-

.35

%

International

Paper

Co

2,195

Mondi

PLC

6,957

Oji

Holdings

Corp

14,000

Suzano

SA

ADR

10,501

UPM-Kymmene

Oyj

8,301

$

586

Gas

-

.31

%

ENN

Energy

Holdings

Ltd

58,100

517

Healthcare

-

Services

-

.05

%

Chartwell

Retirement

Residences

5,600

Housewares

-

.01

%

Scotts

Miracle-Gro

Co/The

Iron

&

Steel

-

.28

%

ArcelorMittal

SA

964

Fortescue

Ltd

3,808

Nippon

Steel

Corp

12,300

Novolipetsk

Steel

PJSC

(c) 36,800

—

Nucor

Corp

523

POSCO

Holdings

Inc

Reliance

Inc

Severstal

PAO

(c) 4,878

—

Steel

Dynamics

Inc

Vale

SA

ADR

8,132

$

Lodging

-

.07

%

Hilton

Worldwide

Holdings

Inc

Mining

-

.39

%

Agnico

Eagle

Mines

Ltd

1,146

Anglo

American

PLC

2,684

Anglogold

Ashanti

Plc

966

Antofagasta

PLC

780

Barrick

Mining

Corp

3,891

BHP

Group

Ltd

11,546

Cameco

Corp

701

China

Hongqiao

Group

Ltd

6,000

First

Quantum

Minerals

Ltd

(c) 1,532

Franco-Nevada

Corp

Freeport-McMoRan

Inc

3,275

Glencore

PLC

(c) 21,873

Gold

Fields

Ltd

ADR

2,040

Ivanhoe

Mines

Ltd

(c) 1,627

Schedule

of

Investments

Principal

Real

Asset

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

(continued)

Kinross

Gold

Corp

2,756

$

Newmont

Corp

2,500

Norsk

Hydro

ASA

2,978

Northern

Star

Resources

Ltd

3,275

Polyus

PJSC

(c) 4,070

—

Rio

Tinto

Ltd

849

Southern

Copper

Corp

Teck

Resources

Ltd

1,028

Wheaton

Precious

Metals

Corp

1,030

Zijin

Mining

Group

Co

Ltd

14,000

$

2,306

Oil

&

Gas

-

.36

%

BP

PLC

25,467

Canadian

Natural

Resources

Ltd

3,347

Cenovus

Energy

Inc

2,257

Chevron

Corp

1,340

ConocoPhillips

870

Coterra

Energy

Inc

526

Devon

Energy

Corp

Diamondback

Energy

Inc

Ecopetrol

SA

ADR

Eni

SpA

3,347

EOG

Resources

Inc

EQT

Corp

Equinor

ASA

1,344

Exxon

Mobil

Corp

2,961

Imperial

Oil

Ltd

Marathon

Petroleum

Corp

Occidental

Petroleum

Corp

Petroleo

Brasileiro

SA

-

Petrobras

ADR

2,965

Phillips

Reliance

Industries

Ltd

(d) 2,722

Repsol

SA

1,844

Shell

PLC

9,407

Suncor

Energy

Inc

1,942

TotalEnergies

SE

3,371

Valero

Energy

Corp

Woodside

Energy

Group

Ltd

3,026

$

2,260

Oil

&

Gas

Services

-

.16

%

Baker

Hughes

Co

678

Halliburton

Co

588

SLB

Ltd

1,029

Solaris

Energy

Infrastructure

Inc

3,809

$

Packaging

&

Containers

-

.29

%

Amcor

PLC

9,586

Graphic

Packaging

Holding

Co

1,220

Packaging

Corp

of

America

Sealed

Air

Corp

606

SIG

Group

AG

5,429

Smurfit

WestRock

PLC

2,172

Stora

Enso

Oyj

9,609

$

Pipelines

-

.78

%

APA

Group

82,413

DT

Midstream

Inc

3,595

Gibson

Energy

Inc

34,000

622

Kinetik

Holdings

Inc

6,422

Williams

Cos

Inc/The

19,437

1,168

$

2,945

Real

Estate

-

.86

%

City

Developments

Ltd

13,700

CTP

NV

(d) 4,000

Fastighets

AB

Balder

(c) 12,800

Mitsui

Fudosan

Co

Ltd

58,900

669

Qualitas

Ltd

40,287

Sun

Hung

Kai

Properties

Ltd

19,200

Swire

Properties

Ltd

30,800

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

(continued)

TAG

Immobilien

AG

4,900

$

$

1,422

REITs

-

.85

%

Agree

Realty

Corp

3,800

American

Healthcare

REIT

Inc

12,699

598

American

Homes

Rent

10,788

American

Tower

Corp

5,640

991

AvalonBay

Communities

Inc

2,000

Boardwalk

Real

Estate

Investment

Trust

1,300

CapitaLand

Integrated

Commercial

Trust

142,295

COPT

Defense

Properties

4,600

Cousins

Properties

Inc

5,595

Crown

Castle

Inc

8,905

791

Digital

Realty

Trust

Inc

1,723

Equinix

Inc

1,333

1,021

Equity

LifeStyle

Properties

Inc

1,900

Essex

Property

Trust

Inc

700

Extra

Space

Storage

Inc

2,705

Gaming

and

Leisure

Properties

Inc

3,215

Goodman

Group

22,427

InvenTrust

Properties

Corp

5,354

Japan

Hotel

REIT

Investment

Corp

Keppel

DC

REIT

83,076

Klepierre

SA

10,370

Link

REIT

30,824

Merlin

Properties

Socimi

SA

7,816

Mitsui

Fudosan

Accommodations

Fund

Inc

Nippon

Building

Fund

Inc

Nippon

Prologis

REIT

Inc

Prologis

Inc

7,921

1,011

Prologis

Property

Mexico

SA

de

CV

16,964

Regency

Centers

Corp

2,300

Rexford

Industrial

Realty

Inc

1,992

Ryman

Hospitality

Properties

Inc

2,600

Sabra

Health

Care

REIT

Inc

7,305

Safestore

Holdings

PLC

10,773

Segro

PLC

15,957

Sekisui

House

Reit

Inc

Simon

Property

Group

Inc

1,050

Stockland

45,195

Unibail-Rodamco-Westfield

(c) 2,000

UNITE

Group

PLC/The

17,612

Ventas

Inc

7,083

548

VICI

Properties

Inc

11,675

Vornado

Realty

Trust

4,182

Welltower

Inc

6,247

1,159

Weyerhaeuser

Co

3,003

$

13,015

Telecommunications

-

.28

%

Indus

Towers

Ltd

(c) 77,839

NEXTDC

Ltd

(c) 12,900

$

Transportation

-

.65

%

Canadian

National

Railway

Co

7,400

732

CSX

Corp

28,603

1,037

Norfolk

Southern

Corp

1,996

576

Rumo

SA

144,804

$

2,735

Water

-

.71

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

10,399

Guangdong

Investment

Ltd

456,513

Severn

Trent

PLC

14,077

529

$

1,180

TOTAL

COMMON

STOCKS

$

43,178

Total

Investments

$

165,412

Other

Assets

and

Liabilities

- 0.26%

TOTAL

NET

ASSETS

-

100.00%

$

165,846

Schedule

of

Investments

Principal

Real

Asset

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Private

Investment

Funds

have

quarterly

or

annual

redemption

frequencies

and

are

considered

restricted

securities.

Please

see

Private

Investment

Funds

sub-

schedule

for

additional

information.

(c) Non-income

producing

security

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,266

or

0.76%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

.89

%

Energy

.97

%

Consumer,

Non-cyclical

.81

%

Industrial

.99

%

Utilities

.84

%

Technology

.03

%

Materials

.57

%

Basic

Materials

.42

%

Money

Market

Funds

.68

%

Communications

.28

%

Exchange-Traded

Funds

.18

%

Consumer,

Cyclical

.08

%

Other

Assets

and

Liabilities

.26

%

TOTAL

NET

ASSETS

100.00%

Private

Investment

Funds

Security

Name

Acquisition

Date

Cost

Value

Redemption

Notice

(days)

Percent

of

Net

Assets

ACIP

Parallel

Fund

A,

LP

(a) 11/15/2021

-

12/17/2025

$

6,487

$

4,827

N/A

2.91%

Blackstone

Infrastructure

Partners

F2,

LP

(b) 09/27/2024

6,000

6,652

4.01%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(c) 03/31/2022

5,000

1,696

N/A

1.02%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(d) 07/01/2019

-

12/30/2021

4,697

5,924

3.57%

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(e) 07/16/2021

-

06/27/2024

10,959

11,921

N/A

7.19%

Ceres

Farmland

Holdings,

LP

(f) 11/06/2019,

02/05/2021

7,000

12,519

N/A

7.55%

Cloud

Capital

Feeder

(ON),

LP

(g) 12/05/2025

10,000

9,993

6.03%

FDR

PELF

SCA,

SICAV-RAIF

(h) 12/01/2022

6,610

6,172

3.72%

GDIF

US

Hedged

Feeder

Fund,

LP

(i) 04/23/2021

-

08/17/2022

6,115

6,978

N/A

4.21%

Global

Transport

Income

Fund

Feeder

LLC,

LP

(j) 08/01/2024

6,000

6,139

3.70%

Hancock

Timberland

and

Farmland

Fund,

LP

(k) 08/12/2020

-

04/20/2023

10,556

11,006

N/A

6.63%

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(l) 06/27/2022

8,000

11,898

7.17%

IFM

Core

Energy

Transition

Fund

(USD)

B,

SCSp

(m) 02/29/2024

6,000

5,754

3.47%

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

(n) 08/30/2024

2,898

3,459

2.09%

PGIM

Real

Estate

US

Debt

Fund,

LP

(o) 04/30/2021,

06/30/2021

5,315

5,033

N/A

3.04%

UBS

AgriVest

Farmland

Fund

(p) 07/01/2020

-

01/03/2023

5,134

5,819

3.51%

UBS

Trumbull

Property

Growth

&

Income

Fund

(q) 07/01/2020

-

12/30/2021

6,092

5,013

3.02%

Total

$

120,803

72.84%

The

private

investment

funds

listed

in

the

table

do

not

include

any

unfunded

commitments. Please

see

Note

for

details

of

any

unfunded

commitments.

Amounts

in

thousands.

(a) This

closed-end

fund

focuses

on

the

Climate

Infrastructure

sector

which

includes

value-add

renewable

energy,

resource

and

energy

efficiency,

transmission

and

smart

grids,

vehicle

electrification,

and

energy

storage

and

microgrids.

The

fund

has

a

life

term

of

years

during

which,

redemptions

are

not

permitted.

(b) This

fund

is

an

open-ended

investment

fund

whose

objective

is

to

identify,

acquire

and

operate

a

diversified

portfolio

of

high

quality,

long-duration,

cash-yielding

investments

that

can

compound

at

attractive

risk-adjusted

rates

of

return. The

fund

seeks

to

invest

in

assets

across

four

primary

infrastructure

sectors:

energy

infrastructure,

transportation,

digital

infrastructure,

and

water

and

waste. Redemptions

are

subject

to

a

three-year

lock

up

from

the

acquisition

date.

(c) The

fund

was

established

as

an

open-end

senior

real

estate

debt

fund

focused

on

providing

primarily

floating

rate

financing

secured

by

commercial

property

primarily

located

in

the

U.S.

Management

of

the

fund

has

recently

announced

their

intention

to

dissolve

this

fund.

They

expect

to

return

50%

of

capital

by

the

end

of

2025

and

the

remaining

over

the

next

five

years.

(d) The

fund

was

established

to

invest

and

reinvest

assets

of

the

investors

through

the

REIT,

primarily

in

interests

(including

ownership

or

leasehold

interests)

in

real

property,

which

is

to

be

planted

with

trees,

or

real

property

on

which

trees

are

growing

(timberland),

trees

growing

on

timberland,

or

trees

which

have

been

cut

but

not

removed

from

the

timberland

(timber);

contracts

or

agreements

for

the

cutting

and/or

use

of

timber

on

timberland.

Timber

investments

are

not

intended

to

produce

immediate

revenues.

Redemptions

are

subject

to

a

two-year

holding

period

from

the

acquisition

date.

(e) The

fund

will

seek

to

invest

in

a

global,

diversified

portfolio

of

high-quality

core

and

core-plus

mid-market

infrastructure

investments

with

stable

returns,

inflation

protection,

low

volatility,

predictable

yield

and

a

low

correlation

with

other

asset

classes

through

an

open-end

structure.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(f) The

fund

is

an

open-ended

investment

fund

whose

objective

is

to

generate

an

attractive

total

return

through

the

acquisition

and

management

of

farmland

in

the

Midwestern

United

States.

Redemptions

are

subject

to

a

one-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

five

months

prior

to

the

annual

redemption

date,

which

is

the

last

day

of

February.

(g) This

feeder

fund

represents

an

indirect

ownership

in

both

the

Cloud

Capital

US

LP

Fund

and

the

Cloud

Capital

European

Fund

SCSp,

through

the

Cloud

Capital

B

(ON)

LP. The

fund

pursues

a

core

plus

global

data

center

investment

strategy,

seeking

to

generate

regular

income

through

ownership

of

stabilized

or

near

stabilized

data

center

assets,

while

selectively

pursuing

value

add

and

de

risked

growth

opportunities

to

enhance

diversification,

capital

appreciation,

and

income

potential. Redemption

requests

accommodated

quarterly

to

the

extent

of

sufficient

liquid

assets,

with

at

least

days

notice.

(h) This

feeder

fund

represents

an

indirect

ownership

of

the

Prologis

European

Logistics

Fund

which

has

an

investment

objective

of

combining

attractive

current

income

with

long-term

capital

growth

by

investing

in

European

logistics

real

estate

assets.

Redemption

requests

accommodated

quarterly

to

the

extent

of

sufficient

liquid

assets,

with

at

least

days

notice.

(i) This

feeder

fund

offers

hedging

to

protect

against

currency

movements

in

the

Global

Diversified

Infrastructure

Fund

which

invests

in

diversified

infrastructure

investments.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(j) This

feeder

fund

represents

an

indirect

ownership

of

the

Global

Transport

Income

Fund

which

seeks

to

deliver

attractive,

risk-adjusted

returns

with

an

emphasis

on

stable

income

generation

through

investing

in

the

transport

industries.

Redemption

requests

are

allowed

three

years

after

the

third-quarter

date.

Schedule

of

Investments

Principal

Real

Asset

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

(k) This

open-end

fund

blends

the

two

asset

classes

of

timberland

and

farmland.

The

geographic

focus

will

be

in

the

U.S.,

Canada,

Australia,

New

Zealand,

Chile,

Brazil,

Uruguay,

and

Western

Europe.

Agriculture

investments

will

be

diversified

among

row

crops

(corn,

soy,

wheat,

etc.),

permanent

crops

(vines/trees),

and

commodity

crops

(cotton,

lettuce,

strawberries,

etc.).

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

given

by

April

30th

of

that

year.

(l) The

fund

will

primarily

invest,

directly

or

indirectly,

in

core

and

core

plus

infrastructure

assets

and

infrastructure

investments

focused

on

the

infrastructure

and

power

sectors.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(m) This

feeder

fund

represents

an

indirect

ownership

of

the

IFM

Core

Energy

Transition

Fund

SCSp

which

seeks

to

achieve

long-term

capital

appreciation

as

well

as

current

income

through

equity

and

equity-related

investments

in

infrastructure

assets

that

IFM

believes

will

seek

to

accelerate

the

world's

transition

to

a

net-zero

emissions

economy. Redemptions

are

subject

to

a

two-year

holding

period

of

the

acquisition

date. Withdrawal

requests

need

to

be

provided

in

writing

at

least

days

prior

to

the

first

day

of

any

calendar

quarter.

(n) The

fund's

primary

objective

will

be

to

make

equity

and

equity

like

investments

in

a

diversified

portfolio

of

sustainable

infrastructure,

real

assets,

and

businesses,

primarily

those

focused

on

the

development

and

deployment

of

mature

sustainable

technologies

and,

through

their

operations,

contribute

towards

accelerating

the

global

energy

transition. Redemptions

are

subject

to

a

five-year

holding

period

from

the

Commencement

Date.

(o) This

fund

is

comprised

of

loans

with

strong

fundamentals

and

focused

on

income

return.

Redemptions

are

available

if

inflows

of

capital

offset

the

requested

redemption

amount

and

if

liquidity

is

sufficient.

(p) This

open-end

fund

invests

primarily

in

U.S.

farmland.

It

is

a

well-diversified

portfolio

across

many

regions

of

the

country

and

diversified

across

row

crops,

vegetable

crops,

and

permanent

crops.

Redemptions

are

permitted

with

written

redemption

notice

days

prior

to

the

end

of

the

quarter.

(q) This

open-end,

commingled

private

real

estate

portfolio

combines

value-add

properties

with

capital

appreciation

potential

and

more

stable

income-generating

properties.

Properties

in

the

portfolio

typically

start

as

development,

renovation,

repositioning,

or

lease-up

stage

investments,

and

transition

toward

stabilized

assets.

Redemptions

are

permitted

with

written

redemption

notice

days

prior

to

the

end

of

the

quarter.

December

31,

2025

(unaudited)

Security

Valuation.

Principal

Real

Asset

Fund

(known

as

the

"Fund")

values

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price

or,

in

the

case

of

certain

credit

default

swaps,

a

mean

price

provided

by

a

pricing

service.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

Principal

Global

Investors,

LLC

("the

Manager")

under

procedures

established

and

periodically

reviewed

by

the

Fund's

Board

of

Trustees.

The

Fund

invests

in

other

publicly

traded

investment

funds

which

are

valued

at

the

respective

fund's

net

asset

value.

In

addition,

the

Fund

invests

a

portion

of

its

assets

in

private

investment

funds

which

are

valued

at

fair

value

based

upon

the

net

asset

value

reported

on

a

periodic

basis.

In

the

event

that

a

net

asset

value

is

not

provided

by

a

private

investment

fund

following

the

end

of

the

period,

the

Fund's

fair

valuation

procedures

will

be

followed,

which

includes

reviewing

investor

statements

and

trade

activity

.

The

appropriateness

of

the

fair

value

of

these

securities

is

monitored

by

the

Manager.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Fund's

net

asset

value

are

reflected

in

the

Fund's

net

asset

value

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

Depositary

Receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Fund

invests

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Fund

does

not

determine

net

asset

value,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Fund's

net

asset

value

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

affected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund's

Board

of

Trustees

as

may

occasionally

be

necessary.

Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

a

security

or

transferring

a

liability

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Fund

may

use

one

or

more

of

the

following

approaches:

market,

income,

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Fund.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

exchange-traded

derivatives.

Level

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayments

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

senior

floating

rate

interests,

municipal

bonds,

and

U.S.

Government

and

Government

Agency

Obligations.

Level

–

Significant

unobservable

inputs

(including

the

Fund's

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

are

generally

included

in

this

category

include

certain

common

stocks,

corporate

bonds,

or

senior

floating

rate

interests.

In

accordance

with

Accounting

Standards

Codification

820

–

Fair

Value

Measurement,

the

Fund

has

elected

to

apply

the

practical

expedient

to

value

its

investments

in

private

investment

funds

at

their

respective

net

asset

value

each

calendar

month

or

quarter.

These

investments

are

excluded

from

the

fair

value

hierarchy.

December

31,

2025

(unaudited)

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Fund

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund's

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3. Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as

prepayment

rates,

probability

of

default,

or

loss

severity

in

the

event

of

default.

Significant

increases

in

any

of

those

inputs

in

isolation

would

result

in

a

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of

December

31,

2025

in

valuing

the

Fund's

securities

carried

at

value

(amounts

in

thousands):

\*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

schedule

of

investments.

The

Fund's

Schedule

of

Investments

as

of

December

31,

2025

has

not

been

audited.

This

report

is

provided

for

the

general

information

of

the

Fund's

shareholders.

For

more

information

regarding

the

Fund

and

its

holdings,

please

see

the

Fund's

prospectus

and

annual

report.

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Real

Asset

Fund

Common

Stocks

Basic

Materials

$

2,392

$

1,625

$

—

$

4,017

Communications

—

—

Consumer,

Cyclical

—

—

Consumer,

Non-cyclical

1,035

828

—

1,863

Energy

3,891

1,576

—

5,467

Financial

10,070

4,367

—

14,437

Industrial

3,095

2,361

—

5,456

Utilities

7,968

3,374

—

11,342

Investment

Companies\*

1,431

—

—

1,431

Total

$

30,008

$

14,601

$

—

$

44,609

Investments

Using

NAV

as

practical

expedient

Private

Investment

Funds

120,803

Total

investments

in

securities

$

165,412

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Real Asset Fund

- **b. Investment Company Act file number:** 811-23403

- **c. CIK number of Registrant:** 0001756404

- **d. LEI of Registrant:** 549300HSJTLJOEDEF407

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 711 High St

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50392

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Principal Real Asset Fund

- **c. LEI of Series:** 549300HSJTLJOEDEF407

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $172986817.25

**Total Liabilities:** $8579411.28

**Net Assets:** $164407405.97

**Cash Not Reported:** $0.30

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.18%                | 1.68%                | -0.42%               |
| Class ID N/A | 0.15%                | 1.67%                | -0.43%               |
| Class ID N/A | 0.11%                | 1.64%                | -0.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $114979.93               | $157088.38                                 |
| Month 2  | $517456.35               | $2048741.66                                |
| Month 3  | $1387535.09              | $-3036704.98                               |

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   | Balance   | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Equinor ASA                                                                               | Equinor ASA                                                                               | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        | 1344      | NS      | $31693.98     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| POSCO Holdings Inc                                                                        | POSCO Holdings Inc                                                                        | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        | 171       | NS      | $36251.65     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Algonquin Power & Utilities Corp                                                          | Algonquin Power & Utilities Corp                                                          | CUSIP: N/A<br>LEI: 549300K5VIUTJXQL7X75       | Long             | EC               | CORP              | CA        | 83700     | NS      | $514682.89    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| VICI Properties Inc                                                                       | VICI Properties Inc                                                                       | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        | 11675     | NS      | $328301.00    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Halliburton Co                                                                            | Halliburton Co                                                                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        | 588       | NS      | $16616.88     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Graphic Packaging Holding Co                                                              | Graphic Packaging Holding Co                                                              | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 1220      | NS      | $18373.20     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Valero Energy Corp                                                                        | Valero Energy Corp                                                                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        | 216       | NS      | $35162.64     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Severstal PAO                                                                             | Severstal PAO                                                                             | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               | CORP              | RU        | 4878      | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| CMS Energy Corp                                                                           | CMS Energy Corp                                                                           | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        | 11503     | NS      | $804404.79    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Rumo SA                                                                                   | Rumo SA                                                                                   | CUSIP: N/A<br>LEI: 254900TXQFP7CJCGYM66       | Long             | EC               | CORP              | BR        | 144804    | NS      | $390037.33    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Reliance Industries Ltd                                                                   | Reliance Industries Ltd                                                                   | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        | 2722      | NS      | $190589.35    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Southern Copper Corp                                                                      | Southern Copper Corp                                                                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        | 186       | NS      | $26685.42     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Japan Hotel REIT Investment Corp                                                          | Japan Hotel REIT Investment Corp                                                          | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        | 162       | NS      | $84548.40     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Marathon Petroleum Corp                                                                   | Marathon Petroleum Corp                                                                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        | 210       | NS      | $34152.30     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinetik Holdings Inc                                                                      | Kinetik Holdings Inc                                                                      | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 6422      | NS      | $231513.10    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| West Fraser Timber Co Ltd                                                                 | West Fraser Timber Co Ltd                                                                 | CUSIP: N/A<br>LEI: 5493005WD1ZK6WBVR988       | Long             | EC               | CORP              | CA        | 890       | NS      | $54448.51     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Sealed Air Corp                                                                           | Sealed Air Corp                                                                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        | 606       | NS      | $25106.58     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Suncor Energy Inc                                                                         | Suncor Energy Inc                                                                         | CUSIP: N/A<br>LEI: 549300W70ZOQDVLCHY06       | Long             | EC               | CORP              | CA        | 1942      | NS      | $86194.78     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| FDR PELF SCA, SICAV-RAIF                                                                  | FDR PELF SCA, SICAV-RAIF                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $6163837.96   | 3.75%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Barrick Mining Corp                                                                       | Barrick Mining Corp                                                                       | CUSIP: N/A<br>LEI: 0O4KBQCJZX82UKGCBV73       | Long             | EC               | CORP              | CA        | 3891      | NS      | $169496.84    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITE Group PLC/The                                                                       | UNITE Group PLC/The                                                                       | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        | 17612     | NS      | $132596.99    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| CSX Corp                                                                                  | CSX Corp                                                                                  | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        | 28603     | NS      | $1036858.75   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Aeroports de Paris SA                                                                     | Aeroports de Paris SA                                                                     | CUSIP: N/A<br>LEI: 969500PJMBSFHYC37989       | Long             | EC               | CORP              | FR        | 3158      | NS      | $412105.18    | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Consolidated Edison Inc                                                                   | Consolidated Edison Inc                                                                   | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        | 4080      | NS      | $405225.60    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Corteva Inc                                                                               | Corteva Inc                                                                               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        | 2824      | NS      | $189292.72    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| DT Midstream Inc                                                                          | DT Midstream Inc                                                                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 3595      | NS      | $430249.60    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                                                                        | NextEra Energy Inc                                                                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        | 20550     | NS      | $1649754.00   | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Shell PLC                                                                                 | Shell PLC                                                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        | 9407      | NS      | $346667.85    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| ConocoPhillips                                                                            | ConocoPhillips                                                                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        | 870       | NS      | $81440.70     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| GDIF US Hedged Feeder Fund, LP                                                            | GDIF US Hedged Feeder Fund, LP                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $7027703.91   | 4.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| COPT Defense Properties                                                                   | COPT Defense Properties                                                                   | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        | 4600      | NS      | $127880.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsui Fudosan Co Ltd                                                                     | Mitsui Fudosan Co Ltd                                                                     | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        | 58900     | NS      | $669355.69    | 0.41%             |  |  |  | No            | 2                  | On Loan: No      |
| First Quantum Minerals Ltd                                                                | First Quantum Minerals Ltd                                                                | CUSIP: N/A<br>LEI: 549300I7UVBGWRYMYZ18       | Long             | EC               | CORP              | CA        | 1532      | NS      | $41075.08     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ENN Energy Holdings Ltd                                                                   | ENN Energy Holdings Ltd                                                                   | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | CN        | 58100     | NS      | $516792.86    | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Atlas Arteria Ltd                                                                         | Atlas Arteria Ltd                                                                         | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        | 224119    | NS      | $728955.70    | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| Ryman Hospitality Properties Inc                                                          | Ryman Hospitality Properties Inc                                                          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        | 2600      | NS      | $246012.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Mondi PLC                                                                                 | Mondi PLC                                                                                 | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        | 6957      | NS      | $84876.51     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| International Paper Co                                                                    | International Paper Co                                                                    | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        | 2195      | NS      | $86461.05     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                                                                           | Xcel Energy Inc                                                                           | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        | 9901      | NS      | $731287.86    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortescue Ltd                                                                             | Fortescue Ltd                                                                             | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        | 3808      | NS      | $55682.61     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| SLB Ltd                                                                                   | SLB Ltd                                                                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        | 1029      | NS      | $39493.02     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXTDC Ltd                                                                                | NEXTDC Ltd                                                                                | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        | 12900     | NS      | $107405.38    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Norfolk Southern Corp                                                                     | Norfolk Southern Corp                                                                     | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        | 1996      | NS      | $576285.12    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Beijing Capital International Airport Co Ltd                                              | Beijing Capital International Airport Co Ltd                                              | CUSIP: N/A<br>LEI: 5299001QWQN7CK66FE04       | Long             | EC               | CORP              | CN        | 882000    | NS      | $312950.04    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Sempra                                                                                    | Sempra                                                                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        | 10327     | NS      | $911770.83    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Transport Income Fund Feeder LLC, LP                                               | Global Transport Income Fund Feeder LLC, LP                                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $6045727.20   | 3.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Safestore Holdings PLC                                                                    | Safestore Holdings PLC                                                                    | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        | 10773     | NS      | $106680.89    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Williams Cos Inc/The                                                                      | Williams Cos Inc/The                                                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        | 19437     | NS      | $1168358.07   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Ivanhoe Mines Ltd                                                                         | Ivanhoe Mines Ltd                                                                         | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        | 1627      | NS      | $18503.86     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Co                                                                           | Weyerhaeuser Co                                                                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        | 3003      | NS      | $71141.07     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| ICL Group Ltd                                                                             | ICL Group Ltd                                                                             | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        | 11320     | NS      | $65093.71     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| CenterPoint Energy Inc                                                                    | CenterPoint Energy Inc                                                                    | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        | 18453     | NS      | $707488.02    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Stora Enso Oyj                                                                            | Stora Enso Oyj                                                                            | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        | 9609      | NS      | $119974.38    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Link REIT                                                                                 | Link REIT                                                                                 | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               | CORP              | HK        | 30824     | NS      | $137629.82    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Newmont Corp                                                                              | Newmont Corp                                                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        | 2500      | NS      | $249625.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Fastighets AB Balder                                                                      | Fastighets AB Balder                                                                      | CUSIP: N/A<br>LEI: 549300GHKJCEZOAEUU82       | Long             | EC               | CORP              | SE        | 12800     | NS      | $94480.75     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| American Healthcare REIT Inc                                                              | American Healthcare REIT Inc                                                              | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        | 12699     | NS      | $597614.94    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Antofagasta PLC                                                                           | Antofagasta PLC                                                                           | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        | 780       | NS      | $34261.78     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| American Homes 4 Rent                                                                     | American Homes 4 Rent                                                                     | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        | 10788     | NS      | $346294.80    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                                                                      | Vornado Realty Trust                                                                      | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 4182      | NS      | $139176.96    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsui Fudosan Accommodations Fund Inc                                                    | Mitsui Fudosan Accommodations Fund Inc                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        | 170       | NS      | $145760.15    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Chevron Corp                                                                              | Chevron Corp                                                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 1340      | NS      | $204229.40    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Boralex Inc                                                                               | Boralex Inc                                                                               | CUSIP: N/A<br>LEI: 5493004UT7HNQU2SVR90       | Long             | EC               | CORP              | CA        | 16153     | NS      | $298098.79    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                                                        | Petroleo Brasileiro SA - Petrobras                                                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        | 2965      | NS      | $35135.25     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutrien Ltd                                                                               | Nutrien Ltd                                                                               | CUSIP: N/A<br>LEI: 5493002QQ7GD21OWF963       | Long             | EC               | CORP              | CA        | 6461      | NS      | $398802.17    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT Inc                                                                | Sabra Health Care REIT Inc                                                                | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        | 7305      | NS      | $138356.70    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Teck Resources Ltd                                                                        | Teck Resources Ltd                                                                        | CUSIP: N/A<br>LEI: T8KI5SQ2JRWHL7XY0E11       | Long             | EC               | CORP              | CA        | 1028      | NS      | $49214.88     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Anglogold Ashanti Plc                                                                     | Anglogold Ashanti Plc                                                                     | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        | 966       | NS      | $82380.48     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Wheaton Precious Metals Corp                                                              | Wheaton Precious Metals Corp                                                              | CUSIP: N/A<br>LEI: 549300XSFG5ZCGVYD886       | Long             | EC               | CORP              | CA        | 1030      | NS      | $121089.07    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Hung Kai Properties Ltd                                                               | Sun Hung Kai Properties Ltd                                                               | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        | 19200     | NS      | $233784.73    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| City Developments Ltd                                                                     | City Developments Ltd                                                                     | CUSIP: N/A<br>LEI: 254900BPLPJS0RJ72373       | Long             | EC               | CORP              | SG        | 13700     | NS      | $85214.24     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Oji Holdings Corp                                                                         | Oji Holdings Corp                                                                         | CUSIP: N/A<br>LEI: 529900LVC9GIIYUGE243       | Long             | EC               | CORP              | JP        | 14000     | NS      | $76863.99     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Swire Properties Ltd                                                                      | Swire Properties Ltd                                                                      | CUSIP: N/A<br>LEI: 5299001L12PHYVQ92465       | Long             | EC               | CORP              | HK        | 30800     | NS      | $83173.50     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| iShares Global Infrastructure ETF                                                         | iShares Global Infrastructure ETF                                                         | CUSIP: 464288372<br>LEI: 549300ZC2N3HUK3DTK30 | Long             | EC               | RF                | US        | 4900      | NS      | $300664.00    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Scotts Miracle-Gro Co/The                                                                 | Scotts Miracle-Gro Co/The                                                                 | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        | 183       | NS      | $10678.05     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA                                                    | Motiva Infraestrutura de Mobilidade SA                                                    | CUSIP: N/A<br>LEI: 254900H4EUL83CCQ6781       | Long             | EC               | CORP              | BR        | 177192    | NS      | $486976.87    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Reliance Inc                                                                              | Reliance Inc                                                                              | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        | 120       | NS      | $34664.40     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Gaming and Leisure Properties Inc                                                         | Gaming and Leisure Properties Inc                                                         | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        | 3215      | NS      | $143678.35    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Amcor PLC                                                                                 | Amcor PLC                                                                                 | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | CH        | 9586      | NS      | $79947.24     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Smurfit WestRock PLC                                                                      | Smurfit WestRock PLC                                                                      | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        | 2172      | NS      | $83991.24     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Bunge Global SA                                                                           | Bunge Global SA                                                                           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        | 577       | NS      | $51399.16     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondback Energy Inc                                                                    | Diamondback Energy Inc                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        | 130       | NS      | $19542.90     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Chartwell Retirement Residences                                                           | Chartwell Retirement Residences                                                           | CUSIP: N/A<br>LEI: 549300M7UBEIZBWP4069       | Long             | EC               | CORP              | CA        | 5600      | NS      | $82007.94     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Svenska Cellulosa AB SCA                                                                  | Svenska Cellulosa AB SCA                                                                  | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        | 9221      | NS      | $122287.41    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Baker Hughes Co                                                                           | Baker Hughes Co                                                                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 678       | NS      | $30876.12     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Building Fund Inc                                                                  | Nippon Building Fund Inc                                                                  | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        | 200       | NS      | $182286.67    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Exxon Mobil Corp                                                                          | Exxon Mobil Corp                                                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        | 2961      | NS      | $356326.74    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| BTG Pactual Open Ended Core US Timberland Fund, LP                                        | BTG Pactual Open Ended Core US Timberland Fund, LP                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5758639.00   | 3.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ecopetrol SA                                                                              | Ecopetrol SA                                                                              | CUSIP: 279158109<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        | 389       | NS      | $3897.78      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| TAG Immobilien AG                                                                         | TAG Immobilien AG                                                                         | CUSIP: N/A<br>LEI: 529900TAE68USJNXLR59       | Long             | EC               | CORP              | DE        | 4900      | NS      | $75890.24     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Rexford Industrial Realty Inc                                                             | Rexford Industrial Realty Inc                                                             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        | 1992      | NS      | $77130.24     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Keppel DC REIT                                                                            | Keppel DC REIT                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        | 83076     | NS      | $145270.87    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Archer-Daniels-Midland Co                                                                 | Archer-Daniels-Midland Co                                                                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        | 1987      | NS      | $114232.63    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| InvenTrust Properties Corp                                                                | InvenTrust Properties Corp                                                                | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        | 5354      | NS      | $151036.34    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Franco-Nevada Corp                                                                        | Franco-Nevada Corp                                                                        | CUSIP: N/A<br>LEI: 98450064C1B5D3E94864       | Long             | EC               | CORP              | CA        | 437       | NS      | $90583.85     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| National Grid PLC                                                                         | National Grid PLC                                                                         | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        | 66687     | NS      | $1022873.60   | 0.62%             |  |  |  | No            | 2                  | On Loan: No      |
| BHP Group Ltd                                                                             | BHP Group Ltd                                                                             | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        | 11546     | NS      | $348449.21    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Ventas Inc                                                                                | Ventas Inc                                                                                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        | 7083      | NS      | $548082.54    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Enav SpA                                                                                  | Enav SpA                                                                                  | CUSIP: N/A<br>LEI: 81560048ECF8D2059980       | Long             | EC               | CORP              | IT        | 41918     | NS      | $231654.74    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Repsol SA                                                                                 | Repsol SA                                                                                 | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        | 1844      | NS      | $34406.09     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Packaging Corp of America                                                                 | Packaging Corp of America                                                                 | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        | 372       | NS      | $76717.56     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Hilton Worldwide Holdings Inc                                                             | Hilton Worldwide Holdings Inc                                                             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        | 400       | NS      | $114900.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Vale SA                                                                                   | Vale SA                                                                                   | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        | 8132      | NS      | $105959.96    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                                                                  | Essex Property Trust Inc                                                                  | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        | 700       | NS      | $183176.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Coterra Energy Inc                                                                        | Coterra Energy Inc                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        | 526       | NS      | $13844.32     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| China Hongqiao Group Ltd                                                                  | China Hongqiao Group Ltd                                                                  | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | CN        | 6000      | NS      | $25198.35     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Sekisui House Reit Inc                                                                    | Sekisui House Reit Inc                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        | 191       | NS      | $109634.08    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| American Tower Corp                                                                       | American Tower Corp                                                                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        | 5626      | NS      | $987756.82    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian Natural Resources Ltd                                                            | Canadian Natural Resources Ltd                                                            | CUSIP: N/A<br>LEI: 549300T15RIMIKZC5Q38       | Long             | EC               | CORP              | CA        | 3347      | NS      | $113367.11    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Klepierre SA                                                                              | Klepierre SA                                                                              | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        | 10370     | NS      | $410291.79    | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Wilmar International Ltd                                                                  | Wilmar International Ltd                                                                  | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        | 41400     | NS      | $99014.44     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Mosaic Co/The                                                                             | Mosaic Co/The                                                                             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        | 1307      | NS      | $31485.63     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingredion Inc                                                                             | Ingredion Inc                                                                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        | 264       | NS      | $29108.64     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                                                                   | Extra Space Storage Inc                                                                   | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 2705      | NS      | $352245.10    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian National Railway Co                                                              | Canadian National Railway Co                                                              | CUSIP: N/A<br>LEI: 3SU7BEP7TH9YEQOZCS77       | Long             | EC               | CORP              | CA        | 7400      | NS      | $731885.91    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Macquarie Green Energy and Climate Opportunities Fund, SCSp                               | Macquarie Green Energy and Climate Opportunities Fund, SCSp                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $3405705.89   | 2.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                    | Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                    | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        | 10399     | NS      | $253136.11    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                                                                         | EOG Resources Inc                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        | 378       | NS      | $39693.78     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Polyus PJSC                                                                               | Polyus PJSC                                                                               | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        | 4070      | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Equinix Inc                                                                               | Equinix Inc                                                                               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        | 1333      | NS      | $1021291.28   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| CTP NV                                                                                    | CTP NV                                                                                    | CUSIP: N/A<br>LEI: 3157000YTVO4TN65UM14       | Long             | EC               | CORP              | NL        | 4000      | NS      | $83817.41     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Darling Ingredients Inc                                                                   | Darling Ingredients Inc                                                                   | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        | 652       | NS      | $23472.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Solaris Energy Infrastructure Inc                                                         | Solaris Energy Infrastructure Inc                                                         | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        | 3605      | NS      | $165721.85    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities Inc                                                                 | AvalonBay Communities Inc                                                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        | 2000      | NS      | $362620.00    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Suzano SA                                                                                 | Suzano SA                                                                                 | CUSIP: 86959K105<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        | 10501     | NS      | $98079.34     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Unibail-Rodamco-Westfield                                                                 | Unibail-Rodamco-Westfield                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        | 2000      | NS      | $217493.55    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Agree Realty Corp                                                                         | Agree Realty Corp                                                                         | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 3800      | NS      | $273714.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Phillips 66                                                                               | Phillips 66                                                                               | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        | 278       | NS      | $35873.12     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Stockland                                                                                 | Stockland                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 45195     | NS      | $172316.02    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Hancock Timberland and Farmland Fund, LP                                                  | Hancock Timberland and Farmland Fund, LP                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $10868016.00  | 6.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BP PLC                                                                                    | BP PLC                                                                                    | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        | 25467     | NS      | $148522.07    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| TotalEnergies SE                                                                          | TotalEnergies SE                                                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        | 3371      | NS      | $219782.24    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| APA Group                                                                                 | APA Group                                                                                 | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        | 82413     | NS      | $492436.35    | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Digital Realty Trust Inc                                                                  | Digital Realty Trust Inc                                                                  | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        | 1723      | NS      | $266565.33    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Trumbull Property Growth & Income Fund                                                | UBS Trumbull Property Growth & Income Fund                                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $4994997.01   | 3.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE Caledon Global Infrastructure Fund (International), LP                               | CBRE Caledon Global Infrastructure Fund (International), LP                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | CA        |  | NS      | $11920830.94  | 7.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Norsk Hydro ASA                                                                           | Norsk Hydro ASA                                                                           | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        | 2978      | NS      | $22987.70     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Equity LifeStyle Properties Inc                                                           | Equity LifeStyle Properties Inc                                                           | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        | 1900      | NS      | $115159.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| China Tower Corp Ltd                                                                      | China Tower Corp Ltd                                                                      | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        | 223600    | NS      | $332414.51    | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| Severn Trent PLC                                                                          | Severn Trent PLC                                                                          | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        | 14077     | NS      | $528604.35    | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Imperial Oil Ltd                                                                          | Imperial Oil Ltd                                                                          | CUSIP: N/A<br>LEI: 549300JZNB745JT5WY51       | Long             | EC               | CORP              | CA        | 250       | NS      | $21598.48     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PGIM Real Estate US Debt Fund, LP                                                         | PGIM Real Estate US Debt Fund, LP                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5011211.81   | 3.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PG&E Corp                                                                                 | PG&E Corp                                                                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        | 41029     | NS      | $659336.03    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualitas Ltd                                                                              | Qualitas Ltd                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 40287     | NS      | $96153.94     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| FMC Corp                                                                                  | FMC Corp                                                                                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        | 514       | NS      | $7129.18      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Segro PLC                                                                                 | Segro PLC                                                                                 | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        | 15957     | NS      | $154592.95    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Louisiana-Pacific Corp                                                                    | Louisiana-Pacific Corp                                                                    | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        | 261       | NS      | $21078.36     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                                                                             | Welltower Inc                                                                             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        | 6247      | NS      | $1159505.67   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| CapitaLand Integrated Commercial Trust                                                    | CapitaLand Integrated Commercial Trust                                                    | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        | 142295    | NS      | $264106.01    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| Gold Fields Ltd                                                                           | Gold Fields Ltd                                                                           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        | 2040      | NS      | $89066.40     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Elia Group SA/NV                                                                          | Elia Group SA/NV                                                                          | CUSIP: N/A<br>LEI: 549300S1MP1NFDIKT460       | Long             | EC               | CORP              | BE        | 5111      | NS      | $657696.86    | 0.40%             |  |  |  | No            | 2                  | On Loan: No      |
| Freeport-McMoRan Inc                                                                      | Freeport-McMoRan Inc                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        | 3275      | NS      | $166337.25    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Steel Corp                                                                         | Nippon Steel Corp                                                                         | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        | 12300     | NS      | $50332.27     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Eni SpA                                                                                   | Eni SpA                                                                                   | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        | 3347      | NS      | $63446.06     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Indus Towers Ltd                                                                          | Indus Towers Ltd                                                                          | CUSIP: N/A<br>LEI: 335800L6DI4VHODGDK41       | Long             | EC               | CORP              | IN        | 77839     | NS      | $363020.82    | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Anglo American PLC                                                                        | Anglo American PLC                                                                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        | 2684      | NS      | $111016.59    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Guangdong Investment Ltd                                                                  | Guangdong Investment Ltd                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        | 456513    | NS      | $398261.74    | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| Occidental Petroleum Corp                                                                 | Occidental Petroleum Corp                                                                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        | 495       | NS      | $20354.40     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS AgriVest Farmland Fund                                                                | UBS AgriVest Farmland Fund                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5811460.77   | 3.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cousins Properties Inc                                                                    | Cousins Properties Inc                                                                    | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        | 5595      | NS      | $144239.10    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Cameco Corp                                                                               | Cameco Corp                                                                               | CUSIP: N/A<br>LEI: N4BHALMXL3GMZKCUON55       | Long             | EC               | CORP              | CA        | 701       | NS      | $64188.32     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Agnico Eagle Mines Ltd                                                                    | Agnico Eagle Mines Ltd                                                                    | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               | CORP              | CA        | 1146      | NS      | $194341.16    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Yara International ASA                                                                    | Yara International ASA                                                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        | 2555      | NS      | $104555.75    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Merlin Properties Socimi SA                                                               | Merlin Properties Socimi SA                                                               | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        | 7816      | NS      | $113789.09    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Steel Dynamics Inc                                                                        | Steel Dynamics Inc                                                                        | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        | 313       | NS      | $53037.85     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| IFM Core Energy Transition Fund (USD) B, SCSp                                             | IFM Core Energy Transition Fund (USD) B, SCSp                                             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $5858466.42   | 3.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Prologis Inc                                                                              | Prologis Inc                                                                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        | 7921      | NS      | $1011194.86   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| HarbourVest Infrastructure Income Delaware Parallel Partnership, LP                       | HarbourVest Infrastructure Income Delaware Parallel Partnership, LP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $11423681.60  | 6.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blackstone Infrastructure Partners F2, LP                                                 | Blackstone Infrastructure Partners F2, LP                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $6652609.26   | 4.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Devon Energy Corp                                                                         | Devon Energy Corp                                                                         | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        | 439       | NS      | $16080.57     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Entergy Corp                                                                              | Entergy Corp                                                                              | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        | 10558     | NS      | $975875.94    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Prologis REIT Inc                                                                  | Nippon Prologis REIT Inc                                                                  | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        | 178       | NS      | $105429.16    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Goodman Group                                                                             | Goodman Group                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 22427     | NS      | $461507.83    | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Zijin Mining Group Co Ltd                                                                 | Zijin Mining Group Co Ltd                                                                 | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        | 14000     | NS      | $64098.12     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Crown Castle Inc                                                                          | Crown Castle Inc                                                                          | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        | 8888      | NS      | $789876.56    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Brookfield Senior Mezzanine Real Estate Finance Fund, LP                                  | Brookfield Senior Mezzanine Real Estate Finance Fund, LP                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $1575360.38   | 0.96%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Gibson Energy Inc                                                                         | Gibson Energy Inc                                                                         | CUSIP: N/A<br>LEI: 549300WYW5D9I3FR0643       | Long             | EC               | CORP              | CA        | 34000     | NS      | $622257.84    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Woodside Energy Group Ltd                                                                 | Woodside Energy Group Ltd                                                                 | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        | 3026      | NS      | $47183.37     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| SIG Group AG                                                                              | SIG Group AG                                                                              | CUSIP: N/A<br>LEI: 5493004Z6P7TSVB1L042       | Long             | EC               | CORP              | CH        | 5429      | NS      | $77438.82     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 1130318   | NS      | $1130317.65   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Rio Tinto Ltd                                                                             | Rio Tinto Ltd                                                                             | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        | 849       | NS      | $82824.99     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| CF Industries Holdings Inc                                                                | CF Industries Holdings Inc                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        | 667       | NS      | $51585.78     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Nucor Corp                                                                                | Nucor Corp                                                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        | 523       | NS      | $85306.53     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| EDP Renovaveis SA                                                                         | EDP Renovaveis SA                                                                         | CUSIP: N/A<br>LEI: 529900MUFAH07Q1TAX06       | Long             | EC               | CORP              | ES        | 17607     | NS      | $248650.87    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| EQT Corp                                                                                  | EQT Corp                                                                                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        | 431       | NS      | $23101.60     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Cloud Capital Feeder (ON), LP                                                             | Cloud Capital Feeder (ON), LP                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $9993000.00   | 6.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cellnex Telecom SA                                                                        | Cellnex Telecom SA                                                                        | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        | 13251     | NS      | $426703.72    | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| Boardwalk Real Estate Investment Trust                                                    | Boardwalk Real Estate Investment Trust                                                    | CUSIP: N/A<br>LEI: 549300RMNRTTJRCOYW23       | Long             | EC               | CORP              | CA        | 1300      | NS      | $61071.73     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                                                                              | Glencore PLC                                                                              | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        | 21873     | NS      | $119571.84    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Cenovus Energy Inc                                                                        | Cenovus Energy Inc                                                                        | CUSIP: N/A<br>LEI: 549300F4XPHJ7NOSP309       | Long             | EC               | CORP              | CA        | 2257      | NS      | $38182.61     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ACIP Parallel Fund A, LP                                                                  | ACIP Parallel Fund A, LP                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $4826693.53   | 2.94%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ArcelorMittal SA                                                                          | ArcelorMittal SA                                                                          | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        | 964       | NS      | $44266.36     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Simon Property Group Inc                                                                  | Simon Property Group Inc                                                                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        | 1050      | NS      | $194365.50    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Property Mexico SA de CV                                                         | Prologis Property Mexico SA de CV                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        | 16964     | NS      | $70861.15     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Avery Dennison Corp                                                                       | Avery Dennison Corp                                                                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        | 326       | NS      | $59292.88     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| UPM-Kymmene Oyj                                                                           | UPM-Kymmene Oyj                                                                           | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        | 8301      | NS      | $239976.85    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Novolipetsk Steel PJSC                                                                    | Novolipetsk Steel PJSC                                                                    | CUSIP: N/A<br>LEI: 213800913TPW32I84456       | Long             | EC               | CORP              | RU        | 36800     | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Kinross Gold Corp                                                                         | Kinross Gold Corp                                                                         | CUSIP: N/A<br>LEI: 254900O9KHF2A1ZXPT47       | Long             | EC               | CORP              | CA        | 2756      | NS      | $77627.02     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Star Resources Ltd                                                               | Northern Star Resources Ltd                                                               | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        | 3275      | NS      | $57632.46     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Regency Centers Corp                                                                      | Regency Centers Corp                                                                      | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        | 2300      | NS      | $158769.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sarana Menara Nusantara Tbk PT                                                            | Sarana Menara Nusantara Tbk PT                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        | 9285800   | NS      | $325581.35    | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| Ceres Farmland Holdings, LP                                                               | Ceres Farmland Holdings, LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $12277667.01  | 7.47%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Principal Real Asset Fund

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Treasurer