# EDGAR Filing Document

**Accession Number:** 0001756404
**File Stem:** 0001756404-25-000039
**Filing Date:** 2025-11
**Character Count:** 89659
**Document Hash:** 1ffee3d25dfdc84cc5eebf9ecddd1b67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756404-25-000039.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001756404-25-000039

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251511035

**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

## 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:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

  - **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:** 2025-09-30

**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:** $181290500.19

**Total Liabilities:** $19211756.46

**Net Assets:** $162078743.73

**Cash Not Reported:** $629968.28

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.15%                | 1.53%                | 0.48%                |
| Class ID N/A | 0.11%                | 1.55%                | 0.45%                |
| Class ID N/A | 0.11%                | 1.49%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $133904.70               | $-446750.10                                |
| Month 2  | $43363.07                | $2283875.00                                |
| Month 3  | $92668.76                | $-178585.10                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Antofagasta PLC                                                                           | Antofagasta PLC                                                                           | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        | 867       | NS      | $32243.66     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Agree Realty Corp                                                                         | Agree Realty Corp                                                                         | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 4400      | NS      | $312576.00    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                                                                     | American Homes 4 Rent                                                                     | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        | 12288     | NS      | $408576.00    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| American Tower Corp                                                                       | American Tower Corp                                                                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        | 4170      | NS      | $801974.40    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Archer-Daniels-Midland Co                                                                 | Archer-Daniels-Midland Co                                                                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        | 1671      | NS      | $99825.54     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities Inc                                                                 | AvalonBay Communities Inc                                                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        | 2400      | NS      | $463608.00    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Avery Dennison Corp                                                                       | Avery Dennison Corp                                                                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        | 269       | NS      | $43623.73     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Baker Hughes Co                                                                           | Baker Hughes Co                                                                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 678       | NS      | $33032.16     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITE Group PLC/The                                                                       | UNITE Group PLC/The                                                                       | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        | 27212     | NS      | $263548.52    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| BP PLC                                                                                    | BP PLC                                                                                    | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        | 25396     | NS      | $145814.94    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| CF Industries Holdings Inc                                                                | CF Industries Holdings Inc                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        | 560       | NS      | $50232.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| CMS Energy Corp                                                                           | CMS Energy Corp                                                                           | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        | 6859      | NS      | $502490.34    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| CSX Corp                                                                                  | CSX Corp                                                                                  | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        | 18448     | NS      | $655088.48    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Coterra Energy Inc                                                                        | Coterra Energy Inc                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        | 521       | NS      | $12321.65     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CenterPoint Energy Inc                                                                    | CenterPoint Energy Inc                                                                    | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        | 13280     | NS      | $515264.00    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp                                                                              | Chevron Corp                                                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 1316      | NS      | $204361.64    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Agnico Eagle Mines Ltd                                                                    | Agnico Eagle Mines Ltd                                                                    | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               | CORP              | CA        | 1275      | NS      | $214744.56    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| ConocoPhillips                                                                            | ConocoPhillips                                                                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        | 863       | NS      | $81631.17     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Boralex Inc                                                                               | Boralex Inc                                                                               | CUSIP: N/A<br>LEI: 5493004UT7HNQU2SVR90       | Long             | EC               | CORP              | CA        | 11253     | NS      | $219691.03    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Cameco Corp                                                                               | Cameco Corp                                                                               | CUSIP: N/A<br>LEI: N4BHALMXL3GMZKCUON55       | Long             | EC               | CORP              | CA        | 689       | NS      | $57825.11     | 0.04%             |  |  |  | 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      | $107021.27    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian National Railway Co                                                              | Canadian National Railway Co                                                              | CUSIP: N/A<br>LEI: 3SU7BEP7TH9YEQOZCS77       | Long             | EC               | CORP              | CA        | 2200      | NS      | $207464.25    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| COPT Defense Properties                                                                   | COPT Defense Properties                                                                   | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        | 5300      | NS      | $154018.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Corteva Inc                                                                               | Corteva Inc                                                                               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        | 2369      | NS      | $160215.47    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc                                                                    | Cousins Properties Inc                                                                    | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        | 6495      | NS      | $187965.30    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Crown Castle Inc                                                                          | Crown Castle Inc                                                                          | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        | 6204      | NS      | $598623.96    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| DTE Energy Co                                                                             | DTE Energy Co                                                                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        | 1970      | NS      | $278617.10    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| DT Midstream Inc                                                                          | DT Midstream Inc                                                                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 2488      | NS      | $281293.28    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| First Quantum Minerals Ltd                                                                | First Quantum Minerals Ltd                                                                | CUSIP: N/A<br>LEI: 549300I7UVBGWRYMYZ18       | Long             | EC               | CORP              | CA        | 1699      | NS      | $38431.07     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Darling Ingredients Inc                                                                   | Darling Ingredients Inc                                                                   | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        | 545       | NS      | $16824.15     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Imperial Oil Ltd                                                                          | Imperial Oil Ltd                                                                          | CUSIP: N/A<br>LEI: 549300JZNB745JT5WY51       | Long             | EC               | CORP              | CA        | 250       | NS      | $22668.32     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Devon Energy Corp                                                                         | Devon Energy Corp                                                                         | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        | 439       | NS      | $15391.34     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondback Energy Inc                                                                    | Diamondback Energy Inc                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        | 128       | NS      | $18316.80     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc                                                                  | Digital Realty Trust Inc                                                                  | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        | 2023      | NS      | $349736.24    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Emera Inc                                                                                 | Emera Inc                                                                                 | CUSIP: N/A<br>LEI: NQZVQT2P5IUF2PGA1Q48       | Long             | EC               | CORP              | CA        | 8147      | NS      | $390871.01    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                                                                         | EOG Resources Inc                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        | 378       | NS      | $42381.36     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| EQT Corp                                                                                  | EQT Corp                                                                                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        | 409       | NS      | $22261.87     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Ecopetrol SA                                                                              | Ecopetrol SA                                                                              | CUSIP: 279158109<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        | 389       | NS      | $3582.69      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Teck Resources Ltd                                                                        | Teck Resources Ltd                                                                        | CUSIP: N/A<br>LEI: T8KI5SQ2JRWHL7XY0E11       | Long             | EC               | CORP              | CA        | 1110      | NS      | $48692.61     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Entergy Corp                                                                              | Entergy Corp                                                                              | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        | 7376      | NS      | $687369.44    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                                                                               | Equinix Inc                                                                               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        | 1174      | NS      | $919523.76    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity LifeStyle Properties Inc                                                           | Equity LifeStyle Properties Inc                                                           | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        | 1200      | NS      | $72840.00     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                                                                        | Equity Residential                                                                        | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        | 3900      | NS      | $252447.00    | 0.16%             |  |  |  | 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        | 772       | NS      | $52481.80     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                                                                  | Essex Property Trust Inc                                                                  | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        | 800       | NS      | $214128.00    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                                                                   | Extra Space Storage Inc                                                                   | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 3105      | NS      | $437618.70    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Exxon Mobil Corp                                                                          | Exxon Mobil Corp                                                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        | 2968      | NS      | $334642.00    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| FMC Corp                                                                                  | FMC Corp                                                                                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        | 431       | NS      | $14494.53     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Freeport-McMoRan Inc                                                                      | Freeport-McMoRan Inc                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        | 3631      | NS      | $142407.82    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Gaming and Leisure Properties Inc                                                         | Gaming and Leisure Properties Inc                                                         | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        | 3815      | NS      | $177817.15    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Gold Fields Ltd                                                                           | Gold Fields Ltd                                                                           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        | 2272      | NS      | $95333.12     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Graphic Packaging Holding Co                                                              | Graphic Packaging Holding Co                                                              | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 1041      | NS      | $20372.37     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare REIT Inc                                                              | American Healthcare REIT Inc                                                              | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        | 14499     | NS      | $609102.99    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Halliburton Co                                                                            | Halliburton Co                                                                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        | 588       | NS      | $14464.80     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingredion Inc                                                                             | Ingredion Inc                                                                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        | 221       | NS      | $26986.31     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| International Paper Co                                                                    | International Paper Co                                                                    | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        | 1822      | NS      | $84540.80     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| InvenTrust Properties Corp                                                                | InvenTrust Properties Corp                                                                | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        | 6254      | NS      | $178989.48    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Global Infrastructure ETF                                                         | iShares Global Infrastructure ETF                                                         | CUSIP: 464288372<br>LEI: 549300ZC2N3HUK3DTK30 | Long             | EC               | RF                | US        | 121100    | NS      | $7401632.00   | 4.57%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. Infrastructure ETF                                                           | iShares U.S. Infrastructure ETF                                                           | CUSIP: 46435U713<br>LEI: 549300RYOD5SX3832571 | Long             | EC               | RF                | US        | 140395    | NS      | $7415663.90   | 4.58%             |  |  |  | No            | 1                  | On Loan: No      |
| UPM-Kymmene Oyj                                                                           | UPM-Kymmene Oyj                                                                           | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        | 7157      | NS      | $196006.70    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Stora Enso Oyj                                                                            | Stora Enso Oyj                                                                            | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        | 8368      | NS      | $92089.40     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Louisiana-Pacific Corp                                                                    | Louisiana-Pacific Corp                                                                    | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        | 213       | NS      | $18922.92     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Marathon Petroleum Corp                                                                   | Marathon Petroleum Corp                                                                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        | 210       | NS      | $40475.40     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Repsol SA                                                                                 | Repsol SA                                                                                 | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        | 1832      | NS      | $32577.12     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Fortescue Ltd                                                                             | Fortescue Ltd                                                                             | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        | 4255      | NS      | $52695.80     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| BHP Group Ltd                                                                             | BHP Group Ltd                                                                             | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        | 12788     | NS      | $357235.36    | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Mosaic Co/The                                                                             | Mosaic Co/The                                                                             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        | 1094      | NS      | $37939.92     | 0.02%             |  |  |  | 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        | 564000    | NS      | $201223.84    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Rio Tinto Ltd                                                                             | Rio Tinto Ltd                                                                             | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        | 933       | NS      | $75258.61     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| APA Group                                                                                 | APA Group                                                                                 | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        | 75870     | NS      | $445405.44    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| ENN Energy Holdings Ltd                                                                   | ENN Energy Holdings Ltd                                                                   | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | CN        | 40600     | NS      | $334780.26    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Nippon Building Fund Inc                                                                  | Nippon Building Fund Inc                                                                  | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        | 300       | NS      | $283076.76    | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| CapitaLand Integrated Commercial Trust                                                    | CapitaLand Integrated Commercial Trust                                                    | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        | 157995    | NS      | $280590.40    | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| ICL Group Ltd                                                                             | ICL Group Ltd                                                                             | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        | 9760      | NS      | $60944.01     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Newmont Corp                                                                              | Newmont Corp                                                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        | 2808      | NS      | $236742.48    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                                                                        | NextEra Energy Inc                                                                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        | 15551     | NS      | $1173944.99   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Norfolk Southern Corp                                                                     | Norfolk Southern Corp                                                                     | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        | 428       | NS      | $128575.48    | 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        | 67000     | NS      | $729369.16    | 0.45%             |  |  |  | No            | 2                  | On Loan: No      |
| Nippon Steel Corp                                                                         | Nippon Steel Corp                                                                         | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        | 13500     | NS      | $55603.02     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Oji Holdings Corp                                                                         | Oji Holdings Corp                                                                         | CUSIP: N/A<br>LEI: 529900LVC9GIIYUGE243       | Long             | EC               | CORP              | JP        | 12900     | NS      | $70582.28     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Northwestern Energy Group Inc                                                             | Northwestern Energy Group Inc                                                             | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        | 2135      | NS      | $125132.35    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| POSCO Holdings Inc                                                                        | POSCO Holdings Inc                                                                        | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        | 185       | NS      | $36361.90     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Nucor Corp                                                                                | Nucor Corp                                                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        | 580       | NS      | $78549.40     | 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        | 3486      | NS      | $54434.97     | 0.03%             |  |  |  | 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        | 16000     | NS      | $66896.35     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Occidental Petroleum Corp                                                                 | Occidental Petroleum Corp                                                                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        | 487       | NS      | $23010.75     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Stockland                                                                                 | Stockland                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 51195     | NS      | $207043.51    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Sun Hung Kai Properties Ltd                                                               | Sun Hung Kai Properties Ltd                                                               | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        | 22000     | NS      | $263154.12    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| Guangdong Investment Ltd                                                                  | Guangdong Investment Ltd                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        | 318513    | NS      | $289495.59    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| PG&E Corp                                                                                 | PG&E Corp                                                                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        | 27424     | NS      | $413553.92    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Packaging Corp of America                                                                 | Packaging Corp of America                                                                 | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        | 308       | NS      | $67122.44     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinor ASA                                                                               | Equinor ASA                                                                               | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        | 1238      | NS      | $30190.02     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Eni SpA                                                                                   | Eni SpA                                                                                   | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        | 3286      | NS      | $57492.35     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                                                        | Petroleo Brasileiro SA - Petrobras                                                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        | 2944      | NS      | $37271.04     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Phillips 66                                                                               | Phillips 66                                                                               | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        | 279       | NS      | $37949.58     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc                                                                              | Prologis Inc                                                                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        | 5421      | NS      | $620812.92    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Klepierre SA                                                                              | Klepierre SA                                                                              | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        | 11870     | NS      | $463404.99    | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| Regency Centers Corp                                                                      | Regency Centers Corp                                                                      | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        | 2700      | NS      | $196830.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Reliance Inc                                                                              | Reliance Inc                                                                              | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        | 134       | NS      | $37631.22     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc                                                             | Rexford Industrial Realty Inc                                                             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        | 2292      | NS      | $94224.12     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Yara International ASA                                                                    | Yara International ASA                                                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        | 2201      | NS      | $80675.40     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Ryman Hospitality Properties Inc                                                          | Ryman Hospitality Properties Inc                                                          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        | 3100      | NS      | $277729.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT Inc                                                                | Sabra Health Care REIT Inc                                                                | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        | 8405      | NS      | $156669.20    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Schlumberger NV                                                                           | Schlumberger NV                                                                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        | 1025      | NS      | $35229.25     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Scotts Miracle-Gro Co/The                                                                 | Scotts Miracle-Gro Co/The                                                                 | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        | 149       | NS      | $8485.55      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Sealed Air Corp                                                                           | Sealed Air Corp                                                                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        | 507       | NS      | $17922.45     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Sempra                                                                                    | Sempra                                                                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        | 7279      | NS      | $654964.42    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                                                                  | Simon Property Group Inc                                                                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        | 1050      | NS      | $197053.50    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Copper Corp                                                                      | Southern Copper Corp                                                                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        | 225       | NS      | $27306.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Steel Dynamics Inc                                                                        | Steel Dynamics Inc                                                                        | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        | 347       | NS      | $48382.21     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Suzano SA                                                                                 | Suzano SA                                                                                 | CUSIP: 86959K105<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        | 9491      | NS      | $89215.40     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Union Pacific Corp                                                                        | Union Pacific Corp                                                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        | 1950      | NS      | $460921.50    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Vale SA                                                                                   | Vale SA                                                                                   | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        | 9078      | NS      | $98587.08     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Valero Energy Corp                                                                        | Valero Energy Corp                                                                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        | 217       | NS      | $36946.42     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Ventas Inc                                                                                | Ventas Inc                                                                                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        | 8183      | NS      | $572728.17    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| VICI Properties Inc                                                                       | VICI Properties Inc                                                                       | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        | 15475     | NS      | $504639.75    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                                                                      | Vornado Realty Trust                                                                      | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 4882      | NS      | $197867.46    | 0.12%             |  |  |  | No            | 1                  | 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        | 1221211   | NS      | $1221211.11   | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                                                                             | Welltower Inc                                                                             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        | 7147      | NS      | $1273166.58   | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Co                                                                           | Weyerhaeuser Co                                                                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        | 2503      | NS      | $62049.37     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Williams Cos Inc/The                                                                      | Williams Cos Inc/The                                                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        | 13576     | NS      | $860039.60    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                                                                           | Xcel Energy Inc                                                                           | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        | 6891      | NS      | $555759.15    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS AgriVest Farmland Fund                                                                | UBS AgriVest Farmland Fund                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5819681.65   | 3.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ACIP Parallel Fund A, LP                                                                  | ACIP Parallel Fund A, LP                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5010503.10   | 3.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Boardwalk Real Estate Investment Trust                                                    | Boardwalk Real Estate Investment Trust                                                    | CUSIP: N/A<br>LEI: 549300RMNRTTJRCOYW23       | Long             | EC               | CORP              | CA        | 1500      | NS      | $74509.59     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Goodman Group                                                                             | Goodman Group                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 24827     | NS      | $538026.00    | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| Kinross Gold Corp                                                                         | Kinross Gold Corp                                                                         | CUSIP: N/A<br>LEI: 254900O9KHF2A1ZXPT47       | Long             | EC               | CORP              | CA        | 3094      | NS      | $76788.65     | 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        | 3423      | NS      | $395463.93    | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| Link REIT                                                                                 | Link REIT                                                                                 | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               | CORP              | HK        | 35024     | NS      | $179952.88    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Norsk Hydro ASA                                                                           | Norsk Hydro ASA                                                                           | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        | 3329      | NS      | $22634.27     | 0.01%             |  |  |  | No            | 2                  | 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      | $97658.31     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| TotalEnergies SE                                                                          | TotalEnergies SE                                                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        | 3621      | NS      | $220550.81    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Aeroports de Paris SA                                                                     | Aeroports de Paris SA                                                                     | CUSIP: N/A<br>LEI: 969500PJMBSFHYC37989       | Long             | EC               | CORP              | FR        | 3475      | NS      | $460367.57    | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Reliance Industries Ltd                                                                   | Reliance Industries Ltd                                                                   | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        | 2747      | NS      | $167798.54    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Wilmar International Ltd                                                                  | Wilmar International Ltd                                                                  | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        | 35800     | NS      | $79171.69     | 0.05%             |  |  |  | No            | 2                  | 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      | $151812.03    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Severn Trent PLC                                                                          | Severn Trent PLC                                                                          | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        | 10535     | NS      | $367319.18    | 0.23%             |  |  |  | No            | 2                  | 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      |
| Safestore Holdings PLC                                                                    | Safestore Holdings PLC                                                                    | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        | 12273     | NS      | $108853.23    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Svenska Cellulosa AB SCA                                                                  | Svenska Cellulosa AB SCA                                                                  | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        | 8091      | NS      | $107096.58    | 0.07%             |  |  |  | No            | 2                  | 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        | 11600     | NS      | $288046.60    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Franco-Nevada Corp                                                                        | Franco-Nevada Corp                                                                        | CUSIP: N/A<br>LEI: 98450064C1B5D3E94864       | Long             | EC               | CORP              | CA        | 488       | NS      | $108620.94    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| EDP Renovaveis SA                                                                         | EDP Renovaveis SA                                                                         | CUSIP: N/A<br>LEI: 529900MUFAH07Q1TAX06       | Long             | EC               | CORP              | ES        | 9010      | NS      | $119081.49    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Suncor Energy Inc                                                                         | Suncor Energy Inc                                                                         | CUSIP: N/A<br>LEI: 549300W70ZOQDVLCHY06       | Long             | EC               | CORP              | CA        | 1955      | NS      | $81813.03     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Gibson Energy Inc                                                                         | Gibson Energy Inc                                                                         | CUSIP: N/A<br>LEI: 549300WYW5D9I3FR0643       | Long             | EC               | CORP              | CA        | 24400     | NS      | $453566.14    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| China Hongqiao Group Ltd                                                                  | China Hongqiao Group Ltd                                                                  | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | CN        | 5500      | NS      | $18627.59     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Glencore PLC                                                                              | Glencore PLC                                                                              | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        | 24593     | NS      | $113266.16    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Cenovus Energy Inc                                                                        | Cenovus Energy Inc                                                                        | CUSIP: N/A<br>LEI: 549300F4XPHJ7NOSP309       | Long             | EC               | CORP              | CA        | 2020      | NS      | $34298.05     | 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      |
| 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      |
| NEXTDC Ltd                                                                                | NEXTDC Ltd                                                                                | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        | 14700     | NS      | $164915.11    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Segro PLC                                                                                 | Segro PLC                                                                                 | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        | 7557      | NS      | $66773.96     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Swire Properties Ltd                                                                      | Swire Properties Ltd                                                                      | CUSIP: N/A<br>LEI: 5299001L12PHYVQ92465       | Long             | EC               | CORP              | HK        | 34700     | NS      | $98760.41     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Chartwell Retirement Residences                                                           | Chartwell Retirement Residences                                                           | CUSIP: N/A<br>LEI: 549300M7UBEIZBWP4069       | Long             | EC               | CORP              | CA        | 6500      | NS      | $94251.63     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Indus Towers Ltd                                                                          | Indus Towers Ltd                                                                          | CUSIP: N/A<br>LEI: 335800L6DI4VHODGDK41       | Long             | EC               | CORP              | IN        | 54460     | NS      | $210276.57    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Nippon Prologis REIT Inc                                                                  | Nippon Prologis REIT Inc                                                                  | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        | 178       | NS      | $104010.91    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Vonovia SE                                                                                | Vonovia SE                                                                                | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               | CORP              | DE        | 11836     | NS      | $369897.28    | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Sarana Menara Nusantara Tbk PT                                                            | Sarana Menara Nusantara Tbk PT                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ID        | 5392600   | NS      | $189329.53    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Enav SpA                                                                                  | Enav SpA                                                                                  | CUSIP: N/A<br>LEI: 81560048ECF8D2059980       | Long             | EC               | CORP              | IT        | 47427     | NS      | $241054.28    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| SIG Group AG                                                                              | SIG Group AG                                                                              | CUSIP: N/A<br>LEI: 5493004Z6P7TSVB1L042       | Long             | EC               | CORP              | CH        | 4646      | NS      | $48182.61     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Ivanhoe Mines Ltd                                                                         | Ivanhoe Mines Ltd                                                                         | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        | 1806      | NS      | $19153.96     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| National Grid PLC                                                                         | National Grid PLC                                                                         | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        | 47092     | NS      | $676649.18    | 0.42%             |  |  |  | No            | 2                  | On Loan: No      |
| Nutrien Ltd                                                                               | Nutrien Ltd                                                                               | CUSIP: N/A<br>LEI: 5493002QQ7GD21OWF963       | Long             | EC               | CORP              | CA        | 6016      | NS      | $353300.05    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Wheaton Precious Metals Corp                                                              | Wheaton Precious Metals Corp                                                              | CUSIP: N/A<br>LEI: 549300XSFG5ZCGVYD886       | Long             | EC               | CORP              | CA        | 1148      | NS      | $128468.43    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Unibail-Rodamco-Westfield                                                                 | Unibail-Rodamco-Westfield                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        | 2300      | NS      | $242224.42    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Blackstone Infrastructure Partners F2, LP                                                 | Blackstone Infrastructure Partners F2, LP                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $6403384.38   | 3.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CTP NV                                                                                    | CTP NV                                                                                    | CUSIP: N/A<br>LEI: 3157000YTVO4TN65UM14       | Long             | EC               | CORP              | NL        | 4600      | NS      | $102654.09    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Woodside Energy Group Ltd                                                                 | Woodside Energy Group Ltd                                                                 | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        | 3005      | NS      | $45378.38     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Mondi PLC                                                                                 | Mondi PLC                                                                                 | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        | 5961      | NS      | $82453.06     | 0.05%             |  |  |  | No            | 2                  | 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        | 18600     | NS      | $76173.31     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Merlin Properties Socimi SA                                                               | Merlin Properties Socimi SA                                                               | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        | 8816      | NS      | $133507.53    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Barrick Mining Corp                                                                       | Barrick Mining Corp                                                                       | CUSIP: N/A<br>LEI: 0O4KBQCJZX82UKGCBV73       | Long             | EC               | CORP              | CA        | 4348      | NS      | $142808.85    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Shell PLC                                                                                 | Shell PLC                                                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        | 9530      | NS      | $339658.96    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Qualitas Ltd                                                                              | Qualitas Ltd                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 44887     | NS      | $100299.54    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Fastighets AB Balder                                                                      | Fastighets AB Balder                                                                      | CUSIP: N/A<br>LEI: 549300GHKJCEZOAEUU82       | Long             | EC               | CORP              | SE        | 14600     | NS      | $104616.44    | 0.06%             |  |  |  | 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      | $102834.64    | 0.06%             |  |  |  | No            | 2                  | 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      | $1865239.26   | 1.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Keppel DC REIT                                                                            | Keppel DC REIT                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        | 88200     | NS      | $163547.53    | 0.10%             |  |  |  | No            | 2                  | 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      | $5743021.82   | 3.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Anglo American PLC                                                                        | Anglo American PLC                                                                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        | 2981      | NS      | $112405.51    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| China Tower Corp Ltd                                                                      | China Tower Corp Ltd                                                                      | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        | 155600    | NS      | $229376.03    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA                                                    | Motiva Infraestrutura de Mobilidade SA                                                    | CUSIP: N/A<br>LEI: 254900H4EUL83CCQ6781       | Long             | EC               | CORP              | BR        | 133292    | NS      | $372158.23    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Keppel DC REIT - Rights                                                                   | Keppel DC REIT - Rights                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        | 6376      | NS      | $750.96       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Cellnex Telecom SA                                                                        | Cellnex Telecom SA                                                                        | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        | 12831     | NS      | $444433.96    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| ArcelorMittal SA                                                                          | ArcelorMittal SA                                                                          | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        | 1136      | NS      | $40982.35     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Rumo SA                                                                                   | Rumo SA                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        | 101304    | NS      | $302451.14    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlas Arteria Ltd                                                                         | Atlas Arteria Ltd                                                                         | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        | 132107    | NS      | $429004.91    | 0.26%             |  |  |  | No            | 2                  | 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      | $11327867.93  | 6.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ceres Farmland Holdings, LP                                                               | Ceres Farmland Holdings, LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $11984335.30  | 7.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Amcor PLC                                                                                 | Amcor PLC                                                                                 | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | CH        | 7909      | NS      | $64695.62     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Anglogold Ashanti Plc                                                                     | Anglogold Ashanti Plc                                                                     | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        | 1075      | NS      | $75604.75     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Smurfit WestRock PLC                                                                      | Smurfit WestRock PLC                                                                      | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        | 1711      | NS      | $72837.27     | 0.04%             |  |  |  | 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      | $6839576.00   | 4.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bunge Global SA                                                                           | Bunge Global SA                                                                           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        | 463       | NS      | $37618.75     | 0.02%             |  |  |  | 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      | $11312395.60  | 6.98%             |  |  |  | Yes           | N/A                | 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      | $10981672.00  | 6.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| IFM Net Zero Infrastructure Fund (USD) B, SCSp                                            | IFM Net Zero Infrastructure Fund (USD) B, SCSp                                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $5726263.68   | 3.53%             |  |  |  | Yes           | N/A                | 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      | $6016947.96   | 3.71%             |  |  |  | Yes           | N/A                | 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      | $3349241.96   | 2.07%             |  |  |  | Yes           | N/A                | 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      | $5015271.92   | 3.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FDR PELF SCA, SICAV-RAIF                                                                  | FDR PELF SCA, SICAV-RAIF                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $6153033.17   | 3.80%             |  |  |  | Yes           | N/A                | 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      | $5007301.69   | 3.09%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

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

**Signature:** Megan Hoffmann

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

**Title:** Vice President and Treasurer