# EDGAR Filing Document

**Accession Number:** 0001756404
**File Stem:** 0001756404-23-000025
**Filing Date:** 2023-3
**Character Count:** 102105
**Document Hash:** af08d373367fca69f407fea946a3b91d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756404-23-000025.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001756404-23-000025

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20230306

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Diversified Select Real Asset Fund
- **CENTRAL INDEX KEY:** 0001756404
- **IRS NUMBER:** 832104764
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-23403
- **FILM NUMBER:** 23708433

**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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_____________________________**

**SCHEDULE 14A**

**Proxy Statement Pursuant to Section 14(a) of** 

**The Securities Exchange Act of 1934** 

**(Amendment No.)**

_____________________________

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Preliminary Proxy Statement

[ ]&nbsp;&nbsp;&nbsp;&nbsp;**Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))**

[X]&nbsp;&nbsp;&nbsp;&nbsp;Definitive Proxy Statement

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Definitive Additional Materials

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Soliciting Material Pursuant to Section 240.14a-12

**PRINCIPAL DIVERSIFIED SELECT REAL ASSET FUND** 

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all the boxes that apply):

[X]&nbsp;&nbsp;&nbsp;&nbsp;No fee required.

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Fee paid previously with preliminary materials.

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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**PRINCIPAL DIVERSIFIED SELECT REAL ASSET FUND**

711 High Street

Des Moines, Iowa 50392

March 6, 2023

Dear Shareholder:

We cordially invite you to attend a joint annual meeting of shareholders (including any adjournments or postponements, the "Meeting") of Principal Diversified Select Real Asset Fund ("PDSRA") and each series of Principal Exchange-Traded Funds ("PETF"), Principal Funds, Inc. ("PFI"), and Principal Variable Contracts Funds, Inc. ("PVC"), all investment companies registered under the Investment Company Act of 1940, as amended, and advised by Principal Global Investors, LLC, on **April 26, 2023 at 10:00 a.m. Central Time**, at 801 Grand Avenue, Des Moines, Iowa 50392.

The enclosed proxy materials relate to only PDSRA and are being sent only to the PDSRA shareholders that owned shares of PDSRA (the "Fund") as of the close of business on February 27, 2023, the record date for the Meeting (the "Record Date"). PDSRA shareholders that owned shares of any series of PETF, PFI, or PVC as of the Record Date will separately receive proxy materials for only PETF, and/or PFI, and/or PVC. References in these proxy materials to the "Fund" and the "Board of Trustees" are to the PDSRA Fund and the PDSRA Board of Trustees, respectively, unless otherwise indicated.

The purpose of the Meeting for PDSRA shareholders is to elect the Board of Trustees, including four nominees for Independent Trustee who have not previously been elected by shareholders and two nominees for new Interested Trustee, in addition to the transaction of such other business as may properly come before the Meeting..

**Shareholders of the Fund are being asked to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Elect thirteen Trustees as members of the Board of Trustees.

Enclosed you will find PDSRA's Notice of Joint Annual Meeting of Shareholders, a Proxy Statement, and the proxy card(s) for shares of the Fund you owned as of the close of business on the Record Date. The Proxy Statement provides background information and describes in detail the proposal to be voted on at the Meeting.

**The PDSRA Board of Trustees has voted in favor of the proposal and recommends that you vote "For" the proposal.**

**For your shares to be voted at the Meeting, we urge you to read the Proxy Statement and then vote your shares in one of the following three ways:**

**By Internet**: Follow the instructions located on your proxy card(s). Be sure you have your control number, as printed on your proxy card(s), available when you call.

**By Phone**: The phone number is located on your proxy card(s). Be sure you have your control number, as printed on your proxy card(s), available when you call.

**By Mail**: Vote, sign, and date your proxy card(s) and return it in the postage-paid envelope provided in this proxy package, allowing sufficient time for receipt prior to the Meeting.

You may also vote your shares in person at the Meeting. Shareholders may call 1-833-290-2605 to obtain instructions on how to attend the Meeting and vote their shares in person.

We appreciate you taking the time to respond to this matter. Your vote is important. If you have questions regarding the Meeting or these proxy materials, please call 1-833-290-2605.

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| |
|:---|
| Sincerely, |
| ![image1a28a.jpg](image1a28a.jpg) |
| Kamal Bhatia |
| President and Chief Executive Officer |

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**PRINCIPAL DIVERSIFIED SELECT REAL ASSET FUND**

711 High Street

Des Moines, Iowa 50392

**NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS**

To the Shareholders:

A joint annual meeting of shareholders of Principal Diversified Select Real Asset Fund ("PDSRA"), Principal Exchange-Traded Funds, Principal Funds, Inc., and Principal Variable Contracts Funds, Inc. will be held at 801 Grand Avenue, Des Moines, Iowa 50392 on **April 26, 2023 at 10:00 a.m. Central Time** (including any adjournments or postponements, the "Meeting"). For PDSRA, the Meeting is being held to consider and vote on the following matter as well as any other business that may properly come before the Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of the Board of Trustees.

A Proxy Statement providing information about the above proposal to be voted on at the Meeting is included with this Notice.

Each shareholder of record as of the close of business on February 27, 2023, the record date for the Meeting, is entitled to notice of and to vote at the Meeting. Shareholders may vote their shares, change their vote, and revoke their proxy at any time before it is voted at the Meeting by following the procedures outlined in the accompanying Proxy Statement.

**The PDSRA Board of Trustees has voted in favor of all the proposals and recommends that you vote "For" all the proposals.**

Your vote is important. No matter how many shares you own, please vote. To save your Fund(s) from incurring the cost of additional solicitations, please review the materials and vote today.

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| |
|:---|
| For the Board of Trustees |
| ![wilsonbetha.jpg](wilsonbetha.jpg) |
| Beth C. Wilson |
| Vice President and Secretary |
| Dated: March 6, 2023 |

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**Important Notice Regarding Availability of Proxy Materials for the Joint Annual Meeting of Shareholders to be Held on April 26, 2023. This Proxy Statement is available on the Internet at <u>https://proxyvotinginfo.com/p/principal2023</u>.**

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **Introduction** | **Introduction** | <u>[3](#ibc0b4b87ef004c5cb532a255dbe8d347_16)</u> |
| **Voting Information** | **Voting Information** | <u>[3](#ibc0b4b87ef004c5cb532a255dbe8d347_19)</u> |
| **Proposal 1** | Election of the Board of Trustees | <u>[5](#ibc0b4b87ef004c5cb532a255dbe8d347_22)</u> |
| **Independent Registered Public Accounting Firm** | **Independent Registered Public Accounting Firm** | <u>[17](#ibc0b4b87ef004c5cb532a255dbe8d347_31)</u> |
| **Other Matters** | **Other Matters** | <u>[21](#ibc0b4b87ef004c5cb532a255dbe8d347_34)</u> |
| **Appendix A** | Outstanding Shares and Share Ownership | <u>A-[1](#ibc0b4b87ef004c5cb532a255dbe8d347_37)</u> |
| **Appendix B** | Audit Committee Charter | <u>B-[1](#ibc0b4b87ef004c5cb532a255dbe8d347_40)</u> |

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**PRINCIPAL DIVERSIFIED SELECT REAL ASSET FUND**

711 High Street

Des Moines, Iowa 50392

**PROXY STATEMENT**

**JOINT ANNUAL MEETING OF SHAREHOLDERS**

**TO BE HELD APRIL 26, 2023**

_________________

**INTRODUCTION**

Principal Diversified Select Real Asset Fund ("PDSRA" or the "Fund"), Principal Exchange-Traded Funds ("PETF"), Principal Funds, Inc. ("PFI"), and Principal Variable Contracts Funds, Inc. ("PVC") will hold a joint annual meeting of shareholders on **April 26, 2023 at 10:00 a.m. Central Time**, at 801 Grand Avenue, Des Moines, Iowa 50392 (including any adjournments or postponements, the "Meeting"). This Proxy Statement and the accompanying form of proxy card relate to PDSRA only and are being sent to PDSRA shareholders on or about March 16, 2023. Separate proxy materials for each of PETF, PFI and PVC are being sent to PETF, PFI and PVC shareholders, respectively.

PDSRA is a Delaware statutory trust and a diversified, closed-end management investment company registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").

Principal Global Investors, LLC ("PGI") is the investment advisor and fund administrator to the Fund. Principal Funds Distributor, Inc. ("PFD") is the distributor for all share classes of the Fund. PGI and PFD are indirect, wholly owned subsidiaries of Principal Financial Group, Inc. ("PFG"). The address of PFD and PGI is in care of the Principal Financial Group, 711 High Street, Des Moines, Iowa 50392.

**PDSRA will furnish, without charge, copies of its most recent annual and semi-annual shareholder reports to any shareholder upon request. To obtain a copy of a report, please contact PDSRA by calling the Shareholder Services Department toll free at 1-800-222-5852 or by writing to PDSRA at Principal Diversified Select Real Asset Fund, P.O. Box 219971, Kansas City, MO 64121-9971. Copies of the Fund's most recent annual and semi-annual shareholder reports can also be obtained at www.PrincipalAM.com/IntervalProspectuses.** 

The Meeting is being held to vote on the proposal to elect the Board of Trustees (the "Proposal").

**VOTING INFORMATION**

**Voting Procedures.** This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (the "Board") of PDSRA. Please vote your shares by returning the enclosed proxy card in the enclosed postage-paid envelope or by following the instructions on the proxy card for voting by telephone or Internet. Shareholders who wish to attend the Meeting in person may call 1-833-290-2605 to obtain instructions on how to attend the Meeting and vote their shares in person.

If you properly complete and return the enclosed proxy card (or if you give your proxy by telephone or Internet), the persons named on the card as proxies will vote your shares as you indicate on the proxy card (or as you instruct by telephone or Internet) or "For" approval of the proposal if you do not give an indication. You may change your vote and revoke your proxy at any time before it is voted at the Meeting in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by sending a written notice of revocation to the Meeting Secretary of Principal Diversified Select Real Asset Fund in care of the Principal Financial Group, 711 High Street, Des Moines, Iowa 50392;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by submitting another properly signed proxy card at a later date to the Meeting Secretary of Principal Diversified Select Real Asset Fund in care of the Principal Financial Group, 711 High Street, Des Moines, Iowa 50392;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by submitting another proxy by telephone or Internet at a later date; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) being present and voting in person at the Meeting after giving oral notice of the revocation to the Chair of the Meeting.

**Voting Rights.** Only shareholders of record as of the close of business on February 27, 2023 (the "Record Date") are entitled to notice of and to vote at the Meeting. The shareholders of the Fund and all share classes will vote together on the Proposal regarding the election of Trustees. You are entitled to one vote on the Proposal for each share of the Fund you hold, and fractional votes for fractional shares held.

The affirmative vote of a plurality of the shares voted at the Meeting is required for the election of a Trustee under the Proposal. This means that those nominees for Trustee receiving the highest number of votes cast at the Meeting will be elected. The nominees are running unopposed, so each nominee is expected to be elected as a Trustee because all nominees who receive votes in favor will be elected.

The number of votes eligible to be cast at the Meeting with respect to the Fund as of the Record Date and other share ownership information are set forth in Appendix A to this Proxy Statement.

**Quorum Requirements; Abstentions and Broker Non-Votes.** A quorum must be present at the Meeting for the transaction of business by the Fund. For the Proposal, the presence in person or by proxy of one-third of the shares of PDSRA outstanding as of the close of business on the Record Date constitutes a quorum.

Abstentions, if any, will be considered present for purposes of determining the existence of a quorum but will be disregarded in determining the votes cast on a proposal. As a result, with respect to the Proposal requiring the affirmative vote of a plurality of shares cast at the Meeting, abstentions will have no effect on the outcome of the Proposal.

Broker non-votes, if any, will also be considered present for purposes of determining the existence of a quorum. The Fund understands that, under the rules of the New York Stock Exchange, brokers and nominees may, for certain "routine" matters, grant certain discretionary authority to the proxies identified on the proxy card to vote without instructions from their customers if no instructions have been received prior to the date specified in the broker's or nominee's requests for voting instructions. A "broker non-vote" occurs when a broker or nominee indicates it has not received voting instructions from a shareholder and is barred from voting the shares without such shareholder instructions because the proposal is considered non-routine under the rules of the New York Stock Exchange. The Proposal is considered routine under the rules of the New York Stock Exchange, so if you do not give your broker or nominee voting instructions on the Proposal, your broker or nominee may vote your shares in its discretion, resulting in no broker non-votes. However, if your broker or nominee does not exercise such discretion and a broker non-vote results, such broker non-vote will have no effect on the outcome of the Proposal.

If the necessary quorum to transact business or the vote required to approve Proposal is not obtained at the Meeting, the persons named as proxies or any shareholder present at the Meeting may propose one or more adjournments of the Meeting in accordance with applicable law to permit further solicitation of proxies. Any such adjournment as to any matter with respect to the Fund will require the affirmative vote of the holders of a majority of the shares of the Fund present in person or by proxy at the Meeting. The persons named as proxies and any shareholder present at the Meeting will vote for or against any adjournment in their discretion.

**Solicitation Procedures.** PDSRA intends to solicit proxies by mail. Officers or employees of PDSRA, PGI, or their affiliates may make additional solicitations by telephone, Internet, or personal contact. They will not be specially compensated for these services. Brokerage houses, banks, and other fiduciaries may be requested to forward soliciting materials to their customers and to obtain authorization for the execution of proxies. For those services, PDSRA will reimburse them for their out-of-pocket expenses. PDSRA has retained the services of a professional proxy soliciting firm, DiCosta Partners, to assist in soliciting proxies and provide other services in connection therewith and estimates that the aggregate cost of such services will be approximately $4,300.

**Expenses of the Meeting.** The Fund will pay the expenses of the Meeting, including those associated with the preparation and distribution of proxy materials and the solicitation of proxies.

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**PROPOSAL** 

**ELECTION OF THE BOARD OF TRUSTEES**

(Shareholders of the Fund)

Each nominee has agreed to be named in this Proxy Statement and to serve if elected. The Board has no reason to believe that any of the nominees will become unavailable for election as a Trustee. However, if that should occur before the Meeting, your proxy will be voted for the individual(s) recommended by the Board to fill each resulting vacancy.

The following table presents certain information regarding PDSRA's Trustees and the new nominees, including their principal occupations (which, unless specific dates are shown, are of more than five years duration) and other directorships held in reporting companies under the Securities Exchange Act of 1934 or registered investment companies under the 1940 Act. Mr. Dunbar is not standing for re-election at the Meeting because he is retiring from the Board effective at the end of the Meeting. Information is listed separately for those Trustees and nominees who are "interested persons" (as defined in the 1940 Act) of PDSRA (the "Interested Trustees") and those Trustees and nominees who are not interested persons of PDSRA (the "Independent Trustees"). Four of the nominees for Independent Trustee, Mr. Hymes, Mr. Lattimer, Ms. Dryer, and Ms. Grieb, have not previously been elected Trustees by PDSRA's shareholders. The Board's Nominating and Governance Committee, composed of four of PDSRA's Independent Trustees, selected and nominated Mr. Hymes, Mr. Lattimer, Ms. Dryer, and Ms. Grieb as candidates for Trustee upon the recommendations of one or more of the Trustees or with the assistance of a professional search firm. The two new nominees for Interested Trustee, Mr. Bhatia and Mr. McCullum, have not previously served as Trustees, and both were selected and nominated as candidates for Trustee upon the recommendations of PGI, PDSRA's investment advisor.

All individuals who are current PDSRA Trustees also serve as Directors of PFI and PVC, mutual funds advised by PGI; and as Trustees of PETF, an exchange-traded fund advised by PGI. All individuals who are nominees as PDSRA Trustees are also currently standing as nominees for election as directors or trustees, as applicable, of PFI, PVC, and PETF and, if elected by those respective shareholders, will serve as directors or trustees, as applicable, of PFI, PVC, and PETF. If the same individuals are not elected by the shareholders of each of PFI, PVC, PETF, and PDSRA, the compositions of those boards will differ. PFI, PVC, PETF, and PDSRA (collectively, the "Fund Complex") currently offer shares of a combined total of 132 funds.

Each Trustee generally will serve until the next annual meeting of shareholders or until such Trustee's earlier death, resignation, or removal. Independent Trustees have a 72-year age limit and, for Independent Trustees elected on or after September 14, 2021, a 72-year age limit or a 15-year term limit, whichever occurs first. The Board may waive the age or term limits in the Board's discretion. Pursuant to this policy, Messrs. Barnes and Hirsch are expected to retire in December 2023.

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| | | | | |
|:---|:---|:---|:---|:---|
| **INDEPENDENT BOARD MEMBERS and NOMINEES** | **INDEPENDENT BOARD MEMBERS and NOMINEES** | **INDEPENDENT BOARD MEMBERS and NOMINEES** | **INDEPENDENT BOARD MEMBERS and NOMINEES** | **INDEPENDENT BOARD MEMBERS and NOMINEES** |
| **Name, Address,<br>and Year of Birth** | **Board Positions Held with <br>Fund Complex** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of Portfolios Overseen in Fund Complex** | **Other Directorships<br>Held During <br>Past 5 Years** |
| Leroy T. Barnes, Jr.<br>711 High Street<br>Des Moines, IA 50392<br>1951 | Director, PFI and PVC (since 2012) Trustee, PETF (since 2014) <br>Trustee, PDSRA (since 2019) | Retired | 132 | McClatchy Newspapers, Inc. (2000 - 2020); Frontier Communications, Inc.(2005 - 2019) |
| Craig Damos<br>711 High Street<br>Des Moines, IA 50392<br>1954 | Lead Independent Board Member<br>(since 2020)<br>Director, PFI and PVC (since 2008) Trustee, PETF (since 2014) <br>Trustee, PDSRA (since 2019) | President, C.P. Damos Consulting LLC (consulting services) | 132 |  |
| Katharin S. Dyer<br>711 High Street<br>Des Moines, IA 50392<br>1957 | Director, PFI and PVC (since 2023) Trustee, PETF and PDSRA (since 2023 | Founder and Chief Executive Officer, Pivotwise (consulting services)<br>Global Partner, IBM (technology company) from 2016-2018 | 132 | Liquidity Services, Inc. (2020 - present) |
| Frances P. Grieb<br>711 High Street<br>Des Moines, IA 50392<br>1960 | Director, PFI and PVC (since 2023) Trustee, PETF and PDSRA (since 2023 | Retired | 132 | First Interstate BancSystems, Inc. (2022 - present)<br>Great Western Bancorp, Inc. and Great Western Bank (2014 - 2022) |
| Fritz S. Hirsch<br>711 High Street<br>Des Moines, IA 50392<br>1951 | Director, PFI and PVC (since 2005) Trustee, PETF (since 2014) <br>Trustee, PDSRA (since 2019) | Interim CEO, MAM USA (manufacturer of infant and juvenile products) February 2020 to October 2020, | 132 | MAM USA (2011 - present) |
| Victor L. Hymes<br>711 High Street<br>Des Moines, IA 50392<br>1957 | Director, PFI and PVC (since 2020) Trustee, PDSRA and PETF (since 2020)  | Founder, CEO, and Chief Investment Officer, Legato Capital Management, LLC (investment management company) | 132 |  |
| Padelford L. Lattimer<br>711 High Street<br>Des Moines, IA 50392<br>1961 | Director, PFI and PVC (since 2020) Trustee, PDSRA and PETF (since 2020)  | Managing Partner, TBA Management Consulting LLC (management consulting and staffing company) | 132 |  |
| Karen McMillan<br>711 High Street<br>Des Moines, IA 50392<br>1961 | Director, PFI and PVC (since 2014) Trustee, PETF (since 2014) <br>Trustee, PDSRA (since 2019) | Founder/Owner, Tyche Consulting LLC (consulting services)<br>Managing Director, Patomak Global Partners, LLC <br>(financial services consulting) from 2014-2021 | 132 |  |
| Elizabeth A. Nickels<br>711 High Street<br>Des Moines, IA 50392<br>1962 | Director, PFI and PVC (since 2015) Trustee, PETF (since 2015) <br>Trustee, PDSRA (since 2019) | Retired | 132 | SpartanNash (2000 - 2022) |
| Mary M. VanDeWeghe <br>711 High Street<br>Des Moines, IA 50392<br>1959 | Director, PFI and PVC (since 2018) Trustee, PETF (since 2018) <br>Trustee, PDSRA (since 2019) | CEO and President, Forte Consulting, Inc. (financial and management consulting) | 132 | Helmerich & Payne (2019 - present); <br> Denbury Resources Inc. (2019 - 2020) |

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The following Trustees are considered to be Interested Trustees because they are affiliated persons of PGI or PFD.

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| | | | | |
|:---|:---|:---|:---|:---|
| **INTERESTED BOARD MEMBERS and NOMINEES** | **INTERESTED BOARD MEMBERS and NOMINEES** | **INTERESTED BOARD MEMBERS and NOMINEES** | **INTERESTED BOARD MEMBERS and NOMINEES** | **INTERESTED BOARD MEMBERS and NOMINEES** |
| **Name, Address,<br>and Year of Birth** | **Board Positions Held** <br>**with Fund Complex** | **Positions with PGI** <br>**and its affiliates;**<br>**Principal Occupation(s)**<br>**During Past 5 Years\*\*** <br>**(unless noted otherwise)** | **Number of<br>Portfolios<br>Overseen<br>in Fund<br>Complex** | **Other Directorships Held During <br>Past 5 Years** |
| Kamal Bhatia<br>711 High Street<br>Des Moines, IA 50392<br>1972 | President and Chief Executive Officer (since 2019) | <u>PGI</u><br>Director (since 2019)<br>President-Principal Funds (since 2019)<br><u>PFD</u><br>Director (since 2019)<br><u>PFGI, PFSI, and PLIC</u><br>Senior Executive Director and Chief Operating Officer - PAM (since 2022)<br>Senior Executive Director and Chief Operating Officer - PGI (2020-2022)<br>President-Principal Funds (2019-2020)<br><u>Post</u><br>Director (since 2020)<br><u>Principal-REI</u><br>Senior Executive Director and Chief Operating Officer - PGI (since 2022)<br>Director (since 2020)<br><u>PSS</u><br>Executive Vice President (since 2019)<br>Director and Chair (2019-2022)<br><u>Spectrum</u><br>Director (since 2021)<br><u>Origin</u><br>Additional Director (since 2022)<br><u>Oppenheimer Funds</u><br>Senior Vice President (2011-2019) | 132 |  |
| Patrick G. Halter<br>711 High Street<br>Des Moines, IA 50392<br>1959 | Director, PFI and PVC (since 2017) Trustee, PETF (since 2017) <br>Trustee, PDSRA (since 2019) | <u>PGI</u><br>Chair (since 2018)<br>Chief Executive Officer and <br>President (since 2018)<br>Director (since 2003)<br><u>PFGI, PFSI, and PLIC</u><br>President and Chief Executive<br>Officer - PAM (since 2022)<br>President - PGAM (2020-2022)<br><u>Post</u><br>Director (since 2017)<br>Chair (2017-2020)<br><u>Principal-REI</u><br>President - PGAM (since 2022)<br>Director and Chair (since 2004)<br>Chief Executive Officer and<br>President (2018-2021)<br><u>Origin</u><br>Director (2018-2019) | 132 |  |
| Kenneth A. McCullum<br>711 High Street<br>Des Moines, IA 50392<br>1964 |  | <u>PFSI</u><br>Executive Vice President and Chief Risk Officer (since 2023)<br>Senior Vice President and Chief Risk Officer (2020-2023)<br>Vice President and Chief Actuary (2015-2020)<br><u>PLIC</u><br>Executive Vice President and Chief Risk Officer (since 2023)<br>Senior Vice President and Chief Risk Officer (2020-2023)<br>Vice President and Chief Actuary (2015-2020) | 132 |  |

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| | |
|:---|:---|
| **<u>\*\*Abbreviations used</u>:** | |
| Origin Asset Management LLP (Origin) | Principal Global Investors, LLC (PGI) |
| Post Advisory Group, LLC (Post) | Principal Life Insurance Company (PLIC) |
| Principal Asset Management (PAM) | Principal Real Estate Investors, LLC (Principal - REI) |
| Principal Financial Group, Inc. (PFGI) | Principal Securities, Inc. (PSI) |
| Principal Financial Services, Inc. (PFSI) | Principal Shareholder Services, Inc. (PSS) |
| Principal Funds Distributor, Inc. (PFD) | Spectrum Asset Management, Inc. (Spectrum) |
| Principal Global Asset Management (PGAM) | |

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Correspondence intended for the Board or for an individual Trustee may be sent to the attention of the Board or the individual Trustee at 711 High Street, Des Moines, Iowa 50392. All communications addressed to the Board or to an individual Trustee received by PDSRA are forwarded to the full Board or to the individual Trustee.

**Officers of PDSRA**

The following table presents certain information regarding the current officers of PDSRA, including their principal occupations (which, unless specific dates are shown, are of more than five years duration). Officers serve at the pleasure of the Board. Each PDSRA officer holds the same position with PFI, PVC, and PETF.

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| | | |
|:---|:---|:---|
| **FUND COMPLEX OFFICERS** | **FUND COMPLEX OFFICERS** | **FUND COMPLEX OFFICERS** |
| **Name, Address**<br>**and Year of Birth** | **Position(s) Held**<br>**with Fund Complex** | **Positions with PGI and its Affiliates;**<br>**Principal Occupations During Past 5 Years\*\*** |
| Kamal Bhatia<br>711 High Street<br>Des Moines, IA 50392<br>1972 | President and Chief Executive Officer<br> (since 2019) | <u>PGI</u><br>Director (since 2019)<br>President-Principal Funds (since 2019)<br><u>PFD</u><br>Director (since 2019)<br><u>PFGI, PFSI, and PLIC</u><br>Senior Executive Director and Chief Operating Officer - PAM (since 2022)<br>Senior Executive Director and Chief Operating Officer - PGI<br>(2020-2022)<br>President-Principal Funds (2019-2020)<br><u>Post</u><br>Director (since 2020)<br><u>Principal-REI</u><br>Senior Executive Director and Chief Operating Officer - PGI<br>(since 2022)<br>Director (since 2020)<br><u>PSS</u><br>Executive Vice President (since 2019)<br>Director and Chair (2019-2022)<br><u>Spectrum</u><br>Director (since 2021)<br><u>Origin</u><br>Additional Director (since 2022)<br><u>Oppenheimer Funds</u><br>Senior Vice President (2011-2019) |
| Randy D. Bolin<br>711 High Street<br>Des Moines, IA 50392 <br>1961 | Assistant Tax Counsel (since 2020) | Vice President/Associate General Counsel, PGI (since 2016)<br>Vice President/Associate General Counsel, PFSI (since 2013)<br>Vice President/Associate General Counsel, PLIC (since 2013) |
| Beth Graff<br>711 High Street<br>Des Moines, IA 50392<br>1968 | Vice President and Assistant Controller <br>(since 2021) | Director – Fund Accounting, PLIC (since 2016) |
| Gina L. Graham<br>711 High Street<br>Des Moines, IA 50392<br>1965 | Treasurer (since 2016) | Vice President and Treasurer, PGI (since 2016)<br>Vice President and Treasurer, PFD (since 2016)<br>Vice President and Treasurer, PFSI (since 2016)<br>Vice President and Treasurer, PLIC (since 2016)<br>Vice President and Treasurer, Principal - REI (since 2017)<br>Vice President and Treasurer, PSI (since 2016)<br>Vice President and Treasurer, PSS (since 2016)<br>Vice President and Treasurer, RobustWealth, Inc. (since 2018) |
| Megan Hoffmann<br>711 High Street<br>Des Moines, IA 50392<br>1979 | Vice President and Controller (since 2021) | Director – Accounting, PLIC (since 2020)<br>Assistant Director – Accounting, PLIC (2017-2020) |

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| | | |
|:---|:---|:---|
| **FUND COMPLEX OFFICERS** | **FUND COMPLEX OFFICERS** | **FUND COMPLEX OFFICERS** |
| **Name, Address**<br>**and Year of Birth** | **Position(s) Held**<br>**with Fund Complex** | **Positions with PGI and its Affiliates;**<br>**Principal Occupations During Past 5 Years\*\*** |
| Laura B. Latham <br>711 High Street<br>Des Moines, IA 50392 <br>1986 | Assistant Counsel and Assistant Secretary<br> (since 2018) | Counsel, PGI (since 2018)<br>Counsel, PLIC (since 2018) |
| Diane K. Nelson<br>711 High Street<br>Des Moines, IA 50392<br>1965 | AML Officer (since 2016) | Chief Compliance Officer/AML Officer, PSS (since 2015) |
| Tara Parks<br>711 High Street<br>Des Moines, IA 50392<br>1983 | Vice President and Assistant Controller <br>(since 2021) | Director – Accounting, PLIC (since 2019)<br>Tax Manager – ALPS Fund Services (2011 – 2019) |
| Deanna Y. Pellack<br>711 High Street<br>Des Moines, IA 50392<br>1987 | Assistant Counsel and Assistant Secretary (since 2022) | Counsel, PLIC (since 2022) <br>Vice President, The Northern Trust Company (2019-2022) <br>Second Vice President, The Northern Trust Company (2014-2019) Secretary, Advisers Investment Trust (2021-2022) <br>Assistant Secretary, Advisers Investment Trust (2018-2021) |
| Sara L. Reece<br>711 High Street<br>Des Moines, IA 50392<br>1975 | Vice President and Chief Operating Officer (since 2021)<br>Vice President and Controller (2016-2021) | Managing Director – Global Fund Ops, PLIC (since 2021)<br>Managing Director – Financial Analysis/ Planning, PLIC (2021)<br>Director – Accounting, PLIC (2015-2021) |
| Teri R. Root<br>711 High Street<br>Des Moines, IA 50392<br>1979 | Chief Compliance Officer (since 2018)<br>Interim Chief Compliance Officer (2018)<br>Deputy Chief Compliance Officer<br> (2015-2018) | Chief Compliance Officer - Funds, PGI (since 2018)<br>Vice President, PSS (since 2015) |
| Michael Scholten<br>711 High Street<br>Des Moines, IA 50392<br>1979 | Chief Financial Officer (since 2021) | Chief Operations Officer, PFD (since 2022)<br>Chief Financial Officer, PFD (2016-2022)<br>Assistant Vice President and Actuary, PLIC (since 2021)<br>Chief Financial Officer – Funds/Platforms, PLIC (since 2015)<br>Chief Financial Officer, PSS (since 2015) |
| Adam U. Shaikh <br>711 High Street<br>Des Moines, IA 50392 <br>1972 | Assistant Secretary (since 2022)<br>Assistant Counsel (since 2006) | Assistant General Counsel, PGI (since 2018)<br>Counsel, PLIC (since 2006) |
| John L. Sullivan<br>711 High Street<br>Des Moines, IA 50392<br>1970 | Assistant Counsel and Assistant Secretary<br> (since 2019) | Counsel, PGI (since 2020)<br>Counsel, PLIC (since 2019)<br>Prior thereto, Attorney in Private Practice |
| Dan L. Westholm <br>711 High Street<br>Des Moines, IA 50392 <br>1966 | Assistant Treasurer (since 2006) | Assistant Vice President-Treasury, PGI (since 2013)<br>Assistant Vice President-Treasury, PFD (since 2013)<br>Assistant Vice President-Treasury, PLIC (since 2014)<br>Assistant Vice President-Treasury, PSI (since 2013)<br>Assistant Vice President-Treasury, PSS (since 2013) |
| Beth C. Wilson <br>711 High Street<br>Des Moines, IA 50392 <br>1956 | Vice President and Secretary (since 2007) | Director and Secretary-Funds, PLIC (since 2007) |

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| | | |
|:---|:---|:---|
| **FUND COMPLEX OFFICERS** | **FUND COMPLEX OFFICERS** | **FUND COMPLEX OFFICERS** |
| **Name, Address**<br>**and Year of Birth** | **Position(s) Held**<br>**with Fund Complex** | **Positions with PGI and its Affiliates;**<br>**Principal Occupations During Past 5 Years\*\*** |
| Clint L. Woods<br>711 High Street<br>Des Moines, IA 50392<br>1961 | Counsel, Vice President, and <br> Assistant Secretary (since 2018) <br>Of Counsel (2015-2018) | <u>PGI</u><br>Vice President, Associate General Counsel, and Assistant Secretary<br>(since 2021)<br>Vice President, Associate General Counsel, and Secretary (2020-2021)<br>Vice President, Associate General Counsel, Governance Officer, and<br>Assistant Corporate Secretary (2018-2020)<br><u>PFD</u><br>Vice President, Associate General Counsel, and Secretary (since 2021)<br>Vice President, Associate General Counsel, and<br>Assistant Corporate Secretary (2019-2021)<br><u>PFSI</u><br>Vice President, Associate Counsel, Governance Officer, and<br>Assistant Corporate Secretary (since 2015)<br><u>PLIC</u><br>Vice President, Associate General Counsel, Governance Officer, and<br>Assistant Corporate Secretary (since 2015)<br><u>Post</u><br>Assistant Secretary (since 2021)<br>Secretary (2020-2021)<br><u>Principal-REI</u><br>Vice President, Associate General Counsel, Governance Officer,<br>and Secretary (since 2020)<br>Vice President, Associate Counsel, Governance Officer, and<br>Assistant Corporate Secretary (2020)<br><u>PSI</u><br>Vice President, Associate General Counsel, and Secretary (2021-2022)<br>Vice President, Associate General Counsel, and Assistant Corporate<br>Secretary (2019-2021)<br><u>PSS</u><br>Vice President, Associate General Counsel, and Secretary (since 2021)<br>Vice President, Associate General Counsel, and Assistant Corporate<br>Secretary (2019-2021)<br><u>RobustWealth, Inc.</u><br>Vice President, Associate General Counsel, and Assistant Corporate<br>Secretary (since 2019)<br><u>Spectrum</u><br>Assistant Secretary (since 2021)<br>Secretary (2020-2021) |
| Jared A. Yepsen<br>711 High Street<br>Des Moines, IA 50392<br>1981 | Assistant Tax Counsel (since 2017) | Counsel, PGI (2017-2019)<br>Counsel, PLIC (since 2015) |

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| | |
|:---|:---|
| **<u>\*\*Abbreviations used</u>:** | |
| Origin Asset Management LLP (Origin) | Principal Global Investors, LLC (PGI) |
| Post Advisory Group, LLC (Post) | Principal Life Insurance Company (PLIC) |
| Principal Asset Management (PAM) | Principal Real Estate Investors, LLC (Principal - REI) |
| Principal Financial Group, Inc. (PFGI) | Principal Securities, Inc. (PSI) |
| Principal Financial Services, Inc. (PFSI) | Principal Shareholder Services, Inc. (PSS) |
| Principal Funds Distributor, Inc. (PFD) | Spectrum Asset Management, Inc. (Spectrum) |
| Principal Global Asset Management (PGAM) | |

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**Leadership Structure of the Board of Trustees**

The Board is responsible for overseeing PDSRA's operations in accordance with the 1940 Act, other applicable laws, and PDSRA's declaration of trust. In addition to serving on the PDSRA Board, each Trustee serves on the PFI Board, PVC Board, and the PETF Board. The Board elects the officers of PDSRA to supervise its day-to-day operations. The Board meets in regularly scheduled meetings eight times throughout the year. Board meetings may occur in-person, by telephone, or virtually. In addition, the Board holds special meetings or informal calls to discuss specific matters that may arise or require action between regularly scheduled meetings. Independent Trustees meet annually to consider renewal of PDSRA's advisory contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, the Chair of the Board, Timothy M. Dunbar is an interested person of PDSRA. The Independent Trustees have appointed a lead Independent Trustee, currently Mr. Damos, whose role is to review and approve, with the Chair, each Board meeting's agenda and to facilitate communication between and among the Independent Trustees, management, and the full Board. The Board's leadership structure is appropriate for the Fund Complex given the characteristics and circumstances, including the number of portfolios, variety of asset classes, the net assets, and distribution arrangements. The appropriateness of this structure is enhanced by the establishment and allocation of responsibilities among the Board committees, which are described below and which report their activities to the Board on a regular basis. Following Mr. Dunbar's retirement at the end of the Meeting, the Board anticipates continuing its current governance structure with an interested Board Chair and a lead Independent Trustee.

Each Trustee and Trustee nominee has significant prior senior management and/or board experience. The Trustees were selected to serve, and continue to serve, on the Board based upon their skills, experience, judgment, analytical ability, diligence, ability to work effectively with other Board members, a commitment to the interests of shareholders, and, for each Independent Trustee, a demonstrated willingness to take an independent and questioning view of management. In addition to these general qualifications, the Board seeks members who will build upon the Board's diversity. Below is a brief discussion of the specific education, experience, qualifications, or skills that led to the conclusion that each person identified below should serve as a Trustee. As required by rules adopted under the 1940 Act, the Independent Trustees select and nominate all candidates for Independent Trustee positions.

<u>Independent Board Members</u>

**Leroy T. Barnes, Jr.** Mr. Barnes has served as an Independent Board Member of the Fund Complex since 2012. From 2001 to 2005, Mr. Barnes served as Vice President and Treasurer of PG&E Corporation. From 1997 to 2001, Mr. Barnes served as Vice President and Treasurer of Gap, Inc. Through his education, employment experience, and experience as a board member, Mr. Barnes is experienced with financial, accounting, regulatory and investment matters.

**Craig Damos.** Mr. Damos has served as an Independent Board Member of the Fund Complex since 2008. Since 2011, Mr. Damos has served as the President of C.P. Damos Consulting, LLC (doing business as Craig Damos Consulting). He has also served as a director of the employees' stock ownership plan of the Baker Group since 2020. Mr. Damos served as President and Chief Executive Officer of Weitz Company from 2006 to 2010; Vertical Growth Officer of Weitz Company from 2004 to 2006; and Chief Financial Officer of Weitz Company from 2000 to 2004. From 2005 to 2008, Mr. Damos served as a director of West Bank. Through his education, employment experience, and experience as a board member, Mr. Damos is experienced with financial, accounting, regulatory and investment matters.

**Katharin S. Dyer.** Ms. Dyer has served as an Independent Board Member of the Fund Complex since January 2023. She is the founder and Chief Executive Officer of PivotWise, a firm providing strategic advice focused on digital transformation. Ms. Dyer currently serves as a director of Liquidity Services and the Grameen Foundation. She previously served as a director of Providence Health from 2019 to 2021, Noora Health from 2018 to 2021, YWCA of Nashville and Middle Tennessee from 2016 to 2022, and CARE from 2001 to 2013. She was formerly employed by IBM Global Services as a Global Partner and a member of the senior leadership team from 2016 to 2018. Ms. Dyer was a member of the Global Management Team at American Express Company from 2013 to 2015. Through her education, employment experience, and experience as a board member, Ms. Dyer is experienced with financial, information and digital technology, investment, and regulatory matters.

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**Frances P. Grieb.** Ms. Grieb has served as an Independent Board Member of the Fund Complex since January 2023. Ms. Grieb currently serves as a director of First Interstate BancSystem, Inc. and the National Advisory Board of the College of Business at the University of Nebraska at Omaha. She is a member of the American Institute of Certified Public Accountants and the National Association of Corporate Directors. From 2014 to 2022, she served as a director of Great Western Bancorp, Inc. Ms. Grieb is a retired partner having served in various leadership roles at Deloitte LLP from 1982 to 2010. Ms. Grieb is a retired Certified Public Accountant. Through her education, employment experience, and experience as a board member, Ms. Grieb is experienced with financial, accounting, investment, and regulatory matters.

**Fritz S. Hirsch.** Mr. Hirsch has served as an Independent Board Member of the Fund Complex since 2005. From 2011 to 2015, Mr. Hirsch served as CEO of MAM USA. He served as President and Chief Executive Officer of Sassy, Inc. from 1986 to 2009, and Chief Financial Officer of Sassy, Inc. from 1983 to 1985. Through his education, employment experience, and experience as a board member, Mr. Hirsch is experienced with financial, accounting, regulatory and investment matters.

**Victor L. Hymes.** Mr. Hymes has served as an Independent Board Member of the Fund Complex since 2020. He currently serves as Founder, Chief Executive Officer, and Chief Investment Officer of Legato Capital Management, LLC. Over the past thirty years, Mr. Hymes has served in the roles of CEO, COO, CIO, portfolio manager and other senior management positions with investment management firms, including Zurich Scudder Investments, Inc., Goldman, Sachs & Co., and Kidder, Peabody & Co. Mr. Hymes has served on numerous boards, and has chaired four investment committees over the past two decades. Through his education, employment experience and experience as a board member, Mr. Hymes is experienced with financial, accounting, regulatory, and investment matters.

**Padelford L. Lattimer.** Mr. Lattimer has served as an Independent Board Member of the Fund Complex since 2020. He currently serves as Managing Partner for TBA Management Consulting LLC. For more than twenty years, Mr. Lattimer served in various capacities at financial services companies, including as a senior managing director for TIAA Cref Asset Management (2004-2010), First Vice President at Mellon Financial Corporation (2002-2004), and in product management roles at Citibank (2000-2002). Through his education, employment experience and experience as a board member, Mr. Lattimer is experienced with financial, regulatory and investment matters.

**Karen McMillan.** Ms. McMillan has served as an Independent Board Member of the Fund Complex since 2014. Ms. McMillan is the founder and owner of Tyche Consulting LLC. She served as a Managing Director of Patomak Global Partners, LLC from 2014 to 2021. From 2007 to 2014, Ms. McMillan served as general counsel to the Investment Company Institute. Prior to that (from 1999 to 2007), she worked as an attorney in private practice, specializing in the mutual fund industry. From 1991 to 1999, she served in various roles as counsel at the SEC, Division of Investment Management, including as Assistant Chief Counsel. Through her professional education, experience as an attorney, and experience as a board member, Ms. McMillan is experienced in financial, investment, and regulatory matters.

**Elizabeth A. Nickels.** Ms. Nickels has served as an Independent Board Member of the Fund Complex since 2015. From 2000 to 2022, Ms. Nickels served as a director of SpartanNash. From 2008 to 2017, she served as a director of the not-for-profit Spectrum Health System; from 2014 to 2016, she served as a director of Charlotte Russe; from 2014 to 2015, she served as a director of Follet Corporation; and from 2013 to 2015, she served as a director of PetSmart. Ms. Nickels was formerly employed by Herman Miller, Inc. in several capacities: from 2012 to 2014, as the Executive Director of the Herman Miller Foundation; from 2007 to 2012, as President of Herman Miller Healthcare; and from 2000 to 2007, as Chief Financial Officer. Through her education, employment experience, and experience as a board member, Ms. Nickels is experienced with financial, accounting, and regulatory matters.

**Mary M. VanDeWeghe.** Ms. VanDeWeghe has served as an Independent Board Member of the Fund Complex since 2018. She is CEO and President of Forte Consulting, Inc., and was previously employed as a Finance Professor at Georgetown University from 2009 to 2016, Senior Vice President - Finance at Lockheed Martin Corporation from 2006 to 2009, a Finance Professor at the University of Maryland from 1996 to 2006, and in various positions at J.P. Morgan from 1983 to 1996. Ms. VanDeWeghe currently serves as a director of Helmerich & Payne (2019-present) and previously served as a director of Denbury Resources Inc. from 2019 to 2020, Brown Advisory from 2003 to 2018, B/E Aerospace from 2014 to 2017, WP Carey from 2014 to 2017, and Nalco (and its successor Ecolab) from 2009 to 2014. Through her education, employment experience, and experience as a board member, Ms. VanDeWeghe is experienced with financial, accounting, investment, and regulatory matters.

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<u>Interested Board Members</u>

**Kamal Bhatia.** Mr. Bhatia serves as the Chief Operating Officer for Principal<sup>®</sup> Asset Management. He has served as President and Chief Executive Officer of the Fund Complex since 2019. Mr. Bhatia joined Principal® in 2019 and serves as a director of numerous Principal<sup>®</sup> affiliates. From 2011 to 2019 he was a Senior Vice President for Oppenheimer Funds. Mr. Bhatia is a CFA<sup>®</sup> charter holder. Through his education and experience, Mr. Bhatia is experienced with financial, marketing, regulatory, and investment matters.

**Patrick G. Halter.** Mr. Halter has served as a Board Member of the Fund Complex since 2017. Mr. Halter also serves as President for Principal<sup>®</sup> Asset Management and as Chief Executive Officer, President and Chair of PGI, and Chief Executive Officer, President and Chair of Principal Real Estate Investors. He serves on numerous boards of directors of Principal<sup>®</sup> affiliates and has served in various other positions since joining Principal<sup>®</sup> in 1984. Through his education and employment experience, Mr. Halter is experienced with financial, accounting, regulatory, and investment matters.

**Kenneth A. McCullum.** Mr. McCullum has served as Executive Vice President and Chief Risk Officer for Principal<sup>®</sup> since 2023. Prior to that he served as Senior Vice President and Chief Risk Officer for Principal<sup>®</sup> from 2020 to 2023 and Vice President and Chief Actuary for Principal<sup>®</sup> from 2015 to 2020. From 2013 to 2015 Mr. McCullum was an Executive Vice President responsible for business development at Delaware Life Insurance Company. He served as a Senior Vice President for the life annuity business at Sun Life from 2010 to 2013. Mr. McCullum is a Fellow of the Society of Actuaries, and is a Member of the American Academy of Actuaries. Through his education and experience, Mr. McCullum is experienced with financial, accounting, regulatory, and investment matters.

Risk oversight forms part of the Board's general oversight of the Fund Complex. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Fund's compliance program and reports to the Board regarding compliance matters for the Fund and principal service providers. As part of its regular oversight functions, the Board, directly or through a committee, interacts with and reviews reports from, among others: Fund Complex management, sub-advisors, the Chief Compliance Officer, the independent registered public accounting firm, and internal auditors for PGI or its affiliates, as appropriate. The Board, with the assistance of management and PGI, reviews investment policies and risks in connection with its review of Fund Complex performance. In addition, as part of the Board's periodic review of advisory, sub-advisory, and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board has designated PGI as the Fund's' valuation designee, as permitted by SEC Rule 2a-5, where PGI is responsible for the day-to-day valuation and oversight responsibilities of the Fund, subject to the Board's oversight. PGI has established a Valuation Committee to fulfill its oversight responsibilities as the Fund's valuation designee.

The Board has established the following committees and the membership of each committee to assist in its oversight functions, including its oversight of the risks PDSRA faces.

**Board Committees**

**Audit Committee** 

The Audit Committee's primary purpose is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves as an independent and objective party to monitor the Fund Complex's accounting policies, valuation policies and procedures, financial reporting, and internal control systems, as well as the work of the independent registered public accounting firm. The Audit Committee assists Board oversight of (1) the integrity of the Fund Complex's financial statements; (2) the Fund Complex's compliance with certain legal and regulatory requirements; (3) the independent registered public accounting firm's qualifications and independence; (4) the performance of the Fund Complex's independent registered public accounting firm; and (5) the valuation process for the Fund Complex. The Audit Committee also serves to provide an open avenue of communication among the independent registered public accounting firm, PGI's internal auditors, Fund Complex management, and the Board. The Audit committee has reviewed and discussed the audited financial statements with management, has discussed with the independent auditors the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (the "PCAOB") and by the SEC, and has received the written disclosures and the letter from the independent account required by the applicable requirements of the PCAOB regarding the independent accountant's communications with the audit committee concerning independence, and has discussed with the independent accountant the independent accountant's independence. Based upon these reviews and discussions, and while it does not issue a formal affirmative recommendation, the Audit Committee

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did not object to the inclusion of the audited financial statements in the Fund's annual report to shareholders. As of the Record Date, the Audit Committee is composed of Mr. Barnes, Ms. Grieb, Mr. Hymes (Chair), Ms. Nickels, and Ms. VanDeWeghe.

A copy of the Audit Committee Charter is included as <u>Appendix B</u> to this Proxy Statement.

**Executive Committee**

The Executive Committee's primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Executive Committee may exercise all powers of the Board in the management of the Fund Complex's business except the power to (1) issue stock, except as permitted by law; (2) recommend to the shareholders any action that requires shareholder approval; (3) amend the declaration of trust or bylaws; or (4) approve any merger or share exchange that does not require shareholder approval. As of the Record Date, the Executive Committee is composed of Mr. Damos, Mr. Dunbar (Chair), and Mr. Halter.

**Nominating and Governance Committee**

The Nominating and Governance Committee's primary purpose is to oversee the structure and efficiency of the Board and the committees established by the Board. The Nominating and Governance Committee responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters.

The nominating functions of the Nominating and Governance Committee include selecting and nominating independent trustee candidates for election to the Board. Generally, the Nominating and Governance Committee requests trustee nominee suggestions from the Board and management, but may, and occasionally does, engage a professional recruiting firm to assist it in identifying and evaluating candidates. In addition, the Nominating and Governance Committee will consider trustee candidates recommended by shareholders of the Fund Complex.

Trustee recommendations should be submitted in writing to Principal Diversified Select Real Asset Fund at 711 High Street, Des Moines, Iowa 50392. When evaluating a person as a potential nominee to serve as an Independent Trustee, the Nominating and Governance Committee will generally consider, among other factors: potential term of service; educational background; relevant business and industry experience; whether the person is an "interested person" of the Fund as defined in the 1940 Act; and whether the person is willing to serve, and willing and able to commit the time necessary to attend meetings and perform the duties of an independent trustee. The final decision regarding a nominee is based on a combination of factors, including the strengths and the experience a specific individual may bring to the Board. The Nominating and Governance Committee believes the Board generally benefits from diversity of background, experience, and views among its members, and considers these factors in evaluating the composition of the Board. As of the Record Date, the Nominating and Governance Committee is composed of Mr. Damos, Mr. Hirsch, Mr. Hymes, and Ms. Nickels (Chair).

The Nominating and Governance Committee Charter can be found at https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP<u>.</u>

**Operations Committee**

The Operations Committee's primary purpose is to oversee the provision of administrative and distribution services to the Fund Complex, communications with Fund Complex shareholders, and review and oversight of Fund Complex operations. As of the Record Date, the Operations Committee is composed of Mr. Damos, Ms. Dyer, Mr. Lattimer (Chair), and Ms. McMillan.

**15(c) Committee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 15(c) Committee's primary purpose is to assist the Board in performing the annual review of the Fund Complex's advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act. The 15(c) Committee's responsibilities include requesting and reviewing related materials. As of the Record Date, the 15(c) Committee is composed of Mr. Hirsch, Mr. Lattimer, Ms. McMillan (Chair), and Ms. VanDeWeghe.

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**Board and Committee Meetings**

The Board of Trustees held the following Board and Board committee meetings during the 2022 fiscal year:

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| | |
|:---|:---|
| **Board/Committee** | **Fiscal Year Ended<br>March 31, 2022** |
| Board of Trustees | 8 |
| Audit Committee | 9 |
| Executive Committee | 0 |
| Nominating and Governance Committee | 5 |
| Operations Committee | 4 |
| 15(c) Committee | 5 |

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For the 2022 fiscal year, each then-serving Trustee attended at least 75% of the aggregate number of meetings of the Board and of each Board committee on which the Trustee served, held during the time the Trustee was a member of the Board.

The Fund currently does not have a formal policy regarding Board members' attendance at shareholders' meetings. The Fund did not hold, and was not required to hold, a shareholders' meeting at which Board members were elected during its last fiscal year.

**Compensation**

The Fund Complex does not pay any remuneration to its officers or to any Interested Trustees. The Board annually considers a proposal to reimburse PGI for certain expenses, including a portion of the Chief Compliance Officer's compensation. If that proposal is adopted, these amounts are allocated across all funds in the Fund Complex based on relative net assets of each portfolio.

Each Independent Trustee received compensation for service as a member of the Boards of all investment companies in the Fund Complex based on a schedule that takes into account an annual retainer amount, the number of meetings attended, and expenses incurred. Trustee compensation and related expenses are allocated to each of the funds in the Fund Complex based on the net assets of each relative to combined net assets of the Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information regarding the compensation received by the Independent Trustees from PDSRA during the 2022 fiscal year. As stated above, the Fund Complex includes PFI, PVC, PETF, and PDSRA. PDSRA does not provide retirement benefits to any Trustee.

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| | | |
|:---|:---|:---|
| **Trustee** | **PDSRA FY Ended 3/31/22** | **Fund Complex<br>FY Ended <br>3/31/22** |
| Leroy T. Barnes, Jr. | $236 | $307500 |
| Craig Damos | $272 | $353780 |
| Fritz S. Hirsch | $252 | $327500 |
| Victor L. Hymes | $243 | $315000 |
| Padelford L. Lattimer | $238 | $310000 |
| Karen McMillan | $244 | $317500 |
| Elizabeth A. Nickels | $254 | $330000 |
| Mary M. VanDeWeghe | $240 | $312500 |

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Ms. Dyer and Ms. Grieb were both elected to the Board effective January 26, 2023, and therefore did not receive compensation from PDSRA or the Fund Complex for the fiscal year ended March 31, 2022.

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**Share Ownership**

The following tables set forth the dollar range of the equity securities of the Fund, and the aggregate dollar range of the equity securities of all funds in the Fund Complex, that were beneficially owned by the Trustees and Trustee nominees as of December 31, 2022.

For the purpose of these tables, beneficial ownership means a direct or indirect pecuniary interest. Only Interested Trustees are eligible to participate in an employee benefit program that invests in the Fund Complex. Trustees who beneficially owned shares of a series of PVC did so through variable life insurance and variable annuity contracts. Please note that exact dollar amounts of securities held are not listed. Rather, ownership is listed based on the following dollar ranges:

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| | |
|:---|:---|
| A - $0 | D - $50,001 up to and including $100,000 |
| B - $1 up to and including $10,000 | E - $100,001 or more |
| C - $10,001 up to and including $50,000 |  |

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**Independent Trustees (Not Considered to Be "Interested Persons")**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ETF** | **Barnes** | **Damos** | **Hirsch** | **Hymes** | **Lattimer** | **McMillan** | **Nickels** | **VanDeWeghe** |
| PDSRA | A | A | A | A | A | A | A | A |
| **Total Fund Complex** | **E** | **E** | **E** | **E** | **C** | **E** | **E** | **E** |

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Ms. Dyer and Ms. Grieb were both elected to the Board effective January 26, 2023, and did not have ownership in the Fund or in any fund in the Fund Complex as of December 31, 2022.

**Trustees Considered to be "Interested Persons"**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Board Members as of 12/31/2022** | **Board Members as of 12/31/2022** | **Board Nominees** | **Board Nominees** |
| **Fund** | **Dunbar** | **Halter** | **Bhatia** | **McCullum** |
| PDSRA | A | A | A | A |
| **Total Fund Complex** | **E** | **E** | **E** | **E** |

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**Required vote.** The shareholders of the Fund and all share classes will vote together on the election of Trustees. The affirmative vote of a plurality of the shares voted at the Meeting at which a quorum is present is required for the election of a Trustee of PDSRA. If one or more nominee(s) for Trustee are not elected, the Board will determine what action, if any, should be taken.

**The Board of Trustees recommends that shareholders vote "For" each nominee.**

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**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The firm of Ernst & Young LLP ("Ernst & Young") has been selected as the independent registered public accounting firm for PDSRA for their fiscal year ending March 31, 2023 and served as such for the last two fiscal years of the Fund. The independent registered public accounting firm audits annual financial statements for PDSRA and reviews regulatory filings that include those financial statements. Representatives of Ernst & Young are expected to be present at the Meeting, have been given the opportunity to make a statement if they so desire, and will be available to answer appropriate questions.

The Audit Committee of the Board (the "Audit Committee") has adopted the following policy regarding approval and pre-approval of audit and non-audit services provided by the independent registered public accounting firm (the "independent auditor").

\* \* \*

**The Principal Funds**

**Policy on Auditor Independence**

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Board of Trustees of Principal Exchange-Traded Funds and any registered closed-end management investment company that is operated as an interval fund and managed by Principal Global Investors, LLC<sup>1</sup> (the "Funds") (the "Boards of the Funds") effective for all engagements of the primary independent auditor.

1.&nbsp;&nbsp;&nbsp;&nbsp;The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds. For the purposes of this policy, Prohibited Services are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services that are subject to audit procedure during a financial statement audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services where the auditor would act on behalf of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Services where the auditor is an advocate to the client's position in an adversarial proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial information systems design and implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actuarial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal audit functions or human resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broker or dealer, investment advisor, or investment banking services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal services and expert services unrelated to the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax planning services related to listed, confidential and aggressive transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible.

2.&nbsp;&nbsp;&nbsp;&nbsp;(A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service. The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall

<sup>1</sup> The first such interval fund is the Principal Diversified Select Real Asset Fund; Management, subject to Board approval, may create others, each of which would be formed as a separate trust.

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have pre-approval authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.

Similarly, the primary independent auditor will present to the Committee for pre- approval a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm's independence.

In considering whether to pre-approve the primary independent auditor's provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3.&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC ("PGI") or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds.

4.&nbsp;&nbsp;&nbsp;&nbsp;Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5.&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall ensure that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6.&nbsp;&nbsp;&nbsp;&nbsp;Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7.&nbsp;&nbsp;&nbsp;&nbsp;For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

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8.&nbsp;&nbsp;&nbsp;&nbsp;The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

\* \* \*

The Audit Committee has considered whether the provision of non-audit services that were rendered to PDSRA's investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to PDSRA that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**Audit Fees.** During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

March 31, 2021 — $129,100

March 31, 2022 — $100,000

**Audit-Related Fees.** Ernst & Young provided audit-related services to PDSRA that are not included under "Audit Fees" above. These services related to the review of filings on Form N-1A. During the last two fiscal years, Ernst & Young has billed the following amounts for those professional services (situations in which these services were performed but an Ernst & Young invoice was not received during the fiscal year are reflected below as "$0").

March 31, 2021 — $0

March 31, 2022 — $0

Ernst & Young billed no fees that the Audit Committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

**Tax Fees.** Ernst & Young prepares and reviews the federal income tax returns and federal excise tax returns of PDSRA. In connection with this review, Ernst & Young prepares and reviews the calculation of PDSRA's dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries and services to determine the taxability of corporate actions.

During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

March 31, 2021 — $10,588

March 31, 2022 — $11,699

Ernst & Young billed no fees that the Audit Committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

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**All Other Fees.** Ernst & Young has not billed PDSRA for other products or services during the last two fiscal years.

Ernst & Young billed no fees that the Audit Committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

The aggregate non-audit fees Ernst & Young billed to PDSRA, its investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to PDSRA for each of its last two fiscal years were as follows.

March 31, 2021 — $10,588

March 31, 2022 — $11,699

Ernst & Young billed PSS, PFD, and PGI an aggregate of the following amounts for the last two years:

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| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Principal Shareholder Services | $4725 | $4500 |
| Principal Fund Distributor | $4715 | $4490 |
| PGI | $175770 | $106900 |

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Ernst & Young provided no services during PDSRA's last two fiscal years that the Audit Committee was required to approve pursuant to paragraph (c)(7)(i)(C) of Rule 2.01 of Regulation S-X.

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**OTHER MATTERS**

PDSRA does not know of any matters to be presented at the Meeting other than those mentioned in this Proxy Statement. If any other matters properly come before the Meeting, the shares represented by proxies will be voted in accordance with the best judgment of the person or persons voting the proxies.

PDSRA is not required to hold annual meetings of shareholders and, therefore, cannot determine when the next meeting of shareholders will be held. Shareholder proposals to be presented at any future meeting of shareholders of PDSRA or any Fund must be received by PDSRA a reasonable time before PDSRA commences soliciting proxies for that meeting in order for such proposals to be considered for inclusion in the proxy materials relating to that meeting. PDSRA has adopted procedures by which shareholders may recommend nominees to the PDSRA Board. A copy of the procedures can be found in the Nominating and Governance Committee Charter at https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP.

Only one copy of this Proxy Statement may be mailed to households, even if more than one person in a household is a Fund shareholder of record, unless PDSRA has received instructions to the contrary. If you need additional copies of this Proxy Statement, or if you do not want the mailing of a Proxy Statement to be combined with those for other members of your household in the future, or if you are receiving multiple copies and would rather receive just one copy for the household, please contact the Shareholder Services Department toll free at 1-800-222-5852 or by writing to PDSRA at P.O. Box 219971, Kansas City, MO 64121-9971. PDSRA will promptly deliver, upon request, a separate copy of this Proxy Statement to any shareholder residing at an address to which only one copy was mailed.

**BY ORDER OF THE BOARD OF TRUSTEES**

March 6, 2023

Des Moines, Iowa

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**It is important that proxies be returned promptly. Therefore, you are urged to complete, sign, date, and return the proxy card in the enclosed envelope or give their proxy by telephone or Internet immediately.**

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**<u>APPENDIX A</u>**

**OUTSTANDING SHARES AND SHARE OWNERSHIP** 

The following table shows, as of the Record Date, the number of shares outstanding and entitled to vote for the Fund.

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| | |
|:---|:---|
| **Principal Diversified Select Real Asset Fund** | **SHARES**<br>**OUTSTANDING** |
| Class A | 28,070 |
| Institutional Class | 408,032 |
| Class Y | 5,741,932 |

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As of December 31, 2022, the Trustees, Trustee nominees, and officers of PDSRA together owned beneficially less than 1% of the outstanding shares of the Fund.

As of January 31, 2023, the following persons owned of record, or were known by PDSRA to own beneficially, 5% or more of the outstanding shares of the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Percent of Ownership** | **Number of Shares** | **Name and Address of Owner** |
| Class A | 44.99% | 11961 | PRINCIPAL FINANCIAL SERVICES INC |
|  |  |  | 711 HIGH ST |
|  |  |  | DES MOINES, IA 50392 |
| Class A | 46.90% | 12466 | LPL FINANCIAL |
|  |  |  | 4707 EXECUTIVE DR |
|  |  |  | SAN DIEGO, CA 92121-3091 |
| Class A | 8.11% | 2156 | JESSICA S BUSH AND WARREN SCOTT BUSH TEN COM |
|  |  |  | 2800 BERKSHIRE DR |
|  |  |  | NORWALK, IA 50211-9671 |
| Institutional Class | 96.98% | 387460 | LPL FINANCIAL |
|  |  |  | 4707 EXECUTIVE DR |
|  |  |  | SAN DIEGO, CA 92121-3091 |
| Class Y | 69.34% | 3981616 | PRINCIPAL LIFE INSURANCE COMPANY |
|  |  |  | 711 HIGH ST |
|  |  |  | DES MOINES, IA 50392 |
| Class Y | 30.66% | 1760316 | PRINCIPAL FINANCIAL SERVICES INC |
|  |  |  | 711 HIGH ST |
|  |  |  | DES MOINES, IA 50392 |

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**<u>APPENDIX B</u>**

**AUDIT COMMITTEE CHARTER**

**PRINCIPAL FUNDS**<sup>2</sup>

**Audit Committee Charter (Amended September 13, 2022)**

This charter sets forth the purpose, operating guidelines and responsibilities of the Audit Committee (the "Committee") of the Boards of Directors/Trustees of the Principal Funds (the "Funds"). The Committee reviews the charter at least annually.

**Purpose**

The primary purpose of the Committee is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves as an independent and objective party to monitor the Funds' accounting policies, valuation policies and procedures<sup>3</sup>, financial reporting and internal control systems, as well as the work of the independent registered public accounting firm. The Audit Committee assists Board oversight of (1) the integrity of the Funds' financial statements; (2) the Funds' compliance with certain legal and regulatory requirements;<sup>4</sup> (3) the independent registered public accounting firm's qualifications and independence; (4) the performance of the Funds' independent registered public accounting firm; and (5) the valuation process for the Funds. The Audit Committee also serves to provide an open avenue of communication among the independent registered public accounting firm, the Manager's internal auditors, Fund management, and the Board.

The Committee's role is limited to oversight. PGI is responsible for preparing the Funds' financial statements in accordance with generally accepted accounting principles, determining appropriate valuations, and for establishing and maintaining appropriate systems for accounting, financial reporting and internal control over financial reporting. The independent registered public accounting firm is responsible for conducting an audit of the Funds' financial statements in accordance with applicable legal and professional standards, including the standards set by the Public Company Accounting Oversight Board.

Although the Committee has the responsibilities and powers set forth in this charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Funds' financial statements are complete and accurate and have been prepared in accordance with generally accepted accounting principles. Nothing in this charter shall be construed to reduce the responsibilities or liabilities of the Funds' service providers, including the independent registered public accounting firm. The independent registered public accounting firm is ultimately accountable to the Funds' Board and the Committee.

**Operating Guidelines**

The Board shall appoint the members of the Committee and the Committee's Chair. Members of the Committee may not be interested persons of the Funds, as defined in the Investment Company Act of 1940, as amended. The number of Committee members shall satisfy each of the securities exchanges on which the Funds offers shares. In addition, a member of the Committee may not, other than in his or her capacity as a member of the Committee, the Board or any other board committee, accept directly or indirectly any consulting, advisory, or other compensatory fee from the Funds or any affiliate of the Funds.

<sup>2</sup> Includes Principal Funds, Inc., Principal Variable Contracts Funds, Inc., Principal Exchange-Traded Funds, and any registered closed-end investment company operated as an interval fund and managed by Principal Global Investors, LLC.

<sup>3</sup> Principal Global Investors, LLC ("PGI") is the Funds' valuation designee pursuant to SEC Rule 2a-5. Accordingly, this responsibility includes monitoring PGI's valuation policies and procedures applicable to the Funds.

<sup>4</sup> The Board has delegated to other committees oversight of various legal and regulatory requirements. The Audit Committee's function is limited to the activities set forth in this charter.

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Each member of the Committee shall be financially literate, as such qualification is interpreted by the Funds' Board in its business judgment. At least one member of the Committee must have accounting or related financial management expertise, as the Board interprets such qualification in its business judgment. The Board will determine whether any member of the Committee is an "audit committee financial expert" as defined in Item 3 of Form N-CSR.

There shall be four regular meetings of the Committee each year. In conjunction with these meetings, the Committee shall meet in private executive sessions. The Committee or its Chair may call additional meetings as each deems appropriate. The Committee shall meet periodically, in separate executive sessions, with representatives of Fund Management, the Manager's internal auditors and the Funds' independent registered public accounting firm. The Committee may also request to meet with internal legal counsel and compliance personnel of the Manager and with personnel of entities that provide significant accounting or administrative services to the Funds to discuss matters relating to the Funds' accounting and compliance as well as other Fund-related matters.

Except as provided by law, the following provisions shall govern the conduct of Committee meetings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Notice</u>. Notice shall be given as provided for meetings of the Board of Directors/Trustees of the Principal Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Quorum</u>. At any Committee meeting a majority of the Committee members shall constitute a quorum. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Action by Vote</u>. When a quorum is present at any meeting, a majority of Committee members may take any action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Action by Written Consent</u>. Any action required or permitted to be taken at any Committee meeting may be taken without a meeting if all of the Committee members consent to the action in writing or by electronic transmission and such consents are filed with the records of the meetings of the Committee. Such consent shall be treated for all purposes as a vote taken at a Committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Presence Through Communications Equipment</u>. The members of the Committee may participate in a Committee meeting by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time. Participation by such means shall constitute presence in person at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Minutes</u>. Minutes of the meeting shall be taken and circulated to all members of the Committee in a timely manner.

**Responsibilities**

The Responsibilities of the Committee include, but are not limited to, the following:

***Overseeing Valuation Process:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and approve modifications to the Funds' and their valuation designee's valuation policies and procedures, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review activities of the Valuation committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review Money Market Fund oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review NAV error reports, and errors/omissions reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review the fair valuation process.

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***Overseeing Financial Reporting Process:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with Fund management and the independent registered public accounting firm, the organizational structure, reporting relationship, adequacy of resources and qualifications of the senior Fund management personnel responsible for accounting and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review any legal or regulatory matters that arise that could have a material impact on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oversee the compliance with the Funds' Code of Ethics for Principal Executive and Senior Financial Officers and consider changes prior to presentation for Board approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review after fiscal year end, prior to the filing of the Funds' annual financial statements, a report from the independent registered public accounting firm on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ All critical accounting policies and practices to be used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ All alternative treatments of financial information within generally accepted accounting principles for policies and practices related to material items that have been discussed with Fund management, the ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Other material written communications between the independent registered public accounting firm and Fund management including any audit problems or difficulties and management's response, the management representation letter or schedule of unadjusted differences, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ All non-audit services provided to an entity in the "investment company complex" as defined in paragraph (f)(14) of Rule 2-01 of Regulation S-X that were not pre-approved by the Audit Committee.

***Monitoring System of Internal Controls:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with Fund management and the independent registered public accounting firm their separate evaluation of the adequacy and effectiveness of the Funds' system of internal controls, including those of the Funds' service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with the Manager's internal auditors any findings or recommendations related to the Funds' systems for accounting, valuation, financial reporting and internal controls and Fund management's response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive and review a report from the Manager's internal auditors regarding any complaints on accounting, valuation, auditing and internal control matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive and review information from the Principal Financial Group's Chief Internal Auditor and the Funds' Chief Compliance Officer regarding any complaints concerning questionable accounting, valuation, internal accounting controls, audit matters, or fund accounting matters made through the Principal Financial Group's "whistleblower" procedures by employees of the Funds or the investment advisor, sub-advisors, administrators, principal underwriters, or any other provider of accounting related services for the Funds. Principal Financial Group's whistleblower procedures are intended to empower employees and others to confidentially and anonymously report any unethical employee behavior, and those procedures will be used to facilitate the identification by the Principal Financial Group's Chief Internal Auditor and the Funds' Chief Compliance Officer of complaint information for the Audit Committee's review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review with the Funds' principal executive officer and/or principal financial officer, in connection with the required certifications on Form N-CSR, any significant deficiencies in the design or

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operation of internal control over financial reporting or material weaknesses therein and any reported evidence of fraud involving management or other employees who have a significant role in the Funds' internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review the Manager's internal audit function, including its audit plans, staffing and explanations for any deviations from plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review PGI's valuation risk matrix for the Funds at least annually in addition to other reports required by SEC Rule 2a-5.

***Overseeing the Engagement and Performance of the Funds' Independent Registered Public Accounting Firm:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following evaluation, approve and recommend to the Board, the appointment, retention or termination of any independent registered public accounting firm employed by the Funds and approve the fees and other compensation to be paid to such independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet with the Funds' independent registered public accounting firm, including private meetings, as necessary, to: (i) review the arrangements for the annual audit and any other audits or non-audit services; (ii) discuss any matters of concern brought to its attention relating to the Funds' financial statements, including any proposed adjustments to such statements recommended by the independent registered public accounting firm, or other results of said audit(s); (iii) consider the independent registered public accounting firm's comments with respect to the Funds' financial policies, procedures and internal accounting controls and management's responses thereto; (iv) review with management and the independent registered public accounting firm the annual financial statements, including a discussion with the independent registered public accounting firm of matters required by professional standards and (v) review the form of opinion the independent registered public accounting firm proposes to render to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive and evaluate on a periodic basis the formal written disclosures and letters from the independent registered public accounting firm as required by the Public Company Accounting Oversight Board ("PCAOB") Rule 3526.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Set policies relating to the hiring by entities within the Fund complex of employees or former employees of the independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain and review a report by the independent registered public accounting firm, at least annually, describing any material issues raised by the most recent PCAOB review of the independent registered public accounting firm or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and pre-approve all services, including all audit and non-audit services, performed by the Funds' independent registered public accounting firm for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and pre-approve all non-audit services performed by the Funds' independent registered public accounting firm for the Manager or any entity controlling, controlled by or under common control with the Manager that provides ongoing services to the Funds, if the engagement relates directly to the operations and financial reporting of the Funds; and to develop, to the extent

<sup>5</sup> PCAOB Rule 3526 generally requires, among other things, that an auditor: (i) describe to the Committee, in writing, all relationships between the registered public accounting firm or any affiliates of the firm and the audit client or persons in financial reporting oversight roles at the audit client that, as of the date of the communication, may reasonably be thought to bear on independence; (ii) discuss with the Committee the potential effects of the relationships described in (i) on the independence of the registered public accounting firm; (iii) affirm to the Committee, in writing, that, as of the date of the communication, the registered public accounting firm is independent in compliance with PCAOB Rule 3520; and (iv) document the substance of its discussion with the Committee.

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deemed appropriate by the Committee, policies and procedures for pre-approval of the engagement of the Funds' independent registered public accounting firm to provide any of these non-audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider the controls applied by the independent registered public accounting firm in an effort to assure that all items requiring pre-approval by the Committee are identified and referred to the Committee in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review annual audit plans of the independent registered public accounting firm for the Funds.

**Other Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Report activities to the Boards of Directors/Trustees on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct an annual self-evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain communication with counsel for independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investigate any other matter brought to its attention within the scope of its duties, with the authority in its discretion to retain legal, accounting or other experts or consultants to advise the Committee, at the expense of the Funds, if, in the Committee's judgment, that is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform any other acts consistent with this Charter, the Funds' Charter, By-Laws and governing law, as the Committee or the Board deems necessary or appropriate.

**Funding**

The Committee shall receive appropriate funding, as determined by the Committee, for payment of (i) compensation to the independent registered public accounting firm for approved audit or non-audit services for the Funds; (ii) compensation to any legal, accounting or other experts or consultants retained by the Committee; and (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

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PDSRA_100154_0423 PO Box 211230, Eagan, MN 55121-9984 VOTE BY MAIL 1. Read the proxy statement. 2. Check the appropriate box(es) on the reverse side of the proxy card. 3. Sign, date and return the proxy card in the envelope provided. VOTE ONLINE 1. Read the proxy statement and have the proxy card at hand. 2. Go to: www.proxyvotenow.com/dsra2023 3. Follow the simple instructions. VOTE BY PHONE 1. Read the proxy statement and have the proxy card at hand. 2. Call toll-free: 855-672-4278 3. Follow the simple instructions. PRINCIPAL DIVERSIFIED SELECT REAL ASSET FUND PROXY FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD APRIL 26, 2023 THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned shareholder of the Principal Diversified Select Real Asset Fund (the "Fund") hereby appoints each of Laura Latham, Adam Shaikh, and Clint Woods, collectively or individually, as his or her attorney-in-fact and proxy, with the power of substitution of each, to vote and act with respect to all shares of the Fund, which the undersigned is entitled to vote at the Annual Meeting of Shareholders to be held on April 26, 2023 at 10:00 a.m. Central Time, at 801 Grand Avenue, Des Moines, Iowa 50392, and at any adjournment thereof. The attorneys named will vote the shares represented by this proxy in accordance with the choice made on this ballot. IF THIS PROXY IS PROPERLY EXECUTED BUT NO CHOICE IS INDICATED AS TO THE PROPOSALS, THIS PROXY WILL BE VOTED "FOR" THE PROPOSALS. DISCRETIONARY AUTHORITY IS HEREBY CONFERRED AS TO ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT THEREOF. CONTROL NUMBER AUTHORIZED SIGNATURE(S) This section must be completed for your vote to be counted. Signature(s) and Title(s), if applicable Sign in the box above Date Note: Please sign exactly as your name(s) appear(s) on this proxy card. If signing for estates, trusts, or other fiduciaries, your title or capacity should be stated and where more than one name appears, a majority must sign. If shares are held jointly, one or more joint owners should sign personally. If a corporation, the signature should be that of an authorized officer who

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PDSRA_100154_0423 should state his or her title.

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PDSRA_100154_0423 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be held on April 26, 2023. The Proxy Statement for this Meeting is available at https://proxyvotinginfo.com/p/principal2023 YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. PLEASE CAST YOUR VOTE TODAY! YOUR SIGNATURE IS REQUIRED FOR YOUR VOTE TO BE COUNTED. IF YOU ARE NOT VOTING BY PHONE OR INTERNET, PLEASE SIGN AND DATE THIS PROXY CARD ON THE REVERSE SIDE AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE. This proxy is solicited on behalf of the Board of Trustees. It will be voted as specified. If no specification is made, this proxy shall be voted "FOR" the proposals. The Board of Trustees has voted in favor of all the proposals and recommends that you vote "FOR" all the proposals. TO VOTE, MARK BOX(ES) BELOW IN BLUE OR BLACK INK AS FOLLOWS: 1. To elect thirteen Trustees to the Board of Trustees. FOR ALL WITHHOLD ALL FOR ALL EXCEPT\* (01) Leroy T. Barnes, Jr. (08) Karen McMillan    (02) Craig Damos (09) Elizabeth A. Nickels (03) Katharin S. Dyer (10) Mary M. VanDeWeghe (04) Frances P. Grieb (11) Kamal Bhatia (05) Fritz S. Hirsch (12) Patrick G. Halter (06) Victor L. Hymes (13) Kenneth A. McCullum (07) Padelford L. Lattimer \*Instruction: To withhold authority to vote for any individual nominee(s), mark the FOR ALL EXCEPT box and write the nominee(s) number(s) on the line below.

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