# EDGAR Filing Document

**Accession Number:** 0001756404
**File Stem:** 0001756404-25-000022
**Filing Date:** 2025-8
**Character Count:** 105299
**Document Hash:** e1ed731058dcf124f0a54720266a838d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756404-25-000022.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001756404-25-000022

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23403
- **FILM NUMBER:** 251266726

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

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

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

## Nport-Ex

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2025

(unaudited)

INVESTMENT

COMPANIES

-

.89

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.25

%

iShares

Global

Infrastructure

ETF

121,100

$

7,169

iShares

U.S.

Infrastructure

ETF

86,075

4,234

$

11,403

Money

Market

Funds

-

.64

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.25%

(a) 1,002,699

1,003

TOTAL

INVESTMENT

COMPANIES

$

12,406

PRIVATE

INVESTMENT

FUNDS

-

.48

%

Shares

Held

Value

(000's)

Agriculture

-

.30

%

Ceres

Farmland

Holdings,

LP

(b) N/A

$

11,990

Hancock

Timberland

and

Farmland

Fund,

LP

(b) N/A

10,981

UBS

AgriVest

Farmland

Fund

(b) N/A

5,820

$

28,791

Energy

-

Alternate

Sources

-

.30

%

ACIP

Parallel

Fund

A,

LP

(b) N/A

5,028

Blackstone

Infrastructure

Partners

F2,

LP

(b) N/A

6,545

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(b) N/A

11,023

IFM

Net

Zero

Infrastructure

Fund

(USD)

B,

SCSp

(b),(c)

N/A

5,973

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

(b) N/A

4,936

$

33,505

Forest

Products

&

Paper

-

.70

%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(b),(c)

N/A

5,816

Private

Equity

-

.59

%

GDIF

US

Hedged

Feeder

Fund,

LP

(b) N/A

6,845

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(b) N/A

11,390

$

18,235

Real

Estate

-

.77

%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(b) N/A

2,171

FDR

PELF

SCA,

SICAV-RAIF

(b) N/A

6,174

PGIM

Real

Estate

US

Debt

Fund,

LP

(b) N/A

5,049

UBS

Trumbull

Property

Growth

&

Income

Fund

(b) N/A

5,121

$

18,515

Transportation

-

.82

%

Global

Transport

Income

Fund

Feeder

LLC,

LP

(b) N/A

6,015

TOTAL

PRIVATE

INVESTMENT

FUNDS

$

110,877

COMMON

STOCKS

-

.46

%

Shares

Held

Value

(000's)

Agriculture

-

.14

%

Archer-Daniels-Midland

Co

1,595

$

Bunge

Global

SA

Darling

Ingredients

Inc

(c) 524

Wilmar

International

Ltd

34,400

$

Biotechnology

-

.11

%

Corteva

Inc

2,280

Building

Materials

-

.11

%

Louisiana-Pacific

Corp

Svenska

Cellulosa

AB

SCA

7,752

West

Fraser

Timber

Co

Ltd

747

$

Chemicals

-

.36

%

CF

Industries

Holdings

Inc

576

FMC

Corp

ICL

Group

Ltd

9,477

Mosaic

Co/The

1,054

Nutrien

Ltd

5,384

Yara

International

ASA

2,133

$

566

Commercial

Services

-

.53

%

Atlas

Arteria

Ltd

143,943

Motiva

Infraestrutura

de

Mobilidade

SA

140,392

$

840

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

-

.03

%

Avery

Dennison

Corp

$

Electric

-

.06

%

Boralex

Inc

9,853

CenterPoint

Energy

Inc

13,116

CMS

Energy

Corp

6,777

DTE

Energy

Co

2,243

Elia

Group

SA/NV

3,691

Emera

Inc

10,047

Entergy

Corp

7,315

608

National

Grid

PLC

51,752

760

NextEra

Energy

Inc

14,372

998

Northwestern

Energy

Group

Inc

6,299

PG&E

Corp

21,637

Sempra

7,234

548

Xcel

Energy

Inc

6,988

$

6,378

Engineering

&

Construction

-

.11

%

Aeroports

de

Paris

SA

3,956

Beijing

Capital

International

Airport

Co

Ltd

(c) 614,000

Cellnex

Telecom

SA

-

Rights

(c),(d)

14,098

549

China

Tower

Corp

Ltd

(d) 137,600

Enav

SpA

(d) 57,666

$

1,741

Food

-

.02

%

Ingredion

Inc

Forest

Products

&

Paper

-

.29

%

International

Paper

Co

1,757

Mondi

PLC

5,763

Suzano

SA

ADR

9,093

UPM-Kymmene

Oyj

6,987

$

Gas

-

.21

%

ENN

Energy

Holdings

Ltd

41,700

Housewares

-

.01

%

Scotts

Miracle-Gro

Co/The

Iron

&

Steel

-

.29

%

ArcelorMittal

SA

1,250

Fortescue

Ltd

4,683

Nippon

Steel

Corp

3,000

Novolipetsk

Steel

PJSC

(c) 36,800

—

Nucor

Corp

656

POSCO

Holdings

Inc

Reliance

Inc

Severstal

PAO

(c) 4,878

—

Steel

Dynamics

Inc

Vale

SA

ADR

9,985

$

Mining

-

.12

%

Agnico

Eagle

Mines

Ltd

1,399

Anglo

American

PLC

3,291

Antofagasta

PLC

955

Barrick

Mining

Corp

4,823

BHP

Group

Ltd

12,882

Boliden

AB

(c) 757

China

Hongqiao

Group

Ltd

6,500

First

Quantum

Minerals

Ltd

(c) 1,894

Franco-Nevada

Corp

537

Freeport-McMoRan

Inc

4,013

Glencore

PLC

(c) 27,509

Gold

Fields

Ltd

ADR

2,509

Ivanhoe

Mines

Ltd

(c) 2,007

Newmont

Corp

3,179

Norsk

Hydro

ASA

3,666

Polyus

PJSC

(c) 4,070

—

Rio

Tinto

Ltd

1,038

South32

Ltd

12,492

Southern

Copper

Corp

Sumitomo

Metal

Mining

Co

Ltd

800

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2025

(unaudited)

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

(continued)

Teck

Resources

Ltd

1,243

$

Wheaton

Precious

Metals

Corp

1,265

Zijin

Mining

Group

Co

Ltd

16,000

$

1,767

Oil

&

Gas

-

.38

%

BP

PLC

26,289

Canadian

Natural

Resources

Ltd

3,458

Cenovus

Energy

Inc

2,087

Chevron

Corp

1,185

ConocoPhillips

908

Coterra

Energy

Inc

510

Devon

Energy

Corp

Diamondback

Energy

Inc

Ecopetrol

SA

ADR

Eni

SpA

3,580

EOG

Resources

Inc

Equinor

ASA

1,273

Exxon

Mobil

Corp

3,088

Hess

Corp

Imperial

Oil

Ltd

Marathon

Petroleum

Corp

Neste

Oyj

700

Occidental

Petroleum

Corp

Petroleo

Brasileiro

SA

-

Petrobras

ADR

3,043

Phillips

Reliance

Industries

Ltd

(d) 2,842

Repsol

SA

1,890

Shell

PLC

9,660

Suncor

Energy

Inc

2,056

TotalEnergies

SE

3,672

Valero

Energy

Corp

Woodside

Energy

Group

Ltd

3,101

$

2,169

Oil

&

Gas

Services

-

.05

%

Baker

Hughes

Co

708

Halliburton

Co

602

Schlumberger

NV

999

$

Packaging

&

Containers

-

.26

%

Amcor

PLC

7,602

Graphic

Packaging

Holding

Co

995

Packaging

Corp

of

America

Sealed

Air

Corp

SIG

Group

AG

4,492

Smurfit

WestRock

PLC

1,650

Stora

Enso

Oyj

8,020

$

Pipelines

-

.22

%

APA

Group

78,209

DT

Midstream

Inc

2,483

Gibson

Energy

Inc

24,800

Williams

Cos

Inc/The

12,688

797

$

1,926

Real

Estate

-

.49

%

Fastighets

AB

Balder

(c) 6,700

Mitsui

Fudosan

Co

Ltd

34,500

Qualitas

Ltd

12,887

Sun

Hung

Kai

Properties

Ltd

11,500

Vonovia

SE

6,436

$

774

REITs

-

.99

%

Agree

Realty

Corp

2,300

American

Healthcare

REIT

Inc

7,599

American

Homes

Rent

6,288

American

Tower

Corp

4,373

966

Americold

Realty

Trust

Inc

3,400

AvalonBay

Communities

Inc

1,300

Boardwalk

Real

Estate

Investment

Trust

900

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

CapitaLand

Integrated

Commercial

Trust

79,495

$

COPT

Defense

Properties

2,300

Cousins

Properties

Inc

3,495

Crown

Castle

Inc

4,981

512

Digital

Realty

Trust

Inc

1,123

Equinix

Inc

Equity

LifeStyle

Properties

Inc

1,200

Equity

Residential

2,100

Essex

Property

Trust

Inc

Extra

Space

Storage

Inc

1,605

Gaming

and

Leisure

Properties

Inc

2,115

Goodman

Group

13,127

InvenTrust

Properties

Corp

3,354

Japan

Hotel

REIT

Investment

Corp

Keppel

DC

REIT

46,500

Klepierre

SA

5,970

Link

REIT

24,624

Mapletree

Industrial

Trust

7,900

Merlin

Properties

Socimi

SA

5,916

Nippon

Accommodations

Fund

Inc

Nippon

Building

Fund

Inc

Nippon

Prologis

REIT

Inc

Prologis

Inc

2,821

Prologis

Property

Mexico

SA

de

CV

9,900

Regency

Centers

Corp

1,400

Rexford

Industrial

Realty

Inc

1,592

Ryman

Hospitality

Properties

Inc

1,600

Sabra

Health

Care

REIT

Inc

4,505

Safestore

Holdings

PLC

6,273

Segro

PLC

7,557

Sekisui

House

Reit

Inc

Simon

Property

Group

Inc

650

Stockland

26,395

Unibail-Rodamco-Westfield

(c) 1,200

UNITE

Group

PLC/The

12,712

Ventas

Inc

4,183

VICI

Properties

Inc

8,275

Vornado

Realty

Trust

2,382

Welltower

Inc

3,747

576

Weyerhaeuser

Co

2,424

$

7,851

Telecommunications

-

.18

%

Indus

Towers

Ltd

(c) 42,249

NEXTDC

Ltd

(c) 8,300

$

Transportation

-

.88

%

Canadian

National

Railway

Co

6,000

625

Rumo

SA

92,904

Union

Pacific

Corp

1,946

$

1,390

Water

-

.62

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

11,400

Guangdong

Investment

Ltd

334,513

Severn

Trent

PLC

11,799

$

975

TOTAL

COMMON

STOCKS

$

29,036

Total

Investments

$

152,319

Other

Assets

and

Liabilities

- 3.17%

4,992

TOTAL

NET

ASSETS

-

100.00%

$

157,311

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Private

Investment

Funds

have

quarterly

or

annual

redemption

frequencies

and

are

considered

restricted

securities.

Please

see

Private

Investment

Funds

sub-

schedule

for

additional

information.

(c) Non-income

producing

security

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2025

(unaudited)

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,211

or

0.77%

of

net

assets.

Portfolio

Summary

Sector

Percent

Financial

.84

%

Energy

.95

%

Consumer,

Non-cyclical

.13

%

Exchange-Traded

Funds

.25

%

Industrial

.18

%

Utilities

.89

%

Materials

.70

%

Basic

Materials

.06

%

Money

Market

Funds

.64

%

Communications

.18

%

Consumer,

Cyclical

.01

%

Other

Assets

and

Liabilities

.17

%

TOTAL

NET

ASSETS

100.00%

Private

Investment

Funds

Security

Name

Acquisition

Date

Cost

Value

Redemption

Notice

(days)

Percent

of

Net

Assets

ACIP

Parallel

Fund

A,

LP

(a) 11/15/2021

-

03/28/2025

$

6,304

$

5,028

N/A

3.19%

Blackstone

Infrastructure

Partners

F2,

LP

(b) 09/27/2024

6,000

6,545

4.16%

Brookfield

Senior

Mezzanine

Real

Estate

Finance

Fund,

LP

(c) 03/31/2022

5,000

2,171

N/A

1.38%

BTG

Pactual

Open

Ended

Core

US

Timberland

Fund,

LP

(d) 07/01/2019

-

12/30/2021

4,697

5,816

3.70%

CBRE

Caledon

Global

Infrastructure

Fund

(International),

LP

(e) 07/16/2021

-

06/27/2024

10,959

11,023

N/A

7.01%

Ceres

Farmland

Holdings,

LP

(f) 11/06/2019,

02/05/2021

7,000

11,990

N/A

7.62%

FDR

PELF

SCA,

SICAV-RAIF

(g) 12/01/2022

6,610

6,174

3.92%

GDIF

US

Hedged

Feeder

Fund,

LP

(h) 04/23/2021

-

08/17/2022

6,115

6,845

N/A

4.35%

Global

Transport

Income

Fund

Feeder

LLC,

LP

(i) 08/01/2024

6,000

6,015

3.82%

Hancock

Timberland

and

Farmland

Fund,

LP

(j) 08/12/2020

-

04/20/2023

13,000

10,981

N/A

6.98%

HarbourVest

Infrastructure

Income

Delaware

Parallel

Partnership,

LP

(k) 06/27/2022

8,000

11,390

7.24%

IFM

Net

Zero

Infrastructure

Fund

(USD)

B,

SCSp

(l) 02/29/2024

6,000

5,973

3.80%

Macquarie

Green

Energy

and

Climate

Opportunities

Fund,

SCSp

(m) 08/30/2024

4,270

4,936

3.14%

PGIM

Real

Estate

US

Debt

Fund,

LP

(n) 04/30/2021,

06/30/2021

5,315

5,049

N/A

3.21%

UBS

AgriVest

Farmland

Fund

(o) 07/01/2020

-

01/03/2023

5,147

5,820

3.70%

UBS

Trumbull

Property

Growth

&

Income

Fund

(p) 07/01/2020

-

12/30/2021

6,221

5,121

3.26%

Total

$

110,877

70.48%

The

private

investment

funds

listed

in

the

table

do

not

include

any

unfunded

commitments. Please

see

Note

for

details

of

any

unfunded

commitments.

Amounts

in

thousands.

(a) This

closed-end

fund

focuses

on

the

Climate

Infrastructure

sector

which

includes

value-add

renewable

energy,

resource

and

energy

efficiency,

transmission

and

smart

grids,

vehicle

electrification,

and

energy

storage

and

microgrids.

The

fund

has

a

life

term

of

years

during

which,

redemptions

are

not

permitted.

(b) This

fund

is

an

open-ended

investment

fund

whose

objective

is

to

identify,

acquire

and

operate

a

diversified

portfolio

of

high

quality,

long-duration,

cash-yielding

investments

that

can

compound

at

attractive

risk-adjusted

rates

of

return. The

fund

seeks

to

invest

in

assets

across

four

primary

infrastructure

sectors:

energy

infrastructure,

transportation,

digital

infrastructure,

and

water

and

waste. Redemptions

are

subject

to

a

three-year

lock

up

from

the

acquisition

date.

(c) The

fund

was

established

as

an

open-end

senior

real

estate

debt

fund

focused

on

providing

primarily

floating

rate

financing

secured

by

commercial

property

primarily

located

in

the

U.S.

Management

of

the

fund

has

recently

announced

their

intention

to

dissolve

this

fund.

They

expect

to

return

50%

of

capital

by

the

end

of

2025

and

the

remaining

over

the

next

five

years.

(d) The

fund

was

established

to

invest

and

reinvest

assets

of

the

investors

through

the

REIT,

primarily

in

interests

(including

ownership

or

leasehold

interests)

in

real

property,

which

is

to

be

planted

with

trees,

or

real

property

on

which

trees

are

growing

(timberland),

trees

growing

on

timberland,

or

trees

which

have

been

cut

but

not

removed

from

the

timberland

(timber);

contracts

or

agreements

for

the

cutting

and/or

use

of

timber

on

timberland.

Timber

investments

are

not

intended

to

produce

immediate

revenues.

Redemptions

are

subject

to

a

two-year

holding

period

from

the

acquisition

date.

(e) The

fund

will

seek

to

invest

in

a

global,

diversified

portfolio

of

high-quality

core

and

core-plus

mid-market

infrastructure

investments

with

stable

returns,

inflation

protection,

low

volatility,

predictable

yield

and

a

low

correlation

with

other

asset

classes

through

an

open-end

structure.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(f) The

fund

is

an

open-ended

investment

fund

whose

objective

is

to

generate

an

attractive

total

return

through

the

acquisition

and

management

of

farmland

in

the

Midwestern

United

States.

Redemptions

are

subject

to

a

one-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

five

months

prior

to

the

annual

redemption

date,

which

is

the

last

day

of

February.

(g) This

feeder

fund

represents

an

indirect

ownership

of

the

Prologis

European

Logistics

Fund

which

has

an

investment

objective

of

combining

attractive

current

income

with

long-term

capital

growth

by

investing

in

European

logistics

real

estate

assets.

Redemption

requests

accommodated

quarterly

to

the

extent

of

sufficient

liquid

assets,

with

at

least

days

notice.

(h) This

feeder

fund

offers

hedging

to

protect

against

currency

movements

in

the

Global

Diversified

Infrastructure

Fund

which

invests

in

diversified

infrastructure

investments.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

(i) This

feeder

fund

represents

an

indirect

ownership

of

the

Global

Transport

Income

Fund

which

seeks

to

deliver

attractive,

risk-adjusted

returns

with

an

emphasis

on

stable

income

generation

through

investing

in

the

transport

industries.

Redemption

requests

are

allowed

three

years

after

the

third-quarter

date.

(j) This

open-end

fund

blends

the

two

asset

classes

of

timberland

and

farmland.

The

geographic

focus

will

be

in

the

U.S.,

Canada,

Australia,

New

Zealand,

Chile,

Brazil,

Uruguay,

and

Western

Europe.

Agriculture

investments

will

be

diversified

among

row

crops

(corn,

soy,

wheat,

etc.),

permanent

crops

(vines/trees),

and

commodity

crops

(cotton,

lettuce,

strawberries,

etc.).

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

After

the

holding

period

has

expired,

redemptions

are

permitted

with

written

redemption

notice

given

by

April

30th

of

that

year.

(k) The

fund

will

primarily

invest,

directly

or

indirectly,

in

core

and

core

plus

infrastructure

assets

and

infrastructure

investments

focused

on

the

infrastructure

and

power

sectors.

Redemptions

are

subject

to

a

three-year

holding

period

from

the

acquisition

date.

Schedule

of

Investments

Principal

Real

Asset

Fund

June

30,

2025

(unaudited)

(l) This

feeder

fund

represents

an

indirect

ownership

of

the

IFM

Net

Zero

Infrastructure

Fund

SCSp

which

seeks

to

achieve

long-term

capital

appreciation

as

well

as

current

income

through

equity

and

equity-related

investments

in

infrastructure

assets

that

IFM

believes

will

seek

to

accelerate

the

world's

transition

to

a

net-zero

emissions

economy. Redemptions

are

subject

to

a

two-year

holding

period

of

the

acquisition

date. Withdrawal

requests

need

to

be

provided

in

writing

at

least

days

prior

to

the

first

day

of

any

calendar

quarter.

(m) The

fund's

primary

objective

will

be

to

make

equity

and

equity

like

investments

in

a

diversified

portfolio

of

sustainable

infrastructure,

real

assets,

and

businesses,

primarily

those

focused

on

the

development

and

deployment

of

mature

sustainable

technologies

and,

through

their

operations,

contribute

towards

accelerating

the

global

energy

transition. Redemptions

are

subject

to

a

five-year

holding

period

from

the

Commencement

Date.

(n) This

fund

is

comprised

of

loans

with

strong

fundamentals

and

focused

on

income

return.

Redemptions

are

available

if

inflows

of

capital

offset

the

requested

redemption

amount

and

if

liquidity

is

sufficient.

(o) This

open-end

fund

invests

primarily

in

U.S.

farmland.

It

is

a

well-diversified

portfolio

across

many

regions

of

the

country

and

diversified

across

row

crops,

vegetable

crops,

and

permanent

crops.

Redemptions

are

permitted

with

written

redemption

notice

days

prior

to

the

end

of

the

quarter.

(p) This

open-end,

commingled

private

real

estate

portfolio

combines

value-add

properties

with

capital

appreciation

potential

and

more

stable

income-generating

properties.

Properties

in

the

portfolio

typically

start

as

development,

renovation,

repositioning,

or

lease-up

stage

investments,

and

transition

toward

stabilized

assets.

Redemptions

are

permitted

with

written

redemption

notice

days

prior

to

the

end

of

the

quarter.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $175584307.89

**Total Liabilities:** $16921159.92

**Net Assets:** $158663147.97

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.84%                | 1.48%                | 0.70%                |
| Class ID N/A | 0.81%                | 1.46%                | 0.70%                |
| Class ID N/A | 0.82%                | 1.43%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-150029.10              | $1084773.69                                |
| Month 2  | $120305.01               | $2008424.04                                |
| Month 3  | $516600.15               | $-508581.31                                |

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   | Balance   | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Equinor ASA                                                                               | Equinor ASA                                                                               | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        | 1273      | NS      | $32148.41     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| POSCO Holdings Inc                                                                        | POSCO Holdings Inc                                                                        | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        | 206       | NS      | $39685.05     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| VICI Properties Inc                                                                       | VICI Properties Inc                                                                       | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        | 8275      | NS      | $269765.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Halliburton Co                                                                            | Halliburton Co                                                                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        | 602       | NS      | $12268.76     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Graphic Packaging Holding Co                                                              | Graphic Packaging Holding Co                                                              | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 995       | NS      | $20964.65     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Valero Energy Corp                                                                        | Valero Energy Corp                                                                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        | 227       | NS      | $30513.34     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Severstal PAO                                                                             | Severstal PAO                                                                             | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               | CORP              | RU        | 4878      | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| CMS Energy Corp                                                                           | CMS Energy Corp                                                                           | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        | 6777      | NS      | $469510.56    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Rumo SA                                                                                   | Rumo SA                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        | 92904     | NS      | $317198.14    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Reliance Industries Ltd                                                                   | Reliance Industries Ltd                                                                   | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        | 2831      | NS      | $197411.18    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Southern Copper Corp                                                                      | Southern Copper Corp                                                                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        | 245       | NS      | $24786.65     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Japan Hotel REIT Investment Corp                                                          | Japan Hotel REIT Investment Corp                                                          | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        | 62        | NS      | $32765.75     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Marathon Petroleum Corp                                                                   | Marathon Petroleum Corp                                                                   | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        | 225       | NS      | $37374.75     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| West Fraser Timber Co Ltd                                                                 | West Fraser Timber Co Ltd                                                                 | CUSIP: N/A<br>LEI: 5493005WD1ZK6WBVR988       | Long             | EC               | CORP              | CA        | 747       | NS      | $54779.09     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Sealed Air Corp                                                                           | Sealed Air Corp                                                                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        | 480       | NS      | $14894.40     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Boliden AB                                                                                | Boliden AB                                                                                | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        | 757       | NS      | $23655.84     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Suncor Energy Inc                                                                         | Suncor Energy Inc                                                                         | CUSIP: N/A<br>LEI: 549300W70ZOQDVLCHY06       | Long             | EC               | CORP              | CA        | 2056      | NS      | $77016.02     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| FDR PELF SCA, SICAV-RAIF                                                                  | FDR PELF SCA, SICAV-RAIF                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $6189612.81   | 3.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Barrick Mining Corp                                                                       | Barrick Mining Corp                                                                       | CUSIP: N/A<br>LEI: 0O4KBQCJZX82UKGCBV73       | Long             | EC               | CORP              | CA        | 4823      | NS      | $100409.07    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITE Group PLC/The                                                                       | UNITE Group PLC/The                                                                       | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        | 12712     | NS      | $148154.63    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Aeroports de Paris SA                                                                     | Aeroports de Paris SA                                                                     | CUSIP: N/A<br>LEI: 969500PJMBSFHYC37989       | Long             | EC               | CORP              | FR        | 3956      | NS      | $495974.14    | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Corteva Inc                                                                               | Corteva Inc                                                                               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        | 2280      | NS      | $169928.40    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| DT Midstream Inc                                                                          | DT Midstream Inc                                                                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 2483      | NS      | $272906.53    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                                                                        | NextEra Energy Inc                                                                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        | 14372     | NS      | $997704.24    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Shell PLC                                                                                 | Shell PLC                                                                                 | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        | 9660      | NS      | $337032.08    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| ConocoPhillips                                                                            | ConocoPhillips                                                                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        | 908       | NS      | $81483.92     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| GDIF US Hedged Feeder Fund, LP                                                            | GDIF US Hedged Feeder Fund, LP                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $6851143.73   | 4.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sumitomo Metal Mining Co Ltd                                                              | Sumitomo Metal Mining Co Ltd                                                              | CUSIP: N/A<br>LEI: 353800CF81IXL9974H84       | Long             | EC               | CORP              | JP        | 800       | NS      | $19715.98     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| COPT Defense Properties                                                                   | COPT Defense Properties                                                                   | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        | 2300      | NS      | $63434.00     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsui Fudosan Co Ltd                                                                     | Mitsui Fudosan Co Ltd                                                                     | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        | 34500     | NS      | $333997.30    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| First Quantum Minerals Ltd                                                                | First Quantum Minerals Ltd                                                                | CUSIP: N/A<br>LEI: 549300I7UVBGWRYMYZ18       | Long             | EC               | CORP              | CA        | 1894      | NS      | $33644.84     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ENN Energy Holdings Ltd                                                                   | ENN Energy Holdings Ltd                                                                   | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | CN        | 41700     | NS      | $334768.41    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Atlas Arteria Ltd                                                                         | Atlas Arteria Ltd                                                                         | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        | 143943    | NS      | $482420.55    | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Ryman Hospitality Properties Inc                                                          | Ryman Hospitality Properties Inc                                                          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        | 1600      | NS      | $157872.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Mondi PLC                                                                                 | Mondi PLC                                                                                 | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        | 5763      | NS      | $94170.11     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| International Paper Co                                                                    | International Paper Co                                                                    | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        | 1757      | NS      | $82280.31     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                                                                           | Xcel Energy Inc                                                                           | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        | 6988      | NS      | $475882.80    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortescue Ltd                                                                             | Fortescue Ltd                                                                             | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        | 4683      | NS      | $47074.62     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Schlumberger NV                                                                           | Schlumberger NV                                                                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        | 999       | NS      | $33766.20     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXTDC Ltd                                                                                | NEXTDC Ltd                                                                                | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        | 8300      | NS      | $79226.55     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Beijing Capital International Airport Co Ltd                                              | Beijing Capital International Airport Co Ltd                                              | CUSIP: N/A<br>LEI: 5299001QWQN7CK66FE04       | Long             | EC               | CORP              | CN        | 614000    | NS      | $231906.46    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Sempra                                                                                    | Sempra                                                                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        | 7234      | NS      | $548120.18    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Transport Income Fund Feeder LLC, LP                                               | Global Transport Income Fund Feeder LLC, LP                                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $5989326.48   | 3.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Safestore Holdings PLC                                                                    | Safestore Holdings PLC                                                                    | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        | 6273      | NS      | $61036.68     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Williams Cos Inc/The                                                                      | Williams Cos Inc/The                                                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        | 12688     | NS      | $796933.28    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Ivanhoe Mines Ltd                                                                         | Ivanhoe Mines Ltd                                                                         | CUSIP: N/A<br>LEI: 5299006XZISURYIA4G32       | Long             | EC               | CORP              | CA        | 2007      | NS      | $15077.37     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Co                                                                           | Weyerhaeuser Co                                                                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        | 2424      | NS      | $62272.56     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| ICL Group Ltd                                                                             | ICL Group Ltd                                                                             | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        | 9477      | NS      | $65062.19     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| CenterPoint Energy Inc                                                                    | CenterPoint Energy Inc                                                                    | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        | 13116     | NS      | $481881.84    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Vonovia SE                                                                                | Vonovia SE                                                                                | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | EC               | CORP              | DE        | 6436      | NS      | $228178.65    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| South32 Ltd                                                                               | South32 Ltd                                                                               | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        | 12492     | NS      | $23870.92     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Stora Enso Oyj                                                                            | Stora Enso Oyj                                                                            | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        | 8020      | NS      | $87190.37     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Link REIT                                                                                 | Link REIT                                                                                 | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               | CORP              | HK        | 24624     | NS      | $131898.29    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Newmont Corp                                                                              | Newmont Corp                                                                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        | 3179      | NS      | $185208.54    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Fastighets AB Balder                                                                      | Fastighets AB Balder                                                                      | CUSIP: N/A<br>LEI: 549300GHKJCEZOAEUU82       | Long             | EC               | CORP              | SE        | 6700      | NS      | $49943.65     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| American Healthcare REIT Inc                                                              | American Healthcare REIT Inc                                                              | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        | 7599      | NS      | $279187.26    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Antofagasta PLC                                                                           | Antofagasta PLC                                                                           | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        | 955       | NS      | $23743.99     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| American Homes 4 Rent                                                                     | American Homes 4 Rent                                                                     | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        | 6288      | NS      | $226808.16    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                                                                      | Vornado Realty Trust                                                                      | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 2382      | NS      | $91087.68     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Accommodations Fund Inc                                                            | Nippon Accommodations Fund Inc                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        | 70        | NS      | $57247.85     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Chevron Corp                                                                              | Chevron Corp                                                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 1185      | NS      | $169680.15    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Boralex Inc                                                                               | Boralex Inc                                                                               | CUSIP: N/A<br>LEI: 5493004UT7HNQU2SVR90       | Long             | EC               | CORP              | CA        | 9853      | NS      | $228932.56    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                                                        | Petroleo Brasileiro SA - Petrobras                                                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        | 3043      | NS      | $38067.93     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutrien Ltd                                                                               | Nutrien Ltd                                                                               | CUSIP: N/A<br>LEI: 5493002QQ7GD21OWF963       | Long             | EC               | CORP              | CA        | 5384      | NS      | $313728.95    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT Inc                                                                | Sabra Health Care REIT Inc                                                                | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        | 4505      | NS      | $83072.20     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Teck Resources Ltd                                                                        | Teck Resources Ltd                                                                        | CUSIP: N/A<br>LEI: T8KI5SQ2JRWHL7XY0E11       | Long             | EC               | CORP              | CA        | 1243      | NS      | $50267.68     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Wheaton Precious Metals Corp                                                              | Wheaton Precious Metals Corp                                                              | CUSIP: N/A<br>LEI: 549300XSFG5ZCGVYD886       | Long             | EC               | CORP              | CA        | 1265      | NS      | $113759.43    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Hung Kai Properties Ltd                                                               | Sun Hung Kai Properties Ltd                                                               | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        | 11500     | NS      | $132515.04    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| iShares Global Infrastructure ETF                                                         | iShares Global Infrastructure ETF                                                         | CUSIP: 464288372<br>LEI: 549300ZC2N3HUK3DTK30 | Long             | EC               | RF                | US        | 121100    | NS      | $7169120.00   | 4.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Scotts Miracle-Gro Co/The                                                                 | Scotts Miracle-Gro Co/The                                                                 | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        | 141       | NS      | $9300.36      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA                                                    | Motiva Infraestrutura de Mobilidade SA                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        | 140392    | NS      | $357885.77    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Reliance Inc                                                                              | Reliance Inc                                                                              | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        | 150       | NS      | $47085.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Gaming and Leisure Properties Inc                                                         | Gaming and Leisure Properties Inc                                                         | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        | 2115      | NS      | $98728.20     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Amcor PLC                                                                                 | Amcor PLC                                                                                 | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | CH        | 7602      | NS      | $69862.38     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Smurfit WestRock PLC                                                                      | Smurfit WestRock PLC                                                                      | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        | 1650      | NS      | $71197.50     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Bunge Global SA                                                                           | Bunge Global SA                                                                           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        | 442       | NS      | $35483.76     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondback Energy Inc                                                                    | Diamondback Energy Inc                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        | 130       | NS      | $17862.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Svenska Cellulosa AB SCA                                                                  | Svenska Cellulosa AB SCA                                                                  | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        | 7752      | NS      | $100797.41    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Mapletree Industrial Trust                                                                | Mapletree Industrial Trust                                                                | CUSIP: N/A<br>LEI: 549300R7WZFHXNKDJF41       | Long             | EC               | CORP              | SG        | 7900      | NS      | $12680.25     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Baker Hughes Co                                                                           | Baker Hughes Co                                                                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 708       | NS      | $27144.72     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Building Fund Inc                                                                  | Nippon Building Fund Inc                                                                  | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        | 100       | NS      | $92337.93     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Exxon Mobil Corp                                                                          | Exxon Mobil Corp                                                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        | 3088      | NS      | $332886.40    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Northwestern Energy Group Inc                                                             | Northwestern Energy Group Inc                                                             | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        | 6299      | NS      | $323138.70    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| BTG Pactual Open Ended Core US Timberland Fund, LP                                        | BTG Pactual Open Ended Core US Timberland Fund, LP                                        | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5863329.00   | 3.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ecopetrol SA                                                                              | Ecopetrol SA                                                                              | CUSIP: 279158109<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        | 389       | NS      | $3442.65      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc                                                             | Rexford Industrial Realty Inc                                                             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        | 1592      | NS      | $56627.44     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Keppel DC REIT                                                                            | Keppel DC REIT                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        | 46500     | NS      | $85237.73     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Archer-Daniels-Midland Co                                                                 | Archer-Daniels-Midland Co                                                                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        | 1595      | NS      | $84184.10     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc                                                                | Americold Realty Trust Inc                                                                | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        | 3400      | NS      | $56542.00     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| InvenTrust Properties Corp                                                                | InvenTrust Properties Corp                                                                | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        | 3354      | NS      | $91899.60     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Franco-Nevada Corp                                                                        | Franco-Nevada Corp                                                                        | CUSIP: N/A<br>LEI: 98450064C1B5D3E94864       | Long             | EC               | CORP              | CA        | 537       | NS      | $88163.83     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Neste Oyj                                                                                 | Neste Oyj                                                                                 | CUSIP: N/A<br>LEI: 5493009GY1X8GQ66AM14       | Long             | EC               | CORP              | FI        | 700       | NS      | $9486.53      | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| National Grid PLC                                                                         | National Grid PLC                                                                         | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        | 51752     | NS      | $759647.93    | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| BHP Group Ltd                                                                             | BHP Group Ltd                                                                             | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        | 12882     | NS      | $309910.06    | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| Ventas Inc                                                                                | Ventas Inc                                                                                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        | 4183      | NS      | $264156.45    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. Infrastructure ETF                                                           | iShares U.S. Infrastructure ETF                                                           | CUSIP: 46435U713<br>LEI: 549300RYOD5SX3832571 | Long             | EC               | RF                | US        | 86075     | NS      | $4234029.25   | 2.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Enav SpA                                                                                  | Enav SpA                                                                                  | CUSIP: N/A<br>LEI: 81560048ECF8D2059980       | Long             | EC               | CORP              | IT        | 57666     | NS      | $266670.53    | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Repsol SA                                                                                 | Repsol SA                                                                                 | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        | 1890      | NS      | $27643.98     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Packaging Corp of America                                                                 | Packaging Corp of America                                                                 | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        | 298       | NS      | $56158.10     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vale SA                                                                                   | Vale SA                                                                                   | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        | 9985      | NS      | $96954.35     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                                                                  | Essex Property Trust Inc                                                                  | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        | 400       | NS      | $113360.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Coterra Energy Inc                                                                        | Coterra Energy Inc                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        | 510       | NS      | $12943.80     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| China Hongqiao Group Ltd                                                                  | China Hongqiao Group Ltd                                                                  | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | CN        | 6500      | NS      | $14966.92     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Sekisui House Reit Inc                                                                    | Sekisui House Reit Inc                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        | 91        | NS      | $47991.21     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| American Tower Corp                                                                       | American Tower Corp                                                                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        | 4373      | NS      | $966520.46    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian Natural Resources Ltd                                                            | Canadian Natural Resources Ltd                                                            | CUSIP: N/A<br>LEI: 549300T15RIMIKZC5Q38       | Long             | EC               | CORP              | CA        | 3458      | NS      | $108685.44    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Klepierre SA                                                                              | Klepierre SA                                                                              | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        | 5970      | NS      | $236050.33    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Wilmar International Ltd                                                                  | Wilmar International Ltd                                                                  | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        | 34100     | NS      | $76973.24     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Mosaic Co/The                                                                             | Mosaic Co/The                                                                             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        | 1054      | NS      | $38449.92     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingredion Inc                                                                             | Ingredion Inc                                                                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        | 214       | NS      | $29022.68     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                                                                   | Extra Space Storage Inc                                                                   | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 1605      | NS      | $236641.20    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian National Railway Co                                                              | Canadian National Railway Co                                                              | CUSIP: N/A<br>LEI: 3SU7BEP7TH9YEQOZCS77       | Long             | EC               | CORP              | CA        | 6000      | NS      | $625180.83    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Macquarie Green Energy and Climate Opportunities Fund, SCSp                               | Macquarie Green Energy and Climate Opportunities Fund, SCSp                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $4943064.00   | 3.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                    | Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                    | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        | 11400     | NS      | $250971.64    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                                                                         | EOG Resources Inc                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        | 396       | NS      | $47365.56     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Polyus PJSC                                                                               | Polyus PJSC                                                                               | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        | 4070      | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Equinix Inc                                                                               | Equinix Inc                                                                               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        | 471       | NS      | $374666.37    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Darling Ingredients Inc                                                                   | Darling Ingredients Inc                                                                   | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        | 524       | NS      | $19880.56     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities Inc                                                                 | AvalonBay Communities Inc                                                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        | 1300      | NS      | $264550.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Suzano SA                                                                                 | Suzano SA                                                                                 | CUSIP: 86959K105<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        | 9093      | NS      | $85565.13     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Unibail-Rodamco-Westfield                                                                 | Unibail-Rodamco-Westfield                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        | 1200      | NS      | $115353.47    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Agree Realty Corp                                                                         | Agree Realty Corp                                                                         | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 2300      | NS      | $168038.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Phillips 66                                                                               | Phillips 66                                                                               | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        | 294       | NS      | $35074.20     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Stockland                                                                                 | Stockland                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 26395     | NS      | $93283.14     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Hancock Timberland and Farmland Fund, LP                                                  | Hancock Timberland and Farmland Fund, LP                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $13234304.78  | 8.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BP PLC                                                                                    | BP PLC                                                                                    | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        | 26289     | NS      | $130979.20    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| TotalEnergies SE                                                                          | TotalEnergies SE                                                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        | 3657      | NS      | $223526.22    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| APA Group                                                                                 | APA Group                                                                                 | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        | 78209     | NS      | $420511.65    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| Digital Realty Trust Inc                                                                  | Digital Realty Trust Inc                                                                  | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        | 1123      | NS      | $195772.59    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Trumbull Property Growth & Income Fund                                                | UBS Trumbull Property Growth & Income Fund                                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5106039.80   | 3.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE Caledon Global Infrastructure Fund (International), LP                               | CBRE Caledon Global Infrastructure Fund (International), LP                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | CA        |  | NS      | $11022905.74  | 6.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Norsk Hydro ASA                                                                           | Norsk Hydro ASA                                                                           | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        | 3666      | NS      | $20992.98     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Equity LifeStyle Properties Inc                                                           | Equity LifeStyle Properties Inc                                                           | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        | 1200      | NS      | $74004.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| China Tower Corp Ltd                                                                      | China Tower Corp Ltd                                                                      | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        | 137600    | NS      | $197274.78    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Severn Trent PLC                                                                          | Severn Trent PLC                                                                          | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        | 11799     | NS      | $443312.98    | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Imperial Oil Ltd                                                                          | Imperial Oil Ltd                                                                          | CUSIP: N/A<br>LEI: 549300JZNB745JT5WY51       | Long             | EC               | CORP              | CA        | 258       | NS      | $20496.01     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PGIM Real Estate US Debt Fund, LP                                                         | PGIM Real Estate US Debt Fund, LP                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5024425.83   | 3.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PG&E Corp                                                                                 | PG&E Corp                                                                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        | 21637     | NS      | $301619.78    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Hess Corp                                                                                 | Hess Corp                                                                                 | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        | 198       | NS      | $27430.92     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualitas Ltd                                                                              | Qualitas Ltd                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 12887     | NS      | $29297.06     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| FMC Corp                                                                                  | FMC Corp                                                                                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        | 411       | NS      | $17159.25     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Segro PLC                                                                                 | Segro PLC                                                                                 | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        | 7557      | NS      | $70741.97     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Louisiana-Pacific Corp                                                                    | Louisiana-Pacific Corp                                                                    | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        | 206       | NS      | $17713.94     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                                                                             | Welltower Inc                                                                             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        | 3747      | NS      | $576026.31    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| CapitaLand Integrated Commercial Trust                                                    | CapitaLand Integrated Commercial Trust                                                    | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        | 79495     | NS      | $135743.63    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Gold Fields Ltd                                                                           | Gold Fields Ltd                                                                           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        | 2509      | NS      | $59388.03     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Elia Group SA/NV                                                                          | Elia Group SA/NV                                                                          | CUSIP: N/A<br>LEI: 549300S1MP1NFDIKT460       | Long             | EC               | CORP              | BE        | 3691      | NS      | $426290.90    | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| Freeport-McMoRan Inc                                                                      | Freeport-McMoRan Inc                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        | 4013      | NS      | $173963.55    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Steel Corp                                                                         | Nippon Steel Corp                                                                         | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        | 3000      | NS      | $56735.81     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Eni SpA                                                                                   | Eni SpA                                                                                   | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        | 3580      | NS      | $57831.92     | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Equity Residential                                                                        | Equity Residential                                                                        | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        | 2100      | NS      | $141729.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Indus Towers Ltd                                                                          | Indus Towers Ltd                                                                          | CUSIP: N/A<br>LEI: 335800L6DI4VHODGDK41       | Long             | EC               | CORP              | IN        | 42249     | NS      | $207220.35    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Anglo American PLC                                                                        | Anglo American PLC                                                                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        | 3291      | NS      | $97011.48     | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Guangdong Investment Ltd                                                                  | Guangdong Investment Ltd                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        | 334513    | NS      | $280299.43    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Occidental Petroleum Corp                                                                 | Occidental Petroleum Corp                                                                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        | 487       | NS      | $20458.87     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS AgriVest Farmland Fund                                                                | UBS AgriVest Farmland Fund                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5854134.74   | 3.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cousins Properties Inc                                                                    | Cousins Properties Inc                                                                    | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        | 3495      | NS      | $104954.85    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Agnico Eagle Mines Ltd                                                                    | Agnico Eagle Mines Ltd                                                                    | CUSIP: N/A<br>LEI: 254900BFJ2DOHPMEXN45       | Long             | EC               | CORP              | CA        | 1399      | NS      | $166678.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Yara International ASA                                                                    | Yara International ASA                                                                    | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        | 2133      | NS      | $78713.41     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Merlin Properties Socimi SA                                                               | Merlin Properties Socimi SA                                                               | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        | 5916      | NS      | $77995.22     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Steel Dynamics Inc                                                                        | Steel Dynamics Inc                                                                        | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        | 392       | NS      | $50179.92     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| IFM Net Zero Infrastructure Fund (USD) B, SCSp                                            | IFM Net Zero Infrastructure Fund (USD) B, SCSp                                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | LU        |  | NS      | $6111706.32   | 3.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Prologis Inc                                                                              | Prologis Inc                                                                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        | 2821      | NS      | $296543.52    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| HarbourVest Infrastructure Income Delaware Parallel Partnership, LP                       | HarbourVest Infrastructure Income Delaware Parallel Partnership, LP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $10733414.64  | 6.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blackstone Infrastructure Partners F2, LP                                                 | Blackstone Infrastructure Partners F2, LP                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $6434095.91   | 4.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Devon Energy Corp                                                                         | Devon Energy Corp                                                                         | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        | 457       | NS      | $14537.17     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Entergy Corp                                                                              | Entergy Corp                                                                              | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        | 7315      | NS      | $608022.80    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Prologis REIT Inc                                                                  | Nippon Prologis REIT Inc                                                                  | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        | 78        | NS      | $43117.99     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Goodman Group                                                                             | Goodman Group                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        | 13127     | NS      | $295943.37    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Zijin Mining Group Co Ltd                                                                 | Zijin Mining Group Co Ltd                                                                 | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        | 16000     | NS      | $41148.99     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Crown Castle Inc                                                                          | Crown Castle Inc                                                                          | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        | 4981      | NS      | $511698.13    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Brookfield Senior Mezzanine Real Estate Finance Fund, LP                                  | Brookfield Senior Mezzanine Real Estate Finance Fund, LP                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $2185653.40   | 1.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Gibson Energy Inc                                                                         | Gibson Energy Inc                                                                         | CUSIP: N/A<br>LEI: 549300WYW5D9I3FR0643       | Long             | EC               | CORP              | CA        | 24800     | NS      | $435263.45    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Woodside Energy Group Ltd                                                                 | Woodside Energy Group Ltd                                                                 | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        | 3101      | NS      | $47900.88     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| SIG Group AG                                                                              | SIG Group AG                                                                              | CUSIP: N/A<br>LEI: 5493004Z6P7TSVB1L042       | Long             | EC               | CORP              | CH        | 4492      | NS      | $83088.73     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 1002699   | NS      | $1002699.15   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Rio Tinto Ltd                                                                             | Rio Tinto Ltd                                                                             | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        | 1038      | NS      | $73480.32     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| CF Industries Holdings Inc                                                                | CF Industries Holdings Inc                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        | 576       | NS      | $52992.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Nucor Corp                                                                                | Nucor Corp                                                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        | 656       | NS      | $84978.24     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| DTE Energy Co                                                                             | DTE Energy Co                                                                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        | 2243      | NS      | $297107.78    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Cellnex Telecom SA - Rights                                                               | Cellnex Telecom SA - Rights                                                               | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        | 14098     | NS      | $548952.87    | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| Boardwalk Real Estate Investment Trust                                                    | Boardwalk Real Estate Investment Trust                                                    | CUSIP: N/A<br>LEI: 549300RMNRTTJRCOYW23       | Long             | EC               | CORP              | CA        | 900       | NS      | $46257.39     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                                                                              | Glencore PLC                                                                              | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        | 27509     | NS      | $107192.43    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Cenovus Energy Inc                                                                        | Cenovus Energy Inc                                                                        | CUSIP: N/A<br>LEI: 549300F4XPHJ7NOSP309       | Long             | EC               | CORP              | CA        | 2087      | NS      | $28398.83     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ACIP Parallel Fund A, LP                                                                  | ACIP Parallel Fund A, LP                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $5045678.97   | 3.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ArcelorMittal SA                                                                          | ArcelorMittal SA                                                                          | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        | 1250      | NS      | $39693.00     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Simon Property Group Inc                                                                  | Simon Property Group Inc                                                                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        | 650       | NS      | $104494.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Property Mexico SA de CV                                                         | Prologis Property Mexico SA de CV                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        | 9900      | NS      | $37327.13     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Emera Inc                                                                                 | Emera Inc                                                                                 | CUSIP: N/A<br>LEI: NQZVQT2P5IUF2PGA1Q48       | Long             | EC               | CORP              | CA        | 10047     | NS      | $460240.03    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Avery Dennison Corp                                                                       | Avery Dennison Corp                                                                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        | 269       | NS      | $47201.43     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| UPM-Kymmene Oyj                                                                           | UPM-Kymmene Oyj                                                                           | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        | 6958      | NS      | $190009.75    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Novolipetsk Steel PJSC                                                                    | Novolipetsk Steel PJSC                                                                    | CUSIP: N/A<br>LEI: 213800913TPW32I84456       | Long             | EC               | CORP              | RU        | 36800     | NS      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Union Pacific Corp                                                                        | Union Pacific Corp                                                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        | 1946      | NS      | $447735.68    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp                                                                      | Regency Centers Corp                                                                      | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        | 1400      | NS      | $99722.00     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ceres Farmland Holdings, LP                                                               | Ceres Farmland Holdings, LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  | NS      | $11819928.33  | 7.45%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-07-25

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

**Signature:** Megan Hoffmann

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

**Title:** Vice President and Controller