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Investment Type: CITFund

Diversified Real Asset CIT-Tier II

Quick Facts Inception Date: 02/04/2021 Extended Performance Inception Date: 05/30/2013 Morningstar Category: Global Moderate Allocation Total Net Assets (mil): $1,619.66	Investment Strategy    What's this? The investment seeks a long-term total return in excess of inflation.The fund allocates its assets among the following general investment categories: inflation-indexed bonds, securities of real estate companies, commodity futures, securities of natural resource companies, publicly-listed infrastructure companies, and floating rate debt. It concentrates its investments (invests more than 25% of its net assets) in securities in the infrastructure, real estate and energy/natural resources industries.
Morningstar Style Box™   as of 03/31/2025    What's this?	Overall Morningstar Star Rating™      What's this? Out of Funds Star Rating Not Rated Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Total Returns

Returns shown for periods of less than one year are not annualized. All returns displayed here are after Total Investment Expense of the investment option.

The Year-to-Date Change represents an unannualized rate of return (change in value) since the start of the year. All returns shown here are after the Total Investment Expense of the investment option.

In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the fund. Performance when shown reflects the application of net expenses of the fund.

Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For more performance information, including the most recent month-end performance, visit principal.com.

Month-End | Quarter-End

Average Annual Total Returns as of 01/31/2025

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Total Return % 1.91 -1.17 1.91 7.78 0.85 4.79 3.15 3.14 Diversified Real Asset Index (Linked) % 2.74 -0.06 2.74 10.01 2.01 4.94 3.81 --- Global Allocation Category % 2.57 1.80 2.57 10.79 3.23 5.31 4.83 --- Morningstar Percentile Rankings** --- --- --- --- --- --- --- --- # of Funds in Category 359 356 359 351 336 318 244 ---

* Inception Date: 02/04/2021 ; Extended Performance Inception Date: 05/30/2013

**Morningstar percentile rankings are based on total returns.

Expenses   as of 01/31/2025 Total Investment Expense - Gross: 0.67% Total Investment Expense - Net: 0.67% Total Investment Expense Gross Per $1,000 Invested: $6.70

Inv Manager or Sub-Advisor

   What's this?

BlackRock Financial Mgmt, Inc.

Principal Real Estate Inv

Macquarie

Pictet

Principal Global Investors

Nuveen Asset Management

ClearbridgeRARE Infrastructure

Newton Investment Management

Impax Asset Management

Wellington Management Company

CoreCommodity Management LLC

Portfolio Managers

   What's this?

Benjamin E. Rotenberg , CFA , CAIA Since 03/07/2014 B.A. , Pomona College

Jessica S. Bush , CFA Since 03/07/2014 B.A. , University of Michigan

May Tong , CFA Since 05/10/2021 B.A./B.S. , Boston College

© 2025 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Investment and Insurance products are: * Not insured by the FDIC or Any Federal Government Agency * Not a Deposit or Other Obligation of, or Guaranteed by Credit Union or Bank * Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested Principal® charges the investment provider an annual Principal® Platform Connectivity Program (Program) fee of $1,000 for those investment option(s) with this designation. This Program fee helps to pay for a number of expenses incurred in connection with maintaining and adding investments to its platform, including but not limited to, expenses for IT systems, IT employees and required legal and compliance services. The investment provider will pay the Program fee for these investment options. Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options (inclusive of U.S. Treasury Inflation-Protected Securities) are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. or any other government entity. Floating rate debt instruments are subject to credit risk, interest rate risk, and impaired collateral risk, which means that the value of the collateral used to secure a loan held by the Fund could decline over the course of the loan. Credit risk refers to an issuer's ability to make interest and principal payments when due. Investments concentrated in natural resources industries can be affected significantly by events relating to those industries, such as variations in the commodities markets, weather, disease, embargoes, international, political, and economic developments, the success of exploration projects, tax and other government regulations, and other factors. Investing in derivatives entails specific risks relating to liquidity, leverage, and credit that may reduce returns and/or increase volatility. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration. An MLP that invests in a particular industry (e.g., oil and gas) may be harmed by detrimental economic events within that industry. As partnerships, MLPs may be subject to less regulation (and less protection for investors) under state laws than corporations. In addition, MLPs may be subject to state taxation in certain jurisdictions, which may reduce the amount of income paid by an MLP to its investors. Global infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability, and energy conversation policies. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Commodity-Related Investment Risk: The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory and other developments. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. Commodity Index-Linked Notes Risk: The value of commodities may be affected by overall market movements and other factors affecting the value of a particular industry or commodity. These notes expose the fund to movements in commodity prices. They are also subject to credit, counterparty, and interest rate risk. Commodity index-linked notes are often leveraged. At the maturity of the note, the fund may receive more or less principal than it originally invested. The fund may also receive interest payments on the note that are less than the stated coupon interest payments. Investing involves risk, including possible loss of principal. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of a participant's or beneficiary's retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration's website for an example demonstrating the long-term effect of fees and expenses. The Diversified Real Asset CIT is operated by Principal Global Investors Trust Company, which has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (the "Act") and, therefore, is not subject to registration or regulation as a pool operator under the Act. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. or any other government entity. Concentrating investments in natural resources industries can be affected significantly by events relating to those industries, such as variations in the commodities markets, weather, disease, embargoes, international, political and economic developments, the success of exploration projects, tax and other government regulations and other factors. Investment in derivatives entails specific risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration. The Principal Diversified Real Asset Collective Investment Fund (CIT) is a collective investment trust maintained by Principal Global Investors Trust Company, (the Trust Company). The Trust Company has retained Principal Global Investors LLC (the Adviser), to serve as investment adviser with respect to the CIT, subject to the Trust Companys supervision and review. The Adviser is an indirect wholly owned subsidiary of Principal Financial Group, Inc., and is under common control with the Trust Company. The CIT is available only to certain qualified retirement plans and governmental 457(b) plans. The CIT is not a mutual fund and is not registered with the Securities and Exchange Commission, the State of Oregon, or any other regulatory body. Units of the CIT are not deposits or obligations of, guaranteed by, or insured by the Trust Company or any affiliate, and are not insured by the FDIC or any other federal or state government agency. The value of the CIT will fluctuate so that when redeemed, units may be worth more or less than the original cost. The declaration of trust, participation agreement, and disclosure documents contain important information about investment objectives, risks, fees and expenses associated with investment in the CIT and should be read carefully before investing. The declaration of trust is available at principal.com. A copy of the participation agreement can be obtained from your plan administrator. The risks associated with derivative investments include that the underlying security, interest rate, market index, or other financial asset will not move in the direction the Investment Adviser and/or Sub-Advisor anticipated, the possibility that there may be no liquid secondary market, the risk that adverse price movements in an instrument can result in a loss substantially greater than a fund's initial investment, the possibility that the counterparty may fail to perform its obligations; and the inability to close out certain hedged positions to avoid adverse tax consequences.