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I am familiar with the organization of Principal Real Asset Fund (the "Fund") under the laws of the State of Delaware and have reviewed the above-referenced Registration Statement Amendment No. 9 (the "Registration Statement") filed with the Securities and Exchange Commission relating to the offer and sale of an indefinite number of shares of the Fund's Common Stock (the "Shares"). Based upon such review as I have deemed necessary, I am of the opinion that the Fund's Shares proposed to be sold pursuant to Post‑Effective Amendment No. 9 to the Registration Statement, when the amendment becomes effective, will have been validly authorized and, when sold in accordance with the terms of the amendment and the requirements of federal and state law, will have been legally issued, fully paid and non-assessable.