Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 0

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 0
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1933 Act File No. 333-228850

1940 Act File No. 811-23403

<div align='center'>As filed with the Securities and Exchange Commission on July 25, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549</div>

#### FORM N-2
<div align='center'>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT NO. 9

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

AMENDMENT NO. 12</div>

| PRINCIPAL REAL ASSET FUND                                                           |
| (Exact Name of Registrant as Specified in Charter)                                  |
| 711 High Street                                                                     |
| Des Moines,IA50392                                                                  |
| (515)247-6651                                                                       |
| (Address and telephone number, including area code, of principal executive offices) |
| John L. Sullivan                                                                    |
| The Principal Financial Group                                                       |
| 711 High Street                                                                     |
| Des Moines,IA50392                                                                  |
| (Name and Address of Agent for Service)                                             |

Approximate Date of Commencement of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

| ☐ |     | Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.                                                                                                                                  |
| ☒ |     | Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan. |
| ☐ |     | Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.                                                                                                                                          |
| ☐ |     | Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.                                |
| ☐ |     | Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.                       |

It is proposed that this filing will become effective (check appropriate box):

| ☐