Company: PDSRX
Filing Date: 2025-06-30
Form Type: N-23C3A
Source: 0001756404-25-000013
Chunk: 4

Company: Principal Real Asset Fund
Filing Date: 2025-06-30
Form: N-23C3A
Chunk 4
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 must be corrected within such times as the Fund shall, in its absolute discretion, decide. Tenders of shares will not be deemed to have been made until any defects or irregularities have been corrected or waived.

| Principal Real Asset Fund - Repurchase Offer Notice                                          
 If you are not interested in selling your shares at this time, please disregard this notice. |

#### 12.

#### Repurchase Offer Consequences and Expenses.
Repurchases of shares will have the effect of decreasing the size of the Fund and increasing both the proportionate interest in the Fund of shareholders who do not tender shares and the Fund's expenses as a percentage of average net assets. A reduction in the aggregate assets of the Fund may result in investors who do not tender shares bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline. Further, interest on any borrowings to finance share repurchase transactions may reduce the Fund's returns. These effects may be reduced or eliminated to the extent that additional subscriptions for shares are made from time to time.

#### 13.

#### Record Date.
This Repurchase Offer is made to holders of record of the Fund’s shares as of June 20, 2025.

Neither the Fund, Principal Global Investors, LLC (the “Adviser”), Principal Shareholder Services, Inc. (the “Transfer Agent”), Principal Funds Distributor, Inc. (the “Distributor”) nor any other person or entity is or will be obligated to give notice of any defects or irregularities in tenders, nor shall any of them incur any liability for failure to give any such notice.

Neither the Fund, the Adviser, the Transfer Agent, nor the Distributor is, or will be, obligated to ensure that your financial consultant, any broker-dealer, or any other third party through which your shares may be held or registered, submits this Repurchase Offer to you or submits your tender of shares to the Fund on your behalf.

Neither the Fund nor its board of trustees makes any recommendation to any shareholder as to whether to tender or refrain from tendering shares. Each shareholder must make an independent decision as to whether to tender shares and, if so, how many shares to tender. No person has been authorized to make any recommendation on behalf of the Fund as to whether shareholders should tender shares pursuant to this Repurchase Offer. No person has been authorized to give any information or to make any representations in connection with this Repurchase Offer other than those contained herein, in the Repurchase Request Form,