Company: PDSRX
Filing Date: 2025-05-28
Form Type: N-CSR
Source: 0001756404-25-000011
Chunk: 0

Company: Principal Real Asset Fund
Filing Date: 2025-05-28
Form: N-CSR
Chunk 0
---
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

| Investment              
 Company Act file number | 811-23403 |

| Principal       
 Real Asset Fund |

(Exact name of registrant as specified in charter)

| 711                               
 High Street, Des Moines, IA 50309 |

(Address of principal executive offices) (Zip code)

| Principal                                                     
 Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309 |

(Name and address of agent for service)

| Registrant’s                           
 telephone number, including area code: | 515-235-1719 |

ITEM 1 – REPORT TO STOCKHOLDERS (a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). (b) Not applicable.

Principal

Real

Asset

Fund

Annual

Report

March

31,

2025

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**Note:

If

your

shares

are

not

held

directly

with

Principal

Funds

but

through

a

brokerage

firm,

please

contact

your

broker

for

electronic

delivery

options

available.

Table

of

Contents**

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
#### •

#### Not

#### a

#### deposit
#### •

#### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Economic

&

### Financial
Market

Review

1

Important

Fund

Information

3

Principal

Real

Asset

Fund

(unaudited)

4

### Financial
Statements

5

Notes

to

### Financial
Statements

9

Schedule

of

Investments

18

### Financial
Highlights

(includes

performance

information)

22

Report

of

Independent

Registered

Public

Accounting

Firm

24

Shareholder

Expense

Example

25

1

E