Company: PDSRX
Filing Date: 2025-03-31
Form Type: N-23C3A
Source: 0001756404-25-000006
Chunk: 2

Company: Principal Real Asset Fund
Filing Date: 2025-03-31
Form: N-23C3A
Chunk 2
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 date on which you return your Repurchase Request Form. The current NAV may be obtained by calling 800-222-5852. The shares of the Fund are not traded on any organized market or securities exchange.

#### 3.

#### Repurchase Request Deadline.
All Repurchase Request Forms must be received in proper form by 3:00 p.m. Central Time on

#### April 28, 2025
.

#### 4.

#### Repurchase Pricing Date.
The NAV used to calculate the repurchase price will be determined on

#### April 28, 2025
(the “Repurchase Pricing Date”). This NAV may be higher or lower than the NAV on the date on which you return your Repurchase Request Form.

#### 5.

#### Repurchase Payment Deadline.
The Fund expects to make payments for all shares repurchased no more than seven (7) calendar days from the Repurchase Pricing Date.

#### 6.

#### Increase in Number of Shares Repurchased.
If shareholders tender for repurchase more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of shares not to exceed 2% of the outstanding shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding shares on the Repurchase Request Deadline, the Fund will repurchase the shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than 100 shares and who tender all of their shares, before prorating other amounts tendered.

#### 7.

#### Withdrawal or Modification.
Tenders of shares may be withdrawn or modified by shareholders at any time prior to the Repurchase Request Deadline.

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

#### 8.

#### Suspension or Postponement of Repurchase Offer.
The Fund may suspend or postpone this Repurchase Offer only by a vote of a majority of the members of the Fund’s board of trustees, including a majority of the independent trustees, and only in the following limited circumstances:

• If the repurchase of shares would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code;

• For any period during which the New York Stock Exchange or