Company: PDSRX
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001756404-25-000043
Chunk: 0

Company: Principal Real Asset Fund
Filing Date: 2025-12-18
Form: 424B3
Chunk 0
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#### Principal Real Asset Fund

#### Supplement dated December 18, 2025

#### to the Statement of Additional Information

#### dated August 1, 2025
<div align='center'>(as previously supplemented)</div>

This supplement updates information contained in the Statement of Additional Information. Please retain this supplement for future reference.

#### MANAGEMENT OF THE FUND
Under Additional Information Regarding Board Members and Officers , in the

#### PRINCIPAL

#### FUNDS OFFICERS
table, delete the row for Mandy L. Huebbe.

On or about January 1, 2026, under the

#### Board Member and Officer Compensation
section, delete the first paragraph and replace with the following:

The Fund does not pay any remuneration to officers or to any Board Members listed above as Interested Board Members. The Board annually considers a proposal to reimburse PGI for certain expenses, including a portion of the compensation of the Fund’s Chief Compliance Officer (“CCO”). If the proposal is adopted, the compensation amount is allocated across the Fund and other PGI-sponsored registered investment companies for which the CCO serves as the Chief Compliance Officer.

<div align='center'>1</div>