Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 2

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 2
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 Prospectus carefully and retain it for future reference. A Statement of Additional Information (“SAI”) dated August 1, 2025, containing additional information about the Fund, has been filed with the SEC. The SAI and, when available, the annual and semi-annual reports to shareholders and other information about the Fund can be obtained at no cost, and other shareholder inquiries can be made, by calling 1-800-222-5852 or by writing Principal Real Asset Fund, P.O. Box 219971, Kansas City, MO 64121-9971, or you may access these documents on the Fund’s website at www.PrincipalAM.com/IntervalProspectuses. This Prospectus incorporates by reference the entire SAI. The SAI, as well as material incorporated by reference into the Fund’s Registration Statement and other information regarding the Fund, are available on the EDGAR Database on the SEC’s Internet site at www.sec.gov.

An investment in the Shares is speculative and involves a high degree of risk, including the risk of a loss of some or all of your investment. Please read the discussion of the risks of investing in the Fund under "INVESTMENT STRATEGIES AND RISKS” before buying Shares.

The Fund’s Shares have no history of public trading, are not listed, and the Fund does not currently intend to list its Shares for trading on any national securities exchange. There is currently no secondary market for its Shares, and the Fund does not expect a secondary market in its Shares to develop.

The Securities and Exchange Commission has not approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The Fund’s Shares are offered through Principal Funds Distributor, Inc., which is the exclusive distributor of Shares, on a best-efforts basis.

|                               |     | Price to Public(1)           |     | Maximum Sales Load |     | Proceeds to the Fund(1)                 |
| Per Class A Share             |     | Current NAV, plus sales load |     | 5.75%(2)           |     | Amount invested at NAV, less sales load |
| Per Institutional Class Share |     | Current NAV                  |     | N/A                |     | Amount invested at NAV                  |
| Per Class Y Share             |     | Current NAV                  |     | N/A                |     | Amount invested at NAV                  |

(1) Shares will be sold on a continuous basis at a price