Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 1

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 1
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1934 (“Exchange Act”).                                                                                                                                                 |
| ☐ |     | If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
| ☐ |     | New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).                                                                                                                             |

#### PROSPECTUS DATED AUGUST 1, 2025

#### Principal Real Asset Fund
| Share Class         |     | Ticker |
| Class A             |     | PDSRX  |
| Institutional Class |     | PDSKX  |
| Class Y             |     | PDSYX  |

Principal Real Asset Fund (the “Fund”) is a non-diversified, closed-end management investment company that continuously offers its shares of beneficial interest (the “Shares”). The Fund currently offers three classes of Shares: A, Institutional, and Y. The Fund's investment advisor is Principal Global Investors, LLC ("PGI"). The Fund's investment objective is to seek to provide long-term total return (after Fund fees and expenses) in excess of inflation. The Fund seeks to achieve this investment objective by investing in real assets and real asset companies. Real assets include, without limitation, investments related to real estate, agriculture, infrastructure, energy, natural resources, and timber. Real asset companies include companies that primarily own, explore, mine, process or otherwise develop real assets. The Fund invests in real assets and real asset companies directly, and indirectly through other entities, including private institutional investment funds that pursue these strategies. The Fund may borrow for investment purposes, to meet repurchase requests, and for temporary, extraordinary or emergency purposes. See "INVESTMENT STRATEGIES AND RISKS."

The Fund is structured as an interval fund, which means it conducts quarterly repurchase offers of no less than 5% and no more than 25% of the Fund’s outstanding shares at net asset value (“NAV”). Repurchase offers of more than 5% are made solely at the discretion of the Fund’s Board of Trustees, and investors should not rely on any expectation of repurchase offers being made in excess of 5%. Investors should consider the Fund’s shares illiquid. See "PERIODIC REPURCHASE OFFERS."

This Prospectus sets forth important information you should know before investing in the Shares. Please read this