Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 78

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 78
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Not applicable at this time.

<div align='center'>48</div>

### PRINCIPAL REAL ASSET FUND

#### Statement of Additional Information
<div align='center'>Dated August 1, 2025</div>

| 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”).

This Statement of Additional Information (“SAI”) is not a prospectus but should be read in conjunction with the Prospectus dated August 1, 2025, as supplemented from time to time. This SAI does not include all information that a prospective investor should consider before purchasing Shares, and investors should obtain and read the Prospectus prior to purchasing such Shares. A copy of the Prospectus may be obtained without charge 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 the Prospectus on the Fund’s website at www.PrincipalAM.com/IntervalProspectuses. Capitalized terms in this SAI have the same meaning as in the Prospectus, unless otherwise defined.

### TABLE OF CONTENTS
| GENERAL INFORMATION AND HISTORY                     |     |  3 |
| ADDITIONAL INVESTMENT POLICIES AND RESTRICTIONS     |     |  3 |
| MANAGEMENT OF THE FUND                              |     |  5 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES |     | 12 |
| INVESTMENT ADVISORY AND OTHER SERVICES              |     | 13 |
| PORTFOLIO MANAGERS                                  |     | 17 |
| BROKERAGE ALLOCATION AND OTHER PRACTICES            |     | 18 |
| TAX INFORMATION                                     |     | 21 |
| FINANCIAL STATEMENTS                                |     | 22 |
| APPENDIX A - DESCRIPTION OF DEBT RATINGS            |     | 23 |
| APPENDIX B - PROXY VOTING POLICIES                  |     | 26 |

#### GENERAL INFORMATION AND HISTORY
The Fund is a non-diversified, closed-end management investment company that is operated as an interval