Company: PDSRX
Filing Date: 2025-09-29
Form Type: N-23C3A
Source: 0001756404-25-000028
Chunk: 0

Company: Principal Real Asset Fund
Filing Date: 2025-09-29
Form: N-23C3A
Chunk 0
---
### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-23c-3

### NOTIFICATION OF REPURCHASE OFFER

#### PURSUANT TO RULE 23c-3
1. Investment Company Act File Number:

811-23403

Date of Notification:

September 29, 2025

2. Exact name of investment company as specified in registration statement:

PRINCIPAL REAL ASSET FUND

3. Address of principal executive office:

711 High Street

Des Moines, IA 50392

4. Check one of the following:

| A. |     | ý |     | The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3.                                                                        |
| B. |     | o |     | The notification pertains to a discretionary repurchase offer under paragraph (c) of Rule 23c-3.                                                                   |
| C. |     | o |     | The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under paragraph (c) of Rule 23c-3. |

| By:    |     | /s/ John L. Sullivan  |
| Name:  |     | John L. Sullivan      |
| Title: |     | Counsel and Secretary |

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

September 29, 2025

Dear Shareholder,

The purpose of this notice is to announce a quarterly repurchase offer (“Repurchase Offer”) for Principal Real Asset Fund (the “Fund”). Quarterly repurchase offers provide shareholders with periodic access to their assets and a degree of liquidity. As a shareholder in the Fund, you will receive a notice once per quarter where the Fund will offer to repurchase shares during each regularly scheduled Repurchase Offer period.

This Repurchase Offer period will begin on September 29, 2025 and end, unless extended, on October 29, 2025 (“Repurchase Request Deadline”).

If you own shares through a broker/dealer or advisor and you wish to tender shares, please contact your financial professional who will provide you with specific instructions. If you are unable to contact your financial professional and wish to tender shares, you can alternatively complete the attached repurchase request form (“Repurchase Request Form