Company: PDSRX
Filing Date: 2025-03-19
Form Type: 424B3
Source: 0001756404-25-000004
Chunk: 0

Company: Principal Real Asset Fund
Filing Date: 2025-03-19
Form: 424B3
Chunk 0
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#### Principal Real Asset Fund

#### Supplement dated March 19, 2025

#### to the Statement of Additional Information

#### dated August 1, 2024
<div align='center'>(as previously supplemented)</div>

This supplement updates information currently 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

#### INTERESTED BOARD MEMBER
table, delete the row for Barbara Wenig and add the following:

| INTERESTED BOARD MEMBER |     |                                                    |     |                                                      |     |              |     |                          |
| Name, Address,          
 and Year of Birth       |     | Positions Held                                     
 with Fund                                          |     | Principal Occupation(s)                              
 During Past 5 Years                                  |     |    Number of 
   Portfolios 
  Overseen in 
 Fund Complex |     | Other Directorships      
 Held During Past 5 Years |
| Barbara Wenig           
 711 High Street         
 Des Moines, IA 50392    
 1972                    |     | Trustee, Chair,                                    
 Chief Executive Officer and President (since 2024) |     | Principal Financial Group*                           
 Executive Managing Director - Chief Business Officer 
 (since 2025)                                         
 Executive Managing Director -                        
 Global Head of Operations and Services -             
 Principal Asset ManagementSM(2021-2024)              
 Neuberger Berman                                     
 Managing Director (2008-2021)                        |     |            2 |     | None                     |

Under Additional Information Regarding Board Members and Officers , in the

#### PRINCIPAL FUNDS OFFICERS
table, delete the rows for Beth Graff, Megan Hoffmann, Laura B. Latham, and Sara L. Reece and add the following alphabetically:

| PRINCIPAL FUNDS OFFICERS |     |                                              |     |                                                  |
| Name, Address,           
 and Year of Birth        |     | Position(s) Held                             
 with Principal Funds                         |     | Principal Occupation(s)                          
 During Past 5 Years                              |
| Megan Hoffmann           
 711 High Street          
 Des Moines, IA 50392     
 1979                     |     | Vice President and Controller (since 2021)   |     | Principal Financial Group*                       
 Senior Director - Fund Accounting and            
 Administration (since 2025)                      
 Senior Director - Fund Administration (2024)     
 Director - Accounting (2020-2024)                |
|