Company: PDSRX
Filing Date: 2025-12-29
Form Type: N-23C3A
Source: 0001756404-25-000046
Chunk: 1

Company: Principal Real Asset Fund
Filing Date: 2025-12-29
Form: N-23C3A
Chunk 1
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To process your tender request, we must receive the order with complete information by the close of the New York Stock Exchange on January 28, 2026.

Please refer to the Fund’s prospectus and the enclosed Repurchase Offer Terms and Repurchase Offer Request Form if you have questions or contact a Client Relations Specialist at 800-222-5852. The enclosed documents apply to the current repurchase offer period. New documents will be mailed to you in connection with any subsequent quarterly repurchase offers.

Sincerely,

Principal Real Asset Fund

The Repurchase Request Deadline will be strictly observed. If you fail to submit your repurchase request in proper form prior to the Repurchase Request Deadline, the Fund will not repurchase your shares or a portion thereof until a subsequent quarterly Repurchase Offer, at which time you must submit a new repurchase request for that offer. Shares would be subject to net asset value fluctuation during that time.

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

#### Repurchase Offer Terms

#### 1.

#### The Offer.
Principal Real Asset Fund (the “Fund”) is offering to repurchase, for cash, up to 5% of its issued and outstanding common shares of beneficial interest (“Repurchase Offer Amount”) at a price equal to the net asset value (“NAV”) as of the close of regular trading hours on the New York Stock Exchange (normally, 3:00 p.m., Central Time) on the Repurchase Pricing Date (defined below). The purpose of this offer is to provide a level of liquidity to shareholders since no secondary market exists for the Fund’s shares. This offer is not conditioned on the tender of any minimum number of shares. This offer is made subject to the terms and conditions made in this Repurchase Offer and the Fund’s currently effective prospectus and statement of additional information, as amended or supplemented.

#### 2.

#### Net Asset Value.
The NAV of the Fund’s Class A, Class I, and Class Y shares on December 18, 2025, were $27.05, $27.27, and $27.66, respectively. The NAV at which the Fund will repurchase shares will not be calculated until the Repurchase Pricing Date (defined below). The Fund’s NAV can fluctuate, prior to such time. Therefore, the NAV on the Repurchase Pricing Date may be higher or lower than the NAV stated above or the NAV on