Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 6

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 6
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 such expenses and any other expenses associated with the instrument.

<div align='center'>7</div>

The above Summary of Fund Expenses table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about management fees, fee waivers, and other expenses is available under PURCHASING FUND SHARES.

Example

The following example illustrates the hypothetical Annual Fund Expenses that you would pay on an investment in the Fund. The Example assumes that you invest $1,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year, all dividends and distributions are reinvested at NAV per share, and the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. The Example should not be considered a representation of the Fund's future expenses. Your actual expenses may be higher or lower than those shown.

| Class         |     | 1 Year |     | 3 Years |     | 5 Years |     | 10 Years |
| A             |     |    $77 |     |    $215 |     |    $347 |     |     $652 |
| Institutional |     |     18 |     |     126 |     |     233 |     |      500 |
| Y             |     |     16 |     |      76 |     |     138 |     |      307 |

#### FINANCIAL HIGHLIGHTS
The following financial highlights tables are intended to help you understand the Fund’s financial performance for the periods shown. The total returns in each table represent the rate that an investor would have earned or lost each period on an investment in the Fund (assuming reinvestment of all distributions). This information has been derived from the financial statements audited by Ernst & Young LLP, Independent Registered Accounting Firm, whose report, along with the Fund's financial statements, is included in the Annual Report to Shareholders dated March 31, 2025. The information provided should be read in conjunction with the Annual Report and the notes accompanying the report. The Fund's financial statements are incorporated by reference into the SAI.

The Annual Report has been filed with the SEC and is available on the SEC's website at www.sec.gov, and is also available upon request by calling 1-800-222-5852.

| Financial Highlights      
 Principal Real Asset Fund |     |                                      |