Company: PDSRX
Filing Date: 2025-11-25
Form Type: N-CSRS
Source: 0001756404-25-000041
Chunk: 0

Company: Principal Real Asset Fund
Filing Date: 2025-11-25
Form: N-CSRS
Chunk 0
---
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

| Investment              
 Company Act file number | 811-23403 |

| Principal       
 Real Asset Fund |

(Exact name of registrant as specified in charter)

| 711                               
 High Street, Des Moines, IA 50309 |

(Address of principal executive offices) (Zip code)

| Principal                                                     
 Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309 |

(Name and address of agent for service)

| Registrant’s                           
 telephone number, including area code: | 515-235-1719 |

ITEM 1 – REPORT TO STOCKHOLDERS

Principal

Real

Asset

Fund

Semi-Annual

Report

September

30,

2025

#### Sign

#### up

#### for

#### eDelivery!
Safe,

secure

and

ready

when

you

are,

sign

up

for

eDelivery

today.

#### Visit

#### PrincipalAM.com
**Note:

If

your

shares

are

not

held

directly

with

Principal

Funds

but

through

a

brokerage

firm,

please

contact

your

broker

for

electronic

delivery

options

available.

Table

of

Contents**

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
#### •

#### Not

#### a

#### deposit
#### •

#### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency

### Financial
Statements

1

Notes

to

### Financial
Statements

5

Schedule

of

Investments

14

### Financial
Highlights

(includes

performance

information)

18

Shareholder

Expense

Example

20

Supplemental

Information

21

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### September

#### 30,

#### 2025
**(unaudited)

1

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts**

#### Principal

#### Real

#### Asset

#### Fund

#### Investment

#### in

#### securities--at

#### cost
**................................................................