# EDGAR Filing Document

**Accession Number:** 0001756404
**File Stem:** 0001756404-25-000032
**Filing Date:** 2025-10
**Character Count:** 2411
**Document Hash:** 7176eba87052c20428a01ff9d0f289dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756404-25-000032.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001756404-25-000032

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Real Asset Fund
- **CENTRAL INDEX KEY:** 0001756404

**ORGANIZATION NAME:**
- **EIN:** 832104764
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-228850
- **FILM NUMBER:** 251384287

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH ST.
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 5152359328

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH ST.
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Principal Diversified Select Real Asset Fund
- **DATE OF NAME CHANGE:** 20181018

**Principal Real Asset Fund**

**Supplement dated October 9, 2025**

**to the Statement of Additional Information**

&nbsp;&nbsp;&nbsp;&nbsp;**dated August 1, 2025**

**(as previously supplemented)**

This supplement updates information currently in the Statement of Additional Information. Please retain this supplement for future reference.

**TAX INFORMATION**

*Under* **Qualification as a Regulated Investment Company***, please add the following paragraph after the existing paragraph:*

In addition, the Fund invests in certain private funds treated as partnerships for U.S. tax purposes. Private funds treated as partnerships pass through the underlying sources of income to the Fund. There is a risk that a private fund could pass through income which is not Qualifying Income to the Fund. If the Fund receives income that is not determined to be Qualifying Income, it may cause the Fund to fail to qualify as a regulated investment company under the IRC for a given year, which would have negative tax consequences to the Fund and its shareholders. The Fund has established processes and procedures for reviewing the structure and income of the private funds it invests in to help ensure the private funds will distribute and allocate Qualifying Income to the Fund. Despite its best efforts, however, the Fund cannot guarantee a private fund will never distribute or allocate income that is not Qualifying Income.

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