Document

Principal Real Asset Fund

Supplement dated March 18, 2024

to the Statement of Additional Information dated August 1, 2023

(as previously supplemented)

This supplement updates information currently in the Statement of Additional Information (“SAI”). Please retain this supplement for future reference.

On March 13, 2024, the Board of Trustees (the “Board”) of Principal Real Asset Fund (the “Fund”) elected Thomas A. Swank as an Independent Board Member effective immediately. Also on that date, Patrick G. Halter retired from the Board. As such, the changes set forth below are being made to the Fund’s SAI.

MANAGEMENT OF THE FUND

Delete all references to Patrick G. Halter.

Under Independent Trustees, add the following in alphabetical order:

Thomas A. Swank. Mr. Swank has served as an Independent Board Member of the Fund Complex since March 2024. From 2015 to 2023, Mr. Swank served as the Chief Executive Officer and President of Wellabe, formerly American Enterprise Group, Inc. He has served as the Chairman of Board for Wellabe since 2023 and as a Director since 2015. Mr. Swank has also served as a Director on the Director Forum 500 - American Council of Life Insurers since 2015. Through his education, employment experience, and experience as a board member, Mr. Swank is experienced with financial, accounting, regulatory, and investment matters.

Under Board Committees, delete the members of the Executive Committee and Operations Committee and replace with the following:


Committee and Independent Board Members
Executive Committee Kamal Bhatia, Chair Craig Damos Kenneth A. McCullum
Operations Committee Padelford L. Lattimer, Chair Katharin S. Dyer Karen McMillan Thomas A. Swank

Under Additional Information Regarding Board Members and Officers, in the INDEPENDENT BOARD MEMBERS table, add the following in alphabetical order:

INDEPENDENT BOARD MEMBERS

Name, Address,

and Year of Birth

Board Positions Held

with Fund Complex

Principal Occupation(s)

During Past 5 Years

Number of

Portfolios

Overseen

in Fund

Complex

Other

Directorships

Held During

Past 5 Years

Thomas A. Swank
711 High Street
Des Moines, IA 50392
1960

Director, PFI and PVC (since 2024)

Trustee, PRA and PETF (since 2024)

Chief Executive Officer and President, Wellabe (formerly, American Enterprise Group, Inc.) (life and health insurance) from 2015 -2023

126

Wellabe (formerly, American Enterprise Group, Inc.)
2015 - present

In the Board Member Ownership of Securities section, add the following row alphabetically and footnote to the Independent Board Members table:


INDEPENDENT BOARD MEMBERS
Board Member	Dollar Range of Equity Securities in the Fund	Aggregate Dollar Range of Equity Securities in All Registered Investment Companies in the Fund Complex
Thomas A. Swank(2)	A	A

(2)Appointment effective March 13, 2024.

In the Board Member and Officer Compensation section, add the following row alphabetically and footnote to the Independent Board Members table:


Independent Board Members
Board Member	Aggregate Compensation from the Fund	Total Compensation from the Fund and Fund Complex Paid to Board Members
Thomas A. Swank(2)	$0	$0

(2)Mr. Swank was elected to the Board effective March 13, 2024 and therefore did not receive compensation from the Fund or the Fund Complex for the fiscal year ended March 31, 2023.