Principal Real Asset Fund Announces Periodic Repurchase Offer

TL;DR

PRA fund making a repurchase offer - check the terms.

AI Summary

Principal Real Asset Fund filed an N-23C3A form on April 7, 2026, to notify the SEC of a periodic repurchase offer. The filing, with accession number 0001756404-26-000008, details the fund's operations and reporting period ending April 6, 2026. The fund is registered in Delaware and its fiscal year ends on March 31.

Why It Matters

This filing indicates the fund is offering to repurchase its shares, which could impact liquidity and investor access to capital.

Risk Assessment

Risk Level: low — This is a routine notification filing for a periodic repurchase offer, not indicative of immediate financial distress.

Key Numbers

• 0001756404-26-000008 — Accession Number (Unique identifier for this SEC filing.)
• 2026-04-07 — Filing Date (Date the notification was officially filed with the SEC.)

Key Players & Entities

• Principal Real Asset Fund (company) — Filer
• 0001756404-26-000008 (filing_id) — SEC Accession Number
• 2026-04-07 (date) — Filing Date
• 2026-04-06 (date) — Period of Report End Date
• 2026-04-07 (date) — Effectiveness Date
• 711 HIGH ST. DES MOINES IA 50392 (address) — Mailing and Business Address

FAQ

Key Financial Figures

• $27 — Class Y shares on March 26, 2026, were $27.68, $27.92 and $28.33, respectively. Th
• $27.92 — shares on March 26, 2026, were $27.68, $27.92 and $28.33, respectively. The NAV at wh
• $28 — March 26, 2026, were $27.68, $27.92 and $28.33, respectively. The NAV at which the
• $10.00 — o bank account ON FILE 2 o ACH o Wire ($10.00 fee) o Deposit into bank account NOT O
• $15.00 — vernight mail to the address of record ($15.00 fee) 3 NOTE Allow up to 2 days for an e
• $100,000 — ation distributions totaling more than $100,000 distributions to be mailed to an addre

Filing Documents

• pran-23cx3032026a.htm (N-23C3A) — 97KB
• fv93501image1.jpg (GRAPHIC) — 11KB
• fv93501image2.gif (GRAPHIC) — 2KB
• image1a21.jpg (GRAPHIC) — 20KB
• 0001756404-26-000008.txt ( ) — 142KB

From the Filing

N-23C-3 03/2026 PRA N-23c-3 03 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-23c-3 NOTIFICATION OF REPURCHASE OFFER PURSUANT TO RULE 23c-3 1. Investment Company Act File Number 811-23403 Date of Notification April 6, 2026 2. Exact name of investment company as specified in registration statement PRINCIPAL REAL ASSET FUND 3. Address of principal executive office 711 High Street Des Moines, IA 50392 4. Check one of the following A. The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3. B. o The notification pertains to a discretionary repurchase offer under paragraph (c) of Rule 23c-3. C. o The notification pertains to a periodic repurchase offer under paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under paragraph (c) of Rule 23c-3. By s John L. Sullivan Name John L. Sullivan Title Counsel and Secretary Principal Real Asset Fund - Repurchase Offer Notice If you are not interested in selling your shares at this time, please disregard this notice. April 6, 2026 Dear Shareholder, The purpose of this notice is to announce a quarterly repurchase offer ("Repurchase Offer") for Principal Real Asset Fund (the "Fund"). Quarterly repurchase offers provide shareholders with periodic access to their assets and a degree of liquidity. As a shareholder in the Fund, you will receive a notice once per quarter where the Fund will offer to repurchase shares during each regularly scheduled Repurchase Offer period. This Repurchase Offer period will begin on April 6, 2026 and end, unless extended, on April 30, 2026 ("Repurchase Request Deadline"). If you own shares through a brokerdealer or advisor and you wish to tender shares, please contact your financial professional who will provide you with specific instructions. If you are unable to contact your financial professional and wish to tender shares, you can alternatively complete the attached repurchase request form ("Repurchase Request Form"). To process your tender request, we must receive the order with complete information by the close of the New York Stock Exchange on April 30, 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, 300 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 March 26, 2026, were $27.68, $27.92 and $28.33, 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 the date on which you return your Repurchase Request Form. The current NAV may be obtained by calling 800-222-5852. The shares of the Fund are not traded on any organized market or securities exchange. 3. Repurchase Request Deadline. All Repurchase Request Forms must be received in proper form by 300 p.m. Central Time on April 30, 2026 . 4. Repurchase Pricing Date. The NAV used to calculate the repurchase price will be determined on April 30, 2026 (the "Repurchase Pricing Date"). This NAV may be higher or lower than the NAV on the date on which you return your Repurchase Request Fo