Company: PDSRX
Filing Date: 2025-06-18
Form Type: 40-APP/A
Source: 0002016900-25-000018
Chunk: 2

Company: Principal Real Asset Fund
Filing Date: 2025-06-18
Form: 40-APP/A
Chunk 2
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 No. 812-15083), Release No. IC-34086 (November 4, 2020) (notice), Release No. IC-34125 (December 1, 2020) (order).

3 All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any other existing or future entity that subsequently relies on the Order will comply with the terms and conditions of the Application.

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The relief requested in this application for the Order (the “

#### Application
”) would allow a Regulated Fund 4 and one or more Affiliated Entities 5 to engage in Co-Investment Transactions 6 subject to the terms and conditions described herein. The Regulated Funds and Affiliated Entities that participate in a Co-Investment Transaction are collectively referred to herein as “

#### Participants
.” 7 The Applicants do not seek relief for transactions effected consistent with Commission staff no-action positions. 8

#### II.

#### GENERAL DESCRIPTION OF THE APPLICANTS
A. PPC

PPC was organized as a Delaware limited liability company on December 1, 2023 but converted to a Delaware statutory trust on April 12, 2024. PPC is a closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. PPC commenced investment operations on June 3, 2024. PPC intends to qualify annually as a regulated investment company under Sub-Chapter M of the Internal Revenue Code of 1986, as amended. PPC’s principal place of business is 711 High Street, Des Moines, Iowa 50392.

PPC’s investment objective is to seek to maximize total return, consisting of current income and capital appreciation. PPC has a four-member board (the “

#### Board
”), of which three members are not “interested” persons of PPC within the meaning of Section 2(a)(19) of the 1940 Act. 9

B. PRA

PRA was organized as a Delaware statutory trust on September 21, 2018. PRA is a closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. PRA commenced investment operations on June 25, 2019. PRA intends to qualify annually as a regulated investment company under Sub-Chapter M of the Internal Revenue Code of 1986, as amended. PRA’s principal place of business is