Company: PDSRX
Filing Date: 2025-07-25
Form Type: 486BPOS
Source: 0001756404-25-000017
Chunk: 38

Company: Principal Real Asset Fund
Filing Date: 2025-07-25
Form: 486BPOS
Chunk 38
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, working capital, proceeds from marketable securities, proceeds from the distribution reinvestment plan, and net operating cash without any limitation on the amounts the Fund may pay from such sources. If during any consecutive 24-month period, the Fund does not have at least one quarterly repurchase offer in which it fully satisfies 100% of all properly submitted repurchase requests, the PGI will discontinue making any new investments in illiquid assets (any investment that the fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment) and will only invest available Investable Assets in cash, cash equivalents or liquid securities with the intent of selling such assets as necessary to meet future repurchase requests until such date on which all outstanding repurchase requests resulting from the most recent quarterly repurchase offer have been satisfied. However, in any event, Investable Assets may be used at any time to fund operating cash needs (as well as to establish reserves to meet such needs), including, without limitation, the following: operating expenses, taxes and insurance, debt service and repayment or refinancing of debt, debt financing expenses, funding commitments, including without limitation, commitments to acquire new investments (provided such commitments were made at least twelve (12) months prior to the end of such 24 consecutive month period), obligations imposed by law, courts, or arbitration, necessary capital improvements, lease-related expenditures, customary general and administrative expenses, asset management fees and other fees payable to PGI and the Sub-Advisor(s) as described in the prospectus, or shareholder distributions. PGI will consider, and recommend to the Board, additional ways to improve shareholder liquidity through continued periodic repurchase offers (including by increasing the amount of any such repurchase offer) or otherwise. Exceptions to the limitations of this paragraph may be made to complete like-kind exchanges under Section 1031 of the Code necessary to avoid adverse tax consequences, or to take actions necessary to maintain compliance with the 1940 Act, as amended, including rules and regulations thereunder, as interpreted or modified by regulatory authority having jurisdiction, from time to time. A contractual fee waiver agreement provides that the advisory fee paid by the Fund to PGI will be reduced by 5% after such 24-month period in which the Fund does not have at least one quarterly repurchase offer in which 100% of redemption requests are satisfied with such reduction continuing until a quarterly redemption offer is fully satisfied.

In the event that the Fund invest