Company: PDSRX
Filing Date: 2025-05-06
Form Type: 40-APP
Source: 0002016900-25-000009
Chunk: 1

Company: Principal Real Asset Fund
Filing Date: 2025-05-06
Form: 40-APP
Chunk 1
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 Sections 6(c) and 17(b) of the Act for an Order of Exemption from Sections 17(a)(1) and 17(a)(2) of the Act |

#### I.

#### SUMMARY OF APPLICATION
The following entities hereby request an order (the “

#### Order
”) of the U.S. Securities and Exchange Commission (the “

#### SEC
” or “

#### Commission
”) under Section 57(i) of the Investment Company Act of 1940, as amended (the “1940 Act”), 1 and Rule 17d-1, permitting certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder. The Order would supersede the exemptive order issued by the Commission on December 1, 2020 (the “

#### Prior Order
”) 2 that was granted pursuant to Sections 57(a)(4), 57(i) and Rule 17d-1, with the result that no person will continue to rely on the Prior Order if the Order is granted.

• Principal Private Credit Fund I, a closed-end management investment company registered under the 1940 Act (“

#### PPC
”);

• Principal Real Asset Fund, a closed-end management investment company registered under the 1940 Act (“

#### PRA
” and, together with PPC, the “

#### Existing Regulated Funds
”);

• Principal Global Investors, LLC, the investment adviser to each Existing Regulated Fund (“

#### PGI
”) and an indirect wholly owned subsidiary of Principal Financial Group, Inc (“

#### PFG
”);

• Principal Life Insurance Company, an indirect wholly owned subsidiary of PFG (“

#### PLIC
”);

• Principal Alternative Credit Unlevered Fund, LP, which is an entity whose investment adviser is PGI and that would be an investment company but for Section 3(c)(7) of the 1940 Act (the “

#### Unlevered Fund
”); and

• Principal Real Estate Investors, LLC, an investment sub-adviser to PRA (“

#### Prin-REI
”) and an indirect wholly owned subsidiary of PFG (“Prin-REI” and, together with the Existing Regulated Funds, PGI, PLIC, and the Unlevered Fund, the “

#### Applicants
”). 3

1 Unless otherwise indicated, all section and rule references herein are to