Company: PDSRX
Filing Date: 2025-05-06
Form Type: 40-APP
Source: 0002016900-25-000009
Chunk: 6

Company: Principal Real Asset Fund
Filing Date: 2025-05-06
Form: 40-APP
Chunk 6
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 under either an investment advisory agreement (as noted below) or a separate administrative services agreement.

Under the terms of an investment advisory agreement with each Existing Regulated Fund and the Unlevered Fund, PGI, among other things, manages the investment portfolio, direct purchases and sales of portfolio securities, and reports thereon to each Existing Regulated Fund’s and the Unlevered Fund’s officers and trustees/manager regularly. Under the terms of an investment advisory agreement with PGI, on behalf of PRA, Prin-REI, among other things, manages a portion of PRA’s investment portfolio, directs purchases and sales of portfolio securities for that portion, and reports thereon to PGI and, as needed, the Board of PRA.

#### III.

#### ORDER REQUESTED
The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject to the terms and conditions set forth below in this Application (the “

#### Conditions
”), each Regulated Fund to be able to participate with one or more Affiliated Entities in Co-Investment Transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.

A. Applicable Law

Section 17(d), in relevant part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting any transaction in which the registered investment company is “a joint or a joint and several participant with such person” in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [fund] on a basis different from or less advantageous than that of such other participant.”

Rule 17d-1 prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or effecting any transaction in connection with, any “joint enterprise or other joint arrangement or profit-sharing plan” 10 in which the fund is a participant without first obtaining an order from the SEC.

10 Rule 17d-1(c) defines a “[j]oint enterprise or other joint arrangement or profit-sharing plan” to include, in relevant part, “any written or oral plan, contract, authorization or arrangement or any practice or understanding concerning an enterprise or undertaking whereby a registered investment company . . . and any affiliated