Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 18

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 18
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ruption and Geopolitical Risk: The
value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to
economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies
or governments. These price movements, sometimes called volatility, may be greater or less depending on the types of securities the Fund
owns and the markets in which the securities trade. Securities in the Fund’s portfolio may underperform due to inflation (or expectations
for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such
as the war in Ukraine, or the conflict in the Middle East, terrorist attacks around the world, natural disasters, social and political
discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events
affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any
such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. There is a risk that
you may lose money by investing in the Fund.

| Principal Real Estate Income Fund | Notes to Financial Statements |

April 30, 2025 (Unaudited)

Social, political, economic and other conditions and
events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), tariffs and trade disruptions, recession, changes
in currency rates, terrorism, conflicts and social unrest, may occur and could significantly impact issuers, industries, governments and
other systems, including the financial markets. As global systems, economies and financial markets are increasingly interconnected, events
that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region
or financial market will, more frequently, adversely impact issuers in other countries, regions or markets. For example, developments
in the banking or financial services sectors could adversely impact a wide range of companies and issuers. These impacts can be exacerbated
by failures of governments and societies to adequately respond to an emerging event or threat