Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 14

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 14
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sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions
market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of
the Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy,
the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant
to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity
associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;                                                                                     |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.                               |

The following is a summary of the inputs used to value
the Fund’s investments as of April 30, 2025:

| Investments in Securities at Value*   |     | Level 1 -     
 Quoted Prices |            |     | Level 2 -         
 Other Significant 
 Observable        
 Inputs            |            |     | Level 3 -    
 Significant  
 Unobservable 
 Inputs       |   |     | Total |             |
|:--------------------------------------|:----|:--------------|-----------:|:----|:------------------|-----------:|:----|:-------------|:--|:----|:------|------------:|
| Common Stocks                         |     | $             | 33,768,721 |     | $                 |          – |     | $            | – |     | $     |  33,768,721 |
| Commercial Mortgage-Backed Securities |     |               |          – |     |                   | 71,522,564 |     |              | – |     |       |  71,522,564 |
| Mutual Funds                          |     |               |    397,