Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 15

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 15
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810 |     |                   |          – |     |              | – |     |       |     397,810 |
| Short-Term Investments                |     |               |  3,159,202 |     |                   |          – |     |              | – |     |       |   3,159,202 |
| Total                                 |     | $             | 37,325,733 |     | $                 | 71,522,564 |     | $            | – |     | $     | 108,848,297 |

| * | See Statement of Investments for industry classifications. |

The Fund did not have any securities that used significant
unobservable inputs (Level 3) in determining fair value, and there were no transfers into or out of Level 3, during the six-months ended
April 30, 2025.

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

April 30, 2025 (Unaudited)

Commercial Mortgage-Backed Securities: As part
of its investments in commercial real estate related securities, the Fund will invest in CMBS which are subject to certain risks associated
with direct investments in CMBS. A CMBS is a type of mortgage-backed security that is secured by a loan (or loans) on one or more interests
in commercial real estate property. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets
in which the CMBS represents an interest. CMBS may be backed by obligations (including certificates of participation in obligations) that
are principally secured by commercial real estate loans or interests therein having multi-family or commercial use. Securities backed
by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial
real estate loans because those securities derive their cash flows and value from the performance of the commercial real estate underlying
such investments and/or the owners of such real estate.

Real Estate Investment Trusts (“REITs”):
As part of its investments in real estate related securities, the Fund will invest in REITs and is subject to certain risks associated
with direct investment in REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles
that pool investors’ capital to acquire, develop and/or finance real estate and provide services to their tenants. REITs may concentrate
their investments in specific geographic areas or in specific property types, e.g., regional