Company: PGZ
Filing Date: 2025-01-03
Form Type: N-CSR
Source: 0001398344-25-000145
Chunk: 9

Company: Principal Real Estate Income Fund
Filing Date: 2025-01-03
Form: N-CSR
Chunk 9
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 adviser to the Fund.

ALPS Portfolio Solutions Distributor, Inc. is a FINRA member.

Principal Real Estate Investors, LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors, LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.

Secondary market support provided to the Fund by ALPS Advisors, Inc.’s affiliate, ALPS Portfolio Solutions Distributor, Inc., FINRA Member

| 6 | www.principalcef.com |

| Principal Real Estate Income Fund | Performance Overview |

October 31, 2024 (Unaudited)

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

The graph below illustrates the growth
of a hypothetical $10,000 investment assuming the purchase of common shares of beneficial interest at the closing market price
on October 31, 2014, and tracking its progress through October 31, 2024.

Past performance does not guarantee future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

| Principal Real Estate Income Fund | Performance Overview |

October 31, 2024 (Unaudited)

SECTOR ALLOCATION^

| ^ | Holdings are subject to 
 change.                 |

Percentages are based on total investments of the Fund.

GEOGRAPHIC BREAKDOWNas of October 31, 2024

|                        | % of Total Investments |
| United States          | 88.60%                 |
| Australia              | 2.50%                  |
| Japan                  | 2.01%                  |
| France                 | 1.93%                  |
| Great Britain          | 1.24%                  |
| Canada                 | 1.09%                  |
| Hong Kong              | 0.98%                  |
| Germany                | 0.77%                  |
| Singapore              | 0.64%                  |
| South Korea            | 0.14%                  |
| British Virgin Islands | 0.10%                  |
|                        | 100.00%                |

Holdings are subject to change.

| 8 | www.principalcef.com |

Principal Real Estate Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Principal Real