Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 6

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 6
---

addition to current net investment income. There is no guarantee that the Fund's current distribution policy will reduce or eliminate
the Fund's market price discount to its net asset value per share and the Fund's trustees have no fiduciary duty to take action, or to
consider taking any action, to narrow any such discount. The distribution policy may be changed or discontinued without notice.

The Board and the Fund’s management continue to evaluate strategic
opportunities for the Fund.

References:

The Premium/Discount is the amount (stated in dollars or percent) by which the selling or purchase price of a fund is greater than (premium) or less than (discount) its face amount/value or net asset value (NAV). Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.

Duration is expressed as a number of years. The duration number is a calculation involving present value, yield, coupon, final maturity and call features. The bigger the duration number, the greater the interest-rate risk or reward for bond prices. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

S&P 500 ®Index – A large cap U.S. equities index that includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

| 4 | www.principalcef.com |

| Principal Real Estate Income Fund | Performance Overview |

April 30, 2025 (Unaudited)

Bloomberg U.S. Aggregate Bond Index – A broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

Morningstar Developed Markets Index – An index that captures the performance of the stocks located in the developed countries across the world. Stocks in the index are weighted by their float capital, which removes corporate cross ownership, government holdings and other locked-in shares.

Bloomberg US CMBS 2.0 BBB Index - An index that tracks securities rated BBB or equivalent by Moody's, S&P or Fitch that were issued since 2010.

A bond rating is a grade given to bonds by private, independent ratings services that indicates their credit quality. Investment grade bonds range from AAA to BBB- and will usually see bond yields increase as ratings decrease.

Issuance information – JPMorgan

| Principal Real Estate Income Fund |