Performance

Monthly cumulative returns as of , subject to change
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Quarterly annualized returns as of , subject to change
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Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 855.838.9485

Total Annual Expense Ratio as a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 33 1/3% of the Fund's Total Assets), per the prospectus, 2.62%

Total Annual Expense Ratio as a Percentage of Net Assets Attributable to Common Shares (Assuming No Limited Leverage), per the prospectus, 1.48%

1 Fund inception date of Jun 25, 2013.

2 Performance returns are net of fees and expenses.

3 Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV. b) 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).

The Fund performance figures shown reflect the deduction of applicable expenses.

Fund details

Investment objective

The Fund’s investment objective is to seek to provide high current income, with capital appreciation as a secondary objective, by investing in commercial real estate-related securities. There can be no assurance that the Fund will achieve its investment objective.

Investment strategies

Under normal market conditions, the Fund will invest at least 80% of its total assets in commercial real estate-related securities, primarily consisting of commercial mortgage backed securities ("CMBS") and other U.S. and non-U.S. real estate-related securities (primarily real estate investment trusts ("REITs") or REIT-like entities). Under normal circumstances, the Fund will invest between 40% and 70% of its total assets in CMBS and will invest between 30% and 60% in other real estate-related securities (including REITs). 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. REITs are pooled investment vehicles that invest in income producing real estate, real estate-related loans, or other types of real estate interests. The Fund will invest in CMBS and other real estate-related securities at new issuance and in the secondary market which the Fund’s investment subadviser, Principal Real Estate Investors, LLC ("PrinREI") believes will generate attractive risk-adjusted current yields and the potential for capital appreciation for the Fund.

The Fund will rely on PrinREI’s experience in the U.S. CMBS and global real estate-related securities markets to invest in both investment grade and below investment grade CMBS as well as other U.S. and non-U.S. real estate-related securities (including REITs). PrinREI will select CMBS and other real estate-related securities which it believes are fairly or under-priced relative to current market valuations and which PrinREI believes will provide attractive risk-adjusted current yields and total returns to the Fund. PrinREI will employ its proprietary research, fundamental analysis, modeling and real estate underwriting staff to assess credit risk, determine fair value and perform bottom-up security selection. After initially investing the proceeds of the offering, technical influences on the market will be considered before transacting to determine the appropriate time to either acquire or sell investments in the manner that PrinREI believes will be most consistent with helping the Fund achieve its investment objective. Derivative instruments, including credit default swaps, interest rate swaps, caps, floors and collars, currency futures and forwards, rate forwards, and interest rate futures (and options thereon) may be used to reduce credit risk (in the case of credit default swaps), reduce interest rate risk.

Portfolio management

Marc Peterson, CFA - Chief Investment Officer - CMBS

Marc is chief investment officer, CMBS at Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He is responsible for affiliated and non-affiliated CMBS investment strategies for Principal Global Investors with current AUM of $8.6B. Manages a team of eight professionals who are responsible for due diligence and modeling of all CMBS opportunities. Recommendations are based on a combination of credit analysis and relative value within CMBS and other fixed income asset classes. The team is responsible for overseeing the surveillance for all CMBS mandates and identifying, analyzing and executing trading opportunities within the portfolio. Marc joined the firm in 1992. Prior to his current role, he was an accountant for The Principal Financial Group. He received an MBA from Drake University and a bachelor's degree in accounting from Luther College. Marc has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute. He is also a member of the CRE Financial Council.

Kelly D. Rush, CFA - Chief Investment Officer, Real Estate Securities

As head of real estate securities, Kelly directs the domestic and global real estate investment trust (REIT) activity for Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors. He has experience in both separate account and pooled fund management and has been managing real estate stock portfolios since 1997. Previously, Kelly participated in structuring commercial mortgage loans for public real estate companies and the analysis of real estate investment trust issued bonds. He has been with the real estate investment area of the firm since 1987. Kelly received an MBA in business administration and a bachelor's degree in finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst designation and is a member of both the Iowa Society of Financial Analysts and the CFA Institute. Kelly's prior speaking engagements include the Institutional Investor Endowments & Foundations Roundtable, the NAREIT Institutional Investor Forum, the National Conference of Public Employee Retirement Systems (NCPERS), and the International Council of Shopping Centers (ICSC) Law Conference.

Distributions

2018 Distributions
Ex-date Record date Payable date Amount Type Section 19a notices
Section 19a notice
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Distributions data is unavailable at this time.

Sources of distributions to shareholders may include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

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Principal CEF

1290 Broadway, Suite 1100
Denver, CO 80203

DIRECT CONTACT

Phone: 855.838.9485