FORMADVPart2B PrincipalRealEstateInvestors,LLC 801GrandAve DesMoines,Iowa50309 (800)533-1390 www.PrincipalGlobal.com March30,2017 SupervisedPersons (PatrickHalter,Todd Everett) PublicRealEstateEquitySecurities(REITS) (Kelly Rush,SimonHedger,AnthonyKenkel,Keith Bokota) PrivateRealEstateDebt (MargieCustis,DanielDickman,Steven Evans,MartinStutz,Scott R.Smith, , TravisShelton,TroyKort,ChristopherDuey,MartinCropp, BillMay,GuyTcheau) PublicRealEstateDebtSecurities(CMBS) (Marc Peterson,JasonHaigh,ScottCarson,TomMitchell) PrivateRealEstateEquity (Jay B. Davis,MarkScholz,ToddWhite,John Berg,DarrenKleis,Meighan Phillips,JohnUrban,MichaelShanks, Vance Voss,GreggMoss,JaysonSkelton,RodVogel,DanielThornton,JeffMenz,GuyTcheau,JohnFrandson, , RyanHarms, Russ Beecher,JimHalliwell,JeffreyHabersetzer) NewBusinessDevelopment (Jennifer Perkins,Jason Frederick) This brochure supplement providesinformationaboutthe“SupervisedPersons” ofPrincipal Real EstateInvestorsthat supplementsthePrincipalReal EstateInvestors, LLC brochure.You should havereceivedacopy ofthat brochure.Pleasecontact us at(800) 533-1390ifyou did not receivethe brochureorifyou haveany questionsaboutthecontents ofthis supplement. PatrickHalter PrincipalRealEstate Investors,LLC 801GrandAve.,Des Moines,Iowa 50309 (800) 533-1390/www.PrincipalGlobal.com RealEstate Thisbrochuresupplementprovidesinformation aboutPatrickHalter,a “supervised person”of PrincipalRealEstateInvestors,LLCteam and supplementsthePrincipalRealEstateInvestors, LLC brochure.Youshouldhavereceived a copy ofthat brochure.Please contactus usingthe informationaboveifyoudid notreceivethe brochureorifyou have any questions aboutthe contents ofthissupplement. Item 2--EducationalBackground andBusinessExperience · Yearof birth: 1959 · BA Finance andMarketing,University ofWisconsin · MBA Finance,University ofWisconsin · ChiefOperatingOfficer,PrincipalGlobalInvestors,LLC, 12/16topresent · ExecutiveDirector,HeadofRealEstate, PrincipalRealEstateInvestors,LLC, 03/03to present Item 3 – DisciplinaryInformation Thesupervised personhasnot beeninvolvedin anylegal eventsorsubjectedto any disciplinary actionswhicharematerialto PrincipalRealEstateInvestors’clientsorprospective clients. Item 4 –OtherBusinessActivities Nosupervisedpersonis actively engagedin any otherinvestment-relatedbusinesses orother occupations. Item 5 – AdditionalCompensation Thesupervised persondoes notreceivefrom PrincipalRealEstateInvestors,its clientsorthird parties, anyspecialeconomic benefits,includingsalesawards, commissions,prizes or bonuses, whicharebased uponthenumber or amount ofsales, clientreferrals or new accounts.The supervised personreceivesregularfixedsalary andincentive-based compensationfrom Principal RealEstateInvestors. Item 6 – Supervision PrincipalRealEstateInvestorshasseveralCommitteesthatreviewall accountsfallingwithin theirrespective areaoffocus.AllCommitteemembers areofficersof PrincipalRealEstate Investors andgenerally holdthetitle ofDirector,ManagingDirectororExecutiveDirector.The appropriateCommitteeassiststhePortfolioManagerinreviewing objectivesandconstraintsof theclient,investment activity, operationalactivity, and clientrelationsatleast quarterly. JimMcCaughan, PresidentGlobalAssetManagement,isresponsibleforsupervising PatrickHalter.Hemay be reached at(800) 533-1390 orvia email [email protected]. ToddEverett PrincipalRealEstate Investors,LLC 801GrandAve.,Des Moines,Iowa 50309 (800) 533-1390/www.PrincipalGlobal.com Real Estate Thisbrochuresupplementprovidesinformation aboutToddEverett, a“supervised person”of PrincipalRealEstateInvestors,LLCteam and supplementsthePrincipalRealEstateInvestors, LLC brochure.Youshouldhavereceived a copy ofthat brochure.Please contactus usingthe informationaboveifyoudid notreceivethe brochureorifyou have any questions aboutthe contents ofthissupplement. Item 2--EducationalBackground andBusinessExperience · Yearof birth: 1962 · BA, Finance,University ofNebraska · SeniorManagingDirector–RealEstate,PrincipalRealEstateInvestors,LLC,01/17to present · ManagingDirector – HeadofRealEstate FixedIncome, PrincipalRealEstateInvestors, LLC, 12/03to 12/16 Item 3 – DisciplinaryInformation Thesupervised personhasnot beeninvolvedin anylegal eventsorsubjectedto any disciplinary actionswhicharematerialto PrincipalRealEstateInvestors’clientsorprospective clients. Item 4 –OtherBusinessActivities Nosupervisedpersonis actively engagedin any otherinvestment-relatedbusinesses orother occupations. Item 5 – AdditionalCompensation Thesupervised persondoes notreceivefrom PrincipalRealEstateInvestors,its clientsorthird parties, anyspecialeconomic benefits,includingsalesawards, commissions,prizes or bonuses, whicharebased uponthenumber or amount ofsales, clientreferrals or new accounts.The supervised personreceivesregularfixedsalary andincentive-based compensationfrom Principal RealEstateInvestors. Item 6 – Supervision PrincipalRealEstateInvestorshasseveralCommitteesthatreviewall accountsfallingwithin theirrespective areaoffocus.AllCommitteemembers areofficersof PrincipalRealEstate Investors andgenerally holdthetitle ofDirector,ManagingDirectororExecutiveDirector.The appropriateCommitteeassiststhePortfolioManagerinreviewing objectivesandconstraintsof theclient,investment activity, operationalactivity, and clientrelationsatleast quarterly. PatrickHalter,Sr.ExecutiveDirectorPrinREI,isresponsibleforsupervisingToddEverett.He may be reachedat(800)533-1390 orvia email [email protected]. KellyRush PrincipalRealEstate Investors,LLC 801GrandAve.,Des Moines,Iowa 50309 (800) 533-1390/www.PrincipalGlobal.com Public Real Estate Equity Securities(REITS) Thisbrochuresupplementprovidesinformation aboutKellyRush, a“supervisedperson”of PrincipalRealEstateInvestors,LLCteam and supplementsthePrincipalRealEstateInvestors, LLC brochure.Youshouldhavereceived a copy ofthat brochure.Please contactus usingthe informationaboveifyoudid notreceivethe brochureorifyou have any questions aboutthe contents ofthissupplement. Item 2--EducationalBackground andBusinessExperience · Yearof birth: 1960 · BA Finance,University ofIowa · MBABusinessAdministration,University ofIowa · ChiefInvestmentOfficer –GlobalRealEstate Securities, PrincipalRealEstateInvestors, LLC, 03/04topresent Item 3 – DisciplinaryInformation Thesupervised personhasnot beeninvolvedin anylegal eventsorsubjectedto any disciplinary actionswhicharematerialto PrincipalRealEstateInvestors’clientsorprospective clients. Item 4 –OtherBusinessActivities Nosupervisedpersonis actively engagedin any otherinvestment-relatedbusinesses orother occupations. Item 5 – AdditionalCompensation Thesupervised persondoes notreceivefrom PrincipalRealEstateInvestors,its clientsorthird parties, anyspecialeconomic benefits,includingsalesawards, commissions,prizes or bonuses, whicharebased uponthenumber or amount ofsales, clientreferrals or new accounts.The supervised personreceivesregularfixedsalary andincentive-based compensationfrom Principal RealEstateInvestors. Item 6 – Supervision PrincipalRealEstateInvestorshasseveralCommitteesthatreviewall accountsfallingwithin theirrespective areaoffocus.AllCommitteemembers areofficersof PrincipalRealEstate Investors andgenerally holdthetitle ofDirector,ManagingDirectororExecutiveDirector.The appropriateCommitteeassiststhePortfolioManagerinreviewing objectivesandconstraintsof theclient,investment activity, operationalactivity, and clientrelationsatleast quarterly. PatrickHalter,Sr.ExecutiveDirector,PrincipalRealEstateInvestors,isresponsiblefor supervisingKellyRush.Hemay be reachedat(800)533-1390 orvia email [email protected] SimonHedger PrincipalRealEstate Investors,LLC 801GrandAve.,Des Moines,Iowa 50309 (800) 533-1390/www.PrincipalGlobal.com Public Real Estate Equity Securities(REITS) Thisbrochuresupplementprovidesinformation aboutSimonHedger, a “supervised person” of PrincipalRealEstateInvestors,LLCteam and supplementsthePrincipalRealEstateInvestors, LLC brochure.Youshouldhavereceived a copy ofthat brochure.Please contactus usingthe informationaboveifyoudid notreceivethe brochureorifyou have any questions aboutthe contents ofthissupplement. Item 2--EducationalBackground andBusinessExperience · Yearof birth: 1960 · MBA,University ofNewEngland · Senior PortfolioManager,PrincipalGlobalInvestors(Europe)Ltd, 05/03to present Item 3 – DisciplinaryInformation Thesupervised personhasnot beeninvolvedin anylegal eventsorsubjectedto any disciplinary actionswhicharematerialto PrincipalRealEstateInvestors’clientsorprospective clients. Item 4 –OtherBusinessActivities Nosupervisedpersonis actively engagedin any otherinvestment-relatedbusinesses orother occupations. Item 5 – AdditionalCompensation Thesupervised persondoes notreceivefrom PrincipalRealEstateInvestors,its clientsorthird parties, anyspecialeconomic benefits,includingsalesawards, commissions,prizes or bonuses, whicharebased uponthenumber or amount ofsales, clientreferrals or new accounts.The supervised personreceivesregularfixedsalary andincentive-based compensationfrom Principal RealEstateInvestors. Item 6 – Supervision PrincipalRealEstateInvestorshasseveralCommitteesthatreviewall accountsfallingwithin theirrespective areaoffocus.AllCommitteemembers areofficersof PrincipalRealEstate Investors andgenerally holdthetitle ofDirector,ManagingDirectororExecutiveDirector.The appropriateCommitteeassiststhePortfolioManagerinreviewing objectivesandconstraintsof theclient,investment activity, operationalactivity, and clientrelationsatleast quarterly. KellyRush,CIO,GlobalRealEstateSecuritiesisresponsibleforsupervising Simon Hedger.Hemay