Company: PGZ
Filing Date: 2025-01-03
Form Type: N-CSR
Source: 0001398344-25-000145
Chunk: 11

Company: Principal Real Estate Income Fund
Filing Date: 2025-01-03
Form: N-CSR
Chunk 11
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 2.08 | %  |
|             |     29 | %       |     |             |     37 | %  |     |             |     19 | %  |     |             |      37 | % |     |             |     38 | %  |
| $           | 32,000 |         |     |           $ | 32,000 |    |     |           $ | 40,000 |    |     |           $ |  50,000 |   |     |           $ | 40,500 |    |
| $           |  3,479 |         |     |           $ |  3,054 |    |     |           $ |  3,175 |    |     |           $ |   3,421 |   |     |           $ |  3,358 |    |

Principal Real Estate Income Fund

| (a) | Calculated using average      
 shares throughout the period. |

| (b) | Less than $0.005 per share |

| (c) | Total investment return                                                                                                               
 on market price is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the        
 last day of each period reported. For purposes of this calculation, dividends and distributions, if any, are assumed to be reinvested 
 at prices obtained under the Fund’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions,        
 if any. Total return on net asset value uses the same methodology, but with use of net asset value for the beginning and ending       
 values.                                                                                                                               |

| (e) | Includes non-recurring                                                              
 expenses of proxy costs. Without these costs, total expenses would have been 5.04%. |

See Notes to Financial Statements.

| 22 | www.principalcef.com |

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

October 31, 2024

1.ORGANIZATION

Principal Real Estate Income Fund (the “Fund”) is a Delaware statutory trust registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund’s investment objective is to seek to provide high current income, with capital appreciation as a secondary investment objective, by investing in commercial real estate related securities.

Investing in the Fund involves risks, including exposure to below-investment grade investments. The Fund