Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 10

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 10
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32,000 |      |     | $ |      32,000 |         |     | $ |      32,000 |    |     | $ |      40,000 |    |     | $ |      50,000 |   |     | $ |      40,500 |    |
| $ |          3,410 |      |     | $ |       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.                                                                             |

| (d) | Annualized. |

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

| (g) | Not annualized. |

See Notes to Financial Statements.

| 20 | www.principalcef.com |

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

April 30, 2025 (Unaudited)

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’s net asset value per share will vary and its distribution rate may vary, and both
may