Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 0

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 0
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

(Investment Company Act File Number)

(Exact Name of Registrant as Specified in Charter)

1290 Broadway, Suite 1000

(Address of Principal Executive Offices)

Brendan Hamill

Principal Real Estate Income Fund

1290 Broadway, Suite 1000

(Name and Address of Agent for Service)

(Registrant’s Telephone Number)

Date of Fiscal Year End:

Date of Reporting Period:</div>

| Item 1. | Reports to Stockholders. |

| (a) |

Section 19(b) disclosure

April 30, 2025 (Unaudited)

The Principal Real Estate Income Fund (the “Fund”), acting
pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Fund’s Board of
Trustees (the “Board”), has adopted a plan, consistent with the Fund’s investment objectives and policies, to support
a level monthly distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan,
the Fund distributed $0.105 per share on a monthly basis during the six months ended April 30, 2025.

The fixed amount distributed per share is subject to change at the discretion
of the Fund’s Board. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with
the Fund’s primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”).
If sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of
capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the
fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to
enable the Fund to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about the Fund’s investment
performance from the amount of these distributions or from the terms of the Plan. The Fund’s total return performance on net asset
value is presented in its financial highlights table.

The Board may amend, suspend or terminate the Fund’s Plan at any
time without prior notice if it deems such action to be in the best interest of