Company: PGZ
Filing Date: 2025-01-03
Form Type: N-CSR
Source: 0001398344-25-000145
Chunk: 0

Company: Principal Real Estate Income Fund
Filing Date: 2025-01-03
Form: N-CSR
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: 811-22742

PRINCIPAL REAL ESTATE INCOME FUND

(exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Brendan Hamill

Principal Real Estate Income Fund

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)</div>

Registrant’s telephone number, including area code: 855-838-9485

Date of fiscal year end: October 31

Date of reporting period: November 1, 2023 - October 31, 2024

| Item 
 1.   | Reports          
 to Shareholders. |

| (a) |

Section 19(b) disclosure

October 31, 2024 (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 year ended October 31, 2024.

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