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

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 25
---
,299. During the six months ended April 30, 2025, the Fund did not repurchase any of its shares.

7. PORTFOLIO INFORMATION

For the six months ended April 30, 2025, the cost
of purchases and proceeds from sales of securities, excluding short-term securities, were as follows:

| Purchases       |           Sales |
| $    11,889,510 | $    17,136,580 |

8. TAXES

Classification of Distributions: Net investment
income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes.
Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or realized gain was recorded by the Fund.

The amounts and characteristics of tax basis distributions
and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end and are not available for the six months
ended April 30, 2025.

The tax character of distributions paid during the year ended October 31,
2024, were as follows:

|                   |     | For the Year Ended 
 October 31, 2024   |           |
|:------------------|:----|:-------------------|----------:|
| Ordinary Income   |     | $                  | 3,960,442 |
| Return of Capital |     |                    | 4,474,135 |
| Total             |     | $                  | 8,434,577 |

| 30 | www.principalcef.com |

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

April 30, 2025 (Unaudited)

Tax Basis of Investments: Net unrealized appreciation/(depreciation)
of investments based on federal tax cost as of April 30, 2025, were as follows:

| Cost of investments for income tax purposes                       |     | $ | 105,482,429 |   |
| Gross appreciation on investments (excess of value over tax cost) |     | $ |   9,479,015 |   |
| Gross depreciation on investments (excess of tax cost over value) |     |   |  (6,113,147 | ) |
| Net depreciation of foreign currency and derivatives              |     |   |        (