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    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001557523</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-22742</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
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  <formData>
    <generalInfo reportEndingPeriod="2019-10-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Principal Real Estate Income Fund</registrantFullName>
      <investmentCompFileNo>811-22742</investmentCompFileNo>
      <registrantCik>0001557523</registrantCik>
      <registrantLei>549300HK3LIJEGLGMK36</registrantLei>
      <registrantstreet1>1290 Broadway, Suite 1000</registrantstreet1>
      <registrantcity>Denver</registrantcity>
      <registrantzipCode>80203</registrantzipCode>
      <registrantstate>US-CO</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>(303) 623-2577</registrantphoneNumber>
      <websites>
        <website webpage="http://www.principalcef.com/"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>ALPS Fund Services</officeName>
          <officeAddress1>1290 Broadway, Suite 1000</officeAddress1>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CO"/>
          <officeRecordsZipCode>80203</officeRecordsZipCode>
          <officePhone>303-623-2577</officePhone>
          <booksRecordsDesc>a.	All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act and the Rules promulgated thereunder are in the possession and custody of the Fund, c/o ALPS Funds Services, Inc.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="ALPS Advised Funds"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Jeremy Held</directorName>
          <crdNumber>002833144</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21987"/>
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        </director>
        <director>
          <directorName>Ernest J. Scalberg</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08837"/>
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        <director>
          <directorName>Rick A. Pederson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-03373"/>
            <fileNumberInfo fileNumber="811-22175"/>
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        </director>
        <director>
          <directorName>Jerry G. Rutledge</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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            <fileNumberInfo fileNumber="811-21712"/>
            <fileNumberInfo fileNumber="811-21846"/>
            <fileNumberInfo fileNumber="811-21583"/>
            <fileNumberInfo fileNumber="811-08194"/>
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        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Matthew Sutula</ccoName>
          <crdNumber>006209373</crdNumber>
          <ccoStreet1>1290 Broadway</ccoStreet1>
          <ccoStreet2>Suite 1000</ccoStreet2>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-CO"/>
          <ccoZipCode>80203</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>Y</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y"/>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-31334"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Co, Ltd</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-OH"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y"/>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Principal Real Estate Income Fund</mgmtInvFundName>
        <mgmtInvLei>549300HK3LIJEGLGMK36</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>ALPS Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-67135</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000134340</investmentAdviserCrdNo>
            <investmentAdviserLei>549300OQLM7WDDGQB771</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CO" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Principal Real Estate Investors, LLC</subAdviserName>
            <subAdviserFileNo>801-55618</subAdviserFileNo>
            <subAdviserCrdNo>000109008</subAdviserCrdNo>
            <subAdviserLei>549300MQOXJ8V8FMMS34</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-IA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>DST Systems, Inc.</transferAgentName>
            <transferAgentFileNo>84-00448</transferAgentFileNo>
            <transferAgentLei>21B7QCD05XOK0YTYOP98</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
            <pricingServiceLei>254900X21QX3H0T4HC32</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters (SEF) LLC</pricingServiceName>
            <pricingServiceLei>549300WQWDPFSMQ8I087</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>HSBC BANK AUSTRALIA LIMITED</custodianName>
            <custodianLei>DY9DBNI4W8J63Z298033</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HONGKONG AND SHANGHAI BANKING CORPO</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank &amp; Trust Co.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>CITIBANK,N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DEUTSCHE BANK SOCIEDAD ANONIMA ESPA</custodianName>
            <custodianLei>529900SICIK5OVMVY186</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BANK HANDLOWY W WARSZAWIE SA</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>STATE STREET BK LONDON - CREST</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DEUTSCHE BANK AG</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DEUTSCHE BANK AG</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>STANDARD CHARTERED BANK (HONG KONG)</custodianName>
            <custodianLei>X5AV1MBDXGRPX5UGMX13</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>STANDARD CHARTERED BANK (THAI) PCL</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DEUTSCHE BANK AG</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CLEARSTREAM BANKING AG</custodianName>
            <custodianLei>549300298FD7AS4PPU70</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>DST SYSTEMS, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>21B7QCD05XOK0YTYOP98</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS FUND SERVICES, INC.</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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            <brokerDealerName>ALPS Distributors, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-34626</brokerDealerFileNo>
            <brokerDealerCrdNo>000016853</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
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            <brokerDealerCommission>0</brokerDealerCommission>
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          <brokerDealer>
            <brokerDealerName>ALPS Portfolio Solutions Distributor, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-67659</brokerDealerFileNo>
            <brokerDealerCrdNo>000144464</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
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            <brokerDealerCommission>0</brokerDealerCommission>
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        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
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            <brokerStateCountry brokerState="US-UT" brokerCountry="US"/>
            <grossCommission>1865</grossCommission>
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          <broker>
            <brokerName>JPMORGAN DISTRIBUTION SERVICES, INC.</brokerName>
            <brokerFileNo>008-52700</brokerFileNo>
            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>4641</grossCommission>
          </broker>
          <broker>
            <brokerName>DEUTSCHE BANK SECURITIES INC.</brokerName>
            <brokerFileNo>8-17822</brokerFileNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1040</grossCommission>
          </broker>
          <broker>
            <brokerName>SMBC NIKKO SECURITIES AMERICA, INC.</brokerName>
            <brokerFileNo>8-43852</brokerFileNo>
            <brokerCrdNo>000028602</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1160</grossCommission>
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          <broker>
            <brokerName>DAIWA CAPITAL MARKETS AMERICA INC.</brokerName>
            <brokerFileNo>8-12242</brokerFileNo>
            <brokerCrdNo>000001576</brokerCrdNo>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2829</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</brokerName>
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            <brokerCrdNo>000007691</brokerCrdNo>
            <brokerLei>8NAV47T0Y26Q87Y0QP81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4358</grossCommission>
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          <broker>
            <brokerName>WOLF RESEARCH SECURITIES</brokerName>
            <brokerFileNo>008-68406</brokerFileNo>
            <brokerCrdNo>000151850</brokerCrdNo>
            <brokerLei>254900MXRV2LE67CAZ63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1960</grossCommission>
          </broker>
          <broker>
            <brokerName>CITICORP SECURITIES SERVICES, INC.</brokerName>
            <brokerFileNo>8-32117</brokerFileNo>
            <brokerCrdNo>000015387</brokerCrdNo>
            <brokerLei>549300N0SOX9OZVKG341</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3152</grossCommission>
          </broker>
          <broker>
            <brokerName>CREDIT SUISSE SECURITIES (USA) LLC</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1491</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS SECURITIES LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFC4VK44</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>8455</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>46336</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>JPMORGAN DISTRIBUTION SERVICES, INC.</principalName>
            <principalFileNo>008-52700</principalFileNo>
            <principalCrdNo>000104234</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>2136214</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BAY CREST PARTNERS, LLC</principalName>
            <principalFileNo>008-48931</principalFileNo>
            <principalCrdNo>000039944</principalCrdNo>
            <principalLei>549300CTRRO8C3BU3H64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2557500</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MACQUARIE CAPITAL (USA) INC.</principalName>
            <principalFileNo>8-47198</principalFileNo>
            <principalCrdNo>000036368</principalCrdNo>
            <principalLei>549300670K07JRB5UQ40</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>573406</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
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