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          <ccc>XXXXXXXX</ccc>
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      <regCik>0001557523</regCik>
      <regLei>549300HK3LIJEGLGMK36</regLei>
      <regStreet1>1290 BROADWAY SUITE 1000</regStreet1>
      <regCity>DENVER</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80203</regZipOrPostalCode>
      <regPhone>3036232577</regPhone>
      <seriesName>Principal Real Estate Income Fund</seriesName>
      <seriesLei>549300HK3LIJEGLGMK36</seriesLei>
      <repPdEnd>2020-10-31</repPdEnd>
      <repPdDate>2020-07-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>40855058.60</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
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      <standByCommit>0.00000000</standByCommit>
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        <name>Investec Australia Property Fu</name>
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      <invstOrSec>
        <name>Wpt Industrial Real Estate Inv</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>Tag Immobilien Ag</name>
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        <name>Industrial Logistics Propertie</name>
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        <name>Fhlmc Multifamily Structured P</name>
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        <title>FHLMC Multifamily Structured Pass Through Certificates</title>
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        <name>Kenedix Retail Reit Corp</name>
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      <invstOrSec>
        <name>Covivio</name>
        <lei>969500P8M3W2XX376054</lei>
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      <invstOrSec>
        <name>New World Development Co Ltd</name>
        <lei>2549008GWMWXTIRL4S48</lei>
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      <invstOrSec>
        <name>Taubman Centers Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Summit Industrial Income Reit</name>
        <lei>2549002JNRHTJ9H0MR86</lei>
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          <isin value="CA8661201167"/>
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      <invstOrSec>
        <name>Link Reit</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>Link REIT</title>
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          <isin value="HK0823032773"/>
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      <invstOrSec>
        <name>Healthpeak Properties Inc</name>
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          <isin value="US42250P1030"/>
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      <invstOrSec>
        <name>United Urban Investment Corp</name>
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      <invstOrSec>
        <name>Bank</name>
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      <invstOrSec>
        <name>Cromwell European Real Estate</name>
        <lei>21380093RFHTC319NL93</lei>
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      <invstOrSec>
        <name>Irish Residential Properties R</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>Irish Residential Properties REIT PLC</title>
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      <invstOrSec>
        <name>Far East Hospitality Trust</name>
        <lei>5493001NEC2QWVTAYN18</lei>
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      <invstOrSec>
        <name>Coresite Realty Corp</name>
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        <title>CoreSite Realty Corp.</title>
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        <name>Centuria Office Reit</name>
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        <name>Comm Mortgage Trust</name>
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        <name>Independence Realty Trust Inc</name>
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        <name>Weyerhaeuser Co</name>
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        <name>Mgm Growth Properties Llc</name>
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      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis, Inc.</title>
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        <name>Vicinity Centres</name>
        <lei>549300S7GOEVR0EGFN47</lei>
        <title>Vicinity Centres</title>
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      <invstOrSec>
        <name>City Office Reit Inc</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>City Office REIT, Inc.</title>
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      <invstOrSec>
        <name>Sun Communities Inc</name>
        <lei>549300H5GEOJYN41ZG57</lei>
        <title>Sun Communities, Inc.</title>
        <cusip>866674104</cusip>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US12592KAG94"/>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
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          <isin value="US61761QAN34"/>
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        <balance>2000000.00000000</balance>
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          <maturityDt>2023-02-15</maturityDt>
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      <invstOrSec>
        <name>COMM 2019 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2019-GC44 Mortgage Trust</title>
        <cusip>12655TBM0</cusip>
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          <isin value="US12655TBM09"/>
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        <balance>4000000.00000000</balance>
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        <valUSD>4480853.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
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      <invstOrSec>
        <name>Wpt Industrial Real Estate Inv</name>
        <lei>N/A</lei>
        <title>WPT Industrial Real Estate Investment Trust</title>
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          <isin value="CA92937G1090"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vici Properties Inc</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>VICI Properties, Inc.</title>
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      <invstOrSec>
        <name>Aroundtown Sa</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>Aroundtown SA</title>
        <cusip>N/A</cusip>
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          <isin value="LU1673108939"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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      <invstOrSec>
        <name>Physicians Realty Trust</name>
        <lei>549300ITOVH0OY7PZC34</lei>
        <title>Physicians Realty Trust</title>
        <cusip>71943U104</cusip>
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          <isin value="US71943U1043"/>
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      <invstOrSec>
        <name>Daiwa Office Investment Corp</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="JP3046310003"/>
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      <invstOrSec>
        <name>Dexus</name>
        <lei>N/A</lei>
        <title>Dexus</title>
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          <isin value="AU000000DXS1"/>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Essential Properties Realty Tr</name>
        <lei>N/A</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
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          <isin value="US29670E1073"/>
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        <name>Mapletree Logistics Trust</name>
        <lei>549300M9EBZIYH387075</lei>
        <title>Mapletree Logistics Trust</title>
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          <isin value="SG1S03926213"/>
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        <name>Mitsubishi Estate Co Ltd</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
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        <name>Cubesmart</name>
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        <title>CubeSmart</title>
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        <name>Equinix Inc</name>
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        <name>Wells Fargo Commercial Mortgag</name>
        <lei>5493007CD1Q2V06I4172</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
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      <invstOrSec>
        <name>BANK 2019-BNK18</name>
        <lei>N/A</lei>
        <title>BANK 2019-BNK18</title>
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      <invstOrSec>
        <name>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group</title>
        <cusip>B03FYZ909</cusip>
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          <isin value="AU000000GMG2"/>
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      <invstOrSec>
        <name>Ventas Inc</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas, Inc.</title>
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      <invstOrSec>
        <name>Cyrusone Inc</name>
        <lei>5493006S177ZK2ZNBU43</lei>
        <title>CyrusOne, Inc.</title>
        <cusip>23283R100</cusip>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lendlease Global Commercial Re</name>
        <lei>N/A</lei>
        <title>Lendlease Global Commercial REIT</title>
        <cusip>N/A</cusip>
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        <name>Bank</name>
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        <name>Citigroup Commercial Mortgage</name>
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        <name>Sun Hung Kai Properties Ltd</name>
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        <name>Crown Castle International Cor</name>
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        <name>Gs Mortgage Securities Trust</name>
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        <name>Fhlmc Multifamily Structured P</name>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
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        <name>Nsi Nv</name>
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        <name>Alexandria Real Estate Equitie</name>
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        <name>Csail Commercial Mortgage Trus</name>
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        <name>Charter Hall Group</name>
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        <name>American Assets Trust Inc</name>
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        <name>Londonmetric Property Plc</name>
        <lei>213800OCERWWPQDURL87</lei>
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        <name>Echo Investment Sa</name>
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        <name>Comm Mortgage Trust</name>
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        <name>Choice Hotels International In</name>
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        <name>Inmobiliaria Colonial Socimi S</name>
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        <name>Gs Mortgage Securities Trust</name>
        <lei>549300ITVQSU1IHX4H03</lei>
        <title>Goldman Sachs Mortgage Securities Trust</title>
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        <name>Ingenia Communities Group</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46641BAR4</cusip>
        <identifiers>
          <isin value="US46641BAR42"/>
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        <balance>1433000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1029131.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.74400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Essex Property Trust Inc</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc.</title>
        <cusip>297178105</cusip>
        <identifiers>
          <isin value="US2971781057"/>
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        <balance>2338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>516090.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mor</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46630EAH3</cusip>
        <identifiers>
          <isin value="US46630EAH36"/>
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        <balance>1142584.20800000</balance>
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        <curCd>USD</curCd>
        <valUSD>809178.14000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.48900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Leg Immobilien Ag</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG Immobilien AG</title>
        <cusip>D4960A103</cusip>
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          <isin value="DE000LEG1110"/>
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        <balance>4568.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893000"/>
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        <pctVal>0.630348069022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>549300ZVNWG0TX42H716</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989VAZ2</cusip>
        <identifiers>
          <isin value="US94989VAZ22"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1270578.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Safestore Holdings Plc</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>Safestore Holdings PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1N7Z094"/>
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        <balance>26000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cousins Properties Inc</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc.</title>
        <cusip>222795502</cusip>
        <identifiers>
          <isin value="US2227955026"/>
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        <balance>6578.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202076.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Brandywine Realty Trust</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>Brandywine Realty Trust</title>
        <cusip>105368203</cusip>
        <identifiers>
          <isin value="US1053682035"/>
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        <balance>19737.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213751.71000000</valUSD>
        <pctVal>0.211737574804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HAG6</cusip>
        <identifiers>
          <isin value="US17328HAG65"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47221.30000000</valUSD>
        <pctVal>0.046776344110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.62200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46642EAL0</cusip>
        <identifiers>
          <isin value="US46642EAL02"/>
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        <balance>12747500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8058757.89000000</valUSD>
        <pctVal>7.982821992694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zhongliang Holdings Group Co L</name>
        <lei>549300SKDRW33OJQFH41</lei>
        <title>Zhongliang Holdings Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9898C1024"/>
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        <balance>362000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75030000"/>
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        <pctVal>0.254935310118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>94989WAD9</cusip>
        <identifiers>
          <isin value="US94989WAD92"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1747473.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.60700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sekisui House Reit Inc</name>
        <lei>N/A</lei>
        <title>Sekisui House Reit, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3047820000"/>
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        <balance>696.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="105.85500000"/>
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        <pctVal>0.450053604378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>20048EAG6</cusip>
        <identifiers>
          <isin value="US20048EAG61"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>606523.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Institutional Tre</name>
        <lei>549300P1E098W6ES7M39</lei>
        <title>State Street Institutional Treasury Plus Money Market Fund</title>
        <cusip>857492862</cusip>
        <identifiers>
          <isin value="US8574928623"/>
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        <balance>2385620.14000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2385620.14000000</valUSD>
        <pctVal>2.363140967845</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lb-ubs Commercial Mortgage Tru</name>
        <lei>N/A</lei>
        <title>LB-UBS Commercial Mortgage Trust</title>
        <cusip>50180CAG5</cusip>
        <identifiers>
          <isin value="US50180CAG50"/>
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        <balance>1024451.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576925.22000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wf-rbs Commercial Mortgage Tru</name>
        <lei>549300UVB571ELWL8972</lei>
        <title>WFRBS Commercial Mortgage Trust</title>
        <cusip>92890FAC0</cusip>
        <identifiers>
          <isin value="US92890FAC05"/>
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        <balance>6570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3792555.50000000</valUSD>
        <pctVal>3.756819086410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust</title>
        <cusip>61764RAJ7</cusip>
        <identifiers>
          <isin value="US61764RAJ77"/>
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        <balance>23967000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1398697.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.61200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aims Apac Reit</name>
        <lei>549300MGNQOBQ3KVN734</lei>
        <title>AIMS AMP Capital Industrial REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG2D63974620"/>
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        <balance>472100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.37400000"/>
        <valUSD>412314.41000000</valUSD>
        <pctVal>0.408429262298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arena Reit</name>
        <lei>N/A</lei>
        <title>Arena REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ARF6"/>
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        <balance>409503.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39968000"/>
        <valUSD>658280.29000000</valUSD>
        <pctVal>0.652077460087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Camden Property Trust</name>
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        <name>Mcubs Midcity Investment Corp</name>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
        <lei>549300UOGMFS1M8XVM16</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
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        <name>Centuria Industrial Reit</name>
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      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Secu</name>
        <lei>549300UOGMFS1M8XVM16</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
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          <isin value="US46640NAR98"/>
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      <invstOrSec>
        <name>Mitsui Fudosan Co Ltd</name>
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          <isin value="JP3893200000"/>
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        <name>Welltower Inc</name>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>Commercial Mortgage Trust</title>
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        <name>Comm Mortgage Trust</name>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
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        <name>Citigroup Commercial Mortgage</name>
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        <title>Citigroup Commercial Mortgage Trust</title>
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        <name>Bank</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <title>Morgan Stanley Capital I Trust</title>
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        <name>Centuria Capital</name>
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        <name>Sabana Shari'ah Compliant Indu</name>
        <lei>5493005OCDJ0XQ8KGS87</lei>
        <title>Sabana Shari'ah Compliant Industrial Real Estate Investment Trust</title>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2020-C56</title>
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      <invstOrSec>
        <name>Invitation Homes Inc</name>
        <lei>N/A</lei>
        <title>Invitation Homes, Inc.</title>
        <cusip>46187W107</cusip>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minto Apartment Real Estate In</name>
        <lei>N/A</lei>
        <title>Minto Apartment Real Estate Investment Trust</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA60448E1034"/>
        </identifiers>
        <balance>6744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>93850.58000000</valUSD>
        <pctVal>0.092966246694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust</title>
        <cusip>61767EAW4</cusip>
        <identifiers>
          <isin value="US61767EAW49"/>
        </identifiers>
        <balance>3450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1832333.30000000</valUSD>
        <pctVal>1.815067627647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial &amp; Infrastructure Fu</name>
        <lei>353800WCHFY04YKYCI19</lei>
        <title>Industrial &amp; Infrastructure Fund Investment Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3046500009"/>
        </identifiers>
        <balance>205.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="105.85500000"/>
        <valUSD>382287.09000000</valUSD>
        <pctVal>0.378684883108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Mortgage Securities Trust</title>
        <cusip>36253BAG8</cusip>
        <identifiers>
          <isin value="US36253BAG86"/>
        </identifiers>
        <balance>8326000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4555674.14000000</valUSD>
        <pctVal>4.512747027860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.58200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Terreno Realty Corp</name>
        <lei>N/A</lei>
        <title>Terreno Realty Corp.</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
        </identifiers>
        <balance>6200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>376712.00000000</valUSD>
        <pctVal>0.373162325951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12631DAL7</cusip>
        <identifiers>
          <isin value="US12631DAL73"/>
        </identifiers>
        <balance>2600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113576.10000000</valUSD>
        <pctVal>1.103083118137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.34700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Big Yellow Group Plc</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>Big Yellow Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
        </identifiers>
        <balance>10019.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76394000"/>
        <valUSD>133640.87000000</valUSD>
        <pctVal>0.132381601571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HAE1</cusip>
        <identifiers>
          <isin value="US17328HAE18"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71934.75000000</valUSD>
        <pctVal>0.071256924724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.62200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>PRINCIPAL REAL ESTATE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Jill A. Kerschen</ncom:signature>
      <ncom:signerName>Jill A. Kerschen</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
