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        <name>Stockland</name>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>08163BAC5</cusip>
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          <isin value="US08163BAC54"/>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2022-C18</title>
        <cusip>054975AP2</cusip>
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          <isin value="US054975AP25"/>
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      <invstOrSec>
        <name>Cubesmart</name>
        <lei>N/A</lei>
        <title>CubeSmart</title>
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          <isin value="US2296631094"/>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>08163JAZ7</cusip>
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          <isin value="US08163JAZ75"/>
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        <balance>3000000.00000000</balance>
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          <maturityDt>2031-10-15</maturityDt>
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      <invstOrSec>
        <name>Londonmetric Property Plc</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LondonMetric Property PLC</title>
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          <isin value="GB00B4WFW713"/>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>Sun Hung Kai Properties Ltd</name>
        <lei>529900LUMD393RD3S874</lei>
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          <isin value="HK0016000132"/>
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        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Invitation Homes Inc</name>
        <lei>N/A</lei>
        <title>Invitation Homes, Inc.</title>
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          <isin value="US46187W1071"/>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
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          <isin value="US06541WAC64"/>
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      <invstOrSec>
        <name>Crown Castle Inc</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
        <cusip>22822V101</cusip>
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          <isin value="US22822V1017"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2015-LC19 Mortgage Trust</title>
        <cusip>200474BH6</cusip>
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          <isin value="US200474BH60"/>
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      <invstOrSec>
        <name>Ventas Inc</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>Ventas, Inc.</title>
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      <invstOrSec>
        <name>Cantor Commercial Real Estate Lending</name>
        <lei>N/A</lei>
        <title>Cantor Commercial Real Estate Lending 2019-CF2</title>
        <cusip>12528YAL7</cusip>
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      <invstOrSec>
        <name>Spirit Realty Capital Inc</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>Spirit Realty Capital, Inc.</title>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust</title>
        <cusip>17328HAQ4</cusip>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
        <cusip>46634SAM7</cusip>
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      <invstOrSec>
        <name>Segro Plc</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>Segro PLC</title>
        <cusip>B5ZN1N909</cusip>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12624KBA3</cusip>
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          <isin value="US12624KBA34"/>
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      <invstOrSec>
        <name>First Industrial Realty Trust Inc</name>
        <lei>N/A</lei>
        <title>First Industrial Realty Trust, Inc.</title>
        <cusip>32054K103</cusip>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>95000YBD6</cusip>
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          <isin value="US95000YBD67"/>
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        <balance>2000000.00000000</balance>
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          <maturityDt>2027-09-15</maturityDt>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Gaming And Leisure Properties Inc</name>
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      <invstOrSec>
        <name>Sf Real Estate Investment Trust</name>
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          <isin value="HK0000735800"/>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US20048EAE14"/>
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      <invstOrSec>
        <name>Bmo Mortgage Trust</name>
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      <invstOrSec>
        <name>Ram Essential Services Property Fund</name>
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          <isin value="AU0000180317"/>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2022-GC48</title>
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          <isin value="US29426VBD73"/>
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      <invstOrSec>
        <name>National Storage Affiliates Trust</name>
        <lei>N/A</lei>
        <title>National Storage Affiliates Trust</title>
        <cusip>637870106</cusip>
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          <isin value="US6378701063"/>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>95003MBU1</cusip>
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          <isin value="US95003MBU18"/>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2020-BNK25</title>
        <cusip>06539WAE6</cusip>
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          <isin value="US06539WAE66"/>
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      <invstOrSec>
        <name>National Health Investors Inc</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
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        <name>Rpt Realty</name>
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        <name>Alexandria Real Estate Equities Inc</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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        <name>Merlin Properties Socimi Sa</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi SA</title>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2022-B36 Mortgage Trust</title>
        <cusip>08163QAA6</cusip>
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          <isin value="US08163QAA67"/>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
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        <name>Comm Mortgage Trust</name>
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        <title>Commercial Mortgage Trust</title>
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        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc.</title>
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        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>08162XAN4</cusip>
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          <isin value="US08162XAN49"/>
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        <balance>1800000.00000000</balance>
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      <invstOrSec>
        <name>Digital Core Reit Management Pte Ltd</name>
        <lei>549300IIGO612K0POE26</lei>
        <title>Digital Core REIT Management Pte, Ltd.</title>
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        <balance>162891.00000000</balance>
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        <invCountry>SG</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Prologis Inc</name>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Esr Kendall Square Reit Co Ltd</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="KR7365550003"/>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>Healthcare Realty Trust Inc</name>
        <lei>549300L0I14L7I0VLX84</lei>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK</title>
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          <isin value="US06541JBW09"/>
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      <invstOrSec>
        <name>Medical Properties Trust Inc</name>
        <lei>254900U6E39J1MQCCY14</lei>
        <title>Medical Properties Trust, Inc.</title>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust</title>
        <cusip>61691YBS9</cusip>
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          <isin value="US61691YBS90"/>
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          <maturityDt>2031-05-15</maturityDt>
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      <invstOrSec>
        <name>Big Yellow Group Plc</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>Big Yellow Group PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB0002869419"/>
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        <invCountry>GB</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mitsui Fudosan Co Ltd</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>Mitsui Fudosan Co., Ltd.</title>
        <cusip>J4509L101</cusip>
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          <isin value="JP3893200000"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Centuria Industrial Reit</name>
        <lei>N/A</lei>
        <title>Centuria Industrial REIT</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CIP0"/>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Lendlease Global Commercial Reit</name>
        <lei>N/A</lei>
        <title>Lendlease Global Commercial REIT</title>
        <cusip>N/A</cusip>
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          <isin value="SGXC61949712"/>
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        <name>Saul Centers Inc</name>
        <lei>N/A</lei>
        <title>Saul Centers, Inc.</title>
        <cusip>804395101</cusip>
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          <isin value="US8043951016"/>
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        <invCountry>US</invCountry>
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        <name>Welltower Inc</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower, Inc.</title>
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        <name>Industrial &amp; Infrastructure Fund Investment Corp</name>
        <lei>353800WCHFY04YKYCI19</lei>
        <title>Industrial &amp; Infrastructure Fund Investment Corp.</title>
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        <name>Pro Real Estate Investment Trust</name>
        <lei>N/A</lei>
        <title>PRO Real Estate Investment Trust</title>
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      <invstOrSec>
        <name>Comm Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust</title>
        <cusip>12592KAG9</cusip>
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          <isin value="US12592KAG94"/>
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        <name>National Storage Reit</name>
        <lei>N/A</lei>
        <title>National Storage REIT</title>
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        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Mortgage Securities Trust</title>
        <cusip>36258RAJ2</cusip>
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          <isin value="US36258RAJ23"/>
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        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Mortgage Securities Trust</title>
        <cusip>36248GAP5</cusip>
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          <isin value="US36248GAP54"/>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2020-L4</title>
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          <maturityDt>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>Esr-logos Reit</name>
        <lei>5493008PFX3JN1RMMD48</lei>
        <title>ESR-LOGOS REIT</title>
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        <name>Klepierre Sa</name>
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        <name>Daiwa House Reit Investment Corp</name>
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        <name>State Street Institutional Treasury Plus Money Market Fund</name>
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        <name>Comm Mortgage Trust</name>
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        <name>Jpmbb Commercial Mortgage Securities Trust</name>
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        <name>Fhlmc Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>Bmo 2022-c1 Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05609MBJ36"/>
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      <invstOrSec>
        <name>Morgan Stanley Baml Trust</name>
        <lei>N/A</lei>
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          <isin value="US61764RAJ77"/>
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      <invstOrSec>
        <name>Essex Property Trust Inc</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc.</title>
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          <isin value="US2971781057"/>
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      <invstOrSec>
        <name>Sun Communities Inc</name>
        <lei>549300H5GEOJYN41ZG57</lei>
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          <isin value="US8666741041"/>
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      <invstOrSec>
        <name>Bank 2021-bn35</name>
        <lei>N/A</lei>
        <title>BANK</title>
        <cusip>06540CCC9</cusip>
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          <isin value="US06540CCC91"/>
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      <invstOrSec>
        <name>Cre Logistics Reit Inc</name>
        <lei>N/A</lei>
        <title>CRE Logistics REIT, Inc.</title>
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          <isin value="JP3048680007"/>
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      <invstOrSec>
        <name>Far East Hospitality Trust</name>
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      <invstOrSec>
        <name>Activia Properties Inc</name>
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      <invstOrSec>
        <name>Jpmbb Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Commercial Mortgage Securities Trust</title>
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          <isin value="US46644FAF80"/>
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      <invstOrSec>
        <name>Brandywine Realty Trust</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>Brandywine Realty Trust</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Bank</name>
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          <isin value="US06541BAJ70"/>
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      <invstOrSec>
        <name>American Tower Corp</name>
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        <name>Link Reit</name>
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        <title>Link REIT</title>
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        <name>Nexus Industrial Reit</name>
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        <name>Covivio Sa/france</name>
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        <name>Dream Industrial Real Estate Investment Trust</name>
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      <invstOrSec>
        <name>Bank 2021-bn35</name>
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        <name>Nsi Nv</name>
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        <name>Benchmark Mortgage Trust</name>
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      <invstOrSec>
        <name>Bank</name>
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          <maturityDt>2030-12-15</maturityDt>
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      <invstOrSec>
        <name>Bank 2021-bn35</name>
        <lei>N/A</lei>
        <title>BANK</title>
        <cusip>06540CAL1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>N/A</lei>
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          <isin value="US36249KAJ97"/>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daiwa Office Investment Corp</name>
        <lei>N/A</lei>
        <title>Daiwa Office Investment Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="JP3046310003"/>
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        <currencyConditional curCd="JPY" exchangeRt="136.24500000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Qualitas Ltd</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Healthco Reit</name>
        <lei>N/A</lei>
        <title>HealthCo REIT</title>
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        <identifiers>
          <isin value="AU0000169302"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tritax Big Box Reit Plc</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>Tritax Big Box REIT PLC</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BG49KP99"/>
        </identifiers>
        <balance>206744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.79570000"/>
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        <invCountry>GB</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ingenia Communities Group</name>
        <lei>N/A</lei>
        <title>Ingenia Communities Group</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000INA9"/>
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        <balance>31741.00000000</balance>
        <units>NS</units>
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        <invCountry>AU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>PRINCIPAL REAL ESTATE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Erich Rettinger</ncom:signature>
      <ncom:signerName>Erich Rettinger</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
