Principal Real Estate Income Fund

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees of the Fund (the “Board of Trustees”) for use at the Annual Meeting of Shareholders of the Fund (the “Meeting”) to be held to be held as a telephone conference call meeting at which no one will be allowed to attend in person on Friday, April 10, 2026, at 10:00 a.m. Mountain Time and at any adjournments thereof.

We will be hosting this year’s Meeting as a telephone conference call. There is no physical location for the Meeting. To participate in the Meeting, you must email attendameeting@equiniti.com no later than 3:00 p.m. Mountain Time on April 6, 2026 and provide your full name and address. You will then receive an email from EQ Fund Solutions (“EQFS”) containing the conference call dial-in information and instructions for participating in the Meeting.

If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Meeting. To register, you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to EQFS, the Fund’s tabulator. You may forward an email from your intermediary or attach an image of your legal proxy toattendameeting@equiniti.com. Requests for registration must be received no later than 3:00 p.m. Mountain Time on April 6, 2026. You will then receive an email from EQFS containing the conference call dial-in information and instructions for participating in the Meeting.

This Proxy Statement was first mailed to shareholders on or about March 6, 2026.