Company: PGZ
Filing Date: 2025-01-03
Form Type: N-CSR
Source: 0001398344-25-000145
Chunk: 21

Company: Principal Real Estate Income Fund
Filing Date: 2025-01-03
Form: N-CSR
Chunk 21
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 rate charged and the average outstanding loan payable for the year ended October 31, 2024, was as follows:

| 28 | www.principalcef.com |

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

October 31, 2024

| Average Interest Rate            |       6.30% |
| Average Outstanding Loan Payable | $32,000,000 |

4.INVESTMENT ADVISORY AND OTHER AGREEMENTS

ALPS Advisors, Inc. serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Fund. As compensation for its services to the Fund, AAI receives an annual investment advisory fee of 1.05% based on the Fund’s average Total Managed Assets (as defined below). Effective November 1, 2023, AAI voluntarily agreed to waive a portion of its advisory fee payable via the Fund by 0.15% of the Fund’s average daily Managed Assets. The voluntary waiver was in effect for one year. Pursuant to an Investment Sub-Advisory Agreement, AAI has retained Principal Real Estate Investors, LLC (‘‘PrinRei’’) as the Fund’s sub-advisor and pays PrinRei an annual fee of 0.55% based on the Fund’s average Total Managed Assets. Investment advisory fees are paid monthly.

ALPS Fund Services, Inc. (‘‘AFS’’), an affiliate of AAI, serves as administrator to the Fund. Under an Administration, Bookkeeping and Pricing Services Agreement, AFS is responsible for calculating the net asset values, providing additional fund accounting and tax services, and providing fund administration and compliance-related services to the Fund. AFS is entitled to receive a monthly fee, accrued daily based on the Fund’s average Total Managed Assets, as defined below, plus a fixed fee for completion of certain regulatory filings and reimbursement for certain out-of-pocket expenses. Administration fees paid by the Fund for the year ended October 31, 2024, are disclosed in the Statement of Operations.

SS&C GIDS, Inc. ("GIDS") the parent company of AAI and AFS, serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, GIDS is responsible for maintaining all shareholder records of the Fund. GIDS is entitled to receive an annual minimum fee of $24,413, plus out-of-pocket expenses. GIDS is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. (“SS&C”), a publicly traded company listed on the