Company: PGZ
Filing Date: 2025-07-03
Form Type: N-CSRS
Source: 0001398344-25-012685
Chunk: 21

Company: Principal Real Estate Income Fund
Filing Date: 2025-07-03
Form: N-CSRS
Chunk 21
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 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 six-months ended April 30, 2025, 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, plus out-of-pocket expenses. Transfer agent fees
paid by the Fund for the six-months ended April 30, 2025, are disclosed in the Statement of Operations. GIDS is a wholly-owned subsidiary
of SS&C Technologies Holdings, Inc. (“SS&C”), a publicly traded company listed on the NASDAQ Global Select Market.

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

April 30, 2025 (Unaudited)

The Fund pays no salaries or compensation to any of
its interested Trustees or Officers. The four independent Trustees of the Fund each receive an annual retainer of $24,000 and an additional
$5,000 for attending each meeting of the Board. In addition to the attendance fee, the Chairman of the Board will be paid a meeting fee
of $1,500 for each Board meeting and the Chairman of the Audit Committee of the Board will be paid a meeting attendance fee of $1,250
for each meeting of the Audit Committee of the Board. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating
to attendance at meetings of the Board.

Certain Officers of the Fund are also officers of AAI and AFS.

Total Managed Assets: For these purposes, the
term Total Managed Assets is defined as the value of the total assets of the Fund minus the sum of all accrued liabilities of the Fund
(other than aggregate liabilities representing Limited Leverage, as defined below), calculated as of 4:00 p.m. Eastern time on such day
or as of such other time or times as