Company: PGZ
Filing Date: 2025-03-04
Form Type: DEFR14A
Source: 0001398344-25-004645
Chunk: 16

Company: Principal Real Estate Income Fund
Filing Date: 2025-03-04
Form: DEFR14A
Chunk 16
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 of Trustees
and to the Audit Committee, as representatives of shareholders. The independent accountants for the Fund report directly to the Audit
Committee.

In performing its oversight function, at a meeting
held on December 18, 2024, the Audit Committee reviewed and discussed with management of the Fund and the independent accountant, Cohen
& Company, Ltd. (“Cohen”), the audited financial statements of the Fund as of and for the fiscal year ended October 31,
2024, and discussed the audit of such financial statements with the independent accountant.

In addition, the Audit Committee discussed with the
independent accountants the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight
Board (“PCAOB”) and the SEC and received the written disclosures and letter required by the PCAOB regarding the relationships
between Cohen and the Fund and the impact that any such relationships might have on the objectivity and independence of Cohen.

As set forth above, and as more fully set forth in
the Audit Committee Charter, the Audit Committee has significant duties and powers in its oversight role with respect to the Fund’s
financial reporting procedures, internal control systems and the independent audit process.

The members of the Audit Committee are not, and do
not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by the Fund for
accounting, financial management or internal control purposes. Moreover, the Audit Committee relies on and makes no independent verification
of the facts presented to it or representations made by management or the independent verification of the facts presented to it or representation
made by management or the Fund’s independent accountant. Accordingly, the Audit Committee’s oversight does not provide an
independent basis to determine that management has maintained appropriate accounting and/or financial reporting principles and policies,
or internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore,
the Audit Committee’s considerations and discussions referred to above do not provide assurance that the audit of the Fund’s
financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements
are presented in accordance with generally accepted accounting principles.

Based on its consideration of the audited financial
statements and the discussions referred to above with management and the Fund’s independent accountant, and subject to the limitations
on the responsibilities and role of the Audit Committee set forth in the Audit Committee Charter and those discussed above, the Audit
Committee recommended to the Board of Trustees that the Fund’s audited financial statements be included in