PGZ - Principal Real Estate Income Fund

What this means for you

Bulldog owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Aug 12, 2025

   Bulldog sold down below 5% and stopped reporting.

   Original document →

2. July 14, 2025

   Saba sold down below 5% and stopped reporting.

   Original document →

3. July 3, 2025

   Saba cut its stake to 5.1% (from 6.2%). It has said it may push for changes.

   Original document →

4. Oct 21, 2024

   Saba cut its stake to 6.2% (from 7.3%). It has said it may push for changes.

   Original document →

5. Sept 13, 2024

   Saba now owns 7.3%. It has said it may push for changes.

   Original document →

About this fund

• Run by Principal. At its last yearly report (Oct 31, 2025) the fund was run by ALPS Advisors, Inc. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $75.3 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 31% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.5% a year in management fees; 4.9% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). As of Oct 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $11.36. The shares traded at $10.39, about 8.5% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 4.1% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +11.3%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2012.

What the fund holds

Mostly mortgage bonds (65%), the rest shares and cash and short-term holdings. About 88% issued in the U.S.

1. Bmo 2022-c1 Mortgage Trust - 5.1%
2. Comm Mortgage Trust, COMM 2014-UBS5 Mortgage Trust - 4.4%
3. Wells Fargo Commercial Mortgage Trust 2025-5C3 - 3.8%
4. Equinix, Inc. - 3.7%
5. Cash and short-term - 3.6%
6. Citigroup Commercial Mortgage Trust 2019-C7 - 3.3%
7. Msrw Pass-through Trust, MSRW 2026-CHICOS Pass-Through Trust - 3.2%
8. Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust, MES01 G - 3.1%
9. Benchmark Mortgage Trust, Benchmark 2022-B36 Mortgage Trust - 3%
10. Citigroup Commercial Mortgage Trust 2019-GC43 - 5%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →