PGZ - Principal Real Estate Income Fund
Printed from CEF Radar (cefradar.com). Source: public filings at the U.S. Securities and Exchange Commission. Last checked: Nov 2, 2026, 12:37 a.m. New York time.
A closed-end fund run by Principal. Invests in real estate companies. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Not right now - Bulldog was in this fund until Aug 12, 2025 and has since sold down.
Is the fund doing anything you need to act on?
Nothing right now.
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.
What happened, and when
-
Aug 12, 2025
Bulldog sold down below 5% and stopped reporting.
Original document → -
July 14, 2025
Saba sold down below 5% and stopped reporting.
Original document → -
July 3, 2025
Saba cut its stake to 5.1% (from 6.2%). It has said it may push for changes.
Original document → -
Oct 21, 2024
Saba cut its stake to 6.2% (from 7.3%). It has said it may push for changes.
Original document → -
Sept 13, 2024
Saba now owns 7.3%. It has said it may push for changes.
Original document →
Show all 6 events
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Sept 10, 2024
Bulldog now owns 6.3%. 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 $74.1 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 30% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -17.2%; at +10%, about +12.3%. As of Oct 31, 2025, from the fund's annual 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 →
Among the 7 funds we follow that invest in real estate companies, 5 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts. - 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). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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 3.6% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 2012.
What a holder made
- The holdings over the last twelve months we have, to July 31, 2026: +11.3%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.
Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.
What the fund holds
Mostly mortgage bonds (66%), the rest shares. About 88% issued in the U.S.
- Citigroup Commercial Mortgage Trust - 8.7%
- Barclays Commercial Mortgage Securities Llc - 6.9%
- Bank - 6.9%
- Wells Fargo Commercial Mortgage Trust - 6.1%
- Msrw Pass-through Trust - 5.9%
- Bmo Mortgage Trust - 5.2%
- Bmo 2022-c1 Mortgage Trust - 5.2%
- Benchmark Mortgage Trust - 4.9%
- Comm Mortgage Trust, COMM 2014-UBS5 Mortgage Trust - 4.5%
- Equinix, Inc. - 3.5%
Show all 15
- Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust, Mes01 G - 3.1%
- Sabra Health Care REIT, Inc. - 2.6%
- Welltower, Inc. - 2.5%
- Mercialys Sa - 2.3%
- Cantor Commercial Real Estate Lending 2019-CF2 - 2.1%
As of July 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Aug 12, 2025 | Bulldog | 5% | Sold down below 5% |
| July 14, 2025 | Saba | 4.8% | Sold down below 5% |
| July 3, 2025 | Saba | 5.1% | Updated notice |
| Oct 21, 2024 | Saba | 6.2% | Updated notice |
| Sept 13, 2024 | Saba | 7.3% | Updated notice |
| Sept 10, 2024 | Bulldog | 6.3% | Updated notice |
No announcements from the fund on file. Most funds announce their payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here.
- Run by
- ALPS Advisors, Inc.
- Fund family
- ALPS Advised Funds
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-22742
- Auditor
- Cohen & Co, Ltd
- Fiscal year end
- Oct 31, 2025
- Number of holdings
- 122
- Preferred share classes
- none
See this fund's page at the SEC →
Email me when something new is filed for PGZ
Free. One email when a large investor files a notice, or when the fund announces a buy-back, a vote or a closing - usually within a day. No password. Most funds announce payout changes on their own website, where we do not look.