Principal Real Estate Income Fund filings document governance matters for the closed-end fund, including definitive proxy materials for shareholder meetings. The fund’s proxy disclosures describe trustee elections, voting procedures, adjournment matters and the formal meeting process for common shareholders.
For this issuer, SEC records center on closed-end fund oversight rather than operating-company financial statements, with disclosure tied to board governance, shareholder voting rights and the fund’s public-company reporting obligations.
Principal Real Estate Income Fund has called its 2026 annual shareholder meeting for April 10, 2026 at 10:00 a.m. Mountain Time, to be held solely by telephone, with no in‑person attendance.
Shareholders of record at the close of business on February 6, 2026, when 6,694,109 common shares were outstanding, are entitled to vote. The main proposal is the election of independent trustee nominee Stephanie J. Bullington to a three‑year term ending at the 2029 annual meeting. The Board of Trustees recommends a vote "FOR" the nominee.
The proxy materials describe the Fund’s governance structure, including an all‑independent Audit Committee, Nominating and Corporate Governance Committee, and Qualified Legal Compliance Committee, and disclose trustee compensation and share ownership. Cohen & Company, Ltd. is identified as the independent registered public accounting firm, with $34,500 in audit fees and $4,300 in tax fees for the fiscal year ended October 31, 2025.
The investment company associated with ticker PGZ submitted its annual Form N‑CEN, a census-style report required for registered funds. The filing outlines the fund’s organizational details, key service providers, and regulatory items such as directors, chief compliance officer, custodians, administrators, and transfer agents.
The report also discloses trading-related data. The fund paid aggregate brokerage commissions of 26,308 across multiple brokers, with individual gross commission amounts ranging from 889 to 4,739. Principal transactions with dealers reached multi‑million levels, including total purchase and sale values of 9,046,953 and 6,908,933 with two counterparties, reflecting the scale of the fund’s trading activity over the period.
Principal Real Estate Income Fund focuses on high current income from commercial real estate–related securities, mainly CMBS and REITs. As of October 31, 2025, it held 64.84% in CMBS and 31.19% in U.S. and international real estate securities.
For the 12 months ended October 31, 2025, the Fund returned 9.46% at market price and 8.07% on NAV, including dividends. This trailed the S&P 500 Index at 21.43% but exceeded the Bloomberg U.S. Aggregate Bond Index at 6.16%. The closing market price of $10.39 represented an 8.5% discount to its $11.36 NAV.
The Fund pays a managed monthly distribution of $0.105 per share, funded by a mix of net investment income and return of capital; in 2025 it paid $4,972,152 as ordinary income and $3,462,425 as return of capital. It employs leverage via a bank credit line, with $32,000,000 outstanding and a total expense ratio of 4.79% of average net assets including interest. Subsequent to year-end, advisory, sub-advisory and administration fees were reduced effective January 1, 2026.
Principal Real Estate Income Fund (PGZ) reported an insider purchase on a Form 4. On 11/10/2025, Laton Spahr, President of the Advisor, bought 4,512 shares at $10.36 and 5,488 shares at $10.34.
After these transactions, the reporting person beneficially owned 35,627 shares, held directly.
Bulldog Investors, LLP and principals Phillip Goldstein and Andrew Dakos amended their Schedule 13D to update ownership in Principal Real Estate Income Fund (PGZ). Bulldog is deemed the beneficial owner of 333,144 shares, representing 4.98% of the 6,694,109 shares reported outstanding, with Mr. Goldstein reported as beneficial owner of 333,261 shares and Mr. Dakos of 333,144 shares.
The filing shows shared voting and dispositive power for these shares and discloses no contracts or arrangements with the issuer. The statement also lists recent sales totaling 37,752 shares over several days at prices roughly between $10.45 and $10.53, and confirms clients are entitled to any dividends or proceeds.