Saba Capital Solicits Proxies from the Shareholders
February 23, 2024 at 06:02 am EST
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On February 23, 2024, Saba Capital Management, L.P. has filed a definitive proxy statement soliciting proxies and urged the shareholders of Principal Real Estate Income Fund to vote for its board nominees: Stephen G. Flanagan and Jassen Trenkow at the Company?s annual general meeting of shareholders scheduled to be held on April 12, 2024 to serve as trustees and hold office until the Fund?s 2027 annual meeting of shareholders, or until their respective successors are duly elected and qualified.
Principal Real Estate Income Fund (the Fund) is a non-diversified, closed-end management investment company. The Fundâs investment objective is to seek to provide high current income, with capital appreciation as a secondary objective, by investing in commercial real estate-related securities. Under normal market conditions, the Fund invests at least 80% of its total assets in commercial real estate-related securities, primarily consisting of commercial mortgage-backed securities (CMBS) and other United States and non-United States real estate-related securities (primarily real estate investment trusts (REITs) or REIT-like entities). Under normal circumstances, the Fund invests between 40% and 70% of its total assets in CMBS and invests between 30% and 60% in other real estate-related securities (including REITs). The Fund's investment adviser is ALPS Advisors, Inc. The Fund's investment sub-adviser is Principal Real Estate Investors, LLC.