SCHEDULE: Saba Capital Reduces Stake in Principal Real Estate Income Fund

Saba Capital Management, L.P. and its affiliates have filed an amended Schedule 13D, disclosing recent sales of Common Shares in Principal Real Estate Income Fund, reducing their beneficial ownership to 4.75%.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, "Reporting Persons") filed Amendment No. 5 to their Schedule 13D regarding Principal Real Estate Income Fund.
• Reporting Persons beneficially own an aggregate of 317,889 Common Shares of Principal Real Estate Income Fund.
• This beneficial ownership represents 4.75% of the Issuer's Common Shares outstanding, calculated based on 6,694,109 shares outstanding as of April 30, 2025.
• Between July 7, 2025, and July 11, 2025, Saba Capital effectuated open market sales of a total of 22,420 Common Shares.
• Specific sales include 112 shares at $10.53 on July 7, 2025; 707 shares at $10.47 on July 8, 2025; and 21,601 shares at $10.48 on July 11, 2025.
• The original acquisition cost for the reported Common Shares was approximately $4,794,791, funded by investor subscription proceeds and capital appreciation, potentially including margin borrowings.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing disclosing a reduction in beneficial ownership by a significant investor. While the filing itself is neutral, the action of selling shares by Saba Capital Management could be perceived as a slightly negative signal regarding their outlook on the Principal Real Estate Income Fund, though the reasons for the sale are not disclosed.

Negatives

• Saba Capital Management, a significant holder, reduced its stake in Principal Real Estate Income Fund by selling 22,420 Common Shares.
• The sales occurred at prices ranging from $10.47 to $10.53 per share.

Risks

• No specific risks related to the Issuer's operations or financial health are disclosed.
• Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws, or finding any violation with respect to such laws, during the last five years.

Future Outlook

No forward-looking statements or guidance are provided in this filing, as it primarily details historical ownership changes and transactions.

Industry Context

This filing reflects a specific investment fund's portfolio adjustment rather than broader industry trends. It indicates a reduction in a significant investor's stake in a real estate income fund, which could be a fund-specific decision or a reaction to the fund's performance or market conditions within the real estate income sector.

Comparison to Industry Standards

• This filing details a specific ownership change by an investment manager and does not provide information for direct comparison to industry-wide benchmarks or specific comparable companies' performance or projects. The transactions are specific to Saba Capital's portfolio management decisions regarding Principal Real Estate Income Fund.

Legal Proceedings

• Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws, or finding any violation with respect to such laws, during the last five years.

Stakeholder Impact

• Shareholders of Principal Real Estate Income Fund may interpret the reduction in Saba Capital Management's stake as a signal regarding the fund's prospects or the investor's portfolio strategy.

Next Steps

• No specific future actions, events, or milestones are mentioned in this regulatory filing.

Key Dates

Keywords

Principal Real Estate Income Fund, Saba Capital Management, Schedule 13D/A, Beneficial Ownership, Share Sales, Investment Fund, SEC Filing, PRD