The Fund

Fund Details
Ticker Symbol PGZ
Monthly Net Asset Value as of Jul 31, 2018 $19.91
Monthly Total Net Assets as of Jul 31, 2018 $137,377,166.68
Dividends Paid Monthly
Recent Dividend ex-date Aug 16, 2018 $0.1100

Investment Objective

The Fund’s 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. There can be no assurance that the Fund will achieve its investment objective.

Investment Strategies

Under normal market conditions, the Fund will invest at least 80% of its total assets in commercial real estate-related securities, primarily consisting of commercial mortgage backed securities ("CMBS") and other U.S. and non-U.S. real estate-related securities (primarily real estate investment trusts ("REITs") or REIT-like entities). Under normal circumstances, the Fund will invest between 40% and 70% of its total assets in CMBS and will invest between 30% and 60% in other real estate-related securities (including REITs). A CMBS is a type of mortgage-backed security that is secured by a loan (or loans) on one or more interests in commercial real estate property. REITs are pooled investment vehicles that invest in income producing real estate, real estate-related loans, or other types of real estate interests. The Fund will invest in CMBS and other real estate-related securities at new issuance and in the secondary market which the Fund’s investment subadviser, Principal Real Estate Investors, LLC ("PrinREI") believes will generate attractive risk-adjusted current yields and the potential for capital appreciation for the Fund.

The Fund will rely on PrinREI’s experience in the U.S. CMBS and global real estate-related securities markets to invest in both investment grade and below investment grade CMBS as well as other U.S. and non-U.S. real estate-related securities (including REITs). PrinREI will select CMBS and other real estate-related securities which it believes are fairly or under-priced relative to current market valuations and which PrinREI believes will provide attractive risk-adjusted current yields and total returns to the Fund. PrinREI will employ its proprietary research, fundamental analysis, modeling and real estate underwriting staff to assess credit risk, determine fair value and perform bottom-up security selection. After initially investing the proceeds of the offering, technical influences on the market will be considered before transacting to determine the appropriate time to either acquire or sell investments in the manner that PrinREI believes will be most consistent with helping the Fund achieve its investment objective. Derivative instruments, including credit default swaps, interest rate swaps, caps, floors and collars, currency futures and forwards, rate forwards, and interest rate futures (and options thereon) may be used to reduce credit risk (in the case of credit default swaps), reduce interest rate risk.

Fund Data as of Aug 16, 2018
Ticker Symbol PGZ
NAV $19.95
Market Price $18.25
Premium/Discount -8.52%
Total Net Assets $137,640,221.51