Every material Form 8-K FLAHERTY & CRUMRINE TOTAL RETURN FUND INC has filed with the SEC since June 04, 2015, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
The fund will change its credit-quality investment policy effective February 21, 2017. The new policy requires at least 90% of managed assets to be investment grade or issued by companies with investment-grade issuer or senior unsecured debt ratings, replacing an 80% test, and allows up to 10% in below-investment-grade securities of investment-grade issuers.
Investment grade requirement rises from at least 80% to at least 90% of managed assets at purchase, effective February 21, 2017.
The fund may buy below-investment-grade preferreds of investment-grade issuers, subject to a 10% limit.
The adviser cites that investment-grade rated preferreds fell to about 62% of the market, from 90% before the financial crisis.
The fund's investment adviser said portfolio manager Donald F. Crumrine will leave his role on December 31, 2015, due to his upcoming retirement. R. Eric Chadwick and Bradford S. Stone will continue as portfolio managers, so the management team is partly unchanged for shareholders.
Donald F. Crumrine will no longer serve as a portfolio manager effective December 31, 2015.
The change was announced by the Investment Adviser, Flaherty & Crumrine Incorporated, citing his upcoming retirement.
R. Eric Chadwick and Bradford S. Stone will continue as portfolio managers for the fund.
Flaherty & Crumrine Incorporated, the fund's investment adviser, said portfolio manager Robert M. Ettinger will no longer serve the fund effective June 30, 2015, due to his impending retirement. Three other portfolio managers will continue to run the fund, so the change is a personnel update rather than a change in management team.
Robert M. Ettinger stops serving as a portfolio manager effective June 30, 2015, due to his impending retirement
R. Eric Chadwick, Bradford S. Stone and Donald Crumrine will continue as portfolio managers
The filing was made June 4, 2015 under Item 8.01 (Other Events)
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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