FLAHERTY & CRUMRINE PREFERRED & INCOME FUND INC (PFD)
PFD 8-K filings, explained
Every material Form 8-K FLAHERTY & CRUMRINE PREFERRED & INCOME FUND INC has filed with the SEC since November 13, 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 board of Flaherty & Crumrine Preferred Income Fund approved a name change to Flaherty & Crumrine Preferred and Income Fund and revised its non-fundamental investment policy on April 23, 2019. The changes take effect on or about July 5, 2019, and the fund will still invest at least 80% of its Managed Assets in preferred and other income-producing securities.
Board approved the name change and policy changes on April 23, 2019
Policy now requires at least 80% of Managed Assets in preferred and other income-producing securities, up from 80% of assets in preferred securities
Policy is non-fundamental, so the board can change it without shareholder approval
The fund will change its investment policies effective February 21, 2017, loosening its credit rating rules for preferred securities. The new policy requires at least 85% of managed assets to be investment grade or issued by companies with investment grade issuer or senior unsecured debt ratings, and allows up to 15% in issuers rated below investment grade. The adviser says this reflects a shift in the preferred market, where only about 62% now carries an investment grade rating from at least one agency, down from 90% before the financial crisis.
Change effective February 21, 2017
Minimum investment grade threshold rises to 85% of managed assets, judged by security or issuer rating
Up to 15% may be held in securities rated below Ba3/BB-/BB- or from issuers with below investment grade ratings
Adviser says it has no current intention to buy securities rated B and below
The investment adviser to Flaherty & Crumrine Preferred & Income Fund (PFD) 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 remain as portfolio managers, so day-to-day management continues with the same team minus Crumrine.
Donald F. Crumrine stops serving as a portfolio manager effective December 31, 2015, due to retirement.
R. Eric Chadwick and Bradford S. Stone will continue as portfolio managers for the Fund.
The change was disclosed under Item 8.01 (Other Events) in a filing dated November 13, 2015.
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