PFD - Flaherty & Crumrine Preferred & Income Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. April 6, 2026

   Sit Investment raised its stake to 10.3% (from 8.4%), as a passive investor.

   Original document →

2. Oct 2, 2025

   Sit Investment now owns 8.4%, as a passive investor.

   Original document →

About this fund

• Run by Flaherty & Crumrine Incorporated. Part of the Flaherty & Crumrine fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $159 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -18.4%; at +10%, about +12.8%. As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs: 0.9% a year in management fees; 4.3% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 14 funds we follow that invest in preferred shares, 3 charge a lower management fee and 11 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $63 in the first year and about $523 over 10 years, assuming the holdings return 5% a year. As of Nov 30, 2024, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.77 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $12.65. The shares traded at $11.85, about 6.3% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 14.4% below to 4% below. As of Nov 30, 2025, from the fund's annual report. Original document →
• How the holdings did: up 1.2% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

How this has changed

• Payouts per share: $0.77 in the fiscal year ended Nov 30, 2025; $0.69 in the year ended Nov 30, 2024; $0.69 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.31% a year in the fiscal year ended Nov 30, 2025; 5.1% a year in the year ended Nov 30, 2024; 5.16% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $163 million at Nov 28, 2025; $160 million at Nov 29, 2024; $141 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 28, 2025 →, Nov 29, 2024 →, Nov 30, 2023 →.
• Borrowing: about 36% on top of its own money at Nov 28, 2025; 37% at Nov 29, 2024; 40% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 28, 2025 →, Nov 29, 2024 →, Nov 30, 2023 →.
• The fund had about 12.9 million shares at Nov 30, 2025, about the same as at Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +11.3%, counting payouts; the holdings +8.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +23.8%, counting payouts; the holdings +21.2%. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned -7.4%, counting payouts; the holdings +2%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned -29.4%, counting payouts; the holdings -15.6%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned -3.1%, counting payouts; the holdings +7.8%. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -12.7%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $8,730 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.7%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 9 funds that invest in preferred shares with a fiscal year ending within six months of this one, 2 reported a higher share return for that year and 6 a lower one. As of Nov 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (70%), the rest preferred shares. About 73% issued in the U.S.

1. Metlife - 4.8%
2. Fifth Third Bancorp - 4.5%
3. Provident Financing Trust I, Unm 7.405 03/15/38 - 3.3%
4. Flagstar Bank Na Depositary Shares, Each Representing A 1/40TH Interest in A Share of Wfixed-To-Floating Rate Series A Noncumulative Perpetual Preferr - 2.8%
5. Liberty Mutual Group, Libmut 7.8 03/15/37 144A - 2.6%
6. BNP Paribas SA, BNP V7.375 Perp 144A - 2.5%
7. Morgan Stanley Depositary Shares of Mongan Stanley, Each Representing A 1/1000TH Interest in A Fixed-To-Floating Rate Non-Cumulative Preferred Stock - 2.5%
8. Land O'lakes, Llakes 8 Perp 144A - 2.5%
9. HSBC Holdings PLC, HSBC V6.5 Perp - 2.4%
10. Delphi Financial Group Inc 7.376% Fixed to Float Rate Junior Subordinated Debentures Due 2067 - 2.2%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →