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Flaherty & Crumrine Preferred & Income Fund Inc. Schedule 13G/A: Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report shared beneficial ownership of 1,320,217 shares of common stock, equal to 10.3% of the class. The filing states 12,852,556 shares outstanding as of November 30, 2025. The filers say the shares are held in client Accounts for which they exercise shared voting and dispositive power and disclaim beneficial ownership under Rule 13d-4.
Flaherty & Crumrine Preferred and Income Fund Incorporated has called its 2026 annual shareholder meeting for April 15, 2026 at 8:00 a.m. PDT in Pasadena, California. Shareholders will vote on Proposal 1, the election of directors, and any other properly presented business.
Common shareholders of record as of January 15, 2026 are entitled to one vote per share. The board recommends voting FOR the unopposed nominee, Kevin M. Maxwell, whose term would run to the 2029 annual meeting. Proxies returned without instructions will be voted for Proposal 1.
PFD submitted a Form N-CEN annual report template for a registered investment company, providing the standard fund governance, operations, and service-provider disclosures required by the Investment Company Act of 1940.
The filing lists principal transactions with ten dealer counterparties and individual transaction values of 2,120,500, 3,440,977, 4,415,106, 6,869,120, 6,201,000, 6,230,575, 4,282,500, 8,234,960, 1,812,000, and 4,435,440.
Flaherty & Crumrine Preferred & Income Fund Inc. director Maxwell Kevin Michael has filed an initial Form 3 reporting no holdings in the fund’s securities. The filing, made in connection with an event dated 01/21/2026, states that no securities are beneficially owned, including non-derivative and derivative positions.
Flaherty & Crumrine Preferred and Income Fund (PFD) reports a solid year, with an 8.6% total return on net asset value (NAV) and an 11.3% return on market price for the fiscal year ended November 30, 2025. Fourth-quarter NAV return was 2.6%.
The Fund benefited from strong financial sector earnings, tighter credit spreads, and falling short‑term rates that lowered its leverage cost. Net investment income was $9.8 million, comfortably covering $9.96 million of common dividends, and NAV rose from $12.46 to $12.65 per share.
Managed assets totaled $253.7 million, supported by a $91.1 million secured loan, while common net assets were $162.6 million, or $12.65 per share, versus a $11.85 market price, a discount of about 6%. The portfolio remained heavily invested in bank and insurance preferreds and contingent capital securities, with 64% of managed assets in holdings generating qualified dividend income and 42% eligible for the corporate dividends received deduction.
Long‑term performance stayed above the Fund’s preferred benchmark, with average annual total returns at NAV of 4.1% over five years and 6.4% over ten years, compared with 2.8% and 4.7% for the benchmark index. Management highlights supportive credit fundamentals but notes risks from Federal Reserve policy, inflation, and fiscal deficits.
Sit Investment Associates, Inc. and its subsidiary Sit Fixed Income Advisors II, LLC filed a Schedule 13G reporting shared beneficial ownership of 1,084,394 shares of Flaherty & Crumrine Preferred and Income Fund Incorporated common stock, equal to 8.4% of the class. The filing states the percentage is calculated using 12,852,556 shares outstanding reported by the issuer as of May 31, 2025. All reported shares are held in client accounts managed by the advisers; the filers disclaim beneficial ownership under Rule 13d-4. The filing lists shared voting and dispositive power of 1,084,394 shares and indicates the positions arise from ordinary investment-advisory activities.