If one searches on SEDAR for “Manulife Preferred Income Class Apr 25 2018 16:25:30 ET Material document – English PDF 94 K” (as usual, the Canadian Securities Administrators prohibit me from linking to the document directly) one will find notification that Manulife Preferred Income Class has been terminated and merged into Manulife Dividend Income Class, effective as of the Close of Business, April 20, 2018.
There was a chaotic close in the preferred share market on April 20; it would be interesting to know if these two incidents were related!
The preferred fund had previously absorbed the poorly performing Manulife Preferred Income Fund, which was originally the AIC Preferred Income Fund.
According to the public document that I am not allowed to link to, “Manulife Preferred Income Class Mar 14 2018 14:27:09 ET Management information circular – English PDF 481 K”, the fund had 1,450 security holders and paid Manulife about $390,000 in management fees in 2017. According to another unlinkable document, “Manulife Preferred Income Class Jul 28 2017 07:55:29 ET Audited annual financial statements – English PDF 1191 K”, the NAV of the fund was about $27.2-million as of April 30, 2017.
Sic transit gloria mundi! As shown on the MAPF Performance Review for March, 2018 the fund was not a terrible performer (provided the absorbed fund is forgotten!) but was nothing special, returning +3.29% annualized in the three years to March, 2018, compared to +4.45% for the BMO-CM “50” Preferred Share Index and +2.76% for TXPR.