Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC (FFC)
FFC 8-K filings, explained
Every material Form 8-K Flaherty & Crumrine PREFERRED & INCOME SECURITIES 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 Securities Income Fund approved on April 23, 2019 a name change to Flaherty & Crumrine Preferred and Income Securities Fund Incorporated, along with a revised investment policy. The fund will now invest at least 80% of its Managed Assets in preferred and other income-producing securities, instead of at least 80% of its assets in preferred securities, with the changes taking effect on or about July 5, 2019.
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
Managed Assets is defined to include net assets plus certain loans, debt, preferred liquidation preference and reverse repurchase proceeds
Changes take effect on or about July 5, 2019; the policy can be changed by the Board without shareholder approval
Effective February 21, 2017, the fund will change its investment ratings policy. Under the new policy, at least 90% of managed assets must be rated investment grade or issued by companies whose issuer or senior unsecured debt is investment grade, up from at least 80% of securities rated investment grade under the old policy. The adviser says the change addresses a shift in the preferred market, where investment-grade preferreds now make up about 62% of the market versus 90% before the financial crisis.
Effective date: February 21, 2017
New policy: at least 90% of managed assets rated investment grade or issued by investment-grade issuers, versus at least 80% of securities under the old policy
Fund may hold below-investment-grade securities of investment-grade issuers, subject to a 10% limit
Adviser says investment-grade preferreds are about 62% of the market, down from 90% before the financial crisis; it has no current intention to buy securities rated B and below
The fund's investment adviser, Flaherty & Crumrine Incorporated, said portfolio manager Donald F. Crumrine will no longer serve the fund after he retires, effective December 31, 2015. R. Eric Chadwick and Bradford S. Stone will continue as portfolio managers, so the management team is reduced by one but not otherwise changed.
Donald F. Crumrine stops serving as a portfolio manager effective December 31, 2015, due to his upcoming retirement.
R. Eric Chadwick and Bradford S. Stone will continue to serve as portfolio managers.
The filing was dated November 13, 2015 and signed by R. Eric Chadwick, Chief Executive Officer and President.
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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC filing is on SEC EDGAR ↗. 8-K briefs of other companies →