Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC (FFC)
FFC 8-K filings in 2017
Every material Form 8-K Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC filed with the SEC in 2017, 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.
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
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