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FFC Fund Overview
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(FFC) Flaherty & Crumrine/Claymore
Preferred Securities Income Fund
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Common Shares
Daily Data
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| Current Distribution Rate7 |
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| Monthly Dividend Per Share1 |
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| 52 Week High/Low Share Price 2 |
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| Intraday Trading Information |
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Weekly Data
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| 52-Week Average Premium/Discount |
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| Current Distribution Rate |
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| Common Shares Outstanding |
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| Overall Percent Leveraged8 |
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Semi-Annual Data
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| Shareholder Servicing Agent |
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| Expense Ratio (Total Fund)6 |
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| Expense Ratio (Common Shares)6 |
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Inception Information
Common Shares3
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| The Wall Street Journal Listing |
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Auction Market Preferred Shares4
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| 1940 Act Asset Coverage Ratio4 |
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1 Dividend per share is subject to change on the ex-dividend date. The distribution amount may include net investment income, capital gains and/or return of capital. The distribution amount alone is not indicative of Fund performance.
2 Figures are based on market close.
3 Based on the prospectus information.
4 The Fund is required by the 1940 Act to maintain an asset coverage ratio of at least 2 to 1 with respect to senior securities that are stock, including AMPS.
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5 Not annualized
6 Expense ratios are annualized
7 Latest declared monthly dividend per share annualized and divided by the current share price. To the extent any portion of the current distribution is estimated to be sourced from something other than income, such as return of capital, the source would be disclosed on a Section 19a-1 letter located under the “Fund News” section of the “News & Literature” section of the Fund’s website. The distribution rate may include net investment income, capital gains and/or return of capital. The distribution rate alone is not indicative of Fund performance.
8 The Fund currently utilizes a blended form of leverage that consists of AMPS and debt financing
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FFC
Investment Objective |
The Fund’s investment objective is high current income for holders of its common stock consistent with preservation
of capital. At least 80% of the Fund's total assets will be invested in a diversified
portfolio of preferred securities. The Fund expects that its portfolio of preferred
securities will consist principally of 'hybrid' or taxable preferreds. At least 80%
of the Fund's preferred securities will be investment-grade quality at the time of purchase.
Up to 20% of the Fund's total assets may be invested in securities rated below-investment
grade (but not below Ba3 or BB-), provided the issuer has investment-grade senior debt
outstanding. The Fund’s investment adviser intends to pursue strategies that it expects
generally to result in the Fund’s income increasing in response to significant increases
in long-term interest rates while being relatively resistant to the impact of declines
in long-term interest rates. There can be no assurance the Fund will achieve its investment objectives.
Hedging Strategy
The response
of the Fund’s income to changes in long-term interest rates will be
impacted by the effectiveness of its hedging strategies. The hedging positions that the
Fund currently expects to hold normally are anticipated to appreciate in value when
long-term interest rates rise significantly, reflecting either the rise in yields of
Treasury securities or interest-rate swap yields, as applicable, and the associated
decline in the prices of underlying Treasury securities or decreased net market value
of an obligation to pay a fixed-income stream in a higher interest rate environment.
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FFC Portfolio
Overview |
(as of
7/31/2008)
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| Banks |
35.80%
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| Utilities |
30.20%
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| Insurance |
17.60%
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| Finance |
7.20%
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| Energy |
5.20%
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| REITs |
1.80%
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| Government |
0.30%
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| Communications |
0.20%
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| Misc |
1.70%
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(as of
7/31/2008)
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| Midamerican Energy |
5.70%
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| Banco Santander |
4.90%
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| Liberty Mutual Group |
4.30%
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| Wachovia Corp |
3.80%
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| Dominion Resources |
3.20%
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| Axis Capital |
2.90%
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| Sovereign Bancorp |
2.90%
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| AON Corp |
2.50%
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| Capital One Financial |
2.40%
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| Citigroup |
2.30%
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(as of
7/31/2008)
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| Aaa |
0.3%
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| Aa |
6.9%
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| A |
22.3%
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| Baa |
51.9%
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| Ba |
15.3%
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| B |
0.3%
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| Below B |
0.1%
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| Not Rated |
2.9%
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Bonds with a credit rating of Ba or lower are considered below investment grade. “Not Rated” includes options, common stock and unrated securities by Moody’s.
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All portfolio data will change as the Fund's holdings change (which can be on a daily basis).
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FFC $1,000 Investment |
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Market Performance on a Hypothetical $1,000 Investment
Since Inception of Fund |
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All distributions are assumed to be reinvested at the applicable dividend reinvestment price.
Past performance is not indicative of future results.
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