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Flaherty & Crumrine’s five closed-end funds are holding joint annual shareholder meetings on April 15, 2026 in Pasadena, California. Shareholders of each fund will vote mainly on electing directors, with separate votes and proxy cards for PFD, PFO, FFC, FLC and DFP.
Nominees include Kevin M. Maxwell across all funds, Nicholas Dalmaso for PFO, and Karen H. Hogan for DFP, each to serve multi‑year staggered terms. The boards remain majority independent, with Mr. Dalmaso as Lead Independent Director and Ms. Hogan chairing the audit committees. KPMG LLP continues as independent auditor, receiving $57,200 in audit fees and $10,700 in tax fees per fund for each of the last two fiscal years.
FFC filed a Form N-CEN annual report providing standard operational, governance and fund‑level disclosures for a registered investment company. The filing includes a Principal Transactions section listing counterparties with reported purchase and sale values such as 31,799,460, 9,475,000 and 30,518,548.
The form records structured items required by the Investment Company Act: background, directors, chief compliance officer, advisers, custodians, securities lending, and other operational items. The excerpt focuses on questionnaire fields and a series of principal transaction value entries for the reporting period.
Flaherty & Crumrine Preferred & Income Securities Fund Inc. director Kevin Michael Maxwell filed an initial ownership report as of 01/21/2026. The filing states that no non-derivative or derivative securities of the fund are beneficially owned, as noted in the remarks section.
Flaherty & Crumrine Preferred and Income Securities Fund (FFC) reports a solid fiscal year ended November 30, 2025. Total return on net asset value (NAV) was 9.4%, while return based on market price was 13.0%, both ahead of its preferred benchmark’s 4.2%.
Net investment income reached $55.3 million, easily covering common distributions of $55.9 million. NAV per share rose from $17.31 to $17.63, and net assets increased to $849.3 million. The fund employs $502 million of secured bank leverage, producing a 2025 expense ratio of 4.10% on net assets including interest.
The portfolio remains focused on preferreds and contingent capital securities, heavily tilted to financials, insurance and utilities, with 75.8% in preferred/hybrid securities and 21.1% in contingent capital. At November 30, 2025, the market price discount to NAV was about 5.5% and the indicated yield on market price was 7.03%. Approximately 99.3% of 2025 distributions qualified as tax-advantaged qualified dividend income, and 39.8% was eligible for the corporate dividends received deduction.