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Fort Dearborn Receives Vote of Confidence From Karpus Management

Fort Dearborn Income Securities, Karpus: In a 13D filing with the SEC just now, the New York-located Karpus Management disclosed a 3.8% stake in Fort Dearborn Income Securities, Inc. (NYSE:FDI). Despite the nature of the 13D, Karpus did not disclose that it was investing in Fort Dearborn for any specific value-creating purpose, but we’ll let you know if that changes. Shares of the closed-end fund company are up 0.3% today.

Insider Trading 3

Earlier in September, Fort Dearborn announced that its board made several decisions meant to bring more investment choices for the company and help it to increase its risk-adjusted returns. Among the changes adopted by the Board of Directors are: 1) the allowance for the fund to buy non-U.S. dollar-denominated securities, and 2)  permission to invest a maximum amount of 10% of its assets in collateralized loan obligations. Also the board made it clear that the fund can invest up to 25% of assets in several options such as preffered stock, convertible securities, etc.

Disclosure: none

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