Guggenheim Series 903 registers Flaherty & Crumrine Preferred units

By Toni Weeks

San Diego, March 29 - Guggenheim Defined Portfolios, Series 903 is offering units of its Flaherty & Crumrine Preferred Portfolio, Series 28, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Lisle, Ill.-based Guggenheim Funds Distributors, Inc.

The trust seeks to provide high current income with a secondary objective of capital appreciation by investing in a diversified portfolio of exchange-listed preferred stocks, trust-preferred securities and baby bonds selected by Flaherty & Crumrine Inc.

On March 28, the initial date of deposit, $149,979 of contracts to purchase securities comprised the trust. The 15,149 units have an initial offering price of $10 and a net asset value of $9.525 each.

Each unit will carry a maximum sales fee of 3.95%, which is comprised of an initial sales fee of 1%, a deferred sales fee of 2.45% and a creation and development fee of 0.5%. Sales charge reductions up to 1.5% of the public offering price are available based on the amount of the investment.

The trust will terminate on May 14, 2014.

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