Phillips 66 Spin-Off to Join ConocoPhillips in S&P 500

ConocoPhillips (COP) has been a position in the Fallen Angels Income Fund (FAINX) and our Enhanced Dividend Strategy for a while now. One reason for it’s addition into both portfolios was ConocoPhillips’ announcement to spin-off its refining business, Phillips 66 (PSX), to shareholders. We will receive our shares in Phillips 66 after the close on Monday, April 30.

An added short-term bonus will be the addition on Phillips 66 to the S&P 500, joining ConocoPhillips in the index.

At the same time, the new Phillips 66 will join its parent, ConocoPhillips, in the S&P 500, replacing supermarket chain SUPERVALU(SVU). In a cascading series of changes, SUPERVALU will move into the S&P MidCap 400, replacing American Greetings(AM), which will move into the S&P SmallCap 600, replacing The Standard Register(SR).

Source:
Phillips 66 To Be Added To S&P 500 After April 30 Spin (Stock Spin Offs)

The prospectus for the Fallen Angels Income Fund (FAINX) can be found here.