Market Overview

PFD, PFO, FFC, FLC and DFP Announce November Dividends

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The Boards of Directors of Flaherty & Crumrine Preferred Income Fund
Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred
Income Opportunity Fund Incorporated (NYSE:PFO), Flaherty &
Crumrine Preferred Securities Income Fund Incorporated (NYSE: FFC),
Flaherty & Crumrine Total Return Fund Incorporated (NYSE:FLC)
and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE:
DFP
) today announced that they have declared per share dividends for
November as follows:

   
November
PFD $0.078
PFO $0.066
FFC $0.114
FLC $0.119
DFP $0.148
 
Payment Date November 30, 2018
Record Date November 23, 2018
Ex-Dividend Date November 21, 2018
 

With a fiscal year end of November 30, 2018, and consistent with prior
years, the funds currently expect that December dividends will be
declared during the week of December 10, 2018. The tax breakdown of all
2018 distributions will be available early in 2019, but at this point
the funds anticipate that the dividends detailed above will consist of
net investment income and not capital gains or return of capital.

Website: www.preferredincome.com

Past performance is not indicative of future performance. An investor
should consider the fund's investment objective, risks, charges and
expenses carefully before investing.

To the extent any portion of the distribution is estimated to be
sourced from something other than income, such as return of capital, the
source would be disclosed on a Section 19(a)-1 letter located under the
"SEC Filings and News" section of the funds' website,
www.preferredincome.com.
The actual amounts and sources of the amounts for tax reporting purposes
will depend upon a fund's investment performance during the remainder of
its fiscal year and may be subject to change based on tax regulations. A
distribution rate that is largely comprised of sources other than income
may not be reflective of a fund's performance.

PFD, PFO and FFC invest primarily in preferred securities with an
investment objective of high current income consistent with preservation
of capital. FLC invests primarily in preferred and other
income-producing securities with a primary investment objective of high
current income and a secondary objective of capital appreciation.
DFP
invests primarily in preferred and other income-producing securities
with an investment objective of total return, with an emphasis on high
current income.
PFD, PFO, FFC, FLC and DFP are managed by
Flaherty & Crumrine Incorporated, an independent investment adviser
which was founded in 1983 to specialize in the management of portfolios
of preferred and related securities.

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