Market Overview

PFD, PFO, FFC, FLC and DFP Announce December and January 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
December, 2018 and January, 2019 as follows:

       
December     January
PFD $0.078 $0.075
PFO $0.066 $0.0625
FFC $0.114 $0.112
FLC $0.119 $0.115
DFP $0.148 $0.143
 
Payment Date December 31, 2018 January 31, 2019
Record Date December 21, 2018 January 24, 2019
Ex-Dividend Date December 20, 2018 January 23, 2019
 

These new January 2019 dividends represent a decrease from the last
dividend per share of −3.8% for PFD, −5.3% for PFO, −1.8% for FFC, −3.4%
for FLC and −3.4% for DFP.

The funds' fiscal year ended on November 30, 2018 and the tax breakdown
of all 2018 distributions will be available early in 2019. 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.

R. Eric Chadwick, Chairman of the Board of each fund, said "The Federal
Reserve increased short-term interest rates four times during the past
fiscal year and is projected to raise rates further. This has caused
leverage expense to rise steadily from a rate of about 2.1% at the
beginning of the year to 3.1% today. Consequently we have reduced
dividends to better reflect projected net income available for
distribution to common stock shareholders."

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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