Market Overview

PFD, PFO, FFC, FLC and DFP Announce May, June and July 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
May, June and July, 2019 as follows:

           
May     June     July
PFD $0.075 $0.075 $0.075
PFO $0.0625 $0.0625 $0.0625
FFC $0.112 $0.112 $0.112
FLC $0.115 $0.115 $0.115
DFP $0.143 $0.143 $0.143
 
Payment Date May 31, 2019 June 28, 2019 July 31, 2019
Record Date May 23, 2019 June 21, 2019 July 24, 2019
Ex-Dividend Date May 22, 2019 June 20, 2019 July 23, 2019
 

The tax breakdown of all 2019 distributions will be available early in
2020, 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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