FFC and FLC Announce Results of Annual Meeting
April 19 2012 - 4:52PM
Business Wire
The Boards of Directors of Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated (NYSE: FFC)
and Flaherty & Crumrine/Claymore Total Return Fund Incorporated
(NYSE: FLC) today announced the results of their Annual
Meetings of Shareholders.
FFC shareholders re-elected Morgan Gust and Karen H. Hogan as
Class II directors. FLC shareholders also re-elected Morgan Gust
and Karen H. Hogan as Class II directors.
In addition, FFC’s and FLC’s shareholders approved the following
changes to their fundamental policies on concentration of
investments:
- Proposal 2-A: The Fund is now required,
under normal market conditions, to invest at least 25% of its total
assets in the financials sector, which for this purpose is
comprised of the bank, thrifts & mortgage finance, diversified
financial services, finance, consumer finance, capital markets,
asset management & custody, investment banking & brokerage,
insurance, insurance brokers and real estate investment trust
(REIT) industries. From time to time, a Fund may have 25% or more
of its total assets invested in any one of these industries.
- Proposal 2-B: The Fund eliminated its
requirement that the Fund concentrate its investments in the
utilities industry. As a result, under normal market conditions,
the Fund may no longer invest more than 25% of its total assets in
the utilities industry.
As a result of this change, beginning immediately, each Fund
will begin to rebalance its portfolio to the extent required by its
new fundamental policy on concentration.
FFC and FLC were organized in 2003 as closed-end, diversified
investment companies. FFC invests 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. FFC and FLC 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. Flaherty & Crumrine also
manages two other U.S. closed-end funds: Flaherty & Crumrine
Preferred Income Fund (NYSE: PFD); and Flaherty & Crumrine
Preferred Income Opportunity Fund (NYSE: PFO).
Website: www.fcclaymore.com
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