DFP Announces Increased Regular Monthly Dividend and FFC, FLC and DFP Announce Special Year-End Dividends
December 11 2013 - 8:04PM
Business Wire
The Board of Directors of Flaherty & Crumrine Dynamic
Preferred and Income Fund Incorporated (NYSE: DFP) today
announced an increased monthly dividend rate. In addition, the
Boards of Directors of Flaherty & Crumrine Preferred Securities
Income Fund Incorporated (NYSE: FFC) and Flaherty &
Crumrine Total Return Fund Incorporated (NYSE: FLC) today
declared regular monthly dividends. All three funds declared a
special year-end dividend to be paid in December.
The new regular monthly dividend rate for DFP will be $0.16 per
share, which equates to an annual dividend of $1.92 per share. This
new monthly dividend represents an increase of approximately 2.5%
from the prior monthly dividend. In addition, shareholders will
receive a special year-end dividend from net investment income of
$0.052 per share.
The regular monthly dividend rate for FFC will continue to be
$0.136 per share, which equates to an annual dividend of $1.632 per
share. In addition, shareholders will receive a special year-end
dividend from net investment income of $0.044 per share.
The regular monthly dividend rate for FLC will continue to be
$0.136 per share, which equates to an annual dividend of $1.632 per
share. In addition, shareholders will receive a special year-end
dividend from net investment income of $0.092 per share.
The December monthly dividend and the special year-end dividend
will be paid on December 31, 2013 to holders of record of each
fund’s common stock on December 23, 2013. The expected ex-dividend
date is December 19, 2013. The tax breakdown of all 2013
distributions will be available early next year, but at this point
the funds anticipate that all dividends paid in 2013, including the
special year-end dividend, will be taxable as income and not
capital gains.
Past performance is not indicative of future performance. 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 “News & Literature” section of the funds’ website,
www.preferredincome.com. A distribution rate that is largely
comprised of sources other than income may not be reflective of a
fund’s performance.
Organized in 2003, FFC invests primarily in preferred securities
with an investment objective of high current income consistent with
preservation of capital. Also organized in 2003, 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. Organized in 2013, DFP invests
primarily in preferred and other income-producing securities with
an investment objective of total return, with an emphasis on high
current income. 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. 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).
Destra Capital Investments LLC (“Destra”), the funds’ provider
of investor support services, is an independent fund distribution
and servicing firm and registered broker dealer. As part of the
investor support services it provides, Destra serves fund
shareholders and the broader financial community. Destra is
headquartered in Lisle, IL and employs approximately 30 wholesale
fund distribution professionals located throughout the United
States.
PRESS AND ANALYST INQUIRIES:Flaherty & Crumrine
IncorporatedDonald F. Crumrine or Chad Conwell,
626-795-7300Pasadena, CaliforniaorSHAREHOLDER INQUIRIES:Destra
Capital Investments LLCJustin Pfaff, 877-855-3434Lisle,
Illinois
Funds' Website:www.preferredincome.com
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