DFP, FFC and FLC Announce Results of Annual Election of Officers
April 21 2015 - 6:02PM
Business Wire
The Boards of Directors of Flaherty & Crumrine Dynamic
Preferred and Income Fund Incorporated (NYSE: DFP), Flaherty
& Crumrine Preferred Securities Income Fund Incorporated
(NYSE: FFC) and Flaherty & Crumrine Total Return
Fund Incorporated (NYSE: FLC) today elected the following
new officers of the funds.
R. Eric Chadwick, Chief Executive Officer and
PresidentBradford S. Stone, Chief Financial Officer and Vice
President
Mr. Chadwick replaces Donald F. Crumrine as the principal
executive officer of each fund and Robert M. Ettinger as the
President. Mr. Chadwick had previously served as Chief Financial
Officer and Vice President of FFC and FLC since 2004 and of DFP
since its inception in 2013. Mr. Crumrine had served as principal
executive officer since the inception of each fund. Mr. Crumrine
will continue to serve as the Chairman of the Boards of
Directors.
Mr. Stone replaces Mr. Chadwick as the principal financial
officer of each fund. Mr. Stone had previously served as a Vice
President and Assistant Treasurer of FFC since 2003 and of FLC and
DFP since the inception of each fund.
All other officer positions remain unchanged from the prior
fiscal year. In addition, Messrs. Chadwick, Stone, Crumrine and
Ettinger continue to serve as portfolio managers.
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 Chicago, IL and employs approximately 30 wholesale
fund distribution professionals located throughout the United
States.
PRESS AND ANALYST INQUIRIES:Flaherty & Crumrine
IncorporatedChad Conwell, 626-795-7300orSHAREHOLDER
INQUIRIES:Destra Capital Investments LLCJustin Pfaff,
877-855-3434orWebsite: www.preferredincome.com
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