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 President
Bradford 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.
Copyright Business Wire 2015