PFD, PFO, FFC, FLC, and DFP: Special Year-End Distributions and Dividends

The Boards of Directors of Flaherty & Crumrine Preferred and Income Fund Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (NYSE: PFO), Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (NYSE: FFC), Flaherty & Crumrine Total Return Fund Incorporated (NYSE: FLC), and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE: DFP) have announced special year-end distributions and dividends for December 2024 and January 2025. These announcements highlight the funds' commitment to providing high current income while preserving capital.

The special year-end distributions and dividends for each fund are as follows:

| Fund | Special Year-End | December | January |
| --- | --- | --- | --- |
| PFD | $0.0300 | $0.0610 | $0.0610 |
| PFO | $0.0330 | $0.0505 | $0.0505 |
| FFC | $0.0325 | $0.0920 | $0.0920 |
| FLC | $0.0343 | $0.0937 | $0.0937 |
| DFP | $0.0320 | $0.1151 | $0.1151 |

These distributions and dividends will be paid on December 31, 2024, with record dates of December 23, 2024, for both December and January payments. The fiscal year for each fund ended on November 30, 2024. The tax breakdown of all 2024 distributions will be available early in 2025.

The funds primarily invest in preferred and other income-producing securities, with investment objectives ranging from high current income consistent with capital preservation to total return with an emphasis on high current income. PFD, PFO, and FFC focus on high current income while preserving capital, while FLC aims for high current income and secondary capital appreciation. DFP invests with a total return objective, emphasizing high current income.

These announcements indicate a stable and predictable distribution policy by the funds, which may be attractive to income-oriented investors. The distributions and dividends represent a substantial return for shareholders, particularly those seeking income-generating investments. The tax breakdown of these distributions will be available early in 2025, but shareholders should anticipate a mix of income and return of capital.

In conclusion, the special year-end distributions and dividends announced by PFD, PFO, FFC, FLC, and DFP demonstrate the funds' commitment to providing high current income and preserving capital. These announcements may indicate a positive outlook on income-producing securities and attract investors seeking stable returns in a volatile market.