<SEC-DOCUMENT>0001387131-19-001862.txt : 20190312
<SEC-HEADER>0001387131-19-001862.hdr.sgml : 20190312
<ACCEPTANCE-DATETIME>20190312163136
ACCESSION NUMBER:		0001387131-19-001862
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190423
FILED AS OF DATE:		20190312
DATE AS OF CHANGE:		20190312
EFFECTIVENESS DATE:		20190312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0001245648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		19675487

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	20030623
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>flc-def14a_042319.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">SCHEDULE
14A&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">PROXY
STATEMENT&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">PURSUANT
TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by Registrant &nbsp;&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by Party other than the Registrant</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
                                         Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential
                                         for Use of the Commission Only as permitted by Rule 14a-6(e)(2)</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
                                         Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
                                         Additional Materials</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
                                         Material Pursuant to Rule 14a-11c or Rule 14a-12</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><U>Flaherty
&amp; Crumrine Total Return Fund Incorporated</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
of Registrant as Specified in Its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_______________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
of Person(s) Filing Proxy Statement)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of Filing Fee (Check the appropriate box):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;&nbsp;&nbsp;
&nbsp;No fee required</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;&nbsp;
&nbsp;Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
                                         of each class of securities to which transaction applies: ___________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
                                         number of securities to which transaction applies: ____________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                         unit price or other underlying value of transaction computed pursuant to Exchange Act
                                         Rule 0-11. (Set forth the amount on which the filing fee is calculated and state how
                                         it was determined):_______________________________________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
                                         maximum aggregate value of transaction:_________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         fee paid:_______________________________________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
&nbsp;&nbsp;Fee paid previously with preliminary materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;&nbsp;
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of
its filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
                                         previously paid:______________________________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form,
                                         Schedule or Registration Statement No.:_____________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
                                         Party: ________________________________________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
                                         Filed: _________________________________________________________________________</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FLAHERTY &amp; CRUMRINE PREFERRED INCOME FUND INCORPORATED</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(NYSE: PFD)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FLAHERTY &amp; CRUMRINE PREFERRED INCOME OPPORTUNITY FUND INCORPORATED</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(NYSE: PFO)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FLAHERTY &amp; CRUMRINE PREFERRED SECURITIES INCOME FUND INCORPORATED</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(NYSE: FFC)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FLAHERTY &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(NYSE: FLC)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FLAHERTY &amp; CRUMRINE DYNAMIC PREFERRED AND INCOME FUND INCORPORATED</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(NYSE: DFP)</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">301 E. Colorado Boulevard, Suite 720<BR>
Pasadena, California 91101</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS</B><BR>
To Be Held on April 23, 2019</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Notice is hereby given
that the Annual Meetings of Shareholders of Flaherty &amp; Crumrine Preferred Income Fund Incorporated, Flaherty &amp; Crumrine
Preferred Income Opportunity Fund Incorporated, Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated, Flaherty
&amp; Crumrine Total Return Fund Incorporated and Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (each,
a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;), each a Maryland corporation, will be held at the offices of Flaherty
&amp; Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101 at 8:00 a.m. PT, on April 23, 2019,
for the following purposes:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Each Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD>
    <TD STYLE="width: 93%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To elect Directors of each Fund (Proposal 1).</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To transact such other business as may properly come before the Annual Meetings or any adjournments or postponements thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Your vote is important!</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The Board of Directors
of each Fund has fixed the close of business on January 23, 2019 as the record date for the determination of shareholders of each
Fund entitled to notice of and to vote at the Annual Meetings and any adjournments or postponements thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 50%; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 50%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">By Order of the Boards of Directors,&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 12, 2019</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chad C. Conwell&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Secretary</I>&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; border: Black 1pt solid; padding: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
        of Proxy Materials for the Annual Meetings to Be<BR>
        Held on April 23, 2019</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The notice of Annual Meetings, joint proxy statement, proxy
        cards and each Fund&rsquo;s annual report, including audited financial statements for the fiscal year ended November 30, 2018,
        are available to you on the Funds&rsquo; website - www.preferredincome.com or upon request, without charge, by writing to BNY Mellon
        c/o Computershare, P.O. Box 30170, College Station, Texas 77842-3170, or by calling 1-866-351-7446. You are encouraged to review
        all of the information contained in the proxy materials before voting.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>To obtain directions to attend the Annual Meetings and vote
        in person, please call 1-626-795-7300.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEPARATE PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH
        YOU OWN SHARES. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE
        MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET FORTH ON
        THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION FORM AND
        RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INSTRUCTIONS FOR SIGNING PROXY CARDS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt; text-align: justify">The following general rules for signing proxy
cards may be of assistance to you and may minimize the time and expense to the Fund(s) involved in validating your vote if you
fail to sign your proxy card(s) properly.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Individual Accounts: </I>Sign your name exactly as it appears in the registration on the proxy card(s).</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Joint Accounts: </I>Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form registration. For example:</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Registration</U></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Valid Signature</U></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Corporate Accounts</FONT></TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Corp.</FONT></TD>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 37%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Corp.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Corp. c/o John Doe, Treasurer</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Corp. Profit Sharing Plan</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John Doe, Trustee</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trust Accounts</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ABC Trust</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Jane B. Doe, Trustee</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">u/t/d 12/28/78</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Custodian or Estate Accounts</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John B. Smith, Cust.,</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John B. Smith, Executor,</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John B. Smith, Executor</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Estate of Jane Smith</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL MEETINGS OF SHAREHOLDERS<BR>
April 23, 2019<BR>
JOINT PROXY STATEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">This document is a joint
proxy statement (&ldquo;Joint Proxy Statement&rdquo;) for Flaherty &amp; Crumrine Preferred Income Fund Incorporated (&ldquo;Preferred
Income Fund&rdquo; or &ldquo;PFD&rdquo;), Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated (&ldquo;Preferred
Income Opportunity Fund&rdquo; or &ldquo;PFO&rdquo;), Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated (&ldquo;Preferred
Securities Income Fund&rdquo; or &ldquo;FFC&rdquo;), Flaherty &amp; Crumrine Total Return Fund Incorporated (&ldquo;Total Return
Fund&rdquo; or &ldquo;FLC&rdquo;) and Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (&ldquo;Dynamic Preferred
Income Fund&rdquo; or &ldquo;DFP&rdquo;) (each, a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;). This Joint Proxy
Statement is furnished in connection with the solicitation of proxies by each Fund&rsquo;s Board of Directors (each, a &ldquo;Board&rdquo;
and collectively, the &ldquo;Boards&rdquo;) to be voted at the Annual Meetings of Shareholders for each Fund to be held at 8:00
a.m. on April 23, 2019, at the offices of Flaherty &amp; Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena,
California 91101 and at any adjournments or postponements thereof (each, an &ldquo;Annual Meeting&rdquo; and collectively, the
&ldquo;Annual Meetings&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">This Joint Proxy Statement
and the accompanying Notice of Annual Meetings and proxy card for each Fund in which you own shares were mailed on or about March
12, 2019 to shareholders of record as of the close of business on January 23, 2019. Proxy solicitations will be made, beginning
on or about March 12, 2019, primarily by mail, but proxy solicitations may also be made by telephone, facsimile, e-mail, or personal
interviews conducted by officers of each Fund, Flaherty &amp; Crumrine Incorporated (&ldquo;Flaherty &amp; Crumrine&rdquo;), the
investment adviser of each Fund, BNY Mellon Investment Servicing (US) Inc. (&ldquo;BNY Mellon&rdquo;), the transfer agent of each
Fund, and The Bank of New York Mellon (&ldquo;BNYM&rdquo;), the administrator of each Fund. With respect to FFC, FLC and DFP, proxy
solicitations may also be made by Destra Capital Advisors LLC, the servicing agent for FFC, FLC and DFP. No proxy solicitation
firm will be used in connection with the Joint Proxy Statement. The Funds will evenly split the expenses incurred in connection
with the preparation of this Joint Proxy Statement. Each Fund will pay for its respective expenses incurred in connection with
printing and mailing of the Joint Proxy Statement and its enclosures to shareholders. Each Fund also will reimburse brokerage firms
and others for their expenses in forwarding solicitation material to the beneficial owners of its shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt; text-align: justify"><B>THE ANNUAL REPORT OF EACH FUND, INCLUDING
AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2018, IS AVAILABLE UPON REQUEST, WITHOUT CHARGE, BY WRITING
TO BNY MELLON C/O COMPUTERSHARE, P.O. BOX 30170, COLLEGE STATION, TEXAS 77842-3170, OR BY CALLING 1-866-351-7446. EACH FUND&rsquo;S
ANNUAL REPORT IS ALSO AVAILABLE ON THE FUNDS&rsquo; WEBSITE (WWW.PREFERREDINCOME.COM), THE SECURITIES AND EXCHANGE COMMISSION&rsquo;S
(&ldquo;SEC&rdquo;) WEBSITE (WWW.SEC.GOV) OR, FOR FFC, FLC AND DFP ONLY, BY CALLING DESTRA CAPITAL ADVISORS LLC AT 1-877-855-3434.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">References to the websites above or herein do not incorporate
their content into this Joint Proxy Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%; border: Black 1pt solid; padding: 6pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
        of Proxy Materials for the Annual Meetings to Be<BR>
        Held on April 23, 2019</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The notice of Annual Meetings, Joint
        Proxy Statement, proxy cards and each Fund&rsquo;s annual report, including audited financial statements for the fiscal year ended
        November 30, 2018, are available to you on the Funds&rsquo; website - www.preferredincome.com. You are encouraged to review all
        of the information contained in the proxy materials before voting. To obtain directions to attend the Annual Meetings, and vote
        in person, please call 1-626-795-7300.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEPARATE PROXY CARDS ARE ENCLOSED FOR
        EACH FUND IN WHICH YOU OWN SHARES. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU
        PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES
        ARE SET FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION
        FORM AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">If the enclosed proxy
card(s) are properly executed and returned in time to be voted at the relevant Annual Meeting(s), the Shares (as defined below)
represented thereby will be voted in accordance with the instructions marked thereon. Unless instructions to the contrary are marked
thereon, a proxy will be voted &ldquo;FOR&rdquo; Proposal 1 at the relevant Annual Meeting. Any shareholder who has given a proxy
has the right to revoke it at any time prior to its exercise either by attending the relevant Annual Meeting and voting his or
her Shares in person or by submitting a letter of revocation or a later-dated proxy to the appropriate Fund delivered at the above
address prior to the date of the Annual Meetings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">Under the bylaws of
each Fund, the presence in person or by proxy of the holders of a majority of the outstanding shares of the Fund entitled to vote
shall be necessary and sufficient to constitute a quorum for the transaction of business (a &ldquo;Quorum&rdquo;) at that Fund&rsquo;s
Annual Meeting. In the event that a Quorum is not present at the relevant Annual Meeting, or in the event that a Quorum is present
but sufficient votes to approve any of the proposals are not received, the Chair of the Annual Meeting may adjourn the meeting
without assigning a specific date or from time to time to a date not more than 120 days after the original record date without
notice other than announcement at the Annual Meeting. At such adjourned meeting at which a Quorum shall be present, any business
may be transacted which might have been transacted at the meeting as originally notified. A shareholder vote may be taken on a
proposal in the Joint Proxy Statement relating to the applicable Annual Meeting prior to any such adjournment if sufficient votes
have been received for approval of that proposal. Once a Quorum has been established at the relevant Annual Meeting, shareholders
may continue to transact business, notwithstanding the withdrawal of shareholders and the loss of a Quorum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">Each Fund has one
class of capital stock outstanding: common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo; or the &ldquo;Shares&rdquo;).
Each Share is entitled to one vote at the relevant Annual Meeting with respect to matters to be voted on, with pro rata voting
rights for any fractional Shares. On the record date, January 23, 2019, the following number of Shares of each Fund were issued
and outstanding:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 98%; font: 11pt Times New Roman, Times, Serif; margin-left: 15.1pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">Shares</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid">Name of Fund</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid">Outstanding</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">Flaherty &amp; Crumrine Preferred Income Fund Incorporated (PFD)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,198,614</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated (PFO)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,561,571</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated (FFC)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,252,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Flaherty &amp; Crumrine Total Return Fund Incorporated (FLC)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,958,104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (DFP)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,161,549</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the knowledge of each Fund and its Board,
the following shareholder(s), or &ldquo;group&rdquo; as that term is defined in Section 13(d) of the Securities Exchange Act of
1934, as amended (the &ldquo;1934 Act&rdquo;), is the beneficial owner or owner of record of more than 5% of the relevant Fund&rsquo;s
outstanding Shares as of January 23, 2019*:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">Name and Address of<BR>
Beneficial/Record Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">Title of Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">Amount and Nature of Ownership</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1px solid">Percent of Class</TD><TD STYLE="padding-bottom: 1px; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Cede &amp; Co.**</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: left">Common Stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left">PFD &ndash; (record)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">97.95</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depository Trust Company</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PFO &ndash; (record)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98.08</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">55 Water Street, 25<SUP>th</SUP> Floor</FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">FFC &ndash; (record)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.87</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">New York, New York 10041</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">FLC &ndash; (record)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.86</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">DFP &ndash; (record)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.96</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bank of America Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Common Stock</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">FLC &ndash; (beneficial)<SUP>1</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.50</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
of January 23, 2019, the Directors and officers, as a group, owned less than 1% of the Shares of each Fund.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
nominee partnership of The Depository Trust Company.</FONT></TD>
</TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Information
obtained from a Schedule 13G/A filed by Bank of America Corporation, on behalf of itself and its wholly owned subsidiary, Merrill
Lynch, Pierce, Fenner &amp; Smith, Incorporated (&ldquo;BofA&rdquo;) with the SEC reporting share ownership as of December 31,
2018. Based on that filing, BofA does not have sole or shared voting power, but has shared power to dispose or to direct the disposition
of 544,192 Shares.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">This Joint Proxy Statement
is being used in order to reduce the preparation, printing, handling and postage expenses that would result from the use of a separate
proxy statement for each Fund. At each Fund&rsquo;s Annual Meeting, shareholders of the Fund will vote as a single class. Shareholders
of each Fund will vote separately for each of PFD, PFO, FFC, FLC and DFP on the proposal(s) on which shareholders of that Fund
are entitled to vote at the relevant Annual Meeting. A separate proxy card is enclosed for each Fund in which a shareholder owns
Shares. Thus, if the proposal at the relevant Annual Meeting is approved by shareholders of one or more Funds and not approved
by shareholders of one or more other Funds, the proposal will be implemented for the Fund or Funds that approved the proposal and
will not be implemented for any Fund that did not approve the proposal. It is therefore essential that shareholders complete, date
and sign each enclosed proxy card. Shareholders of each Fund are entitled to vote on the proposal(s) pertaining to that Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1: ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">At the Annual Meetings,
shareholders are being asked to consider the election of Directors of each Fund. The Board of each Fund is divided into three classes,
each class having a term of three years. Each year the term of office of one class expires and the successor or successors elected
to such class serve for a term of three years and until their successors are duly elected and qualify.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Nominees for the Boards of Directors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Nominee named below
is currently a Director of each Fund and has consented to serve as a Director for the Fund(s) for which he/she is nominated if
elected at the relevant Annual Meeting. If a designated Nominee declines or otherwise becomes unavailable for election, however,
the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees. Each Nominee
has been nominated for a term of three years to expire at each Fund&rsquo;s 2022 Annual Meeting of Shareholders and until his/her
successor is duly elected and qualifies. Shareholders of each Fund&rsquo;s Common Stock are entitled to elect the Nominees for
election to the Board of the relevant Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 50%; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund</B></FONT></TD>
    <TD NOWRAP STYLE="width: 50%; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Nominees For Election</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick and Morgan Gust</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick and Karen H. Hogan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick and Karen H. Hogan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick and Karen H. Hogan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick and Morgan Gust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information About Each Director&rsquo;s or Nominee for Election
as Director&rsquo;s Experience, Qualifications, Attributes or Skills </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Directors or Nominees for Election as Directors
of the Funds, together with information as to their positions with the Funds, principal occupations and other board memberships
for the past five years, are shown below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Name,
Address,</B><BR>
<B>and Age</B>&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Current</B><BR>
<B>Position(s)</B><BR>
<B>Held with Fund</B></P></TD>
    <TD STYLE="font-size: 11pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Term
of Office</B><BR>
<B>and Length of</B><BR>
<B>Time Served*</B></P></TD>
    <TD STYLE="font-size: 11pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="width: 16%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Principal</B><BR>
<B>Occupation(s)</B><BR>
<B>During Past</B><BR>
<B>Five Years</B></P></TD>
    <TD STYLE="font-size: 11pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Number
of Funds</B><BR>
<B>In Fund Complex</B><BR>
<B>Overseen</B><BR>
<B>by Director**</B>&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="width: 16%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Other</B><BR>
<B>Public Company</B><BR>
<B>Board Memberships</B><BR>
<B>During Past Five </B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1pt solid"><B>Years</B>&nbsp;</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NON-INTERESTED </B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt"><B>DIRECTORS:</B></P></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#8203;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Morgan Gust</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">301 E. Colorado Boulevard</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 720</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pasadena, CA 91101</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 71</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Lead Independent Director and</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Nominating</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">and</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Governance Committee</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chair</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
II Director </B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FFC &ndash;
since inception&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FLC &ndash;
since inception&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
III Director</B><BR>
PFD &ndash; since inception&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PFO &ndash;
since inception&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DFP &ndash;
since inception&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CoBiz, Financial, Inc.</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(financial services) through September 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>David Gale</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">301 E. Colorado Boulevard</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 720</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pasadena, CA 91101</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 69</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
I Director</B><BR>
PFD &ndash; since 1997&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PFO &ndash;
since 1997&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FFC &ndash;
since inception&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FLC - since
inception</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
II Director</B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DFP &ndash;
since inception&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President of Delta</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dividend Group, Inc. (investments).</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Name,
Address,</B><BR>
<B>and Age</B></P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Current</B><BR>
<B>Position(s)</B><BR>
<B>Held with Fund</B></P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Term
of Office</B><BR>
<B>and Length of</B><BR>
<B>Time Served*</B></P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Principal</B><BR>
<B>Occupation(s)</B><BR>
<B>During Past</B><BR>
<B>Five Years</B></P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt; text-align: center"><B>Number
of Funds</B><BR>
<B>In Fund Complex</B><BR>
<B>Overseen</B><BR>
<B>by Director**</B></P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Other</B><BR>
<B>Public Company</B><BR>
<B>Board Memberships</B><BR>
<B>During Past Five </B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1pt solid"><B>Years</B>&nbsp;</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>NON-INTERESTED </B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 1pt solid; margin-bottom: 0pt"><B>DIRECTORS:</B></P></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#8203;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Karen H. Hogan</B><BR>
301 E. Colorado Boulevard<BR>
Suite 720&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Pasadena, CA 91101<BR>
        Age: 57</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director and</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Audit</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Committee Chair</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
I Director</B><SUP>&dagger;</SUP>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DFP &ndash;
since October 2016 <B>Class II Director</B><SUP>&dagger;</SUP> PFD &ndash; since<BR>
October 2016&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PFO &ndash; since<BR>
        October 2016</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
III Director</B><SUP>&dagger;</SUP>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FFC &ndash;
since October 2016&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FLC &ndash;
since October 2016&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Member, IKAR, a non-profit organization; Active Committee Member and Volunteer to several non-profit organizations.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#8203;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>INTERESTED</B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>DIRECTOR and <U>OFFICER:</U></B>&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>R. Eric
Chadwick</B><SUP>(1)</SUP>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">301 E. Colorado Boulevard<BR>
Suite 720&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Pasadena, CA 91101<BR>
Age: 43</P></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director,</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman of the</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board, Chief</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Executive</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer and</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
II Director</B>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PFO &ndash;
since 2016&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class
III Director</B><BR>
PFD &ndash; since 2016&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FFC &ndash;
since 2016&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FLC &ndash;
since 2016&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DFP &ndash;
since 2016</P></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Portfolio Manager of Flaherty &amp; Crumrine; President of Flaherty
        &amp; Crumrine since 2014; Vice President of Flaherty &amp; Crumrine until September 2014.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>*</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Class I Directors of PFD, FFC, FLC and DFP and the Class III Director of PFO will serve until each Fund&rsquo;s 2020 Annual Meeting
of Shareholders and until their successors are duly elected and qualify. The Class II Director of PFD, FFC, FLC and DFP and the
Class I Director of PFO will serve until each Fund&rsquo;s 2021 Annual Meeting of Shareholders and until their successors are
duly elected and qualify. The Class II Nominees of PFO and the Class III Nominees of PFD, FFC, FLC and DFP, if elected, will serve
until each Fund&rsquo;s 2022 Annual Meeting of Shareholders and until their successors are duly elected and qualify.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>**</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Flaherty &amp; Crumrine fund complex (the &ldquo;Fund Complex&rdquo;) consists solely of the Funds.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>&dagger;</SUP></FONT></TD><TD STYLE="text-align: justify">Ms. Hogan served as a Class I Director of PFD from
2005 &ndash; 2016, a Class II Director of each of FFC and FLC from 2005 &ndash; 2016, a Class II Director of DFP since inception
&ndash; 2016 and a Class III Director of PFO from 2005 &ndash; 2016.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Interested
person&rdquo; (as defined in the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) of the Funds. Mr. Chadwick
is considered an &ldquo;interested person&rdquo; because of his affiliation with Flaherty &amp; Crumrine.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">Mr. Chadwick was appointed
as a Director of the Funds in January 2016 and was elected by each Fund&rsquo;s shareholders to serve in that capacity in April
2016. Each Director, other than Mr. Chadwick, has been a Director of the Funds for at least ten years (or since the Fund&rsquo;s
inception, in the case of DFP). Additional information about each Director follows (supplementing the information provided in the
table above) that describes some of the specific experiences, qualifications, attributes or skills that each Director possesses
which the Boards believe have prepared them to be effective Directors. The Boards believe that Directors should have the ability
to critically review, evaluate, question and discuss information provided to them, and interact effectively with Fund management,
service providers and counsel. The Boards believe that their members satisfy this standard. Experience relevant to having this
ability may be achieved through a Director&rsquo;s educational background; business, professional training or practice (<I>e.g.</I>,
accounting or law); public service or academic positions; experience from service as a board member (including the Boards of the
Funds) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations;
and/or other life experiences. The charter for the Boards&rsquo; Nominating and Governance Committees (each a &ldquo;Nominating
Committee&rdquo; and collectively, the &ldquo;Nominating Committees&rdquo;) contains certain other factors considered by the Nominating
Committees in identifying and evaluating potential Director nominees. To assist them in evaluating matters under federal and state
law, the Independent Directors (defined below) are counseled by their own independent legal counsel, who participates in Board
meetings and interacts with Flaherty &amp; Crumrine, and also may benefit from information provided by the Funds&rsquo; and Flaherty
&amp; Crumrine&rsquo;s counsel. Both counsel to the Independent Directors and counsel to the Funds and Flaherty &amp; Crumrine
have significant experience advising funds and fund directors. The Boards and their committees have the ability to engage other
experts as appropriate. The Boards evaluate their performance on an annual basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>R. Eric Chadwick</U> &ndash; Mr. Chadwick
was appointed as a Director and Chair of the Board of each Fund in January 2016. Mr. Chadwick has been the President of each Fund
since April 2015 and, previously, the Chief Financial Officer since 2004 (or in the case of DFP, from its inception). Mr. Chadwick
is also the President of Flaherty &amp; Crumrine and has served as a portfolio manager of PFD and PFO since 1999 and as portfolio
manager of each of FFC, FLC and DFP since each Fund&rsquo;s inception.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>David Gale</U> &ndash;
In addition to his tenure as a Director of the Funds, Mr. Gale has been President and Chief Executive Officer of Delta Dividend
Group, Inc., a San Francisco-based investment management firm, since 1992. Prior to joining Delta Dividend Group, Inc., Mr. Gale
was a Principal with Morgan Stanley from 1983 to 1990, and a Managing Director of Lehman Brothers Holdings Inc. from 1990 to 1992.
Mr. Gale previously served as a director of Emmis Communications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Morgan Gust</U> &ndash;
In addition to his tenure as a Director of the Funds, Mr. Gust is a majority owner and executive manager of various entities engaged
in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President,
Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public
company engaging in petroleum refining and marketing. Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly
traded bank holding company. He is also a member of the Arizona State Bar. Mr. Gust was designated the Lead Independent Director
of each Fund in October 2016. He also serves as the Chair of the Nominating Committee of each Fund&rsquo;s Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Karen H. Hogan</U>
&ndash; In addition to her tenure as a Director of the Funds, Ms. Hogan serves on the Board of IKAR, a non-profit organization,
and as a committee member and active volunteer of several charitable and non-profit organizations. From 1985 to 1997, Ms. Hogan
served as Senior Vice President of Preferred Stock Origination, and previously Vice President of New Product Development, at Lehman
Brothers Holdings Inc. Ms. Hogan also served as a director and audit committee member of New World Coffee, Inc. Ms. Hogan currently
serves as Chair of the Audit Committee of each Fund&rsquo;s Board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Board Composition and Leadership Structure</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">The 1940 Act requires
that at least 40% of the Funds&rsquo; Directors not be &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Funds,
and therefore not affiliated with Flaherty &amp; Crumrine (&ldquo;Independent Directors&rdquo;). To rely on certain exemptive rules
under the 1940 Act, a majority of the Funds&rsquo; Directors must be Independent Directors and, for certain important matters,
such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require
the approval of a majority of the Independent Directors. Currently, three of the Funds&rsquo; four Directors are Independent Directors.
The Chair of the Boards is an interested person of each Fund. The three Independent Directors interact directly with the Chair
and other senior management of Flaherty &amp; Crumrine at scheduled meetings and between meetings as appropriate. Independent Directors
have been designated to chair the Audit Committees and the Nominating Committees. The Board of each Fund has appointed Mr. Morgan
Gust as the Lead Independent Director. The Boards have determined that their leadership structures and composition, in which the
Chair of the Boards is an &ldquo;interested person&rdquo; of the Funds, the Funds have a Lead Independent Director and 75% of the
Directors are Independent Directors, are appropriate in light of the services that Flaherty &amp; Crumrine provides to the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Boards&rsquo; Oversight Role in Management</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The Boards&rsquo; role
in management of the Funds is oversight. As is the case with virtually all investment companies (as distinguished from operating
companies), service providers to the Funds, primarily Flaherty &amp; Crumrine, have responsibility for the day-to-day management
of the Funds, which includes responsibility for risk management (including management of investment performance and investment
risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of their oversight, the
Boards, acting at their scheduled meetings, or the Chair, acting between Board meetings, regularly interacts with and receives
reports from senior personnel of service providers, including the Funds&rsquo; and Flaherty &amp; Crumrine&rsquo;s Chief Compliance
Officer and portfolio management personnel. The Boards&rsquo; Audit Committees (which consist of all the Independent Directors)
meet during their scheduled meetings, and between meetings the Audit Committee Chairs maintain contact, with the Funds&rsquo; independent
registered public accounting firm and the Funds&rsquo; Chief Financial Officer. The Boards also receive periodic presentations
from senior personnel of Flaherty &amp; Crumrine regarding risk management generally, as well as periodic presentations regarding
specific operational, compliance or investment areas, such as business continuity, personal trading, valuation and credit. The
Boards have adopted policies and procedures designed to address certain risks to the Funds. In addition, Flaherty &amp; Crumrine
and other service providers to the Funds have adopted a variety of policies, procedures and controls designed to address particular
risks to the Funds. Different processes, procedures and controls are employed with respect to different types of risks. However,
it is not possible to eliminate all of the risks applicable to the Funds. The Boards also receive reports from counsel to the Funds
and Flaherty &amp; Crumrine and the Independent Directors&rsquo; own independent legal counsel regarding regulatory, compliance
and governance matters. The Boards&rsquo; oversight role does not make the Boards guarantors of the Funds&rsquo; investments or
activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt"><B>Beneficial Ownership
of Shares in Funds and Fund Complex for each Director and Nominee for Election as Director</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">Set forth in the table
below is the dollar range of equity securities in each Fund and the aggregate dollar range of equity securities in the Flaherty
&amp; Crumrine Fund Complex beneficially owned by each Director and Nominee for Election as Director.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15.1pt">&nbsp;</P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="border-top: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Aggregate Dollar Range of Equity</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name of</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dollar Range of Equity</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities in All Registered Investment</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-left: Black 1pt solid">Securities Held in a</TD>
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Companies Overseen by Director in Family</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">or Nominee</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fund*<SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">of Investment Companies*<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NON-INTERESTED DIRECTORS/NOMINEES:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Morgan Gust</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">David Gale</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Karen H. Hogan</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>INTERESTED DIRECTOR:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Key to Dollar Ranges</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1 - $10,000</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 -$50,000</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,001 - $100,000</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E.</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">over $100,000</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All Shares were valued as of December 31, 2018.</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This information has been furnished by each Director/Nominee as of December 31, 2018. &ldquo;Beneficial ownership&rdquo; is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act.</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Directors, Nominees and executive officers of each Fund, as a group, own less than 1% of each Fund as of December 31, 2018.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Officers of the Funds</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">The following table provides information
concerning each of the Fund&rsquo;s officers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 19%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Current</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Term of Office and</FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name, Address and</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Position(s)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Length of</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Occupation During</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Held with Funds</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Time Served*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Past Five Years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Chad C. Conwell</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD &ndash; since 2005</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Executive Vice President of Flaherty</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">301 E. Colorado</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer, Vice</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO &ndash; since 2005</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&amp; Crumrine since September 2014;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Boulevard</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President and</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC &ndash; since 2005</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer and Chief</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 720</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC &ndash; since 2005</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Legal Officer of Flaherty &amp; Crumrine;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pasadena, CA 91101</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP &ndash; since</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice President of Flaherty &amp; Crumrine</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 46</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">inception</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">until September 2014</FONT></TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Bradford S. Stone</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Financial</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD &ndash; since 2003</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Portfolio Manager of Flaherty &amp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">47 Maple Street</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer, Vice</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO &ndash; since 2003</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Crumrine; Executive Vice President</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 403</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President and</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC &ndash; since 2003</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">of Flaherty &amp; Crumrine since</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Summit, NJ 07901</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC &ndash; since inception</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">September 2014; Vice President of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 59</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP &ndash; since inception</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Flaherty &amp; Crumrine until September</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2014</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
officer serves until his or her successor is elected and qualifies or until his or her earlier resignation or removal.</FONT></TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 19%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Current</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Term of Office and</FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name, Address and</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Position(s)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Length of</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Occupation During</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Held with Funds</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Time Served*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Past Five Years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Roger Ko</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assistant</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD &ndash; since 2014</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trader of Flaherty &amp; Crumrine</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">301 E. Colorado</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO &ndash; since 2014</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Boulevard</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC &ndash; since 2014</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 720</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC &ndash; since 2014</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pasadena, CA 91101</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP &ndash; since 2014</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 44</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Laurie C. Lodolo</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assistant</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD &ndash; since 2004</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assistant Compliance Officer and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">301 E. Colorado</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Compliance</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO &ndash; since 2004</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary of Flaherty &amp; Crumrine</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Boulevard</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer, Assistant</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC &ndash; since 2004</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 720</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer and</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC &ndash; since 2004</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pasadena, CA 91101</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assistant</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP &ndash; since</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 55</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">inception</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Linda M. Puchalski</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assistant</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD &ndash; since 2010</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Administrator of Flaherty &amp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">301 E. Colorado</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO &ndash; since 2010</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Crumrine</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Boulevard</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC &ndash; since 2010</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suite 720</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC &ndash; since 2010</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pasadena, CA 91101</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP &ndash; since</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Age: 62</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">inception</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
officer serves until his or her successor is elected and qualifies or until his or her earlier resignation or removal.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Audit Committee</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The role of each Fund&rsquo;s
Audit Committee is to assist the Board of Directors in its oversight of: (i) the integrity of the Fund&rsquo;s financial statements
and the independent audit thereof; (ii) the Fund&rsquo;s accounting and financial reporting policies and practices, and its internal
control over financial reporting; (iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the independent
auditor&rsquo;s qualifications, independence and performance. Each Fund&rsquo;s Audit Committee is also required to prepare an
audit committee report pursuant to applicable laws and regulations for inclusion in the Fund&rsquo;s annual proxy statement. Each
Audit Committee operates pursuant to a charter (the &ldquo;Audit Committee Charter&rdquo; or &ldquo;Charter&rdquo;) that was most
recently reviewed and approved by the Board of Directors of each Fund on January 22, 2019, and which is available at www.preferredincome.com.
As set forth in the Charter, Fund management is responsible for the (i) preparation, presentation and integrity of each Fund&rsquo;s
financial statements, (ii) maintenance of appropriate accounting and financial reporting principles and policies and (iii) maintenance
of internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations.
The Funds&rsquo; independent registered public accounting firm, KPMG LLP (the &ldquo;independent accountants&rdquo; or &ldquo;KPMG&rdquo;),
is responsible for planning and carrying out proper audits and reviews of each Fund&rsquo;s financial statements and expressing
an opinion as to their conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Audit Committee Report</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">In performing its oversight
function, at a meeting held on January 22, 2019, each Audit Committee reviewed and discussed with Fund management and the independent
accountants, the audited financial statements of the Fund as of and for the fiscal year ended November 30, 2018, and discussed
the audit of such financial statements with the independent accountants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">In addition, each Audit
Committee discussed with the independent accountants the accounting principles applied by the Fund and such other matters brought
to the attention of the Audit Committee by the independent accountants required by Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;)
Auditing Standard No. 16, <I>Communications With Audit Committees</I>, as currently in effect. Each Audit Committee also received
from the independent accountants the written disclosures and statements required by PCAOB Rule 3526, <I>Communication with Audit
Committees Concerning Independence</I>, as currently in effect and discussed the impact that any such relationships might have
on the objectivity and independence of the independent accountants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">As set forth above,
and as more fully set forth in each Fund&rsquo;s Audit Committee Charter, the Audit Committee has significant duties and powers
in its oversight role with respect to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent
audit process.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The members of each
Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting
and are not employed by the Fund for accounting, financial management or internal control. Moreover, the Audit Committee relies
on and makes no independent verification of the facts presented to it or representations made by Fund management or the independent
accountants. Accordingly, the Audit Committee&rsquo;s oversight does not provide an independent basis to determine that Fund management
has maintained appropriate accounting and financial reporting principles and policies, or internal controls and procedures, designed
to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee&rsquo;s considerations
and discussions referred to above do not provide assurance that the audit of each Fund&rsquo;s financial statements has been carried
out in accordance with generally accepted accounting standards or that the financial statements are presented in accordance with
generally accepted accounting principles.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Based on its consideration
of the audited financial statements and the discussions referred to above with Fund management and the independent accountants,
and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Charter and those discussed
above, the Audit Committee of each Fund recommended to that Fund&rsquo;s Board that the audited financial statements be included
in the Fund&rsquo;s Annual Report for the fiscal year ended November 30, 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This report was submitted by the Audit
Committee of each Fund&rsquo;s Board of Directors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Gust<BR>
David Gale<BR>
Karen H. Hogan (Chair)<BR>
January 22, 2019</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Audit Committee
was established in accordance with Section 3(a)(58)(A) of the 1934 Act. Each Audit Committee met four times in connection with
its Board of Directors&rsquo; regularly scheduled meetings during the fiscal year ended November 30, 2018. Each Audit Committee
is composed entirely of each Fund&rsquo;s Independent Directors who are also &ldquo;independent&rdquo; (as such term is defined
by the NYSE under the listing standards applicable to closed-end funds, as may be modified or supplemented (the &ldquo;NYSE Listing
Standards&rdquo;)), namely Ms. Hogan and Messrs. Gale and Gust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Nominating Committee</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Board of Directors
has a Nominating Committee composed entirely of each Fund&rsquo;s Independent Directors who are also &ldquo;independent&rdquo;
(as such term is defined by the NYSE Listing Standards), namely Ms. Hogan and Messrs. Gale and Gust. The Nominating Committee of
each Fund met two times during the fiscal year ended November 30, 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The Nominating Committee
is responsible for identifying individuals believed to be qualified to become Board members; for recommending to the Board such
nominees to stand for election as Directors at each Fund&rsquo;s annual meeting of shareholders and to fill any vacancies on the
Board; and for overseeing the Boards&rsquo; governance practices. Each Fund&rsquo;s Nominating Committee has a charter which is
available on its website, www.preferredincome.com.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Fund&rsquo;s Nominating
Committee believes that it is in the best interest of each Fund and its shareholders to obtain highly qualified candidates to serve
as members of the Board. The Nominating Committees have not established a formal process for identifying candidates where a vacancy
exists on the Board. In nominating candidates, each Nominating Committee shall take into consideration such factors as it deems
appropriate, including educational background; business, professional training or practice (e.g., accounting or law); public service
or academic positions; experience from service as a board member (including the Boards of the Funds) or as an executive of investment
funds, public companies or significant private or not-for-profit entities or other organizations; and other life experiences. Each
Fund&rsquo;s Nominating Committee may consider whether a potential nominee&rsquo;s professional experience, education, skills and
other individual qualities and attributes, including gender, race or national origin, would provide beneficial diversity of skills,
experience or perspective to the Board&rsquo;s membership and collective attributes. Each Fund&rsquo;s Nominating Committee will
consider Director candidates recommended by shareholders and submitted in accordance with applicable law and procedures as described
in this Joint Proxy Statement. (See &ldquo;Submission of Shareholder Proposals &ndash; 2020 Annual Meetings&rdquo; below).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Board-Related Matters</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Shareholders who wish
to send communications to the Board should send them to the address of their Fund(s) and to the attention of the Board. All such
communications will be directed to the Board&rsquo;s attention.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The Funds do not have
a formal policy regarding Board member attendance at the Annual Meeting of Shareholders. However, all of the Directors of each
Fund attended the April 18, 2018 Annual Meetings of Shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Compensation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Director of each
Fund who is not a director, officer or employee of Flaherty &amp; Crumrine or any of its affiliates receives from each Fund a fee
of $9,000 per annum plus $750 for each in-person Board or Audit Committee meeting attended, $500 for each in-person Nominating
Committee meeting attended, and $250 for each telephone meeting attended. In addition, the Audit Committee Chair receives from
each Fund an annual fee of $3,000. Each Director of each Fund is reimbursed for travel and out-of-pocket expenses associated with
attending Board and committee meetings. During the fiscal year ended November 30, 2018, the Board of Directors for each of PFD,
PFO, FFC, FLC and DFP held six meetings (two of which were telephone meetings). Each Director of each Fund attended 100% of the
meetings of Directors and of any Committee of which he or she is a member. The aggregate remuneration paid to the Directors of
each Fund for the fiscal year ended November 30, 2018 is set forth below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Annual Directors <BR>
Fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Meeting and Committee Meeting Fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Travel and Out-of-Pocket Expenses*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,405</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$27,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25,500</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,405</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Includes
reimbursement for travel and out-of-pocket expenses for both &ldquo;interested&rdquo; and Independent Directors.</FONT></TD>
</TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.7pt; text-align: justify">The following table sets forth additional
information regarding the compensation of each Fund&rsquo;s Directors for the fiscal year ended November 30, 2018. No executive
officer or person affiliated with a Fund received compensation from a Fund during the fiscal year ended November 30, 2018 in excess
of $60,000. Directors and executive officers of the Funds do not receive pension or retirement benefits from the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.7pt">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPENSATION TABLE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name of Person and<BR>
Position</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; width: 15%; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Aggregate Compensation<BR>
from each Fund</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 11pt; width: 27%; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total Compensation from the Funds and <BR>
Fund<BR>
Complex Paid to Directors*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">R. Eric Chadwick</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0 (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director, Chair of the Board, Chief Executive Officer and President</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Morgan Gust</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; PFD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$82,500 (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Lead Independent Director, Nominating Committee Chair</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; PFO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; FFC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; FLC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; DFP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">David Gale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; PFD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$82,500 (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; PFO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; FFC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; FLC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$16,500 &ndash; DFP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Karen H. Hogan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$19,500 &ndash; PFD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$97,500 (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director, Audit Committee Chair</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$19,500 &ndash; PFO</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$19,500 &ndash; FFC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$19,500 &ndash; FLC</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$19,500 &ndash; DFP</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; font-size: 11pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Represents
the total compensation paid for the fiscal year ended November 30, 2018 to such persons by the Funds, which are considered part
of the same &ldquo;fund complex&rdquo; because they have a common adviser. The parenthetical number represents the total number
of investment company directorships held by the Director or Nominee in the Fund Complex as of November 30, 2018.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Required Vote</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">The election of Messrs.
Gust and Chadwick as Directors of PFD and DFP and the election of Ms. Hogan and Mr. Chadwick as Directors of PFO, FFC and FLC will
require the affirmative vote of a plurality of the votes cast by holders of the Shares of each such Fund at the Annual Meeting
in person or by proxy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">KPMG, Two Financial
Center, 60 South Street, Boston, Massachusetts 02111, has been selected to serve as each Fund&rsquo;s independent accountants for
each Fund&rsquo;s fiscal year ending November 30, 2019. KPMG acted as the independent accountants for each Fund for the fiscal
year ended November 30, 2018. <FONT STYLE="background-color: white">The Funds know of no direct financial or material indirect
financial interest of KPMG in the Funds.</FONT> A representative of KPMG will not be present at the Annual Meetings, but will be
available by telephone to respond to appropriate questions and will have an opportunity to make a statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Set forth in the table below are audit fees
and non-audit related fees billed to each Fund by KPMG for professional services for the fiscal years ended November 30, 2017 and
November 30, 2018, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fiscal Year Ended</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Audit-Related</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 11pt; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fund</FONT></TD>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 11pt; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">November 30</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 11pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Audit Fees</FONT></TD>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 11pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fees</FONT></TD>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 11pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Tax Fees*</FONT></TD>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 11pt; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All Other Fees</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFD</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$48,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,100</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$49,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,280</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PFO</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$48,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,100</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$49,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,280</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FFC</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$48,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,100</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$49,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,280</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FLC</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$48,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,100</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$49,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,280</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DFP</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$48,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,100</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2018</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$49,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$9,280</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Tax
Fees&rdquo; are those fees billed to each Fund by KPMG in connection with tax consulting services, including primarily the review
of each Fund&rsquo;s income tax returns.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Fund&rsquo;s Audit
Committee Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent
accountants to the Fund, and all non-audit services to be provided by the independent accountants to the Fund&rsquo;s investment
adviser and any entity controlling, controlled by or under common control with the Funds&rsquo; investment adviser (&ldquo;affiliates&rdquo;)
that provide on-going services to each Fund, if the engagement relates directly to the operations and financial reporting of each
Fund, or to establish detailed pre-approval policies and procedures for such services in accordance with applicable laws. All of
the audit and non-audit services described above for which KPMG billed each Fund fees for the fiscal years ended November 30, 2017
and November 30, 2018, respectively, were pre-approved by the Audit Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">For each Fund&rsquo;s
fiscal years ended November 30, 2017 and November 30, 2018, respectively, KPMG did not provide any non-audit services (or bill
any fees for such services) to the Funds&rsquo; investment adviser or any affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER MATTERS TO COME BEFORE THE ANNUAL
MEETINGS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Fund does not intend
to present any other business at the relevant Annual Meeting, nor is any Fund aware that any shareholder intends to do so. If,
however, any other matters are properly brought before the Annual Meeting, the persons named in the accompanying form of proxy
will vote thereon in accordance with their judgment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser, Administrator and Servicing Agent</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Flaherty &amp; Crumrine
serves as the investment adviser to each Fund, and its business address is 301 E. Colorado Boulevard, Suite 720, Pasadena, California
91101. BNYM acts as the administrator to each Fund and is located at 4400 Computer Drive, Westborough, Massachusetts 01581. Destra
Capital Advisors LLC acts as the servicing agent to FFC, FLC and DFP and is located at 444 West Lake Street, Suite 1700, Chicago,
Illinois 60606.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compliance with the Securities Exchange
Act of 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Section 16(a) of the
1934 Act and Section 30(h) of the 1940 Act require each Fund&rsquo;s Directors and executive officers, certain persons affiliated
with Flaherty &amp; Crumrine and persons who beneficially own more than 10% of a registered class of a Fund&rsquo;s securities
to file reports of ownership and changes of ownership with the SEC and the NYSE and to furnish each Fund with copies of such forms
they file. Based solely upon its review of the copies of such forms received by it and written representations from certain of
such persons, each Fund believes that during the fiscal year ended November 30, 2018 all such filing requirements applicable to
such persons were met in a timely manner.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Submission of Shareholder Proposals
- 2020 Annual Meetings</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">All proposals by shareholders
of each Fund that are intended to be presented at each Fund&rsquo;s next Annual Meeting of Shareholders to be held in 2020 must
be received by the relevant Fund for consideration for inclusion in the relevant Fund&rsquo;s proxy statement relating to the meeting
no later than November 13, 2019, and must satisfy the requirements of federal securities laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Fund&rsquo;s bylaws
require shareholders wishing to nominate Directors or make proposals to be voted on at the Fund&rsquo;s annual meeting to provide
timely advance notice of the proposal in writing. To be considered timely, any such advance notice must be in writing delivered
to or mailed and received at the principal executive offices of the Fund at the address set forth on the first page of this Joint
Proxy Statement not earlier than the 150<SUP>th </SUP>day nor later than 5:00 p.m., Eastern Time, on the 120<SUP>th </SUP>day prior
to the first anniversary of the date of the proxy statement for the preceding year&rsquo;s annual meeting; provided, however, that
in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the
date of the preceding year&rsquo;s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than
the 150<SUP>th </SUP>day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the
120<SUP>th </SUP>day prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which
public announcement of the date of such meeting is first made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Any such notice by a
shareholder shall set forth the information required by the Fund&rsquo;s bylaws with respect to each matter the shareholder proposes
to bring before the annual meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Householding&rdquo;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Please note that only
one annual or semi-annual report or Joint Proxy Statement may be delivered to two or more shareholders of a Fund who share an address,
unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or semi-annual report
or this Joint Proxy Statement, or for instructions regarding how to request a separate copy of these documents or regarding how
to request a single copy if multiple copies of these documents are received, shareholders should contact BNY Mellon C/O Computershare,
P.O. Box 30170, College Station, Texas 77842-3170 or by phone at 1-866-351-7446.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Voting Results</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Each Fund will advise
its shareholders of the voting results of the matters voted upon at its Annual Meeting in its next Semi-Annual Report to Shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Broker Non-Votes and Abstentions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">A proxy which is properly
executed and returned accompanied by instructions to withhold authority to vote represents a broker &ldquo;non-vote&rdquo; (i.e.,
Shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons
entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter). Proxies that
withhold authority or broker non-votes (collectively, &ldquo;abstentions&rdquo;) will be counted as Shares that are present and
entitled to vote at the meeting for purposes of determining the presence of a Quorum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">With respect to Proposal
1 for the Annual Meetings, abstentions do not constitute a vote &ldquo;for&rdquo; the Nominees for Director.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE TO BANKS, BROKER/DEALERS AND VOTING
TRUSTEES AND THEIR NOMINEES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">Please advise the Funds
whether other persons are the beneficial owners of Shares for which proxies are being solicited from you, and, if so, the number
of copies of the Joint Proxy Statement and other soliciting material you wish to receive in order to supply copies to the beneficial
owners of Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IT IS IMPORTANT THAT PROXIES BE RETURNED
PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE RELEVANT MEETINGS ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND RETURN
ALL PROXY CARDS AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>EVERY
SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="proxycard001.jpg" ALT="">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VOTE BY MAIL</B><BR>
    <B>Vote, sign and date this Proxy </B><BR>
    <B>Card and return in the </B><BR>
    <B>postage-paid envelope</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="proxycard002.jpg" ALT="">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VOTE IN PERSON </B><BR>
    <B>Attend Shareholder Meeting </B><BR>
    <B>301 East Colorado Blvd., Suite 720 </B><BR>
    <B>Pasadena, California </B><BR>
    <B>on April 23, 2019</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Please
fold along the perforation, detach and return the bottom portion in the enclosed envelope.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROXY</B></FONT></TD>
    <TD STYLE="width: 80%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FLAHERTY
    &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED</B><BR>
    <B>ANNUAL MEETING OF SHAREHOLDERS</B><BR>
    <B>TO BE HELD ON APRIL 23, 2019</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS
PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</B>. The undersigned holder of shares of Common Stock of Flaherty &amp;
Crumrine Total Return Fund Incorporated, a Maryland corporation (the &ldquo;Fund&rdquo;), hereby appoints R.
Eric Chadwick, Bradford S. Stone and Chad C. Conwell, proxies for the undersigned, each with full powers of substitution and
revocation, to represent the undersigned and to vote on behalf of the undersigned all shares of Common Stock which the
undersigned is entitled to vote at the Annual Meeting of Shareholders of the Fund to be held at the offices of Flaherty &amp;
Crumrine Incorporated, 301 East Colorado Boulevard, Suite 720, Pasadena, California 91101 at 8:00 a.m. PDT, on April 23,
2019, and any adjournments or postponements thereof (the &ldquo;Meeting&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
undersigned hereby acknowledges receipt of the Notice of Annual Meeting and Joint Proxy Statement and hereby instructs said proxies
to vote said shares as indicated hereon. In their discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting. A majority of the proxies present and acting at the Meeting in person or by substitute (or,
if only one shall be so present, then that one) shall have and may exercise all of the power and authority of said proxies hereunder.
The undersigned hereby revokes any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D6D7D6; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CHANGE OF ADDRESS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>PLEASE
SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FLC_29575</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>EVERY
SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Important
Notice Regarding the Availability of Proxy Materials for the <BR>
Annual Meeting of Shareholders to Be Held on April 23, 2019.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>The
Joint Proxy Statement and Proxy Card for this meeting are available at: <BR>
<U>www.preferredincome.com</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Please
fold along the perforation, detach and return the bottom portion in the enclosed envelope.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TO
VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9746;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; background-color: black; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white; background-color: black"><B>A</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp; Proposal</B></FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE BOARD OF DIRECTORS RECOMMENDS
    A VOTE &ldquo;FOR&rdquo; THE NOMINEES LISTED.</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.</B></FONT></TD>
    <TD STYLE="width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Election of Directors:</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>WITHHOLD</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01 R. Eric Chadwick</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&#9744;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02 Karen H. Hogan</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&#9744;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To vote and otherwise represent the undersigned
    on any other matter that may properly come before the Meeting or any adjournment or postponement thereof in the discretion
    of the Proxy holder.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; background-color: black; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><B>B</B></FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;Authorized
    Signatures &#9472; This section must be completed for your vote to be counted.&#9472; Sign and Date Below</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Note</B>:</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your
    name(s) appear(s) on this proxy card, and date it.&nbsp;&nbsp;When shares are held jointly, each holder should sign.&nbsp;&nbsp;When
    signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative
    capacity, please give the full title under the signature.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Date
    (mm/dd/yyyy) &#9472; Please print date below</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Signature
    1 &#9472; Please keep signature within the box</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Signature
    2 &#9472; Please keep signature within the box</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center; vertical-align: middle; padding-top: 5pt; padding-bottom: 5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp; /</B>&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: black 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: black 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt dashed; padding: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Scanner
    code</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9632;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxxxxxxxx</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">FLC_29575</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">M&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;xxxxxxxx</FONT></TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">+</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>proxycard001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 proxycard001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ 20 R P$1  (1 0,1 ?_$ *$   $$ P$
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K^-?9K]7VWPG"D0_' !G !G"X@)T?M:3_ *ZK_P FCPPXBBX ,X ,X /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>proxycard002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 proxycard002.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ -P \ P$1  (1 0,1 ?_$ '4   $$ @(#
M      <&" D*  4!! (#"P$!                     !    8" 0($!0(%
M!0$      @,$!08' 0@)$1( $Q05(3$6%Q@B"F$R(R0943,E)AHV$0$
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,CR/-_7YO?\? ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>cover001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 cover001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1#Z17AI9@  34T *@    @ ! $[  (
M   0   (2H=I  0    !   (6IR=  $    @   0TNH<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 $-H<FES($QE
M='=I;G-K:0  !9 #  (    4   0J) $  (    4   0O)*1  (    #-C@
M )*2  (    #-C@  .H<  <   @,   (G      <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                         #(P,3DZ,#,Z,3$@,38Z,S4Z,3@ ,C Q.3HP
M,SHQ,2 Q-CHS-3HQ.    $, : !R &D <P @ $P 90!T '< :0!N ', :P!I
M    _^$+(FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\ /#]X<&%C:V5T
M(&)E9VEN/2?ON[\G(&ED/2=7-4TP37!#96AI2'IR95-Z3E1C>FMC.60G/SX-
M"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B/CQR9&8Z4D1&
M('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M
M<WEN=&%X+6YS(R(^/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](G5U:60Z
M9F%F-6)D9#4M8F$S9"TQ,61A+6%D,S$M9#,S9#<U,3@R9C%B(B!X;6QN<SID
M8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B+SX\<F1F.D1E
M<V-R:7!T:6]N(')D9CIA8F]U=#TB=75I9#IF868U8F1D-2UB83-D+3$Q9&$M
M860S,2UD,S-D-S4Q.#)F,6(B('AM;&YS.GAM<#TB:'1T<#HO+VYS+F%D;V)E
M+F-O;2]X87 O,2XP+R(^/'AM<#I#<F5A=&5$871E/C(P,3DM,#,M,3%4,38Z
M,S4Z,3@N-C@S/"]X;7 Z0W)E871E1&%T93X\+W)D9CI$97-C<FEP=&EO;CX\
M<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB=75I9#IF868U8F1D-2UB83-D
M+3$Q9&$M860S,2UD,S-D-S4Q.#)F,6(B('AM;&YS.F1C/2)H='1P.B\O<'5R
M;"YO<F<O9&,O96QE;65N=',O,2XQ+R(^/&1C.F-R96%T;W(^/')D9CI397$@
M>&UL;G,Z<F1F/2)H='1P.B\O=W=W+G<S+F]R9R\Q.3DY+S R+S(R+7)D9BUS
M>6YT87@M;G,C(CX\<F1F.FQI/D-H<FES($QE='=I;G-K:3PO<F1F.FQI/CPO
M<F1F.E-E<3X-"@D)"3PO9&,Z8W)E871O<CX\+W)D9CI$97-C<FEP=&EO;CX\
M+W)D9CI21$8^/"]X.GAM<&UE=&$^#0H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(#P_>'!A8VME="!E;F0])W<G/S[_VP!#  <%!08%! <&!08(!P<("A$+"@D)
M"A4/$ P1&!4:&1@5&!<;'B<A&QTE'1<8(BXB)2@I*RPK&B O,R\J,B<J*RK_
MVP!# 0<(" H)"A0+"Q0J'!@<*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ
M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BK_P  1" !! DH# 2(  A$! Q$!_\0
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M<.EPJ,@7J ".>*YKP1\5KKX@Z7<:AX>\,RO!;S>2_G7B(=VT-TQZ$5L_%?\
MY)%XH_[!LW_H)KS?]E'_ )$'6?\ L)_^TDH ZY?C1I%AXM7PWXLT^ZT#4)&
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M]U69MSWMA;SDXQG=+&>GXUJ_ J))_@1H$4R!XY(IU=6&0P,\@(- #_@KX_\
M^$^\ 037DPDU6Q/V>^!P"S?POC_:'/U!]*]#KY@:3_AGSX[%(8W_ .$6UQ5^
M5F.(XRW7)ZF-L]>=I]3FOIY65T#(0RL,@@Y!% 'R[\"?^3D/$_\ URO?_2E*
M]Z^)_P#R2?Q3_P!@FY_]%M7@OP)_Y.0\3_\ 7*]_]*4KWKXG_P#))_%/_8)N
M?_1;4 >,_L^Z)K6L?";64T/Q#)I$C:A(B%(%<!_)CPQ)^H%>H?!73[[2OAK%
M8:NQ>^MK^\CN'+;MT@N'#'/?)YS7'_LJ?\DRU/\ ["[_ /HF*O3?%^I0>$/
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M-9_Q;NHK/X0^)Y)V"JVG2Q G^\XV*/Q+ 4 <)\"]?\5^/]'FUO6_$LQ6SOS
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MKTJUCFBLX8[J?[1,B!9)M@3S& Y;:.F3SBI:* "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
# __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
