<SEC-DOCUMENT>0001387131-23-002720.txt : 20230302
<SEC-HEADER>0001387131-23-002720.hdr.sgml : 20230302
<ACCEPTANCE-DATETIME>20230302152529
ACCESSION NUMBER:		0001387131-23-002720
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20230419
FILED AS OF DATE:		20230302
DATE AS OF CHANGE:		20230302

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:		23698448

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 800
		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 800
		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_041923.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<div style="border: black 1pt solid; margin: auto; padding: 36pt; height: 710pt; width: 601.2pt; position: relative; overflow: hidden">
<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 5%">&#9744;&nbsp;</td>
  <td>Preliminary Proxy Statement</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#9744;</td>
  <td>Confidential for Use of the Commission Only as permitted by Rule 14a-6(e)(2)</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#9746;</td>
  <td>Definitive Proxy Statement</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#9744;</td>
  <td>Definitive Additional Materials</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#9744;</td>
  <td>Soliciting Material Pursuant to Rule 14a-11c or Rule 14a-12</td></tr>
</table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><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">(Name of Registrant as Specified in Its
Charter)</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">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top; text-align: left">
    <td style="width: 5%">&#9746;&nbsp;</td>
    <td>No fee required</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&#9744;&nbsp;</td>
    <td>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11</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"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title
                                         of each class of securities to which transaction applies: ________________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
                                         number of securities to which transaction applies: ________________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposed
                                         maximum aggregate value of transaction: _______________________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
                                         fee paid:&nbsp;&nbsp;___________________________________________________________________________________</FONT></TD></TR></TABLE>

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top; text-align: left">
    <td style="width: 5%">&#9744;&nbsp;</td>
    <td>Fee paid previously with preliminary materials.</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top; text-align: left">
    <td>&#9744;</td>
    <td>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.</td></tr>
  </table>

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

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

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount previously paid:&nbsp;&nbsp;__________________________________________________________________________</FONT></TD>
                                                                                                                                                                                                                                 </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 95%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form, Schedule or Registration Statement No.:&nbsp;&nbsp;__________________________________________________________</FONT></TD>
                                                                                                                                                                                                                                 </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing Party:&nbsp;&nbsp;_________________________________________________________________________________</FONT></TD>
                                                                                                                                                                                                                                 </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<td style="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date Filed:&nbsp;&nbsp;__________________________________________________________________________________</FONT></TD>
                                                                                                                                                                                                                                 </TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;</P>

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

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

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

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<DIV style=" height: 871.2pt; width: 673.2pt; border: 1pt solid black; position: relative; overflow: hidden; margin: auto;">
			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;">
					<TABLE style=" table-layout: fixed; width: 594.0000000000001pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse;" ALIGN="center">
						<TR style=" margin: 0; height: 0;">
							<TD style=" border: 0; padding: 0; margin: 0; width: 508.20000000000005pt;">


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							<TD style=" border: 0; padding: 0; margin: 0; width: 85.80000000000004pt;">


							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">FLAHERTY &amp; CRUMRINE PREFERRED AND INCOME FUND INCORPORATED</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">(NYSE: PFD)</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">FLAHERTY &amp; CRUMRINE PREFERRED AND INCOME OPPORTUNITY FUND INCORPORATED</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">(NYSE: PFO)</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">FLAHERTY &amp; CRUMRINE PREFERRED AND INCOME SECURITIES FUND INCORPORATED</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">(NYSE: FFC)</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">FLAHERTY &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">(NYSE: FLC)</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">FLAHERTY &amp; CRUMRINE DYNAMIC PREFERRED AND INCOME FUND INCORPORATED</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;">(NYSE: DFP)</FONT></P>

							</TD>

						</TR>

					</TABLE>

				</DIV>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">301 E. Colorado Boulevard, Suite 800<br>Pasadena, California 91101</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS<br></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">To Be Held on April 19, 2023</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">To the Shareholders:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Notice is hereby given that the Annual Meetings of Shareholders (the &#8220;Annual Meetings&#8221;) of Flaherty &amp; Crumrine Preferred and Income Fund Incorporated, Flaherty &amp; Crumrine Preferred and Income Opportunity Fund Incorporated, Flaherty &amp; Crumrine Preferred and Income Securities Fund Incorporated, Flaherty &amp; Crumrine Total Return Fund Incorporated and Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;), each a Maryland corporation, will be held on April 19, 2023, at 8:00 a.m. PDT, at the offices of Flaherty &amp; Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 800, Pasadena, California 91101, for the following purposes:</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Each Fund:</FONT></P>
				<P style=" margin-left: 59.4pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">1.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">To elect a Director of each Fund (Proposal 1).</FONT></P>
				<P style=" margin-left: 59.4pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">2.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">To transact such other business as may properly come before the Annual Meetings or any adjournments or postponements thereof.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Your vote is important!</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The Board of Directors of each Fund has fixed the close of business on January 20, 2023 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.</FONT></P>
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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">By Order of the Boards of Directors,</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">March 2, 2023</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Chad C. Conwell</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><I>Secretary</I></FONT></P>

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			<P style=" margin: 0pt; font-size: 5pt;">&#8203;</P>

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		<DIV style=" height: 871.2pt; width: 673.2pt; border: 1pt solid black; position: relative; overflow: hidden; margin: auto;">
			<DIV style=" border: 0pt; padding-top: 0pt; top: 801.9pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 29.7pt;">
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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">2</FONT></P>


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				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;">
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							<TD style=" border-top: 1.5pt solid #000000; padding-top: 4.5pt; border-right: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 9pt; vertical-align: top; padding-bottom: 4.5pt; border-collapse: collapse; border-bottom: 1.5pt solid #000000; padding-right: 9pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><font style="text-transform: none"><b>Important
        Notice Regarding the Availability of Proxy Materials for the Annual Meetings to be<br>Held on April 19, 2023</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><font style="text-transform: none"><b>The
        notice of Annual Meetings, Joint Proxy Statement, proxy cards and each Fund&#8217;s annual report, including audited financial
        statements for the fiscal year ended November 30, 2022, are available to you on the Funds&#8217; website - www.preferredincome.com
        or upon request, without charge, by writing to Computershare Inc., P.O. Box 505000, Louisville, KY, 40233-5000, United States,
        or by calling 1-866-351-7446 (U.S. toll-free) or 1-201-680-6578 (International). You are encouraged to review all of the information
        contained in the proxy materials before voting.</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><font style="text-transform: none"><b>To
        obtain directions to attend the Annual Meetings and vote in person, please call 1-626-795-7300.</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><font style="text-transform: none"><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 RELEVANT ANNUAL MEETING(S), 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></font></P>

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		<DIV style=" height: 871.2pt; width: 673.2pt; border: 1pt solid black; position: relative; overflow: hidden; margin: auto;">
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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">3</FONT></P>


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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">INSTRUCTIONS FOR SIGNING PROXY CARDS</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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.</FONT></P>
				<P style=" margin-left: 59.4pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">1.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif; font-style: italic;"><I>Individual Accounts: </I></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Sign your name exactly as it appears in the registration on the proxy card(s).</FONT></P>
				<P style=" margin-left: 59.4pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">2.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif; font-style: italic;"><I>Joint Accounts: </I></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.</FONT></P>
				<P style=" margin-left: 59.4pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">3.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif; font-style: italic;"><I>All Other Accounts: </I></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form registration. For example:</FONT></P>
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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; text-decoration: underline;"><U>Registration</U></FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; text-decoration: underline;"><U>Valid Signature</U></FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Corporate Accounts</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(1)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">ABC Corp.</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(2)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">ABC Corp.</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(3)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">ABC Corp. c/o John </FONT><FONT style=" text-transform: none;">Doe, Treasurer</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">John Doe</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(4)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">ABC Corp. Profit </FONT><FONT style=" text-transform: none;">Sharing Plan</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(1)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">ABC Trust</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(2)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">Jane B. Doe, Trustee </FONT><FONT style=" text-transform: none;">u/t/d 12/28/78</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none;">(1)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none;">John B. Smith, Cust.,<br>f/b/o John B. Smith, </FONT><FONT style=" text-transform: none;">Jr. UGMA</FONT></P>

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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">4</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">ANNUAL MEETINGS OF SHAREHOLDERS<br></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">April 19, 2023<br></FONT><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">JOINT PROXY STATEMENT</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">This document is a joint proxy statement (&#8220;Joint Proxy Statement&#8221;) for Flaherty &amp; Crumrine Preferred and Income Fund Incorporated (&#8220;Preferred and Income Fund&#8221; or &#8220;PFD&#8221;), Flaherty &amp; Crumrine Preferred and Income Opportunity Fund Incorporated (&#8220;Preferred and Income Opportunity Fund&#8221; or &#8220;PFO&#8221;), Flaherty &amp; Crumrine Preferred and Income Securities Fund Incorporated (&#8220;Preferred and Income Securities Fund&#8221; or &#8220;FFC&#8221;), Flaherty &amp; Crumrine Total Return Fund Incorporated (&#8220;Total Return Fund&#8221; or &#8220;FLC&#8221;) and Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (&#8220;Dynamic Preferred Income Fund&#8221; or &#8220;DFP&#8221;) (each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;). This Joint Proxy Statement is furnished in connection with the solicitation of proxies by each Fund&#8217;s Board of Directors (each, a &#8220;Board&#8221; and collectively, the &#8220;Boards&#8221;) to be voted at the Annual Meeting of Shareholders for each Fund to be held on April 19, 2023, at 8:00 a.m. PDT, at the offices of Flaherty &amp; Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 800, Pasadena, California 91101 and at any adjournments or postponements thereof (each, an &#8220;Annual Meeting&#8221; and collectively, the &#8220;Annual Meetings&#8221;).</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 2, 2023 to shareholders of record as of the close of business on January 20, 2023. Proxy solicitations will be made, beginning on or about March 2, 2023, primarily by mail, but proxy solicitations may also be made by telephone, Internet, facsimile, e-mail, or personal interviews conducted by officers of each Fund, Flaherty &amp; Crumrine Incorporated (&#8220;Flaherty &amp; Crumrine&#8221;), the investment adviser of each Fund, Computershare Trust Company, N.A. (&#8220;Computershare&#8221;), the transfer agent of each Fund, and The Bank of New York Mellon (&#8220;BNY Mellon&#8221;), 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 this Joint Proxy Statement.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The Funds will evenly split the expenses incurred in connection with the preparation of this Joint Proxy Statement and hosting of the Annual Meetings. Each Fund will pay for its respective expenses incurred in connection with printing and mailing of this 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">References to the websites above or herein do not incorporate their content into this Joint Proxy Statement.</FONT></P>
				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;">
					<TABLE style=" table-layout: fixed; width: 592.9000000000001pt; margin-top: 4pt; margin-bottom: 4pt; border-collapse: collapse;">
						<TR style=" margin: 0; height: 0;">
							<TD style=" border: 0; padding: 0; margin: 0; width: 592.9000000000001pt;">


							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 1pt solid #000000; padding-top: 4.5pt; border-right: 1pt solid #000000; border-left: 1pt solid #000000; padding-left: 9pt; vertical-align: top; padding-bottom: 4.5pt; border-collapse: collapse; border-bottom: 1pt solid #000000; padding-right: 9pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><font style="text-transform: none"><b>Important
        Notice Regarding the Availability of Proxy Materials for the Annual Meetings to be<br>Held on April 19, 2023</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><font style="text-transform: none"><b>The
        notice of Annual Meetings, Joint Proxy Statement, proxy cards and each Fund&#8217;s annual report, including audited financial
        statements for the fiscal year ended November 30, 2022, are available to you on the Funds&#8217; website - www.preferredincome.com
        or upon request, without charge, by writing to Computershare Inc., P.O. Box 505000, Louisville, KY, 40233-5000, United States,
        or by calling 1-866-351-7446 (U.S. toll-free) or 1-201-680-6578 (International). Each Fund&#8217;s annual report is also available
        on the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) website (www.sec.gov) or, for FFC, FLC and DFP only, by
        calling Destra Capital Advisors LLC at 1-877-855-3434. You are encouraged to review all of the information contained in the proxy
        materials before voting.</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><font style="text-transform: none"><b>To
        obtain directions to attend the Annual Meetings, and vote in person, please call 1-626-795-7300.</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: justify; margin-right: 0pt;"><font style="text-transform: none"><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 RELEVANT ANNUAL MEETING(S), 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></font></P>

							</TD>

						</TR>

					</TABLE>

				</DIV>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 &#8220;FOR&#8221; 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 card to the appropriate Fund at 301 E. Colorado Boulevard, Suite 800, Pasadena, California 91101 prior to the date of the Annual Meetings.</FONT></P>

			</DIV>

		</DIV>
		<DIV style=" page-break-before: always;">
			<P style=" margin: 0pt; font-size: 5pt;">&#8203;</P>

		</DIV>
		<DIV style=" height: 871.2pt; width: 673.2pt; border: 1pt solid black; position: relative; overflow: hidden; margin: auto;">
			<DIV style=" border: 0pt; padding-top: 0pt; top: 801.9pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 29.7pt;">
				<DIV style=" display: table-cell; vertical-align: bottom; width: 594pt; height: 29.7pt;">

				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">5</FONT></P>


				<!--[if IE]></TD></TR></TABLE><![endif]-->
				</DIV>

			</DIV>
			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 &#8220;Quorum&#8221;) at that Fund&#8217;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 relevant Annual 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Each Fund has one class of capital stock outstanding: common stock, par value $0.01 per share (the &#8220;Common Stock&#8221; or the &#8220;Shares&#8221;). 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 20, 2023, the following number of Shares of each Fund were issued and outstanding:</FONT></P>
				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;">
					<TABLE style=" table-layout: fixed; width: 594.0pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse;">
						<TR style=" margin: 0; height: 0;">
							<TD style=" border: 0; padding: 0; margin: 0; width: 528.0pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 13.200000000000001pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 52.800000000000004pt;">


							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Name of Fund</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Shares Outstanding</FONT></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Flaherty &amp; Crumrine Preferred and Income Fund Incorporated (PFD) </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">12,763,654</FONT></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Flaherty &amp; Crumrine Preferred and Income Opportunity Fund Incorporated (PFO) </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">13,077,326</FONT></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Flaherty &amp; Crumrine Preferred and Income Securities Fund Incorporated (FFC) </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">48,094,255</FONT></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Flaherty &amp; Crumrine Total Return Fund Incorporated (FLC) </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">10,456,821</FONT></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (DFP) </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none;">20,538,137</FONT></P>

							</TD>

						</TR>

					</TABLE>

				</DIV>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">To the knowledge of each Fund and its Board, the following shareholder(s), or &#8220;group&#8221; as that term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), is the beneficial owner or owner of record of more than 5% of the relevant Fund&#8217;s outstanding Shares as of January 20, 2023*:</FONT></P>
				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;">
					<TABLE style=" table-layout: fixed; width: 593.2300000000005pt; margin-top: 4pt; margin-bottom: 0pt; border-collapse: collapse;">
						<TR style=" margin: 0; height: 0;">
							<TD style=" border: 0; padding: 0; margin: 0; width: 270.6pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 13.200000000000001pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 79.30999999999997pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 13.200000000000001pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 135.52000000000044pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 13.200000000000001pt;">


							</TD>
							<TD style=" border: 0; padding: 0; margin: 0; width: 68.20000000000005pt;">


							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Name and Address of<br>Beneficial/Record Owner</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Title of Class</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Amount and Nature of Ownership</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Percent of Class</FONT></P>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Cede &amp; Co.</FONT><SUP style=" text-transform: none; font-size: 8.0pt; line-height: 8.0pt;">**</SUP></P>
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Depository Trust Company</FONT></P>
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">55 Water Street, 25th Floor</FONT></P>
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">New York, NY 10041</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Common Stock</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">98.54%</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">98.13%</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">99.88%</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">99.90%</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">99.96%</FONT></P>

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				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">As of January 20, 2023, the Directors and officers, as a group, owned less than 1% of the Shares of each Fund.</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">**</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">A nominee partnership of The Depository Trust Company.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">This Joint Proxy Statement is being used to reduce the preparation, printing, handling and postage expenses that would result from the use of a separate proxy statement for each Fund</FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">. At each Fund&#8217;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(s) 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(s) will be implemented for the Fund or Funds that approved the proposal(s) and will not be implemented for any Fund that did not approve the proposal(s). 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">PROPOSAL 1: ELECTION OF DIRECTORS</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">At the Annual Meetings, shareholders are being asked to consider the election of a Director 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Nominees for the Boards of Directors</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">David Gale</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Morgan Gust</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">David Gale</FONT></P>

							</TD>

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								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">David Gale</FONT></P>

							</TD>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Karen H. Hogan</FONT></P>

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						</TR>

					</TABLE>

				</DIV>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Information About Each Director&#8217;s or Nominee for Election as Director&#8217;s Experience, Qualifications, Attributes or Skills</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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.</FONT></P>
				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-right: 0pt;">
					<TABLE STYLE="table-layout: fixed; width: 594.65pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse">
						<TR style=" margin: 0; height: 0;">
							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 101.64pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 9.9pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 9.9pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 108.46pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 9.9pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 89.76pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 9.9pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 75.46pt">


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							<TD STYLE="border-width: 0; margin: 0; padding: 0; width: 9.9pt">


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							</TD>

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						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: left; margin-right: 0pt;"><A name="fc-proxya1"></A><A name="fc-proxya2"></A><FONT style=" text-transform: none;">Name,&#160;Address,<br>and Age</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Current<br>Position(s)<br>Held&#160;with&#160;Funds</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Term&#160;of&#160;Office<br>and&#160;Length&#160;of<br>Time Served*</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Principal<br>Occupation(s) <br>During&#160;Past <br>Five&#160;Years</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Number&#160;of&#160;Funds<br>In&#160;Fund&#160;Complex<br>Overseen<br>by&#160;Director**</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Other<br>Public Company<br>Board Memberships<br>During&#160;Past<br>Five Years</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;" colspan="11"><P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>NON-INTERESTED
        DIRECTORS:&#8203;</b></font></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Morgan
        Gust</b><br>301 E. Colorado Boulevard<br>Suite 800<br>Pasadena, CA 91101<br>Age: 75</font></P>

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							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Lead Independent Director and <br>Nominating and Governance Committee Chair</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Class
        II Director</b> </font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC &#8211; since inception</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC &#8211; since inception</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Class&#160;III&#160;Director</b><br>PFD
        &#8211; since inception</font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since inception</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP &#8211; since inception</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate.</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">5</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">None</FONT></P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>David
        Gale</b><br>301 E. Colorado Boulevard<br>Suite 800<br>Pasadena, CA 91101<br>Age: 73</font></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Director</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Class&#160;I&#160;Director</b><br>PFD
        &#8211; since&#160;1997</font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since 1997</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC &#8211; since inception</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC &#8211; since inception</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Class
        II Director</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">DFP &#8211; since inception</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#8203;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">President of Delta Dividend Group, Inc. (investments).</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Karen
        H. Hogan</b><br>301 E. Colorado Boulevard<br>Suite 800</font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">Pasadena, CA 91101<br>Age: 61</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">Director and<br>Audit Committee Chair</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none; color: #000000"><b>Class
        I Director</b></font><b><font style="font-size: 8pt; text-transform: none; line-height: 8pt"><sup>&#8224;</sup></font></b></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP &#8211; since 2016</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none; color: #000000"><b>Class
        II Director</b></font><b><font style="font-size: 8pt; text-transform: none; line-height: 8pt"><sup>&#8224;</sup></font></b></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">PFD &#8211; since 2016</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since 2016</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none; color: #000000"><b>Class
        III Director</b></font><b><font style="font-size: 8pt; text-transform: none; line-height: 8pt"><sup>&#8224;</sup></font></b></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">FFC &#8211; since 2016 </FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;">FLC &#8211; since 2016</FONT></P>

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							<TD colspan="11" style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;"><P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>INTERESTED
        DIRECTOR AND OFFICER:</b></font></P>

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							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>R.
        Eric Chadwick<font style="font-size: 8pt; line-height: 8pt"><sup>(1)</sup></font></b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">301 E. Colorado Boulevard</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Suite 800</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Pasadena, CA 91101</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Age: 47</FONT></P>

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        II Director</b></font></P>
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        III Director</b></font></P>
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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 4pt; border-bottom: 1pt solid ; text-align: justify; margin-right: 554.4pt;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#160;</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><A name="fc-proxya4"></A><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">The Class II Director of PFD, FFC, FLC and DFP and the Class I Director of PFO will serve until each Fund&#8217;s 2024 Annual Meeting of Shareholders and until their successors are duly elected and qualify. The Class II Directors of PFO and the Class III Directors of PFD, FFC, FLC and DFP will serve until each Fund&#8217;s 2025 Annual Meeting of Shareholders and until their successors are duly elected and qualify. The Class I Nominee of PFD, FFC, FLC and DFP and the Class III Nominee of PFO, if elected, will serve until each Fund&#8217;s 2026 Annual Meeting of Shareholders and until their successors are duly elected and qualify.</FONT></P>

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					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">7</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">**</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">The Flaherty &amp; Crumrine fund complex (the &#8220;Fund Complex&#8221;) consists solely of the Funds.</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#8224;</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">Ms. Hogan served as a Class I Director of PFD from 2005 &#8211; 2016, a Class II Director of each of FFC and FLC from 2005 &#8211; 2016, a Class II Director of DFP since inception &#8211; 2016 and a Class III Director of PFO from 2005 &#8211; 2016.</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">(1)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#8220;Interested person&#8221; of the Funds as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). Mr. Chadwick is considered an &#8220;interested person&#8221; because of his affiliation with Flaherty &amp; Crumrine.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">No Non-Interested Director of the Funds or their immediate family members owned beneficially or of record any securities in Flaherty &amp; Crumrine, or a person directly or indirectly controlling, controlled by, or under common control with the Flaherty &amp; Crumrine.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Mr. Chadwick was appointed as a Director of the Funds in January 2016 and was elected by each Fund&#8217;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 16 years (or since the Fund&#8217;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&#8217;s 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/or other life experiences. The charter for the Boards&#8217; Nominating and Governance Committees (each a &#8220;Nominating Committee&#8221; and collectively, the &#8220;Nominating Committees&#8221;) 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 may also benefit from information provided by the Funds&#8217; and Flaherty &amp; Crumrine&#8217;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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; text-decoration: underline; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;"><U>R. Eric Chadwick</U></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;"> &#8211; 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 from 2004 (or in the case of DFP, from its inception) until April 2015. 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&#8217;s inception.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; text-decoration: underline; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;"><U>David Gale</U></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;"> &#8211; 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; text-decoration: underline; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;"><U>Morgan Gust</U></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;"> &#8211; 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&#8217;s Board.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; text-decoration: underline; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;"><U>Karen H. Hogan</U></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;"> &#8211; In addition to her tenure as a Director of the Funds, Ms. Hogan serves on the Board of IKAR, a non-profit organization, and </FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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, member and chair of the audit committee of New World Coffee, Inc. Ms.&#160;Hogan currently serves as Chair of the Audit Committee of each Fund&#8217;s Board.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Board Composition and Leadership Structure</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The 1940 Act requires that at least 40% of the Funds&#8217; Directors not be &#8220;interested persons&#8221; (as defined in the 1940 Act) of the Funds, and therefore not affiliated with Flaherty &amp; Crumrine (the &#8220;Independent Directors&#8221;). To rely on certain exemptive rules under the 1940 Act, a majority of the Funds&#8217; 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&#8217; 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 </FONT></P>

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					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">8</FONT></P>


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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Independent Director.  The Boards have determined that their leadership structures and composition, in which the Chair of the Boards is an &#8220;interested person&#8221; 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Boards&#8217; Oversight Role in Management</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The Boards&#8217; 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&#8217; and Flaherty &amp; Crumrine&#8217;s Chief Compliance Officer and portfolio management personnel. The Boards&#8217; Audit Committees (which consist of all the Independent Directors) meet during their scheduled meetings, and between meetings the Chair of the Audit Committees maintains contact, with the Funds&#8217; independent registered public accounting firm and the Funds&#8217; 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&#8217; own independent legal counsel regarding regulatory, compliance and governance matters. The Boards&#8217; oversight role does not make the Boards guarantors of the Funds&#8217; investments or activities.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Beneficial Ownership of Shares in the Funds and Fund Complex for each Director and Nominee for Election as Director</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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.</FONT></P>
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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Dollar Range of Equity<br>Securities Held in a Fund*</FONT><SUP style=" text-transform: none; font-size: 6.0pt; line-height: 6.0pt;">(1)</SUP></P>

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        DIRECTORS/NOMINEES:</b></font></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">TOTAL</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Morgan Gust </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">E</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">E</FONT></P>

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						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">David Gale </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">E</FONT></P>

							</TD>

						</TR>
						<TR style=" min-height: 3pt;">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Karen H. Hogan </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">D</FONT></P>

							</TD>

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						<TR style=" min-height: 3pt;">
							<TD colspan="13" style=" border-top: 0pt; padding-top: 3.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;"><P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>INTERESTED
        DIRECTOR:</b></font></P>

							</TD>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">R. Eric Chadwick </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">C</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">E</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">E</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 4pt; border-bottom: 1pt solid ; text-align: justify; margin-right: 554.4pt;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#160;</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 3pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">Key to Dollar Ranges</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 3pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">A.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">None</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 3pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">B.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">$1 - $10,000</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 3pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">C.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">$10,001 - $50,000</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 3pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">D.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">$50,001 - $100,000</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">E.</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">over $100,000</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">All Shares were valued as of December 31, 2022.</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">(1)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">This information has been furnished by each Director/Nominee as of December 31, 2022. &#8220;Beneficial ownership&#8221; is determined in accordance with R</FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">ule 16a-1(a)(2</FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">) under the 1934 Act.</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">(2)</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">As of December 31, 2022, the Directors, Nominees and executive officers of each Fund, as a group, owned less than 1% of the Shares of each Fund.</FONT></P>

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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">9</FONT></P>


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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Officers of the Funds</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The following table provides information concerning each of the Fund&#8217;s officers.</FONT></P>
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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Name, Address,<br>and Age</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Current Position(s)<br>Held with Funds</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Term of Office and<br>Length of Time<br>Served*</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Principal Occupation<br>During Past Five Years</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Chad
        C. Conwell</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">301 E. Colorado</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Boulevard</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Suite 800</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Pasadena, CA 91101</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Age: 50</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Chief Compliance Officer,</font></p>
        <p style="font: 10pt/normal Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><font style="text-transform: none">Vice President and Secretary</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFD &#8211; since 2005</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since 2005</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC &#8211; since 2005</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC &#8211; since 2005</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP &#8211; since inception</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Executive Vice President, Chief Compliance Officer and Chief Legal Officer of Flaherty &amp; Crumrine.</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Bradford
        S. Stone</b></font></P>
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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Suite 403</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Summit, NJ 07901</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Age: 63</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Chief Financial Officer,</font></p>
        <p style="font: 10pt/normal Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><font style="text-transform: none">Vice President and Treasurer</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFD &#8211; since 2003</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since 2003</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC &#8211; since 2003</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC &#8211; since inception</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP &#8211; since inception</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><font style="text-transform: none">Portfolio
Manager, Executive Vice President and Chief Financial Officer of Flaherty &amp; Crumrine.</font></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Roger
        Ko</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">301 E. Colorado</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Boulevard</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Suite 800</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Pasadena, CA 91101</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Age: 48</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Assistant Treasurer</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFD &#8211; since 2014</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since 2014</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC &#8211; since 2014</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC &#8211; since 2014</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP &#8211; since 2014</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Trader of Flaherty &amp; Crumrine.</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Laurie
        C. Lodolo</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">301 E. Colorado</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Boulevard</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Suite 800</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Pasadena, CA 91101</FONT></P>
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        <p style="font: 10pt/normal Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><font style="text-transform: none">Assistant Treasurer and</font></p>
        <p style="font: 10pt/normal Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><font style="text-transform: none">Assistant Secretary</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFD &#8211; since 2004</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO &#8211; since 2004</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC &#8211; since 2004</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC &#8211; since 2004</FONT></P>
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				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">Each officer serves until his or her successor is elected and qualifies or until his or her earlier resignation or removal.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Audit Committee</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The role of each Fund&#8217;s Audit Committee is to assist the Board of Directors in its oversight of: (i) the integrity of the Fund&#8217;s financial statements and the independent audit thereof; (ii) the Fund&#8217;s accounting and financial reporting policies and practices, and its internal control over financial reporting; (iii) the Fund&#8217;s compliance with legal and regulatory requirements; and (iv) the independent auditor&#8217;s qualifications, independence and performance. Each Fund&#8217;s Audit Committee is also required to prepare an audit committee report pursuant to applicable laws and regulations for inclusion in the Fund&#8217;s annual proxy statement. Each Audit Committee operates pursuant to a charter (the &#8220;Audit Committee Charter&#8221; or &#8220;Charter&#8221;) that was most recently reviewed and approved by the Board of Directors of each Fund on January 19, 2023, 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&#8217;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&#8217; independent registered public accounting firm, KPMG LLP (the &#8220;independent accountants&#8221; or &#8220;KPMG&#8221;), is responsible for planning and carrying out proper audits and reviews of each Fund&#8217;s financial statements and expressing an opinion as to their conformity with accounting principles generally accepted in the United States of America.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Audit Committee Report</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">In performing its oversight function, at a meeting held on January 19, 2023, the Audit Committee of each Fund 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, 2022, and discussed the audit of such financial statements with the independent accountants.</FONT></P>

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					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">10</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">In addition, the Audit Committee of each Fund discussed with the independent accountants the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) and the SEC. Each Audit Committee also received from the independent accountants the written disclosures and statements required by PCAOB Rule 3526, </FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif; font-style: italic;"><I>Communication with Audit Committees Concerning Independence</I></FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">, as currently in effect and discussed the impact that any such relationships might have on the objectivity and independence of the independent accountants.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">As set forth above, and as more fully set forth in each Fund&#8217;s Audit Committee Charter, each Audit C</FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">ommittee has significant duties and powers in its oversight role with respect to the Fund&#8217;s financial reporting procedures, internal control systems, and the independent audit process.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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, each 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, each Audit Committee&#8217;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, each Audit Committee&#8217;s considerations and discussions referred to above do not provide assurance that the audit of each Fund&#8217;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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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&#8217;s Board that the audited financial statements be included in the Fund&#8217;s Annual Report for the fiscal year ended November 30, 2022.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">This report was submitted by the Audit Committee of each Fund&#8217;s Board of Directors</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">David Gale<br>Morgan Gust<br>Karen H. Hogan (Chair)<br>January 19, 2023</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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&#8217; regularly scheduled meetings during the fiscal year ended November 30, 2022. Each Audit Committee is composed entirely of each Fund&#8217;s Independent Directors who are also &#8220;independent&#8221; (as such term is defined by the New York Stock Exchange (&#8220;NYSE&#8221;) under the listing standards applicable to closed-end funds, as may be modified or supplemented (the &#8220;NYSE Listing Standards&#8221;)), namely Ms. Hogan and Messrs. Gale and Gust.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Nominating Committee</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Each Board of Directors has a Nominating Committee composed entirely of each Fund&#8217;s Independent Directors who are also &#8220;independent&#8221; (as such term is defined by the NYSE Listing Standards), namely Ms.&#160;Hogan and Messrs. Gale and Gust. The Nominating Committee of each Fund met two times during the fiscal year ended November 30, 2022.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The Nominating Committee of each Fund 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&#8217;s annual meeting of shareholders and to fill any vacancies on the Board; and for overseeing the Board&#8217;s governance practices. Each Fund&#8217;s Nominating Committee has a charter which is available on its website, www.preferredincome.com.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Each Fund&#8217;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 Boards. 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&#8217;s Nominating Committee may consider whether a potential nominee&#8217;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&#8217;s membership and collective attributes. Each Fund&#8217;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 &#8220;Submission of Shareholder Proposals &#8211; 2024 Annual Meetings&#8221; below).</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Other Board-Related Matters</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Shareholders who wish to send communications to the Board should send them to the address of their Fund(s), 301 E. Colorado Boulevard, Suite 800, Pasadena, California 91101, and to the attention of the Board. All such communications will be directed to the Board&#8217;s attention.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The Funds do not have a formal policy regarding Board member attendance at the Annual Meetings. However, all the Directors of each Fund attended the April 20, 2022 Annual Meetings of Shareholders.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Board Compensation</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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, 2022, the Board of Directors for each of PFD, PFO, FFC, FLC and DFP held seven meetings (four of which were telephone meetings). Each Director of each Fund attended 100% of the Board meetings and 100% of any committee meetings 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, 2022 is set forth below:</FONT></P>
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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Annual Directors Fees</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Board Meeting and Committee Meeting Fees*</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Travel and Out-of-Pocket Expenses**</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFD </FONT></P>

							</TD>
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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$1,451.02</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$1,451.02</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC </FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$1,451.02</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$1,451.02</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$27,000</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$1,451.02</FONT></P>

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				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 4pt; border-bottom: 1pt solid ; text-align: justify; margin-right: 554.4pt;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#160;</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">Due to the ongoing coronavirus pandemic, a quarterly meeting of the Board and its committees held telephonically or virtually due to COVID-19 safety protocols was treated as an in person meeting.</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">**</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">Includes reimbursement for travel and out-of-pocket expenses for both &#8220;interested&#8221; and Independent Directors.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The table below sets forth additional information regarding the compensation of each Fund&#8217;s Directors for the fiscal year ended November 30, 2022. No executive officer or person affiliated with a Fund received compensation from a Fund during the fiscal year ended November 30, 2022 in excess of $60,000. Directors and executive officers of the Funds do not receive pension or retirement benefits from the Funds.</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Aggregate<br>Compensation from<br>each Fund</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Total Compensation from the<br>Funds and Fund Complex<br>Paid to Directors*</FONT></P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>R.
        Eric Chadwick</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Director, Chair of the Board, Chief Executive Officer and President </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0 </FONT><SUP style=" text-transform: none; font-size: 8.0pt; line-height: 8.0pt;">(5)</SUP></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Morgan
        Gust</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Lead Independent Director, Nominating Committee Chair </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; PFD</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; PFO</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; FFC</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; FLC</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; DFP</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$83,750 </FONT><SUP style=" text-transform: none; font-size: 8.0pt; line-height: 8.0pt;">(5)</SUP></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>David
        Gale</b></font></P>
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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; PFD</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; PFO</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; FFC</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; FLC</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$16,750 &#8211; DFP</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$83,750 </FONT><SUP style=" text-transform: none; font-size: 8.0pt; line-height: 8.0pt;">(5)</SUP></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><font style="text-transform: none"><b>Karen
        H. Hogan</b></font></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Director, Audit Committee Chair </FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: top; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$20,500 &#8211; PFD</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$20,500 &#8211; PFO</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$20,500 &#8211; FFC</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$20,500 &#8211; FLC</FONT></P>
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$20,500 &#8211; DFP</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$102,500 </FONT><SUP style=" text-transform: none; font-size: 8.0pt; line-height: 8.0pt;">(5)</SUP></P>

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						</TR>

					</TABLE>

				</DIV>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 4pt; border-bottom: 1pt solid ; text-align: justify; margin-right: 554.4pt;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#160;</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">Represents the total compensation paid for the fiscal year ended November 30, 2022 to such persons by the Funds, which are considered part of the same &#8220;fund complex&#8221; 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, 2022.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Required Vote</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">The election of Mr. Gale as Director of PFD, FFC and FLC, the election of Mr. Gust as Director of PFO and the election of Ms. Hogan as Director of DFP will require the affirmative vote of a plurality of the votes cast by holders of the Shares of each such Fund at the relevant Annual Meeting in person or by proxy.  A &#8220;plurality&#8221; vote means the candidate who receives the largest number of votes cast (even if they receive less than a majority) will be elected as a Director. Since the candidate for election as a Director in Proposal 1 for</FONT><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;"> each Fund is running unopposed, the candidate only needs one vote to be elected if there is a Quorum present at the relevant Annual Meeting. Because abstentions and broker non-votes are not treated as Shares voted, any abstentions and broker non-votes would have no impact on the election.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Independent Registered Public Accounting Firm</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">KPMG, Two Financial Center, 60 South Street, Boston, Massachusetts 02111, has been selected to serve as each Fund&#8217;s independent accountants for each Fund&#8217;s fiscal year ending November 30, 2023. KPMG acted as the independent accountants for each Fund for the fiscal year ended November 30, 2022. The Funds know of no direct financial or material indirect financial interest of KPMG in the Funds. 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.</FONT></P>

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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">13</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 777.15pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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, 2021 and November 30, 2022, respectively.</FONT></P>
				<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;">
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								<P style=" margin-left: 0pt; text-transform: none; font-size: 15.1pt; line-height: 15.1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Fiscal Year<br>Ended<br>November 30</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Audit Fees</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">Audit-Related Fees</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;"> Tax Fees*</FONT></P>

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								<P style=" margin-left: 0pt; text-transform: none; font-size: 15.1pt; line-height: 15.1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.5pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Times New Roman, Times, Serif; font-weight: Bold; line-height: normal; margin-top: 0; margin-bottom: 0; border-bottom: 1pt solid #000000; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">All Other Fees</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 15.1pt; line-height: 15.1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFD </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2021</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">53,550</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,030</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">26,000</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2022</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">55,500</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,350</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">0</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">PFO </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2021</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">53,550</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,030</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">26,000</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2022</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">55,500</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,350</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">0</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FFC </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2021</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">53,550</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,030</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">26,000</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2022</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">55,500</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,350</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">0</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">FLC </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2021</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">53,550</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,030</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">26,000</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2022</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">55,500</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,350</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">0</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: rgb(204,238,255)">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">DFP </FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2021</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">53,550</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,030</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">26,000</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>
						<TR STYLE="min-height: 3pt; background-color: White">
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">&#160;</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2022</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 4.5pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 4.5pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">55,500</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$0</FONT></P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 2pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 2pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">10,350</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 1.25pt; border-right: 0pt; border-left: 0pt; padding-left: 13pt; vertical-align: bottom; padding-bottom: 1.25pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 13pt;">
								<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 10pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none;">$</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none;">0</FONT></FONT><FONT style=" font-size: 10pt;">&#8203;</FONT><BR clear="all">
								</P>

							</TD>
							<TD style=" border-top: 0pt; padding-top: 0pt; border-right: 0pt; border-left: 0pt; padding-left: 0pt; vertical-align: bottom; padding-bottom: 0pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 0pt;">
								<P style=" margin-left: 0pt; text-transform: none; font-size: 1pt; line-height: 1pt; margin-top: 0pt; margin-bottom: 0; margin-right: 0pt;">&#8203;</P>

							</TD>

						</TR>

					</TABLE>

				</DIV>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 4pt; border-bottom: 1pt solid ; text-align: justify; margin-right: 554.4pt;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#160;</FONT></P>
				<P style=" margin-left: 19.8pt; text-transform: none; color: #000000; text-indent: -19.8pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 19.8pt; text-indent: -18.0pt; display: inline-block;"><![endif]--><FONT style=" width: 19.8pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">*</FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-size: 8pt; font-family: Times New Roman, Times, serif;">&#8220;Tax Fees&#8221; are those fees billed to each Fund by KPMG in connection with tax consulting services, including primarily the review of each Fund&#8217;s income tax returns.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Each Fund&#8217;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&#8217;s investment adviser and any entity controlling, controlled by or under common control with the Fund&#8217;s investment adviser (&#8220;affiliates&#8221;) 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, 2021 and November 30, 2022, respectively, were pre-approved by the Audit Committee, as applicable.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">For each Fund&#8217;s fiscal years ended November 30, 2021 and November 30, 2022, respectively, KPMG did not provide any non-audit services (or bill any fees for such services) to the Funds&#8217; investment adviser or any affiliates.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">The Board unanimously recommends that shareholders vote FOR the election of the nominees.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 7pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">OTHER MATTERS TO COME BEFORE THE ANNUAL MEETINGS</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 Meetings, the persons named in the accompanying form of proxy will vote thereon in accordance with their judgment.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 7pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">ADDITIONAL INFORMATION</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 7pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Investment Adviser, Administrator and Servicing Agent</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Flaherty &amp; Crumrine serves as the investment adviser to each Fund, and its business address is 301 E. Colorado Boulevard, Suite 800, Pasadena, California 91101. BNY Mellon 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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 7pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Submission of Shareholder Proposals - 2024 Annual Meetings</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">All proposals by shareholders of each Fund that are intended to be presented at each Fund&#8217;s next Annual Meeting of Shareholders to be held in 2024 must be received by the relevant Fund for consideration for inclusion in the relevant Fund&#8217;s proxy statement relating to the meeting no later than November 3, 2023, and must satisfy the requirements of federal securities laws.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 7pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Each Fund&#8217;s bylaws require shareholders wishing to nominate Directors or make proposals to be voted on at the Fund&#8217;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 150th day nor later than 2:00 p.m., PDT, on the 120th day prior to the first anniversary of the date of the proxy statement for the preceding year&#8217;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&#8217;s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than 2:00 p.m., PDT, on the later of the 120th 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.</FONT></P>

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			<P style=" margin: 0pt; font-size: 5pt;">&#8203;</P>

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				<!--[if IE]><TABLE><TR style=" width: 594pt; height: 29.7pt;"><TD vAlign="bottom" style=" width: 594pt; height: 29.7pt;"><![endif]-->
					<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">14</FONT></P>


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			<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 762.3pt;">
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">Any such notice by a shareholder shall set forth the information required by the Fund&#8217;s bylaws with respect to each matter the shareholder proposes to bring before the annual meeting.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">&#8220;Householding&#8221;</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 Computershare, P.O. Box 505000, Louisville, KY, 40233-5000, United States, or by calling 1-866-351-7446 (U.S. toll-free) or 1-201-680-6578 (International).</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Voting Results</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">Broker Non-Votes and Abstentions</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">A proxy which is properly executed and returned accompanied by instructions to withhold authority to vote represents a broker &#8220;non-vote&#8221; (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, &#8220;abstentions&#8221;) will be counted as Shares that are present and entitled to vote at the relevant Annual Meeting for purposes of determining the presence of a Quorum.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">With respect to Proposal 1 for the Annual Meetings, abstentions do not constitute a vote &#8220;for&#8221; the Nominees for Directors.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 4pt; margin-bottom: 8pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">NOTICE TO BANKS, BROKER/DEALERS AND VOTING TRUSTEES AND THEIR NOMINEES</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 39.6pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, serif;">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 to supply copies to the beneficial owners of Shares.</FONT></P>
				<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 8pt; text-align: justify; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt; font-family: Times New Roman, Times, Serif; font-weight: Bold;">IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE RELEVANT ANNUAL MEETING(S) ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND RETURN ALL PROXY CARDS OR VOTING INSTRUCTION FORM AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</FONT></P>

			</DIV>

		</DIV>


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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>FLAHERTY &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>PO
    Box 43131</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Providence,
    RI 02940-3131</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>EVERY
    VOTE IS IMPORTANT</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>EASY
    VOTING OPTIONS:&nbsp;</B></FONT></TD></TR>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></td>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="width: 55%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="width: 15%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<IMG SRC="flcproxycard001.jpg" ALT=""></font></td>
    <td style="width: 30%; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="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></p></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="flcproxycard002.jpg" ALT="" STYLE="height: 57px; width: 65px">&nbsp;</font></td>
    <td style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><p style="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"><B>VOTE
                                         IN PERSON </B><BR>
                                         <B>Attend Shareholder Meeting </B><BR>
                                         <B>301 East Colorado Blvd., Suite 800 </B><BR>
                                         <B>Pasadena, California </B><BR>
                                         <B>on April 19, 2023</B></FONT></p></td></tr>
</table>

<p style="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please fold along the perforation, detach and return the bottom portion in the enclosed envelope.</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROXY</B></FONT></p></td>
    <td style="text-align: center; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FLAHERTY
    &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED</B></FONT><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></p></td>
    <td style="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></p></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ANNUAL
MEETING OF SHAREHOLDERS&nbsp;</b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TO BE HELD ON APRIL 19, 2023</b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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 800, Pasadena, California 91101 at 8:00 a.m. PDT, on April 19, 2023, and any adjournments or postponements thereof
(the &ldquo;Meeting&rdquo;).</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">The undersigned
hereby acknowledges receipt of the Notice of Annual Meetings of Shareholders 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5in; color: Red"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></td>
    <td style="width: 23%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(216,216,216)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></td>
    <td style="width: 4%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></td>
    <td style="text-align: center; width: 23%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5in; color: Red"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5in; color: Red"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5in; color: Red"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CHANGE OF ADDRESS</b></font></td></tr>
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5in; color: Red"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 4.5in"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 4.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>FLC_33136_020823</B></FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 15%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">xxxxxxxxxxxxxx</font></td><td style="width: 6%; text-align: center; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">code</font></td>
                                                                                                                                                                           <td style="width: 79%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
</tr></table>
</div>




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<div style="border: black 1pt solid; margin: auto; padding: 36pt; height: 710pt; width: 601.2pt; position: relative; overflow: hidden">

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Important
Notice Regarding the Availability of Proxy Materials for the </B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Annual Meeting of Shareholders to Be Held on April 19, 2023.</B> </FONT><BR>
<FONT STYLE="font-size: 12pt"><B>The Notice of Annual Meetings of Shareholders, Joint Proxy Statement and Proxy Card are available
at:</B> </FONT><BR>
<FONT STYLE="font-size: 12pt"><B><U>www.preferredincome.com</U></B></FONT></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please fold along the perforation, detach and return the bottom portion in the enclosed envelope.</font></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: Red"></p>

<p style="margin: 0pt 0; font: 10pt Arial, Helvetica, Sans-Serif; color: Red"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>TO VOTE
MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: &#9746;&nbsp; &nbsp;</B></FONT></p>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; text-align: center; background-color: Black; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>A</B></FONT></td>
                               <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></td>
                               <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Proposal
                               </B></FONT></td>
                               <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE
                               BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; THE NOMINEE LISTED.</B></FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td><TD STYLE="width: 0.5in; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.</B></FONT></td><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Election
                                         of Director:</B></FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FOR</FONT></td>
    <TD STYLE="width: 8%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WITHHOLD</FONT></td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></td></tr>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01
    &nbsp;&nbsp;David Gale</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&#9744;</FONT></td>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9744;&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 2in"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 2in"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif"></td><TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.</B></FONT></td><TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><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></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; text-align: center; background-color: Black; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>B</B></FONT></td><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></td>
                                                                                                                                                       <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Authorized
                                         Signatures &mdash; This section must be completed for your vote to be counted.&mdash;
                                         Sign and Date Below</B></FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td><TD STYLE="width: 0.5in; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Note</B>:</FONT></td><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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. When shares are
                                         held jointly, each holder should sign. When signing as attorney, executor, guardian,
                                         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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="width: 29%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><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: 2%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td style="width: 34%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><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: 2%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <td style="width: 33%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><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; font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">/
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</font></td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">&nbsp;</font></td>
    <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">&nbsp;</font></td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">&nbsp;</font></td>
    <td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">&nbsp;</font></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="text-align: center; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scanner
bar code</font></td>
</tr></table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 13.5pt; text-align: center"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<td style="width: 30%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxxxxxxxx</font></td><td style="width: 40%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">FLC 33136</font></td>
                                                                                                                                                                           <td style="width: 30%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxx</font></td>
</tr></table>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
