<SEC-DOCUMENT>0001206774-14-000960.txt : 20150727
<SEC-HEADER>0001206774-14-000960.hdr.sgml : 20150727

<ACCEPTANCE-DATETIME>20140321140003

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001206774-14-000960

CONFORMED SUBMISSION TYPE:	DEF 14A

PUBLIC DOCUMENT COUNT:		6

CONFORMED PERIOD OF REPORT:	20140417

FILED AS OF DATE:		20140321

DATE AS OF CHANGE:		20140321

EFFECTIVENESS DATE:		20140321


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE PREFERRED INCOME FUND INC

		CENTRAL INDEX KEY:			0000868578

		IRS NUMBER:				954305694

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1130



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06179

		FILM NUMBER:		14709641



	BUSINESS ADDRESS:	

		STREET 1:		301 E COLORADO BLVD STE 720

		STREET 2:		C/O FLAHERTY & CRUMRINE INC

		CITY:			PASADENA

		STATE:			CA

		ZIP:			91101

		BUSINESS PHONE:		(626) 795-7300



	MAIL ADDRESS:	

		STREET 1:		301 E COLORADO BLVD STE 720

		STREET 2:		C/O FLAHERTY & CRUMRINE INC

		CITY:			PASADENA

		STATE:			CA

		ZIP:			91101



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PREFERRED INCOME FUND INC

		DATE OF NAME CHANGE:	19920703



</SEC-HEADER>

<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>fcpifi_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>SCHEDULE 14A<BR>PROXY
STATEMENT<BR></FONT><FONT face="Times New Roman" size=2>PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Filed by Registrant [X]<BR></FONT><FONT face="Times New Roman" size=2>Filed by Party other than the Registrant</FONT></P>
<DIV align=justify><FONT face="Times New Roman" size=2>Check the appropriate box:</FONT></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[ &nbsp; ]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Preliminary Proxy
      Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[&nbsp; &nbsp;]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Confidential for Use of
      the Commission Only as permitted by Rule 14a-6(e)(2)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[X] </FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Definitive Proxy
      Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[&nbsp; &nbsp;]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Definitive Additional
      Materials</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[&nbsp;&nbsp; ]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Soliciting Material
      Pursuant to Rule 14a-11c or Rule 14a-12</FONT></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine Preferred Income Fund
      Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%"><FONT face="Times New Roman" size=2>(Name of Registrant as Specified in
      Its Charter)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD style="text-align: center" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>(Name of Person(s) Filing Proxy
  Statement)</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Payment of Filing Fee (Check the
appropriate box):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[X] </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>No fee
  required</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[&nbsp;&nbsp; ] &nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Fee computed on table
      below per Exchange Act Rules 14a-6(i)(1) and
0-11</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(1)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="25%"><FONT face="Times New Roman" size=2>Title of each class of
      securities to which transaction applies:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="73%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(2)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="25%"><FONT face="Times New Roman" size=2>Aggregate number of
      securities to which transaction applies:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="73%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(3)&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>Per unit price or other
      underlying value of transaction computed pursuant to Exchange Act Rule
      0-11. (Set forth the amount on</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT size=2 face="Times New Roman">which the filing fee is calculated and state
      how it was determined):</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="94%"></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(4)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Proposed maximum aggregate
      value of transaction:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="83%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(5)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Total fee paid:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[&nbsp;&nbsp; ] </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Fee paid previously with
      preliminary materials.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman"> </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">[&nbsp;&nbsp; ] &nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Check box if any part of the fee is
      offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing
      for which the offsetting fee was paid previously. Identify the previous
      filing by registration statement number, or the Form or Schedule and the
      date of its filing.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(1)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Amount previously
      paid:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(2)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Form, Schedule or
      Registration Statement No.:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(3)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Filing Party:&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">(4)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Date Filed:&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME FUND INCORPORATED (NYSE: PFD) <BR>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO) <BR>FLAHERTY &amp; CRUMRINE
PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC) <BR>FLAHERTY &amp;
CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC) <BR>FLAHERTY &amp; CRUMRINE
DYNAMIC PREFERRED AND INCOME FUND INCORPORATED (NYSE: DFP)</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard, Suite 720
<BR>Pasadena, California 91101 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>NOTICE OF ANNUAL MEETINGS OF
SHAREHOLDERS <BR></FONT></B><FONT face="Times New Roman" size=2>To Be Held on April 17, 2014
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>To the Shareholders:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice is hereby given that the Annual Meetings of Shareholders of Flaherty
&amp; Crumrine Preferred Income Fund Incorporated, Flaherty &amp; Crumrine
Preferred Income Opportunity Fund Incorporated, Flaherty &amp; Crumrine
Preferred Securities Income Fund Incorporated, Flaherty &amp; Crumrine Total
Return Fund Incorporated and Flaherty &amp; Crumrine Dynamic Preferred and
Income Fund Incorporated (each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;), each a
Maryland corporation, will be held at the offices of Flaherty &amp; Crumrine
Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101
at 9:00 a.m. PT, on April 17, 2014, for the following purposes:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Fund:</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>1. To elect
Directors of each Fund (Proposal 1). </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>2. To
transact such other business as may properly come before the Annual Meetings or
any adjournments or postponements thereof. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Your vote is
important!</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors of each Fund
has fixed the close of business on January 17, 2014 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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>By Order of the Boards of
    Directors,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>March 21, 2014</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Chad C. Conwell</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE><BR>

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%">
      <P align=center><B><FONT face="Times New Roman" size=2>Important Notice Regarding the
      Availability of Proxy Materials for the Annual Meetings to Be <BR>Held on
      April 17, 2014 </FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>The notice of Annual Meetings,
      joint proxy statement, proxy cards and each Fund&#146;s annual report,
      including audited financial statements for the fiscal year ended November
      30, 2013, are available to you on the Funds&#146; website - </FONT></B><B><FONT face="Times New Roman" size=2>www.preferredincome.com</FONT></B><B><FONT face="Times New Roman" size=2> or upon request, without charge, by writing to BNY Mellon c/o
      Computershare, P.O. Box 30170, College Station, Texas 77842-3170, or by
      calling 1-866-351-7446. You are encouraged to review all of the
      information contained in the proxy materials before voting.
</FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>To obtain directions to attend
      the Annual Meetings and vote in person, please call 1-626-795-7300.
      </FONT></B></P>
      <DIV align=justify><B><FONT face="Times New Roman" size=2>SEPARATE PROXY CARDS ARE
      ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES.</FONT></B></DIV>
      <DIV align=justify><B><FONT face="Times New Roman" size=2>YOUR VOTE IS IMPORTANT
      REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU
      PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
      INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET
      FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY
      SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION FORM AND RETURNING
      IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.
</FONT></B></DIV></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME FUND INCORPORATED (NYSE: PFD) <BR>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO) <BR>FLAHERTY &amp; CRUMRINE
PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC) <BR>FLAHERTY &amp;
CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC) </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard, Suite 720
<BR>Pasadena, California 91101 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>NOTICE OF SPECIAL MEETINGS OF
SHAREHOLDERS <BR></FONT></B><FONT face="Times New Roman" size=2>To Be Held on April 17, 2014
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>To the Shareholders:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice is hereby given that the Special Meetings of Shareholders of Flaherty
&amp; Crumrine Preferred Income Fund Incorporated, Flaherty &amp; Crumrine
Preferred Income Opportunity Fund Incorporated, Flaherty &amp; Crumrine
Preferred Securities Income Fund Incorporated and Flaherty &amp; Crumrine Total
Return Fund Incorporated (each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;), each a
Maryland corporation, will be held at the offices of Flaherty &amp; Crumrine
Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101
at 9:30 a.m. PT, on April 17, 2014, for the following purposes:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Fund:</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>1.</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>To
approve a change to each Fund&#146;s fundamental investment policy regarding
investments in commodities (Proposal 1). </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>2. To
transact such other business as may properly come before the Special Meetings or
any adjournments or postponements thereof. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Your vote is
important!</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors of each Fund
has fixed the close of business on January 17, 2014 as the record date for the
determination of shareholders of each Fund entitled to notice of and to vote at
the Special Meetings and any adjournments or postponements thereof.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>By Order of the Boards of
    Directors,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>March 21, 2014</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Chad C. Conwell</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE><BR>

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%">
      <P align=center><B><FONT face="Times New Roman" size=2>Important Notice Regarding the
      Availability of Proxy Materials for the Special Meetings to Be <BR>Held on
      April 17, 2014 </FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>The notice of Special
      Meetings, joint proxy statement, proxy cards and each Fund&#146;s annual
      report, including audited financial statements for the fiscal year ended
      November 30, 2013, are available to you on the Funds&#146; website -
      </FONT></B><B><FONT face="Times New Roman" size=2>www.preferredincome.com</FONT></B><B><FONT face="Times New Roman" size=2> or
      upon request, without charge, by writing to BNY Mellon c/o Computershare,
      P.O. Box 30170, College Station, Texas 77842-3170, or by calling
      1-866-351-7446. You are encouraged to review all of the information
      contained in the proxy materials before voting. </FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>To obtain directions to attend
      the Special Meetings and vote in person, please call 1-626-795-7300.
      </FONT></B></P>
      <DIV align=justify><B><FONT face="Times New Roman" size=2>SEPARATE PROXY CARDS ARE
      ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES.</FONT></B></DIV>
      <DIV align=justify><B><FONT face="Times New Roman" size=2>YOUR VOTE IS IMPORTANT
      REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU
      PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
      INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET
      FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY
      SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION FORM AND RETURNING
      IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.
</FONT></B></DIV></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME FUND INCORPORATED (NYSE: PFD) <BR>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO) <BR>FLAHERTY &amp; CRUMRINE
PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC) <BR>FLAHERTY &amp;
CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC) <BR>FLAHERTY &amp; CRUMRINE
DYNAMIC PREFERRED AND INCOME FUND INCORPORATED (NYSE: DFP)</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard, Suite 720
<BR>Pasadena, California 91101 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>QUESTIONS AND ANSWERS </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Important Information to Help You
Understand and Vote on the Proposals at the Annual Meetings and <BR>Special
Meetings. </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we strongly encourage you to read the full text of the enclosed combined
joint proxy statement, we are also providing you with a brief overview of the
proposals on which shareholders are requested to vote. Your vote is important.
</FONT></B><FONT face="Times New Roman"></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>QUESTIONS AND ANSWERS </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>What are the proposals being
considered at the Annual Meetings of Shareholders (&#147;Annual Meetings&#148;) and
Special Meetings of Shareholders for PFD, PFO, FFC and FLC (&#147;Special Meetings,&#148;
together with the Annual Meetings, the &#147;Meetings&#148;)? </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>At the Annual Meetings, shareholders
are being asked to vote on the following proposals:</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>To elect Directors of
      each Fund (Proposal 1).</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>To transact such other
      business as may properly come before the Annual Meeting or any
      adjournments or postponements thereof.</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2>At the Special Meetings for PFD, PFO,
FFC and FLC, shareholders are being asked to vote on the following
proposals:</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>To approve a change to
      each Fund&#146;s fundamental investment policy regarding investments in
      commodities (Proposal 1).</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>To transact such other
      business as may properly come before the Special Meeting or any
      adjournments or postponements thereof.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>How does the Board recommend I vote?
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The Board has unanimously approved, and
recommends that you vote &#147;FOR&#148; Proposal 1 at the Annual Meetings. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Board has unanimously approved, and
recommends that you vote &#147;FOR&#148; Proposal 1 at the Special Meetings for PFD, PFO,
FFC and FLC. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Who is eligible to vote at the
Meetings?</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Shareholders of record as of the close
of business on January 17, 2014 are eligible to vote at the relevant Meetings.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><B><FONT face="Times New Roman" size=2>I only have a few shares. Why should I bother to vote?</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Each vote makes a difference. Your vote
is needed to help ensure that the proposals can be acted upon. Voting promptly
is also important. If we do not receive enough votes, we may have to re-solicit
shareholders, which can be costly, time consuming and
may delay the Meetings. We encourage all shareholders to participate in the
governance of their Fund and to avoid unnecessary communications with you as a
shareholder. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>What if I have additional questions?
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>If you are a shareholder of FFC, FLC or
DFP, please call 1-877-855-3434 with any additional questions. If you are a
shareholder of PFD or PFO, please call 1-626-795-7300. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>ANNUAL MEETINGS OF
SHAREHOLDERS</FONT></U></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Who are the nominees for election to
the Board of Directors?</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The nominee(s) for election to the
relevant Fund&#146;s Board of Directors are as follows: </FONT></P>
<DIV align=center>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="97%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"><B><FONT face="Times New Roman" size=2>Fund</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><B><FONT face="Times New Roman" size=2>Nominees For
    Election</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="38%"><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="38%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="38%"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="38%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="38%"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>Donald F. Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="61%"><FONT face="Times New Roman" size=2>Robert F.
Wulf</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Biographical information for each
nominee is included in the enclosed combined joint proxy statement under
Proposal 1 of the Annual Meetings. </FONT></P>
<P align=justify><B><U><FONT face="Times New Roman" size=2>SPECIAL MEETINGS OF SHAREHOLDERS
FOR PFD, PFO, FFC AND FLC</FONT></U></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>What is the purpose of the Special
Meetings?</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Each Fund&#146;s Board of Directors called
the Special Meeting to present a proposal to shareholders for their approval
with respect to each Fund&#146;s fundamental investment policy relating to
investments in commodities. The Board has proposed a clarification to its
existing policy in order to avoid confusion in light of recent changes to
applicable law. The proposed revised fundamental investment policy makes clear
that the Funds have the flexibility to use swaps on financial instruments in
order to achieve their investment goals, consistent with each Fund&#146;s original
intent. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>You can find greater detail in the
enclosed combined joint proxy statement under Proposal 1 of the Special
Meetings. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Why is the Fund&#146;s Board of Directors
recommending revising each Fund&#146;s fundamental investment policy with respect to
commodities?</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Each Fund has adopted certain
investment policies that cannot be changed without shareholder approval. The
Board has proposed that the existing fundamental investment policy with respect
to the purchase and sale of commodities be revised in order to avoid confusion
in light of recent changes to applicable law. The change to the fundamental
policy is not expected to materially affect the manner in which each Fund&#146;s
investment program is being conducted at this time.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>What will happen if shareholders do not approve the change to
a Fund&#146;s fundamental investment policy with respect to
commodities?</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2>If the revised fundamental investment policy with respect to
commodities is not approved by shareholders of a Fund, the fundamental
investment policy will remain as is and the manner in which the Fund&#146;s
investment program is being conducted at this time will remain substantially the
same. Since the change is a clarification, the Funds would be able to use swaps
on financial instruments even if the required vote was not obtained. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>INSTRUCTIONS FOR SIGNING PROXY CARDS
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Individual
      Accounts: </FONT></I><FONT face="Times New Roman" size=2>Sign your name exactly as it
      appears in the registration on the proxy card(s).</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>Joint Accounts:
      </FONT></I><FONT face="Times New Roman" size=2>Either party may sign, but the name of
      the party signing should conform exactly to a name shown in the
      registration.</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face="Times New Roman" size=2>All Other Accounts:
      </FONT></I><FONT face="Times New Roman" size=2>The capacity of the individual signing
      the proxy card should be indicated unless it is reflected in the form
      registration. For example:</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%" colSpan=3><U><FONT face="Times New Roman" size=2>Registration</FONT></U></TD>
    <TD noWrap align=left width="47%"><U><FONT face="Times New Roman" size=2>Valid
      Signature</FONT></U></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%" colSpan=3><FONT face="Times New Roman" size=2>Corporate
    Accounts</FONT></TD>
    <TD noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(1</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ABC Corp.</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>ABC Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(2</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ABC Corp.</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John Doe, Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(3</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ABC Corp. c/o John Doe, Treasurer</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John Doe</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(4</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ABC Corp. Profit Sharing Plan</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John Doe, Trustee</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%" colSpan=3><FONT face="Times New Roman" size=2>Trust Accounts</FONT></TD>
    <TD noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(1</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ABC Trust</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Jane B. Doe, Trustee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(2</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Jane B. Doe, Trustee</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Jane B. Doe</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>u/t/d 12/28/78</FONT></TD>
    <TD noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="52%" colSpan=3><FONT face="Times New Roman" size=2>Custodian or Estate
      Accounts</FONT></TD>
    <TD noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(1</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>John B. Smith, Cust.,</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John B. Smith</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD noWrap align=left width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(2</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>John B. Smith, Executor,</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John B. Smith, Executor</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Estate of Jane Smith</FONT></TD>
    <TD noWrap align=left width="47%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME FUND INCORPORATED (NYSE: PFD) <BR>FLAHERTY &amp; CRUMRINE PREFERRED
INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO) <BR>FLAHERTY &amp; CRUMRINE
PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC) <BR>FLAHERTY &amp;
CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC) <BR>FLAHERTY &amp; CRUMRINE
DYNAMIC PREFERRED AND INCOME FUND INCORPORATED (NYSE: DFP)</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard, Suite 720
<BR>Pasadena, California 91101 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ANNUAL MEETINGS OF SHAREHOLDERS
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SPECIAL MEETINGS OF SHAREHOLDERS
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>April 17, 2014 </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>COMBINED JOINT PROXY STATEMENT
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document is a combined joint
proxy statement (&#147;Joint Proxy Statement&#148;) for Flaherty &amp; Crumrine Preferred
Income Fund Incorporated (&#147;Preferred Income Fund&#148; or &#147;PFD&#148;), Flaherty &amp;
Crumrine Preferred Income Opportunity Fund Incorporated (&#147;Preferred Income
Opportunity Fund&#148; or &#147;PFO&#148;), Flaherty &amp; Crumrine Preferred Securities Income
Fund Incorporated (&#147;Preferred Securities Income Fund&#148; or &#147;FFC&#148;), Flaherty &amp;
Crumrine Total Return Fund Incorporated (&#147;Total Return Fund&#148; or &#147;FLC&#148;) and
Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (&#147;Dynamic
Preferred Income Fund&#148; or &#147;DFP&#148;) (each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;).
This Joint Proxy Statement is furnished in connection with the solicitation of
proxies by each Fund&#146;s Board of Directors (each, a &#147;Board&#148; and collectively, the
&#147;Boards&#148;) to be voted at the Annual Meetings of Shareholders for PFD, PFO, FFC,
FLC and DFP (the &#147;Annual Meetings&#148;) and the Special Meetings of Shareholders for
PFD, PFO, FFC and FLC (the &#147;Special Meetings,&#148; together with the Annual
Meetings, the &#147;Meetings&#148;) to be held on April 17, 2014, at the offices of
Flaherty &amp; Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 720,
Pasadena, California 91101 and at any adjournments or postponements thereof. The
Annual Meetings will be held at 9:00 a.m. PT and the Special Meetings will be
held at 9:30 a.m. PST.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Joint Proxy Statement and the accompanying Notice of Annual Meetings,
Notice of Special Meetings and proxy card for each Fund in which you own shares
were mailed on or about March 21, 2014 to shareholders of record as of the close
of business on January 17, 2014. Proxy solicitations will be made, beginning on
or about March 21, 2014, primarily by mail, but proxy solicitations may also be
made by telephone, telefax or personal interviews conducted by officers of each
Fund, Flaherty &amp; Crumrine Incorporated (&#147;Flaherty &amp; Crumrine&#148;), the
investment adviser of each Fund, and BNY Mellon Investment Servicing (US) Inc.
(&#147;BNY Mellon&#148;), the transfer agent and administrator of each Fund. With respect
to FFC, FLC and DFP, proxy solicitations may also be made by Destra Capital
Investments LLC, the servicing agent for FFC, FLC and DFP. No proxy solicitation
firm will be used in connection with the Joint Combined Proxy Statement. The
Funds will evenly split the expenses incurred in connection with the preparation
of this Joint Proxy Statement. Each Fund will pay for its respective expenses
incurred in connection with printing and mailing of the Joint Combined 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 align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>THE ANNUAL REPORT OF EACH
FUND, INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED NOVEMBER
30, 2013, IS AVAILABLE UPON REQUEST, WITHOUT CHARGE, BY WRITING TO BNY MELLON
C/O COMPUTERSHARE, P.O. BOX 30170, COLLEGE STATION, TEXAS 77842-3170, OR BY
CALLING 1-866-351-7446. EACH FUND&#146;S ANNUAL REPORT IS ALSO AVAILABLE ON THE
FUNDS&#146; WEBSITE - WWW.PREFERREDINCOME.COM - THE SECURITIES AND EXCHANGE
COMMISSION&#146;S (&#147;SEC&#148;) WEBSITE (WWW.SEC.GOV) OR, FOR FFC, FLC AND DFP ONLY, BY
CALLING DESTRA CAPITAL INVESTMENTS LLC AT 1-877-855-3434.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%">
      <P align=center><B><FONT face="Times New Roman" size=2>Important Notice Regarding the
      Availability of Proxy Materials for the Shareholder Meetings to Be
      <BR>Held on April 17, 2014 </FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>The notices of Annual Meetings
      and Special Meetings, as applicable, Joint Proxy Statement, proxy cards
      and each Fund&#146;s annual report, including audited financial statements for
      the fiscal year ended November 30, 2013, are available to you on the
      Funds&#146; website - www.preferredincome.com. You are encouraged to review all
      of the information contained in the proxy materials before voting. To
      obtain directions to attend the Annual Meetings and Special Meetings, and
      vote in person, please call 1-626-795-7300. </FONT></B></P>
      <DIV align=justify><B><FONT face="Times New Roman" size=2>SEPARATE PROXY CARDS ARE
      ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES.</FONT></B></DIV>
      <DIV align=justify><B><FONT face="Times New Roman" size=2>YOUR VOTE IS IMPORTANT
      REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU
      PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
      INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET
      FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY
      SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION FORM AND RETURNING
      IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.
</FONT></B></DIV></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>SUMMARY OF PROPOSALS AND FUNDS AFFECTED </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following chart specifies the Funds whose shareholders will be entitled to
vote at the relevant Meetings on each of the proposals being presented for
shareholder consideration. The proposals are set forth in the Notice of Annual
Meetings and Notice of Special Meetings, respectively, and are discussed in more
detail below. </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%" colSpan=5><B><FONT face="Times New Roman" size=2>ANNUAL
      MEETING OF SHAREHOLDERS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp;
      <STRONG><U>Proposal</U></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"><B><U><FONT face="Times New Roman" size=2>Affected Funds</FONT></U></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%"><B><U><FONT face="Times New Roman" size=2>Page
      Number</FONT></U></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp; Proposal 1 &#151; To elect</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp; Directors of each Fund</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%" colSpan=5><B><FONT face="Times New Roman" size=2>SPECIAL
      MEETING OF SHAREHOLDERS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp;
      <STRONG><U>Proposal</U></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"><B><U><FONT face="Times New Roman" size=2>Affected Funds</FONT></U></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%"><B><U><FONT face="Times New Roman" size=2>Page
      Number</FONT></U></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp; Proposal 1 &#151; To approve a</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp; change to the fundamental</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp; investment policy regarding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"><FONT face="Times New Roman" size=2>&nbsp; investments in commodities</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="36%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="28%"></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
the enclosed proxy cards are properly executed and returned in time to be voted
at the relevant Meetings, 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 &#147;FOR&#148; Proposal 1 at
the Annual Meeting and &#147;FOR&#148; Proposal 1at the Special Meeting, as applicable.
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 Meetings and voting his
or her Shares in person or by submitting a letter of revocation or a later-dated
proxy to the appropriate Fund delivered at the above address prior to the date
of the Meetings.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 &#147;Quorum&#148;) at that Fund&#146;s Meeting(s). In the event that a Quorum is not
present at the relevant Meeting, or in the event that a Quorum is present but
sufficient votes to approve any of the proposals are not received, the Chairman
of the 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 Meeting. At such adjourned meeting
at which a Quorum shall be present, any business may be transacted which might
have been transacted at the meeting as originally notified. A shareholder vote
may be taken on a proposal in the Joint Proxy Statement relating to the
applicable 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 Meeting, shareholders may continue to transact business,
notwithstanding the withdrawal of shareholders and the loss of a
Quorum.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Fund has one class of capital stock outstanding: common stock, par value
$0.01 per share (the &#147;Common Stock&#148; or the &#147;Shares&#148;). Each Share is entitled to
one vote at the relevant Meetings with respect to matters to be voted on, with
pro rata voting rights for any fractional Shares. On the record date, January
17, 2014, the following number of Shares of each Fund were issued and
outstanding:</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face="Times New Roman" size=2 style="BORDER-BOTTOM: #000000 1pt solid">Name of Fund</FONT></TD>
    <TD noWrap align=left width="84%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=3><FONT face="Times New Roman" size=2 style="BORDER-BOTTOM: #000000 1pt solid">Shares
  Outstanding</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Preferred Income Fund (PFD)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,985,567</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Preferred Income Opportunity Fund
      (PFO)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12,298,870</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Preferred Securities Income Fund
    (FFC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43,474,105</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Total Return Fund (FLC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,897,817</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Dynamic Preferred Income Fund
(DFP)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,156,782</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
the knowledge of each Fund and its Board, the following shareholder(s), or
&#147;group&#148; as that term is defined in Section 13(d) of the Securities Exchange Act
of 1934, as amended (the &#147;1934 Act&#148;), is the beneficial owner or owner of record
of more than 5% of the relevant Fund&#146;s outstanding Shares as of January 17,
2014<SUP>*</SUP>:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face="Times New Roman" size=2>Name and Address of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="23%" colSpan=2><FONT face="Times New Roman" size=2>Amount and
Nature</FONT></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><U><FONT face="Times New Roman" size=2>Beneficial/Record
      Owner</FONT></U></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"><U><FONT face="Times New Roman" size=2>Title of
      Class</FONT></U></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="22%"><U><FONT face="Times New Roman" size=2>of
      Ownership</FONT></U></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"><U><FONT face="Times New Roman" size=2>Percent of
      Class</FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cede &amp;
      Co.<SUP>**</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; 10,606,357
      (record)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>96.5%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Depository Trust
      Company</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; 11,845,881
      (record)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>96.3%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>55 Water Street, 25<SUP>th
      </SUP>Floor</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; 9,888,806
      (record)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>New York, NY
    10041</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>FFC
      &#150; 43,393,928 (record)</FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.8%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; 19,152,577
      (record)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.9%</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>First Trust Portfolios
      L.P.,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>FLC
      &#150; 1,054,472<SUP>1 </SUP>(beneficial)</FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10.67%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>First Trust Advisors
      L.P.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>The Charger
      Corporation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120 East Liberty Drive,
      Suite 400</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Wheaton, Illinois
      60187</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Guggenheim Capital, LLC,
      Guggenheim</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>FLC
      &#150; 604,237<SUP>2 </SUP>(beneficial)</FONT></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.89%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Partners, LLC, GI Holdco
      II, LLC,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Guggenheim Partners
      Investment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Management Holdings, LLC,
      Guggenheim</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Funds Services Holdings,
      LLC,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Guggenheim Funds Services,
      LLC and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Guggenheim Funds
      Distributors, LLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(collectively, the &#147;Filing
      Entities&#148;).</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="22%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR></TABLE>____________________ <BR>&nbsp;

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"><FONT size=2 face="Times New Roman"><SUP>*</SUP></FONT></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>As of January 17, 2014, the
      Directors and officers, as a group, owned less than 1% of the Shares of
      each Fund. </FONT></P></TD></TR>
  <TR>
    <TD width="1%"><FONT size=2 face="Times New Roman"><SUP>**</SUP></FONT></TD>
    <TD width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>A nominee partnership of The
      Depository Trust Company.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman"><SUP>1</SUP></FONT></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 3pt solid" width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>Information obtained from a
      Schedule 13G/A filed by First Trust Portfolios L.P. (&#147;FTP&#148;), First Trust
      Advisors L.P (&#147;FTA&#148;) and The Charger Corporation (&#147;Charger&#148;) with the SEC
      reporting share ownership as of February 28, 2014. Based on that filing,
      FTP, FTA and Charger do not have sole or shared
      voting power, but do have the shared power to dispose or direct the
      disposition of 1,054,472 Shares.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman"><SUP>2</SUP></FONT></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 3pt solid" width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>Information obtained from a
      Schedule 13G/A filed by the Filing Entities with the SEC reporting share
      ownership as of December 31, 2013. Based on that filing, the Filing
      Entities have the shared power to vote or direct the vote or dispose or
      direct the disposition of 604,237 Shares.
</FONT></P></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Joint Proxy Statement is being
used in order to reduce the preparation, printing, handling and postage expenses
that would result from the use of a separate proxy statement for each Fund. At
each of the relevant Meetings, Shareholders of each Fund will vote as a single
class. Shareholders of each Fund will vote separately for each of PFD, PFO, FFC,
FLC and DFP on each proposal on which shareholders of that Fund are entitled to
vote at a Meeting. Separate proxy cards are enclosed for each Fund in which a
shareholder owns Shares. Thus, if a proposal at the relevant Meeting is approved
by shareholders of one or more Funds and not approved by shareholders of one or
more other Funds, the proposal will be implemented for the Fund or Funds that
approved the proposal and will not be implemented for any Fund that did not
approve the proposal. It is therefore essential that shareholders complete, date
and sign each enclosed proxy card. Shareholders of each Fund are entitled to
vote on the proposal pertaining to that Fund.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ANNUAL MEETINGS <BR>(ALL FUNDS)
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>PROPOSAL 1: ELECTION OF DIRECTORS
</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the Annual Meetings, shareholders
are being asked to consider the election of Directors of each Fund. The Board of
each Fund is divided into three classes, each class having a term of three
years. Each year the term of office of one class expires and the successor or
successors elected to such class serve for a three-year term and until their
successors are duly elected and qualified.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Nominees for the Boards of
Directors</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each nominee named below is currently a Director of each Fund and has consented
to continue to serve as a Director for the Fund(s) for which he or she is
nominated if elected at the relevant Annual Meeting. If a designated nominee
declines or otherwise becomes unavailable for election, however, the proxy
confers discretionary power on the persons named therein to vote in favor of a
substitute nominee or nominees. Each nominee has been nominated for a three-year
term to expire at each Fund&#146;s 2017 Annual Meeting of Shareholders and until his
or her successor is duly elected and qualified. Shareholders of each Fund&#146;s
Common Stock are entitled to elect the nominees for election to the Board of the
relevant Fund. </FONT></P>
<DIV align=center>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><B><FONT face="Times New Roman" size=2>Fund</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><B><FONT face="Times New Roman" size=2>Nominees For
    Election</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Donald F. Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Robert F.
Wulf</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><U><FONT face="Times New Roman" size=2>Information About Each Director's or
Nominee for Election as Director's Experience, Qualifications, Attributes
or Skills</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Funds in</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>Other Public</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Current</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>Company Board</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>Term of Office and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"><FONT face="Times New Roman" size=2>Principal Occupation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Complex</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>Memberships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Held with</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>Length of Time</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Overseen by</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face="Times New Roman" size=2>Name, Address and Age</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face="Times New Roman" size=2>Served*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><FONT face="Times New Roman" size=2>Years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Director**</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=2>Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Non-Interested</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Directors/Nominees:</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>David Gale</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class I Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President of
    Delta</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Emmis</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado
      Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since 1997</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Dividend Group,
    Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Communications</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since 1997</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(investments)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA
    91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 64</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="text-align: center" width="99%" colSpan=11 bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Funds in</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>Other Public</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Current</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>Company Board</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>Term of Office and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"><FONT face="Times New Roman" size=2>Principal Occupation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Complex</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>Memberships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Held with</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"><FONT face="Times New Roman" size=2>Length of Time</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="17%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>Overseen by</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><FONT face="Times New Roman" size=2>Name, Address and Age</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face="Times New Roman" size=2>Served*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><FONT face="Times New Roman" size=2>Years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Director**</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=2>Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Morgan Gust</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Owner and
    operator</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>CoBiz
  Financial,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado
      Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Nominating</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of various
    entities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inc.
  (financial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>engaged in</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>services)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA
    91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Governance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>agriculture and
    real</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 66</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Committee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>estate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class I Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Board Co-Chair
    and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado
      Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Member, IKAR, a</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>non-profit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA
    91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>organization;
    Active</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 52</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Member and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Volunteer to
    several</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>non-profit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>organizations.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class I Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Financial
      Consultant;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado
      Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and Audit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Former Trustee,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Committee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>University of
    Oregon</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA
    91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Foundation;
    Trustee,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 76</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>San Francisco</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Theological</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Seminary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Interested</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Director/Nominee:</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Donald F. Crumrine </FONT></B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class I Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman of the</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado
      Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Board and
    Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>the Board</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of Flaherty
&amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA
    91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 66</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Executive</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Incorporated</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#151; since
      inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR></TABLE>____________________ <BR>&nbsp;

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman"><SUP>*</SUP></FONT></TD>
    <TD width="1%"></TD>
    <TD width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>The Class I Director
      of PFO and the Class II Directors of PFD, FFC, FLC and DFP will serve
      until each Fund&#146;s Annual Meeting of Shareholders in 2015 and until their
      successors are duly elected and qualified. The Class II Directors of PFO
      and the Class III Directors of PFD, FFC, FLC and DFP will serve until each
      Fund&#146;s 2016 Annual Meeting of Shareholders and until their successors are
      duly elected and qualified. The Class I Nominees of PFD, FFC, FLC and DFP
      and the Class III Nominees of PFO, if elected, will serve until each
      Fund&#146;s 2017 Annual Meeting of Shareholders and until their successors are
      duly elected and qualified. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman"><SUP>**</SUP></FONT></TD>
    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>The Flaherty &amp;
      Crumrine fund complex consists solely of the Funds. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD width="1%"></TD>
    <TD style="BORDER-TOP: #ffffff 4pt solid" width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>&#147;Interested person&#148;
      (as defined in the Investment Company Act of 1940, as amended (the &#147;1940
      Act&#148;)) of the Funds. Mr. Crumrine is considered an "interested person"
      because of his affiliation with Flaherty &amp;
  Crumrine.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>6 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>With the exception of DFP, each Director has been a Director
of the Funds for at least five years. 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 need to have the ability
to critically review, evaluate, question and discuss information provided to
them, and to interact effectively with Fund management, service providers and
counsel, in order to exercise effective business judgment in the performance of
their duties; the Boards believe that their members satisfy this standard.
Experience relevant to having this ability may be achieved through a Director's
educational background; business, professional training or practice
(</FONT><I><FONT face="Times New Roman" size=2>e.g</FONT></I><FONT face="Times New Roman" size=2>.,
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 charters for
the Boards' Nominating and Governance Committees contain certain other factors
considered by the Committees in identifying and evaluating potential Director
nominees. To assist them in evaluating matters under federal and state law, the
Independent Directors (defined below) are counseled by their own independent
legal counsel, who participates in Board meetings and interacts with Flaherty
&amp; Crumrine, and also may benefit from information provided by the Funds' and
Flaherty &amp; Crumrine'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>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"><LI><FONT face="Times New Roman" size=2></FONT><U><FONT face="Times New Roman" size=2>Donald F.
  Crumrine</FONT></U><FONT face="Times New Roman" size=2> &#150; Mr. Crumrine has been the
  Chairman of the Boards of PFD and PFO since 2002 and Chairman of the Boards of
  FFC, FLC and DFP since each Fund&#146;s inception. Mr. Crumrine has over 36 years
  of experience managing portfolios of preferred securities. He co-founded
  Flaherty &amp; Crumrine in 1983, after spending twelve years at Scudder,
  Stevens &amp; Clark, to focus on managing preferred securities portfolios and
  associated hedges. Mr. Crumrine is actively involved in the day-to-day
  management of all Flaherty &amp; Crumrine client portfolios, including those
  of the Funds, and directs client service and marketing efforts at Flaherty
  &amp; Crumrine.<BR>&nbsp;</FONT>
  </LI><LI><U><FONT face="Times New Roman" size=2>David Gale</FONT></U><FONT face="Times New Roman" size=2> &#150;
  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 </FONT><FONT face="Times New Roman" size=2>1990, and a Managing Director of Lehman
  Brothers Holdings Inc. from 1990 to 1992. Mr. Gale previously served as a
  director of Emmis Communications.<BR>&nbsp;</FONT>
  </LI><LI><U><FONT face="Times New Roman" size=2>Morgan Gust</FONT></U><FONT face="Times New Roman" size=2>
  &#150; In addition to his tenure as a Director of the Funds, Mr. Gust is the owner
  and operator of various entities engaged in 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 petroleum refining and marketing company listed on the New
  York Stock Exchange (the &#147;NYSE&#148;). Mr. Gust currently serves as lead Director
  of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a
  member of the Arizona State Bar.<BR>&nbsp;</FONT>
  </LI><LI><U><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></U><FONT face="Times New Roman" size=2> &#150; In addition to her tenure as a Director of the Funds, Ms. Hogan
  serves as a board member and committee member 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.<BR>&nbsp;</FONT>
  </LI><LI><U><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></U><FONT face="Times New Roman" size=2> &#150; In addition to his tenure as a Director of the Funds, Mr. Wulf has
  worked as a financial consultant for over 30 years. Mr. Wulf also served as a
  board member of two non-profit organizations.</FONT></LI></UL>
<P align=justify><U><FONT face="Times New Roman" size=2>Board Composition and Leadership
Structure</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The 1940 Act requires that at least 40% of the Funds' Directors not be
"interested persons" (as defined in the 1940 Act) of the Funds, and therefore
not affiliated with Flaherty &amp; Crumrine ("Independent Directors"). To rely
on certain exemptive rules under the 1940 Act, a majority of the Funds'
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, four of the Funds' five
Directors are Independent Directors. The Chairman of the Boards is an interested
person of the Funds. The four Independent Directors interact directly with the
Chairman 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 and Governance
Committees, and the Independent Directors rotate the responsibility for chairing
meetings of Independent Directors. In addition, from time to time, one or more
Independent Directors may be designated, formally or informally, to </FONT><FONT face="Times New Roman" size=2>take the lead in addressing with management or their
independent legal counsel matters or issues of concern to the Boards. As a
result, the Boards have determined that their leadership structures and
composition, in which no individual Independent Director has been designated to
lead all the Independent Directors, are appropriate in light of the Boards' size
and the cooperative and dynamic working relationship among the Independent
Directors and the Independent Directors&#146; open lines of communication with Fund
management. The Boards have determined that their leadership structures and
composition, in which the Chairman of the Boards is an "interested person" of
the Funds and 80% of the Directors are Independent Directors, are appropriate in
light of the services that Flaherty &amp; Crumrine provides to the
Funds.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><U><FONT face="Times New Roman" size=2>Boards' Oversight Role in
Management</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Boards' 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 Chairman, acting between Board meetings, regularly interacts
with and receives reports from senior personnel of service providers, including
the Funds' and Flaherty &amp; Crumrine's Chief Compliance Officer and portfolio
management personnel. The Boards' Audit Committees (which consist of all the
Independent Directors) meet during their scheduled meetings, and between
meetings the Audit Committee chairs maintain contact, with the Funds'
independent registered public accounting firm and the Funds' 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' own independent legal counsel regarding regulatory,
compliance and governance matters. The Boards' oversight role does not make the
Boards guarantors of the Funds' investments or activities. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Beneficial Ownership of Shares in
Funds and Fund Complex for each Director and Nominee for Election as
Director</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 Family beneficially owned by each Director and Nominee for
Election as Director.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="26%" colSpan=18></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Aggregate Dollar Range of Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="27%" colSpan=19></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Securities in All Registered Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="27%" colSpan=19><FONT face="Times New Roman" size=2>Dollar Range of Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Companies Overseen by Director in Family</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name of Director or
      Nominee</FONT></TD>
    <TD noWrap align=left width="55%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="27%" colSpan=19><FONT face="Times New Roman" size=2>Securities
      Held in a Fund*</FONT><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><FONT face="Times New Roman" size=2>of Investment
      Companies*<SUP>(2)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><FONT face="Times New Roman" size=2>PFD</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=+0><FONT face="Times New Roman" size=2>PFO</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=+0><FONT face="Times New Roman" size=2>FFC</FONT></FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><FONT size=+0><FONT face="Times New Roman" size=2>FLC</FONT></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><FONT size=+0><FONT face="Times New Roman" size=2>DFP</FONT></FONT></TD>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Total</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>NON-INTERESTED</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>DIRECTORS/NOMINEES:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=24>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>David Gale</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=24>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=24>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>A</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=24>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="56%" colSpan=2>&nbsp; </TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap width="1%"></TD>
    <TD noWrap align=center width="15%"></TD></TR>
  <TR>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><STRONG><FONT size=2>INTERESTED<BR>DIRECTOR/NOMINEE:</FONT></STRONG></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="56%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="15%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="56%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Donald F. Crumrine</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0><FONT size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0><SUP><FONT size=2>(3)</FONT></SUP></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0><SUP><FONT size=2>(3)</FONT></SUP></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0><SUP><FONT size=2>(3)</FONT></SUP></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0><SUP><FONT size=2>(3)</FONT></SUP></TD>
    <TD noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;
  E<SUP>(3)</SUP></FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>____________________ <BR>&nbsp;

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%" colSpan=3><FONT face="Times New Roman" size=2>Key
      to Dollar Ranges</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>A.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>B.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>$1 - $10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>C.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>$10,001
  -$50,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>D.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>$50,001 -
    $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>E.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=3><FONT face="Times New Roman" size=2>All shares were valued as
      of January 17, 2014.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" size=2>This information has been furnished by each
      Director/Nominee as of January 17, 2014. &#147;Beneficial ownership&#148; is
      determined in accordance with Rule 16a-1(a)(2) under the 1934
      Act.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" size=2>The
      Directors, Nominees and executive officers of each Fund, as a group, own
      less than 1% of each Fund.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" size=2>Includes shares of the Fund held by Flaherty &amp;
      Crumrine, of which Mr. Crumrine is a shareholder and
    director.</FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Officers of the Funds
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The following
table provides information concerning each of the officers of the Funds.
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Current Position(s)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Term
      of Office and Length of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Principal Occupation During</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Name,
      Address and Age</FONT></FONT></TD>
    <TD noWrap align=left width="47%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Held with
      Funds</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Time
      Served</FONT><FONT face="Times New Roman" size=2><SUP>*</SUP></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Past Five
      Years</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>Robert M. Ettinger</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2002</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President and Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; since 2002</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2>Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Age: 55</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>R. Eric Chadwick</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Vice President and Director of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer, Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Flaherty &amp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2>Crumrine
      Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Age: 38</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>Chad C. Conwell</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chief Compliance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chief Compliance Officer and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer, Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Vice President of Flaherty
&amp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine Incorporated;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director of Flaherty &amp; Crumrine
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Age: 41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2>Incorporated since January 2011</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>Bradford S. Stone</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Vice President and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Vice President and Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>47 Maple Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of Flaherty &amp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Suite 403</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2>Crumrine
      Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Summit, NJ 07901</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Age: 54</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="62%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>Laurie C. Lodolo</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant Compliance Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Compliance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and Secretary of </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer, Assistant</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2>Flaherty
      &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Treasurer and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2>Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Age: 50</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>Linda M. Puchalski</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Administrator of Flaherty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&amp; Crumrine Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Age: 57</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR></TABLE>____________________ <BR>&nbsp;
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Each officer serves until his or
      her successor is elected and qualified or until his or her earlier
      resignation or removal.</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Audit Committee </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman" size=2>The role of each Fund&#146;s Audit Committee is to assist the
Board of Directors in its oversight of: (i) the integrity of the Fund&#146;s
financial statements and the independent audit thereof; (ii) the Fund&#146;s
accounting and financial reporting policies and practices, its internal controls
and, as appropriate, the internal controls of certain service providers; (iii)
the Fund&#146;s compliance with legal and regulatory requirements; and (iv) the
independent auditor&#146;s qualifications, independence and performance. Each Fund&#146;s
Audit Committee is also required to prepare an audit committee report pursuant
to applicable laws and regulations for inclusion in the Fund&#146;s annual proxy
statement. Each Audit Committee operates pursuant to a charter (the &#147;Audit
Committee Charter&#148; or &#147;Charter&#148;) that was most recently reviewed and approved by
the Board of Directors of each Fund on January 21, 2014 and which is available
at www.preferredincome.com. As set forth in the Charter, management is
responsible for the (i) preparation, presentation and integrity of each Fund&#146;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&#146; independent registered public
accounting firm, KPMG LLP (the &#147;independent accountants&#148; or &#147;KPMG&#148;), is
responsible for planning and carrying out proper audits and reviews of each
Fund&#146;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 align=justify><B><FONT face="Times New Roman" size=2>Audit Committee Report
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In performing its oversight function, at a meeting held on January 21,
2014, each Audit Committee reviewed and discussed with management of the Fund
and the independent accountants, the audited financial statements of the Fund as
of and for the fiscal year ended November 30, 2013, and discussed the audit of
such financial statements with the independent accountants.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition, each Audit Committee discussed with the independent
accountants the accounting principles applied by the Fund and such other matters
brought to the attention of the Audit Committee by the independent accountants
required by Statement of Auditing Standards No. 61, as amended (AICPA,
</FONT><I><FONT face="Times New Roman" size=2>Professional Standards</FONT></I><FONT face="Times New Roman" size=2>, Vol. 1 AU Section 380), as adopted by the Public Company
Accounting Oversight Board in Rule 3200T. Each Audit Committee also received
from the independent accountants the written disclosures and statements required
by the SEC&#146;s independence rules</FONT><I><FONT face="Times New Roman" size=2>,
</FONT></I><FONT face="Times New Roman" size=2>delineating relationships between the
independent accountants and the Funds and discussed the impact that any such
relationships might have on the objectivity and independence of the independent
accountants.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As set forth above, and as more fully set forth in each Fund&#146;s Audit
Committee Charter, the Audit Committee has significant duties and powers in its
oversight role with respect to the Fund&#146;s financial reporting procedures,
internal control systems, and the independent audit process.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The members of each Audit Committee are not, and do not represent
themselves to be, professionally engaged in the practice of auditing or
accounting and are not employed by the Fund for accounting, financial management
or internal control. Moreover, the Audit Committee relies on and makes no
independent verification of the facts presented to it or representations made by
management or the independent accountants. Accordingly, the Audit Committee&#146;s
oversight does not provide an independent basis to determine that management has
maintained appropriate accounting and financial </FONT><FONT size=2 face="Times New Roman">reporting
principles and policies, or internal controls and procedures, designed to assure
compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee&#146;s considerations and discussions referred to
above do not provide assurance that the audit of each Fund&#146;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 align=center><FONT face="Times New Roman" size=2>10 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Based on its
consideration of the audited financial statements and the discussions referred
to above with 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's Board that the audited financial statements be
included in the Fund&#146;s Annual Report for the fiscal year ended November 30,
2013.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>This report was submitted by the
Audit Committee of each Fund&#146;s Board of Directors<BR></FONT></B><FONT face="Times New Roman" size=2>David Gale <BR>Morgan Gust <BR>Karen H. Hogan<BR></FONT><FONT face="Times New Roman" size=2>Robert F. Wulf (Chairman)</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>January 22, 2014 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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&#146; regularly scheduled meetings during the fiscal year
ended November 30, 2013. Each Audit Committee is composed entirely of each
Fund&#146;s Independent Directors who are also &#147;independent&#148; (as such term is defined
by the NYSE under the listing standards applicable to closed-end funds, as may
be modified or supplemented (the &#147;NYSE Listing Standards&#148;)), namely Ms. Hogan
and Messrs. Gale, Gust and Wulf.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Nominating and Governance
Committee</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each Board of Directors has
a Nominating and Governance Committee composed entirely of each Fund&#146;s
Independent Directors who are also &#147;independent&#148; (as such term is defined by the
NYSE Listing Standards), namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The
Nominating and Governance Committee of each Fund, except DFP, met twice during
the fiscal year ended November 30, 2013 and the Nominating and Governance
Committee of DFP met once during the period ended November 30, 2013. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Nominating and Governance Committee is responsible for identifying
individuals believed to be qualified to become Board members; for recommending
to the Board such nominees to stand for election as directors at each Fund&#146;s
annual meeting of shareholders and to fill any vacancies on the Board; and for
overseeing the Boards&#146; governance practices. Each Fund&#146;s Nominating and
Governance Committee has a charter which is available on its website,
www.preferredincome.com.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Fund&#146;s Nominating and Governance Committee believes that it is in
the best interest of the Fund and its shareholders to obtain highly qualified
candidates to serve as members of the Board. The Nominating and Governance
Committees have not established a formal process for identifying candidates
where a vacancy exists on the Board. In nominating candidates, each Nominating
and Governance 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/or other life experiences.
Each Fund&#146;s Nominating and Governance Committee may consider whether a potential
nominee&#146;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&#146;s
membership and collective attributes. Each Fund&#146;s Nominating and Governance
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 &#147;Submission of Shareholder Proposals &#150; Annual
Meetings 2015&#148; below.)</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Other Board-Related
Matters</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Shareholders who wish to
send communications to the Board should send them to the address of their
Fund(s) and to the attention of the Board. All such communications will be
directed to the Board&#146;s attention.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The Funds do
not have a formal policy regarding Board member attendance at the Annual Meeting
of Shareholders. However, all of the Directors of each Fund attended the April
18, 2013 Annual Meetings of Shareholders. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Board Compensation </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 of Directors or Audit
Committee meeting attended, $500 for each in-person Nominating and Governance
Committee meeting attended, and $250 for each telephone meeting attended. In
addition, the Audit Committee Chairman 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, 2013, the Board of Directors for each of PFD and
PFO held six meetings (two of which were telephone meetings), the Board of
Directors of each of FFC and FLC held seven meetings (three of which were
telephone meetings), and the Board of Directors DFP held seven meetings (four of
which were telephone meetings). Each Director of each Fund attended at least 75%
of the meetings of Directors and of any Committee of which he or she is a
member. The aggregate remuneration paid to the Directors of each Fund for the
fiscal year/period ended November 30, 2013 is set forth below:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"><FONT face="Times New Roman" size=2>Board Meeting and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"><FONT face="Times New Roman" size=2>Committee Meeting</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Travel and Out-of-Pocket</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%"><FONT size=+0><FONT face="Times New Roman" size=2>Annual Director Fees</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%"><FONT size=+0><FONT face="Times New Roman" size=2>Fees</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Expenses*</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,632</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>$2,632</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$34,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,632</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face="Times New Roman" size=2>$34,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>$2,632</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP**</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$22,402</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$22,868</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$1,178</FONT></TD></TR></TABLE>____________________ <BR>&nbsp;
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Includes reimbursement
      for travel and out-of-pocket expenses for both &#147;interested&#148; and
      Independent Directors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>**</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>DFP commenced
      operations on May 29, 2013.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The following table sets
forth additional information regarding the compensation of each Fund&#146;s Directors
for the fiscal year/period ended November 30, 2013. No executive officer or
person affiliated with a Fund received compensation from a Fund during the
fiscal year/period ended November 30, 2013 in excess of $60,000. Directors and
executive officers of the Funds do not receive pension or retirement benefits
from the Funds.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>COMPENSATION TABLE </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="81%"><FONT face="Times New Roman" size=2>Name of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"><FONT face="Times New Roman" size=2>Aggregate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Total Compensation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="81%"><FONT face="Times New Roman" size=2>Person and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"><FONT face="Times New Roman" size=2>Compensation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>the Funds and Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="81%"><FONT face="Times New Roman" size=2>Position</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%"><FONT face="Times New Roman" size=2>from each Fund</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Complex Paid to Directors</FONT><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Donald F.
    Crumrine</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Chairman of the
      Board and Chief Executive Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>David Gale</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$77,351 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,750 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,750 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 10,851 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$77,351 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Nominating and
      Governance Committee Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,750 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,750 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 10,851 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="81%">&nbsp;
</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="6%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$77,351 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,750 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,750 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 10,851 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 19,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$91,217 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Audit Committee
      Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 19,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 19,750 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 19,750 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 12,717 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD></TR></TABLE>____________________ <BR>&nbsp;
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" style="text-align: justify"><FONT face="Times New Roman" size=2>Represents the total
      compensation paid for the fiscal year/period ended November 30, 2013 to
      such persons by the Funds, which are considered part of the same &#147;fund
      complex&#148; 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,
    2013.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>12 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Required Vote</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman" size=2>The election of Mr. Gale and Ms. Hogan as Directors of
PFD, the election of Mr. Gust and Ms. Hogan as Directors of PFO, the election of
Mr. Gale as a Director of FFC and FLC, and the election of Mr. Crumrine and Mr.
Wulf as Directors of DFP, will require the affirmative vote of a plurality of
the votes cast by holders of the Shares of Common Stock of each such Fund at the
Annual Meeting in person or by proxy.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Independent Registered Public
Accounting Firm</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>KPMG, Two Financial Center,
60 South Street, Boston, Massachusetts 02111, has been selected to serve as each
Fund&#146;s independent registered public accounting firm for each Fund&#146;s fiscal year
ending November 30, 2014. KPMG acted as the independent registered public
accounting firm for each Fund for the fiscal year/period ended November 30,
2013. 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 Meetings, but will be available by telephone to respond to appropriate
questions and will have an opportunity to make a statement, if asked.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 year ended
November 30, 2012 and fiscal year/period ended November 30, 2013, as
applicable.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Fiscal Year/Period</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Ended</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Audit-Related</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>Fund</FONT></FONT></TD>
    <TD noWrap align=left width="72%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT size=+0><FONT face="Times New Roman" size=2>November 30</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT size=+0><FONT face="Times New Roman" size=2>Audit Fees</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT size=+0><FONT face="Times New Roman" size=2>Fees</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT size=+0><FONT face="Times New Roman" size=2>Tax Fees*</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT size=+0><FONT face="Times New Roman" size=2>All Other Fees</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$45,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,650</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$45,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,650</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,650</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,650</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$54,500**</FONT></TD></TR></TABLE>____________________ <BR>&nbsp;
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>&#147;Tax Fees&#148; are those fees billed
      to each Fund by KPMG in connection with tax consulting services, including
      primarily the review of each Fund&#146;s income tax returns.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>**</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>&#147;All Other Fees&#148; are those fees
      billed to DFP by KPMG in connection with the Seed Audit of the
      Fund.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>13 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Each Fund&#146;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&#146;s investment adviser and any entity controlling, controlled by or
under common control with the Funds&#146; investment adviser (&#147;affiliates&#148;) 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 year ended November 30, 2012 and
the fiscal year/period ended November 30, 2013, as applicable, were pre-approved
by the Audit Committee.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For each Fund&#146;s fiscal year ended November 30, 2012 and fiscal
year/period ended November 30, 2013, KPMG did not provide any non-audit services
(or bill any fees for such services) to the Funds&#146; investment adviser or any
affiliates. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SPECIAL MEETINGS <BR>(PFD, PFO, FFC
and FLC ONLY) </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>PROPOSAL 1: TO APPROVE A CHANGE TO
EACH FUND&#146;S FUNDAMENTAL INVESTMENT POLICY <BR>REGARDING INVESTMENTS IN
COMMODITIES </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I>Background</I>. The preferred and debt
securities typically held by each Fund generally are longer duration
instruments. As a result, the Fund can be more sensitive to interest rate
changes than funds that invest in shorter duration instruments. However, while
it does not currently do so, each Fund has historically and may in the future
utilize an interest-rate strategy. Under this strategy, each Fund mitigates some
or all of this exposure to long-term U.S. Treasury interest rates through
purchasing futures or options, entering into swap transactions or utilizing
other types of instruments. If a Fund did make such investments, they normally
would be expected to appreciate in value when long-term interest rates rise
significantly. If long-term interest rates did rise, and the instruments
employed by the Fund increased in value, the Fund could use those realized gains
to purchase additional preferred securities. This could potentially increase
dividends to common shareholders. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><EM>1940 Act Requirements: </EM></FONT><FONT face="Times New Roman" size=2>PFD, PFO,
FFC and FLC, like all registered investment companies, are required by the 1940
Act to have certain specific investment policies that can be changed only with
the prior approval of the holders of a majority of its outstanding voting
securities. These policies are often referred to as &#147;fundamental&#148; policies or
restrictions. Under Section 8(b)(1)(F) of the 1940 Act, a fund is required to
include in its registration statement a recital of its policy regarding the
purchase or sale of commodities, and such policy must be a fundamental policy.
The 1940 Act does not prohibit a fund from owning commodities, whether physical
commodities or contracts related to physical commodities (such as oil or grains
and related futures contracts), or financial commodities and contracts related
to financial commodities (such as currencies). </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PFD, PFO, FFC and FLC currently have a fundamental investment policy with
respect to commodities, as detailed below, which restrict their use of certain
commodities. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection
Act (the &#147;Dodd-Frank Act&#148;) expanded the scope of &#147;commodity interests&#148; subject
to regulation under the Commodity Exchange Act to include most swaps, including
the types of interest rate swaps that could be employed in the execution of each
Fund&#146;s interest-rate hedging strategy. These instruments were not previously
included within the legal definition of &#147;commodities,&#148; but were permissible
investments for each Fund.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with such changes, and to avoid confusion, it is proposed
that the below referenced fundamental investment restriction of each Fund be
changed so that the Fund may purchase and sell commodities or commodity
contracts, including futures contracts, to the extent permitted by law. This
change will clarify that the Fund continues to have the same ability to utilize
derivative instruments as it did prior to the change in definition of &#147;commodity
interest&#148; under the Dodd-Frank Act.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition, the proposed revised fundamental investment policy is
intended to provide each Fund with flexibility to respond to changing markets,
new investment opportunities and future changes in applicable law.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Flaherty &amp; Crumrine has advised the Board that the proposed revision
to the fundamental policy on investment in commodities and commodity contracts
is not expected to materially affect the manner in which a Fund&#146;s investment
program is being conducted at this time. In addition, Flaherty &amp; Crumrine
has advised the Board that it does not expect to purchase any physical
commodities or contracts related to physical commodities, such as swaps on
precious metals or agricultural products. Instead, it expects that it could use
financial commodity contracts, such as interest rate swaps, to mitigate risk of
loss or otherwise increase return for each Fund. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2><I>Proposal:
</I>Each Fund&#146;s current fundamental investment
policy regarding investments in commodities is set forth below.</FONT></P>
<DIV align=center>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PFD</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="96%">
      <P align=justify><B><FONT face="Times New Roman" size=2>&#147;[The Fund may
      not] [i]nvest in commodities, except that the Fund may enter into
      </FONT></B><B><FONT face="Times New Roman" size=2>futures contracts,
      including interest rate and stock index futures, and may purchase
      </FONT></B><B><FONT face="Times New Roman" size=2>options and write
      covered options on such futures contracts and securities, as described
      </FONT></B><B><FONT face="Times New Roman" size=2>in this
      Prospectus.&#148;</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PFO</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="96%">
      <P align=justify><B><FONT face="Times New Roman" size=2>&#147;[The Fund may
      not] [i]nvest in commodities, except that the Fund may enter into
      </FONT></B><B><FONT face="Times New Roman" size=2>futures contracts,
      including interest rate and stock index futures contracts, and may
      </FONT></B><B><FONT face="Times New Roman" size=2>purchase options and
      write covered options on futures contracts, securities and stock
      </FONT></B><B><FONT face="Times New Roman" size=2>indices, as described in
      this Prospectus.&#148;</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>FFC</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="96%">
      <P align=justify><B><FONT face="Times New Roman" size=2>&#147;[The Fund may
      not] [i]nvest in commodities, except that the Fund may enter into
      </FONT></B><B><FONT face="Times New Roman" size=2>futures contracts,
      including interest rate and stock index futures, and may purchase
      </FONT></B><B><FONT face="Times New Roman" size=2>options and write
      covered options on futures contracts and securities, as described in the
      </FONT></B><B><FONT face="Times New Roman" size=2>Prospectus.&#148;</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>FLC</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="96%">
      <P align=justify><B><FONT face="Times New Roman" size=2>&#147;[The Fund may
      not] [i]nvest in commodities, except that the Fund may enter into
      </FONT></B><B><FONT face="Times New Roman" size=2>futures contracts,
      including interest rate and stock index futures, and may purchase
      </FONT></B><B><FONT face="Times New Roman" size=2>options and write
      covered options on futures contracts and securities, as described in the
      </FONT></B><B><FONT face="Times New Roman" size=2>Prospectus.&#148;</FONT></B></P></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If shareholders of each Fund approve the proposal, each Fund&#146;s current
fundamental investment policy relating to investments in commodities will be
revised as follows: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>&#147;The Fund
may purchase and sell commodities or commodity contracts, including futures
contracts, to the extent permitted by law.&#148;</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shareholders of each Fund will vote separately from shareholders of the
other Funds with respect to their Fund's investment policy.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS OF PFD, PFO,
FFC AND FLC, INCLUDING ALL OF THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS
THAT SHAREHOLDERS VOTE &#147;FOR&#148; PROPOSAL 1. </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Required Vote</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Approval of the change in
each Fund&#146;s fundamental investment policy, with respect to Proposal 1, will
require the approval of the holders of a majority of the relevant Fund&#146;s
outstanding voting securities. A &#147;majority of the Fund&#146;s outstanding voting
securities&#148; for this purpose means the lesser of (1) 67% or more of the Shares
of Common Stock, present at a meeting of shareholders, if the holders of more
than 50% of such Shares are present or represented by proxy at the meeting, or
(2) more than 50% of the outstanding Shares. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>OTHER MATTERS TO COME BEFORE THE
MEETINGS </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG>Annual Meetings. </STRONG></FONT><FONT face="Times New Roman" size=2>Each
Fund does not intend to present any other business at the relevant Meeting, nor
is any Fund aware that any shareholder intends to do so. If, however, any other
matters are properly brought before the Meeting, the persons named in the
accompanying form of proxy will vote thereon in accordance with their
judgment.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><STRONG>Special
Meetings.</STRONG></FONT><FONT face="Times New Roman" size=2> Under Maryland law and each
applicable Fund&#146;s Bylaws, the only matters that may be acted on at a special
meeting of shareholders are those matters stated in the notice of the special
meeting. Accordingly, no other business may properly come before the Special
Meetings. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ADDITIONAL INFORMATION
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>Investment Adviser, Administrator and Servicing Agent</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Flaherty &amp; Crumrine
serves as the investment adviser to each Fund, and its business address is 301
E. Colorado Boulevard, Suite 720, Pasadena, California 91101. BNY Mellon acts as
the administrator to each Fund and is located at 4400 Computer Drive,
Westborough, Massachusetts 01581. Destra Capital Investments LLC acts as the
servicing agent to FFC, </FONT><FONT face="Times New Roman" size=2>FLC and DFP and is
located at 901 Warrenville Road, Suite 15, Lisle, Illinois 60532.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Compliance with the Securities
Exchange Act of 1934</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman" size=2>Section 16(a) of the 1934 Act and Section 30(h) of the
1940 Act require each Fund&#146;s Directors and executive officers, certain persons
affiliated with Flaherty &amp; Crumrine and persons who beneficially own more
than 10% of a registered class of each Fund&#146;s securities to file reports of
ownership and changes of ownership with the SEC and the NYSE and to furnish each
Fund with copies of such forms they file. Based solely upon its review of the
copies of such forms received by it and written representations from certain of
such persons, each Fund believes that during 2013 all such filing requirements
applicable to such persons were met in a timely manner, except for one late Form
5 filing on behalf of Mr. Robert Ettinger for PFD, PFO, FFC and FLC that related
to a gift. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Submission of Shareholder Proposals
2015 Annual Meetings </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>All proposals by
shareholders of each Fund that are intended to be presented at each Fund&#146;s next
Annual Meeting of Shareholders to be held in 2015 must be received by the
relevant Fund for consideration for inclusion in the relevant Fund&#146;s proxy
statement relating to the meeting no later than November 21, 2014, and must
satisfy the requirements of federal securities laws.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Fund&#146;s Bylaws require shareholders wishing to nominate Directors or
make proposals to be voted on at the Fund&#146;s Annual Meeting to provide timely
advance notice of the proposal in writing. To be considered timely, any such
advance notice must be in writing delivered to or mailed and received at the
principal executive offices of the Fund at the address set forth on the first
page of this Joint Proxy Statement not earlier than the 150<SUP>th</SUP> day nor
later than 5:00 p.m., Eastern Time, on the 120<SUP>th</SUP> day prior to the
first anniversary of the date of the proxy statement for the preceding year&#146;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&#146;s annual meeting, notice by the shareholder to
be timely must be so delivered not earlier than the 150<SUP>th</SUP> day prior
to the date of such annual meeting and not later than 5:00 p.m., Eastern Time,
on the later of the 120<SUP>th</SUP> day prior to the date of such annual
meeting, as originally convened, or the tenth day following the day on which
public announcement of the date of such meeting is first made. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any such notice by a shareholder shall set forth the information required
by the Fund&#146;s Bylaws with respect to each matter the shareholder proposes to
bring before the annual meeting.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&#147;Householding&#148;</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Please note that only one annual or
semi-annual report or Joint Proxy Statement may be delivered to two or more
shareholders of a Fund who share an address, unless the Fund has received
instructions to the contrary. To request a separate copy of an annual report or
semi-annual report or this Joint Proxy Statement, or for instructions regarding
how to request a separate copy of these documents or regarding how to request a
single copy if multiple copies of these documents are received, shareholders
should contact BNY Mellon C/O Computershare, P.O. Box 30170, College Station,
Texas 77842-3170 or by phone at 1-866-351-7446.</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Voting Results </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each Fund will advise its
shareholders of the voting results of the matters voted upon at its Meetings in
its next Semi-Annual Report to Shareholders.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Broker Non-Votes and
Abstentions</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>A proxy which is properly
executed and returned accompanied by instructions to withhold authority to vote
represents a broker &#147;non-vote&#148; (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 reflect
abstentions or broker non-votes (collectively, &#147;abstentions&#148;) will be counted as
Shares that are present and entitled to vote at the meeting for purposes of
determining the presence of a Quorum.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to Proposal 1 for the Annual Meetings, abstentions do not
constitute a vote &#147;for&#148; directors. With respect to Proposal 1 for the Special
Meetings, abstentions do not constitute a vote &#147;for&#148; the proposal and instead
will count as a vote &#147;against&#148; the proposal. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>NOTICE TO BANKS, BROKER/DEALERS AND
VOTING TRUSTEES AND THEIR NOMINEES </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;
<FONT face="Times New Roman" size=2>Please advise the Funds whether other persons are the
beneficial owners of Fund Shares for which proxies are being solicited from you,
and, if so, the number of copies of the Joint Proxy Statement and other
soliciting material you wish to receive in order to supply copies to the
beneficial owners of Fund Shares.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>IT IS IMPORTANT THAT PROXIES BE
RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE RELEVANT
MEETINGS ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND RETURN ALL PROXY CARDS
AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>18 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</FONT></B></P>

<P align=justify><B><FONT face="Times New Roman">FLAHERTY &amp;
CRUMRINE PREFERRED<BR></FONT></B><B><FONT face="Times New Roman">INCOME FUND INCORPORATED</FONT></B></P>
<DIV align=justify><B><I><FONT face="Times New Roman" size=2>Important Annual
Meeting Information</FONT></I></B></DIV>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=4>
      <P align=justify><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="95%"></TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD></TR>
  <TR>
    <TD width="2%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD width="1%"></TD>
    <TD style="text-align: center" width="95%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the<BR>postage-paid envelope
      </FONT></B></P></TD>
    <TD style="text-align: center" width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
    <TD width="1%"></TD></TR>
  <TR>
    <TD width="2%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD width="1%"></TD>
    <TD noWrap style="text-align: center" width="95%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE IN PERSON <BR>Attend
      Shareholder Meeting <BR>301 East Colorado Blvd., Suite 720 <BR>Pasadena,
      California <BR>on April 17, 2014 </FONT></B></P></TD>
    <TD width="1%"></TD></TR></TABLE></DIV><BR><BR><BR><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; text-align: justify" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD width="98%"><FONT face="Times New Roman" size=1>Using a
      </FONT><B><U><FONT face="Times New Roman" size=1>black
      ink</FONT></U></B><FONT face="Times New Roman" size=1> pen, mark your
      votes with an X as shown in this example. Please do not write outside the
      designated areas.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=middle noWrap align=center width="1%"><FONT face=arial size=5>&nbsp;X&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman">Annual Meeting Proxy
Card</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=1>PLEASE FOLD ALONG THE PERFORATION, DETACH
      AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed; TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>The Board
of Directors recommends a vote </FONT></B><B><U><FONT face="Times New Roman" size=2>FOR</FONT></U></B><B><FONT face="Times New Roman" size=2> the nominees
listed.</FONT></B></P>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>


  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="19%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=left width="64%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="5%" colSpan=2><B><FONT face="Times New Roman" size=1>FOR</FONT></B></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>WITHHOLD</FONT></B></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>FOR ALL</FONT></B></TD></TR>
  <TR style="PADDING-BOTTOM: 4pt" vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="83%" colSpan=2><FONT size=2 face="Times New Roman"><STRONG>1</STRONG><FONT face="Times New Roman">. Election of Directors:</FONT></FONT></TD>
    <TD vAlign=bottom noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="5%" colSpan=2><B><FONT face="Times New Roman" size=1>ALL</FONT></B></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>ALL</FONT></B></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><B><FONT face="Times New Roman" size=1>EXCEPT</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="19%"><FONT face="Times New Roman" size=2>01 David Gale&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=left width="64%"><FONT face="Times New Roman" size=2>02 Karen H. Hogan</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="5%" colSpan=2><FONT face=Webdings size=2>c</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><FONT face=Webdings size=2>c</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><FONT face=Webdings size=2>c</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left width="83%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=bottom noWrap align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=bottom noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1 face="Times New Roman">&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></STRONG></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><STRONG><FONT size=1 face="Times New Roman">&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></STRONG></TD>
    <TD vAlign=bottom noWrap align=center width="5%"><STRONG><FONT size=1 face="Times New Roman">&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></STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="83%" colSpan=2>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U></STRONG><FONT face="Times New Roman"> To withhold authority to
      vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and
      write the nominee&#146;s number on the line provided
below.</FONT></FONT></P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom align=left width="86%" colSpan=4>&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="86%" colSpan=4>&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="86%" colSpan=4>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG>2. </STRONG><FONT face="Times New Roman">To transact such other business as may
      properly come before the Annual Meetings or any adjournments or
      postponements thereof.</FONT></FONT></P></TD>
    <TD vAlign=bottom align=left width="3%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD>
    <TD vAlign=bottom noWrap align=center width="5%"></TD></TR></TABLE><BR><BR><BR>
<P align=justify>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=1><STRONG>Change of Address</STRONG><FONT face="Times New Roman"> -
      Please print new address below.</FONT></FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=1><STRONG>Comments</STRONG><FONT face="Times New Roman"> &#150; Please
      print your comments
below.&nbsp;</FONT></FONT></TD></TR></TABLE><BR><BR><BR><BR><BR><FONT face="Times New Roman" size=1>NOTE: Please sign this
proxy exactly as your name(s) appear(s) on the books of the Fund. Joint owners
should each sign personally. Trustees and other fiduciaries should indicate the
capacity in which they sign, and where more than one name appears, a majority
must sign. If a corporation, the signature should be that of an authorized
officer who should state his or her title. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=3><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=1>Signature and Title, if applicable</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=1>Signature (if held jointly)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="33%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face="Times New Roman" size=2>&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="22%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</FONT></B></P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD noWrap width="100%">
      <P align=left><B><FONT face="Times New Roman" size=2>The Combined Proxy Statement and Proxy Card for this meeting are available at www.preferredincome.com.</FONT></B></P></TD></TR></TABLE></DIV><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<TABLE cellSpacing=0 width="100%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: center" width="100%"><FONT face="Times New Roman" size=1>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM
      PORTION IN THE ENCLOSED ENVELOPE.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed; TEXT-ALIGN: center" width="100%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD></TR></TABLE><BR><BR><BR><BR>
<P align=left><B><FONT face="Times New Roman">Proxy - FLAHERTY &amp; CRUMRINE PREFERRED INCOME FUND INCORPORATED</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 17, 2014</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2><BR>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be held on April 17, 2014.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>The Combined Proxy Statement and Proxy Card for this meeting are available at www.preferredincome.com.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>THIS PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned holder of shares of
Common Stock of Flaherty &amp; Crumrine Preferred Income Fund Incorporated, a
Maryland corporation (the &#147;Fund&#148;), hereby appoints Donald F. Crumrine, Robert M.
Ettinger and Chad C. Conwell, proxies for the undersigned, each with full powers
of substitution and revocation, to represent the undersigned and to vote on
behalf of the undersigned all shares of Common Stock which the undersigned is
entitled to vote at the Annual Meeting of Shareholders of the Fund to be held at
the offices of Flaherty &amp; Crumrine Incorporated, 301 East Colorado
Boulevard, Suite 720, Pasadena, California 91101 at 9:00 a.m. PT, on April 17,
2014, and any adjournments or postponements thereof. The undersigned hereby
acknowledges receipt of the Notice of Annual Meeting and Combined 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>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</FONT></B></P>

<P align=justify><B><FONT face="Times New Roman">FLAHERTY &amp;
CRUMRINE PREFERRED<BR></FONT></B><B><FONT face="Times New Roman">INCOME FUND INCORPORATED</FONT></B></P>
<DIV align=justify><B><I><FONT face="Times New Roman" size=2>Important
Special Meeting Information</FONT></I></B></DIV>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=4>
      <P align=justify><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="95%"></TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD></TR>
  <TR>
    <TD width="2%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD width="1%"></TD>
    <TD style="text-align: center" width="95%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the<BR>postage-paid envelope
      </FONT></B></P></TD>
    <TD style="text-align: center" width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
    <TD width="1%"></TD></TR>
  <TR>
    <TD width="2%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD width="1%"></TD>
    <TD noWrap style="text-align: center" width="95%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE IN PERSON <BR>Attend
      Shareholder Meeting <BR>301 East Colorado Blvd., Suite 720 <BR>Pasadena,
      California <BR>on April 17, 2014 </FONT></B></P></TD>
    <TD width="1%"></TD></TR></TABLE></DIV><BR><BR><BR><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; text-align: justify" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD width="98%"><FONT face="Times New Roman" size=1>Using a
      </FONT><B><U><FONT face="Times New Roman" size=1>black
      ink</FONT></U></B><FONT face="Times New Roman" size=1> pen, mark your
      votes with an X as shown in this example. Please do not write outside the
      designated areas.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=middle noWrap align=center width="1%"><FONT face=arial size=5>&nbsp;X&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman">Special Meeting Proxy
Card</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=1>PLEASE FOLD ALONG THE PERFORATION, DETACH
      AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed; TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>The Board
of Directors recommends a vote <B><U><FONT face="Times New Roman" size=2>FOR</FONT></U></B><B><FONT face="Times New Roman" size=2> Proposal
1.</FONT></B></FONT></B></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%" ><FONT size=1>1.&nbsp;
      </FONT></TD>
    <TD vAlign=top noWrap align=left width="66%"><FONT face="Times New Roman" size=1>Approve a change to the fundamental investment policy regarding
      investments in commodities.</FONT></TD>
    <TD noWrap align=left width="5%" ><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top noWrap align=center width="2%"><FONT face="Times New Roman" size=1><STRONG>FOR</STRONG></FONT></TD>
    <TD vAlign=top noWrap align=center width="9%"><FONT face="Times New Roman" size=1>&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></TD>
    <TD vAlign=top noWrap align=center width="3%"><FONT face="Times New Roman" size=1><STRONG>AGAINST</STRONG></FONT></TD>
    <TD vAlign=top noWrap align=center width="9%"><FONT face="Times New Roman" size=1>&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></TD>
    <TD vAlign=top noWrap align=center width="5%"><FONT face="Times New Roman" size=1><STRONG>ABSTAIN</STRONG></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="66%"></TD>
    <TD noWrap align=left width="5%" ></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="66%"></TD>
    <TD noWrap align=left width="5%" >&nbsp;</TD>
    <TD noWrap align=center width="2%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=center width="3%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="66%" ></TD>
    <TD noWrap align=left width="5%" ></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="9%" ></TD>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="9%" ></TD>
    <TD noWrap align=left width="5%" ></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ><FONT size=1>2.&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="66%" ><FONT size=1>To
      transact such other business as may properly come before the Special
      Meetings or any adjournments or postponements thereof.</FONT></TD>
    <TD noWrap align=left width="5%" ></TD>
    <TD noWrap align=left width="2%" ></TD>
    <TD noWrap align=left width="9%" ></TD>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="9%" ></TD>
    <TD noWrap align=left width="5%" ></TD></TR></TABLE><BR><BR><BR>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>


<TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=1><STRONG>Change of Address</STRONG><FONT face="Times New Roman"> -
      Please print new address below.</FONT></FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=1><STRONG>Comments</STRONG><FONT face="Times New Roman"> &#150; Please
      print your comments
below.&nbsp;</FONT></FONT></TD></TR></TABLE><BR><BR><BR><BR><BR>

<P align=justify><FONT face="Times New Roman" size=1>NOTE: Please sign this
proxy exactly as your name(s) appear(s) on the books of the Fund. Joint owners
should each sign personally. Trustees and other fiduciaries should indicate the
capacity in which they sign, and where more than one name appears, a majority
must sign. If a corporation, the signature should be that of an authorized
officer who should state his or her title. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=3><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=1>Signature and Title, if applicable</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=1>Signature (if held jointly)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="32%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="33%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="9%"><B><FONT face="Times New Roman" size=2>&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="22%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD></TR></TABLE><BR>


<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</FONT></B></P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD noWrap width="100%">
      <P align=center><B><FONT face="Times New Roman" size=2>The Combined Proxy Statement and Proxy Card for this meeting are</FONT></B></P></TD></TR>
  <TR>
    <TD noWrap width="100%">
      <P align=center><B><FONT face="Times New Roman" size=2>available at www.preferredincome.com.</FONT></B></P></TD></TR></TABLE></DIV><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<TABLE cellSpacing=0 width="100%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: center" width="100%"><FONT face="Times New Roman" size=1>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM
      PORTION IN THE ENCLOSED ENVELOPE.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed; TEXT-ALIGN: center" width="100%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD></TR></TABLE><BR><BR><BR><BR>
<P align=left><B><FONT face="Times New Roman">Proxy - FLAHERTY &amp; CRUMRINE PREFERRED INCOME FUND INCORPORATED </FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 17, 2014</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;<BR>Important Notice Regarding the Availability of Proxy Materials for the Special Meeting of Shareholders to be held on April 17, 2014.</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>The Combined Proxy Statement and Proxy Card for this meeting are available at www.preferredincome.com.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>THIS PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned holder of shares of
Common Stock of Flaherty &amp; Crumrine Preferred Income Fund Incorporated, a
Maryland corporation (the &#147;Fund&#148;), hereby appoints Donald F. Crumrine, Robert M.
Ettinger 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 Special Meeting of Shareholders of the Fund to be held
at the offices of Flaherty &amp; Crumrine Incorporated, 301 East Colorado
Boulevard, Suite 720, Pasadena, California 91101 at 9:30 a.m. PT, on April 17,
2014, and any adjournments or postponements thereof. The undersigned hereby
acknowledges receipt of the Notice of Special Meeting and Combined 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>
<HR align=center width="100%" noShade SIZE=2>


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<SEQUENCE>5
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<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>7
<FILENAME>filename7.htm
<TEXT>

<HTML>
<HEAD>
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<BODY bgcolor=#ffffff>
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  <TR>
    <TD vAlign=top width="88%"><IMG src="logo.jpg" border=0></TD>
    <TD noWrap width="12%">
      <P align=justify><FONT face="Times New Roman" size=1><BR><BR>1875 K
      Street, N.W.<BR>Washington, DC 20006-1238 <BR><BR>Tel: 202 303 1000
      <BR>Fax: 202 303 2000</FONT></P></TD></TR></TABLE><BR>
<P align=justify><U><FONT face="Times New Roman" size=2>VIA EDGAR</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>March 21, 2014 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Securities and Exchange
Commission<BR>100 F Street, NE <BR></FONT><FONT face="Times New Roman" size=2>Washington, DC
20549-4720 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"><FONT face="Times New Roman" size=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top align=left width="98%">
      <P align=justify><U><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Preferred Income Fund Incorporated (&#147;PFD&#148;)<BR></FONT></U><U><FONT face="Times New Roman" size=2>Investment Company Act File Number
      811-06179<BR></FONT></U><U><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Preferred Income Opportunity Fund Incorporated
      (&#147;PFO&#148;)<BR></FONT></U><U><FONT face="Times New Roman" size=2>Investment Company Act
      File Number 811-06495<BR></FONT></U><U><FONT face="Times New Roman" size=2>Flaherty
      &amp; Crumrine Preferred Securities Income Fund Incorporated
      (&#147;FFC&#148;)<BR></FONT></U><U><FONT face="Times New Roman" size=2>Investment Company Act
      File Number 811-21129<BR></FONT></U><U><FONT face="Times New Roman" size=2>Flaherty
      &amp; Crumrine Total Return Fund Incorporated
      (&#147;FLC&#148;)<BR></FONT></U><U><FONT face="Times New Roman" size=2>Investment Company Act
      File Number 811-21380<BR></FONT></U><U><FONT face="Times New Roman" size=2>Flaherty
      &amp; Crumrine Dynamic Preferred and Income Fund Incorporated
      (&#147;DFP&#148;)<BR></FONT></U><U><FONT face="Times New Roman" size=2>Investment Company Act
      File Number 811-22762</FONT></U></P></TD></TR></TABLE>

<P align=justify><FONT face="Times New Roman" size=2>Ladies and Gentlemen:</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>On behalf of
the above referenced investment companies, each a Maryland corporation
(together, the &#147;Funds&#148;), we hereby transmit for filing pursuant to the
Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), and the Investment
Company Act of 1940, as amended, the definitive joint combined proxy statement,
notices of the Annual Meetings of Shareholders of the Funds (the &#147;Annual
Meetings&#148;) and the Special Meetings of Shareholders of PFD, PFO, FLC and FFC
(the &#147;Special Meetings&#148; and together with the Annual Meetings, the &#147;Meetings&#148;)
and forms of proxy card (together, the &#147;Proxy Materials&#148;) relating to the
Meetings of the shareholders of the Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Please be advised, in accordance with the requirements of Rule 14a-6(d)
under the 1934 Act, that the Funds plan to mail the Proxy Materials to
shareholders of the Funds beginning on or about March 21, 2014. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Should members of the staff have any questions or comments regarding the
enclosed Proxy Materials, they should call the undersigned at (202)
303-1232.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Very truly yours,<BR><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT face="Times New Roman" size=2><U>/s/ Neesa Sood<BR></U><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face="Times New Roman" size=2>Neesa Sood
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Enclosures </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Chad C. Conwell, Flaherty and Crumrine
      Incorporated<BR>Rose F. DiMartino, Willkie Farr &amp; Gallagher
      LLP<BR>Maria Gattuso, Willkie Farr &amp; Gallagher
LLP</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="73%">
      <P align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=1>New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Washington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Paris&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      London&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Milan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Rome&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Frankfurt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brussels</FONT></P></TD>
    <TD noWrap align=left width="12%"><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="99%" colSpan=3><FONT face="Times New Roman" size=1>in alliance with Dickson Minto W.S., London
      and Edinburgh</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">



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</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>8
<FILENAME>filename8.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="88%"><IMG src="logo.jpg" border=0></TD>
    <TD noWrap width="12%">
      <P align=justify><FONT face="Times New Roman" size=1><BR><BR>787 Seventh
      Avenue<BR>New York, NY 10019-6099<BR>Tel: 212 728 8000 <BR>Fax: 212
      728 8111</FONT></P></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>March 21, 2014</FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>VIA EDGAR</FONT></U></P>
<P align=justify><FONT face="Times New Roman" size=2>Ms. Karen Rossotto<BR></FONT><FONT face="Times New Roman" size=2>U.S. Securities and Exchange Commission<BR>100 F Street,
NE<BR></FONT><FONT face="Times New Roman" size=2>Washington, DC 20549-4644</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Re:</FONT></TD>
    <TD vAlign=top align=justify width="94%" style="text-align: justify"><FONT face="Times New Roman" size=2>Comments to Preliminary Proxy Materials for
      Flaherty &amp; Crumrine Preferred Income Fund Incorporated, Flaherty &amp;
      Crumrine Preferred Income Opportunity Fund Incorporated, Flaherty &amp;
      Crumrine Preferred Securities Income Fund Incorporated, Flaherty &amp;
      Crumrine Total Return Fund Incorporated, and Flaherty &amp; Crumrine
      Dynamic Preferred and Income Fund Incorporated (each, a &#147;Fund&#148; and
      collectively, the &#147;Funds&#148;)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="94%"><U><FONT face="Times New Roman" size=2>Investment Company
      Act File Nos. 811-06179, 811-06495, 811-21129, 811-21380 and
      811-22762</FONT></U></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Dear Ms. Rossotto:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Funds filed a preliminary joint
combined proxy statement on Schedule 14A (the &#147;Joint Combined Proxy Statement&#148;)
with the Securities and Exchange Commission (the &#147;Commission&#148;) on March 6, 2014.
This letter responds to comments regarding the Joint Combined Proxy Statement
that you provided in a telephone conversation on March 14, 2014 to Neesa Sood.
We have discussed the staff&#146;s comments with representatives of the Funds. For
your convenience, the substance of those comments has been restated in
italicized text below. The Funds&#146; response to each comment is set out
immediately under the restated comment. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Capitalized terms used herein, and not
otherwise defined, have the respective meanings assigned in the Joint Combined
Proxy Statement. </FONT></P>
<P align=justify><I><U><FONT face="Times New Roman" size=2>Comment No.
1:</FONT></U></I><I><FONT face="Times New Roman" size=2> </FONT></I><I><FONT face="Times New Roman" size=2>Please add language to make clear that each Fund&#146;s annual reports will be
available upon request, without charge, by contacting a name and address or by
calling a toll-free number. </FONT></I></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Response</FONT></U><FONT face="Times New Roman" size=2>: This disclosure is included on page 1 of the Joint Combined Proxy
Statement as follows: &#147;</FONT><B><FONT face="Times New Roman" size=2>THE ANNUAL REPORT OF
EACH FUND, INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED
NOVEMBER 30, 2013, IS AVAILABLE UPON REQUEST, WITHOUT CHARGE, BY WRITING TO BNY
MELLON C/O COMPUTERSHARE, P.O. BOX 30170, COLLEGE STATION, TEXAS 77842-3170, OR
BY CALLING 1-866-351-7446.&#148; </FONT></B><FONT face="Times New Roman" size=2>In response to
the Staff&#146;s comments, this disclosure has been added to the Notice of Annual
Meeting to Shareholders and Notice of Special Meeting to
Shareholders.</FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="73%">
      <P align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=1>New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Washington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Paris&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      London&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Milan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Rome&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Frankfurt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brussels</FONT></P></TD>
    <TD noWrap align=left width="12%"><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="99%" colSpan=3><FONT face="Times New Roman" size=1>in alliance with Dickson Minto W.S., London
      and Edinburgh</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><I><U><FONT face="Times New Roman" size=2>Comment No.
2:</FONT></U></I><I><FONT face="Times New Roman" size=2> </FONT></I><I><FONT face="Times New Roman" size=2>On page 1 of the Joint Combined Proxy Statement, it provides that: &#147;Costs
of proxy solicitation and expenses incurred in connection with the preparation
of this Joint Proxy Statement and its enclosures will be shared proportionally
by the Funds.&#148; Please update the Joint Combined Proxy Statement to include what
the total costs are and to explain what is meant by &#147;shared proportionally by
the Funds.&#148;</FONT></I></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Response</FONT></U><FONT face="Times New Roman" size=2>: No proxy solicitation firm will be used in connection with the Joint
Combined Proxy Statement. The sentence will be replaced as follows: </FONT></P>
<P align=justify style="padding-left: 15pt"><FONT face="Times New Roman" size=2>No proxy solicitation firm will be
used in connection with the Joint Combined Proxy Statement. The Funds will
evenly split the expenses incurred in connection with the preparation of this
Joint Proxy Statement. Each Fund will pay for its respective expenses incurred
in connection with printing and mailing of the Joint Combined Proxy Statement
and its enclosures to shareholders. </FONT></P>
<P align=justify><I><U><FONT face="Times New Roman" size=2>Comment No.
3:</FONT></U></I><I><FONT face="Times New Roman" size=2> </FONT></I><I><FONT face="Times New Roman" size=2>On page 14 of the Joint Combined Proxy Statement, it states that:
&#147;However, each Fund historically has mitigated, and in the future may mitigate,
some or all of this exposure to long-term U.S. Treasury interest rates through
purchasing futures or options, entering into swap transactions or utilizing
other types of instruments.&#148; Please add the word &#147;continue to&#148; after &#147;in the
future may&#148; in order to clarify that there is no substantive change in policy.
Please also update this sentence so it makes clear that this is the
&#147;interest-rate hedging strategy&#148; discussed a few paragraphs below on page 14.
</FONT></I></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Response</FONT></U><FONT face="Times New Roman" size=2>: The requested change has been made by replacing the sentence as follows
(underlined language indicates changed language): &#147;However, </FONT><U><FONT face="Times New Roman" size=2>while it does not currently do so, each Fund has historically and may in
the future utilize an interest-rate strategy. Under this strategy, each Fund
mitigates</FONT></U><FONT face="Times New Roman" size=2> some or all of this exposure to
long-term U.S. Treasury interest rates through purchasing futures or options,
entering into swap transactions or utilizing other types of instruments.&#148;
</FONT></P>
<P align=justify><I><U><FONT face="Times New Roman" size=2>Comment No.
4:</FONT></U></I><I><FONT face="Times New Roman" size=2> </FONT></I><I><FONT face="Times New Roman" size=2>On page 15, please include the name and address of the principal
underwriter of the Funds pursuant to Schedule 14A, Item 22(a)(3)(i).
</FONT></I></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Response</FONT></U><FONT face="Times New Roman" size=2>: Each Fund is a closed-end investment company. Currently, the Funds have
no principal underwriter because they are not engaged in an offering of its
shares. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>If you have any questions regarding
these responses, please do not hesitate to contact me at 212-728-8294.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Very truly yours, </FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>/s/ Maria
Gattuso<BR></FONT></U><FONT face="Times New Roman" size=2>Maria Gattuso </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Enclosures</FONT></P>
<P align=justify>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Chad C. Conwell,
      Flaherty &amp; Crumrine Incorporated<BR>Rose F. DiMartino, Willkie Farr
      &amp; Gallagher LLP</FONT></TD></TR></TABLE></P>
<P align=center><FONT face="Times New Roman" size=2>- 2 - </FONT></P>
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