<SEC-DOCUMENT>0001206774-17-002765.txt : 20171016
<SEC-HEADER>0001206774-17-002765.hdr.sgml : 20171016
<ACCEPTANCE-DATETIME>20170915140606
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001206774-17-002765
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170915

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:		CORRESP

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine Dynamic Preferred & Income Fund Inc
		CENTRAL INDEX KEY:			0001559991
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		626-795-7300

	MAIL ADDRESS:	
		STREET 1:		301 E. COLORADO BOULEVARD, SUITE 720
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Flaherty & Crumrine Preferred & Income Allocation Fund Inc
		DATE OF NAME CHANGE:	20121019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Flaherty & Crumrine Global Preferred & Income Securities Fund Inc
		DATE OF NAME CHANGE:	20121010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine PREFERRED SECURITIES INCOME FUND INC
		CENTRAL INDEX KEY:			0001174164
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Flaherty & Crumrine/CLAYMORE PREFERRED SECURITIES INCOME FUND INC
		DATE OF NAME CHANGE:	20050708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	F&C/CLAYMORE PREFERRED SECURITIES INCOME FUND INC
		DATE OF NAME CHANGE:	20020702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C F&C PREFERRED SECURITIES INCOME FUND I INC
		DATE OF NAME CHANGE:	20020523

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	20030623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000882071
		IRS NUMBER:				954355600
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<BR><IMG src="fandcpfd3312011_correspx1x1.jpg" border=0>
<P align=left><FONT face="Times New Roman" size=2>September 14, 2017 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Kathy Churko<BR></FONT><FONT face="Times New Roman" size=2>Senior Staff Accountant<BR></FONT><FONT face="Times New Roman" size=2>U.S. Securities and Exchange
Commission<BR>Division of Investment Management<BR>Office of Disclosure and
Review<BR>100 F Street, NE<BR></FONT><FONT face="Times New Roman" size=2>Washington, DC 20549 </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Re:</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Flaherty &amp;
      Crumrine Preferred Income Fund Incorporated (PFD)</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="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No.
      811-06179)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Preferred Income Opportunity Fund Incorporated (PFO)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No.
  811-06495)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Preferred Securities Income Fund Incorporated (FFC)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No.
  811-21129)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Total Return Fund Incorporated (FLC)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No.
  811-21380)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Dynamic Preferred and Income Fund Incorporated (DFP)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SEC File No.
  811-22762)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%">
      <P align=left><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(together, the
  &#147;Funds&#148;)</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%"></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Dear Ms. Churko: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>This is in response to your
oral comments to Eric Chadwick in a telephone conference on August 24, 2017
regarding the examinations of the public filings of the Funds, in particular the
annual reports filed on Form N-CSR for the year ended November 30, 2016. As
requested, we have restated your comment in italics. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>In connection with the
Commission Staff&#146;s review of the Funds&#146; filings, each Fund acknowledges that,
with respect to filings made by the Fund with the Commission and reviewed by the
Staff: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Fund is
      responsible for the adequacy and accuracy of the disclosure in the
      filings;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Staff comments or
      changes to disclosure in response to Staff comments in the filings
      reviewed by the Staff do not foreclose the Commission from taking any
      action with respect to the filings; and</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Fund may not
      assert Staff comments as a defense in any proceeding initiated by the
      Commission or any person under the federal securities laws of the United
      States.</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;<BR>&nbsp;</TD></TR></TABLE>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="100%"><B><FONT face="Times New Roman">Flaherty &amp; Crumrine
      Funds</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=2>301
      E. Colorado Blvd., Suite 720</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=2>Pasadena, California 91101</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=2>(626) 795-7300</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><FONT face="Times New Roman" size=2>www.preferredincome.com</FONT></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=left><FONT face="Times New Roman" size=2>Kathy Churko<BR></FONT><FONT face="Times New Roman" size=2>U.S. Securities and Exchange
Commission<BR>September 14, 2017<BR>Page 2 </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>Annual Report. Please
explain the use of indices in the report. In particular, why are the Bloomberg
Barclays and the S&amp;P 500 indices used in the shareholder letter and compared
to Fund NAV returns and the BofA Merrill Lynch preferred securities index is
used in the discussion topics to compare portfolio returns? </FONT></I></P>
<P align=left><B><FONT face="Times New Roman" size=2>Response</FONT></B><FONT face="Times New Roman" size=2>: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>As we discussed in our initial
comments, please note that the Funds use market indices throughout the annual
report in different manners.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>In the shareholder letter
portion of the report, the Funds document trailing net asset value performance,
which includes the impact of expenses and the Funds&#146; use of leverage. As noted
in the letter, the table also details the performance of the Bloomberg Barclays
U.S. Aggregate and S&amp;P 500 indices. These indices are proxies for the
broader bond and stock markets and are cited to provide context for returns on
broad asset categories &#150; and are not benchmarks for Fund performance.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Later in the &#147;Discussion
Topics&#148; section of the report, each Fund provides a breakdown of the components
of the major elements of its NAV return. That breakdown details the return from
the Fund&#146;s interest rate hedging strategy (when it&#146;s in use), the impact of
leverage (net of its expense), the impact of other expenses and the total return
on the unleveraged portfolio. To provide context for the latter return, the Fund
cites the performance of a BofA Merrill Lynch preferred securities index as a
benchmark to compare the performance of the Fund&#146;s underlying
portfolio.</FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>DFP Only: The Fund&#146;s
initial prospectus designated its intent to be non-diversified. However,
currently, it appears to be diversified as of year-end 2016 and diversified
looking back several periods. The staff of the SEC takes the position that a
non-diversified fund that operates as a diversified fund for more than 3 years
is a de facto diversified fund. Once the fund has reached this position, they
need a shareholder vote to operate again as non-diversified. Please confirm:
</FONT></I></P>

<DIV style="FONT-SIZE: 10pt; TEXT-ALIGN: justify"><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2><I><FONT face="Times New Roman" size=2>whether the Fund ever operated as
non-diversified or has operated as non-diversified during the past 3 years; and</FONT></I></FONT></DIV><BR>
<DIV style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" ><FONT style="PADDING-RIGHT: 8pt; FONT-SIZE: 9.5pt">&#9679;</FONT><FONT face="Times New Roman" size=2><I><FONT face="Times New Roman" size=2>if the Fund has not been non-diversified,
that the Fund is de facto diversified and that it will pursue shareholder
approval in the future to operate as non-diversified.</FONT></I></FONT></DIV>


<P align=left><B><FONT face="Times New Roman" size=2>Response: </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>DFP has never operated as
non-diversified. We will add appropriate disclosure that DFP is in fact
diversified when we next file a periodic report for DFP. We also acknowledge
that the Fund will seek shareholder approval in the future if it determines to
operate as non-diversified. </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=left><FONT face="Times New Roman" size=2>Kathy Churko<BR></FONT><FONT face="Times New Roman" size=2>U.S. Securities and Exchange
Commission<BR>September 14, 2017<BR>Page 3 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>* * * * * </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=left><FONT face="Times New Roman" size=2>Kathy Churko<BR></FONT><FONT face="Times New Roman" size=2>U.S. Securities and Exchange
Commission<BR>September 14, 2017<BR>Page 4 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>We hope that the staff finds
the foregoing response adequately addresses its comments. If you would like to
discuss the matter addressed in this letter, or if you have any additional
comments or questions, please feel free to contact Eric Chadwick or Chad Conwell
of this office at 626-795-7300. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Sincerely, </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>/s/ R. Eric Chadwick
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>R. Eric Chadwick<BR>Chief
Executive Officer </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors of the Flaherty &amp;
Crumrine Funds </FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
