The Boards of Directors of Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated (NYSE: FFC) and Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE: FLC) today announced the results of their Annual Meetings of Shareholders. FFC shareholders re-elected Morgan Gust and Karen H. Hogan as Class II directors. FLC shareholders also re-elected Morgan Gust and Karen H. Hogan as Class II directors. In addition, FFC’s and FLC’s shareholders approved the following changes to their fundamental policies on concentration of investments:
- Proposal 2-A: The Fund is now required, under normal market conditions, to invest at least 25% of its total assets in the financials sector, which for this purpose is comprised of the bank, thrifts & mortgage finance, diversified financial services, finance, consumer finance, capital markets, asset management & custody, investment banking & brokerage, insurance, insurance brokers and real estate investment trust (REIT) industries. From time to time, a Fund may have 25% or more of its total assets invested in any one of these industries.
- Proposal 2-B: The Fund eliminated its requirement that the Fund concentrate its investments in the utilities industry. As a result, under normal market conditions, the Fund may no longer invest more than 25% of its total assets in the utilities industry.