PFD & PFO Announce Results of Special Meeting of Shareholders
May 22 2008 - 2:30PM
Business Wire
Flaherty & Crumrine Preferred Income Fund Incorporated
(NYSE:PFD) and Flaherty & Crumrine Preferred Income Opportunity
Fund Incorporated (NYSE:PFO) have announced that their shareholders
have approved all proposals considered at the Special Meetings of
Common and Preferred Stock Shareholders held on May 21, 2008. The
shareholders approved changes to each Fund�s investment policies
and advisory agreement, which are intended to give each Fund
greater flexibility in responding to the turbulence in the auction
market that sets the rates paid on each Fund�s outstanding
Preferred Stock. As a result of these changes, each Fund has the
option of using borrowing or other debt financing as a means of
leverage. About PFD and PFO: PFD was organized in 1991 and PFO was
organized in 1992 as closed-end, diversified investment companies
which invest primarily in preferred securities. Each fund�s
investment objective for holders of its common stock is high
current income consistent with preservation of capital. PFD and PFO
are managed by Flaherty & Crumrine Incorporated, an independent
investment adviser which was founded in 1983 to specialize in the
management of portfolios of preferred and related securities.
Flaherty & Crumrine also manages two other U.S. closed-end
funds: Flaherty & Crumrine/Claymore Preferred Securities Income
Fund (NYSE:FFC); and Flaherty & Crumrine/Claymore Total Return
Fund (NYSE:FLC).
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