FFC and FLC Announce Increased Regular Monthly Dividends and Special Year-End Dividends
December 13 2010 - 3:46PM
Business Wire
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 approved new regular monthly dividend
amounts and declared a special year-end dividend to be paid in
December.
The new regular monthly dividend rate for FFC will be $0.13 per
share, which equates to an annual dividend of $1.56 per share. This
new monthly dividend represents an increase of approximately 4.0%
over the prior monthly dividend. In addition, shareholders will
receive a special year-end dividend from net investment income of
$0.04 per share.
The new monthly dividend rate for FLC will be $0.135 per share,
which equates to an annual dividend of $1.62 per share. This new
monthly dividend represents an increase of approximately 2.3% over
the prior monthly dividend. In addition, shareholders will receive
a special year-end dividend from net investment income of $0.04 per
share.
The December monthly dividend and the special year-end dividend
will be paid on December 31, 2010 to holders of record of each
fund’s common stock on December 23, 2010. The expected ex-dividend
date is December 21, 2010. The tax breakdown of all 2010
distributions will be available early next year, but at this point
the funds anticipate that all dividends paid in 2010, including the
special year-end dividend, will be taxable as ordinary income.
Donald F. Crumrine, Chairman of the Boards of the funds, said,
“We are very pleased that both funds continue to deliver on their
objectives of high current income. The recovery of the funds’ net
asset values allowed them to increase their borrowings throughout
the past fiscal year. Earnings from that additional borrowing,
together with the continued low borrowing costs, allowed the funds
to earn more income than we anticipated in 2010 and should continue
to benefit income in 2011.”
FFC and FLC were organized in 2003 as closed-end, diversified
investment companies. FFC invests primarily in preferred securities
with an investment objective of high current income consistent with
preservation of capital. FLC invests primarily in preferred and
other income-producing securities with a primary investment
objective of high current income and a secondary objective of
capital appreciation. FFC and FLC 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
Preferred Income Fund (NYSE: PFD); and Flaherty & Crumrine
Preferred Income Opportunity Fund (NYSE: PFO).
Website: www.fcclaymore.com
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