Flaherty & Crumrine Pref. Incme Opp. Fd. : PFD and PFO Announce Results of Annual Meeting
April 19, 2012 at 04:55 pm EDT
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The Boards of Directors of Flaherty & Crumrine Preferred Income Fund
Incorporated (NYSE: PFD) and Flaherty & Crumrine Preferred
Income Opportunity Fund Incorporated (NYSE: PFO) today announced
the results of their Annual Meetings of Shareholders.
PFD shareholders re-elected Donald F. Crumrine and Robert F. Wulf as
Class II directors. PFO shareholders re-elected David Gale as its Class
I director.
In addition, PFD and PFO's shareholders approved the following changes
to their fundamental policies on concentration of investments:
Proposal 2-A (PFD Only): 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 (PFD and PFO): 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.
As a result of this change, beginning immediately, each Fund will begin
to rebalance its portfolio to the extent required by its new fundamental
policy on concentration.
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).
Flaherty & Crumrine Incorporated Donald F. Crumrine,
626-795-7300 crumrine@pfdincome.com or Chad
C. Conwell, 626-795-7300 conwell@pfdincome.com Website:
www.preferredincome.com
Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide its common shareholders with a high current income consistent with the preservation of capital. It invests at least 80% of its managed assets in a portfolio of preferred and other income-producing securities. Preferred and other income-producing securities may include, traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, contingent capital securities (CoCos), and others. It invests at least 25% of its total assets in companies principally engaged in the financial services sector. In addition, the Fund may also focus its investments in other sectors or industries, such as energy, industrials, utilities, communications and pipelines, among others. Flaherty & Crumrine Incorporated serves as the Fund's investment adviser.
FLAHERTY & CRUMRINE PREFERRED INCOME OPPORTUNITY FUND INC. 
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