Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Flaherty & Crumrine Preferred Income Fund Incorporated
Flaherty & Crumrine Preferred Income Opportunity Fund
Incorporated
Flaherty & Crumrine Preferred Securities Income Fund
Incorporated
Flaherty & Crumrine Total Return Fund Incorporated
Flaherty & Crumrine Dynamic and Preferred Income Fund
Incorporated


In planning and performing our audits of the financial
statements of Flaherty & Crumrine Preferred Income Fund
Incorporated, Flaherty & Crumrine Preferred Income
Opportunity Fund Incorporated, Flaherty & Crumrine
Preferred Securities Income Fund Incorporated, Flaherty &
Crumrine Total Return Fund Incorporated, Flaherty &
Crumrine Dynamic and Preferred Income Fund Incorporated
(collectively, the "Funds"), as of and for the year ended
November 30, 2016, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
we considered the Funds' internal control over financial
reporting, including controls over safeguarding securities,
as a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, but not for the purpose of expressing an opinion on
the effectiveness of the Funds' internal control over
financial reporting.   Accordingly, we express no such
opinion.

Management of the Funds is responsible for establishing and
maintaining effective internal control over financial
reporting.  In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefits and related costs of controls.  A fund's
internal control over financial reporting is a process
designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of
financial statements for external purposes in accordance
with generally accepted accounting principles. A fund's
internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the
assets of the funds; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts
and expenditures of the funds are being made only in
accordance with authorizations of management and trustees
of the funds; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of a fund's assets that
could have a material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Funds' annual or interim financial statements will not be
prevented or detected on a timely basis.

Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds' internal
control over financial reporting and its operation,
including controls over safeguarding securities that we
consider to be a material weakness as defined above as of
November 30, 2017.

This report is intended solely for the information and use
of management and the Board of Trustees of the Funds and
the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.

/s/ KPMG LLP

Boston, Massachusetts
January 22, 2018