0001387131-20-005159.txt : 20200716 0001387131-20-005159.hdr.sgml : 20200716 20200526135929 ACCESSION NUMBER: 0001387131-20-005159 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20200526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLAHERTY & CRUMRINE PREFERRED & INCOME FUND INC CENTRAL INDEX KEY: 0000868578 IRS NUMBER: 954305694 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 301 E COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: (626) 795-7300 MAIL ADDRESS: STREET 1: 301 E COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 FORMER COMPANY: FORMER CONFORMED NAME: FLAHERTY & CRUMRINE PREFERRED INCOME FUND INC DATE OF NAME CHANGE: 20050708 FORMER COMPANY: FORMER CONFORMED NAME: PREFERRED INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Flaherty & Crumrine PREFERRED & INCOME OPPORTUNITY FUND INC CENTRAL INDEX KEY: 0000882071 IRS NUMBER: 954355600 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 301 E COLORADO BLVD STE 720 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: (626) 795-7300 MAIL ADDRESS: STREET 1: 301 COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 FORMER COMPANY: FORMER CONFORMED NAME: Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC DATE OF NAME CHANGE: 20050708 FORMER COMPANY: FORMER CONFORMED NAME: PREFERRED INCOME OPPORTUNITY FUND INC DATE OF NAME CHANGE: 19920929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC CENTRAL INDEX KEY: 0001174164 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 301 E COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: (626) 795-7300 MAIL ADDRESS: STREET 1: 301 E COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 FORMER COMPANY: FORMER CONFORMED NAME: Flaherty & Crumrine PREFERRED SECURITIES INCOME FUND INC DATE OF NAME CHANGE: 20130307 FORMER COMPANY: FORMER CONFORMED NAME: Flaherty & Crumrine/CLAYMORE PREFERRED SECURITIES INCOME FUND INC DATE OF NAME CHANGE: 20050708 FORMER COMPANY: FORMER CONFORMED NAME: F&C/CLAYMORE PREFERRED SECURITIES INCOME FUND INC DATE OF NAME CHANGE: 20020702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLAHERTY & CRUMRINE TOTAL RETURN FUND INC CENTRAL INDEX KEY: 0001245648 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 301 E COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: (626) 795-7300 MAIL ADDRESS: STREET 1: 301 E COLORADO BLVD STE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 FORMER COMPANY: FORMER CONFORMED NAME: FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC DATE OF NAME CHANGE: 20030623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Flaherty & Crumrine Dynamic Preferred & Income Fund Inc CENTRAL INDEX KEY: 0001559991 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: BUSINESS PHONE: 626-795-7300 MAIL ADDRESS: STREET 1: 301 E. COLORADO BOULEVARD, SUITE 800 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 FORMER COMPANY: FORMER CONFORMED NAME: Flaherty & Crumrine Preferred & Income Allocation Fund Inc DATE OF NAME CHANGE: 20121019 FORMER COMPANY: FORMER CONFORMED NAME: Flaherty & Crumrine Global Preferred & Income Securities Fund Inc DATE OF NAME CHANGE: 20121010 CORRESP 1 filename1.htm

787 Seventh Avenue
New York, NY 10019-6099

Tel: 212 728 8000
Fax: 212 728 8111

VIA EDGAR

May 26, 2020

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549-4720

Re:	Flaherty & Crumrine Preferred and Income Fund Incorporated (PFD)
	(SEC File No. 811-06179)
	Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (PFO)
	(SEC File No. 811-06495)
	Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (FFC)
	(SEC File No. 811-21129)
	Flaherty & Crumrine Total Return Fund Incorporated (FLC)
	(SEC File No. 811-21380)
	Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (DFP)
	(SEC File No. 811-22762)

Dear Mr. Long:

This is in response to your oral comments to the undersigned and Neesa P. Sood of Willkie Farr & Gallagher LLP in a telephone conference on April 30, 2020, regarding the examinations of the public filings of the Funds, in particular the annual reports filed on Form N-CSR for the year ended November 30, 2019. As requested, we have restated your comment in italics.

Comment No. 1: With respect to DFP, FFC and FLC, each Fund’s website discloses on the front page of its website and its fact card an expense ratio that excludes interest expense. Note however, the audited financial statements include two sets of expense ratios – one that excludes interest expense and one that includes interest expense. Consider adding a footnote to the expense ratio disclosed on each Fund’s website noting what the expense ratio would be including interest expense.

Response No. 1: DFP, FFC and FLC will update the expense ratio information as requested.

New York Washington Houston Palo Alto San francisco Chicago Paris London Frankfurt Brussels Milan Rome

Page 2

Comment No. 2: Please disclose in future notes to the financial statements that the Funds follow the accounting and reporting guidance for investment companies (See ASC 946-10-50-1).

Response No. 2: Note 1 “Organization” in each Fund’s annual report indicates that the Funds are closed-end management investment companies under the Investment Company Act of 1940. Note 2 “Significant Accounting Policies” states that the “preparation of the financial statements is in conformity with U.S. generally accepted accounting principles.” We believe this disclosure is consistent with ASC 946-10-50-1. However, in future notes to the financial statements we will include the requested disclosure.

Should you have any follow-up questions concerning this letter, please do not hesitate to contact me at (212) 728-8970.

Very truly yours,

/s/ Jay Spinola

Jay Spinola

cc:

Chad C. Conwell, Flaherty and Crumrine Incorporated

Neesa P. Sood, Willkie Farr & Gallagher LLP

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