Flaherty & Crumrine Announces Robert Ettinger’s Retirement as Portfolio Manager

Flaherty & Crumrine Incorporated today announces that Robert M. Ettinger, due to his impending retirement, will no longer serve as a portfolio manager for clients of the firm, effective June 30, 2015.

“On behalf of everyone at Flaherty & Crumrine, I would like to thank Bob for his service and leadership throughout his 30 years here” said R. Eric Chadwick, President of Flaherty & Crumrine. “We are confident that the firm is evolving in a way that will enhance and extend the high levels of performance and service that we’ve provided throughout our history. And, we remain committed to our team approach in managing portfolios of preferred securities.”

Donald Crumrine, co-founder of Flaherty & Crumrine, added, “Bob helped build this firm into a leading U.S. manager of preferred securities, and more importantly made valuable contributions to our outstanding long-term investment performance.”

Robert Ettinger has been a member of the portfolio management team of Flaherty & Crumrine since he joined the firm in 1985. Until September 2014, he also served as the firm’s president.

“It has been a pleasure working alongside the talented individuals at Flaherty & Crumrine,” said Robert Ettinger. “I have great confidence they will maintain the high standards we’ve achieved over our 32 years of history. I respect this group of professionals and while it’s a difficult decision to retire, it’s made easier knowing that this team will carry on providing outstanding service to our clients.”

R. Eric Chadwick, Bradford S. Stone and Donald Crumrine continue as portfolio managers for all Flaherty & Crumrine strategies.

Since its inception in 1983, Flaherty & Crumrine has grown to manage over $5 billion of assets under management with 17 employees, including 10 investment professionals. In addition to managing portfolios for institutional clients, the firm serves as investment adviser to five closed-end registered investment companies in the U.S. and as subadviser to one closed-end investment trust in Canada and a U.S. open-end mutual fund:

• Flaherty & Crumrine Preferred Income Fund Incorporated (NYSE: PFD)
• Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated (NYSE: PFO)
• Flaherty & Crumrine Preferred Securities Income Fund Incorporated (NYSE: FFC)
• Flaherty & Crumrine Total Return Fund Incorporated (NYSE: FLC)
• Flaherty & Crumrine Dynamic Preferred and Income Fund (NYSE: DFP)
• Flaherty & Crumrine Investment Grade Fixed Income Fund (TSX: FFI.UN)
• Destra Preferred Securities and Income Fund (DPIAX, DPIIX, DPICX)

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Flaherty & Crumrine IncorporatedR. Eric Chadwick, [e-mail] Conwell, 626-795-7300Executive Vice [e-mail]