--------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): MAY 1, 2008
FLAHERTY & CRUMRINE/CLAYMORE PREFERRED SECURITIES INCOME FUND INCORPORATED
(Exact name of registrant as specified in charter)
MARYLAND 333-103841 71-0922130
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
301 E. COLORADO BOULEVARD, SUITE 720, PASADENA, CALIFORNIA 91101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (626) 795-7300
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
ITEM 8.01. OTHER EVENTS.
REDEMPTION OF MAJORITY OF OUTSTANDING PREFERRED SHARES
------------------------------------------------------
On May 1, 2008, Flaherty & Crumrine/Claymore Preferred Securities Income Fund
Incorporated issued a press release announcing that it has received secured
committed financing that it intends to use to redeem approximately 70% of its
outstanding auction market preferred stock at a redemption price equal to the
liquidation preference of $25,000 per share, plus the amount of accumulated but
unpaid dividends, for consideration of approximately $377 million. The AMPS are
designated, respectively, as Series M7 (CUSIP #338478209), Series T7 (CUSIP
#338478308) Series W7 (CUSIP #338478407), Series TH7, (CUSIP #338478506), Series
F7 (CUSIP #338478605), Series T28 (CUSIP #338478704) and Series W28 (CUSIP
#338478803). A copy of the press release is filed as an exhibit to this report.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
EXHIBIT
NUMBER DESCRIPTION
------ -----------
99 Press release issued by Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated on
May 1, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: May 5, 2008
FLAHERTY & CRUMRINE/CLAYMORE PREFERRED
SECURITIES INCOME FUND INCORPORATED
By: /S/ DONALD F. CRUMRINE
------------------------
Donald F. Crumrine
Chief Executive Officer