SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
RULE 23C-2 NOTICE OF INTENTION
TO REDEEM SECURITIES
OF
FLAHERTY & CRUMRINE/
CLAYMORE PREFERRED SECURITIES INCOME
FUND INCORPORATED
301 E. Colorado Boulevard, Suite 720
Pasadena, CA 91101
(626) 795-7300
under the
Investment Company Act of 1940
Investment Company Act File No. 811-21129
The undersigned registered closed-end investment company hereby
notifies the Securities and Exchange Commission that it intends to redeem
securities of which it is the issuer, as set forth below in accordance with the
requirements of Rule 23c-2 under the Investment Company Act of 1940, as amended,
and states that it is filing this notice with the Commission pursuant to
permission granted by the Commission's staff fewer than 30 days prior to the
date set for redemption.
(1) Title of the class of securities of Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated (the "Fund") to be
redeemed:
Auction Market Preferred Stock, 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), par value $.01 per share, liquidation
preference of $25,000 per share (the "Preferred Stock").
(2) Date on which the securities are to be called or redeemed:
October 20, 2008
(3) Applicable provisions of the governing instrument pursuant to which
the securities are to be called or redeemed:
The shares of Preferred Stock are to be redeemed pursuant to Part I,
Articles 8(b) and 8(c), of the Fund's Articles Supplementary Establishing
and Fixing the Rights and Preferences of Auction Market Preferred Stock.
(4) The number of shares to be redeemed and the basis upon which the
shares to be redeemed are to be selected:
The Fund intends to redeem, on a pro rata basis by series (as determined by
the Depository Trust Company), the number of outstanding shares of Preferred
Stock set forth below:
Series Number of Shares
------ ----------------
M7 82
T7 82
W7 82
TH7 82
F7 82
T28 73
W28 72
- 2 -
SIGNATURE
---------
Pursuant to the requirement of Rule 23c-2 of the Investment Company
Act of 1940, the Fund has duly caused this Notice of Intention to Redeem
Securities to be signed on its behalf by the undersigned, in the City of
Pasadena and the State of California, on this 30th day of September 2008.
FLAHERTY & CRUMRINE/
CLAYMORE PREFERRED SECURITIES
INCOME FUND INCORPORATED
By: /s/R. Eric Chadwick
---------------------------
Name: R. Eric Chadwick
Title: Chief Financial officer