Flaherty & Crumrine Total Return Fund Inc

Flaherty & Crumrine Total Return Fund, Inc. is a closed-end investment fund. Its investment objective is to provide high current income for holders of its common stock. The company invests in traditional preferred stock, trust preferred securities, and hybrid securities that have characteristics of both equity, and debt securities. Flaherty & Crumrine Total Return Fund was founded on August 29, 2003 and is headquartered in Pasadena, CA.

Flaherty & Crumrine Total Return Fund, Inc. is a closed-end investment fund. Its investment objective is to provide high current income for holders of its common stock. The company invests in traditional preferred stock, trust preferred securities, and hybrid securities that have characteristics of both equity, and debt securities. Flaherty & Crumrine Total Return Fund was founded on August 26, 2003 and is headquartered in Pasadena, CA.

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John Hancock Preferred Income Fund II

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Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc.

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Flaherty & Crumrine Preferred Income Fund Inc

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Flaherty & Crumrine Preferred Income OpportunityFund Inc

Cohen & Steers Select Preferred and Income Fund

Cohen & Steers Tax-Adv Pref Secs and Inc Fund

UBS Group AG

Today, I wanted to take a broader look at the preferred closed-end fund space. After struggling for most of the last year due to rapidly-rising interest rates, the latest banking failures sent preferred CEFs spiraling.

Preferred Closed-End Funds: Out Of The Frying Pan Into The Fire

FLC has begun to trade at a discount, which this fund has rarely done since the GFC. With the pace of interest rate increases expected to slow, most of the damage we experienced in 2022 should be done for this fund.

FLC: Valuation Looking Attractive

Flaherty & Crumrine family has delivered strong risk adjusted returns for preferred shares. We examine two of their funds today and see where they stand relative to each other.

Battle Of The Preferred CEFs: Sell PFD, Buy FLC

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Blackrock California Muni Income Trust

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Blackstone/GSO Senior Floating Rate Term Fund

Brandywine Global Income Opportunities Fund Inc

Eaton Vance California Municipal Income Trust

MFS Investment Grade Municipal Trust

DoubleLine Income Solutions Fund

BNY Mellon Strategic Municipal Bond Fund, Inc.

Western Asset Global High Income Fund

Western Asset Emerging Markets Debt Fund

Eaton Vance Municipal Income 2028 Term Trust

Eaton Vance California Municipal Bond Fund

Federated Premier Municipal Income Fund

Western Asset Global Corp Defined Opportunity Fund Inc

Highland Income Fund

Western Asset High Income Fund

Pioneer Diversified High Income Trust

New American High Income Fund

KKR Income Opportunities Fund

Deutsche Strategic Municipal Income Trust

BlackRock MuniYield Pennsylvania Quality Fund

Nuveen Missouri Quality Municipal Income Fund

Nuveen Pennsylvania Quality Municipal Income Fund

Oxford Lane Capital

PIMCO Dynamic Income Fund

PIMCO Dynamic Income Opportunities Fund

Pioneer High Income Trust

PIMCO Strategic Income Fund Inc

Cushing MLP & Infrastructure Total Return Fund

Invesco Pennsylvania Value Municipal Income Trust

Western Asset Diversified Income Fund

Western Asset/Claymore Inflation-Linked Securities & Income Fund

Western Asset/Claymore Inflation-Linked Opportunities & Income Fund

Only funds with coverage >100% are considered. Top lists of discount, yield, DxY, and DxYxZ are given.

Quality Closed-End Fund Report, November 2022

My last article reviewed the Flaherty & Crumrine Preferred and Income Securities Fund. All five F&C CEFs are down and one suggested strategy was doing a tax-loss swap. While all five funds invest closely, I chose to review two as a possible replacement for those investors who do not want to wait out the 30-day "wash rule" period.

Possible Tax-Loss Trades For Flaherty & Crumrine CEFs

Western Asset Mortgage Opportunity Fund

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Invesco Senior Income Trust

We review CEF market valuation and performance through the last week of September and highlight recent market action. September was the worst month for CEFs since March of 2020, with a double-digit drop for the broader CEF space.

CEF Weekly Review: Rising Leverage Costs Remain A Headwind For Some Funds

PASADENA, Calif.--(BUSINESS WIRE)--The Boards of Directors of Flaherty & Crumrine Preferred and Income Fund Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (NYSE: PFO), Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (NYSE: FFC), Flaherty & Crumrine Total Return Fund Incorporated (NYSE: FLC) and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE: DFP) today announced that they have d

PFD, PFO, FFC, FLC and DFP Announce October and November Dividends

Blackstone Strategic Credit Fund

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BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund Inc

BNY Mellon High Yield Strategies Fund 

DoubleLine Yield Opportunities Fund

Western Asset High Income Opportunity Fund Inc

Nuveen Real Asset Income & Growth Fund

Pimco Global Stockplus & Income Fund

Principal Real Estate Income Fund

Pioneer Floating Rate Trust

RiverNorth Capital and Income Fund

Franklin Templeton Emerging Markets Income Fund

XAI Octagon Floating Rate & Alternative Income Term Trust

Only funds with yields over 6.5%, coverage higher than 85%, and trading at under a +5% premium are considered. Top lists of discount, yield, DxY and DxYxZ are given.

The 'High-High-Low' Closed-End Fund Report, August 2022

Flaherty & Crumrine Preferred and Income Securities Fund Incorporated and Flaherty & Crumrine/Claymore Total Return Fund are among the best in the fixed income space. We update our macro outlook on preferred shares.

FFC And FLC: Preferred Funds That Hit The Spot

PFD, PFO, FFC, FLC and DFP Announce August and September Dividends

FLC has fallen to a discount as higher rates pressure the preferred holding fund. This fund has rarely traded at a significant discount over the last decade-plus, which could be presenting a buying opportunity.

FLC: Looking Like A Solid Buy These Days

When we last covered the Flaherty & Crumrine funds, we provided a free lunch. It was a simple but brilliant call that saved a lot of money.

DFP, PFD And FLC: Did You Enjoy Your Free Lunch?

Blackrock Debt Strategies Fund Inc

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PIMCO Income Strategy Fund

PIMCO Income Strategy Fund II

Pimco New York Municipal Income Fund II

Pimco New York Municipal Income Fund III

Recent market volatility has opened up discount valuation divergences between very similar CEFs.

Pick Up Yield In These CEF Relative Value Switches

Apollo Tactical Income Fund, Inc.

Blackrock Limited Duration Income Trust

Credit Suisse Asset Management Income Fund

Doubleline Opportunistic Credit Fund

Credit Suisse High Yield Bond Fund

Eagle Point Credit

Stone Harbor Emerging Markets Total Income Fund

Only funds with yields over 6.5%, coverage higher than 85% and trading at under a +5% premium are considered. Top lists of discount, yield, DxY and DxYxZ are given.

'High-High-Low' Closed-End Fund Report, February 2022: ARDC, HYB, JRI Buy Ratings Affirmed

FLC is a closed end fund focusing on preferred securities from the banking and insurance sectors. The fund has very good 5- and 10- year total returns which stand at 8.5% and 9.4% respectively.

FLC - Preferred Securities Portfolio With A 7.14% Yield

John Hancock Premium Dividend Fund

Income investors should consider replacing the over-owned S&P 500 index fund with these underappreciated yields up to 7.5%.

How To Make Blue Chips Pay You 6% To 7%

For a brief period in 2021, this fund had touched a double-digit premium as enthusiastic investors scooped up shares. Since then, the premium has become much more subdued, though stubbornly hanging on.

FLC: Valuation Comes Back Down To A More Attractive Level

Today, we are taking a refreshed look at the preferred closed-end fund space. We see that the entire space has become more expensive, yet at the same time, distribution yields have dropped - this is mirroring the broader CEF spaces actions.

Closed-End Funds: A Check-Up On The Preferred Space

Alpine Global Dynamic Dividend Fund

Alpine Total Dynamic Dividend Fund

First Trust MLP & Energy Income Fund

First Trust New Opportunities Mlp & Energy Fund

PIMCO Dynamic Credit and Mortgage Income Fund

Pimco Income Opportunity Fund

'High-High-Low' Closed-End Fund Report, November 2021

A recovery in credit spreads and a drop in Treasury yields have buoyed the prices of preferred stocks and sector CEF NAVs. This has allowed preferred CEFs to increase borrowings this year which drives higher income levels and strengthens distribution coverage.

Preferreds CEF Sector Adds Borrowings To Boost Income

Last time we touched on FLC, they had trimmed their distribution a bit. They are focused on sustainability and making sure their distributions are covered through income.

FLC: Distribution Secure For Another Quarter, A Relative Value

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BlackRock Taxable Municipal Bond Trust

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Calamos Dynamic Convertible & Income Fund

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Calamos Convertible And High Income Fund

Eaton Vance Enhanced Equity Income Fund II

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Gabelli Equity Trust

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India Fund Inc

CBRE Global Real Estate Income Fund

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Virtus Dividend Interest & Premium Strategy Fund

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Cohen And Steers Total Return Realty Fund

Royce Micro-Cap Trust

Royce Value Trust

For income investors, closed-end funds remain an attractive investment class that covers a variety of asset classes and promise high distributions and reasonable total returns.

5 Best CEFs To Buy This Month (August 2021)

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Calamos Long/Short Equity & Dynamic Income Trust

Eaton Vance Risk-Managed Diversified Equity Income Fund

First Trust Senior Floating Rate Income Fund II

Templeton Global Income Fund

Miller/Howard High Income Equity Fund

Morgan Stanley Emerging Markets Debt Fund

Nuveen Municipal Credit Opportunities Fund

Pimco California Municipal Income Fund II

Virtus InfraCap U.S. Preferred Stock ETF

Global X U.S. Preferred ETF

Putnam Premier Income Trust

Principal Spectrum Preferred Secs Active ETF

The major equity indices had their worst week since early January - mostly on inflation concerns and a hawkish FOMC that signaled an increase in rates may come sooner than expected. On Friday, stocks took another leg lower after St. Louis Fed President James Bullard said that he expects the Fed's first rate hike in late 2022.

CEF Weekly Commentary | June 20, 2021

BlackRock Science and Technology Trust II

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Clough Global Equity Fund

Clough Global Dividend and Income Fund

Morgan Stanley

A total of 6 funds added this month means it was a more active month of buying than the prior.

6 Closed-End Fund Positions Added To My Portfolio In June

The latest distribution announcement from Flaherty&Crumrine saw cuts across all their funds. The cuts were rather minimal and could be a reflection of lower anticipated income going forward.

FLC: Small Distribution Trim As They Focus On Sustainability

News for Flaherty & Crumrine Total Return Fund Inc ETF (FLC)