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FLC Fund Overview
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(FLC) Flaherty & Crumrine/Claymore
Total Return Fund
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Common Shares
Daily Data
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| Current Distribution Rate7 |
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| Monthly Dividend Per Share1 |
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| 52 Week High/Low Share Price2 |
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| Intraday Trading Information |
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Weekly Data
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| 52-week Average Premium/Discount |
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| Current Distribution Rate |
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| Common Shares Outstanding |
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| Overall Percent Leveraged8 |
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Semi-Annual Data
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| Shareholder Servicing Agent |
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| Expense Ratio (Total Fund)6 |
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| Expense Ratio (Common Shares)6 |
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Inception Information
Common Shares 3
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| The Wall Street Journal Listing |
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Auction Market Preferred Shares4
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| 1940 Act Asset Coverage Ratio4 |
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1 Dividend per share is subject to change on the ex-dividend date. The distribution amount may include net investment income, capital gains and/or return of capital. The distribution amount alone is not indicative of Fund performance.
2 Figures are based on market close.
3 Based on the prospectus information.
4 The Fund is required by the 1940 Act to maintain an asset coverage ratio of at least 2 to 1 with respect to senior securities that are stock, including AMPS.
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5 Not annualized
6 Expense ratios are annualized
7 Latest declared monthly dividend per share annualized and divided by the current share price. To the extent any portion of the current distribution is estimated to be sourced from something other than income, such as return of capital, the source would be disclosed on a Section 19a-1 letter located under the “Fund News” section of the “News & Literature” section of the Fund’s website. The distribution rate may include net investment income, capital gains and/or return of capital. The distribution rate alone is not indicative of Fund performance.
8 The Fund currently utilizes a blended form of leverage that consists of AMPS and debt financing
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FLC
Investment Objective |
The Fund’s investment objective is high current income for holders of its common stock. The Fund's secondary
investment objective is capital appreciation. At least 80% of the Fund's
total assets will be invested in a diversified portfolio of preferred
securities and other income-producing securities consisting of various debt
securities. The portion of the Fund's assets invested in preferred securities, on the one hand, and debt securities, on the other, will vary from time to time consistent with the Fund's investment objectives, although the Fund will normally invest at least 50% of its total assets in preferred securities. At least 80% of the Fund's holdings of preferred and debt securities will be investment grade quality at the time of purchase. Up to 20% of the Fund's total assets may be invested in securities rated below investment grade (which securities must be rated at least either Ba3 or BB- at the time of purchase), provided the issuer has investment grade senior debt outstanding. Preferred and debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay dividends and interest and repay principal. Due to the risks involved in investing in preferred and debt securities of below investment grade quality, an investment in the Fund should be considered speculative. Under normal market conditions, the Fund will invest 25% or more of its total assets in securities of companies in each of the utilities industry and the banking industry. The Fund's investment adviser intends to pursue strategies that include, among other things, hedging, which it expects generally to result in the Fund’s income increasing in response
to significant increases in long-term interest rates while being relatively resistant
to the impact of declines in long-term interest rates. There can be no
assurance the Fund will achieve its investment objectives.
Hedging Strategy
The response of the Fund’s
income to changes in long-term interest rates will be impacted by the effectiveness of
its hedging strategies.
The hedging positions that the Fund currently expects to hold normally are anticipated
to appreciate in value when long-term interest rates rise significantly, reflecting
either the rise in yields of Treasury securities or interest-rate swap
yields, as applicable, and the associated decline in the prices of
underlying Treasury securities or decreased net market value of an
obligation to pay a fixed-income stream in a higher interest-rate
environment.
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FLC Portfolio
Overview |
(as of
7/31/2008)
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| Banks |
33.70%
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| Utilities |
28.10%
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| Insurance |
19.80%
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| Finance |
7.40%
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| Energy |
4.70%
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| REITs |
3.20%
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| Communications |
0.70%
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| Miscellaneous |
2.40%
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(as of
7/31/2008)
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| Midamerican Energy |
6.60%
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| Liberty Mutual Group |
4.60%
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| Banco Santander |
4.40%
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| AON Corp |
3.40%
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| Sovereign Bancorp |
2.90%
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| Axis Capital |
2.70%
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| Dominion Resources |
2.60%
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| Merrill Lynch |
2.50%
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| Unum Group |
2.50%
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| Wachovia |
2.40%
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(as of
7/31/2008)
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| Aa |
5.30%
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| A |
20.30%
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| Baa |
53.30%
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| Ba |
17.70%
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| Below B |
0.10%
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| Not Rated |
3.30%
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Bonds with a credit rating of Ba or lower are considered below investment grade. “Not Rated” includes options, common stock and unrated securities by Moody’s.
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All portfolio data will change as the Fund's holdings change (which can be on a daily basis).
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FLC $1,000 Investment |
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Market Performance on a Hypothetical $1,000 Investment
Since Inception of Fund |
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All distributions are assumed to be reinvested at the applicable dividend reinvestment price.
Past performance is not indicative of future results.
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