FLC - Flaherty & Crumrine Total Return Fund
A closed-end fund run by Flaherty & Crumrine. Invests in a mix of shares and bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor holds a stake, but it has not asked for changes.
- Sit Investment owns 10.4% as a passive investor. On file since Jan 3, 2025.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.
Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.
What happened, and when
-
Feb 4, 2026
Sit Investment raised its stake to 10.4% (from 5.4%), as a passive investor.
Original document → -
Jan 3, 2025
Sit Investment now owns 5.4%, as a passive investor.
Original document →
About this fund
- Run by Flaherty & Crumrine Incorporated. Part of the Flaherty & Crumrine fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
- Size: about $195 million of holdings, as of May 29, 2026. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 39% on top of its own money, as of May 29, 2026. Borrowed money makes gains and losses bigger. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.9% a year in management fees; 4.6% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $1.18 a share, all of it income. As of Nov 30, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Nov 30, 2025): $18.93. The shares traded at $17.38, about 8.2% below that.
As of Nov 30, 2025, from the fund's yearly report. Original document →
Over the last two years the gap ranged from 15.4% below to 6% below. As of Nov 30, 2025, from the fund's annual report. Original document → - How the holdings did: down 2.7% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +9.5%. As of May 29, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Nov 30, 2025): the value of the holdings returned +9.2%. How the share price did: the shares returned +11.4% over the same year, counting payouts and the change in the market price. As of Nov 30, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 2003.
+32%-2%
June 2024May 2026
What the fund holds
Mostly bonds (69%), the rest preferred shares and cash and short-term holdings. About 73% issued in the U.S.
- Liberty Mutual Group, Libmut 7.8 03/15/37 144A - 3.6%
- Metlife, Met 9.25 04/08/38 - 3.2%
- Societe Generale SA, Socgen V6.75 Perp 144A - 3.1%
- Provident Financing Trust I, Unm 7.405 03/15/38 - 3.1%
- Flagstar Bank Na Depositary Shares, Each Representing A 1/40TH Interest in A Share of Wfixed-To-Floating Rate Series A Noncumulative Perpetual Preferr - 2.9%
- Delphi Financial Group Inc 7.376% Fixed to Float Rate Junior Subordinated Debentures Due 2067 - 2.8%
- BNP Paribas SA, BNP V7.375 Perp 144A - 2.6%
- Cash and short-term - 2.5%
- Metlife, Met 10.75 08/01/39 - 2.4%
- Societe Generale SA, Socgen V9.375 Perp 144A - 2.3%
Show all 25
- Fifth Third Bancorp Depositary Shares, Each Representing A 1/1,000TH Ownership Interest in A Share of Series I Preferred Stock - 2.2%
- HSBC Holdings PLC, HSBC V6.5 Perp - 2.2%
- Land O'lakes, LLAKES 7.25 PERP 144a - 2%
- Banco Santander SA, Santan V4.75 Perp 0000 - 1.9%
- Fifth Third Bancorp Depositary Shares Representing A 1/40TH Ownership Interest in A Share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferre - 1.9%
- FT Real Estate Securities Co Inc Pfd Cl B 144A class B shares - 1.7%
- Liberty Mutual Insurance Company, Libmut 7.697 10/15/97 144A - 1.7%
- PNC Financial Services Group, PNC V6 Perp U - 1.7%
- Pinnacle Financial Partners Inc Fixed Rate Reset Non-Cum Perp preferred shares - 1.7%
- Regions Financial Corp Depositary Shares Each Representing A 1/40TH Interest in A Share of 5.700% Fixed-To-Floating Rate Non-Cumulative Perpetual preferred shares - 1.6%
- Athene Holding Ltd 6.35%DEP 1/1000TH Perp Non Cum preferred shares - 1.6%
- Morgan Stanley Depositary Shares Each Representing 1/1,000 Th of A Share of Fixed-To-Floating Rate Non-Cumulative Preferred Stock - 1.5%
- Banco Bilbao Vizcaya Argentaria SA, Bbvasm V6.125 Perp - 1.5%
- Algonquin Power & Utilities Corp Fixed-To-Floating Rate Subordinated Notes Series 2019-A Due July 1, 2079 - 1.4%
- Wells Fargo & Company, Wfc V7.625 Perp - 1.3%
As of May 29, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Feb 4, 2026 | Sit Investment | 10.4% | Updated notice |
| Jan 3, 2025 | Sit Investment | 5.4% | Passive investor |
No announcements from the fund on file.
- Run by
- Flaherty & Crumrine Incorporated
- Fund family
- Flaherty & Crumrine
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-21380
- Auditor
- KPMG LLP
- Fiscal year end
- Nov 30, 2025
- Number of holdings
- 262
- Preferred share classes
- none
Email me when something new is filed for FLC
Free. One email per notice or announcement, usually within a day. No password.