| New York Stock Exchange: FLC
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.