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Although Flaherty & Crumrine Total Return Fund's ( FLC ) name implies a focus on attractive total returns, I believe the fund is best suited as an income position within a diversified portfolio. When I previously covered FLC, I issued a hold rating due to the discounted valuation but questionable dividend sustainability. Since the time of my last coverage, FLC has released some updated reporting and the macroeconomic environment has shifted a bit. So I wanted to reassess the fund's performance and outlook for the remainder of the year....