SPFF

PFFD invests in a broad basket of U.S. preferred stocks, delivering benchmark-like exposure to the preferred securities asset class. Preferreds sit between bonds and common equity in a company's capital structure, offering a distinct income-and-risk profile. The Fund seeks to pay distributions monthly.

PFFV invests in a broad basket of U.S. variable rate preferred stocks, providing benchmark-like exposure to the asset class with the potential to mitigate rising interest rate risk through coupon payments that adjust over their lifespan. The Fund seeks to pay distributions monthly.

MLPA invests in some of the largest and most liquid midstream Master Limited Partnerships (MLPs), providing exposure to companies involved in the transportation, storage, and processing of energy commodities.

SPFF can complement core fixed income allocations by adding concentrated, high-yield exposure to U.S. preferred securities—bridging the space where broad bond allocations may leave income-seeking investors underserved.

Preferred stocks have historically offered yields above traditional fixed income, and income that may qualify for preferential tax treatment as qualified dividend income, reinforcing the asset class's role within a diversified income stack.

SPFF invests in 50 of the highest yielding preferreds in the United States, potentially increasing a portfolio's yield.

SPFF has made monthly distributions 13 years running.

Preferred securities may also provide an income advantage. Income from preferred stocks may be treated as qualified dividends (QDI), rather than as regular interest income.

The financial statements include the Fund's disclosures required by Items 7 through 11 of Form N-CSR, which includes the financial statements, financial highlights, and other important information when applicable.

The financial statements include the Fund's disclosures required by Items 7 through 11 of Form N-CSR, which includes the financial statements, financial highlights, and other important information when applicable.

Monthly

1. 1

   The distribution as a percentage an investor would have received if they had held the fund over the last twelve months, assuming the most recent NAV. The Trailing 12-Month Distribution (%) is calculated by summing any income, capital gains and return of capital distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the same period. The distribution is estimated to include a return of capital. For information on the breakdown of the distributions, please see the 19a Notice. These do not imply rates for any future distributions.

2. 2

   The annual rate an investor would receive if the most recent fund distribution remained the same going forward. The rate represents a single distribution from the fund and does not represent total return of the fund. The distribution rate is calculated by annualizing the most recent distribution and dividing by the most recent fund NAV. The distribution is estimated to include a return of capital. For information on the breakdown of the distributions, please see the 19a Notice. These do not imply rates for any future distributions.