<SEC-DOCUMENT>0001206774-15-001374.txt : 20150423
<SEC-HEADER>0001206774-15-001374.hdr.sgml : 20150423
<ACCEPTANCE-DATETIME>20150423164803
ACCESSION NUMBER:		0001206774-15-001374
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150421
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150423
DATE AS OF CHANGE:		20150423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0001245648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		15789018

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	20030623
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>fandctrf_8k.htm
<DESCRIPTION>CURRENT REPORT
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<P align=center><B><FONT face="Times New Roman" size=4>UNITED
STATES<BR></FONT></B><B><FONT face="Times New Roman" size=4>SECURITIES AND
EXCHANGE COMMISSION<BR></FONT></B><B><FONT face="Times New Roman">Washington,
D.C. 20549</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=5>FORM 8-K</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">CURRENT REPORT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">Pursuant to Section 13 or 15(d)
of the<BR>Securities Exchange Act of 1934</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Date of Report (date of
earliest event reported): April 21, 2015</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4>FLAHERTY &amp; CRUMRINE
TOTAL RETURN FUND INCORPORATED<BR></FONT></B><FONT face="Times New Roman" size=2>(Exact name of Registrant as specified in its charter) </FONT></P>
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    <TD noWrap style="text-align: center" width="32%"><B><FONT face="Times New Roman" size=2>Maryland</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=2>811-21380</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=2>13-4258227</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="32%"><FONT face="Times New Roman" size=2>(State or other jurisdiction of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(Commission File Number)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(I.R.S. Employer Identification</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="32%"><FONT face="Times New Roman" size=2>incorporation)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>No.)</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>301 E. Colorado
Blvd.<BR>Suite 720<BR>Pasadena, CA 91101<BR></FONT></B><FONT face="Times New Roman" size=2>(Address of principal executive offices and zip
code)</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Registrant&#146;s telephone
number, including area code: </FONT><B><FONT face="Times New Roman" size=2>626-795-7300</FONT></B></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>Not
Applicable<BR></FONT></U></B><FONT face="Times New Roman" size=2>(Former name or
former address, if changed since last report)</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</FONT></P>
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    <TD style="BORDER-RIGHT: #ffffff 15pt solid; BORDER-BOTTOM: #ffffff 10pt solid" vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 10pt solid" vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid; BORDER-BOTTOM: #ffffff 10pt solid" vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 10pt solid" vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Soliciting material
      pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid; BORDER-BOTTOM: #ffffff 10pt solid" vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 10pt solid" vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid" vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Item 5.02.
</FONT></B><B><FONT face="Times New Roman" size=2>Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>On April 21, 2015, the Boards
of Directors of Flaherty &amp; Crumrine Dynamic Preferred and Income Fund
</FONT><FONT face="Times New Roman" size=2>Incorporated (NYSE: DFP), Flaherty
&amp; Crumrine Preferred Securities Income Fund Incorporated (NYSE: FFC) and
Flaherty &amp; Crumrine Total Return Fund Incorporated (NYSE: FLC) elected the
following new officers of the funds.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=left><FONT face="Times New Roman" size=2>R.
Eric Chadwick, Chief Executive Officer and President<BR>Bradford S. Stone, Chief
Financial Officer and Vice President </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Mr. Chadwick replaces Donald
F. Crumrine as the principal executive officer of each fund and Robert M.
Ettinger as the President. Mr. Chadwick had previously served as Chief Financial
Officer and Vice President of FFC and FLC since 2004 and of DFP since its
inception in 2013. Mr. Crumrine had served as principal executive officer since
the inception of each fund. Mr. Crumrine will continue to serve as the Chairman
of the Boards of Directors.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Mr. Stone replaces Mr.
Chadwick as the principal financial officer of each fund. Mr. Stone had
previously served as a Vice President and Assistant Treasurer of FFC since 2003
and of FLC and DFP since the inception of each fund. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>All other officer positions
remain unchanged from the prior fiscal year. In addition, Messrs. Chadwick,
Stone, Crumrine and Ettinger continue to serve as portfolio managers.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>A copy of the press release
announcing the election is filed as Exhibit 99.1 to this Report and is
incorporated herein by reference. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>Item 9.01. Financial Statements and
Exhibits</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT face="Times New Roman" size=2>Exhibits</FONT></I><FONT face="Times New Roman" size=2>. </FONT><FONT face="Times New Roman"></FONT></P>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face="Times New Roman" size=2>Exhibit No.</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Press Release, dated April 21,
  2015</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>- 2 - </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</FONT></P>
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    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>TOTAL RETURN</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>FUND
      INCORPORATED</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Date: April 22, 2015</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="24%"><FONT face="Times New Roman" size=2>/s/ R. Eric Chadwick</FONT></TD>
    <TD noWrap align=left width="24%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%" colSpan=2><FONT face="Times New Roman" size=2>R. Eric Chadwick</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%" colSpan=2><FONT face="Times New Roman" size=2>Chief Executive Officer and
      President</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>- 3 - </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE, DATED APRIL 21, 2015
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<BR><IMG src="fandctrf_8kx4x1.jpg" border=0><BR><BR>
<P align=left><B><FONT face="Times New Roman" size=2>DFP, FFC AND FLC ANNOUNCE
RESULTS OF ANNUAL ELECTION OF OFFICERS<BR></FONT></B><FONT face="Times New Roman" size=2>PASADENA, CALIFORNIA &#150; April 21, 2015</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Boards of Directors of
Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated
(</FONT><B><FONT face="Times New Roman" size=2>NYSE:</FONT></B><B><FONT face="Times New Roman" size=2></FONT></B><B><FONT face="Times New Roman" size=2> DFP</FONT></B><FONT face="Times New Roman" size=2>), Flaherty &amp;
Crumrine Preferred Securities Income Fund Incorporated </FONT><B><FONT face="Times New Roman" size=2>(NYSE: FFC) </FONT></B><FONT face="Times New Roman" size=2>and Flaherty &amp; Crumrine Total Return Fund Incorporated </FONT><B><FONT face="Times New Roman" size=2>(NYSE: FLC) </FONT></B><FONT face="Times New Roman" size=2>today elected the following new officers of the
funds.</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=left style="padding-left: 15pt"><FONT face="Times New Roman" size=2>R. Eric Chadwick, Chief
Executive Officer and President<BR>Bradford S. Stone, Chief
Financial Officer and Vice President</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Mr. Chadwick replaces Donald
F. Crumrine as the principal executive officer of each fund and Robert
M. Ettinger as the President. Mr. Chadwick had previously served as Chief
Financial Officer and Vice President of FFC and FLC since 2004 and
of DFP since its inception in 2013. Mr. Crumrine had served as
principal executive officer since the inception of each
fund. Mr. Crumrine will continue to serve as the Chairman of the Boards
of Directors.</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Mr. Stone replaces Mr.
Chadwick as the principal financial officer of each fund. Mr. Stone had
previously served as a Vice President and Assistant Treasurer
of FFC since 2003 and of FLC and DFP since the inception of each
fund.</FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>All other officer positions
remain unchanged from the prior fiscal year. In addition, Messrs. Chadwick,
Stone, Crumrine and Ettinger continue to serve as
portfolio managers.</FONT><FONT face="Times New Roman" size=2></FONT></P>
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    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>PRESS AND ANALYST
      INQUIRIES:</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2>SHAREHOLDER INQUIRIES:</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      Incorporated</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2>Destra Capital Investments
      LLC</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Chad Conwell</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Justin Pfaff</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Pasadena, California</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Chicago, Illinois</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>626-<FONT face="Times New Roman" size=2>795</FONT><FONT face="Times New Roman" size=2>-</FONT><FONT face="Times New Roman" size=2>7300</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%"><FONT face="Times New Roman" size=2>877-<FONT face="Times New Roman" size=2>855</FONT><FONT face="Times New Roman" size=2>-</FONT><FONT face="Times New Roman" size=2>3434</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Website:
      www.preferredincome.com</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="58%"></TD></TR></TABLE><BR>
<div style="float: left; width: 48%">
<P align=left><I><FONT face="Times New Roman" size=2>Past performance is not
indicative of future performance. To the extent any portion of the distribution is estimated to be
sourced from something other than income, such as return
of capital, the source would be disclosed on a Section 19(a)-1
letter located under the &#147;News &amp;
Literature&#148; section of the funds&#146; website, www.preferredincome.com. A distribution rate that is
largely comprised of sources other than income may not be
reflective of a fund&#146;s
performance.</FONT></I><I><FONT face="Times New Roman" size=2></FONT></I></P>
<P align=left><I><FONT face="Times New Roman" size=2>Organized in 2003, FFC
invests primarily in preferred securities with an investment objective of high current income
consistent with preservation of capital. Also organized in
2003, FLC invests primarily in preferred
and other income</FONT></I><I><FONT face="Times New Roman" size=2>-</FONT></I><I><FONT face="Times New Roman" size=2>producing
securities with a primary investment objective of high
current income and a secondary objective
of capital appreciation. Organized in 2013, DFP invests
primarily in preferred and other income</FONT></I><I><FONT face="Times New Roman" size=2>-</FONT></I><I><FONT face="Times New Roman" size=2>producing securities with an investment objective of
total return, with an emphasis on high current income.
FFC, FLC and DFP are managed by
Flaherty &amp; Crumrine Incorporated, an independent investment adviser which was founded in 1983
to specialize in the management of portfolios of
preferred and related securities.
Flaherty &amp; Crumrine also manages two other U.S. closed</FONT></I><I><FONT face="Times New Roman" size=2>-</FONT></I><I><FONT face="Times New Roman" size=2>end funds: Flaherty
&amp; Crumrine Preferred Income </FONT></I><I><FONT face="Times New Roman" size=2>Fund (NYSE: PFD); and Flaherty &amp; Crumrine Preferred
Income Opportunity Fund (NYSE: PFO).</FONT></I></P>

</DIV>
<div style="float: right; width: 48%">
<P align=left><I><FONT face="Times New Roman" size=2>Destra Capital Investments
LLC (&#147;Destra&#148;), the funds&#146; provider of investor support
services, is an independent fund distribution and servicing firm and registered broker dealer. As part of
the investor support services it provides, Destra
serves fund shareholders and the broader financial community.
Destra is headquartered in Chicago, IL and employs
approximately 30 wholesale fund
distribution professionals located throughout the United States.</FONT></I><I><FONT face="Times New Roman" size=2></FONT></I></P></DIV><BR clear=All><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
