<SEC-DOCUMENT>0001752724-20-012791.txt : 20200127
<SEC-HEADER>0001752724-20-012791.hdr.sgml : 20200127
<ACCEPTANCE-DATETIME>20200127134332
ACCESSION NUMBER:		0001752724-20-012791
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191129
FILED AS OF DATE:		20200127
PERIOD START:           	20191130

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		20548635

	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>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdEnd>2019-11-30</repPdEnd>
      <repPdDate>2019-11-29</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <invstOrSec>
        <name>TRISTATE CAPITAL HLDGS</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <name>BNP PARIBAS</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>QBE INSURANCE GROUP LTD</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>CITIZENS FINANCIAL GROUP</name>
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        <name>HUNTINGTON BANCSHARES</name>
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        <name>ALLSTATE CORP</name>
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        <title>Aspen Insurance Holdings Ltd</title>
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        <title>Banco Bilbao Vizcaya Argentaria SA</title>
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        <name>TRANSCANADA TRUST</name>
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        <invCountry>CA</invCountry>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
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          <ticker value="ETP"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
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          <isin value="US225401AJ72"/>
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        <curCd>USD</curCd>
        <valUSD>1198796.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
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          <isin value="US29278N4007"/>
          <ticker value="ETP"/>
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        <balance>2100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50074.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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          <isin value="US05565AAQ67"/>
          <other otherDesc="Sedol" value="BYZVZC2"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2110700.00000000</valUSD>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SCE TRUST V</name>
        <lei>N/A</lei>
        <title>SCE Trust V</title>
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          <isin value="US78409W2017"/>
          <ticker value="EIX"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
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          <isin value="US29278N3017"/>
          <ticker value="ETP"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>COMED FINANCING III</name>
        <lei>N/A</lei>
        <title>ComEd Financing III</title>
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          <isin value="US20035AAA25"/>
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        <curCd>USD</curCd>
        <valUSD>3674005.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2033-03-15</maturityDt>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
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        <identifiers>
          <isin value="US55261FAG90"/>
          <other otherDesc="Sedol" value="BJT80T6"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3826252.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AAN3</cusip>
        <identifiers>
          <isin value="US05565AAN37"/>
          <other otherDesc="Sedol" value="BYV0501"/>
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        <balance>7830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8952469.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARG</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria SA</title>
        <cusip>05946KAF8</cusip>
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          <isin value="US05946KAF84"/>
          <other otherDesc="Sedol" value="BD5W7S8"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2991450.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
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          <isin value="US87165B2025"/>
          <ticker value="SYF"/>
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        <curCd>USD</curCd>
        <valUSD>1424407.50000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US48126HAA86"/>
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        <valUSD>804626.25000000</valUSD>
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      <invstOrSec>
        <name>SOVEREIGN REIT</name>
        <lei>0003463325</lei>
        <title>Sovereign Real Estate Investment Trust</title>
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          <isin value="US84610XAA19"/>
          <ticker value="SOV"/>
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        <curCd>USD</curCd>
        <valUSD>3135645.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XCA2</cusip>
        <identifiers>
          <isin value="US37045XCA28"/>
          <other otherDesc="Sedol" value="BFB5M57"/>
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        <balance>610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>601777.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SYNOVUS FINANCIAL CORP</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp</title>
        <cusip>87161C709</cusip>
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          <isin value="US87161C7092"/>
          <ticker value="SNV"/>
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        <balance>91848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2398380.90000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NISOURCE INC</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc</title>
        <cusip>65473P881</cusip>
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          <isin value="US65473P8813"/>
          <ticker value="NI"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1091700.00000000</valUSD>
        <pctVal>0.503747029972</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NY COMMUNITY BANCORP INC</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp Inc</title>
        <cusip>649445202</cusip>
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          <isin value="US6494452021"/>
          <ticker value="NYCB"/>
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        <balance>235200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6353928.00000000</valUSD>
        <pctVal>2.931915689896</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC CAPITAL FUNDING USD</name>
        <lei>213800HMY2DB765NHE46</lei>
        <title>HSBC Capital Funding Dollar 1 LP</title>
        <cusip>40427LAB0</cusip>
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          <isin value="US40427LAB09"/>
          <other otherDesc="Sedol" value="5949551"/>
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        <curCd>USD</curCd>
        <valUSD>2314760.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

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          <maturityDt>N/A</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>QWEST CORP</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
        <cusip>74913G873</cusip>
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          <isin value="US74913G8731"/>
          <ticker value="CTL"/>
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        <balance>41820.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1083715.12000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>853254BH2</cusip>
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          <isin value="US853254BH21"/>
          <other otherDesc="Sedol" value="BDHTRP4"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1647322.50000000</valUSD>
        <pctVal>0.760129904536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXIS CAPITAL HLDGS LTD</name>
        <lei>N/A</lei>
        <title>Axis Capital Holdings Ltd</title>
        <cusip>05461T305</cusip>
        <identifiers>
          <isin value="US05461T3059"/>
          <ticker value="AXS"/>
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        <name>ARCH CAPITAL GROUP LTD</name>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
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      <invstOrSec>
        <name>COBANK ACB</name>
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        <name>ENERGY TRANSFER OPERATNG</name>
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        <name>LEHMAN BROS HLDG-ESCROW</name>
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        <name>ASPEN INSURANCE HLDG LTD</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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          <ticker value="FITB"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>TRANSCANADA TRUST</name>
        <lei>N/A</lei>
        <title>Transcanada Trust</title>
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          <isin value="US89356BAE83"/>
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        <balance>2250000.00000000</balance>
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        <invCountry>CA</invCountry>
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          <couponKind>Floating</couponKind>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Co</title>
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        <name>AON CORP</name>
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        <name>OCEAN SPRAY CRANBERRIES</name>
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        <title>Ocean Spray Cranberries Inc</title>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>Citigroup Inc</title>
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        <name>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
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        <name>KEYCORP</name>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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      <invstOrSec>
        <name>GENERAL ELECTRIC CO</name>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
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      <invstOrSec>
        <name>LLOYDS BANK PLC</name>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
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        <name>AERCAP HOLDINGS NV</name>
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        <name>PARTNERRE LTD</name>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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        <name>DCP MIDSTREAM LP</name>
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          <isin value="US23311PAA84"/>
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        <name>AUST &amp; NZ BANKING GRP/UK</name>
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        <name>BlackRock Liquidity Funds T-Fund</name>
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        <name>ANNALY CAPITAL MGMT</name>
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        <title>Qwest Corp</title>
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        <name>ENBRIDGE INC</name>
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        <title>Enbridge Inc</title>
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        <invCountry>CA</invCountry>
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        <name>BBVA BANCOMER SA TEXAS</name>
        <lei>549300WIWQK5Q9MCUN92</lei>
        <title>BBVA Bancomer SA/Texas</title>
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      <invstOrSec>
        <name>METLIFE CAPITAL TRUST IV</name>
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        <name>ENSTAR GROUP LTD</name>
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        <name>INDIANAPOLIS P&amp;L</name>
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        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <invCountry>FR</invCountry>
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        <name>TRANSCANADA TRUST</name>
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        <invCountry>CA</invCountry>
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          <maturityDt>2077-03-15</maturityDt>
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      <invstOrSec>
        <name>ACE CAPITAL TRUST II</name>
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        <name>TEXAS CAPITAL BANCSHARES</name>
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        <name>LAND O'LAKES INC</name>
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        <name>AMERICAN INTL GROUP</name>
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        <name>MERCHANTS BANCORP</name>
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        <name>ENTERPRISE PRODUCTS OPER</name>
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        <name>E*TRADE FINANCIAL CORP</name>
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        <name>RENAISSANCERE HOLDINGS L</name>
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        <name>BHP BILLITON FIN USA LTD</name>
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        <title>BHP Billiton Finance USA Ltd</title>
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        <name>MORGAN STANLEY</name>
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        <name>CITIZENS FINANCIAL GROUP</name>
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        <name>CITIGROUP INC</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <title>Emera Inc</title>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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      <invstOrSec>
        <name>COBANK ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
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          <isin value="US19075Q8621"/>
          <ticker value="COBKAC"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>EVEREST REINSURANCE HLDG</name>
        <lei>N/A</lei>
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          <isin value="US299808AE55"/>
          <other otherDesc="Sedol" value="B1WP7R5"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-15</maturityDt>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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          <isin value="US9497465560"/>
          <ticker value="WFC"/>
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        <balance>81100.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>ARCH CAPITAL GROUP LTD</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
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          <isin value="US03939A1079"/>
          <ticker value="ACGL"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>PEOPLE'S UNITED FIN INC</name>
        <lei>ROPY7PEPIPIDJNF0BO69</lei>
        <title>People's United Financial Inc</title>
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          <isin value="US7127042049"/>
          <ticker value="PBCT"/>
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        <balance>23066.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>618976.11000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38148BAD0</cusip>
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          <isin value="US38148BAD01"/>
          <other otherDesc="Sedol" value="BF2JKZ4"/>
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        <balance>932000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>940406.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38148BAA6</cusip>
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          <isin value="US38148BAA61"/>
          <other otherDesc="Sedol" value="BLTV2K4"/>
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        <balance>285000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>287493.75000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.78463000</annualizedRt>
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      <invstOrSec>
        <name>COBANK ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>CoBank ACB</title>
        <cusip>19075Q870</cusip>
        <identifiers>
          <isin value="US19075Q8704"/>
          <ticker value="COBKAC"/>
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        <balance>9984.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1010880.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream LP</title>
        <cusip>23311P209</cusip>
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          <isin value="US23311P2092"/>
          <ticker value="DCP"/>
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        <balance>5200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>119106.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61762V606</cusip>
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          <isin value="US61762V6065"/>
          <ticker value="MS"/>
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        <balance>213700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5968641.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>VOYA FINANCIAL INC</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
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          <ticker value="VOYA"/>
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        <balance>33000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>882172.50000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>DCP MIDSTREAM OPERATING</name>
        <lei>549300Y6CTBSE0QIPL28</lei>
        <title>DCP Midstream Operating LP</title>
        <cusip>23311RAH9</cusip>
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          <isin value="US23311RAH93"/>
          <other otherDesc="Sedol" value="B9WGBC7"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692576.25000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475857</cusip>
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          <isin value="US6934758573"/>
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        <balance>287953.00000000</balance>
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        <valUSD>7781209.94000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>AXA SA</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>AXA SA</title>
        <cusip>054536AC1</cusip>
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          <isin value="US054536AC14"/>
          <other otherDesc="Sedol" value="B1L47R3"/>
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        <balance>620000.00000000</balance>
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        <valUSD>744988.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>N/A</maturityDt>
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        <name>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
        <cusip>989701BF3</cusip>
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          <other otherDesc="Sedol" value="BNN7YY0"/>
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        <valUSD>1972287.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.20000000</annualizedRt>
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        <name>NUSTAR LOGISTICS LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP</title>
        <cusip>67059T204</cusip>
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          <isin value="US67059T2042"/>
          <ticker value="NSUS"/>
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        <balance>45500.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BANCO MERCANTIL DE NORTE</name>
        <lei>549300QTVYRPFHS0J362</lei>
        <title>Banco Mercantil del Norte SA/Grand Cayman</title>
        <cusip>05971PAB4</cusip>
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          <isin value="US05971PAB40"/>
          <other otherDesc="Sedol" value="BK5VM23"/>
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        <balance>492000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517830.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG0684D3054"/>
          <ticker value="ATH"/>
          <other otherDesc="SEDOL" value="BK1MHD6"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3311400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>539439AU3</cusip>
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          <isin value="US539439AU36"/>
          <other otherDesc="Sedol" value="BGGFFH2"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3061726.25000000</valUSD>
        <pctVal>1.412783278397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XCM6</cusip>
        <identifiers>
          <isin value="US37045XCM65"/>
          <other otherDesc="Sedol" value="BFY34H4"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018520.00000000</valUSD>
        <pctVal>0.469979321212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83367TBU2</cusip>
        <identifiers>
          <isin value="US83367TBU25"/>
          <other otherDesc="Sedol" value="BF1B9J8"/>
        </identifiers>
        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6560400.00000000</valUSD>
        <pctVal>3.027188802264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN EQUITY INVESTME</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co</title>
        <cusip>025676503</cusip>
        <identifiers>
          <isin value="US0256765035"/>
          <ticker value="AEL"/>
        </identifiers>
        <balance>67000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1695770.00000000</valUSD>
        <pctVal>0.782485207489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150708</cusip>
        <identifiers>
          <isin value="US4461507083"/>
          <ticker value="HBAN"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3659600.00000000</valUSD>
        <pctVal>1.688662298147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VODAFONE GROUP PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>92857WBQ2</cusip>
        <identifiers>
          <isin value="US92857WBQ24"/>
          <other otherDesc="Sedol" value="BJWZHR1"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042709.39000000</valUSD>
        <pctVal>0.481141117831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2079-04-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARTNERRE LTD</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG686031367"/>
          <ticker value="PRE"/>
          <other otherDesc="SEDOL" value="BD36RN7"/>
        </identifiers>
        <balance>13539.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>358851.20000000</valUSD>
        <pctVal>0.165585990841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTEGRYS HOLDING INC</name>
        <lei>549300J4ZRR1SZF4ES33</lei>
        <title>Integrys Holding Inc</title>
        <cusip>45822P204</cusip>
        <identifiers>
          <isin value="US45822P2048"/>
          <ticker value="WEC"/>
        </identifiers>
        <balance>94233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2596119.15000000</valUSD>
        <pctVal>1.197936531343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARTNERRE LTD</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG686031441"/>
          <ticker value="PRE"/>
          <other otherDesc="SEDOL" value="BD36RR1"/>
        </identifiers>
        <balance>53249.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1449437.78000000</valUSD>
        <pctVal>0.668819251447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477608</cusip>
        <identifiers>
          <isin value="US8574776089"/>
          <ticker value="STT"/>
        </identifiers>
        <balance>157400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4236027.50000000</valUSD>
        <pctVal>1.954645298165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>474825.00000000</valUSD>
        <pctVal>0.219100195572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACQUARIE BANK LONDON</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd/London</title>
        <cusip>556079AB7</cusip>
        <identifiers>
          <isin value="US556079AB79"/>
          <other otherDesc="SEDOL" value="BF04YG0"/>
        </identifiers>
        <balance>730000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>754382.00000000</valUSD>
        <pctVal>0.348097180511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METLIFE INC</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
        <cusip>59156RBS6</cusip>
        <identifiers>
          <isin value="US59156RBS67"/>
          <other otherDesc="Sedol" value="BDFBTL2"/>
        </identifiers>
        <balance>5335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7850959.33000000</valUSD>
        <pctVal>3.622696203099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477BA0</cusip>
        <identifiers>
          <isin value="US857477BA04"/>
          <other otherDesc="Sedol" value="BYVLT68"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>528260.00000000</valUSD>
        <pctVal>0.243756898464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>949746465</cusip>
        <identifiers>
          <isin value="US9497464654"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>106200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3068649.00000000</valUSD>
        <pctVal>1.415977667654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as CONTINGENT CAPITAL SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05254HAA2:05946KAG6:05946KAF8:05962GAJ8:05971PAB4:06738EBG9:148104158:06738EBA2:05533UAG3:05565AAQ6:05565AAN3:05565AGF4:225313AD7:225401AJ7:225401AK4:225401AL2:404280BC2:404280BP3:404280BL2:539439AU3:556079AB7:74737EAA2:83368JFA3:83368JKG4:83367TBU2:853254BH2:853254BA7:90352JAF0. Security reported as DEBT on Form N-PORT per market convention; reported as PREFERRED STOCK &amp; HYBRID PREFERRED SECURITIES on SOI of Form N-CSR/N-CSRS per specific terms of security. 00440FAA2:00773HAA5:00774YAA7:00138GAC3:00138GAB5:026874BS5:037389AK9:054536AC1:060505EL4:060505EU4:060505FL3:054937AL1:055451AX6:15189TAS6:172967JM4:174610AQ8:174610AH8:19075QAC6:20035AAA2:23311RAH9:23311PAA8:269246BR4:290876AD3:29250NAN5:29379VBN2:299808AE5:369604BQ5:37045XCM6:37045XCA2:38148BAE8:38148BAD0:38144GAB7:38148BAA6:40427LAB0:446150AL8:46625HJQ4:48126HAA8:48128BAF8:46625HHA1:514666AK2:514666AM8:514666AN6:53079EAN4:539439AF6:539473AE8:55261FAG9:591560AA5:59156RBS6:59156RAV0:55336VAU4:65339KBK5:302570AX4:65473PAG0:69331VAA4:693475AK1:743863AA0:74927PAA7:842400FU2:842587CY1:857477BA0:89356BAE8:89356BAC2:92857WBQ2:949746RN3:949746PM7:989701BF3:89356BAB4. Security reported as PREFERRED EQUITY on Form N-PORT per market convention; reported as CORPORATE DEBT SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05580M306:74913G873:74913G881:882228307:989701818." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Total Return Fund Incorporated</ncom:nameOfApplicant>
      <ncom:signature>Bradford Stone </ncom:signature>
      <ncom:signerName>Bradford Stone </ncom:signerName>
      <ncom:title>Chief Financial Officer, Treasurer and Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
