<SEC-DOCUMENT>0001752724-21-014352.txt : 20210127
<SEC-HEADER>0001752724-21-014352.hdr.sgml : 20210127
<ACCEPTANCE-DATETIME>20210127172151
ACCESSION NUMBER:		0001752724-21-014352
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201130
FILED AS OF DATE:		20210127
PERIOD START:           	20201130

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:		21560973

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 800
		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 800
		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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        <name>CREDIT AGRICOLE SA</name>
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        <name>KEYCORP</name>
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        <name>HSBC CAPITAL FUNDING USD</name>
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        <name>CULLEN/FROST BANKERS INC</name>
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        <name>EVEREST REINSURANCE HLDG</name>
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        <name>QWEST CORP</name>
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        <title>Qwest Corp</title>
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        <name>ACE CAPITAL TRUST II</name>
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        <name>ASSURANT INC</name>
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        <name>M&amp;T BANK CORPORATION</name>
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        <title>Emera Inc</title>
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        <name>FIRST CITIZENS BANCSHARE</name>
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        <name>FIRST HORIZON NATIONAL</name>
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        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
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        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
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      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
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      <invstOrSec>
        <name>BANCO MERCANTIL DE NORTE</name>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
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        <title>General Motors Financial Co Inc</title>
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          <maturityDt>N/A</maturityDt>
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        <name>CAPITAL ONE FINANCIAL CO</name>
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        <name>BBVA BANCOMER SA TEXAS</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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          <isin value="US1729673418"/>
          <ticker value="C"/>
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        <name>DIME COMMUNITY BANCSHRS</name>
        <lei>0002487650</lei>
        <title>Dime Community Bancshares Inc</title>
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          <isin value="US25432G2084"/>
          <ticker value="DCOM"/>
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        <name>OCEAN SPRAY CRANBERRIES</name>
        <lei>F58I6BK23LKYT8F1SB71</lei>
        <title>Ocean Spray Cranberries Inc</title>
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        <invCountry>US</invCountry>
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        <name>DCP MIDSTREAM LP</name>
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        <title>DCP Midstream LP</title>
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        <name>AERCAP HOLDINGS NV</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings NV</title>
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        <name>COBANK ACB</name>
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        <name>ATHENE HOLDING LTD</name>
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        <title>Athene Holding Ltd</title>
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        <name>PROVIDENT FINANCING TR I</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>BlackRock Liquidity Funds T-Fund</name>
        <lei>5493002L9DNZ83RX7V61</lei>
        <title>BlackRock Liquidity Funds T-Fund</title>
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          <ticker value="TSTXX"/>
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        <name>NISOURCE INC</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc</title>
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      <invstOrSec>
        <name>AUST &amp; NZ BANKING GRP/UK</name>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
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        <name>ENERGY TRANSFER OPERATNG</name>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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        <name>PNC FINANCIAL SERVICES</name>
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        <name>CITIZENS FINANCIAL GROUP</name>
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        <title>Citizens Financial Group 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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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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        <name>ASPEN INSURANCE HLDG LTD</name>
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        <title>Aspen Insurance Holdings Ltd</title>
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          <ticker value="AHL"/>
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        <invCountry>BM</invCountry>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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        <invCountry>GB</invCountry>
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        <name>VODAFONE GROUP PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <invCountry>GB</invCountry>
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        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
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        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
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        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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        <name>AMERICAN INTL GROUP</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
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        <name>BANCO MERCANTIL DE NORTE</name>
        <lei>549300QTVYRPFHS0J362</lei>
        <title>Banco Mercantil del Norte SA/Grand Cayman</title>
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        <invCountry>MX</invCountry>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
        <cusip>989701818</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FIRST HORIZON BANK</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>CITIGROUP INC</name>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>AXIS CAPITAL HLDGS LTD</name>
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        <name>METLIFE INC</name>
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        <name>NISOURCE INC</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc</title>
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          <isin value="US65473P8813"/>
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        <name>ALGONQUIN PWR &amp; UTILITY</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp</title>
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          <isin value="US0158578080"/>
          <ticker value="AQNCN"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>FIRST HORIZON BANK</name>
        <lei>COOWI3L2W9TPYR3WJX37</lei>
        <title>First Horizon Bank</title>
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          <isin value="US3371582087"/>
          <ticker value="FHN"/>
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        <balance>875.00000000</balance>
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        <name>LEHMAN BROS HLDG-ESCROW</name>
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        <assetCat>EP</assetCat>
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        <name>DELPHI FINANCIAL GROUP</name>
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          <ticker value="TOMARI"/>
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        <name>ATHENE HOLDING LTD</name>
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        <title>Athene Holding Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>STERLING BANCORP/DE</name>
        <lei>549300LQK6SKH5ZXO648</lei>
        <title>Sterling Bancorp/DE</title>
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          <ticker value="STL"/>
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        <assetCat>EP</assetCat>
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        <name>DISCOVER FINANCIAL SVS</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services</title>
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          <isin value="US254709AQ15"/>
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        <name>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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        <invCountry>GB</invCountry>
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        <name>COMED FINANCING III</name>
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        <title>ComEd Financing III</title>
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        <name>APOLLO MANAGEMENT HOLDIN</name>
        <lei>5493006XQW0V5K38YM64</lei>
        <title>Apollo Management Holdings LP</title>
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        <valUSD>449714.35000000</valUSD>
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        <invCountry>US</invCountry>
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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>6244314.00000000</valUSD>
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        <name>ENERGY TRANSFER OPERATNG</name>
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        <name>MORGAN STANLEY</name>
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        <name>COBANK ACB</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <name>PARTNERRE FINANCE B LLC</name>
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        <name>NUSTAR LOGISTICS LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP</title>
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        <name>BARCLAYS PLC</name>
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        <name>HUNTINGTON BANCSHARES</name>
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        <name>PARTNERRE LTD</name>
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        <name>ARCH CAPITAL GROUP LTD</name>
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        <name>SOCIETE GENERALE</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>LIBERTY MUTUAL GROUP INC</name>
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        <name>COMERICA INC</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp</title>
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        <name>QWEST CORP</name>
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        <title>Qwest Corp</title>
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        <name>AMERICAN EQUITY INVESTME</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co</title>
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      <invstOrSec>
        <name>TRUIST FINANCIAL CORP</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>89832Q695</cusip>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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      <invstOrSec>
        <name>INDIANAPOLIS P&amp;L</name>
        <lei>2T85JNP2R2B2GTSFND21</lei>
        <title>Indianapolis Power &amp; Light Co</title>
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          <isin value="US4554348783"/>
          <ticker value="AES"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QBE INSURANCE GROUP LTD</name>
        <lei>549300D2FBW76FPUSG65</lei>
        <title>QBE Insurance Group Ltd</title>
        <cusip>74728GAE0</cusip>
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          <isin value="US74728GAE08"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>740812.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>539439AU3</cusip>
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        <balance>2750000.00000000</balance>
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        <valUSD>3115200.00000000</valUSD>
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        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <balance>560000.00000000</balance>
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        <invCountry>FR</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967358</cusip>
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          <isin value="US1729673582"/>
          <ticker value="C"/>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
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          <isin value="US4461507083"/>
          <ticker value="HBAN"/>
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        <balance>138172.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3551020.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEARTLAND FINANCIAL USA</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA Inc</title>
        <cusip>42234Q201</cusip>
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          <isin value="US42234Q2012"/>
          <ticker value="HTLF"/>
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        <balance>42600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1204089.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>METLIFE CAPITAL TRUST IV</name>
        <lei>0004254959</lei>
        <title>MetLife Capital Trust IV</title>
        <cusip>591560AA5</cusip>
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          <isin value="US591560AA57"/>
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        <balance>577000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>809300.20000000</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>2037-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>Land O' Lakes Inc</title>
        <cusip>514666AN6</cusip>
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        <balance>1500000.00000000</balance>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <title>JPMorgan Chase &amp; Co</title>
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          <maturityDt>N/A</maturityDt>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Co</title>
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        <issuerCat>CORP</issuerCat>
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        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773605</cusip>
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          <isin value="US3167736053"/>
          <ticker value="FITB"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>LIBERTY MUTUAL INSURANCE</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>Liberty Mutual Insurance Co</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AXIS SPECIALTY FINANCE</name>
        <lei>N/A</lei>
        <title>AXIS Specialty Finance LLC</title>
        <cusip>05463HAC5</cusip>
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          <isin value="US05463HAC51"/>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>910493.19000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-15</maturityDt>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280BP3</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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        <name>ARCH CAPITAL GROUP LTD</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
        <cusip>03939A206</cusip>
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          <isin value="US03939A2069"/>
          <ticker value="ACGL"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>410800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61745VAB9</cusip>
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        <balance>640000.00000000</balance>
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        <valUSD>664000.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>N/A</maturityDt>
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      </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>2553365.64000000</valUSD>
        <pctVal>1.159628392087</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>
    </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. 05254HAA2:05946KAF8:05946KAG6:05962GAJ8:05971PAB4:06738EBA2:06738EBG9:06738EBN4:148104158:05533UAG3:05565AAN3:05565AAQ6:05565AGF4:225313AD7:225401AJ7:225401AK4:225401AL2:225401AN8:251525AX9:404280BC2:404280BL2:404280BP3:539439AU3:556079AB7:74728GAE0:74737EAA2:83367TBU2:83368JFA3:83368JKG4:83370RAA6:853254BA7:853254BH2:90352JAF0. 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. 00440FAA2:00773HAA5:00774YAA7:00138GAB5:00138GAC3:026874BS5:03765HAE1:054536AC1:05463HAC5:060505EL4:060505EU4:060505FL3:15189TAS6:808513BD6:172967JM4:172967MK4:174610AH8:174610AQ8:19075QAC6:20035AAA2:200340AU1:23311RAH9:23311PAA8:254709AQ1:290876AD3:29250NAN5:29250NBC8:29278NAT0:29360AAA8:29379VBN2:29452EAA9:299808AE5:37045XCA2:37045XCM6:37045XDB9:38144GAB7:38148BAE8:40427LAB0:446150AL8:446150AT1:446150AV6:46625HHA1:46625HJQ4:48126HAA8:48128BAF8:514666AK2:514666AM8:514666AN6:53079EAN4:539439AF6:55261FAG9:591560AA5:59156RAV0:59156RBS6:61745VAB9:55336VAU4:302570AX4:65473PAG0:70213BAC5:69331VAA4:693475AK1:743863AA0:74927PAA7:7591EPAR1:78397DAA6:816851BK4:842400FU2:842587DF1:89356BAE8:89356BAB4:89832QAE9:89832QAF6:92857WBQ2:949746RN3:989701BF3. 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>2021-01-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Total Return Fund Inc</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>
