<SEC-DOCUMENT>0001752724-22-024438.txt : 20220210
<SEC-HEADER>0001752724-22-024438.hdr.sgml : 20220210
<ACCEPTANCE-DATETIME>20220210091545
ACCESSION NUMBER:		0001752724-22-024438
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211130
FILED AS OF DATE:		20220210
DATE AS OF CHANGE:		20220210
EFFECTIVENESS DATE:		20220210

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		22611439

	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
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In planning and performing our audit of the financial statements of Flaherty &amp; Crumrine Total Return Fund<font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">Incorporated (the &ldquo;Fund&rdquo;), as of and for the year ended November 30, 2021, in accordance with the standards </font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">of the Public Company Accounting Oversight Board (United States), we considered the Fund&rsquo;s internal control </font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">procedures for the purpose of expressing our opinion on the financial statements and to comply with the</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">Fund&rsquo;s</font><font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">internal control over financial reporting.</font><font style="letter-spacing: -0.1pt; font-family: Arial;"> </font><font style="font-family: Arial;">Accordingly, we express</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">no such</font><font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">opinion.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8.5pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management of the Fund is responsible for establishing and maintaining effective internal control over financial <font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">expected benefits and related costs of controls. A fund&rsquo;s internal control over financial reporting is a process</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">financial statements for external purposes in accordance with generally accepted accounting principles. A</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">fund&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions</font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">permit preparation of financial statements in accordance with generally accepted accounting principles, and</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">that receipts and expenditures of the fund are being made only in accordance with authorizations of</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">detection of unauthorized acquisition, use, or disposition of a fund&rsquo;s assets that could have a material effect on </font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">the</font><font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">financial statements.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect<font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that</font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">controls may become inadequate because of changes in conditions, or that the degree of compliance with the </font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">policies</font><font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">or procedures may deteriorate.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8.5pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A deficiency in internal control over financial reporting exists when the design or operation of a control does not <font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">allow management or employees, in the normal course of performing their assigned functions, to prevent or</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies,</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">in internal control over financial reporting, such that there is a reasonable possibility that a material</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">misstatement of the Fund&rsquo;s annual or interim financial statements will not be prevented or detected on a timely</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">basis.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8.5pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our consideration of the Fund&rsquo;s internal control over financial reporting was for the limited purpose described in <font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">weaknesses under standards established by the Public Company Accounting Oversight Board (United States). </font><font style="letter-spacing: -2.65pt; font-family: Arial;"> </font><font style="font-family: Arial;">However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting and its operation,</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">including controls over safeguarding securities, that we consider to be a material weakness as defined above</font><font style="letter-spacing: 0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">as of</font><font style="letter-spacing: -0.1pt; font-family: Arial;"> </font><font style="font-family: Arial;">November 30,</font><font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">2021.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size: 10pt; font-family: Arial;">This report is intended solely for the information and use of management and the Board of Directors of the </font><font style="font-size: 10pt; font-family: Arial; letter-spacing: -2.65pt;"> </font><font style="font-size: 10pt; font-family: Arial;">Fund and the Securities and Exchange Commission and is not intended to be and should not be used by</font><font style="font-size: 10pt; font-family: Arial; letter-spacing: 0.05pt;"> </font><font style="font-size: 10pt; font-family: Arial;">anyone</font><font style="font-size: 10pt; font-family: Arial; letter-spacing: -0.05pt;"> </font><font style="font-size: 10pt; font-family: Arial;">other</font><font style="font-size: 10pt; font-family: Arial; letter-spacing: -0.1pt;"> </font><font style="font-size: 10pt; font-family: Arial;">than these specified parties.</font><font style="font-size: 10pt; font-family: Arial;">&#160;</font></p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:7.5pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:''; font-size:9pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ KPMG LLP&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Boston, Massachusetts<font style="letter-spacing: -2.65pt; font-family: Arial;"> </font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Arial';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">January<font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">20,</font><font style="letter-spacing: -0.05pt; font-family: Arial;"> </font><font style="font-family: Arial;">2022</font>&#160;</p>
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