Fund Description: Flaherty & Crumrine Total Return Fund, formerly Flaherty & Crumrine/Claymore Total Return Fund, Inc., is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Flaherty & Crumrine Total Return Fund seeks high current income for holders of its Common Stock. The Fund's secondary investment objective is capital appreciation. FUND STRATEGY: At least 80% of the Fund's total assets will be invested in a diversified portfolio of preferred securities and other income-producing securities consisting of various debt securities. The portion of the Fund's assets invested in preferred securities, on the one hand, and debt securities, on the other, will vary from time to time consistent with the Fund's investment objectives, although the Fund will normally invest at least 50% of its total assets in preferred securities. At least 80% of the Fund's holdings of preferred and debt securities will be investment grade quality at the time of purchase. Up to 20% of the Fund's total assets may be invested in securities rated below investment grade (which securities must be rated at least either Ba3 or BB- at the time of purchase), provided the issuer has investment grade senior debt outstanding. Under normal market conditions, the Fund will invest 25% or more of its total assets in securities of companies in each of the utilities industry and the banking industry. The Fund's investment adviser intends to pursue strategies that include, among other things, hedging, which it expects generally to result in the Fund’s income increasing in response to significant increases in long-term interest rates while being relatively resistant to the impact of declines in long-term interest rates. FUND MANAGEMENT: Flaherty & Crumrine Incorporated is the Fund's investment advisor.