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        <name>SEMPRA</name>
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        <name>SUNOCO LP</name>
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        <name>QWEST CORP</name>
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        <name>METLIFE INC</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>TXNM ENERGY INC</name>
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        <name>BNP PARIBAS SA</name>
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              <title>BARCLAYS PLC ADR</title>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
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        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <name>LEHMAN BROS HLDG-ESCROW</name>
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        <name>NORTHWEST NATURAL HOLDING COMPANY</name>
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        <name>BANCO SANTANDER SA</name>
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        <name>ALLY FINANCIAL INC</name>
        <lei>549300JBN1OSM8YNAI90</lei>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <name>ALLY FINANCIAL INC</name>
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        <name>NISOURCE INC</name>
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        <name>PINNACLE FINANCIAL PARTNERS INC</name>
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        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>WFC V6.85 PERP</title>
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        <name>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>LLAKES 7.25 PERP 144a</title>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.95% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
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          <ticker value="NLY"/>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V4.15 PERP Y</title>
        <cusip>172967NB3</cusip>
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        <name>BANK OF NOVA SCOTIA (THE)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS V8 01/27/84</title>
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        <curCd>USD</curCd>
        <valUSD>1111122.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS V7 PERP 144</title>
        <cusip>902613BW7</cusip>
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          <isin value="US902613BW72"/>
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        <curCd>USD</curCd>
        <valUSD>787624.50000000</valUSD>
        <pctVal>0.402892534264</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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        <name>ASSURANT INC</name>
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          <ticker value="AIZ"/>
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        <lei>0001070448</lei>
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        <name>TPG RE FINANCE TRUST INC</name>
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        <name>CITIZENS FINANCIAL GROUP INC</name>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <name>ALGONQUIN POWER &amp; UTILITIES CORP</name>
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        <name>FARM CREDIT BANK OF TEXAS INC</name>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>NEXTERA ENERGY CAPITAL HOLDINGS INC</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>SBL HOLDINGS INC</name>
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        <name>TELUS CORP</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <name>SEMPRA</name>
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        <name>FIRST CITIZENS BANCSHARES INC</name>
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        <name>CITIGROUP INC</name>
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        <title>C V7 PERP DD</title>
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        <name>CHARLES SCHWAB CORP (THE)</name>
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        <name>AMERICAN NATIONAL GROUP INC</name>
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        <name>PNC FINANCIAL SERVICES GROUP INC (THE)</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>PUGET ENERGY INC</name>
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        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <invCountry>CH</invCountry>
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        <name>BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH</name>
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        <name>PROVIDENT FINANCING TRUST I</name>
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        <name>CITIGROUP INC</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>SBL HOLDINGS INC</name>
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        <name>EQUITABLE HOLDINGS INC</name>
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        <name>GLOBAL ATLANTIC (FIN) COMPANY</name>
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        <title>GBLATL V7.95 10/15/54 144A</title>
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        <name>CMS ENERGY CORP</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <name>BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH</name>
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        <name>FLAGSTAR BANK NA</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
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        <name>TEXAS CAPITAL BANCSHARES INC</name>
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        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>ENBRIDGE INC</name>
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        <name>ALTAGAS LTD</name>
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        <name>BNP PARIBAS SA</name>
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        <name>BARCLAYS PLC</name>
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        <name>BANK OF AMERICA CORP</name>
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        <name>AMERICAN INTERNATIONAL GROUP INC</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <title>LLOYDS V8 PERP</title>
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        <issuerCat>CORP</issuerCat>
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              <title>LLOYDS BANKING GROUP PLC SPONSORED ADR</title>
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        <name>BANCO BILBAO VIZCAYA ARGENTARIA SA</name>
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        <name>FORTEGRA GROUP INC (THE)</name>
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        <title>FRF V9.25 11/15/64 144A</title>
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        <name>DOMINION ENERGY INC</name>
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        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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      <invstOrSec>
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        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <name>REINSURANCE GROUP OF AMERICA INC</name>
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        <curCd>USD</curCd>
        <valUSD>424427.80000000</valUSD>
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        <name>CITIGROUP INC</name>
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        <name>EVERSOURCE ENERGY</name>
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          <couponKind>Fixed</couponKind>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <name>BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH</name>
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        <name>ADAMAS TRUST INC</name>
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        <name>FIRST HORIZON BANK</name>
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        <name>CARLYLE FINANCE LLC</name>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <cusip>38141GA38</cusip>
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          <isin value="US38141GA385"/>
        </identifiers>
        <balance>405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>426431.39000000</valUSD>
        <pctVal>0.218131893315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</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>HUNTINGTON BANCSHARES INC</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.875% SERIES J NON-CUMULATIVE PERPETUAL PREFERRED STOC</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
          <ticker value="HBAN"/>
        </identifiers>
        <balance>43600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1095668.00000000</valUSD>
        <pctVal>0.560465624459</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>FIRST HORIZON CORP</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FIRST HORIZON CORP DEPOSITARY SHARESEACH REPRESENTING 1/4,000TH INTEREST IN A SHARE OF NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES H</title>
        <cusip>320517840</cusip>
        <identifiers>
          <isin value="US3205178409"/>
          <ticker value="FHN H"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>748500.00000000</valUSD>
        <pctVal>0.382879229755</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>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V7.375 PERP Z</title>
        <cusip>172967PC9</cusip>
        <identifiers>
          <isin value="US172967PC98"/>
        </identifiers>
        <balance>1550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1602352.80000000</valUSD>
        <pctVal>0.819649440028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</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>DUKE ENERGY CORP</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUK V6.45 09/01/54</title>
        <cusip>26441CCG8</cusip>
        <identifiers>
          <isin value="US26441CCG87"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1250624.40000000</valUSD>
        <pctVal>0.639730269854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</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>SPIRE INC (US)</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SR V6.45 06/01/56</title>
        <cusip>84857LAE1</cusip>
        <identifiers>
          <isin value="US84857LAE11"/>
        </identifiers>
        <balance>670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>669251.61000000</valUSD>
        <pctVal>0.342341404074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</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>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP V9.25 PERP 144A</title>
        <cusip>05565AS20</cusip>
        <identifiers>
          <isin value="US05565AS207"/>
        </identifiers>
        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589840.16000000</valUSD>
        <pctVal>0.301720168523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</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>
    </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. 05946KAF8:05946KAM3:05946KAW1:05962GAJ8:05971PAB4:05971PAE8:05973KAB3:05964HBH7:05971KAH2:05971KAQ2:05971KAY5:06368L5Q5:06368L8V1:06368LQ58:0641598S8:0641598V1:0641598X7:06419GEE2:06738EBT1:06738EBX2:06738ECN3:06738EDC6:05533UAG3:05565A5R0:05565AM34:05565AS20:05565ASK0:05602XJC3:05602XQQ4:05602XQS0:13607P7Y4:13607PNF7:225313AT2:404280BL2:404280BP3:404280EJ4:404280FA2:404280FJ3:404280FR5:258524098:456837AY9:539439BF5:53944YAV5:639057AD0:639057AQ1:780082AR4:780082AT0:780082AV5:780082AY9:83367TBU2:83370RAA6:83370RAC2:853254BX7:853254CM0:89116CKP1:89117F8Z5:902613AD0:902613AJ7:902613BE7:902613BW7." noteItem="C.4.a"/>
      <explntrNote note="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. 25432X300:74913G873:74913G881." noteItem="C.4.a"/>
      <explntrNote note="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. 00774MBK0:00774MBQ7:00130HCK9:015857AH8:02005NBN9:02005NCB4:021361AD2:02369GAA3:025537AU5:025537BA8:02557TAF6:025816CH0:026874BS5:025676AR8:05463HAC5:060505GB4:06055HAB9:06055HAK9:0778FPAQ2:11102AAG6:14040HCF0:15189TBJ5:808513CM5:172967NB3:172967PC9:172967PE5:172967PK1:172967PM7:172967PR6:172967QJ3:17327CAV5:17327CBC6:174610AQ8:125896BY5:19075QAC6:19075QAG7:19075QAH5:20035AAA2:20453QAA0:20453QAC6:21871XAT6:21871XAU3:126650EH9:25746UDM8:25746UDU0:25746UDV8:26441CCG8:281020AT4:29103HAB3:29250NBT1:29250NCG8:29273VAM2:29273VAX8:29273VBH2:29360AAB6:29359UAD1:29364GAQ6:29364GAS2:29452EAD3:29882DAB9:299808AE5:30034WAE6:30040WBD9:30161NBQ3:31959XAG8:302491AZ8:34962TAA9:37045XCM6:37045XDB9:37959GAG2:37959GAH0:38141GA38:38141GA79:38141GB52:38141GC28:444859CE0:446150AT1:446150AV6:446150BG8:48128BAN1:48128BAQ4:48128BAR2:493267AK4:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:534187BR9:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:302570AX4:65339KCW8:65339KDB3:65339KDE7:65473PAR6:65473PAT2:66765NAA3:695114DG0:92556HAE7:69331VAA4:718547BA9:693475BC8:693475BD6:693475BF1:693475BP9:743863AA0:744320BL5:745310AT9:759351AT6:759351AV1:775109DH1:78397DAA6:78397DAC2:816851BM0:816851BS7:816851BT5:836720AJ1:842587EB9:84857LAE1:857477CH4:86765KAE9:87971MCM3:89352HBL2:89356BAE8:69349HAJ6:92840MAC6:92857WBQ2:95002YAA1:95002YAC7:95002YAE3." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-27</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>
