UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number
811-21380
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
(Exact name of registrant as specified in charter)
301 E. Colorado Boulevard, Suite 720
Pasadena, CA 91101
(Address of principal executive offices) (Zip code)
Donald F. Crumrine
Flaherty & Crumrine Incorporated
301 E. Colorado Boulevard, Suite 720
Pasadena, CA 91101
(Name and address of agent for service)
Registrants
telephone number, including area code:
626-795-7300
Date of
fiscal year end:
November 30
Date of
reporting period:
August 31, 2011
Form N-Q is to be used by management investment companies, other than small business investment
companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the
Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant
to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review, inspection, and
policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will
make this information public. A registrant is not required to respond to the collection of
information contained in Form N-Q unless the Form displays a currently valid Office of Management
and Budget (OMB) control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has
reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Schedule(s) of Investment is attached herewith.
FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND
To the Shareholders of Flaherty & Crumrine/Claymore Total Return Fund:
During the third fiscal quarter of 2011
1
, total return on net asset value
2
of the Fund was
-2.4%; the fiscal year-to-date return was a more pleasing +8.7%. Prior to this most recent
quarter, the Fund had nine consecutive quarters of positive returns.
There was good news on the Funds dividend during the quarter a combination of very low
borrowing cost on the Funds leverage and relatively high income earned from the Funds
investment portfolio led to another increase in your monthly dividend. The new rate of $0.1395
(beginning in August) is 3.3% higher than the previous level.
The Federal Reserve has indicated short-term interest rates are likely to stay at present
levels at least through mid-2013. The Funds borrowing rate is not directly tied to the Feds
short-term rate target, but the correlation is high, so borrowing costs should remain at or
near current levels over the same period.
On the flip side, however, the task of projecting portfolio income has become more
difficult, due both to the sharp decline in interest rates and changes in the regulatory
environment in which many preferred issuers operate. For instance, bank regulators here and
abroad have yet to issue final guidelines for bank capital; until they do, it is hard to
predict when issuers may call outstanding preferreds. We think eventually portfolio income
could fall (as higher dividend paying securities are called), but we are working hard to
minimize the impact.
Conditions in financial markets are largely a tale of two houses an ongoing economic
drag from the residential housing market and a struggle of governments to get their financial
houses in order. While there is a detailed discussion of these topics in our Quarterly Economic
Update on the Funds website, our thoughts are summarized here.
The drop in home prices and rise in foreclosures have eroded household wealth, pushed up
savings, and slowed consumer spending, thus short-circuiting the cyclical recovery the economy
normally would experience coming out of a deep recession. The resulting sluggish economic
growth has encouraged companies to focus on reducing debt, lowering costs, and improving
productivity. This has led to an unusual combination of strong profit growth and improving
credit quality for corporations, but little improvement in employment. Finally, rising savings,
limited demand for new investment, and highly accommodative monetary policy have pushed US
Treasury rates to 60-year lows. As long as households seek to reduce indebtedness, which we
expect will continue for some time, these conditions are likely to persist.
At the same time, the deleveraging that began in the household sector has spread to the
government sector. Investors are questioning governments ability and willingness to sustain
current budgets and obligations, most visibly in the sovereign debt crisis boiling over in
Europe. The uncertainty over how that situation will be resolved and its short and long-term
impact on the global economy has sent many investors to the sidelines and out of risky
assets. Although politicians are moving toward resolution of these issues, the solutions are
often unpopular, and progress is likely to be slow.
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1
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June 1, 2011 August 31, 2011
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2
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Following the methodology required by the SEC, total return includes income and principal change,
plus the impact of the Funds leverage and expenses.
|
As of August 31, 12% of the Funds portfolio consisted of securities issued or guaranteed
by banks and insurance companies based in Europe. Each of these companies has operations
throughout the world, but is tied most closely to economic conditions in the Eurozone. We
believe these issuers are well capitalized and well managed, and therefore better able to
handle market turbulence.
At the end of the day, we believe long-term investors will continue to earn attractive
returns on preferred securities, although there may be some bumps along the way. We will
continue to manage the Fund as we always have in quiet times and in crisis with a
disciplined eye on credit fundamentals, relative value and risk management.
We
encourage you to visit the Funds website
www.fcclaymore.com
for a more in-depth
discussion of conditions in the preferred markets as well as the broader economy.
Sincerely,
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|
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Donald F. Crumrine
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Robert M. Ettinger
|
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Chairman
|
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President
|
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October 14, 2011
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Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OVERVIEW
August 31, 2011 (Unaudited)
|
|
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|
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Fund Statistics
|
|
|
|
|
|
Net Asset Value
|
|
$
|
17.71
|
|
Market Price
|
|
$
|
18.25
|
|
Premium
|
|
|
3.05
|
%
|
Yield on Market Price
|
|
|
9.17
|
%
|
Common Stock Shares Outstanding
|
|
|
9,822,790
|
|
|
|
|
|
|
Moodys Ratings
|
|
% of Net Assets
|
|
|
A
|
|
|
7.5
|
%
|
BBB
|
|
|
73.3
|
%
|
BB
|
|
|
15.1
|
%
|
Below BB
|
|
|
1.7
|
%
|
Not Rated*
|
|
|
0.6
|
%
|
Below Investment Grade**
|
|
|
9.0
|
%
|
|
|
|
*
|
|
Does not include net other assets and
liabilities of 1.8%.
|
|
**
|
|
Below investment grade by all of
Moodys, S&P and Fitch.
|
|
|
|
|
|
|
Industry Categories
|
|
% of Net Assets
|
|
|
|
|
|
|
Top 10 Holdings by Issuer
|
|
% of Net Assets
|
|
|
Liberty Mutual Group
|
|
|
5.1
|
%
|
Banco Santander
|
|
|
4.5
|
%
|
Capital One Financial
|
|
|
4.0
|
%
|
Metlife
|
|
|
3.8
|
%
|
HSBC Plc
|
|
|
3.4
|
%
|
Georgia Power
|
|
|
3.0
|
%
|
Unum Group
|
|
|
2.9
|
%
|
Enbridge Energy Partners
|
|
|
2.8
|
%
|
Wells Fargo
|
|
|
2.8
|
%
|
Axis Capital
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
% of Net Assets***
|
|
|
Holdings Generating Qualified Dividend Income (QDI) for Individuals
|
|
|
34
|
%
|
Holdings Generating Income Eligible for the Corporate Dividend
Received Deduction (DRD)
|
|
|
22
|
%
|
|
|
|
***
|
|
This does not reflect year-end results or actual tax categorization of Fund distributions.
These percentages can, and do, change, perhaps significantly, depending on market conditions.
Investors should consult their tax advisor regarding their personal situation.
|
|
|
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Net Assets includes assets attributable to the use of leverage.
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS
August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares/$ Par
|
|
|
|
|
Value
|
|
Preferred Securities 91.8%
|
|
|
|
|
|
|
|
|
Banking 35.8%
|
|
|
|
|
|
$
|
4,850,000
|
|
|
Astoria Capital Trust I, 9.75% 11/01/29, Series B
|
|
$
|
5,054,010
|
(1)
|
|
439,755
|
|
|
Banco Santander, 10.50% Pfd., Series 10
|
|
|
12,052,057
|
**
(1)(2)
|
|
|
|
|
Bank of America Corporation:
|
|
|
|
|
|
8,220
|
|
|
8.20% Pfd.
|
|
|
204,678
|
*
|
|
17,540
|
|
|
8.625% Pfd.
|
|
|
442,008
|
*
|
$
|
1,000,000
|
|
|
BankAmerica Institutional, Series A, 8.07% 12/31/26, 144A****
|
|
|
1,000,000
|
|
|
|
|
|
Barclays Bank PLC:
|
|
|
|
|
$
|
3,600,000
|
|
|
6.278%
|
|
|
2,666,250
|
**
(1)(2)
|
|
1,900
|
|
|
7.75% Pfd., Series 4
|
|
|
46,113
|
**
(2)
|
|
126,900
|
|
|
8.125% Pfd., Series 5
|
|
|
3,130,623
|
**
(1)(2)
|
|
8,700
|
|
|
BB&T Capital Trust V, 8.95% Pfd. 09/15/63
|
|
|
234,085
|
|
|
57,157
|
|
|
BB&T Capital Trust VI, 9.60% Pfd. 08/01/64
|
|
|
1,539,238
|
(1)
|
$
|
2,050,000
|
|
|
BBVA International Preferred, 5.919%
|
|
|
1,517,875
|
**
(1)(2)
|
$
|
3,000,000
|
|
|
BNP Paribas, 7.195%, 144A****
|
|
|
2,610,000
|
**
(1)(2)
|
$
|
7,250,000
|
|
|
Capital One Capital III, 7.686% 08/15/36
|
|
|
7,268,125
|
(1)
|
$
|
1,500,000
|
|
|
Capital One Capital V, 10.25% 08/15/39
|
|
|
1,566,525
|
(1)
|
$
|
1,643,000
|
|
|
Capital One Capital VI, 8.875% 05/15/40
|
|
|
1,672,893
|
(1)
|
|
83,300
|
|
|
Citigroup Capital XIII, 7.875% Pfd. 10/30/40
|
|
|
2,171,006
|
(1)
|
$
|
10,000,000
|
|
|
Colonial BancGroup, 7.114%, 144A****
|
|
|
387,500
(3)
|
|
|
7,000
|
|
|
FBOP Corporation, Adj. Rate Pfd., 144A****
|
|
|
5,460
|
*
(3)(4)
|
$
|
2,150,000
|
|
|
Fifth Third Capital Trust IV, 6.50% 04/15/37
|
|
|
2,004,875
|
(1)
|
|
13,150
|
|
|
Fifth Third Capital Trust V, 7.25% Pfd. 08/15/67
|
|
|
330,328
|
|
|
133,051
|
|
|
Fifth Third Capital Trust VI, 7.25% Pfd. 11/15/67
|
|
|
3,334,591
|
(1)
|
|
2,000
|
|
|
First Republic Preferred Capital Corporation, 10.50% Pfd., 144A****
|
|
|
2,042,500
|
|
|
3,900
|
|
|
First Tennessee Bank, Adj. Rate Pfd., 3.75%
(5)
, 144A****
|
|
|
2,531,344
|
*
|
$
|
600,000
|
|
|
First Union Capital II, 7.95% 11/15/29
|
|
|
612,790
|
(1)
|
$
|
500,000
|
|
|
Fleet Capital Trust II, 7.92% 12/11/26
|
|
|
493,750
|
|
|
3
|
|
|
FT Real Estate Securities Company, 9.50% Pfd., 144A****
|
|
|
2,875,500
|
|
|
|
|
|
Goldman Sachs:
|
|
|
|
|
$
|
865,000
|
|
|
Capital I, 6.345% 02/15/34
|
|
|
802,397
|
(1)
|
$
|
881,000
|
|
|
Capital II, 5.793%
|
|
|
638,725
|
(1)
|
|
1,500
|
|
|
STRIPES Custodial Receipts, Adj. Rate, 10.70%
(5)
, Pvt.
|
|
|
711,000
|
*
(3)(4)
|
|
172,000
|
|
|
HSBC Holdings PLC, 8.00% Pfd., Series 2
|
|
|
4,587,670
|
**
(1)(2)
|
$
|
1,000,000
|
|
|
HSBC USA Capital Trust II, 8.38% 05/15/27, 144A****
|
|
|
1,018,027
|
(1)
|
|
|
|
|
HSBC USA, Inc.:
|
|
|
|
|
|
100,000
|
|
|
6.50% Pfd., Series H
|
|
|
2,505,150
|
*
(1)
|
|
1,828
|
|
|
$2.8575 Pfd.
|
|
|
85,516
|
*
|
|
41,175
|
|
|
ING Groep NV, 8.50% Pfd.
|
|
|
1,008,376
|
**
(2)
|
$
|
1,850,000
|
|
|
JPMorgan Chase Capital XVIII, 6.95% 08/17/36, Series R
|
|
|
1,831,770
|
(1)
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (Continued)
August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares/$ Par
|
|
|
|
|
Value
|
|
Preferred Securities (Continued)
|
|
|
|
|
|
|
|
|
Banking (Continued)
|
|
|
|
|
|
$
|
500,000
|
|
|
JPMorgan Chase Capital XXVII, 7.00% 11/01/39, Series AA
|
|
$
|
501,899
|
(1)
|
|
72,935
|
|
|
Keycorp Capital IX, 6.75% Pfd. 12/15/66
|
|
|
1,859,843
|
(1)
|
|
72,900
|
|
|
Keycorp Capital X, 8.00% Pfd. 03/15/68
|
|
|
1,877,904
|
(1)
|
$
|
1,000,000
|
|
|
Lloyds Banking Group PLC, 6.657%, 144A****
|
|
|
575,000
|
**
(2)
|
$
|
775,000
|
|
|
MBNA Capital, 8.278% 12/01/26, Series A
|
|
|
777,906
|
|
$
|
1,676,000
|
|
|
National City Preferred Capital Trust I, 12.00%
|
|
|
1,821,792
|
|
$
|
1,150,000
|
|
|
NB Capital Trust IV, 8.25% 04/15/27
|
|
|
1,158,625
|
|
|
39,995
|
|
|
PNC Financial Services, 9.875% Pfd., Series L
|
|
|
1,127,359
|
*
(1)
|
$
|
1,000,000
|
|
|
PNC Preferred Funding Trust III, 8.70%, 144A****
|
|
|
1,025,250
|
(1)
|
|
3,000
|
|
|
Sovereign REIT, 12.00% Pfd., Series A, 144A****
|
|
|
3,671,535
|
|
|
8,100
|
|
|
SunTrust Capital IX, 7.875% Pfd. 03/15/68
|
|
|
205,841
|
|
$
|
1,500,000
|
|
|
Wachovia Capital Trust III, Adj. Rate, 5.56975%
(5)
|
|
|
1,318,125
|
*
(1)
|
|
51,737
|
|
|
Wachovia Preferred Funding, 7.25% Pfd., Series A
|
|
|
1,344,257
|
(1)
|
$
|
2,800,000
|
|
|
Webster Capital Trust IV, 7.65% 06/15/37
|
|
|
2,850,417
|
|
|
|
|
|
Wells Fargo & Company:
|
|
|
|
|
|
2,325
|
|
|
7.50% Pfd., Series L
|
|
|
2,420,255
|
*
(1)
|
|
50,000
|
|
|
8.00% Pfd., Series J
|
|
|
1,450,000
|
*
|
$
|
160,000
|
|
|
Wells Fargo Capital XV, 9.75%
|
|
|
166,000
|
|
|
|
|
|
|
|
|
|
95,134,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services 3.5%
|
|
|
|
|
|
$
|
250,000
|
|
|
Ameriprise Financial, Inc., 7.518% 06/01/66
|
|
|
253,125
|
|
$
|
1,300,000
|
|
|
Claudius, Ltd. Credit Suisse AG, 7.875%, Series B
|
|
|
1,293,500
|
(2)
|
$
|
3,000,000
|
|
|
Gulf Stream-Compass 2005 Composite Notes, 144A****
|
|
|
2,150,370
|
(3)(4)
|
|
|
|
|
Heller Financial, Inc.:
|
|
|
|
|
|
39,000
|
|
|
6.687% Pfd., Series C
|
|
|
3,890,250
|
*
(1)
|
|
7,750
|
|
|
6.95% Pfd., Series D
|
|
|
784,446
|
*
|
|
32,200
|
|
|
HSBC Finance Corporation, 6.36% Pfd., Series B
|
|
|
741,002
|
*
|
|
|
|
|
Lehman Brothers Holdings, Inc.:
|
|
|
|
|
|
20,000
|
|
|
5.67% Pfd., Series D
|
|
|
6,200
|
*
|
|
85,000
|
|
|
7.95% Pfd.
|
|
|
2,380
|
*
|
|
|
|
|
|
|
|
|
9,121,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance 20.1%
|
|
|
|
|
|
$
|
1,550,000
|
|
|
Ace Capital Trust II, 9.70% 04/01/30
|
|
|
2,076,978
|
(1)(2)
|
$
|
1,775,000
|
|
|
AON Corporation, 8.205% 01/01/27
|
|
|
2,039,324
|
(1)
|
|
12,150
|
|
|
Arch Capital Group Ltd., 7.875% Pfd., Series B
|
|
|
309,066
|
**
(1)(2)
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (Continued)
August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares/$ Par
|
|
|
|
|
Value
|
|
Preferred Securities (Continued)
|
|
|
|
|
|
|
|
|
Insurance (Continued)
|
|
|
|
|
|
|
|
|
|
AXA SA:
|
|
|
|
|
$
|
1,196,000
|
|
|
6.379%, 144A****
|
|
$
|
932,880
|
**
(1)(2)
|
$
|
114,000
|
|
|
6.463%, 144A****
|
|
|
88,920
|
**
(2)
|
|
66,600
|
|
|
Axis Capital Holdings, 7.50% Pfd., Series B
|
|
|
6,508,072
|
(1)(2)
|
|
160,000
|
|
|
Delphi Financial Group, 7.376% Pfd. 05/15/37
|
|
|
3,830,000
|
(1)
|
$
|
5,760,000
|
|
|
Everest Re Holdings, 6.60% 05/15/37
|
|
|
5,256,000
|
(1)
|
$
|
8,300,000
|
|
|
Liberty Mutual Group, 10.75% 06/15/58, 144A****
|
|
|
10,292,000
|
(1)
|
$
|
1,700,000
|
|
|
MetLife Capital Trust IV, 7.875% 12/15/37, 144A****
|
|
|
1,742,500
|
(1)
|
$
|
4,330,000
|
|
|
MetLife Capital Trust X, 9.25% 04/08/38, 144A****
|
|
|
5,131,050
|
(1)
|
$
|
2,250,000
|
|
|
MetLife, Inc., 10.75% 08/01/39
|
|
|
3,090,431
|
(1)
|
|
|
|
|
Principal Financial Group:
|
|
|
|
|
|
12,000
|
|
|
5.563% Pfd., Series A
|
|
|
1,161,376
|
*
|
|
87,800
|
|
|
6.518% Pfd., Series B
|
|
|
2,244,388
|
*
(1)
|
|
109,000
|
|
|
Scottish Re Group Ltd., 7.25% Pfd.
|
|
|
1,004,849
|
**
(2)
|
$
|
1,750,000
|
|
|
Stancorp Financial Group, 6.90% 06/01/67
|
|
|
1,560,228
|
(1)
|
$
|
3,615,000
|
|
|
USF&G Capital, 8.312% 07/01/46, 144A****
|
|
|
4,467,312
|
(1)
|
$
|
1,800,000
|
|
|
XL Capital Ltd., 6.50%, Series E
|
|
|
1,606,500
|
(1)(2)
|
|
|
|
|
|
|
|
|
53,341,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 26.1%
|
|
|
|
|
|
|
62,243
|
|
|
Alabama Power Company, 6.45% Pfd.
|
|
|
1,731,133
|
*
(1)
|
|
33,700
|
|
|
Baltimore Gas & Electric Company, 6.70% Pfd., Series 1993
|
|
|
3,390,011
|
*
(1)
|
|
118,380
|
|
|
Calenergy Capital Trust III, 6.50% Pfd. 09/01/27
|
|
|
5,859,810
|
(1)
|
$
|
3,700,000
|
|
|
COMED Financing III, 6.35% 03/15/33
|
|
|
3,285,493
|
(1)
|
|
20,170
|
|
|
Constellation Energy Group, 8.625% Pfd. 06/15/63, Series A
|
|
|
545,195
|
(1)
|
$
|
2,500,000
|
|
|
Dominion Resources Capital Trust I, 7.83% 12/01/27
|
|
|
2,525,477
|
(1)
|
$
|
3,500,000
|
|
|
Dominion Resources, Inc., 7.50% 06/30/66
|
|
|
3,591,094
|
(1)
|
|
83,000
|
|
|
Entergy Arkansas, Inc., 6.45% Pfd.
|
|
|
2,075,000
|
*
(1)
|
|
57,000
|
|
|
Entergy Louisiana, Inc., 6.95% Pfd.
|
|
|
5,612,722
|
*
(1)
|
|
|
|
|
FPL Group Capital, Inc.:
|
|
|
|
|
$
|
4,197,000
|
|
|
6.65% 06/15/67
|
|
|
4,065,374
|
(1)
|
$
|
1,975,000
|
|
|
7.30% 09/01/67, Series D
|
|
|
2,041,644
|
(1)
|
|
75,000
|
|
|
Georgia Power Company, 6.50% Pfd., Series 2007A
|
|
|
8,025,000
|
*
(1)
|
|
5,000
|
|
|
Gulf Power Company, 6.45% Pfd., Series 2007A
|
|
|
537,856
|
*
|
|
30,445
|
|
|
Indianapolis Power & Light Company, 5.65% Pfd.
|
|
|
2,850,413
|
*
(1)
|
|
95,000
|
|
|
Interstate Power & Light Company, 8.375% Pfd., Series B
|
|
|
2,784,688
|
*
(1)
|
$
|
4,000,000
|
|
|
PECO Energy Capital Trust IV, 5.75% 06/15/33
|
|
|
3,506,192
|
(1)
|
$
|
825,000
|
|
|
PPL Capital Funding, 6.70% 03/30/67, Series A
|
|
|
797,032
|
(1)
|
|
64,500
|
|
|
PPL Electric Utilities Corporation, 6.25% Pfd.
|
|
|
1,630,644
|
*
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (Continued)
August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares/$ Par
|
|
|
|
|
Value
|
|
Preferred Securities (Continued)
|
|
|
|
|
|
|
|
|
Utilities (Continued)
|
|
|
|
|
|
$
|
5,175,000
|
|
|
Puget Sound Energy, Inc., 6.974% 06/01/67
|
|
$
|
5,237,819
|
(1)
|
|
|
|
|
Southern California Edison:
|
|
|
|
|
|
17,000
|
|
|
6.00% Pfd., Series C
|
|
|
1,671,845
|
*
(1)
|
|
41,000
|
|
|
6.50% Pfd., Series D
|
|
|
4,137,158
|
*
(1)
|
$
|
3,615,000
|
|
|
WPS Resources Corporation, 6.11% 12/01/66
|
|
|
3,456,113
|
(1)
|
|
|
|
|
|
|
|
|
69,357,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy 5.0%
|
|
|
|
|
|
$
|
7,050,000
|
|
|
Enbridge Energy Partners LP, 8.05% 10/01/37
|
|
|
7,400,491
|
(1)
|
$
|
5,550,000
|
|
|
Enterprise Products Partners, 8.375% 08/01/66, Series A
|
|
|
5,812,493
|
(1)
|
|
|
|
|
|
|
|
|
13,212,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust (REIT) 0.1%
|
|
|
|
|
|
|
10,000
|
|
|
PS Business Parks, Inc., 6.875% Pfd., Series R
|
|
|
255,000
|
|
|
|
|
|
|
|
|
|
255,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Industries 1.2%
|
|
|
|
|
|
|
37,400
|
|
|
Ocean Spray Cranberries, Inc., 6.25% Pfd., 144A****
|
|
|
3,260,812
|
*
(1)
|
|
|
|
|
|
|
|
|
3,260,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Securities
(Cost $244,890,021)
|
|
|
243,684,419
|
|
|
|
|
|
|
|
|
|
Corporate Debt Securities 6.4%
|
|
|
|
|
|
|
|
|
Banking 0.2%
|
|
|
|
|
|
$
|
635,000
|
|
|
Goldman Sachs Group, 6.75% 10/01/37, Sub Notes
|
|
|
604,547
|
(1)
|
|
|
|
|
|
|
|
|
604,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services 0.3%
|
|
|
|
|
|
$
|
4,726,012
|
|
|
Lehman Brothers, Guaranteed Note, Variable Rate, 5.843%, 12/16/16, 144A****
|
|
|
800,114
|
(3)(4)
|
|
|
|
|
|
|
|
|
800,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance 4.1%
|
|
|
|
|
|
$
|
3,400,000
|
|
|
Liberty Mutual Insurance, 7.697% 10/15/97, 144A****
|
|
|
3,153,520
|
(1)
|
$
|
7,000,000
|
|
|
UnumProvident Corporation, 7.25% 03/15/28
|
|
|
7,678,139
|
(1)
|
|
|
|
|
|
|
|
|
10,831,659
|
|
|
|
|
|
|
|
|
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (Continued)
August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares/$ Par
|
|
|
|
|
Value
|
|
Corporate Debt Securities (Continued)
|
|
|
|
|
|
|
|
|
Utilities 0.8%
|
|
|
|
|
|
|
|
|
|
Southern Union Company:
|
|
|
|
|
$
|
1,000,000
|
|
|
7.60% 02/01/24, Senior Notes
|
|
$
|
1,217,807
|
(1)
|
$
|
700,000
|
|
|
8.25% 11/15/29, Senior Notes
|
|
|
864,101
|
(1)
|
|
|
|
|
|
|
|
|
2,081,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Industries 1.0%
|
|
|
|
|
|
|
16,500
|
|
|
Corp-Backed Trust Certificates, 7.00% 11/15/28, Series Sprint
|
|
|
408,705
|
(1)
|
|
|
|
|
Pulte Homes, Inc.:
|
|
|
|
|
|
25,844
|
|
|
7.375% 06/01/46
|
|
|
570,442
|
|
$
|
2,160,000
|
|
|
7.875% 06/15/32
|
|
|
1,857,600
|
(1)
|
|
|
|
|
|
|
|
|
2,836,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Debt Securities
(Cost $20,254,781)
|
|
|
17,154,975
|
|
|
|
|
|
|
|
|
|
Common Stock 0.4%
|
|
|
|
|
|
|
|
|
Banking 0.2%
|
|
|
|
|
|
|
13,500
|
|
|
CIT Group, Inc.
|
|
|
466,695
|
*
|
|
|
|
|
|
|
|
|
466,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 0.2%
|
|
|
|
|
|
|
7,840
|
|
|
Exelon Corporation
|
|
|
338,061
|
*
|
|
11,653
|
|
|
PPL Corporation
|
|
|
336,539
|
*
|
|
|
|
|
|
|
|
|
674,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
(Cost $3,163,176)
|
|
|
1,141,295
|
|
|
|
|
|
|
|
|
|
Money Market Fund 0.1%
|
|
|
|
|
|
|
162,893
|
|
|
BlackRock Liquidity Funds, T-Fund
|
|
|
162,893
|
|
|
|
|
|
|
Total Money Market Fund
(Cost $162,893)
|
|
|
162,893
|
|
|
|
|
|
|
|
|
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (Continued)
August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
Total Investments
(Cost $268,470,871***)
|
|
|
98.7
|
%
|
|
$
|
262,143,582
|
|
Other Assets And Liabilities
(Net)
|
|
|
1.3
|
%
|
|
|
3,404,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Managed Assets
|
|
|
100.0
|
%
|
|
$
|
265,548,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Principal Balance
|
|
|
|
|
|
|
(91,600,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Assets Available To Common Stock
|
|
|
|
|
|
$
|
173,948,435
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Securities eligible for the Dividends Received Deduction and distributing Qualified Dividend
Income.
|
|
**
|
|
Securities distributing Qualified Dividend Income only.
|
|
***
|
|
Aggregate cost of securities held.
|
|
****
|
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration to qualified institutional
buyers. At August 31, 2011, these securities amounted to $49,761,594 or 18.7% of total managed
assets.
|
|
(1)
|
|
All or a portion of this security is pledged as collateral for the Funds loan. The total value
of such securities was $200,269,959 at August 31, 2011.
|
|
(2)
|
|
Foreign Issuer.
|
|
(3)
|
|
Illiquid
|
|
(4)
|
|
Fair valued as of August 31, 2011.
|
|
(5)
|
|
Represents the rate in effect as of the reporting date.
|
|
|
|
Non-income producing.
|
|
|
|
The issuer has filed for bankruptcy protection. As a result, the Fund may not be able to recover
the principal invested and also does not expect to receive income on this security going forward.
|
|
|
|
The percentage shown for each investment category is the total value of that category as a
percentage of total managed assets.
|
ABBREVIATIONS
:
|
|
|
|
|
Pfd.
|
|
|
|
Preferred Securities
|
Pvt.
|
|
|
|
Private Placement Securities
|
REIT
|
|
|
|
Real Estate Investment Trust
|
STRIPES
|
|
|
|
Structured Residual Interest Preferred Enhanced Securities
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE TO COMMON STOCK
(1)
For the period from December 1, 2010 through August 31, 2011 (Unaudited)
|
|
|
|
|
|
|
Value
|
|
OPERATIONS:
|
|
|
|
|
Net investment income
|
|
$
|
12,093,494
|
|
Net realized gain/(loss) on investments sold during the period
|
|
|
2,681,135
|
|
Change in net unrealized appreciation/depreciation of investments
|
|
|
(73,174
|
)
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
|
14,701,455
|
|
|
|
|
|
|
DISTRIBUTIONS:
|
|
|
|
|
Dividends paid from net investment income to Common Stock Shareholders
(2)
|
|
|
(12,359,862
|
)
|
|
|
|
|
|
|
|
|
|
Total Distributions to Common Stock Shareholders
|
|
|
(12,359,862
|
)
|
|
|
|
|
|
FUND SHARE TRANSACTIONS:
|
|
|
|
|
Increase from shares issued under the Dividend Reinvestment and Cash Purchase Plan
|
|
|
338,683
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets available to Common Stock resulting from
Fund share transactions
|
|
|
338,683
|
|
|
|
|
|
|
NET INCREASE IN NET ASSETS AVAILABLE TO COMMON STOCK
FOR THE PERIOD
|
|
$
|
2,680,276
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AVAILABLE TO COMMON STOCK:
|
|
|
|
|
Beginning of period
|
|
$
|
171,268,159
|
|
Net increase in net assets during the period
|
|
|
2,680,276
|
|
|
|
|
|
End of period
|
|
$
|
173,948,435
|
|
|
|
|
|
|
|
|
(1)
|
|
These tables summarize the nine months ended August 31, 2011 and should be read in conjunction
with the Funds audited financial statements, including footnotes, in its Annual Report dated
November 30, 2010.
|
|
(2)
|
|
May include income earned, but not paid out, in prior fiscal year.
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
FINANCIAL HIGHLIGHTS
(1)
For the period from December 1, 2010 through August 31, 2011 (Unaudited)
For a Common Stock share outstanding throughout the period.
|
|
|
|
|
PER SHARE OPERATING PERFORMANCE:
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
17.47
|
|
|
|
|
|
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
Net investment income
|
|
|
1.23
|
|
Net realized and unrealized gain/(loss) on investments
|
|
|
0.27
|
|
|
|
|
|
Total from investment operations
|
|
|
1.50
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO COMMON STOCK SHAREHOLDERS:
|
|
|
|
|
From net investment income
|
|
|
(1.26
|
)
|
|
|
|
|
Total distributions to Common Stock Shareholders
|
|
|
(1.26
|
)
|
|
|
|
|
Net asset value, end of period
|
|
$
|
17.71
|
|
|
|
|
|
Market value, end of period
|
|
$
|
18.25
|
|
|
|
|
|
Common Stock shares outstanding, end of period
|
|
|
9,822,790
|
|
|
|
|
|
|
|
|
|
|
RATIOS TO AVERAGE NET ASSETS AVAILABLE TO COMMON STOCK SHAREHOLDERS:
|
|
|
|
|
Net investment income
|
|
|
9.12
|
%*
|
Operating expenses including interest expense
|
|
|
1.99
|
%*
|
Operating expenses excluding interest expense
|
|
|
1.36
|
%*
|
|
|
|
|
|
SUPPLEMENTAL DATA:
|
|
|
|
|
Portfolio turnover rate
|
|
|
10
|
%**
|
Total managed assets, end of period (in 000s)
|
|
$
|
265,548
|
|
Ratio of operating expenses including interest expense to total managed assets
|
|
|
1.33
|
%*
|
Ratio of operating expenses excluding interest expense to total managed assets
|
|
|
0.91
|
%*
|
|
|
|
(1)
|
|
These tables summarize the nine months ended August 31, 2011 and should be read in conjunction
with the Funds audited financial statements, including footnotes, in its Annual Report dated
November 30, 2010.
|
|
*
|
|
Annualized.
|
|
**
|
|
Not annualized.
|
|
|
|
The net investment income ratios reflect income net of operating expenses, including interest
expense.
|
|
|
|
Information presented under heading Supplemental Data includes loan principal balance.
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
FINANCIAL HIGHLIGHTS (Continued)
Per Share of Common Stock (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Dividend
|
|
|
|
Dividends
|
|
|
Net Asset
|
|
|
NYSE
|
|
|
Reinvestment
|
|
|
|
Paid
|
|
|
Value
|
|
|
Closing Price
|
|
|
Price
(1)
|
|
December 31, 2010 - Extra
|
|
$
|
0.0400
|
|
|
$
|
17.44
|
|
|
$
|
17.26
|
|
|
$
|
17.26
|
|
December 31, 2010
|
|
|
0.1350
|
|
|
|
17.44
|
|
|
|
17.26
|
|
|
|
17.26
|
|
January 31, 2011
|
|
|
0.1350
|
|
|
|
17.66
|
|
|
|
17.51
|
|
|
|
17.64
|
|
February 28, 2011
|
|
|
0.1350
|
|
|
|
18.02
|
|
|
|
17.87
|
|
|
|
17.99
|
|
March 31, 2011
|
|
|
0.1350
|
|
|
|
18.04
|
|
|
|
18.33
|
|
|
|
18.04
|
|
April 29, 2011
|
|
|
0.1350
|
|
|
|
18.38
|
|
|
|
18.58
|
|
|
|
18.38
|
|
May 31, 2011
|
|
|
0.1350
|
|
|
|
18.55
|
|
|
|
19.32
|
|
|
|
18.55
|
|
June 30, 2011
|
|
|
0.1350
|
|
|
|
18.23
|
|
|
|
19.17
|
|
|
|
18.23
|
|
July 29, 2011
|
|
|
0.1350
|
|
|
|
18.34
|
|
|
|
17.89
|
|
|
|
18.33
|
|
August 31, 2011
|
|
|
0.1395
|
|
|
|
17.71
|
|
|
|
18.25
|
|
|
|
17.71
|
|
|
|
|
(1)
|
|
Whenever the net asset value per share of the Funds Common Stock is less than or equal to the
market price per share on the reinvestment date, new shares issued will be valued at the higher of
net asset value or 95% of the then current market price.
Otherwise, the reinvestment shares of Common Stock will be purchased in the open market.
|
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Aggregate Information for Federal Income Tax Purposes
At August 31, 2011, the aggregate cost of securities for federal income tax purposes was
$268,814,273, the aggregate gross unrealized appreciation for all securities in which there is
an excess of value over tax cost was $24,315,077 and the aggregate gross unrealized
depreciation for all securities in which there is an excess of tax cost over value was
$30,985,768.
2. Additional Accounting Standards
Fair Value Measurement:
The inputs and valuation techniques used to measure fair value of
the Funds investments are summarized into three levels as described in the hierarchy below:
|
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
|
|
Level 2 other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
|
|
|
Level 3 significant unobservable inputs (including the Funds own assumptions in
determining the fair value of investments)
|
The inputs or methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities. Transfers in and out of levels are
recognized at market value at the end of the period. A summary of the inputs used to value the
Funds investments as of August 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2
|
|
|
Level 3
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Significant
|
|
|
Significant
|
|
|
|
Value at
|
|
|
Quoted
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
August 31, 2011
|
|
|
Price
|
|
|
Inputs
|
|
|
Inputs
|
|
Preferred Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
|
|
$
|
95,134,763
|
|
|
$
|
65,446,024
|
|
|
$
|
29,295,779
|
|
|
$
|
392,960
|
|
Financial Services
|
|
|
9,121,273
|
|
|
|
741,002
|
|
|
|
6,229,901
|
|
|
|
2,150,370
|
|
Insurance
|
|
|
53,341,874
|
|
|
|
29,250,784
|
|
|
|
24,091,090
|
|
|
|
|
|
Utilities
|
|
|
69,357,713
|
|
|
|
17,281,140
|
|
|
|
52,076,573
|
|
|
|
|
|
Energy
|
|
|
13,212,984
|
|
|
|
13,212,984
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust (REIT)
|
|
|
255,000
|
|
|
|
255,000
|
|
|
|
|
|
|
|
|
|
Miscellaneous Industries
|
|
|
3,260,812
|
|
|
|
|
|
|
|
3,260,812
|
|
|
|
|
|
Corporate Debt Securities Common Stock
|
|
|
17,154,975
|
|
|
|
3,665,602
|
|
|
|
12,689,259
|
|
|
|
800,114
|
|
Banking
|
|
|
466,695
|
|
|
|
466,695
|
|
|
|
|
|
|
|
|
|
Utilities
|
|
|
674,600
|
|
|
|
674,600
|
|
|
|
|
|
|
|
|
|
Money Market Fund
|
|
|
162,893
|
|
|
|
162,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
262,143,582
|
|
|
$
|
131,156,724
|
|
|
$
|
127,643,414
|
|
|
$
|
3,343,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Fund did not have any significant transfers in and out of Level 1 and Level 2 during the
period.
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The valuation of the Funds investments in Level 2 and Level 3 is based primarily on
market information, where available. This includes, but is not limited to, prices provided by
third-party providers, observable trading activity (including the recency, depth, and
consistency of such information with quoted levels), and the depth and consistency of
broker-quoted prices. In the event market information is not directly available, comparable
information may be observed for securities that are similar in many respects to those being
valued. The Fund may employ an income approach for certain securities that also takes into
account credit risk, interest rate risk, and potential recovery prospects.
The following is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determine fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
|
|
|
Corporate Debt
|
|
|
|
Total Investments
|
|
|
Banking
|
|
|
Services
|
|
|
Securities
|
|
|
Balance as of 11/30/10
|
|
$
|
2,137,752
|
|
|
$
|
30,968
|
|
|
$
|
1,457,430
|
|
|
$
|
649,354
|
|
Accrued discounts/premiums
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation/ (depreciation)
|
|
|
818,692
|
|
|
|
(25,008
|
)
|
|
|
692,940
|
|
|
|
150,760
|
|
Purchases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers in
|
|
|
387,000
|
|
|
|
387,000
|
(1)
|
|
|
|
|
|
|
|
|
Transfers out
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of 8/31/11
|
|
$
|
3,343,444
|
|
|
$
|
392,960
|
|
|
$
|
2,150,370
|
|
|
$
|
800,114
|
|
|
|
|
(1)
|
|
Transferred from Level 2 to Level 3 because of lack of observable market data due to decrease
in market activity for these securities.
|
For the period ended August 31, 2011, total change in unrealized gain/(loss) on Level 3
securities still held at period-end and included in the change in net assets was $818,692.
[This page intentionally left blank]
|
Directors
|
Donald F. Crumrine, CFA
|
Chairman of the Board
|
David Gale
|
Morgan Gust
|
Karen H. Hogan
|
Robert F. Wulf, CFA
|
|
Officers
|
Donald F. Crumrine, CFA
|
Chief Executive Officer
|
Robert M. Ettinger, CFA
|
President
|
R. Eric Chadwick, CFA
|
Chief Financial Officer,
|
Vice President and Treasurer
|
Chad C. Conwell
|
Chief Compliance Officer,
|
Vice President and Secretary
|
Bradford S. Stone
|
Vice President and
|
Assistant Treasurer
|
Laurie C. Lodolo
|
Assistant Compliance Officer,
|
Assistant Treasurer and
|
Assistant Secretary
|
Linda M. Puchalski
|
Assistant Treasurer
|
|
Investment Adviser
|
Flaherty & Crumrine Incorporated
|
e-mail: flaherty@pfdincome.com
|
|
Servicing Agent
|
Guggenheim Funds Distributors, Inc.
|
1-866-233-4001
|
|
Questions concerning your shares of Flaherty &
|
Crumrine/Claymore Total Return Fund?
|
If your shares are held in a Brokerage
Account, contact your Broker.
|
If you have physical possession of your shares
in certificate form, contact the Funds Transfer
Agent
|
BNY Mellon Shareowner Services
|
P.O. Box 358035
|
Pittsburgh, PA 15252-8035
|
1-866-351-7446
|
|
This report is sent to shareholders of Flaherty &
|
Crumrine/Claymore Total Return Fund Incorporated for
|
their information. It is not a Prospectus, circular or
|
representation intended for use in the purchase or sale of
|
shares of the Fund or of any securities mentioned in this
|
report.
|
Quarterly
Report
August 31, 2011
www.fcclaymore.com
Item 2. Controls and Procedures.
|
(a)
|
|
The registrants principal executive and principal financial officers, or persons
performing similar functions, have concluded that the registrants disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
|
(b)
|
|
There were no changes in the registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the registrants internal control over financial reporting.
|
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley
Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
(Registrant)
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ Donald F. Crumrine
Donald F. Crumrine, Director, Chairman of the Board and Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
Date
10/25/11
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ Donald F. Crumrine
Donald F. Crumrine, Director, Chairman of the Board and Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
Date
10/25/11
|
|
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ R. Eric Chadwick
R. Eric Chadwick, Chief Financial Officer, Treasurer and Vice President
|
|
|
|
|
(principal financial officer)
|
|
|
|
|
|
|
|
Date
10/25/11
|
|
|
|
|
|
|
|
*
|
|
Print the name and title of each signing officer under his or her signature.
|
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