UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD 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)

Registrant's telephone number, including area code: 626-795-7300

Date of fiscal year end: NOVEMBER 30

Date of reporting period: JULY 1, 2007 - JUNE 30, 2008

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX 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. ss. 3507.

PROXY VOTING RECORD

FOR PERIOD JULY 1, 2007 TO JUNE 30, 2008

REGISTRANT NAME:
INVESTMENT COMPANY ACT FILE NUMBER:
REPORTING PERIOD:
REGISTRANT ADDRESS:
NAME OF SERIES (AS APPLICABLE):

Flaherty & Crumrine / Claymore Total Return Fund Incorporated 811 - 21380
07/01/2007 - 06/30/2008
301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101 

 ISSUER OF
 PORTFOLIO EXCHANGE TICKER SHAREHOLDER WHO PROPOSED
 SECURITY SYMBOL CUSIP # MEETING DATE SUMMARY OF MATTER VOTED ON MATTER: ISSUER
 /SHAREHOLDER

------------------------------------------------------------------------------------------------------------------------------------
Tempfund Fund Inst'l Shares BLK 09248U619 9/7/2007 Approve directors Issuer
------------------------------------------------------------------------------------------------------------------------------------
Wachovia Preferred Funding WNA-P 92977V206 5/12/2008 Approve directors Issuer
------------------------------------------------------------------------------------------------------------------------------------
Wisconsin Power & Light WIS-P 976826867 5/21/2008 Approve directors Issuer
------------------------------------------------------------------------------------------------------------------------------------
Wisconsin Power & Light WIS-P 976826867 5/21/2008 Approve auditor Issuer
------------------------------------------------------------------------------------------------------------------------------------


 FUND'S VOTE FOR
 OR AGAINST
 PROPOSAL, OR
 ISSUER OF WHETHER ABSTAIN; FOR OR WHETHER VOTE
 PORTFOLIO FUND CAST WITHHOLD WAS FOR OR
 SECURITY VOTE ON REGARDING AGAINST MANAGEMENT
 MATTER ELECTION OF
 DIRECTORS
--------------------------------------------------------------------------------
Tempfund Fund Inst'l Shares Yes For For
--------------------------------------------------------------------------------
Wachovia Preferred Funding Yes For For
--------------------------------------------------------------------------------
Wisconsin Power & Light Yes For For
--------------------------------------------------------------------------------
Wisconsin Power & Light Yes For For
--------------------------------------------------------------------------------

SIGNATURES

SIGNATURES Pursuant to the requirements of 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 8/6/08
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