Fitch: Flaherty & Crumrine/Claymore Total Return Fund Auction Rate Pfd Shares PIF

NEW YORK--(Business Wire)--
The $29 million aggregate principal amount of auction rate preferred shares
(ARPS) issued by Flaherty & Crumrine/Claymore Total Return Fund Incorporated
(NYSE: FLC), a closed-end fund managed by Flaherty & Crumrine Incorporated, are
paid in full (PIF) following the full redemption of outstanding shares as
follows according to Fitch Ratings:

--580 T7 shares redeemed on June 24, 2009 to 'PIF' from 'AAA';

--580 W28 shares redeemed on July 9, 2009 to 'PIF' from 'AAA'.

The redemption of outstanding ARPS took place as part of a refinancing of the
fund's leverage. The fund has drawn on its existing debt facility to finance the
redemption. Borrowings from this debt facility are now the fund's sole source of
leverage.

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the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Ian Rasmussen, 212-908-0232
Yuriy Layvand, CPA, 212-908-9191
Media Relations:
Brian Bertsch, 212-908-0549
brian.bertsch@fitchratings.com

Copyright Business Wire 2009