- Notice by closed-end investment companies of intention to call or redeem their own securities (N-23C-2)

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

RULE 23C-2 NOTICE OF INTENTION
TO REDEEM SECURITIES

OF

FLAHERTY & CRUMRINE/CLAYMORE
TOTAL RETURN FUND INCORPORATED
301 E. Colorado Boulevard, Suite 720
Pasadena, CA 91101
[phone]

under the

Investment Company Act of 1940

Investment Company Act File No. 811-21380

The undersigned registered closed-end investment company

hereby notifies the Securities and Exchange Commission that it intends to redeem securities of which it is the issuer, as set forth below in accordance with the requirements of Rule 23c-2 under the Investment Company Act of 1940, as amended, and states that it is filing this notice with the Commission pursuant to permission granted by the Commission's staff fewer than 30 days prior to the date set for redemption.

(1) TITLE OF THE CLASSES OF SECURITIES OF FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INCORPORATED (THE "FUND") TO BE REDEEMED:

Auction Preferred Stock, Series T7 (CUSIP #338479207) and Series W28 (CUSIP #338479306) par value $.01 per share, liquidation preference of $25,000 per share (the "Preferred Stock").

(2) DATE ON WHICH THE SECURITIES ARE TO BE CALLED OR REDEEMED:

SERIES DATE

T7 April 15, 2009

W28 April 16, 2009

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(3) APPLICABLE PROVISIONS OF THE GOVERNING INSTRUMENT PURSUANT TO WHICH THE SECURITIES ARE TO BE CALLED OR REDEEMED:

The shares of Preferred Stock are to be redeemed pursuant to

Part I, Articles 8(a) and 8(c), of the Fund's Articles Supplementary

Establishing and Fixing the Rights of Auction Market Preferred Stock.

(4) THE NUMBER OF SHARES TO BE REDEEMED AND THE BASIS UPON WHICH THE SHARES TO BE REDEEMED ARE TO BE SELECTED:

The Fund intends to redeem, on a pro rata basis by series (as determined by the Depository Trust Company), the number of outstanding shares of Preferred Stock set forth below:

SERIES NUMBER OF SHARES

T7 210

W28 210

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SIGNATURE

Pursuant to the requirement of Rule 23c-2 of the Investment Company Act of 1940, the Fund has duly caused this Notice of Intention to Redeem Securities to be signed on its behalf by the undersigned, in the City of Pasadena and the State of California, on this 27th day of March 2009.

FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INCORPORATED

By: /S/ R. ERIC CHADWICK ----------------------------------- Name: R. Eric Chadwick Title: Chief Financial Officer