UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 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 Inc. 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, 2003 - JUNE 30, 2004 ----------------------------- 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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2003 TO JUNE 30, 2004 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 Exact name of registrant as specified in charter: Flaherty & Crumrine / Claymore Total Return Fund Address of principal executive offices: 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101 Name and address of agent for service: Donald F. Crumrine, Flaherty & Crumrine Preferred Income Fund Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101 Registrant's telephone number, including area code: 626 - 795 - 7300 Date of fiscal year end: November 30, 2004 Date of reporting period: Twelve Months ended June 30, 2004 ITEM 1. PROXY VOTING RECORD --------------------------- --------------------------------------------------------------------------------------------------------------- NAME OF THE ISSUER EXCHANGE TICKER SYMBOL CUSIP SHAREHOLDER MEETING DATE --------------------------------------------------------------------------------------------------------------- Wachovia Preferred Funding Corp. 7.25% Series A WNA/P 92977V206 12-Dec-03 --------------------------------------------------------------------------------------------------------------- VOTE FOR OR AGAINST VOTE FOR OR AGAINST MATTER VOTED PROPOSED BY VOTE CAST PROPOSAL MANAGEMENT Approve director slate. Issuer Yes Abstain Against --------------------------------------------------------------------------------------------------------------- NAME OF THE ISSUER EXCHANGE TICKER SYMBOL CUSIP SHAREHOLDER MEETING DATE --------------------------------------------------------------------------------------------------------------- Wisconsin Power and Light Company WISLI 976826867 02-Jun-04 VOTE FOR OR AGAINST VOTE FOR OR AGAINST MATTER VOTED PROPOSED BY VOTE CAST PROPOSAL MANAGEMENT Approve directors slate Issuer No (1) NA NA Notes: (1) The registrant did not cast a vote since the securities in question were preferred or preference stocks of a utility operating company the common stock of which was 100% controlled by the parent company and where the election outcome was therefore foreordained. THURSDAY, AUGUST 05, 2004 PAGE 1 OF 1 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 & Chief Executive Officer (Principal Executive Officer) Date AUGUST 6, 2004 ---------------------------------------------------------------------------- *Print the name and title of each signing officer under his or her signature.