The Flaherty & Crumrine Total Return Fund is a balanced mutual fund launched and managed by Flaherty & Crumrine Incorporated, investing in public equity and fixed income markets in the United States. It primarily invests in investment-grade securities, consisting of preferred securities and other income-producing securities featuring several debt securities from companies operating in utilities and banking sectors. The fund benchmarks its portfolio performance against the S&P 500 Index and Barclays Capital U.S. Aggregate Index.