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<SEC-DOCUMENT>0000913662-08-000009.txt : 20080229
<SEC-HEADER>0000913662-08-000009.hdr.sgml : 20080229
<ACCEPTANCE-DATETIME>20080229132321
ACCESSION NUMBER:		0000913662-08-000009
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080229
DATE AS OF CHANGE:		20080229
EFFECTIVENESS DATE:		20080229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		08654188

	BUSINESS ADDRESS:	
		STREET 1:		BEAR STEARNS FUNDS MGMT INC.
		STREET 2:		383 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10179
		BUSINESS PHONE:		2122722093

	MAIL ADDRESS:	
		STREET 1:		BEAR STEARNS FUNDS MGMT INC.
		STREET 2:		383 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10179

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
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SIGNATURE   GARY A. BENTZ
TITLE       SECRETARY

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>bylaws_amend.txt
<TEXT>

Amended Cornerstone Total Return Fund, Inc. By-Laws
(Articles XXIV and Article XXV)

ARTICLE XXIV
Certificates of Stock

The shares of the Corporations capital stock shall be uncertificated, and
shall be entered in the books of the Corporation and registered as they are
issued, except that upon written request to the transfer agent of the
Corporation each shareholder shall be entitled to a certificate or
certificates of full shares (but not fractional shares) of capital stock of
the Company owned by him, in such form as shall, in conformity to law, be
prescribed from time to time by the Board of Directors.  Certificates shall
be signed by the Chairman of the Board, if any, or the President or a Vice
President and by the Treasurer or an Assistant Treasurer or the Secretary
or an Assistant Secretary, and such signatures may be facsimiles when the
laws of the State of New York shall permit.

In case any officer, transfer agent or registrar who has signed or whose
facsimile signature has been placed upon any certificate ceases to be an
officer, transfer agent or registrar before the certificate is issued, the
certificate may nevertheless be issued by the Company with the same effect
as if he were such officer, transfer agent or registrar as of the date
of its issue.  No certificate shall be issued for any share of stock until
such share is fully paid.

Each certificate representing shares shall state upon the face thereof:

(a) that the corporation is formed under the laws of New York; (2) the
name of the person or persons to whom issued; and (3) the number and class
of shares, and the designation of the series, if any, which such
certificate represents.

Within a reasonable time after the issuance or transfer of
uncertificated shares, the Corporation shall send to the registered owner
thereof a written notice containing the information required to be set
forth or stated on certificates pursuant to the paragraph immediately above
this paragraph.  Except as otherwise expressly provided by law, the rights
and obligations of the holders of uncertificated shares and the rights and
obligations of the holders of certificates representing shares of the same
class and series shall be identical.

ARTICLE XXV
Lost Certificates
The Board of Directors may establish procedures for the issuance of a new
certificate or certificates, or uncertificated shares, in place of any
certificate or certificates theretofore issued by the Company alleged to
have been stolen, lost or destroyed.  Such procedures may include,
among other things, and as a condition precedent to the issuance of a new
certificate, a requirement that the owner of such stolen, lost or
destroyed certificate or certificates, or his legal representative,
advertise the same, and give the Company a bond, with sufficient surety,
to indemnify it against any loss or claim which may arise by reason of
the issuance of a new certificate or certificates or uncertificated shares.
















</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>opinion.txt
<TEXT>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Cornerstone Total Return Fund, Inc.
New York, New York


In planning and performing our audit of the financial statements of Cornerstone
Total Return Fund, Inc. (the Fund), for the year ended December 31, 2007, in
accordance with the standards of the Public Company Accounting Oversight Board
(United States), we considered its internal control over financial reporting,
including control activities for safeguarding securities, as a basis for
designingour auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR,
but not for the purpose of expressing an opinion on the effectiveness of
Fund's internal control over financial reporting.  Accordingly, we express
no such opinion.

The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting.   In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls.   A companys internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.   A companys internal
control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company's assets that could have a
material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may
not prevent or detect misstatements.   Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent or
detect misstatements on a timely basis.   A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of the
companys annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Funds internal control over financial reporting
was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States).   However, we noted no
deficiencies in Funds internal control over financial reporting and
its operation, including controls for safeguarding securities, which
we consider to be material weaknesses, as defined above, as of
December 31, 2007.

This report is intended solely for the information and use of management,
Shareholders and Board of Directors of Cornerstone Total Return Fund, Inc.
and the Securities and Exchange Commission, and is not intended to be and
should not be used by anyone other than these specified parties.




		TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
February 26, 2008


</TEXT>
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