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<SEC-DOCUMENT>0000814083-09-000004.txt : 20090227
<SEC-HEADER>0000814083-09-000004.hdr.sgml : 20090227
<ACCEPTANCE-DATETIME>20090227154558
ACCESSION NUMBER:		0000814083-09-000004
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090227
DATE AS OF CHANGE:		20090227
EFFECTIVENESS DATE:		20090227

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:		09642718

	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
</SEC-HEADER>
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<TEXT>
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SIGNATURE   GARY A. BENTZ
TITLE       SECRETARY

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>q77b.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 audits of the financial statements
of Cornerstone Total Return Fund, Inc., (the Fund), as of and
for the year ended December 31, 2008, 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 designing our 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 the Funds 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 ccompany's 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 authoriztions 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.








Shareholders and Board of Directors
Cornerstone Total Return Fund, Inc.
Page Two





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 the 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, 2008.

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 24, 2009







</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>q77c.txt
<TEXT>
Results of Special Meeting of Stockholders

On October 15, 2008, a Special Meeting of Stockholders
of Cornerstone Total Return Fund, Inc. was held
and the following matter was voted upon based on
5,439,506 shares of common stock outstanding on
August 18, 2008:

To approve a one-for-two reverse stock split of the
Fund's issued and outstanding shares of common stock
and the amendment to the Certificate of Incorporation.

For		Against			Abstain
3,689,538	992,559			52,716

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77J REVALUATN
<SEQUENCE>4
<FILENAME>q77j.txt
<TEXT>
Results of Special Meeting of Stockholders

On October 15, 2008, a Special Meeting of Stockholders
of Cornerstone Total Return Fund, Inc. was held
and the following matter was voted upon based on
5,439,506 shares of common stock outstanding on
August 18, 2008:

To approve a one-for-two reverse stock split of the
Fund's issued and outstanding shares of common stock
and the amendment to the Certificate of Incorporation.

For		Against			Abstain
3,689,538	992,559			52,716

For additional information, please the below link:

http://www.sec.gov/Archives/edgar/data/33934/
000090901208000928/t304533.txt
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
