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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181437-03-000006.txt : 20030123
<SEC-HEADER>0001181437-03-000006.hdr.sgml : 20030123
<ACCEPTANCE-DATETIME>20030123152401
ACCESSION NUMBER:		0001181437-03-000006
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030122
FILED AS OF DATE:		20030123

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GROSSMAN GEORGE
		CENTRAL INDEX KEY:			0001181437
		RELATIONSHIP:				DIRECTOR

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		C/O COHEN & STEERS
		STREET 2:		757 THIRD AVENUE 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS TOTAL RETURN REALTY FUND INC
		CENTRAL INDEX KEY:			0000891290
		IRS NUMBER:				133680664
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07154
		FILM NUMBER:		03522330

	BUSINESS ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822116

	MAIL ADDRESS:	
		STREET 1:		C/O MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS OPPORTUNITY TRUST INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f4george_rfi-012303.txt
<TEXT>
Form 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940


OMB APPROVAL

OMB Number:
Expires:

Estimated average burden
hours per response. .

[ ]   Check box if no longer
      subject to Section 16.
      Form 4 or Form 5
      obligations may
      continue. See
      instructions 1(b).
1. Name and Address of Reporting Person*

(Last)        (First)        (Middle)

Grossman       George

         (Street)
17 Elm Place

(City)          (State)           (Zip)

Rye              NY              10580

2. Issuer Name and Ticker or Trading Symbol

Cohen & Steers Total Return Realty Fund, Inc. (RFI)


3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


4. Statement for Month/Year

January 2003


5. If Amendment, Date of Original (Month/Year)


6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_X__ Director
____ 10% Owner
____ Officer (give title below)
____ Other (specify below)




______________________________


7. Individual or Joint/Group Filing
(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially
Owned

1. Title of Security
(Instr. 3)

Common Stock

2. Transaction Date
(Month/Day/Year)

1/22/03

3. Transaction Code
(Instr. 8)

Code

P

V


4. Securities Acquired (A) or Disposed of (D)
(Instr.3,4 and 5)

Amount

1,000

(A) or (D)

A

Price

$14.20/share

5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)

2,000

6. Ownership Form:  Direct (D) or Indirect (I)
(Instr. 4)

D

7. Nature of Indirect Beneficial Ownership
(Instr. 4)



Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see
Instructions 4(b)(v).

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.

(Over)
SEC 1474 (3-99)

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficialy Owned
(e.g., puts, calls, warrants, options, convertible securities)




1. Title of Derivative Security
(Instr.3)


2. Conversion or Exercise Price of Derivative Security


3. Transaction Date
(Month/Day/Year)


4. Transaction Code
(Instr. 8)

Code


V


5. Number of Deriative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

(A)


(D)


6. Date Exercisable and Expiration Date
(Month/Day/Year)

Date Exercisable


Expiration Date


7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

Title

Amount or Number of Shares


8. Price of Derivatives Security
(Instr. 5)


9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)


10. Ownership Form of Derivative Security:
Direct (D) or Indirect (I)
(Instr. 4)


11. Nature of Indirect Beneficial Ownership
(Instr.4)



Explanation of Responses:

** Intentional misstatements or omissions of facts constitute Federal Criminal
   Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).



/s/ George Grossman
________________________________

**Signature of Reporting Person


January 23, 2003
________________________________
Date

Note: File three copies of this Form, one of which must be manually signed.
      If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.

Page 2

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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