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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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 wCe92bQ+w2EU+duPYU/gyQ==

<SEC-DOCUMENT>0001181438-03-000006.txt : 20030203
<SEC-HEADER>0001181438-03-000006.hdr.sgml : 20030203
<ACCEPTANCE-DATETIME>20030203091808
ACCESSION NUMBER:		0001181438-03-000006
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030203

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEERS ROBERT HAMILTON
		CENTRAL INDEX KEY:			0001181438
		RELATIONSHIP:				OTHER

	FILING VALUES:
		FORM TYPE:		5

	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:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07154
		FILM NUMBER:		03535513

	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>5
<SEQUENCE>1
<FILENAME>f5bob_rfi.txt
<TEXT>
          UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC 20549

                                  FORM 5

         ANNUAL 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(h) of the Investment Company Act of 1940

|_| Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).

|_| Form 3 Holdings Reported

|_| Form 4 Transactions Reported

1. Name and Address of Reporting Person*



- -------------------------------------------------------------------------------
   (Last)                            (First)              (Middle)
   Steers                            Robert                  H.
- -------------------------------------------------------------------------------
                                    (Street)
                              15 Hilltop 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
         December 2002

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

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



     |X|  Director                             |_|  10% Owner
     |X|  Officer (give title below)           |_|  Other (specify below)


     Chairman and Secretary
______________________________________________________________________________


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
    (mm/dd/yy)


2A.  Deemed Execution Date, if any
      (mm/dd/yy)


3.  Transaction Code
     (Instr. 8)

       J

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

     Amount


     (A) or (D)
       A

      Price

5.   Amount of Securities Beneficially Owned at the End of the Issuer's Fiscal
      Year
     (Instr. 4)

       52,865

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

        12424 D
        40411 I

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

       39,441 - Shareholder of Cohen & Steers Capital Management, Inc.
       1,000 - held by spouse

* If the form is filed by more than one reporting person,
   see instruction 4(b)(v).


FORM 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially 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
    (mm/dd/yy)

3A. Deemed Execution Date if any
     (mm/dd/yy)

4. Transaction Code
    (Instr. 8)

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

   (A)


   (D)


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

      Date Exercisable



      Expiration Date

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

      Title

      Amount or Number of Shares

8. Price of Derivative Security
    (Instr. 5)

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

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

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


Explanation of Responses:

        J - Dividend Reinvestment



    /s/ Robert H. Steers                                    January 31, 2003
- ---------------------------------------------            ---------------------
      **Signature of Reporting Person                             Date

**  Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.



                   See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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

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