Cohen & Steers Total Return Realty Fund, Inc.

N-CSRS 1 d24691dncsrs.htm COHEN & STEERS TOTAL RETURN REALTY FUND, INC. Cohen & Steers Total Return Realty Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07154

Cohen & Steers Total Return Realty Fund, Inc.

(Exact name of Registrant as specified in charter)

1166 Avenue of the Americas, 30^th Floor, New York, NY 10036

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30^th Floor

New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 832-3232

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Item 1. Reports to Stockholders.

(a)

Cohen & Steers Total Return Realty Fund, Inc.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2025. The total returns for the Cohen & Steers Total Return Realty Fund, Inc. (the Fund) and its comparative benchmarks were:


	Six Months Ended June 30, 2025
Cohen & Steers Total Return Realty Fund:
Net Asset Value Total Return^(a)		3.99	%
Market Price Total Return^(a)		8.49	%
FTSE Nareit All Equity REITs Index^(b)		1.80	%
Blended Benchmark—80% FTSE Nareit All Equity REITs Index/ 20% ICE BofA REIT Preferred Securities Index^(b)		0.66	%
S&P 500 Index^(b)		6.20	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

Managed Distribution Policy

The Fund, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (SEC) and with approval of its Board of Directors (the Board), adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). The Plan gives the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $0.08 per share on a monthly basis.

The Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets.

^(a)	As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.

^(b)

The FTSE Nareit All Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The ICE BofA REIT Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market including all REITs. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

Cohen & Steers Total Return Realty Fund, Inc.

Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Consolidated Financial Highlights table.

The Plan provides that the Board may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.

Market Review

Real estate stocks had a modestly positive total return in the six months ended June 30, 2025, although they trailed broader equities. The period was characterized by heightened uncertainty around economic growth and inflation. President Trump initiated a trade war, announcing higher-than-anticipated tariffs in early April. The news initially weighed on financial markets, but subsequent statements from the Trump administration and trade partners’ willingness to reach compromises led to price rebounds.

Bond yields, though volatile, moved lower as inflation concerns diminished. Although the U.S. Federal Reserve held its key lending rate steady throughout the period, it signaled that cuts were possible later in 2025. The European Central Bank steadily cut its main refinancing rate—from around 3% at the start of the year to 2.15%—due to declining inflation, slower growth in the region and uncertainty from U.S. tariffs.

Despite a shifting macro backdrop, commercial real estate fundamentals remained generally healthy, with steady demand and limited new supply in most property sectors.

Fund Performance

The Fund had a positive total return in the period and outperformed its blended benchmark on both a NAV and market price basis.

Returns varied widely by property type. Telecommunications was a top performer, with the typically interest-rate sensitive sector aided by a decline in bond yields. An improving leasing outlook for cell tower owners further supported performance. Health care landlords also outperformed, lifted on strong results from companies with senior housing businesses. The Fund’s overweight in telecommunication contributed positively to relative return, as did stock selection in health care, where an overweight in senior housing specialist Welltower had a sizable gain.

Industrial REITs, which are among the companies most directly impacted by tariffs and any potential slowdown in trade, had a slight decline. Bellwether industrial landlord Prologis reported solid earnings but decided not to raise its outlook, citing a delay in decision activity from prospective tenants and lower-than-usual leasing volume. Stock selection in industrial hindered performance,

Cohen & Steers Total Return Realty Fund, Inc.

due in part to an overweight in cold storage operator Americold Realty Trust, which fell as the company cut its earnings outlook amid volume concerns.

Retail landlords had mixed returns. Shopping centers and regional malls declined as retail sales faltered late in the period, with May retail sales coming in weaker than consensus expectations. Free-standing retail companies, which tend to be rate-sensitive due to having long leases, advanced amid the decline in bond yields. The Fund’s underweight in free standing detracted from performance, while an underweight in shopping centers contributed.

Data center REITs struggled, reflecting weakness in shares of Equinix, which issued a soft five-year revenue outlook relative to expectations. Still, the company noted strong data center fundamentals and an expanding potential customer base. Stock selection in the sector helped relative performance due to an underweight in Equinix.

Real estate preferred securities had a negative total return in the period, despite the decline in interest rates. The Fund’s underweight allocation to preferreds benefited performance compared with its blended benchmark, as did an out-of-benchmark allocation to corporate bonds (issued by a variety of companies), which had a solid collective gain in the portfolio.

Impact of Derivatives on Fund Performance

The Fund engaged in the buying and selling of single stock options with the intention of enhancing total returns and reducing overall volatility. These contracts did not have a material impact on the Fund’s total return for the six-month period ended June 30, 2025.

The Fund also used forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency forwards did not have a material impact on the Fund’s total return for the six-month period ended June 30, 2025.

Sincerely,




ELAINE ZAHARIS-NIKAS				JASON YABLON
Portfolio Manager				Portfolio Manager

LOGO

MATHEW KIRSCHNER

Portfolio Manager

Cohen & Steers Total Return Realty Fund, Inc.

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.

Cohen & Steers Total Return Realty Fund, Inc.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended June 30, 2025


	1 Year			5 Years			10 Years			Since Inception^(a)
Fund at NAV		9.73	%		7.60	%		7.16	%		9.17	%
Fund at Market Price		12.99	%		8.26	%		8.47	%		9.06	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions or deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

^(a)	Commencement of investment operations was September 27, 1993.

Cohen & Steers Total Return Realty Fund, Inc.

June 30, 2025

Top Ten Holdings^(a)

(Unaudited)


Security	Value		% of Net Assets

Welltower, Inc.	$	28,749,201		9.3
American Tower Corp.		22,998,678		7.4
Digital Realty Trust, Inc.		17,425,678		5.6
Prologis, Inc.		16,962,058		5.4
Crown Castle, Inc.		12,672,465		4.1
Invitation Homes, Inc.		12,038,781		3.9
Sun Communities, Inc.		10,280,981		3.3
Equinix, Inc.		9,837,578		3.2
Extra Space Storage, Inc.		9,565,023		3.1
SBA Communications Corp., Class A		9,240,719		3.0

^(a)

Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Consolidated Schedule of Investments for additional details on such other positions.

Sector Breakdown^(b)

(Based on Net Assets)

(Unaudited)

LOGO

^(b)	Excludes derivative instruments.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)


		Shares		Value
COMMON STOCK—REAL ESTATE	79.9%
APARTMENT	4.7%
Essex Property Trust, Inc.			22,910	$	6,492,694
Mid-America Apartment Communities, Inc.			17,854		2,642,570
UDR, Inc.			132,382		5,405,157

					14,540,421

DATA CENTERS	8.8%
Digital Realty Trust, Inc.			99,958		17,425,678
Equinix, Inc.			12,367		9,837,578

					27,263,256

FREE STANDING	3.7%
Agree Realty Corp.			36,051		2,633,886
NETSTREIT Corp.			142,445		2,411,594
Realty Income Corp.			112,815		6,499,272

					11,544,752

GAMING	0.9%
VICI Properties, Inc., Class A			91,595		2,985,997

HEALTH CARE	11.9%
Healthcare Realty Trust, Inc., Class A			395,770		6,276,912
Omega Healthcare Investors, Inc.			49,722		1,822,311
Welltower, Inc.			187,011		28,749,201

					36,848,424

HOTEL	2.4%
Host Hotels & Resorts, Inc.			490,869		7,539,748

INDUSTRIALS	6.6%
Americold Realty Trust, Inc.			159,143		2,646,548
Lineage, Inc.^(a)			21,740		946,125
Prologis, Inc.^(b)			161,359		16,962,058

					20,554,731

MANUFACTURED HOME	3.7%
Equity LifeStyle Properties, Inc.			18,873		1,163,898
Sun Communities, Inc.			81,279		10,280,981

					11,444,879

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
OFFICE	1.6%
BXP, Inc.			38,991	$	2,630,723
Highwoods Properties, Inc.			60,718		1,887,723
Hudson Pacific Properties, Inc.^(c)(d)			230,798		632,386

					5,150,832

REGIONAL MALL	2.5%
Simon Property Group, Inc.			47,983		7,713,747

SELF STORAGE	5.4%
Extra Space Storage, Inc.			64,874		9,565,023
Public Storage			24,193		7,098,710

					16,663,733

SHOPPING CENTER	2.5%
Kimco Realty Corp.			366,344		7,700,551

SINGLE FAMILY HOMES	3.9%
Invitation Homes, Inc.			367,036		12,038,781

SPECIALTY	4.2%
Iron Mountain, Inc.			78,271		8,028,257
Lamar Advertising Co., Class A			40,270		4,887,167

					12,915,424

TELECOMMUNICATIONS	14.5%
American Tower Corp.			104,057		22,998,678
Crown Castle, Inc.			123,357		12,672,465
SBA Communications Corp., Class A			39,349		9,240,719

					44,911,862

TIMBERLAND	2.6%
Rayonier, Inc.			100,791		2,235,544
Weyerhaeuser Co.			223,387		5,738,812

					7,974,356

TOTAL COMMON STOCK
(Identified cost—$208,338,539)					247,791,494

PREFERRED SECURITIES—EXCHANGE-TRADED	7.4%
BANKING	0.8%
Bank of America Corp., 5.375%, Series KK^(e)			14,965		326,536
Bank of America Corp., 6.00%, Series GG^(e)			24,869		618,741
JPMorgan Chase & Co., 4.625%, Series LL^(e)			22,843		446,580

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
Wells Fargo & Co., 4.25%, Series DD^(e)			9,775	$	168,619
Wells Fargo & Co., 4.75%, Series Z^(e)			18,400		350,336
Wells Fargo & Co., 7.50%, Series L (Convertible)^(e)			500		587,065

					2,497,877

BROKERAGE	0.1%
Morgan Stanley, 6.375%, Series I^(e)			15,000		372,000

DIVERSIFIED	1.2%
Armada Hoffler Properties, Inc., 6.75%, Series A^(e)			53,000		1,144,800
DigitalBridge Group, Inc., 7.125%, Series J^(e)			43,643		897,736
DigitalBridge Group, Inc., 7.15%, Series I^(e)			74,794		1,534,773

					3,577,309

FINANCE	0.1%
KKR & Co., Inc., 6.875%, due 6/1/65, Series T			6,135		157,792

FREE STANDING	0.1%
Agree Realty Corp., 4.25%, Series A^(e)			17,035		289,084

HOTEL	0.7%
Pebblebrook Hotel Trust, 5.70%, Series H^(e)			29,768		487,302
Pebblebrook Hotel Trust, 6.375%, Series G^(e)			18,566		325,834
RLJ Lodging Trust, 1.95%, Series A (Convertible)^(e)			15,408		364,553
Summit Hotel Properties, Inc., 5.875%, Series F^(e)			14,054		249,599
Summit Hotel Properties, Inc., 6.25%, Series E^(e)			31,105		548,692
Sunstone Hotel Investors, Inc., 6.125%, Series H^(e)			11,402		229,408

					2,205,388

INDUSTRIALS	0.5%
LXP Industrial Trust, 6.50%, Series C^(e)			17,289		800,653
Rexford Industrial Realty, Inc., 5.625%, Series C^(e)			23,833		504,545
Rexford Industrial Realty, Inc., 5.875%, Series B^(e)			15,000		335,925

					1,641,123

MANUFACTURED HOME	0.1%
UMH Properties, Inc., 6.375%, Series D^(e)			18,731		408,149

OFFICE	0.2%
City Office REIT, Inc., 6.625%, Series A^(e)			20,543		399,356
Hudson Pacific Properties, Inc., 4.75%, Series C^(e)			4,697		69,798
Vornado Realty Trust, 5.25%, Series N^(e)			17,438		287,901

					757,055

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
REGIONAL MALL	0.0%
Brookfield Property Partners LP, 5.75%, Series A^(e)			506	$	6,578

SELF STORAGE	1.3%
National Storage Affiliates Trust, 6.00%, Series A^(e)			28,974		647,569
Public Storage, 4.00%, Series P^(e)			46,640		735,046
Public Storage, 4.00%, Series R^(e)			15,150		238,310
Public Storage, 4.625%, Series L^(e)			79,484		1,451,378
Public Storage, 4.70%, Series J^(e)			28,621		527,199
Public Storage, 4.75%, Series K^(e)			17,000		321,640
Public Storage, 5.15%, Series F^(e)			10,000		203,400

					4,124,542

SHOPPING CENTER	0.8%
CTO Realty Growth, Inc., 6.375%, Series A^(e)			8,455		170,199
Federal Realty Investment Trust, 5.00%, Series C^(e)			10,000		200,400
Kimco Realty Corp., 5.125%, Series L^(e)			6,975		137,059
Regency Centers Corp., 5.875%, Series B^(e)			25,000		561,500
Saul Centers, Inc., 6.00%, Series E^(e)			21,465		449,262
Saul Centers, Inc., 6.125%, Series D^(e)			39,100		819,145

					2,337,565

SINGLE FAMILY HOMES	0.4%
American Homes 4 Rent, 5.875%, Series G^(e)			23,645		539,815
American Homes 4 Rent, 6.25%, Series H^(e)			33,098		778,134

					1,317,949

SPECIALTY	0.1%
EPR Properties, 5.75%, Series G^(e)			16,472		343,277

TELECOMMUNICATION SERVICES	0.4%
AT&T, Inc., 4.75%, Series C^(e)			22,277		425,491
AT&T, Inc., 5.00%, Series A^(e)			20,941		421,961
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70			17,967		368,503

					1,215,955

UTILITIES	0.6%
CMS Energy Corp., 5.625%, due 3/15/78			5,162		110,364
CMS Energy Corp., 5.875%, due 10/15/78			17,000		374,510
CMS Energy Corp., 5.875%, due 3/1/79			35,000		777,000
Sempra, 5.75%, due 7/1/79			9,984		205,171

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
Southern Co., 4.95%, due 1/30/80, Series 2020			2,579	$	51,064
Southern Co., 6.50%, due 3/15/85			10,800		277,344

					1,795,453

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$25,702,802)					23,047,096


		Principal Amount*
PREFERRED SECURITIES—OVER-THE-COUNTER	8.1%
BANKING	4.8%
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)^(e)(f)(g)			200,000		221,219
Bank of New York Mellon Corp., 3.75% to 12/20/26, Series I^(e)(g)			388,000		379,914
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)^(g)			200,000		212,744
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)^(e)(f)(g)			800,000		890,566
BNP Paribas SA, 7.75% to 8/16/29 (France)^(e)(f)(g)(h)			800,000		843,420
BNP Paribas SA, 8.50% to 8/14/28 (France)^(e)(f)(g)(h)			400,000		423,988
Charles Schwab Corp., 4.00% to 6/1/26, Series I^(e)(g)			1,250,000		1,232,790
Charles Schwab Corp., 4.00% to 12/1/30, Series H^(e)(g)			572,000		531,336
Citigroup Capital III, 7.625%, due 12/1/36			150,000		167,527
Citigroup, Inc., 3.875% to 2/18/26, Series X^(e)(g)			680,000		672,338
Citigroup, Inc., 4.00% to 12/10/25, Series W^(e)(g)			777,000		773,467
Citigroup, Inc., 6.25% to 8/15/26, Series T^(e)(g)			430,000		435,276
Citigroup, Inc., 6.95% to 2/15/30, Series FF^(e)(g)			425,000		435,123
Citigroup, Inc., 7.00% to 8/15/34, Series DD^(e)(g)			150,000		158,050
Cooperatieve Rabobank UA, 6.50% (Netherlands)^(e)(i)			EUR 200,000		268,818
ING Groep NV, 5.75% to 11/16/26 (Netherlands)^(e)(f)(g)			600,000		597,203
ING Groep NV, 7.25% to 11/16/34 (Netherlands)^(e)(f)(g)(i)			200,000		203,625
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)^(e)(f)(g)(h)			200,000		200,869
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)^(e)(f)(g)			400,000		402,074
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)^(e)(f)(g)			200,000		216,231
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U^(e)(g)			300,000		303,721

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V^(e)(g)			553,000	$	564,828
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)^(g)			300,000		300,972
Societe Generale SA, 8.125% to 11/21/29 (France)^(e)(f)(g)(h)			200,000		204,578
Societe Generale SA, 9.375% to 11/22/27 (France)^(e)(f)(g)(h)			200,000		212,744
State Street Corp., 6.70% to 9/15/29, Series J^(e)(g)			200,000		209,653
Swedbank AB, 7.75% to 3/17/30 (Sweden)^(e)(f)(g)(i)			200,000		209,854
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)^(g)			400,000		411,502
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)^(g)			400,000		418,763
UBS Group AG, 6.85% to 9/10/29 (Switzerland)^(e)(f)(g)(h)			400,000		402,756
UBS Group AG, 6.875% to 8/7/25 (Switzerland)^(e)(f)(g)(i)			400,000		400,619
UBS Group AG, 9.25% to 11/13/28 (Switzerland)^(e)(f)(g)(h)			400,000		437,589
Wells Fargo & Co., 3.90% to 3/15/26, Series BB^(e)(g)			330,000		326,824
Wells Fargo & Co., 6.85% to 9/15/29^(e)(g)			800,000		842,648
Wells Fargo & Co., 7.625% to 9/15/28^(e)(g)			270,000		290,668

					14,804,297

BROKERAGE	0.3%
Goldman Sachs Group, Inc., 4.125% to 11/10/26, Series V^(e)(g)			225,000		221,137
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W^(e)(g)			250,000		266,096
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X^(e)(g)			250,000		263,857

					751,090

INSURANCE	0.5%
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52^(g)			300,000		309,603
Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)^(e)(g)(h)			400,000		404,630
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55^(g)			530,000		543,974
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52^(g)			300,000		302,859

					1,561,066

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value
PIPELINES	0.8%
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)^(g)			300,000	$	300,339
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)^(g)			340,000		350,649
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)^(g)			500,000		528,506
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)^(g)			270,000		301,284
Energy Transfer LP, 6.50% to 11/15/26, Series H^(e)(g)			200,000		201,394
Energy Transfer LP, 7.125% to 5/15/30, Series G^(e)(g)			515,000		525,899
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)^(g)(h)			270,000		278,816

					2,486,887

SHOPPING CENTER	0.1%
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)^(g)(h)			400,000		392,786

TELECOMMUNICATION SERVICES	0.4%
Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)^(g)			250,000		254,199
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)^(g)			800,000		732,028
Vodafone Group PLC, 5.125% to 12/4/50, due 6/4/81 (United Kingdom)^(g)			70,000		53,126
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)^(g)			300,000		313,470

					1,352,823

UTILITIES	1.2%
AES Corp., 7.60% to 10/15/29, due 1/15/55^(g)			100,000		103,210
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)^(g)			400,000		390,508
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54^(g)			400,000		418,055
CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B^(g)			150,000		155,559
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A^(g)			283,000		297,861
Entergy Corp., 7.125% to 9/1/29, due 12/1/54^(g)			400,000		414,863

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54^(g)			333,000	$	345,558
NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55^(g)			150,000		153,705
Sempra, 4.125% to 1/1/27, due 4/1/52^(g)			500,000		482,024
Sempra, 6.40% to 7/1/34, due 10/1/54^(g)			500,000		475,913
Southern Co., 6.375% to 12/15/34, due 3/15/55, Series 2025^(g)			500,000		515,736

					3,752,992

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$24,584,237)					25,101,941

CORPORATE BONDS	2.2%
APARTMENT	0.2%
Essex Portfolio LP, 5.50%, due 4/1/34			460,000		470,140

DIVERSIFIED	0.2%
American Assets Trust LP, 6.15%, due 10/1/34			345,000		344,994
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, due 12/15/27^(h)			175,000		167,522

					512,516

FREE STANDING	0.1%
Agree LP, 5.625%, due 6/15/34			125,000		128,205
Realty Income Corp., 5.125%, due 4/15/35			270,000		270,453

					398,658

HEALTH CARE	0.0%
Sabra Health Care LP, 3.20%, due 12/1/31			100,000		89,163

HOTEL	0.1%
Host Hotels & Resorts LP, 5.70%, due 7/1/34			285,000		286,980

INDUSTRIALS	0.0%
Americold Realty Operating Partnership LP, 5.409%, due 9/12/34			125,000		122,423

OFFICE	0.2%
Hudson Pacific Properties LP, 5.95%, due 2/15/28			450,000		439,174
Piedmont Operating Partnership LP, 9.25%, due 7/20/28			175,000		194,995

					634,169

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value
REGIONAL MALL	0.1%
Simon Property Group LP, 5.85%, due 3/8/53			350,000	$	350,485

RETAIL	0.1%
Essential Properties LP, 2.95%, due 7/15/31			200,000		177,978

SELF STORAGE	0.1%
Public Storage Operating Co., 5.35%, due 8/1/53			225,000		216,170

SHOPPING CENTER	0.6%
Federal Realty OP LP, 4.50%, due 12/1/44			268,000		226,404
Global Net Lease, Inc., 4.50%, due 9/30/28^(h)			550,000		533,335
Kimco Realty OP LLC, 4.85%, due 3/1/35			340,000		333,038
Kimco Realty OP LLC, 6.40%, due 3/1/34			165,000		179,670
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, due 11/15/31			200,000		174,417
Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, due 7/15/34			255,000		262,435
Regency Centers LP, 5.25%, due 1/15/34			205,000		208,107

					1,917,406

SINGLE FAMILY HOMES	0.0%
American Homes 4 Rent LP, 5.25%, due 3/15/35			150,000		148,975

SPECIALTY	0.4%
Newmark Group, Inc., 7.50%, due 1/12/29			110,000		116,449
VICI Properties LP, 5.625%, due 5/15/52			200,000		184,895
VICI Properties LP, 6.125%, due 4/1/54			150,000		147,628
VICI Properties LP/VICI Note Co., Inc., 4.125%, due 8/15/30^(h)			946,000		908,391

					1,357,363

TELECOMMUNICATIONS	0.1%
Crown Castle, Inc., 3.25%, due 1/15/51			150,000		97,922
Crown Castle, Inc., 4.00%, due 11/15/49			200,000		147,507

					245,429

TOTAL CORPORATE BONDS
(Identified cost—$6,867,950)					6,927,855

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES	0.2%
NYO Commercial Mortgage Trust, 5.972% (1 Month USD Term SOFR + 1.659%), due 12/15/38, Series 2021-1290^(h)(j)			550,000	$	546,774

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Identified cost—$528,860)					546,774


		Shares
WARRANTS—REAL ESTATE—OFFICE	0.4%
Hudson Pacific Properties, Inc., exercise price $0.01^(c)(k)			405,647		1,107,416

TOTAL WARRANTS
(Identified cost—$900,536)					1,107,416


		Ownership%^††
PRIVATE REAL ESTATE—OFFICE	0.8%
Legacy Gateway JV LLC, Plano, TX^(l)			7.9%		2,563,871

TOTAL PRIVATE REAL ESTATE
(Identified cost—$3,297,270)					2,563,871


		Shares
SHORT-TERM INVESTMENTS	0.6%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25%^(m)			1,997,719		1,997,719

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$1,997,719)					1,997,719

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$272,217,913)	99.6%				309,084,166
WRITTEN OPTION CONTRACTS
(Premiums received—$46,425)	(0.0)				(40,195	)
OTHER ASSETS IN EXCESS OF LIABILITIES	0.4				1,221,231
SERIES A CUMULATIVE PREFERRED STOCK, AT LIQUIDATION VALUE	(0.0)				(125,000	)

NET ASSETS	100.0%			$	310,140,202

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

Exchange-Traded Option Contracts

Written Options



Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount⁽ⁿ⁾			Premiums Received			Value
Call—American Tower Corp.	$230.00		8/15/25		(29	)	$	(640,958	)	$	(8,731	)	$	(10,585	)
Call—Digital Realty Trust, Inc.	195.00		9/19/25		(36	)		(627,588	)		(12,873	)		(7,920	)
Put—Weyerhaeuser Co.	25.00		7/18/25		(238	)		(611,422	)		(11,726	)		(7,140	)
Put—CareTrust REIT, Inc.	30.00		8/15/25		(206	)		(630,360	)		(13,095	)		(14,550	)

					(509	)	$	(2,510,328	)	$	(46,425	)	$	(40,195	)

Forward Foreign Currency Exchange Contracts

Counterparty

Contracts to
Deliver

In Exchange
For

Settlement
Date

Unrealized
Appreciation
(Depreciation)

Brown Brothers Harriman

EUR

218,647

USD

254,568

7/28/25

(3,430

)

Glossary of Portfolio Abbreviations


EUR		Euro Currency
REIT		Real Estate Investment Trust
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.


	Quoted Prices in Active Markets for Identical Investments (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Common Stock—Real Estate	$	247,791,494		$	—		$	—		$	247,791,494
Preferred Securities—Exchange-Traded		23,047,096			—			—			23,047,096
Preferred Securities—Over-the-Counter		—			25,101,941			—			25,101,941
Corporate Bonds		—			6,927,855			—			6,927,855
Commercial Mortgage-Backed Securities		—			546,774			—			546,774
Warrants		—			1,107,416			—			1,107,416
Private Real Estate—Office		—			—			2,563,871	^(o)		2,563,871
Short-Term Investments		—			1,997,719			—			1,997,719

Total Investments in Securities^(p)	$	270,838,590		$	35,681,705		$	2,563,871		$	309,084,166

Forward Foreign Currency Exchange Contracts	$	—		$	(3,430	)	$	—		$	(3,430	)
Written Option Contracts		(25,645	)		(14,550	)		—			(40,195	)

Total Derivative Liabilities^(p)	$	(25,645	)	$	(17,980	)	$	—		$	(43,625	)

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	Balance as of December 31, 2024		Change in unrealized appreciation (depreciation)			Balance as of June 30, 2025
Private Real Estate—Office	$	2,907,128	$	(343,257	)	$	2,563,871

The change in unrealized appreciation (depreciation) attributable to securities owned on June 30, 2025 which were valued using significant unobservable inputs (Level 3) amounted to $(343,257).

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy.

Fair Value at
June 30, 2025

Valuation
Technique

Unobservable
Inputs

Amount

Valuation Impact
from an Increase
in Input^(q)

Private Real Estate—Office

2,563,871

Discounted
Cash Flow

Terminal
Capitalization Rate
Discount Rate

7.25%

8.50%

Decrease
Decrease

Note: Percentages indicated are based on the net assets of the Fund.

*	Amount denominated in U.S. dollars unless otherwise indicated.

^††	Legacy Gateway JV LLC, owns a Class A office building located at 6860 N. Dallas Parkway, Plano, Texas 75024.

^(a)	Restricted security. Aggregate holdings equal 0.3% of the net assets of the Fund. This security was acquired on August 3, 2020, at a cost of $1,335,937.

^(b)	All or a portion of the security is pledged in connection with exchange-traded written option contracts. $784,721 in aggregate has been pledged as collateral.

^(c)	Non–income producing security.

^(d)	Restricted security. Aggregate holdings equal 0.2% of the net assets of the Fund. This security was acquired on June 12, 2025, at a cost of $514,680.

^(e)	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

^(f)	Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $5,867,335 or 1.9% of the net assets of the Fund.

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

^(g)	Security converts to floating rate after the indicated fixed–rate coupon period.

^(h)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $5,958,198 which represents 1.9% of the net assets of the Fund, of which 0.0% are illiquid.

⁽ⁱ⁾	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $1,082,916 which represents 0.3% of the net assets of the Fund, of which 0.0% are illiquid.

^(j)	Variable rate. Rate shown is in effect at June 30, 2025.

^(k)	Restricted security. Aggregate holdings equal 0.4% of the net assets of the Fund. This security was acquired on June 12, 2025, at a cost of $900,536. These warrants do not have a stated expiration date.

^(l)	Security value is determined based on significant unobservable inputs (Level 3).

^(m)	Rate quoted represents the annualized seven–day yield.

⁽ⁿ⁾	Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.

^(o)	Private Real Estate, where observable inputs are limited, has been fair valued by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as Level 3 security. See Note 1-Portfolio Valuation.

^(p)	Portfolio holdings are disclosed individually on the Consolidated Schedule of Investments.

^(q)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may result in a materially higher or lower fair value measurement.

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)


ASSETS:
Investments in securities, at value (Identified cost—$272,217,913)	$	309,084,166
Cash		120,499
Foreign currency, at value (Identified cost—$4,967)		5,006
Receivable for:
Dividends and interest		1,247,709
Investment securities sold		230,489
Other assets		28,320

Total Assets		310,716,189

LIABILITIES:
Written option contracts, at value (Premiums received—$46,425)		40,195
Unrealized depreciation on forward foreign currency exchange contracts		3,430
Payable for:
Investment advisory fees		178,395
Administration fees		10,194
Dividends and distributions declared		1,087
Directors’ fees		39
Other liabilities		217,647

Total Liabilities		450,987

Series A Cumulative Preferred Stock (125 shares authorized and issued at $1,000 per share) (Note 7)		125,000

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	310,140,202

NET ASSETS Applicable to Common Shareholders consist of:
Paid-in capital	$	267,717,306
Total distributable earnings/(accumulated loss)		42,422,896

	$	310,140,202

NET ASSET VALUE PER COMMON SHARE:
($310,140,202 ÷ 26,722,944 common shares outstanding)	$	11.61

MARKET PRICE PER COMMON SHARE	$	12.06

MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER COMMON SHARE		3.88	%

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2025 (Unaudited)


Investment Income:
Dividend income (net of $27 of foreign withholding tax)	$	4,564,438
Interest income		982,051

Total Investment Income		5,546,489

Expenses:
Investment advisory fees		1,074,745
Shareholder reporting expenses		124,208
Administration fees		83,961
Professional fees		76,938
Custodian fees and expenses		39,121
Transfer agent fees and expenses		17,702
Directors’ fees and expenses		7,125
Miscellaneous		20,578

Total Expenses		1,444,378

Net Investment Income (Loss)		4,102,111

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		12,842,832
Written option contracts		176,979
Forward foreign currency exchange contracts		(56,457	)
Foreign currency transactions		4,834

Net realized gain (loss)		12,968,188

Net change in unrealized appreciation (depreciation) on:
Investments in securities		(4,794,259	)
Written option contracts		19,842
Forward foreign currency exchange contracts		(9,643	)
Foreign currency translations		1,336

Net change in unrealized appreciation (depreciation)		(4,782,724	)

Net Realized and Unrealized Gain (Loss)		8,185,464

Net Increase (Decrease) in Net Assets Resulting from Operations		12,287,575

Distributions Paid to Series A Cumulative Preferred Stockholders (Note 7)		(7,439	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting From Operations	$	12,280,136

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(Unaudited)


	For the Six Months Ended June 30, 2025			For the Year Ended December 31, 2024
Change in Net Assets Applicable to Common Shareholders:
From Operations:
Net investment income (loss)	$	4,102,111		$	8,130,434
Net realized gain (loss)		12,968,188			19,589,514
Net change in unrealized appreciation (depreciation)		(4,782,724	)		(10,972,448	)
Distributions paid to Series A Cumulative Preferred Stockholders		(7,439	)		(15,000	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		12,280,136			16,732,500

Distributions to Common Shareholders		(12,816,616	)		(25,546,030	)

Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		439,410			1,734,898

Total increase (decrease) in net assets applicable to Common Shareholders		(97,070	)		(7,078,632	)
Net Assets Applicable to Common Shareholders:
Beginning of period		310,237,272			317,315,904

End of period	$	310,140,202		$	310,237,272

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)

The following table includes selected data for a common share outstanding throughout each period and other performance information derived from the consolidated financial statements. It should be read in conjunction with the consolidated financial statements and notes thereto.


	For the Six Months Ended June 30, 2025^(a)			For the Year Ended December 31,
Per Share Operating Data:	For the Six Months Ended June 30, 2025^(a)			2024^(a)			2023^(a)			2022^(a)			2021^(a)			2020
Net asset value per common share, beginning of period		$11.63			$11.96			$11.59			$16.33			$13.09			$14.21

Income (loss) from investment operations:

Net investment income (loss)^(b)		0.15			0.31			0.34			0.30			0.18			0.26
Net realized and unrealized gain (loss)		0.31			0.32			0.99			(3.81	)		4.23			(0.37	)
Distributions paid to Series A Cumulative Preferred Stockholders		(0.00	)^(c)		(0.00	)^(c)		(0.00	)^(c)		(0.00	)^(c)		—			—

Total from investment operations applicable to common shares		0.46			0.63			1.33			(3.51	)		4.41			(0.11	)

Less dividends and distributions to common shareholders from:

Net investment income		(0.48	)		(0.34	)		(0.34	)		(0.30	)		(0.21	)		(0.26	)
Net realized gain		—			(0.62	)		(0.62	)		(0.93	)		(0.96	)		(0.75	)

Total dividends and distributions to common shareholders		(0.48	)		(0.96	)		(0.96	)		(1.23	)		(1.17	)		(1.01	)

Anti-dilutive effect from the issuance of reinvested shares		—			—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)

Net increase (decrease) in net asset value per common share		(0.02	)		(0.33	)		0.37			(4.74	)		3.24			(1.12	)

Net asset value per common share, end of period		$11.61			$11.63			$11.96			$11.59			$16.33			$13.09

Market price per common share, end of period		$12.06			$11.58			$11.75			$12.23			$17.16			$13.27



Net asset value total return^(d)		3.99	%^(e)		5.44	%		12.14	%		–22.09	%		34.70	%		0.01	%

Market price total return^(d)		8.49	%^(e)		6.86	%		4.41	%		–21.77	%		39.63	%		–0.50	%

See accompanying notes to consolidated financial statements.

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

For the Six

SEC Form N-CSRS filed by Cohen & Steers Total Return Realty Fund Inc.