Cohen & Steers Total Return Realty Fund Inc.

09/04/2026 | Press release | Distributed by Public on 09/04/2026 09:52

Semi-Annual Report by Investment Company (Form N-CSRS)

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, 30th 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, 30th 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, 2026        

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, 2026. The total returns for the Cohen & Steers Total Return Realty Fund, Inc. (the Fund) and its comparative benchmarks were:

Six Months Ended
June 30, 2026

Cohen & Steers Total Return Realty Fund:

Net Asset Value Total Return(a)

11.15 %

Market Price Total Return(a)

6.83 %

S&P 500 Index(b)

10.21 %

FTSE Nareit All Equity REITs Index(b)

14.90 %

Blended Benchmark-80% FTSE Nareit All Equity REITs Index/
20% ICE BofA REIT Preferred Securities Index(b)

11.69 %

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.

(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 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. 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.

1

Cohen & Steers Total Return Realty Fund, Inc.

The Fund may pay distributions in excess of the Fund's net investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund's assets. 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 positive total return in the six months ended June 30, 2026, despite a market that shifted repeatedly as investors navigated competing economic narratives and more hawkish central bank policy expectations.

The period began with a constructive economic backdrop. Prior to the late-February onset of the U.S.-Iran conflict, economic activity was generally supportive of markets, with easing inflation reinforcing expectations that major central banks would cut interest rates in 2026. This dynamic shifted following the conflict's disruption to seaborne energy flows. Markets were pressured as investors struggled to gauge the likely duration of the conflict, its economic implications and the scope of any resulting monetary policy response. By April, however, sentiment improved as markets began to price in the expectation of a relatively swift resolution of the conflict and as the global economy proved more resilient than feared. Nevertheless, persistent inflation tempered expectations for monetary easing.

Despite a shifting macro environment, 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 but underperformed its blended benchmark on both a NAV and market price basis.

Most property sectors advanced. The health care sector had a significant gain, lifted by strong returns from companies with senior housing businesses, where fundamentals remained strong. Retail landlords were generally positive, with double-digit gains from both shopping center and regional mall REITs amid resilient consumer spending and limited new supply.

Data center owners had a sizable gain, rebounding from weakness in 2025. Industrial REITs advanced but underperformed, hindered by concerns about trade volumes amid escalating geopolitical risk. Apartments also trailed, amid a supply overhang in certain markets. Telecommunications was the only sector to have a meaningful decline, hindered by mixed earnings outlooks, rising interest rates, and concerns around satellite competition.

2

Cohen & Steers Total Return Realty Fund, Inc.

In this environment, factors that helped the Fund's relative performance in the period included stock selection among specialty REITs, led by an overweight in information storage company Iron Mountain. The company, which continued to expand into data center operations, had a sizable gain. The Fund's non-investment in gaming companies also aided performance, as the sector had a slight decline. Stock selection in health care further benefited performance, due mainly to an overweight in senior housing specialist Welltower.

Factors that detracted from relative performance included an overweight in telecommunications and an underweight in regional malls. Stock selection in offices also hindered performance, due primarily to an overweight in BXP, which was restrained in part by concerns over the potential effects of AI on office-going jobs. An overweight in manufactured homes detracted as well. The sector trailed broader REITs, with U.S.-based company Sun Communities underperforming after it sold its U.K. assets for a price that disappointed market participants.

Within fixed income markets, real estate preferred securities had a slightly negative total return amid a rise in bond yields. The Fund's underweight allocation to REIT preferreds aided performance compared with the blended benchmark, given the stronger returns from REIT common shares. The Fund's out-of-benchmark allocation to corporate bonds (issued by a variety of companies) hindered performance, as these holdings had a relatively modest return.

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 effect on the Fund's total return for the six months ended June 30, 2026.

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 months ended June 30, 2026.

Sincerely,

ELAINE ZAHARIS-NIKAS

JASON YABLON

Portfolio Manager

Portfolio Manager

MATHEW KIRSCHNER

Portfolio Manager

3

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.

4

Cohen & Steers Total Return Realty Fund, Inc.

Performance Review (Unaudited)

Average Annual Total Returns-For Periods Ended June 30, 2026

1 Year 5 Years 10 Years Since Inception(a)

Fund at NAV

10.72 % 3.82 % 6.23 % 9.22 %

Fund at Market Price

2.08 % 1.23 % 6.10 % 8.84 %

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 taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

(a)

Commencement of investment operations was September 27, 1993.

5

Cohen & Steers Total Return Realty Fund, Inc.

June 30, 2026

Top Ten Holdings(a)

(Unaudited)

Security

Value % of
Net
Assets

Welltower, Inc.

$ 41,611,545 13.1

Digital Realty Trust, Inc.

22,131,439 7.0

American Tower Corp.

16,740,572 5.3

Crown Castle, Inc.

13,265,776 4.2

Prologis, Inc.

12,604,671 4.0

Kimco Realty Corp.

10,147,782 3.2

Public Storage

9,216,348 2.9

Equinix, Inc.

9,181,371 2.9

Extra Space Storage, Inc.

9,071,660 2.9

Simon Property Group, Inc.

8,177,539 2.6
(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)

(b)

Excludes derivative instruments.

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Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2026 (Unaudited)

Shares Value

COMMON STOCK-REAL ESTATE

78.9%

APARTMENT

3.0%

Essex Property Trust, Inc.

18,884 $ 5,506,386

UDR, Inc.

99,944 3,989,764
9,496,150

DATA CENTERS

12.2%

Digital Realty Trust, Inc.

123,240 22,131,439

Equinix, Inc.

8,808 9,181,371

Iron Mountain, Inc.

57,609 7,276,593
38,589,403

FREE STANDING

4.3%

Agree Realty Corp.

64,046 4,850,844

Essential Properties Realty Trust, Inc.

139,107 4,152,344

NETSTREIT Corp.

140,102 2,960,355

Realty Income Corp.

25,379 1,572,483
13,536,026

HEALTH CARE

16.7%

CareTrust REIT, Inc.

72,924 2,942,483

Healthcare Realty Trust, Inc., Class A

213,781 4,311,963

Omega Healthcare Investors, Inc.

86,979 4,147,159

Welltower, Inc.

183,335 41,611,545
53,013,150

HOTEL

1.4%

DiamondRock Hospitality Co.

168,303 2,049,931

Host Hotels & Resorts, Inc.

95,312 2,259,847
4,309,778

INDUSTRIALS

6.2%

EastGroup Properties, Inc.

17,943 3,633,996

First Industrial Realty Trust, Inc.

39,263 2,407,214

Lineage, Inc.(a)

21,740 940,255

Prologis, Inc.(b)

93,044 12,604,671
19,586,136

MANUFACTURED HOME

3.9%

Equity LifeStyle Properties, Inc.

114,159 7,357,547

Sun Communities, Inc.

40,957 4,911,154
12,268,701

See accompanying notes to consolidated financial statements.

7

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Shares Value

OFFICE

4.5%

BXP, Inc.

106,181 $ 7,040,862

Highwoods Properties, Inc.

59,719 1,801,125

Hudson Pacific Properties, Inc.(c)

32,971 500,830

Kilroy Realty Corp.

129,615 4,856,674
14,199,491

REGIONAL MALL

2.6%

Simon Property Group, Inc.

36,564 8,177,539

SELF STORAGE

5.8%

Extra Space Storage, Inc.

62,434 9,071,660

Public Storage

28,954 9,216,348
18,288,008

SHOPPING CENTER

3.2%

Kimco Realty Corp.

400,307 10,147,783

SINGLE FAMILY HOMES

1.3%

Invitation Homes, Inc.

142,386 4,301,481

SPECIALTY

2.0%

Blackstone Digital Infrastructure Trust, Inc.(c)

65,127 1,408,697

Lamar Advertising Co., Class A

31,886 4,973,578
6,382,275

TELECOMMUNICATIONS

10.5%

American Tower Corp.

102,345 16,740,572

Crown Castle, Inc.

175,172 13,265,776

SBA Communications Corp., Class A

17,638 3,112,401
33,118,749

TIMBERLAND

1.3%

Rayonier, Inc.

158,715 3,377,455

Weyerhaeuser Co.

37,058 887,169
4,264,624

TOTAL COMMON STOCK

(Identified cost-$188,798,268)

249,679,294

PREFERRED SECURITIES-EXCHANGE-TRADED

8.6%

BANKING

1.3%

Bank of America Corp., 4.25%, Series QQ(d)

28,689 491,155

Bank of America Corp., 4.75%, Series SS(d)

8,196 157,609

See accompanying notes to consolidated financial statements.

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Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Shares Value

Bank of America Corp., 5.375%, Series KK(d)

14,965 $ 321,298

Bank of America Corp., 6.00%, Series GG(d)

24,869 621,974

Citigroup, Inc., 6.25%, Series II(d)

15,000 377,400

JPMorgan Chase & Co., 4.55%, Series JJ(d)

21,497 396,190

Wells Fargo & Co., 4.375%, Series CC(d)

16,025 274,829

Wells Fargo & Co., 4.70%, Series AA(d)

24,200 444,070

Wells Fargo & Co., 4.75%, Series Z(d)

28,041 523,806

Wells Fargo & Co., 7.50%, Series L (Convertible)(d)

500 578,500
4,186,831

BROKERAGE

0.1%

Morgan Stanley, 6.375%, Series I(d)

15,000 373,800

DIVERSIFIED

0.9%

AH Realty Trust, Inc., 6.75%, Series A(d)

53,000 1,146,390

DigitalBridge Group, Inc., 7.125%, Series J(d)

43,643 661,628

DigitalBridge Group, Inc., 7.15%, Series I(d)

66,540 993,442
2,801,460

FINANCE

0.1%

KKR & Co., Inc., 6.875%, due 6/1/65, Series T

6,135 148,835

FREE STANDING

0.1%

Agree Realty Corp., 4.25%, Series A(d)

17,035 289,766

Alpine Income Property Trust, Inc., 8.00%, Series A(d)

5,000 125,350
415,116

HEALTH CARE

0.1%

Chiron Real Estate, Inc., 8.00%, Series B(d)

12,000 313,680

HOTEL

0.7%

Pebblebrook Hotel Trust, 5.70%, Series H(d)

29,768 522,131

Pebblebrook Hotel Trust, 6.375%, Series G(d)

18,566 365,193

RLJ Lodging Trust, 1.95%, Series A (Convertible)(d)

15,408 377,804

Summit Hotel Properties, Inc., 5.875%, Series F(d)

14,054 231,188

Summit Hotel Properties, Inc., 6.25%, Series E(d)

31,105 543,404

Sunstone Hotel Investors, Inc., 6.125%, Series H(d)

11,402 247,994
2,287,714

INDUSTRIALS

0.5%

LXP Industrial Trust, 6.50%, Series C(d)

17,289 786,822

Rexford Industrial Realty, Inc., 5.625%, Series C(d)

23,833 502,400

Rexford Industrial Realty, Inc., 5.875%, Series B(d)

15,000 328,950
1,618,172

See accompanying notes to consolidated financial statements.

9

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Shares Value

INSURANCE

0.1%

Prudential Financial, Inc., 4.125%, due 9/1/60

20,327 $ 333,566

MANUFACTURED HOME

0.1%

UMH Properties, Inc., 6.375%, Series D(d)

18,731 394,288

MORTGAGE

0.1%

Annaly Capital Management, Inc., 8.875%, Series J(d)

5,000 126,850

OFFICE

0.1%

Hudson Pacific Properties, Inc., 4.75%, Series C(d)

4,697 65,288

Vornado Realty Trust, 5.25%, Series N(d)

17,438 308,653
373,941

SELF STORAGE

1.6%

National Storage Affiliates Trust, 6.00%, Series A(d)

28,974 646,990

Public Storage, 4.00%, Series P(d)

25,244 387,496

Public Storage, 4.00%, Series R(d)

34,189 524,459

Public Storage, 4.125%, Series M(d)

22,000 347,820

Public Storage, 4.625%, Series L(d)

101,484 1,805,400

Public Storage, 4.70%, Series J(d)

43,621 783,433

Public Storage, 4.75%, Series K(d)

17,000 312,630

Public Storage, 4.875%, Series I(d)

8,275 155,156

Public Storage, 5.15%, Series F(d)

10,000 198,700
5,162,084

SHOPPING CENTER

0.8%

CTO Realty Growth, Inc., 6.375%, Series A(d)

8,455 176,709

Federal Realty Investment Trust, 5.00%, Series C(d)

10,000 196,600

Kimco Realty Corp., 5.125%, Series L(d)

10,304 200,104

Kimco Realty Corp., 5.25%, Class M(d)

6,150 121,463

Regency Centers Corp., 5.875%, Series B(d)

25,000 538,750

Saul Centers, Inc., 6.00%, Series E(d)

21,465 461,712

Saul Centers, Inc., 6.125%, Series D(d)

39,100 817,581
2,512,919

SINGLE FAMILY HOMES

0.4%

American Homes 4 Rent, 5.875%, Series G(d)

23,645 532,013

American Homes 4 Rent, 6.25%, Series H(d)

33,098 769,859
1,301,872

See accompanying notes to consolidated financial statements.

10

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Shares Value

SPECIALTY

0.1%

EPR Properties, 5.75%, Series G(d)

16,472 $ 336,358

TELECOMMUNICATION SERVICES

0.4%

AT&T, Inc., 4.75%, Series C(d)

37,277 665,022

AT&T, Inc., 5.00%, Series A(d)

5,941 112,344

T-Mobile USA, Inc., Senior Debt, 5.50%, due 6/1/70

17,967 369,042
1,146,408

UTILITIES

1.1%

CMS Energy Corp., 5.875%, due 10/15/78

17,000 367,880

CMS Energy Corp., 5.875%, due 3/1/79

35,000 766,500

DTE Energy Co., 6.25%, due 10/1/85, Series H

12,800 304,128

NextEra Energy Capital Holdings, Inc., 5.65%, due 3/1/79, Series N

3,388 74,536

NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U

3,668 89,242

NextEra Energy Capital Holdings, Inc., 6.50%, due 4/15/86, Series Z

14,500 362,790

Sempra, 5.75%, due 7/1/79

9,984 208,266

Southern Co., 4.20%, due 10/15/60, Series C

8,000 135,360

Southern Co., 4.95%, due 1/30/80, Series 2020

36,579 703,780

Southern Co., 6.50%, due 3/15/85

8,785 219,801

Xcel Energy, Inc., 6.25%, due 10/15/85

5,000 117,500
3,349,783

TOTAL PREFERRED SECURITIES-EXCHANGE-TRADED

(Identified cost-$29,946,804)

27,183,677
Principal
Amount*

PREFERRED SECURITIES-OVER-THE-COUNTER

8.6%

BANKING

5.0%

Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(d)(e)(f)

200,000 218,499

Banco Santander SA, 7.25% to 12/3/35 (Spain)(d)(e)(f)

600,000 610,164

Banco Santander SA, 8.00% to 2/1/34 (Spain)(d)(e)(f)

600,000 647,679

Bank of America Corp., 6.625% to 5/1/30, Series OO(d)(f)

300,000 309,439

Bank of Montreal, 6.875% to 11/26/30, due 11/26/85, Series 6 (Canada)(f)

400,000 406,939

See accompanying notes to consolidated financial statements.

11

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Principal
Amount* 		Value

Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(f)

200,000 $ 208,174

Barclays PLC, 9.625% to 12/15/29
(United Kingdom)(d)(e)(f)

800,000 888,073

BNP Paribas SA, 7.20% to 4/17/36 (France)(d)(e)(f)(g)

700,000 704,690

BNP Paribas SA, 7.75% to 8/16/29 (France)(d)(e)(f)(g)

800,000 838,390

BNP Paribas SA, 8.00% to 8/22/31 (France)(d)(e)(f)(g)

400,000 429,325

BNP Paribas SA, 8.50% to 8/14/28 (France)(d)(e)(f)(g)

400,000 421,988

Charles Schwab Corp., 4.00% to 12/1/30, Series H(d)(f)

572,000 536,993

Citigroup Capital III, 7.625%, due 12/1/36

150,000 168,576

Citigroup, Inc., 6.50% to 5/15/31, Series JJ(d)(f)

59,000 59,714

Citigroup, Inc., 6.875% to 8/15/30, Series GG(d)(f)

1,065,000 1,091,277

Citigroup, Inc., 6.95% to 2/15/30, Series FF(d)(f)

425,000 434,977

Citigroup, Inc., 7.00% to 8/15/34, Series DD(d)(f)

150,000 156,522

Cooperatieve Rabobank UA, 6.50% (Netherlands)(d)(h)

EUR 200,000 258,473

HSBC Holdings PLC, 6.75% to 3/24/31
(United Kingdom)(d)(e)(f)

600,000 605,531

HSBC Holdings PLC, 7.00% to 9/24/35
(United Kingdom)(d)(e)(f)

200,000 205,778

HSBC Holdings PLC, 7.05% to 6/5/30
(United Kingdom)(d)(e)(f)

400,000 410,803

ING Groep NV, 7.25% to 11/16/34 (Netherlands)(d)(e)(f)(h)

200,000 210,185

NatWest Group PLC, 8.125% to 11/10/33
(United Kingdom)(d)(e)(f)

200,000 221,425

Nordea Bank Abp, 6.75% to 11/10/33 (Finland)(d)(e)(f)(g)

200,000 202,150

PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(d)(f)

300,000 301,491

PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(d)(f)

453,000 459,505

Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada)(f)

200,000 197,941

Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(f)

300,000 305,307

Societe Generale SA, 8.125% to 11/21/29 (France)(d)(e)(f)(g)

200,000 210,699

Societe Generale SA, 9.375% to 11/22/27 (France)(d)(e)(f)(g)

200,000 210,857

See accompanying notes to consolidated financial statements.

12

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Principal
Amount* 		Value

Swedbank AB, 7.75% to 3/17/30 (Sweden)(d)(e)(f)(h)

200,000 $ 211,532

Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(f)

400,000 415,302

Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(f)

400,000 413,697

UBS Group AG, 6.625% to 1/8/31 (Switzerland)(d)(e)(f)(g)

400,000 402,568

UBS Group AG, 6.85% to 9/10/29 (Switzerland)(d)(e)(f)(g)

400,000 407,669

UBS Group AG, 7.00% to 2/5/35 (Switzerland)(d)(e)(f)(g)

200,000 200,904

UBS Group AG, 7.125% to 8/10/34 (Switzerland)(d)(e)(f)(g)

200,000 201,913

UBS Group AG, 9.25% to 11/13/28 (Switzerland)(d)(e)(f)(g)

400,000 430,719

Wells Fargo & Co., 6.85% to 9/15/29(d)(f)

800,000 831,745

Wells Fargo & Co., 7.625% to 9/15/28(d)(f)

270,000 284,192
15,731,805

BROKERAGE

0.1%

Goldman Sachs Group, Inc., 4.125% to 11/10/26, Series V(d)(f)

225,000 224,037

Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(d)(f)

250,000 262,352
486,389

ENERGY

0.1%

Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(f)

300,000 297,886

HEALTH CARE

0.1%

Humana, Inc., 6.625% to 6/15/31, due 9/15/56(f)

367,000 366,024

INSURANCE

0.5%

Allianz SE, 6.50% to 10/30/34 (Germany)(d)(e)(f)(g)

200,000 200,992

Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)(d)(f)(g)

400,000 407,764

Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(f)

530,000 546,241

Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(f)

300,000 305,220
1,460,217

PIPELINES

0.7%

Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(f)

340,000 348,294

See accompanying notes to consolidated financial statements.

13

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Principal
Amount* 		Value

Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(f)

500,000 $ 542,446

Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(f)

270,000 308,748

Energy Transfer LP, 6.50% to 11/15/26, Series H(d)(f)

200,000 200,761

Energy Transfer LP, 7.125% to 5/15/30, Series G(d)(f)

515,000 531,648

South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(f)

270,000 288,689
2,220,586

SHOPPING CENTER

0.1%

Unibail-Rodamco-Westfield SE, 4.75% to 6/11/31 (France)(d)(f)(h)

EUR 200,000 229,703

TELECOMMUNICATION SERVICES

0.7%

Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)(f)

250,000 258,418

Rogers Communications, Inc., 6.875% to 5/2/31,
due 7/31/56 (Canada)(f)

300,000 303,645

TELUS Corp., 6.625% to 3/9/36, due 6/9/56 (Canada)(f)

400,000 399,192

Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(f)

800,000 744,717

Vodafone Group PLC, 5.125% to 12/4/50, due 6/4/81 (United Kingdom)(f)

70,000 54,753

Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(f)

300,000 311,245
2,071,970

UTILITIES

1.3%

AES Corp., 7.60% to 10/15/29, due 1/15/55(f)

100,000 102,669

Algonquin Power & Utilities Corp., 4.75% to 1/18/27,
due 1/18/82 (Canada)(f)

400,000 396,325

American Electric Power Co., Inc., 6.95% to 9/15/34,
due 12/15/54(f)

400,000 428,271

CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(f)

150,000 157,717

Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(f)

283,000 292,557

Entergy Corp., 7.125% to 9/1/29, due 12/1/54(f)

400,000 413,748

EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(f)

333,000 346,060

See accompanying notes to consolidated financial statements.

14

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Principal
Amount* 		Value

NextEra Energy Capital Holdings, Inc., 6.00% to 7/4/31,
due 10/1/56, Series AA(f)

279,000 $ 278,944

NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35,
due 8/15/55(f)

150,000 154,019

NextEra Energy Capital Holdings, Inc., 6.625% to 7/4/46,
due 10/1/66, Series CC(f)

387,000 393,110

Puget Energy, Inc., 7.25% to 6/15/36, due 9/15/56(f)

206,000 210,402

Sempra, 4.125% to 1/1/27, due 4/1/52(f)

500,000 496,005

Sempra, 6.40% to 7/1/34, due 10/1/54(f)

500,000 502,841
4,172,668

TOTAL PREFERRED SECURITIES-OVER-THE-COUNTER

(Identified cost-$26,375,709)

27,037,248

CORPORATE BONDS

1.8%

APARTMENT

0.2%

Essex Portfolio LP, 5.50%, due 4/1/34

460,000 469,297

DIVERSIFIED

0.1%

American Assets Trust LP, 6.15%, due 10/1/34

345,000 350,962

FREE STANDING

0.1%

Agree LP, 5.625%, due 6/15/34

125,000 128,532

Essential Properties LP, 2.95%, due 7/15/31

200,000 180,878
309,410

HEALTH CARE

0.1%

National Health Investors, Inc., 5.35%, due 2/1/33

140,000 138,664

Sabra Health Care LP, 3.20%, due 12/1/31

100,000 90,710
229,374

HOTEL

0.1%

Host Hotels & Resorts LP, 5.70%, due 7/1/34

285,000 291,656

INDUSTRIALS

0.0%

Americold Realty Operating Partnership LP, 5.409%,
due 9/12/34

125,000 121,561

INFRASTRUCTURE

0.1%

Crown Castle, Inc., 3.25%, due 1/15/51

150,000 98,965

Crown Castle, Inc., 4.00%, due 11/15/49

200,000 149,406
248,371

See accompanying notes to consolidated financial statements.

15

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Principal
Amount* 		Value

OFFICE

0.1%

Hudson Pacific Properties LP, 5.95%, due 2/15/28

450,000 $ 446,129

REGIONAL MALL

0.1%

Simon Property Group LP, 5.85%, due 3/8/53

350,000 355,173

SELF STORAGE

0.1%

Public Storage Operating Co., 5.35%, due 8/1/53

225,000 216,075

SHOPPING CENTER

0.4%

Federal Realty OP LP, 4.50%, due 12/1/44

268,000 232,835

Global Net Lease, Inc., 4.50%, due 9/30/28(g)

550,000 536,310

Kimco Realty OP LLC, 6.40%, due 3/1/34

165,000 178,575

Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, due 11/15/31

200,000 178,391

Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, due 7/15/34

255,000 263,474
1,389,585

SPECIALTY

0.4%

Newmark Group, Inc., 7.50%, due 1/12/29

110,000 115,298

VICI Properties LP, 5.625%, due 5/15/52

200,000 183,822

VICI Properties LP, 6.125%, due 4/1/54

150,000 146,739

VICI Properties LP/VICI Note Co., Inc., 4.125%, due 8/15/30(g)

946,000 908,228
1,354,087

TOTAL CORPORATE BONDS

(Identified cost-$5,737,840)

5,781,680

COMMERCIAL MORTGAGE-BACKED SECURITIES

0.2%

NYO Commercial Mortgage Trust, 5.285% (1 Month USD Term SOFR + 1.659%), due 12/15/38, Series 2021-1290(g)(i)

550,000 549,250

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

(Identified cost-$528,859)

549,250

See accompanying notes to consolidated financial statements.

16

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Shares Value

WARRANTS-REAL ESTATE-OFFICE

0.3%

Hudson Pacific Properties, Inc., exercise price $0.07(c)(j)

57,950 $ 876,204

TOTAL WARRANTS

(Identified cost-$900,536)

876,204
Ownership%††

PRIVATE REAL ESTATE-OFFICE

0.8%

Legacy Gateway JV LLC, Plano, TX(k)

7.9% 2,626,965

TOTAL PRIVATE REAL ESTATE

(Identified cost-$3,297,270)

2,626,965
Shares

SHORT-TERM INVESTMENTS

0.6%

MONEY MARKET FUNDS

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.58%(l)

347,948 347,948

State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.58%(l)

1,629,118 1,629,118

TOTAL SHORT-TERM INVESTMENTS

(Identified cost-$1,977,066)

1,977,066

PURCHASED OPTION CONTRACTS

(Premiums paid-$16,022)

0.0% 14,151

TOTAL INVESTMENTS IN SECURITIES

(Identified cost-$257,578,374)

99.8% 315,725,535

WRITTEN OPTION CONTRACTS

(Premiums received-$240,854)

(0.1)  (238,178 )

OTHER ASSETS IN EXCESS OF LIABILITIES

0.3   941,294

SERIES A CUMULATIVE PREFERRED STOCK, AT LIQUIDATION VALUE

(0.0)  (125,000 )

NET ASSETS

100.0% $ 316,303,651

See accompanying notes to consolidated financial statements.

17

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Exchange-Traded Option Contracts

Purchased Options

Description Exercise
Price 		Expiration
Date 		Number of
Contracts 		Notional
Amount(m) 		Premiums
Paid 		Value

Put-Equinix, Inc.

$1,040.00 7/17/26      6 $    625,434 $   16,022 $   14,151

Written Options

Description Exercise
Price 		Expiration
Date 		Number of
Contracts 		Notional
Amount(m) 		Premiums
Received 		Value

Call-Equinix, Inc.

$1,140.00 7/17/26 (6 ) $ (625,434 ) $ (11,397 ) $ (1,009 )

Call-Iron Mountain, Inc.

115.00 7/17/26 (65 ) (821,015 ) (66,504 ) (77,972 )

Call-Kilroy Realty Corp.

42.50 7/17/26 (165 ) (618,255 ) (6,365 ) (2,657 )

Call-UDR, Inc.

40.00 7/17/26 (172 ) (686,624 ) (6,635 ) (13,123 )

Call-BXP, Inc.

67.50 8/21/26 (107 ) (709,517 ) (19,864 ) (30,484 )

Call-Host Hotels & Resorts, Inc.

23.28 8/21/26 (292 ) (692,332 ) (40,736 ) (40,927 )

Call-Host Hotels & Resorts, Inc.

25.28 8/21/26 (517 ) (1,225,807 ) (37,005 ) (24,976 )

Put-Equinix, Inc.

1,000.00 7/17/26 (12 ) (1,250,868 ) (19,653 ) (12,333 )

Put-SBA Communications Corp.

175.00 7/17/26 (33 ) (582,318 ) (6,549 ) (13,990 )

Put-Sun Communities, Inc.

120.00 7/17/26 (51 ) (611,541 ) (10,331 ) (12,068 )

Put-Omega Healthcare Investors, Inc.

42.00 8/21/26 (142 ) (677,056 ) (9,738 ) (4,157 )

Put-Simon Property Group, Inc.

190.00 9/18/26 (30 ) (670,950 ) (6,077 ) (4,482 )
(1,592 ) $ (9,171,717 ) $ (240,854 ) $ (238,178 )

Forward Foreign Currency Exchange Contracts

Counterparty Contracts to
Deliver 		In Exchange
For 		Settlement
Date 		Unrealized
Appreciation
(Depreciation)

Brown Brothers Harriman

EUR 417,373 USD 478,291 7/23/26 $ 994

See accompanying notes to consolidated financial statements.

18

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

Glossary of Portfolio Abbreviations

EUR

Euro Currency

REIT

Real Estate Investment Trust

SOFR

Secured Overnight Financing Rate

USD

United States Dollar

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

$ 249,679,294 $ - $ - $ 249,679,294

Preferred Securities-
Exchange-Traded

27,183,677 - - 27,183,677

Preferred Securities-
Over-the-Counter

- 27,037,248 - 27,037,248

Corporate Bonds

- 5,781,680 - 5,781,680

Commercial Mortgage-Backed Securities

- 549,250 - 549,250

Warrants

- 876,204 - 876,204

Private Real Estate

- - 2,626,965 (n) 2,626,965

Short-Term Investments

- 1,977,066 - 1,977,066

Purchased Option Contracts

- 14,151 - 14,151

Total Investments in Securities

$ 276,862,971 $ 36,235,599 $ 2,626,965 $ 315,725,535

Forward Foreign Currency Exchange Contracts

$ - $ 994 $ - $ 994

Total Derivative Assets

$ - $ 994 $ - $ 994

Written Option Contracts

$ - $ (238,178 ) $ - $ (238,178 )

Total Derivative Liabilities

$ - $ (238,178 ) $ - $ (238,178 )

See accompanying notes to consolidated financial statements.

19

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (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,
2025 		Change in
unrealized
appreciation
(depreciation) 		Balance as of
June 30,
2026

Private Real Estate

$ 2,558,587 $ 68,378 $ 2,626,965

The change in unrealized appreciation (depreciation) attributable to securities owned on June 30, 2026 which were valued using significant unobservable inputs (Level 3) amounted to $68,378.

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,
2026 		Valuation
Technique 		Unobservable
Inputs 		Amount Valuation Impact
from an Increase
in Input(o)

Private Real Estate

$ 2,626,965 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. $4,353,058 in aggregate has been pledged as collateral.

(c)

Non-income producing security.

(d)

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

(e)

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 $9,092,533 or 2.9% of the net assets of the Fund.

(f)

Security converts to floating rate after the indicated fixed-rate coupon period.

(g)

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 $7,264,416 which represents 2.3% of the net assets of the Fund, of which 0.0% are illiquid.

See accompanying notes to consolidated financial statements.

20

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2026 (Unaudited)

(h)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $909,893 which represents 0.3% of the net assets of the Fund, of which 0.0% are illiquid.

(i)

Variable rate. Rate shown is in effect at June 30, 2026.

(j)

These warrants do not have a stated expiration date.

(k)

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

(l)

Rate quoted represents the annualized seven-day yield.

(m)

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

(n)

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.

(o)

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.

21

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026 (Unaudited)

ASSETS:

Investments in securities, at value (Identified cost-$257,578,374)

$ 315,725,535

Cash

13,367

Foreign currency, at value (Identified cost-$8,566)

8,570

Receivable for dividends and interest

1,401,634

Unrealized appreciation on forward foreign currency exchange contracts

994

Other assets

28,830

Total Assets

317,178,930

LIABILITIES:

Written option contracts, at value (Premiums received-$240,854)

238,178

Payable for:

Investment advisory fees

182,572

Investment securities purchased

76,889

Dividends and distributions declared

67,872

Administration fees

10,433

Other liabilities

174,335

Total Liabilities

750,279

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

$ 316,303,651

NET ASSETS Applicable to Common Shareholders consist of:

Paid-in capital

$ 265,146,356

Total distributable earnings/(accumulated loss)

51,157,295
$ 316,303,651

NET ASSET VALUE PER COMMON SHARE:

($316,303,651 ÷ 26,761,638 common shares outstanding)

$ 11.82

MARKET PRICE PER COMMON SHARE

$ 11.32

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

(4.23 )%

See accompanying notes to consolidated financial statements.

22

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2026 (Unaudited)

Investment Income:

Dividends

$ 4,774,268

Interest

897,040

Total Investment Income

5,671,308

Expenses:

Investment advisory fees

1,074,729

Shareholder reporting expenses

125,452

Administration fees

82,623

Professional fees

77,450

Custodian fees and expenses

38,656

Transfer agent fees and expenses

14,935

Directors' fees and expenses

7,305

Miscellaneous

21,185

Total Expenses

1,442,335

Net Investment Income (Loss)

4,228,973

Net Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:

Investments in securities

2,048,920

Written option contracts

150,172

Forward foreign currency exchange contracts

15,130

Foreign currency transactions

(140 )

Net realized gain (loss)

2,214,082

Net change in unrealized appreciation (depreciation) on:

Investments in securities

25,858,647

Written option contracts

10,045

Forward foreign currency exchange contracts

2,276

Foreign currency translations

(201 )

Net change in unrealized appreciation (depreciation)

25,870,767

Net Realized and Unrealized Gain (Loss)

28,084,849

Net Increase (Decrease) in Net Assets Resulting from Operations

32,313,822

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

(7,438 )

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting From Operations

$ 32,306,384

See accompanying notes to consolidated financial statements.

23

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

For the 
Six Months Ended
June 30, 2026 		For the 
Year Ended
December 31, 2025

Change in Net Assets Applicable to Common Shareholders:

From Operations:

Net investment income (loss)

$ 4,228,973 $ 7,978,704

Net realized gain (loss)

2,214,082 12,778,505

Net change in unrealized appreciation (depreciation)

25,870,767 (9,371,931 )

Distributions paid to Series A Cumulative Preferred Stockholders

(7,438 ) (15,000 )

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

32,306,384 11,370,278

Distributions to Common Shareholders

(12,843,093 ) (22,449,849 )

Tax return of capital to Common Shareholders

- (3,201,007 )

Total distributions

(12,843,093 ) (25,650,856 )

Capital Stock Transactions:

Increase (decrease) in net assets from Fund share transactions

147,524 736,142

Total increase (decrease) in net assets applicable to Common Shareholders

19,610,815 (13,544,436 )

Net Assets Applicable to Common Shareholders:

Beginning of period

296,692,836 310,237,272

End of period

$ 316,303,651 $ 296,692,836

See accompanying notes to consolidated financial statements.

24

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, 2026 		For the Year Ended December 31,

Per Share Operating Data:

2025 2024 2023 2022 2021

Net asset value per common share, beginning of period

$11.09 $11.63 $11.96 $11.59 $16.33 $13.09

Income (loss) from investment operations:

Net investment income (loss)(a)

0.16 0.30 0.31 0.34 0.30 0.18

Net realized and unrealized gain (loss)

1.05 0.12 0.32 0.99 (3.81 ) 4.23

Distributions paid to Series A Cumulative Preferred Stockholders

(0.00 )(b) (0.00 )(b) (0.00 )(b) (0.00 )(b) (0.00 )(b) -

Total from investment operations applicable to common shares

1.21 0.42 0.63 1.33 (3.51 ) 4.41

Less dividends and distributions to common shareholders from:

Net investment income

(0.48 ) (0.30 ) (0.34 ) (0.34 ) (0.30 ) (0.21 )

Net realized gain

- (0.54 ) (0.62 ) (0.62 ) (0.93 ) (0.96 )

Tax return of capital

- (0.12 ) - - - -

Total dividends and distributions to common shareholders

(0.48 ) (0.96 ) (0.96 ) (0.96 ) (1.23 ) (1.17 )

Anti-dilutive effect from the issuance of reinvested shares

- - - 0.00 (b) 0.00 (b) 0.00 (b)

Net increase (decrease) in net asset value per common share

0.73 (0.54 ) (0.33 ) 0.37 (4.74 ) 3.24

Net asset value per common share,
end of period

$11.82 $11.09 $11.63 $11.96 $11.59 $16.33

Market price per common share,
end of period

$11.32 $11.05 $11.58 $11.75 $12.23 $17.16

Net asset value total return(c)

11.15 %(d) 3.59 % 5.44 % 12.14 % -22.09 % 34.70 %

Market price total return(c)

6.83 %(d) 3.66 % 6.86 % 4.41 % -21.77 % 39.63 %

See accompanying notes to consolidated financial statements.

25

Cohen & Steers Total Return Realty Fund, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)-(Continued)

For the
Six Months Ended
June 30, 2026 		For the Year Ended December 31,

Ratios/Supplemental Data:

2025 2024 2023 2022 2021

Net assets applicable to common shareholders, end of period (in millions)

$ 316.3 $ 296.7 $ 310.2 $ 317.3 $ 306.1 $429.4

Ratios to average daily net assets:

Expenses

0.94 %(e)(f) 0.94 %(f) 0.94 %(f) 0.94 %(f) 0.96 %(f) 0.89 %

Net investment income (loss)

2.75 %(e)(f) 2.59 %(f) 2.58 %(f) 2.96 %(f) 2.17 %(f) 1.21 %

Portfolio turnover rate

9 %(d) 31 % 30 % 24 % 28 % 38 %

Preferred Stock:

Series A Cumulative Preferred Stock at liquidation value, end of period (in 000s)

$ 125.0 $ 125.0 $ 125.0 $ 125.0 $ 125.0 -

Asset coverage ratio for Series A Cumulative Preferred Stock

253,143 % 237,454 % 248,290 % 253,953 % 244,991 % -

Asset coverage per $1,000 liquidation value per share of Series A Cumulative Preferred Stock

$2,531,429 $2,374,543 $2,482,898 $2,539,527 $2,449,906 -
(a)

Calculation based on average shares outstanding.

(b)

Amount is less than $0.005.

(c)

Net asset value total return measures the change in net asset value per share over the period indicated. Market price total return is computed based upon the Fund's market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.

(d)

Not annualized.

(e)

Annualized.

(f)

Calculated on the basis of average net assets of common stock shareholders. Ratios do not reflect the effect of dividend payments to Series A Cumulative Preferred Stockholders.

See accompanying notes to consolidated financial statements.

26

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Total Return Realty Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on September 4, 1992 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, closed-end management investment company. The Fund's investment objective is high total return through investment in real estate securities.

Cohen & Steers RFI Trust (the REIT Subsidiary), is a wholly-owned subsidiary of the Fund organized under the laws of the state of Maryland as a statutory trust on September 29, 2021 that commenced operations on November 30, 2021. The REIT Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund, consistent with the Fund's investment objectives and policies. The Fund expects that it will achieve a significant portion of its exposure to private real estate investments through investment in the REIT Subsidiary. The REIT Subsidiary may use wholly-owned, limited liability companies to contain the exposure of individual private real estate investments. Unlike the Fund, the REIT Subsidiary may invest without limitation in private real estate. Investments in the REIT Subsidiary are limited to 25% of the Fund's total assets. The Consolidated Schedule of Investments includes positions of the Fund and the REIT Subsidiary. The financial statements have been consolidated and include the accounts of the Fund and the REIT Subsidiary. All significant inter-company balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946-Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Exchange-traded options are valued at their last sale price as of the close of options trading on the applicable exchanges on the valuation date, when supported by sufficient trading volume, or otherwise based upon prices provided by a third-party pricing service. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of

27

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).

The Fund utilizes an independent valuation services firm (the Independent Valuation Advisor) to assist the investment advisor in the determination of the Fund's fair value of private real estate investments held by the REIT Subsidiary. Limited scope appraisals are prepared on a monthly basis and typically include a limited comparable sales and a full discounted cash flow analysis. Annually, a full scope, detailed appraisal report is completed which typically includes market analysis, cost approach, sales comparison approach and an income approach containing a discounted cash flow analysis. The full scope report is prepared by a third-party appraisal firm. The investment advisor, including through communication with the Independent Valuation Advisor, monitors for material events that the investment advisor believes may be expected to have a material impact on the most recent estimated fair values of such private real estate investments. However, rapidly changing market conditions or material events may not be immediately reflected in the Fund's or REIT Subsidiary's daily NAV. The investment advisor, in conjunction with the Independent Valuation Advisor, values the private real estate investments using the valuation methodology it deems most appropriate and consistent with industry best practices and market conditions. The investment advisor expects the primary methodology used to value private real estate investments will be the income approach. Consistent with industry practices, the income approach incorporates actual contractual lease income, professional judgments regarding comparable rental and operating expense data, the capitalization or discount rate and projections of future rent and expenses based

28

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

on appropriate market evidence, and other subjective factors. Other methodologies that may also be used to value properties include, among other approaches, sales comparisons and cost approaches. Private real estate appraisals are reported on a free and clear basis (i.e. any property-level indebtedness that may be in place is not incorporated into the valuation). Property level debt is valued separately in accordance with GAAP.

The Board of Directors has designated the investment advisor as the Fund's "Valuation Designee" under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund's Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 2 or 3 in the hierarchy, depending on the relative significance of the valuation inputs. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

The Fund's use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous

29

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund's investments is summarized below.

•

Level 1 - quoted prices in active markets for identical investments

•

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The levels associated with valuing the Fund's investments as of June 30, 2026 are disclosed in the Fund's Consolidated Schedule of Investments.

Security Transactions and Investment Income: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from real estate investment trusts (REITs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any), currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Consolidated Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may

31

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

differ from GAAP. Dividends from net investment income, if any, are declared quarterly and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund in accordance with the Fund's dividend reinvestment plan, unless the shareholder has elected to have them paid in cash.

The Fund has a managed distribution policy in accordance with exemptive relief issued by the U.S. Securities and Exchange Commission (SEC). The Plan gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a more regular basis to shareholders. Therefore, regular monthly distributions throughout the year may include a portion of estimated realized long-term capital gains, along with net investment income, short-term capital gains and return of capital, which is not taxable. In accordance with the Plan, the Fund is required to adhere to certain conditions in order to distribute long-term capital gains during the year.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the six months ended June 30, 2026, the investment manager considers it likely that a portion of the dividends will be reclassified to distributions from net realized gain and tax return of capital upon the final determination of the Fund's taxable income after the Fund's fiscal year end.

Distributions Subsequent to June 30, 2026: The following distributions have been declared by the Fund's Board of Directors and are payable subsequent to the period end of this report.

Ex-Date/Record Date

Payable Date

Amount

7/14/26 7/31/26 $0.080
8/11/26 8/31/26 $0.080
9/8/26 9/30/26 $0.080

Distributions to holders of Series A Cumulative Preferred Stock are accrued daily and paid semi-annually and are determined as described in Note 7. The payments made to the holders of the Fund's Series A Cumulative Preferred Stock are treated as dividends or distributions.

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Fund's tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of June 30, 2026, no additional provisions for income tax are required in the Fund's consolidated financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

The REIT Subsidiary has elected to be taxed as a REIT under Subchapter M of the Code. The REIT Subsidiary's qualification and taxation as a REIT depends upon the REIT Subsidiary's ability to meet on a continuing basis, through actual operating results, certain qualification tests set forth in the Code. Those qualification tests involve the percentage of income that it earns from specified sources, the percentage of its assets that falls within specified categories, the diversity of the ownership of its shares, and the percentage of its taxable income that the REIT Subsidiary distributes. As a REIT, the REIT Subsidiary generally will be allowed to deduct dividends paid to its shareholders and, as a result, the REIT Subsidiary will not be subject to U.S. federal income tax on that portion of its ordinary income and net capital gain that the REIT Subsidiary annually distributes to its shareholders, as long as the REIT Subsidiary meets the minimum distribution requirements under the Code. The REIT Subsidiary intends to make distributions on a regular basis as necessary to avoid material U.S. federal income tax and to comply with the REIT distribution requirements.

For the current open tax year and for all major jurisdictions, management of the REIT Subsidiary has analyzed and concluded that there are no uncertain tax positions that would require recognition in the Fund's consolidated financial statements. The REIT Subsidiary's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees: Cohen & Steers Capital Management, Inc. serves as the Fund's investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-day investment decisions and generally manages the Fund's investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at an annual rate of 0.70% of the average daily net assets of the Fund.

Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.04% of the average daily net assets of the Fund. For the six months ended June 30, 2026, the Fund incurred $61,413 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Directors' and Officers' Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $935 for the six months ended June 30, 2026.

33

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2026, totaled $27,782,153 and $35,485,786, respectively.

Note 4. Investments in Non-Consolidated Limited Liability Company

In accordance with requirements under Regulation S-X Rules 3-09 and 4-08(g), the Fund evaluates its unconsolidated subsidiaries as significant subsidiaries under the rules and, accordingly, below is summary financial information for the Fund's investments in non-consolidated limited liability companies at historical cost as of June 30, 2026 and the income statement for the six months ended June 30, 2026. The Fund states its ownership interests in non-consolidated limited liability companies at fair value.

Legacy Gateway JV LLC(a)

Balance Sheet:

Assets:

Real estate, net (total cost)

$ 84,264,176

Cash

2,507,575

Other current assets

1,542,243

Total Assets

$ 88,313,994

Liabilities and Equity:

Mortgage notes payable

$ 52,000,000

Accrued expenses and accounts payable

939,046

Tenant security deposits

175,292

Other liabilities

606,328

Total Liabilities

53,720,666

Equity

34,593,328

Total Liabilities and Equity

$ 88,313,994

Income Statement

Revenue

$ 4,293,389

Expenses

3,694,051

Net Income

$ 599,338
(a)

Represents summarized financial information of Legacy Gateway JV LLC, a Class A office building located at 6860 N. Dallas Parkway, Plano, Texas 75024, which includes 100% of ownership interests in the limited liability company.

Note 5. Derivative Investments

The following tables present the value of derivatives held at June 30, 2026 and the effect of derivatives held during the six months ended June 30, 2026, if any, along with the respective location in the consolidated financial statements.

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Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

Consolidated  Statement of Assets and Liabilities

Assets

Liabilities

Derivatives

Location

Fair Value

Location

Fair
Value

Equity Risk:

Purchased Option Contracts-Exchange-Traded(a)

Investments in securities, at value $   14,151 - $ -

Written Option Contracts-Exchange-Traded(a)

- - Written option contracts, at value 238,178
Foreign Currency Exchange Risk:

Forward Foreign Currency Exchange Contracts(b)

Unrealized appreciation 994 - -
(a)

Not subject to a master netting agreement or another similar arrangement.

(b)

Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement.

Consolidated Statement of Operations

Derivatives

Location

Realized
Gain (Loss) 		Change in
Unrealized
Appreciation
(Depreciation)

Equity Risk:

Purchased Option Contracts(a)

Net Realized and Unrealized Gain (Loss) $ (14,365 ) $ (1,871 )

Written Option Contracts

Net Realized and Unrealized Gain (Loss) 150,172 10,045
Foreign Currency Exchange Risk:

Forward Foreign
Currency Exchange
Contracts

Net Realized and Unrealized Gain (Loss) 15,130 2,276
(a)

Purchased option contracts are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities.

35

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

The following summarizes the monthly average volume of the Fund's option contracts and forward foreign currency exchange contracts activity for the six months ended June 30, 2026:

Purchased Option
Contracts(b) 		Written Option
Contracts(b) 		Forward Foreign
Currency Exchange
Contracts

Average Notional Amount(a)

$ 649,413 $ 7,090,040 $ 487,504
(a)

Average notional amount represents the average for all months in which the Fund had option contracts forward foreign currency exchange contracts outstanding at month-end. For the period, this represents three months for purchased option contracts, six months for written option contracts and six months for forward foreign currency exchange contracts.

(b)

Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.

Note 6. Income Tax Information

As of June 30, 2026, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:

Cost of investments in securities for federal income tax purposes

$ 257,578,374

Gross unrealized appreciation on investments

$ 72,551,986

Gross unrealized depreciation on investments

(14,401,155 )

Net unrealized appreciation (depreciation) on investments

$ 58,150,831

The Fund incurred short-term capital gain of $296,697, long-term capital loss of $771,778 and ordinary losses of $7,771 after October 31, 2025 that it has elected to defer to the following year.

Note 7. Series A Cumulative Preferred Stock

On January 27, 2022, the Fund's wholly-owned REIT Subsidiary completed a private placement of 125 shares of 12.0% Series A Cumulative Non-Voting Preferred Stock (the Preferred Stock) for aggregate gross proceeds of $125,000. The Preferred Stock has a liquidation preference of $1,000 per share plus an amount equal to accrued but unpaid dividends (the Liquidation Preference). The Preferred Stock dividends are cumulative at a rate of 12.0% per annum and are redeemable under certain conditions by the REIT Subsidiary or subject to mandatory redemption upon default of certain coverage requirements at a redemption price equal to the Liquidation Preference.

Note 8. Capital Stock

The Fund is authorized to issue 100 million shares of common stock at a par value of $0.001 per share.

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Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

During the six months ended June 30, 2026, the Fund issued 12,926 shares of common stock at $147,524 for the reinvestment of dividends. During the year ended December 31, 2025, the Fund issued 63,282 shares of common stock at $736,142 for the reinvestment of dividends.

On December 9, 2025, the Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management's discretion and subject to market conditions and investment considerations, of up to 10% of the Fund's common shares outstanding as of January 1, 2026 through December 31, 2026. There is no assurance that the Fund will repurchase shares in any particular amounts or at all.

During the six months ended June 30, 2026 and year ended December 31, 2025, the Fund did not effect any repurchases.

Note 9. Other Risks

Market Price Discount from Net Asset Value Risk: Shares of closed-end investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund's NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor's purchase price for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the shares may trade at, above or below NAV.

Common Stock Risk: While common stocks have historically generated higher average returns than fixed-income securities over the long-term, common stocks have also experienced significantly more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. The value of common stocks and other equity securities will fluctuate in response to developments concerning the company, political and regulatory circumstances, the stock market, and the economy. In the short term, stock prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, stocks of large companies can react differently than stocks of smaller companies, and value stocks (stocks of companies that are undervalued by various measures and have potential for long-term capital appreciation), can react differently from growth stocks (stocks of companies with attractive cash flow returns on invested capital and earnings that are expected to grow). These developments can affect a single company, all companies within the same industry, economic sector or geographic region, or the stock market as a whole.

Real Estate Market Risk: Since the Fund concentrates its assets in companies engaged in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and market recessions. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential

37

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The risks of investing in REITs are similar to those associated with direct investments in real estate securities.

REIT Risk: In addition to the risks of securities linked to the real estate industry, REITs are subject to certain other risks related to their structure and focus. REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund. In addition, REITs could possibly fail to (i) qualify for pass-through of income under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

Small- and Medium-Sized Companies Risk: Companies in the real estate industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller company's stock, which means that buy and sell transactions in that stock could have a larger impact on the stock's price than is the case with larger company stocks. Smaller companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on a smaller company's stock price than is the case for a larger company. Further, smaller company stocks may perform differently in different cycles than larger company stocks. Accordingly, real estate company shares can, and at times will, perform differently than large company stocks.

Preferred Securities Risk: Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company's capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.

Options Risk: Gains on options transactions depend on the investment advisor's ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not

38

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

engaged in such transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for certain options not traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading after the price has risen or fallen more than the maximum specified by the exchange.

Although the Fund may be able to offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to control its losses.

Private Real Estate Risk: The Fund's investments in private real estate include additional risks. For example, lease defaults, terminations by one or more tenants or landlord-tenant disputes may reduce the Fund's revenues and net income. Any of these situations may result in extended periods during which there is a significant decline in revenues or no revenues generated by a property. If this occurred, it could adversely affect the Fund's results of operations.

The Fund's investments in private real estate are expected to be substantially less liquid than many other securities, such as common stocks or U.S. government securities.

REIT Subsidiary Risk: Investments in a REIT Subsidiary are subject to risks associated with the direct ownership of real estate. A REIT Subsidiary, and therefore the Fund, may be affected by changes in the real estate markets generally as well as changes in the values of any properties owned by a REIT Subsidiary or securing any mortgages owned by a REIT Subsidiary (which changes in value could be influenced by market conditions for real estate in general or issues related to the particular property). If a REIT Subsidiary's underlying assets are concentrated in properties used by a particular industry, it will be subject to risks associated with such industry.

By investing through a REIT Subsidiary, the Fund bears the fees and expenses of the REIT Subsidiary (including, among other things operating costs, transaction expenses, administrative and custody fees, legal expenses and custody expenses). Thus, investing through a REIT Subsidiary may cause the Fund to be subject to higher operating expenses than if it invested directly.

Real Estate Limited Liability Company Risk: The Fund through a REIT subsidiary may invest in real estate limited liability companies with third parties. The Fund may also make investments in partnerships or other co-ownership arrangements or participations. Such investments may involve risks not otherwise present with other methods of investment, which include risks associated with having a limited liability company partner, such as the real estate limited liability company partner becoming insolvent or bankrupt, engaging in fraud or other misconduct or having economic or business interests or goals that conflict with the Fund's business interest or goals. Also, the terms of the limited liability company agreement could restrict the Fund's ability to sell or transfer its interest to a third party or could cause the Fund to sell its interest or acquire its partner's interest at a time when the Fund otherwise would not have initiated such a transaction.

39

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

In addition, disputes between the Fund and its real estate limited liability company partners may result in litigation or arbitration that would increase the Fund's expenses and prevent the Fund's officers and trustees from focusing their time and efforts on the Fund's business. Any of the above might subject the Fund to liabilities and thus reduce its returns on the investment with that real estate limited liability company partner.

Market Disruption and Geopolitical Risk: Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund's investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event.

Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund's investments.

Regulatory Risk: Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator's disagreement with the Fund's interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund's ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.

Additional legislative or regulatory actions may alter or impair certain market participants' ability to utilize certain investment strategies and techniques.

The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. These regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies' operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

Cybersecurity Risk: With the increased use of technologies such as the Internet and artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment advisor), and their own service providers,

40

Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment advisor, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.

Each of the Fund and the investment advisor may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.

Note 10. Operating Segments

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund's investment advisor and the Fund's chief executive officer and chief financial officer act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements.

Note 11. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

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Cohen & Steers Total Return Realty Fund, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)-(Continued)

Note 12. Subsequent Events

Management has evaluated events and transactions occurring after June 30, 2026 through the date that the consolidated financial statements were issued, and has determined that no additional disclosure in the consolidated financial statements is required.

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Cohen & Steers Total Return Realty Fund, Inc.

PROXY RESULTS (Unaudited)

The Fund's shareholders voted on the following proposals at the annual meeting held on April 22, 2026. The description of each proposal and number of shares voted are as follows:

Common Shares Shares Voted
For 		Authority
Withheld

To elect Directors:

Michael G. Clark

18,322,777 875,717

Dean A. Junkans

18,297,527 900,968

Ramona Rogers-Windsor

18,534,227 664,268

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Cohen & Steers Total Return Realty Fund, Inc.

(The following pages are unaudited)

REINVESTMENT PLAN

We urge shareholders who want to take advantage of this plan and whose shares are held in 'Street Name' to consult your broker as soon as possible to determine if you must change registration into your own name to participate.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (866) 227-0757, (ii) on our website at cohenandsteers.com or (iii) on the U.S. Securities and Exchange Commission's (SEC) website at http://www.sec.gov. In addition, the Fund's proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling (866) 227-0757 or (ii) on the SEC's website at http://www.sec.gov.

Disclosures of the Fund's complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund's fiscal quarter. The Fund's Form N-PORT is available (i) without charge, upon request, by calling (866) 227-0757 or (ii) on the SEC's website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's net investment company taxable income and net realized gains. Distributions in excess of the Fund's net investment company taxable income and net realized gains are a return of capital distributed from the Fund's assets. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. 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.

Notice is hereby given in accordance with Rule 23c-1 under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.

Change to the Fund's Chief Compliance Officer

On June 16, 2026, the Board of Directors approved the appointment of Nargis Hilal as the Chief Compliance Officer (CCO) of the Fund effective July 3, 2026. Ms. Hilal previously served as the Fund's Deputy CCO.

Fundamental Investment Policy Change

On June 16, 2026, the Board of Directors adopted the following as a fundamental investment policy, effective at the close of business on October 1, 2026:

Under normal circumstances, the Fund will invest at least 80% of its total assets in the equity securities of real estate companies. Such equity securities will consist of (i) common shares (including shares and units of beneficial interest of real estate investment trusts (REITs)), (ii) rights or warrants to purchase common shares, (iii) securities convertible into common shares where the

44

Cohen & Steers Total Return Realty Fund, Inc.

conversion feature represents, in the investment advisor's view, a significant element of the securities' value, and (iv) preferred shares. For purposes of the Fund's investment policies, a "real estate company" is one that derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial, or residential real estate or that has at least 50% of its assets in such real estate (such as REITs).

45

Cohen & Steers Total Return Realty Fund, Inc.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Fund (the Board), including a majority of the Directors who are not parties to the Fund's investment advisory agreement (the Advisory Agreement), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund's Advisory Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board called for the purpose of voting on the approval or continuation. The Advisory Agreement was discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 2, 2026, and at a meeting of the full Board held on June 16, 2026. The Independent Directors, in their capacity as the Contract Review Committee, also discussed the Advisory Agreement in executive sessions on June 2, 15 and 16, 2026. At the meeting of the full Board on June 16, 2026, the Advisory Agreement was unanimously continued for a term ending June 30, 2027, by the Board, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Advisory Agreement, the Board reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds and, collectively with the Fund, the Peer Group) and performance comparisons to a larger category universe; summary information prepared by the Fund's investment advisor (the Investment Advisor); and a memorandum from counsel to the Independent Directors outlining the legal duties of the Board. The Board also spoke directly with a representative of the independent data provider and met with investment advisory personnel. In addition, the Board considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund's objective. The Board also considered information provided by the Investment Advisor in response to a request for information submitted by counsel to the Independent Directors, on behalf of the Independent Directors, as well as information provided by the Investment Advisor in response to a supplemental request. In particular, the Board considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Advisor: The Board reviewed the services that the Investment Advisor provides to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund's assets, furnishing information to the Board regarding the Fund's portfolio, providing individuals to serve as Fund officers, and generally managing the Fund's investments in accordance with the stated policies of the Fund. The Board also discussed with officers and portfolio managers of the Fund the types of transactions conducted on behalf of the Fund. Additionally, the Board took into account the services provided by the Investment Advisor to its other funds and accounts, including those that have investment objectives and strategies similar to those of the Fund. The Board also considered the education, background and experience of the Investment Advisor's personnel, particularly noting the potential benefit that the portfolio managers' work experience and favorable reputation can have on the Fund. The Board further noted the Investment Advisor's ability to attract qualified and experienced personnel. The Board also considered the administrative services provided by the Investment Advisor, including

46

Cohen & Steers Total Return Realty Fund, Inc.

compliance and accounting services. After consideration of the above factors, among others, the Board concluded that the nature, extent and quality of services provided by the Investment Advisor are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Advisor: The Board considered the investment performance of the Fund compared to Peer Funds and compared to its benchmarks. The Board considered that, on a net asset value (NAV) basis, the Fund outperformed the Peer Group medians for the one-, five- and ten-year periods and underperformed for the three-year period ended March 31, 2026, ranking 2 out of 5 peers, 1 out of 5 peers, 1 out of 5 peers and 4 out of 5 peers, respectively. The Board also noted that, on a NAV basis, the Fund outperformed the linked blended benchmark for the one-, three-, five- and ten-year periods ended March 31, 2026. The Board also noted that, on a NAV basis, the Fund outperformed the linked benchmark for the three-, five-, and ten-year periods ended March 31, 2026, and underperformed for the one-year period ended March 31, 2026. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors to and detractors from the Fund's performance. The Board of Directors also considered supplemental information provided by the Investment Advisor, including a narrative summary of various factors affecting performance, and the Investment Advisor's performance in managing similarly managed funds and accounts. The Board determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Advisory Agreement.

(iii) Cost of the services to be provided and profits to be realized by the Investment Advisor from the relationship with the Fund: Next, the Board considered the contractual and actual management fees paid by the Fund, as well as the Fund's total expense ratio. As part of its analysis, the Board considered the fee and expense analyses provided by the independent data provider. The Board noted that the Fund's contractual management fee, actual management fee and total expense ratio were the lowest in the Peer Group, ranking 1 out of 5 peers for each. In light of the considerations above, the Board concluded that the Fund's current expense structure was satisfactory.

The Board also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board considered the level of the Investment Advisor's profits and whether the profits were reasonable for the Investment Advisor. The Board took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Advisor receives by allocating the Fund's brokerage transactions. The Board further considered that the Investment Advisor continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board also considered the administrative services provided by the Investment Advisor and the associated administration fee paid to the Investment Advisor for such services under the Administration Agreement. The Board determined that the services received under the Administration Agreement are beneficial to the Fund. The Board concluded that the profits realized by the Investment Advisor from its relationship with the Fund were reasonable and consistent with the Investment Advisor's fiduciary duties.

47

Cohen & Steers Total Return Realty Fund, Inc.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale: The Board noted that, as a closed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale. The Board determined that, given the Fund's closed-end structure, there were no significant economies of scale that were not already being shared with shareholders. In considering economies of scale, the Board also noted, as discussed above in (iii), that the Investment Advisor continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board compared the fees paid under the Advisory Agreement to those under other investment advisory contracts of other investment advisors managing Peer Funds. The Board also compared the services rendered and fees paid under the Advisory Agreement to fees paid, including the ranges of such fees, under the Investment Advisor's other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates, noting that the Investment Advisor provides more services to the Fund than it does to institutional or subadvised accounts. The Board also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board determined that on a comparative basis the fees under the Advisory Agreement were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board, and each Director may have assigned different weights to the various factors. Rather, after weighing all of the considerations and conclusions discussed above, the Board, including the Independent Directors, unanimously approved the continuation of the Advisory Agreement.

48

Cohen & Steers Total Return Realty Fund, Inc.

Cohen & Steers Privacy Policy

Facts What Does Cohen & Steers Do With Your Personal Information?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

•

Social Security number and account balances

•

Transaction history and account transactions

•

Purchase history and wire transfer instructions

How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information Does Cohen & Steers
share? 		Can you limit this
sharing?

For our everyday business purposes-

such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus

Yes No

For our marketing purposes-

to offer our products and services to you

Yes No
For joint marketing with other financial companies- No We don't share

For our affiliates' everyday business purposes-

information about your transactions and experiences

No We don't share

For our affiliates' everyday business purposes-

information about your creditworthiness

No We don't share
For our affiliates to market to you- No We don't share
For non-affiliates to market to you- No We don't share
Questions?  Call (866) 277-0757

49

Cohen & Steers Total Return Realty Fund, Inc.

Cohen & Steers Privacy Policy-(Continued)

Who we are
Who is providing this notice? Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers).
What we do
How does Cohen & Steers protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.
How does Cohen & Steers collect my personal information?

We collect your personal information, for example, when you:

•

Open an account or buy securities from us

•

Provide account information or give us your contact information

•

Make deposits or withdrawals from your account

We also collect your personal information from other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only:

•

sharing for affiliates' everyday business purposes-information about your creditworthiness

•

affiliates from using your information to market to you

•

sharing for non-affiliates to market to you

State law and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

•

Cohen & Steers does not share with affiliates.

Non-affiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

•

Cohen & Steers does not share with non-affiliates.

Joint marketing

A formal agreement between non-affiliated financial companies that together market financial products or services to you.

•

Cohen & Steers does not jointly market.

50

Cohen & Steers Total Return Realty Fund, Inc.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

• Designed for investors seeking total return, investing primarily in U.S. real estate securities
• Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS

REAL ESTATE SECURITIES FUND

• Designed for investors seeking total return, investing primarily in U.S. real estate securities
• Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS

INSTITUTIONAL REALTY SHARES

• Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities
• Symbol: CSRIX

COHEN & STEERS

GLOBAL REALTY SHARES

• Designed for investors seeking total return, investing primarily in global real estate equity securities
• Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS

INTERNATIONAL REALTY FUND

• Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities
• Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

• Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets
• Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

• Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies
• Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS

SHORT DURATION PREFERRED AND INCOME FUND

• Designed for investors seeking high current income and capital preservation by investing in short-duration preferred and other income securities issued by U.S. and non-U.S. companies
• Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX

COHEN & STEERS

GLOBAL INFRASTRUCTURE FUND

• Designed for investors seeking total return, investing primarily in global infrastructure securities
• Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling (800) 330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

51

Cohen & Steers Total Return Realty Fund, Inc.

OFFICERS AND DIRECTORS

Joseph M. Harvey

Director and Chair

Adam M. Derechin

Director

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

Ramona Rogers-Windsor

Director

James Giallanza

President and Chief Executive Officer

Albert Laskaj

Chief Financial Officer

Steven Frank

Treasurer

Dana A. DeVivo

Secretary and Chief Legal Officer

Nargis Hilal

Chief Compliance Officer and Vice President

Yigal D. Jhirad

Vice President

Jason A. Yablon

Vice President

Mathew Kirschner

Vice President

KEY INFORMATION

Investment Advisor and Administrator

Cohen & Steers Capital Management, Inc.

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

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

Computershare

150 Royall Street

Canton, MA 02021

(866) 227-0757

Legal Counsel

Ropes & Gray, LLP

1211 Avenue of the Americas

New York, NY 10036

New York Stock Exchange Symbol: RFI

Website: cohenandsteers.com

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data quoted represents past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

52

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Semi-Annual Report June 30, 2026

Cohen & Steers

Total Return

Realty Fund (RFI)

RFISAR

(b)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included in Item 1 above.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included in Item 1 above.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a) Not applicable.

(b) The Registrant has not had any change in the portfolio managers identified in response to paragraph (a)(1) of this item in the Registrant's most recent annual report on Form N-CSR.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors implemented after the Registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a- 2(b) under the Investment Company Act of 1940.

(c) Registrant's notices to shareholders pursuant to registrant's exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions pursuant to the Registrant's Managed Distribution Plan.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COHEN & STEERS TOTAL RETURN REALTY FUND, INC.

By: /s/ James Giallanza
Name:

James Giallanza

Title:

Principal  Executive Officer

(President and Chief Executive Officer)
Date: September 4, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ James Giallanza
Name:

James Giallanza

Title:

Principal  Executive Officer

(President and Chief Executive Officer)
By: /s/ Albert Laskaj
Name:

Albert Laskaj

Title:

Principal  Financial Officer

(Chief Financial Officer)

Date: September 4, 2026
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