<SEC-DOCUMENT>0001104659-15-063749.txt : 20150904
<SEC-HEADER>0001104659-15-063749.hdr.sgml : 20150904
<ACCEPTANCE-DATETIME>20150904121837
ACCESSION NUMBER:		0001104659-15-063749
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150904
DATE AS OF CHANGE:		20150904
EFFECTIVENESS DATE:		20150904

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07154
		FILM NUMBER:		151093908

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS OPPORTUNITY TRUST INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a15-14919_1ncsrs.htm
<DESCRIPTION>N-CSR
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-07154</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen &amp; Steers Total Return Realty   Fund, Inc. </font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as   specified in charter)</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">280 Park Avenue, New York, NY</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10017</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive   offices)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tina M. Payne</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen &amp; Steers Capital Management, Inc.   </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">280 Park Avenue </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10017</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for   service)</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including   area code:</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(212) 832-3232</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 30,   2015</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Reports to Stockholders.</font></b></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">To Our Shareholders:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">We would like to share with you our report for the six months ended June 30, 2015. The net asset value (NAV) at that date was $13.21 per common share. The Fund's common stock is traded on the New York Stock Exchange (NYSE) and its share price can differ from its NAV; at period end, the Fund's closing price on the NYSE was $12.16.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The total returns, including income, for the Fund and its comparative benchmarks were:</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Six Months Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015</font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Total Return Realty Fund at NAV<sup>a</sup></font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;3.16</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Total Return Realty Fund at Market Value<sup>a</sup></font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;4.44</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">FTSE NAREIT Equity REIT Index<sup>b</sup></font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;5.67</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Blended Benchmark&#151;80% FTSE NAREIT Equity REIT Index/<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">20% BofA Merrill Lynch REIT Preferred Securities Index<sup>b</sup></font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;4.15</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">S&amp;P 500 Index<sup>b</sup></font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.23</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>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.</i></font></p>
<p style="margin:12pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Managed Distribution Policy</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Total Return Realty Fund, Inc. (the Fund), acting in accordance with an exemptive order received from the Securities and Exchange Commission 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 quarterly cash distributions to its shareholders (the Plan). The Plan will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular quarterly basis. In accordance with the Plan, the Fund currently distributes $0.24 per share on a quarterly basis.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;As a closed-end investment company, the price of the Fund's NYSE-traded shares will be set by market forces and can deviate from the NAV per share of the Fund.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;The FTSE NAREIT Equity REIT Index contains all tax-qualified REITs except timber and infrastructure 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 BofA Merrill Lynch REIT Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market by real estate investment trusts. The S&amp;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.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund may pay distributions in excess of the Fund's investment company taxable income and 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.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 net asset value is presented in the table above as well as in the Financial Highlights table.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 net asset value) or widening an existing trading discount.</font></p>
<p style="margin:12pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Market Review</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Following a strong start to the year, U.S. real estate investment trusts (REITs) fell back in the second quarter to post negative returns for the six-month period. The group came under pressure amid a difficult combination of mixed economic signals and rising bond yields. Gross domestic product (GDP) contracted at an annualized rate of 0.2% in the first quarter, a sharp contrast with the previous quarter's 2.2% growth. However, other aspects of the U.S. economy were relatively healthy, including job growth, housing activity, bank lending, and consumer confidence and spending.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Sovereign bond yields moved higher in response to generally improving global economic conditions. Better economic data in Europe and Japan helped lift bond yields off record lows reached earlier in the year, and U.S. bond yields rose in tandem, but also in anticipation of a possible Federal Reserve interest-rate hike in 2015. Although rate concerns often weigh on REIT returns in the short term, over longer periods REIT performance has been positively associated with rising rates, both of which tend to be propelled by stronger economic growth.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Returns were negative for most property types, despite continued strong fundamentals for U.S. commercial real estate, as reflected in earnings that generally met high expectations. Health care property REITs (&#150;11.7% total return) were among the poorest performers in the quarter. The sector underperformed due to its perceived bond-like characteristics in a period of rising yields, even as health care REITs have been transitioning to more economically sensitive business models over the years.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The shopping center and regional mall sectors (&#150;8.1% and &#150;6.2%, respectively) underperformed, even as tenants continued to exhibit strong interest in proven assets. Self storage companies (3.7%) were top performers, drawing support from strong earnings, with year-over-year rental growth running as high as 10%. Apartment landlords (0.8%) also outperformed with a gain, amid sustained household formation that has kept demand ahead of supply. Even apartments in markets vulnerable to lower oil prices, such as Houston, have so far shown a fair degree of resilience.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Despite heightened volatility, the REIT market continued to see mergers and acquisitions, including the sale of apartment owner Associated Estates to Brookfield Asset Management, and Blackstone's acquisition of shopping center REIT Excel Trust, both at double-digit premiums to the prevailing share prices. Also of note, Equinix, a data center REIT, announced a $3.6 billion takeover of the U.K.'s Telecity Group. In the office sector (&#150;5.3%), SL Green Realty said that it would purchase a New York City tower for $2.6 billion, in one of New York's largest-ever property deals.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>REIT Preferred Securities Advanced</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Preferred securities issued by commercial real estate companies had a total return of 1.9% in the period as measured by the BofA Merrill Lynch REIT Preferred Securities Index. Good and improving real estate fundamentals continued to enhance REITs' financial profiles, while favorable technical factors&#151;low new supply of REIT preferreds combined with steady demand&#151;also supported the group's performance.</font></p>
<p style="margin:12pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Fund Performance</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund had a negative total return for the period and underperformed its blended benchmark based on market price, although it outperformed on a NAV basis. Our overweight and stock selection in the apartment sector helped relative performance. In the hotel sector (&#150;10.3% total return in the index), we had beneficial positions in certain out-of-index companies that performed well. Our underweight and stock selection in health care REITs also contributed to relative performance. Stock selection in the office sector detracted from performance, as it did in the industrial (&#150;11.3% total return in the index) and shopping center sectors. The Fund's allocation to REIT preferreds aided relative performance due to favorable security selection.</font></p>
<p style="margin:12pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Investment Outlook</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">We expect U.S. economic activity to accelerate after a slow start to the year, with GDP expanding nearly 2.5% in 2015. Continued employment and wage growth should support further strength in consumer confidence, in our view, and we expect to see a more-pronounced benefit from lower gasoline prices in the coming months. These potentially favorable demand trends should be met with continued low levels of new supply in most sectors.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Based on our view of a resumed expansion in the U.S. economy, we believe commercial real estate fundamentals will continue to strengthen, driving further increases in cash flows, net asset values and dividend distributions. This top-down perspective has led us to prefer cyclically sensitive short-lease sectors. However, our bottom-up analysis has also identified companies offering compelling relative value in traditionally noncyclical sectors. We believe that one area of potential opportunity at present is health care, where certain stocks are trading at discounts to underlying property values for the first time in years.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Sincerely,</font></p>
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<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<img src="j15149192_ba013.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><img src="j15149192_ba014.jpg">
</p></td>
<td colspan="1">&nbsp;</td>
</tr>
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<td colspan="3" width="97" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">ROBERT H. STEERS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JOSEPH M. HARVEY</font></p></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="97" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><i>Chairman</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Manager</i></font></p></td>
<td colspan="1">&nbsp;</td>
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<img src="j15149192_ba015.jpg">
</td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><img src="j15149192_ba016.jpg">
</p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">WILLIAM F. SCAPELL</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">THOMAS N. BOHJALIAN</font></p></td>
<td colspan="1">&nbsp;</td>
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<tr>
<td colspan="3" width="97" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Manager</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Manager</i></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&nbsp;&nbsp;<img src="j15149192_ba017.jpg">
</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&nbsp;&nbsp;JASON YABLON</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>&nbsp;&nbsp;Portfolio Manager</i></font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>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.</i></font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Visit Cohen &amp; Steers online at cohenandsteers.com</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">For more information about the Cohen &amp; 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.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Our website also provides comprehensive information about Cohen &amp; Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen &amp; Steers family of mutual funds invests in major real asset categories including real estate, infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Top Ten Holdings<sup>a</sup><BR>(Unaudited)</font></p>
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<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">% of<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Net<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Assets</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Simon Property Group</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,029,537</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7.0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Residential</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,122,799</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5.5</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UDR</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,701,144</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3.7</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SL Green Realty Corp.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,885,923</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3.2</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Prologis</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,472,476</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3.0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Vornado Realty Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,246,941</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.7</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Omega Healthcare Investors</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,060,923</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.6</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Essex Property Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,620,912</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.5</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ventas</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,372,154</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.4</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="149" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kilroy Realty Corp.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,570,090</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.9</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other types of securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Sector Breakdown</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">(Based on Net Assets)<BR>(Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><img src="j15149192_ba018.jpg" height="179 pt" width="472 pt">
</p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">COMMON STOCK&#151;REAL ESTATE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">78.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DIVERSIFIED</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Assets Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">113,637</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,455,706</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Forest City Enterprises, Class A<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">78,359</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,731,734</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gramercy Property Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">104,060</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,431,882</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Vornado Realty Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">97,408</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,246,941</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,866,263</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HEALTH CARE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">7.0%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Health Care REIT</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">27,690</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,817,295</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Healthcare Trust of America, Class A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">117,195</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,806,820</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Omega Healthcare Investors</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">263,936</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,060,923</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Physicians Realty Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">136,464</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,096,087</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ventas</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">134,839</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,372,154</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,153,279</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HOTEL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DiamondRock Hospitality Co.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">170,130</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,179,365</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Extended Stay America</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">98,963</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,857,535</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hersha Hospitality Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">47,004</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,205,170</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hilton Worldwide Holdings<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">86,372</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,379,549</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Host Hotels &amp; Resorts</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">97,143</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,926,346</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">La Quinta Holdings<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">44,812</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,023,954</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Strategic Hotels &amp; Resorts<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">393,981</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,775,050</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sunstone Hotel Investors</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">322,788</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,845,048</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,192,017</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">6.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">First Industrial Realty Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">115,763</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,168,241</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Prologis</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">282,277</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,472,476</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">QTS Realty Trust, Class A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">113,535</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,138,351</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Rexford Industrial Realty</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">126,098</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,838,509</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">STAG Industrial</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">103,509</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,070,180</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,687,757</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">14.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BioMed Realty Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">203,635</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,938,301</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Boston Properties</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">28,115</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,403,040</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brandywine Realty Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">149,567</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,986,250</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Corporate Office Properties Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">80,723</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,900,219</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Douglas Emmett</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">153,826</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,144,072</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Empire State Realty Trust, Class A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">215,474</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,675,986</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Commonwealth</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">136,671</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,508,345</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hudson Pacific Properties</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">51,801</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,469,594</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kilroy Realty Corp.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">97,842</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,570,090</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Liberty Property Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">88,300</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,845,026</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Parkway Properties</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">201,572</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,515,416</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PS Business Parks</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,903</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">642,352</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SL Green Realty Corp.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">99,062</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,885,923</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">48,484,614</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">RESIDENTIAL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">16.0%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">APARTMENT</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">15.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Homes 4 Rent, Class A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">142,399</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,284,080</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Apartment Investment &amp; Management Co.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">147,341</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,441,303</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">AvalonBay Communities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,178</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,627,157</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Residential</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">272,521</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,122,799</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Essex Property Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,569</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,620,912</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">New Senior Investment Group</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">209,056</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,795,079</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UDR</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">396,539</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,701,144</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">52,592,474</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MANUFACTURED HOME</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.8%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sun Communities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">45,334</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,803,001</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL RESIDENTIAL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">55,395,475</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SELF STORAGE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CubeSmart</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">268,881</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,227,284</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Extra Space Storage</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">72,604</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,735,233</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Public Storage</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">22,827</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,208,614</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sovran Self Storage</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">46,554</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,046,008</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,217,139</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='7',FILE='15-14919-2.ca',USER='ltolend',CD='Aug 27 22:32 2015' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SHOPPING CENTERS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">18.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">COMMUNITY CENTER</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">6.6%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brixmor Property Group</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">123,312</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,852,207</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DDR Corp.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">246,607</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,812,544</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kimco Realty Corp.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">102,956</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,320,628</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ramco-Gershenson Properties Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">152,315</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,485,781</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Regency Centers Corp.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">86,645</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,110,322</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Retail Properties of America, Class A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">112,551</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,567,836</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Urban Edge Properties</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">48,704</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,012,556</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Weingarten Realty Investors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">85,612</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,798,656</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">WP GLIMCHER</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">62,404</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">844,326</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">22,804,856</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FREE STANDING</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.1%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Spirit Realty Capital</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">395,688</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,826,303</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REGIONAL MALL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">10.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">General Growth Properties</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">139,596</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,582,033</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Macerich Co. (The)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">42,471</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,168,337</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Pennsylvania REIT</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">79,992</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,707,029</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Simon Property Group</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">138,883</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,029,537</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Taubman Centers</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">41,566</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,888,837</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">35,375,773</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL SHOPPING CENTERS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">62,006,932</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SPECIALTY</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CyrusOne</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">135,582</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,992,890</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL COMMON STOCK<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$206,861,028)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">271,996,366</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PREFERRED SECURITIES&#151;$25 PAR VALUE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">16.7%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">First Republic Bank, 5.625%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">39,300</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">934,554</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Regions Financial Corp., 6.375%, Series B</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,028,400</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,962,954</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCE&#151;INVESTMENT BANKER/BROKER</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Morgan Stanley, 6.375%, Series I</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,018,400</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='8',FILE='15-14919-2.ca',USER='ltolend',CD='Aug 27 22:32 2015' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS&#151;CHEMICALS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CHS, 6.75%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">30,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">762,600</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REAL ESTATE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">15.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DIVERSIFIED</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">4.6%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Colony Financial, 8.50%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">49,220</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,272,829</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DuPont Fabros Technology, 7.875%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,013,200</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DuPont Fabros Technology, 7.625%, Series B</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,021,200</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">EPR Properties, 6.625%, Series F</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">50,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,300,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Lexington Realty Trust, 6.50%, Series C ($50 Par Value)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,300</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">539,349</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">National Retail Properties, 6.625%, Series D</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">124,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,186,800</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">National Retail Properties, 5.70%, Series E</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">581,280</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NorthStar Realty Finance Corp., 8.50%, Series D</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">436,100</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NorthStar Realty Finance Corp., 8.75%, Series E</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">73,800</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,860,498</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PS Business Parks, 5.75%, Series U</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">55,139</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,309,551</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Urstadt Biddle Properties, 7.125%, Series F</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">525,200</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Vornado Realty Trust, 6.625%, Series I</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">30,796</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">774,520</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Vornado Realty Trust, 5.70%, Series K</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">30,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">712,800</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo Real Estate Investment Corp., <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">6.375</font><font face="Arial, Helvetica" style="font-size:10pt;">%, Series A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">50,135</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,282,453</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15,815,780</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.5%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">iStar Financial, 7.50%, Series I</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">67,101</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,610,424</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HEALTH CARE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Health Care REIT, 6.50%, Series J</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">58,400</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,484,528</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HOTEL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.7%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ashford Hospitality Trust, 8.45%, Series D</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,350</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">495,167</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ashford Hospitality Trust, 9.00%, Series E</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">526,600</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Chesapeake Lodging Trust, 7.75%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">535,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hersha Hospitality Trust, 8.00%, Series B</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">45,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,160,775</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hospitality Properties Trust, 7.125%, Series D</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">38,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">986,230</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LaSalle Hotel Properties, 6.375%, Series I</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">647,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Pebblebrook Hotel Trust, 7.875%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">35,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">896,350</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sunstone Hotel Investors, 8.00%, Series D</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">657,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,905,122</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">First Potomac Realty Trust, 7.75%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">384,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Monmouth Real Estate Investment Corp., 7.875%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">522,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">906,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2.1%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Realty Capital Properties, 6.70%, Series F</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">152,647</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,665,055</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Corporate Office Properties Trust, 7.375%, Series L</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">28,428</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">747,656</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kilroy Realty Corp., 6.875%, Series G</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">75,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,960,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SL Green Realty Corp., 6.50%, Series I</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,030,400</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,403,611</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">RESIDENTIAL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.5%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">APARTMENT</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Apartment Investment &amp; Management Co., 6.875%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">23,456</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">641,287</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MANUFACTURED HOME</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Campus Crest Communities, 8.00%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,650</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">610,087</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Lifestyle Properties, 6.75%, Series C</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">23,971</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">620,849</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,230,936</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL RESIDENTIAL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,872,223</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SELF STORAGE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.9%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Public Storage, 5.875%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">34,536</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">861,673</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Public Storage, 6.35%, Series R</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">50,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,270,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Public Storage, 6.375%, Series Y</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">34,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">888,420</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,020,593</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='10',FILE='15-14919-2.ca',USER='ltolend',CD='Aug 27 22:32 2015' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SHOPPING CENTERS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.7%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">COMMUNITY CENTER</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.8%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cedar Realty Trust, 7.25%, Series B</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">36,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">918,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DDR Corp., 6.50%, Series J</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">77,100</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,962,581</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DDR Corp., 6.25%, Series K</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">20,697</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">521,978</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kimco Realty Corp., 6.90%, Series H</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">60,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,511,400</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kite Realty Group Trust, 8.25%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">35,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">898,765</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">WP GLIMCHER, 7.50%, Series H</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">513,950</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,326,674</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FREE STANDING</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Realty Income Corp., 6.625%, Series F</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">36,479</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">941,523</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REGIONAL MALL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.6%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CBL &amp; Associates Properties, 7.375%, Series D</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">63,830</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,604,048</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">General Growth Properties, 6.375%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">50,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,265,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Pennsylvania REIT, 8.25%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">664,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Taubman Centers, 6.50%, Series J</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">33,470</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">843,779</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Taubman Centers, 6.25%, Series K</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">39,613</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,007,358</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,385,185</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL SHOPPING CENTERS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,653,382</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SPECIALTY</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.9%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Digital Realty Trust, 7.00%, Series E</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">35,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">894,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Digital Realty Trust, 7.375%, Series H</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">88,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,369,840</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,264,440</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL REAL ESTATE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">53,936,103</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL PREFERRED SECURITIES&#151;$25 PAR VALUE<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$56,226,133)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">57,680,057</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PREFERRED SECURITIES&#151;CAPITAL SECURITIES</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.5%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Bank of America Corp., 6.50%, Series Z</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,036,250</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Farm Credit Bank of Texas, 10.00%, Series I</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">621,406</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,657,656</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='11',FILE='15-14919-2.ca',USER='ltolend',CD='Aug 27 22:32 2015' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.7%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Banco Bilbao Vizcaya Argentaria SA, 9.00% (Spain)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">400,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">431,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Barclays PLC, 8.25% (United Kingdom)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,057,960</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Credit Agricole SA, 7.875%, 144A (France)<sup>b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">400,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">412,457</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Deutsche Bank AG, 7.50% (Germany)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">998,750</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dresdner Funding Trust I, 8.151%, due 6/30/31, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144</font><font face="Arial, Helvetica" style="font-size:10pt;">A (Germany)<sup>b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">625,625</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Lloyds Banking Group PLC, 7.50% (United Kingdom)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,032,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Royal Bank of Scotland Group PLC, 7.648% <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,250,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,808,292</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCE&#151;DIVERSIFIED FINANCIAL SERVICES</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UBS Group AG, 7.00% (Switzerland)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">407,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UBS Group AG, 7.125% (Switzerland)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">400,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">417,140</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="373" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">824,140</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INSURANCE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.6%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIFE/HEALTH INSURANCE&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.1%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">La Mondiale Vie, 7.625% (France)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">543,032</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MULTI-LINE&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">AXA SA, 6.463%, 144A (France)<sup>b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,022,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PROPERTY CASUALTY&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">QBE Insurance Group Ltd., 6.75%, due 12/2/44 <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Australia)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">606,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">639,330</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL INSURANCE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,204,862</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UTILITIES&#151;ELECTRIC UTILITIES&#151;FOREIGN</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Enel SpA, 8.75%, due 9/24/73, 144A (Italy)<sup>b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">863,438</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL PREFERRED SECURITIES&#151;CAPITAL SECURITIES<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$10,214,077)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,358,388</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='12',FILE='15-14919-2.ca',USER='ltolend',CD='Aug 27 22:32 2015' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CORPORATE BONDS&#151;INTEGRATED TELECOMMUNICATIONS SERVICES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Embarq Corp., 7.995%, due 6/1/36</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,111,200</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL CORPORATE BONDS<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$1,113,527)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,111,200</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SHORT-TERM INVESTMENTS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" width="25" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="589" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MONEY MARKET FUNDS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">State Street Institutional Treasury<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Money Market Fund, 0.00%<sup>c</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL SHORT-TERM INVESTMENTS<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$1,000,000)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL INVESTMENTS (Identified cost&#151;$275,414,765)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">99.4</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">343,146,011</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">OTHER ASSETS IN EXCESS OF LIABILITIES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">0.6</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,139,288</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="294" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS (Equivalent to $13.21 per share based<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">on 26,135,469 shares of common<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">stock outstanding)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">100.0</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">345,285,299</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Glossary of Portfolio Abbreviations</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">REIT&nbsp;&nbsp;Real Estate Investment Trust</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note: Percentages indicated are based on the net assets of the Fund.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Non-income producing security.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;Resale is restricted to qualified institutional investors. Aggregate holdings equal 0.8% of the net assets of the Fund.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>c</sup>&nbsp;&nbsp;Rate quoted represents the annualized seven-day yield of the Fund.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>13</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF ASSETS AND LIABILITIES</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ASSETS:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investments in securities, at value (Identified cost&#151;$275,414,765)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">343,146,011</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,247,651</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Receivable for:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends and interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,490,982</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment securities sold</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">113,040</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Other assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">16,625</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">346,014,309</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIABILITIES:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Payable for:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends declared</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">230,412</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment securities purchased</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">211,710</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment advisory fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">205,726</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Administration fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,756</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Directors' fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">444</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Other liabilities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">68,962</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Liabilities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">729,010</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">345,285,299</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS consist of:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Paid-in capital</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">261,015,301</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends in excess of net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(7,906,854</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Accumulated undistributed net realized gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,445,606</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">67,731,246</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">345,285,299</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET ASSET VALUE PER SHARE:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">($345,285,299 &divide; 26,135,469 shares outstanding)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13.21</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MARKET PRICE PER SHARE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12.16</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MARKET PRICE DISCOUNT TO NET ASSET VALUE PER SHARE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(7.95</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='14',FILE='15-14919-2.da',USER='ltolend',CD='Aug 27 22:32 2015' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF OPERATIONS</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">For the Six Months Ended June 30, 2015 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment Income:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividend income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,984,370</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Interest income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">393,507</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Investment Income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,377,877</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Expenses:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment advisory fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,306,592</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Administration fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">108,206</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Shareholder reporting expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">62,294</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Professional fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">46,422</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Custodian fees and expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,041</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Transfer agent fees and expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,915</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Directors' fees and expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,890</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Miscellaneous</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">22,035</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,583,395</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Investment Income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,794,482</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss):</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain (loss) on:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,190,237</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign currency transactions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">66</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,190,303</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation (depreciation) on:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(17,985,230</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign currency translations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(21</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation (depreciation)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(17,985,251</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized and unrealized loss</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(15,794,948</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="324" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Decrease in Net Assets Resulting from Operations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(12,000,466</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='15',FILE='15-14919-2.da',USER='ltolend',CD='Aug 27 22:32 2015' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF CHANGES IN NET ASSETS (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="198" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Six Months Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="152" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2014</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="500" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Change in Net Assets:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="500" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">From Operations:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,794,482</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,231,813</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,190,303</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">41,537,144</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(depreciation)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(17,985,251</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,325,849</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase (decrease) in net assets<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(12,000,466</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">55,094,806</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="500" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends and Distributions to Shareholders from:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(12,545,025</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(4,693,811</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(19,518,440</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total dividends and distributions<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">to shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(12,545,025</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(24,212,251</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="500" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Capital Stock Transactions:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Increase in net assets from Fund share<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">221,694,351</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total increase (decrease) in net assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(24,545,491</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">252,576,906</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="500" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Assets:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">369,830,790</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">117,253,884</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">End of period<sup>b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">345,285,299</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">369,830,790</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;See Note 7.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;Includes dividends in excess of net investment income and accumulated undistributed net investment income of $7,906,854 and $843,689, respectively.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS (Unaudited)</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="155" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">For the Six</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="483" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">For the Year Ended December 31,</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Months Ended</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="483" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Per Share Operating Performance:</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">June 30, 2015</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2011</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2010</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Net asset value, <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">14.15</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.23</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.98</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.30</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.48</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">11.06</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Income (loss) from investment<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">operations:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.15</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>a</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.28</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>a</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.28</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>a</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.27</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.24</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.29</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Net realized and unrealized<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.61</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.94</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.12</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.82</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.46</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.56</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Total from investment<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"> operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.46</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3.22</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.40</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.09</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.70</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.85</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="149" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Less dividends and distributions<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">to shareholders from:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.48</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.25</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.28</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.26</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.24</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.27</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net realized gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.05</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.87</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.15</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.64</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.17</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Total dividends and<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">distributions to <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.48</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.30</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.15</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.41</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.88</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.44</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Anti-dilutive effect from the<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">issuance of reinvested shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.00</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>b</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.00</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>b</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.00</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>b</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.01</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Net increase (decrease) in net<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">asset value</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.94</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.92</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.75</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.68</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.18</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.42</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net asset value, end of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">13.21</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">14.15</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.23</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.98</font></p></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.30</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.48</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Market value, end of period </font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">12.16</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">13.20</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">11.99</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">14.72</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">11.91</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">14.88</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Total net asset value return<sup>c</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#150;3.16</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>d</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">27.90</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3.00</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>e</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">16.66</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>e</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">5.91</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>f</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">25.41</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>f</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Total market value return<sup>c</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#150;4.44</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>d</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21.70</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#150;11.03</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">36.74</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#150;14.13</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">71.12</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>17</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS (Unaudited)&#151;(Continued)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="155" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">For the Six </font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="483" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">For the Year Ended December 31,</font></p></td>
<td colspan="1">&nbsp;</td>
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<tr>
<td colspan="3" width="155" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Months Ended</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="483" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ratios/Supplemental Data:</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">June 30, 2015</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2011</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2010</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Net assets, end of period<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(in millions)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">345.3</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">369.8</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">117.3</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">124.1</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">117.0</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">117.9</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Ratio of expenses to average<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">daily net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.85</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>g</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.94</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>h</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.94</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.95</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.91</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.96</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Ratio of net investment income to<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">average daily net assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.03</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>g</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.05</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>h</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2.06</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.96</font></p></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.78</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.99</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Portfolio turnover rate</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%<sup>d</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">41</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">53</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">65</font></p></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="44" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">72</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">101</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

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<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>a</sup>&nbsp;&nbsp;Calculation based on average shares outstanding.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>b</sup>&nbsp;&nbsp;Amount is less than $0.005.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>c</sup>&nbsp;&nbsp;Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund's NYSE 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.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>d</sup>&nbsp;&nbsp;Not annualized.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>e</sup>&nbsp;&nbsp;Does not reflect adjustments in accordance with accounting principles generally accepted in the United States of America. The net asset value for financial reporting purposes and the returns based upon those net asset values differ from the net asset value and returns reported on December 31, 2012.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>f</sup>&nbsp;&nbsp;Does not reflect adjustments in accordance with accounting principles generally accepted in the United States of America. The net asset value for financial reporting purposes and the returns based upon those net asset values differ from the net asset value and returns reported on December 31, 2010.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>g</sup>&nbsp;&nbsp;Annualized.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>h</sup>&nbsp;&nbsp;Includes non-recurring merger related expenses. Without these expenses, the ratio of expenses to average daily net assets would have been 0.88% and the ratio of net investment income to average daily net assets would havebeen 2.11%.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>18</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 1. Organization and Significant Accounting Policies</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its 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 Topic 946&#151;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 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 financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Valuation:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Investments in securities that are listed on the 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 applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter options are valued based upon prices provided by the respective counterparty.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by Cohen &amp; Steers Capital Management, Inc. (the investment advisor) to be over-the-counter, are valued at the last sale price on the valuation date as reported by sources deemed appropriate by the Board of Directors to reflect their fair market value. 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. However, certain fixed-income securities may be 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 market 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 </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>19</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 used to calculate the fair values.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 their closing net asset value.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The policies and procedures approved by the Fund's Board of Directors delegate authority to make fair value determinations to the investment advisor, 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund's use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 market for the </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>20</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund's investments is summarized below.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 1&#151;quoted prices in active markets for identical investments</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 2&#151;other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 3&#151;significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 securities as of June 30, 2015.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following is a summary of the inputs used as of June 30, 2015 in valuing the Fund's investments carried at value:</font></p>
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<td colspan="3" width="125" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Quoted Prices<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">in Active<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Markets for<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Identical<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Investments<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Significant<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Observable<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Significant<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Unobservable<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 3)</font></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Common Stock</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">271,996,366</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">271,996,366</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">$</font><font face="Arial, Helvetica" style="font-size:10pt;">25 </font><font face="Arial, Helvetica" style="font-size:10pt;">Par Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">57,680,057</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">57,680,057</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Capital Securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,358,388</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,358,388</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Corporate Bonds</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,111,200</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,111,200</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Short-Term Investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Investments<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">343,146,011</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">329,676,423</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13,469,588</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Portfolio holdings are disclosed individually on the Schedule of Investments.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='21',FILE='15-14919-2.fa',USER='ltolend',CD='Aug 27 22:32 2015' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="177" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Capital<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Banks</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Balance as of December 31, 2014</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">611,562</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Change in unrealized<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">appreciation (depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="71" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,844</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Transfers out of Level 3<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(621,406</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Balance as of June 30, 2015</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="71" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;As of December 31, 2014, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2015, the Fund used significant observable inputs in determining the value of the same investments.</font></p>
<p style="margin:6pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Security Transactions and Investment Income:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized over the life of the respective securities. 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign Currency Translation:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency exchange contracts, 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 exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>22</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign Securities:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund directly purchases securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Dividends and Distributions to Shareholders:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid quarterly. 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 Reinvestment Plan, unless the shareholder has elected to have them paid in cash.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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, 2015, the investment manager considers it likely that a significant portion of the dividends will be reclassified to distributions from net realized gain upon the final determination of the Fund's taxable income after December 31, 2015, the Fund's fiscal year end.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund has a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. This policy 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 quarterly 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 relief, the Fund is required to adhere to certain conditions in order to distribute long-term capital gains during the year.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Income Taxes:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> It is the policy of the Fund to continue to qualify as a regulated investment company, 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 regulated investment companies, 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, 2015, no additional provisions for income tax are required in the Fund's 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.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>23</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Investment Advisory Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The investment advisor 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.70% of the average daily net assets of the Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Administration Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> 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, 2015, the Fund incurred $74,662 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Directors' and Officers' Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> 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 directors and officers affiliated with the investment advisor except for the Chief Compliance Officer, who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $2,276 for the six months ended June 30, 2015.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 3. Purchases and Sales of Securities</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2015, totaled $13,841,228 and $19,109,969, respectively.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 4. Income Tax Information</font></p>
<p style="margin:6pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">As of June 30, 2015, the federal tax cost and net unrealized appreciation and depreciation in value of securities were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="254" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cost for federal income tax purposes</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">275,414,765</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">71,390,348</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gross unrealized depreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(3,659,102</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net unrealized appreciation</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">67,731,246</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 5. Capital Stock</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund is authorized to issue 100 million shares of common stock at a par value of $0.001 per share.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the six months ended June 30, 2015 and year ended December 31, 2014, the Fund did not issue shares of common stock for the reinvestment of dividends.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">On December 9, 2014, 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 (Share Repurchase Program) from January 1, 2015, through the fiscal year ended December 31, 2015.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the six months ended June 30, 2015 and the year ended December 31, 2014, the Fund did not effect any repurchases.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 6. Other</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 7. Merger</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">On December 10, 2013, the Boards of Directors of the Fund and Cohen &amp; Steers Dividend Majors Fund, Inc. (DVM) approved the reorganization and merger of DVM with and into the Fund in accordance with Maryland General Corporation Law. The purpose of the transaction was to permit shareholders to pursue substantially similar investment objectives in a fund that has a focused investment strategy with similar investment policies and anticipated lower expenses. The transaction was structured as a tax free reorganization under the Internal Revenue Code. On April 24, 2014, DVM's shareholders approved the reorganization and merger. Also on April 24, 2014, the Fund's shareholders approved the issuance of additional shares of the Fund's common stock in connection with the reorganization and merger with DVM.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">After the close of business on June 13, 2014, the Fund acquired substantially all of the assets and liabilities of DVM with the investment portfolio constituting the principal asset. The investment portfolio of DVM, with a fair value of $218,242,458 and identified cost of $164,170,615 as of the date of the reorganization, was the principal asset acquired by the Fund. The acquisition was accomplished by a tax-free exchange of 12,580,987 shares worth $221,713,619 (including $19,268 paid in cash in lieu of fractional shares totaling 1,438 shares of the Fund) of DVM for 16,550,351 shares of the Fund. The net assets of DVM and the Fund immediately before the acquisition were $221,713,619 (including $54,071,853 of net unrealized appreciation) and $128,424,578, respectively. The combined net assets of the Fund immediately following the acquisition were $350,138,197. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however the cost basis of the investments received from DVM was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS (Unaudited)&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Merger related expenses were approximately $337,237, of which $147,020 were borne by the Fund and $190,217 were borne by DVM. Assuming the acquisition had been completed on January 1, 2014, the Fund's pro-forma results of operations for the year ended December 31, 2014, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="254" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,559,704</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized and unrealized gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">72,485,100</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net increase in net assets resulting from operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">79,044,804</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of changes in net assets attributable to DVM that have been included in the Fund's statement of operations.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 8. Subsequent Events</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Management has evaluated events and transactions occurring after June 30, 2015 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>26</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">PROXY RESULTS (Unaudited)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Total Return Realty Fund, Inc. shareholders voted on the following proposals at the annual meeting held on April 23, 2015. The description of each proposal and number of shares voted are as follows:</font></p>
<p style="margin:12pt 0pt 7pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Common Shares</font></p>
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<font face="Arial, Helvetica" style="font-size:10pt;">Shares Voted<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">For</font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Authority<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Withheld</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">To elect Directors:</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">George Grossman</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,553,543.543</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,386,083.369</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Robert H. Steers</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,618,755.861</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,320,871.051</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">C. Edward Ward, Jr.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,575,846.356</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,363,780.556</font></p></td>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">AVERAGE ANNUAL TOTAL RETURNS</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">(Periods ended June 30, 2015) (Unaudited)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Based on Net Asset Value</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Based on Market Value</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">One Year</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Five Years</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ten Years</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Since Inception<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(9/27/93)</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">One Year</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Five Years</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ten Years</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Since Inception<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(9/27/93)</font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">6.58</font></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13.27</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7.26</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10.11</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7.49</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13.97</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6.29</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9.33</font></p></td>
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<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>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.</i></font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">REINVESTMENT PLAN</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">We urge shareholders who want to take advantage of this plan and whose shares are held in 'Street Name' to consult your boker as soon as possible to determine if you must change registration into your own name to participate.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">OTHER INFORMATION</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the Securities and Exchange Commission's (the 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 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov. In addition, the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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 investment company taxable income and net realized gains. Distributions in excess of the Fund's investment company taxable income and net realized gains are a return of capital distributed from the Fund's assets. To the extent this occurs, the Fund's shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. 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.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>28</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">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.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">APPROVAL OF INVESTMENT ADVISORY AGREEMENT</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Board of Directors of the Fund, 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 (Independent Directors), has the responsibility under the 1940 Act to approve the Fund's Advisory Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. At a telephonic meeting of the Board of Directors held on June 9, 2015 and at a meeting held in person on June 16, 2015, the Advisory Agreement was discussed and was unanimously continued for a term ending June 30, 2016 by the Fund's Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meeting and executive session.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In considering whether to continue the Advisory Agreement, the Board of Directors reviewed materials provided by the Fund's investment advisor (the Investment Advisor) and Fund counsel which included, among other things, fee, expense and performance information compared to peer funds (Peer Funds) and performance comparisons to a larger category universe, prepared by an independent data provider; summary information prepared by the Investment Advisor; and a memorandum outlining the legal duties of the Board of Directors. The Board of Directors also considered a supplemental peer group compiled by the Investment Advisor when evaluating the Fund's performance and fees and expenses; the Investment Advisor believes the supplemental peer group is more representative of the Fund's investment strategy. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment advisory personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund's objective. In particular, the Board of Directors considered the following:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>(i) The nature, extent and quality of services to be provided by the Investment Advisor:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Board of Directors 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, and generally managing the Fund's investments in accordance with the stated policies of the Fund. The Board of Directors also discussed with officers and portfolio managers of the Fund the types of transactions that were being done on behalf of the Fund. Additionally, the Board of Directors took into account the services provided by the Investment Advisor to its other funds, including those that have investment objectives and strategies similar to the Fund. The Board of Directors next considered the education, background and experience of the Investment Advisor's personnel, noting particularly that the favorable history and reputation of the portfolio managers for the Fund has had, and would likely continue to have, a favorable impact on the Fund. The Board of Directors further noted the Investment Advisor's ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Advisor, including compliance and accounting services. After consideration of the above factors, among others, the Board of Directors concluded that the nature, extent and quality of services provided by the Investment Advisor are adequate and appropriate.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>(ii) Investment performance of the Fund and the Investment Advisor:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to a relevant blended benchmark. The Board of Directors noted that the Fund outperformed the medians of the Peer Funds for the one-, five- and ten-year periods ended March 31, 2015, ranking in the second quintile for the one- and five-year periods and one out of four funds for the ten-year period. The Fund slightly underperformed (by 0.23%) the median of the Peer Funds for the three-year period ended March 31, 2015, ranking in the third quintile. The Board of Directors also noted that the Fund outperformed the blended benchmark for the one- and three-year periods ended March 31, 2015 and performed in line with the blended benchmark for the five- and ten-year periods ended March 31, 2015. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors to and detractors from the Fund's performance during the periods. 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 other real estate funds. Due to the limited number of Peer Funds, the Board of Directors further considered the Fund's performance across all periods versus a group of open-end funds compiled by the Investment Advisor, and noted that the Fund outperformed the group's median for the ten-year period, ranking one out of four, and underperformed the group's medians for the one-, three- and five-year periods, ranking four out of four for the one-year period and three out of four for the three- and five-year periods. The Board of Directors determined that Fund performance, in light of all the considerations noted above, was satisfactory.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>(iii) Cost of the services to be provided and profits to be realized by the Investment Advisor from the relationship with the Fund:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Next, the Board of Directors considered the management fees payable by the Fund, as well as the total expense ratio. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors considered the Fund's actual and contractual management fees and the Fund's total expense ratio compared to the medians of the Peer Funds, noting that the Fund's expenses were the lowest in each category, ranking the Fund in the first quintile for each. The Board of Directors further considered the Fund's actual and contractual management fees and total expense ratio versus a group of three other open-end funds compiled by the Investment Advisor, noting that the Fund was lower than the group's medians for each, ranking two out of four for both actual and contractual management fees and one out of four for the total expense ratio. The Board of Directors then considered the administrative services provided by the Investment Advisor, including compliance and accounting services, and further noted that the Fund pays an administration fee to the Investment Advisor. The Board of Directors concluded that the Fund's current expense structure was satisfactory.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Board of Directors also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board of Directors considered the level of the Investment Advisor's profits and whether the profits were reasonable for the Investment Advisor. The Board of Directors 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, as amended, that the Investment Advisor receives by allocating the Fund's brokerage transactions. The Board of Directors also considered the fees received by the Investment Advisor under the Administration Agreement and noted the significant </font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">services received, such as compliance, accounting and operational services and furnishing office space and facilities for the Fund, and providing persons satisfactory to the Board of Directors to serve as officers of the Fund, and that these services were beneficial to the Fund. The Board of Directors 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.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>(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:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Board of Directors 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 of Directors determined that, given the Fund's closed-end structure, there were not significant economies of scale that were not being shared with shareholders.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>(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 advisers or other clients:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> As discussed above in (iii), the Board of Directors compared the fees paid under the Advisory Agreement to those under other investment management contracts of other investment advisers managing Peer Funds. The Board of Directors also compared the services rendered, fees paid and profitability under the Advisory Agreement to those under the Investment Advisor's other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates. The Board of Directors 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 of Directors determined that on a comparative basis the fees under the Advisory Agreement were reasonable in relation to the services provided.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">No single factor was cited as determinative to the decision of the Board of Directors. Rather, after weighing all of the considerations and conclusions discussed above, the Board of Directors, including the Independent Directors, unanimously approved the continuation of the Advisory Agreement.</font></p>
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<p style="margin:0pt 0pt 18pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Privacy Policy</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Facts</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">What Does Cohen &amp; Steers Do With Your Personal Information?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Why?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">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.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">What?</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">The types of personal information we collect and share depend on the product or service you have with us. This information can include:<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Social Security number and account balances<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Transaction history and account transactions<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Purchase history and wire transfer instructions</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">How?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">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 &amp; Steers chooses to share; and whether you can limit this sharing.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Reasons we can share your personal information</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Does Cohen &amp; Steers<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">share?</font></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Can you limit this<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">sharing?</font></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our everyday business purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our marketing purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">to offer our products and services to you</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">For joint marketing with other financial companies&#151;</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates' everyday business purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">information about your transactions and experiences</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates' everyday business purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">information about your creditworthiness</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates to market to you&#151;</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">For non-affiliates to market to you&#151;</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<p style="margin:18pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Questions?</font><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;</font><font face="Arial, Helvetica" style="font-size:9pt;">Call 800-330-7348</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 18pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Privacy Policy&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Who we are</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Who is providing this notice?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Cohen &amp; Steers Capital Management, Inc., Cohen &amp; Steers Asia Limited, Cohen &amp; Steers UK Limited, Cohen &amp; Steers Securities, LLC, Cohen &amp; Steers Private Funds and Cohen &amp; Steers Open- and Closed-End Funds (collectively, Cohen &amp; Steers).</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">What we do</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">How does Cohen &amp; Steers protect my personal information?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">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.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">How does Cohen &amp; Steers collect my personal information?</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">We collect your personal information, for example, when you:<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Open an account or buy securities from us<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Provide account information or give us your contact information<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Make deposits or withdrawals from your account<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">We also collect your personal information from other companies.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Why can't I limit all sharing?</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Federal law gives you the right to limit only:<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; sharing for affiliates' everyday business purposes&#151;information about your creditworthiness<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; affiliates from using your information to market to you<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; sharing for non-affiliates to market to you<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">State law and individual companies may give you additional rights to limit sharing.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Definitions</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Affiliates</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Companies related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not share with affiliates.</i></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Non-affiliates</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Companies not related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not share with non-affiliates.</i></font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Joint marketing</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">A formal agreement between non-affiliated financial companies that together market financial products or services to you.<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not jointly market.</i></font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Cohen &amp; Steers Investment Solutions</i></b></font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in global real estate equity securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS INSTITUTIONAL REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: CSRIX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REAL ESTATE SECURITIES FUND</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in U.S. real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSEIX, CSCIX, CSDIX, CIRRX, CSZIX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS INTERNATIONAL REALTY FUND</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in international real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: IRFAX, IRFCX, IRFIX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in U.S. real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: CSRSX</font></p>
<p style="margin:1pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS <BR>INSTITUTIONAL GLOBAL REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for institutional investors seeking total return, investing primarily in global real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: GRSIX</font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL INFRASTRUCTURE FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in global infrastructure securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS DIVIDEND VALUE FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS<BR>PREFERRED SECURITIES AND INCOME FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CPXAX, CPXCX, CPXIX, CPRRX, CPXZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REAL ASSETS FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX</font></p>
<p style="margin:1pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS<BR>MLP &amp; ENERGY OPPORTUNITY FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS <BR>ACTIVE COMMODITIES STRATEGY FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in a diversified portfolio of exchange-traded commodity future contracts and other commodity-related derivative instruments</font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CDFAX, CDFCX, CDFIX, CDFRX, CDFZX</font></p>
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<p style="margin:0pt 0pt 0.100006pt 0pt;"><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by Cohen &amp; Steers Securities, LLC.</font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL REALTY MAJORS ETF</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of real estate equity securities of companies in a specified index</font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: GRI</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by ALPS Distributors, Inc.</font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>ISHARES COHEN &amp; STEERS<BR>REALTY MAJORS INDEX FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of real estate equity securities of companies in a specified index</font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: ICF</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by SEI Investments Distribution Co.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><i>Please consider the investment objectives, risks, charges and expenses of the 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.</i></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS TOTAL RETURN REALTY FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICERS AND DIRECTORS</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Robert H. Steers<BR>Director and Chairman</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Joseph M. Harvey<BR>Director and Vice President</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Michael G. Clark<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Bonnie Cohen<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">George Grossman<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Dean Junkans<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Richard E. Kroon<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Richard J. Norman<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Frank K. Ross<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">C. Edward Ward, Jr.<BR>Director</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Adam M. Derechin<BR>President and Chief Executive Officer</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">William F. Scapell<BR>Vice President</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Thomas N. Bohjalian<BR>Vice President</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Yigal D. Jhirad<BR>Vice President</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Francis C. Poli<BR>Secretary</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">James Giallanza<BR>Treasurer and Chief Financial Officer</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Lisa D. Phelan<BR>Chief Compliance Officer</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Heather Kaden<BR>Deputy Chief Compliance Officer</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Tina M. Payne<BR>Assistant Secretary</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Neil Bloom<BR>Assistant Treasurer</font></p>
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<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">KEY INFORMATION</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Investment Advisor</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Capital Management, Inc.<BR>280 Park Avenue<BR>New York, NY 10017<BR>(212) 832-3232</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Co-Administrator and Custodian</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Transfer Agent</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Computershare<BR>480 Washington Boulevard<BR>Jersey City, NJ 07310<BR>(866) 227-0757</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Legal Counsel</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ropes &amp; Gray LLP<BR>1211 Avenue of the Americas<BR>New York, NY 10036</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">New York Stock Exchange Symbol: RFI</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Website: cohenandsteers.com</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">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.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">COHEN &amp; STEERS</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">TOTAL RETURN REALTY FUND</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">280 PARK AVENUE </font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">NEW YORK, NY 10017</font></p>
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<p style="margin:0pt 0pt 6.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Semiannual Report </b></font><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2015</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:34pt;">Cohen &amp; Steers Total Return Realty Fund</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:7pt;">RFISAR </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Code of Ethics.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. Audit Committee Financial Expert.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4. Principal Accountant Fees and Services.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5. Audit Committee of Listed Registrants.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6. Schedule of Investments.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Included in Item 1 above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Portfolio Managers of Closed-End Management Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10. Submission of Matters to a Vote of Security Holders.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11. Controls and Procedures.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&nbsp;</font>The registrant&#146;s principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant&#146;s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form&nbsp;N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission&#146;s rules&nbsp;and forms</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and that such material information is accumulated and communicated to the registrant&#146;s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;There were no changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12. Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)&nbsp; Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)&nbsp;Certifications of principal executive officer and principal financial officer as required by Rule&nbsp;30a-2(a)&nbsp;under the Investment Company Act of 1940.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)&nbsp; Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Certifications of principal executive officer and principal financial officer as required by Rule&nbsp;30a- 2(b)&nbsp;under the Investment Company Act of 1940.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;Registrant&#146;s notices to shareholders pursuant to Registrant&#146;s exemptive order granting an exemption from Section&nbsp;19(b)&nbsp;of the 1940 Act and Rule&nbsp;19b-1 thereunder regarding distributions pursuant to the Registrant&#146;s Managed Distribution Plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COHEN&nbsp;&amp; STEERS TOTAL RETURN REALTY FUND,&nbsp;INC.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Adam M. Derechin</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:   President and Chief Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;4,   2015</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President   and Chief Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Executive Officer)</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer   and Chief Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Financial Officer)</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   September&nbsp;4, 2015</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (a)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(a)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Adam M. Derechin, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc.;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: September&nbsp;4, 2015</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (a)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(a)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, James Giallanza, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc.;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: September&nbsp;4, 2015</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>a15-14919_1ex99d906cert.htm
<DESCRIPTION>EX-99.906CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.906CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (b)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(b)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the report of Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc. (the &#147;Company&#148;) on Form&nbsp;N-CSR as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),&nbsp;I, Adam M. Derechin, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as applicable; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   September&nbsp;4, 2015</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (b)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(b)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the report of Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc. (the &#147;Company&#148;) on Form&nbsp;N-CSR as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),&nbsp;I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as applicable; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   September&nbsp;4, 2015</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.12(C)
<SEQUENCE>4
<FILENAME>a15-14919_1ex99d12c.htm
<DESCRIPTION>EX-99.12(C)
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.12(c)</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (c)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notification of Sources of Distribution <br> Pursuant to Section&nbsp;19(a)&nbsp;of the Investment Company Act of 1940</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc. (RFI)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc. (NYSE: RFI) (the &#147;Fund&#148;), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular quarterly cash distributions to its shareholders.&#160; This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular quarterly basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors of the Fund declared a quarterly distribution per share for the first quarter 2015.&#160; Please review the following information and important disclosures set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount&nbsp;of<br>   Distribution</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Ex-Dividend<br>   Date</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Record&nbsp;Date</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Payable&nbsp;Date</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.2%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.2400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;18, 2015</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;20, 2015</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;31, 2015</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="8" style="border:none;"></td>
<td width="141" style="border:none;"></td>
<td width="17" style="border:none;"></td>
<td width="166" style="border:none;"></td>
<td width="17" style="border:none;"></td>
<td width="168" style="border:none;"></td>
<td width="17" style="border:none;"></td>
<td width="150" style="border:none;"></td>
<td width="12" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the sources indicated in the table.&#160; All amounts are expressed per common share.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISTRIBUTION ESTIMATES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March&nbsp;2015</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">YEAR-TO-DATE&nbsp;(YTD)<br>   March&nbsp;31,&nbsp;2015*</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Source</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Per&nbsp;Share<br>   Amount</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of<br>   Current<br>   Distribution</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Per&nbsp;Share<br>   Amount</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;2015<br>   Distributions</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Investment   Income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Realized   Short-Term Capital Gains</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Realized   Long-Term Capital Gains</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.2400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.2400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Return of   Capital (or other Capital Source)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   Current Distribution</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.2400</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100.00</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 1pt 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.2400</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100.00</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 1pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or from the terms of the Fund&#146;s managed distribution policy.&#160; The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes.&nbsp; The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.&nbsp; The amounts and sources of distributions year-to-date may be subject to additional adjustments.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*THE FUND WILL SEND YOU A FORM&nbsp;1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund&#146;s Year-to-date Cumulative Total Return for fiscal year 2015 (January&nbsp;1, 2015 through February&nbsp;28, 2015) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund&#146;s Cumulative Distribution Rate for 2015. Moreover, the Fund&#146;s Average Annual Total Return for the five year period ending February&nbsp;28, 2015 is set forth below. Shareholders should also note the relationship between the Average Annual Total Return with the Fund&#146;s Current Annualized Distribution Rate for 2015. In addition, the performance and distribution rate information disclosed in the table below is based on the Fund&#146;s net asset value per share (NAV). The Fund&#146;s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund&#146;s investment performance, it does not measure the value of a shareholder&#146;s individual investment in the Fund. The value of a shareholder&#146;s investment in the Fund is determined by the Fund&#146;s market price, which is based on the supply and demand for the Fund&#146;s shares in the open market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fund Performance and Distribution Rate Information</font></i></b>:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="67%" style="border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="76%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year-to-date   January&nbsp;1, 2015 to February&nbsp;28, 2015</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year-to-date   Cumulative Total Return(1)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.53</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative   Distribution Rate(2)</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.64</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Five   year period ending February&nbsp;28, 2015</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual   Total Return(3)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.98</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:76.96%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   Annualized Distribution Rate(4)</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.55</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;margin-left:13.5pt;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year-to-date Cumulative Total Return is the   percentage change in the Fund&#146;s NAV over the year-to-date time period   including distributions paid and assuming reinvestment of those   distributions.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Distribution Rate for the Fund&#146;s current fiscal   period (January&nbsp;1, 2015 through February&nbsp;28, 2015) measured on the   dollar value of distributions in the year-to-date period as a percentage of   the Fund&#146;s NAV as of February&nbsp;28, 2015.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Return represents the compound   average of the Annual NAV Total Returns of the Fund for the five year period   ending February&nbsp;28, 2015. Annual NAV Total Return is the percentage   change in the Fund&#146;s NAV over a year including distributions paid and   assuming reinvestment of those distributions.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Current Annualized Distribution Rate is the   current fiscal period&#146;s distribution rate annualized as a percentage of the   Fund&#146;s NAV as of February&nbsp;28, 2015.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The source of all distributions paid by the Fund, including net investment income, is subject to change. This is because the Fund invests primarily in real estate investment trusts (REITs) and similar companies. Distributions from REITs are attributed to various sources, including net investment income, capital gains and return of capital. &#160;The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund.&#160; Until the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fund receives a final determination from these companies as to the source of distributions &#151; generally around January&nbsp;31 of the following year &#151; the Fund cannot provide a final determination of the source of distributions paid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Fund has a managed distribution policy that seeks to deliver the Fund&#146;s long term total return potential through regular quarterly distributions declared at a fixed rate per share.&#160; Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof.&#160; Shareholders should note, however, that if the Fund&#146;s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund&#146;s assets and will constitute a return of the shareholder&#146;s capital.&#160; A return of capital is not taxable; rather it reduces a shareholder&#146;s tax basis in his or her shares of the Fund.&#160; The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund&#146;s shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form&nbsp;1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notification of Sources of Distribution <br> Pursuant to Section&nbsp;19(a)&nbsp;of the Investment Company Act of 1940</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc. (RFI)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen&nbsp;&amp; Steers Total Return Realty Fund,&nbsp;Inc. (NYSE: RFI) (the &#147;Fund&#148;), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular quarterly cash distributions to its shareholders.&#160; This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular quarterly basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors of the Fund declared a quarterly distribution per share for the second quarter 2015.&#160; Please review the following information and important disclosures set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:9.0pt;">
<tr>
<td width="21%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount&nbsp;of<br>   Distribution</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Ex-Dividend<br>   Date</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Record&nbsp;Date</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Payable&nbsp;Date</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.02%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.2400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;18, 2015</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;22, 2015</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2015</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="8" style="border:none;"></td>
<td width="140" style="border:none;"></td>
<td width="18" style="border:none;"></td>
<td width="165" style="border:none;"></td>
<td width="19" style="border:none;"></td>
<td width="167" style="border:none;"></td>
<td width="17" style="border:none;"></td>
<td width="150" style="border:none;"></td>
<td width="12" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the sources indicated in the table.&#160; All amounts are expressed per common share.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISTRIBUTION ESTIMATES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;">
<tr>
<td width="37%" valign="bottom" style="padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">June&nbsp;2015</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="28%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">YEAR-TO-DATE&nbsp;(YTD)<br>   June&nbsp;30,&nbsp;2015*</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Source</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Per&nbsp;Share<br>   Amount</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of<br>   Current<br>   Distribution</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Per&nbsp;Share<br>   Amount</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;2015<br>   Distributions</font></b></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Investment   Income</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Realized   Short-Term Capital Gains</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Realized   Long-Term Capital Gains</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.2400</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.4800</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="0%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Return of   Capital (or other Capital Source)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.04%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   Current Distribution</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.2400</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100.00</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 1pt 0in;width:3.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.4800</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100.00</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 1pt 0in;width:.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">You should not draw any conclusions about the Fund&#146;s investment performance from the amount of this distribution or from the terms of the Fund&#146;s managed distribution policy.&#160; The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes.&nbsp; The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.&nbsp; The amounts and sources of distributions year-to-date may be subject to additional adjustments.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">*THE FUND WILL SEND YOU A FORM&nbsp;1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund&#146;s Year-to-date Cumulative Total Return for fiscal year 2015 (January&nbsp;1, 2015 through May&nbsp;31, 2015) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund&#146;s Cumulative Distribution Rate for 2015. Moreover, the Fund&#146;s Average Annual Total Return for the five-year period ending May&nbsp;31, 2015 is set forth below. Shareholders should also note the relationship between the Average Annual Total Return with the Fund&#146;s Current Annualized Distribution Rate for 2015. In addition, the performance and distribution rate information disclosed in the table below is based on the Fund&#146;s net asset value per share (NAV). The Fund&#146;s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund&#146;s investment performance, it does not measure the value of a shareholder&#146;s individual investment in the Fund. The value of a shareholder&#146;s investment in the Fund is determined by the Fund&#146;s market price, which is based on the supply and demand for the Fund&#146;s shares in the open market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fund Performance and Distribution Rate Information</font></i></b>:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="67%" style="border-collapse:collapse;margin-left:13.5pt;">
<tr>
<td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year-to-date January&nbsp;1, 2015 to   May&nbsp;31, 2015</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year-to-date   Cumulative Total Return(1)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.32</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Distribution   Rate(2)</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.44</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Five-year   period ending May&nbsp;31, 2015</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual   Total Return(3)</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.04</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.02%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   Annualized Distribution Rate(4)</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.88</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;margin-left:12.6pt;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year-to-date Cumulative Total Return is the   percentage change in the Fund&#146;s NAV over the year-to-date time period   including distributions paid and assuming reinvestment of those   distributions.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Distribution Rate for the Fund&#146;s current   fiscal period (January&nbsp;1, 2015 through May&nbsp;31, 2015) measured on   the dollar value of distributions in the year-to-date period as a percentage   of the Fund&#146;s NAV as of May&nbsp;31, 2015.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Annual Total Return represents the compound   average of the Annual NAV Total Returns of the Fund for the five year period   ending May&nbsp;31, 2015. Annual NAV Total Return is the percentage change in   the Fund&#146;s NAV over a year including distributions paid and assuming   reinvestment of those distributions.</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Current Annualized Distribution Rate is the   current fiscal period&#146;s distribution rate annualized as a percentage of the   Fund&#146;s NAV as of May&nbsp;31, 2015.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The source of all distributions paid by the Fund, including net investment income, is subject to change. This is because the Fund invests primarily in real estate investment trusts (REITs) and similar companies. Distributions from REITs are attributed to various sources, including net investment income, capital gains and return of capital.&#160; The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund.&#160; Until the Fund receives a final determination from these companies as to the source of distributions &#151; generally around January&nbsp;31 of the following year &#151; the Fund cannot provide a final determination of the source of distributions paid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Fund has a managed distribution policy that seeks to deliver the Fund&#146;s long term total return potential through regular quarterly distributions declared at a fixed rate per share.&#160; Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof.&#160; Shareholders should note, however, that if the Fund&#146;s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund&#146;s assets and will constitute a return of the shareholder&#146;s capital.&#160; A return of capital is not taxable; rather it reduces a shareholder&#146;s tax basis in his or her shares of the Fund.&#160; The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund&#146;s shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form&nbsp;1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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