EX-99.13(C) 4 d918159dex9913c.htm NOTIFICATION OF SOURCES OF DISTRIBUTION Notification of Sources of Distribution

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of July 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0800    July 14, 2020    July 15, 2020    July 31, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

    July 2020     YEAR-TO-DATE (YTD)
July 31, 2020*		  

Source

    Per Share
Amount		      % of Current
Distribution		     Per Share
Amount		      % of 2020
Distributions		  

Net Investment Income

    $ 0.0049        6.12 %    $ 0.1477        26.38 % 

Net Realized Short-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0049        0.88 % 

Net Realized Long-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0863        15.40 % 

Return of Capital (or other Capital Source)

    $ 0.0751        93.88 %    $ 0.3211        57.34 % 

Total Current Distribution

    $ 0.0800        100.00 %    $ 0.5600        100.00 % 

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

 

*

THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through June 30, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending June 30, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to June 30, 2020

       

Year-to-date Cumulative Total Return1

      -10.44 % 

Cumulative Distribution Rate2

      4.58 % 

Five-year period ending June 30, 2020

       

Average Annual Total Return3

      6.73 % 

Current Annualized Distribution Rate4

      7.86 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through July 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of June 30, 2020.

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending June 30, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of June 30, 2020.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of August 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0800    August 18, 2020    August 19, 2020    August 31, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

    August 2020     YEAR-TO-DATE (YTD)
August 31, 2020*		  

Source

    Per Share
Amount		      % of Current
Distribution		     Per Share
Amount		      % of 2020
Distributions		  

Net Investment Income

    $ 0.0105        13.12 %    $ 0.1593        24.89 % 

Net Realized Short-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0000        0.00 % 

Net Realized Long-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0902        14.09 % 

Return of Capital (or other Capital Source)

    $ 0.0695        86.88 %    $ 0.3905        61.02 % 

Total Current Distribution

    $ 0.0800        100.00 %    $ 0.6400        100.00 % 

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

 

*

THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through July 31, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending July 31, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to July 31, 2020

  

Year-to-date Cumulative Total Return1

      -6.46 % 

Cumulative Distribution Rate2

      5.05 % 

Five-year period ending July 31, 2020

  

Average Annual Total Return3

      6.59 % 

Current Annualized Distribution Rate4

      7.57 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through August 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of July 31, 2020.

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending July 31, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of July 31, 2020.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of September 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0800   

September 15, 2020

   

September 16, 2020

   

September 30, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

    September 2020     YEAR-TO-DATE (YTD)
September 30, 2020*		  

Source

    Per Share
Amount		      % of Current
Distribution		     Per Share
Amount		      % of 2020
Distributions		  

Net Investment Income

    $ 0.0525        65.63 %    $ 0.2112        29.33 % 

Net Realized Short-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0000        0.00 % 

Net Realized Long-Term Capital Gains

    $ 0.0275        34.37 %    $ 0.3996        55.50 % 

Return of Capital (or other Capital Source)

    $ 0.0000        0.00 %    $ 0.1092        15.17 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Current Distribution

    $ 0.0800        100.00 %    $ 0.7200        100.00 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

 

*

THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through August 31, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending August 31, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to August 31, 2020

   

Year-to-date Cumulative Total Return1

      -5.87 % 

Cumulative Distribution Rate2

      5.68 % 

Five-year period ending August 31, 2020

   

Average Annual Total Return3

      7.75 % 

Current Annualized Distribution Rate4

      7.57 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through September 30, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of August 31, 2020.

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending August 31, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of August 31, 2020.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of October 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0800   

October 13, 2020

   

October 14, 2020

   

October 30, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

    October 2020     YEAR-TO-DATE (YTD)
October 31, 2020*		  

Source

    Per Share
Amount		      % of Current
Distribution		     Per Share
Amount		      % of 2020
Distributions		  

Net Investment Income

    $ 0.0069        8.63 %    $ 0.2188        27.35 % 

Net Realized Short-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0000        0.00 % 

Net Realized Long-Term Capital Gains

    $ 0.0731        91.37 %    $ 0.5796        72.45 % 

Return of Capital (or other Capital Source)

    $ 0.0000        0.00 %    $ 0.0016        0.20 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Current Distribution

    $ 0.0800        100.00 %    $ 0.8000        100.00 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

 

*

THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through September 30, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending September 30, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to September 30, 2020

   

Year-to-date Cumulative Total Return1

      -7.57 % 

Cumulative Distribution Rate2

      6.47 % 

Five-year period ending September 30, 2020

   

Average Annual Total Return3

      6.80 % 

Current Annualized Distribution Rate4

      7.76 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through October 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of September 30, 2020.

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending September 30, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of September 30, 2020.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of November 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0800    November 17, 2020    November 18, 2020    November 30, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

   

November 2020

  

YEAR-TO-DATE (YTD)

November 30, 2020*

Source

   

Per Share

Amount

   

% of Current

Distribution

  

Per Share

Amount

   

% of 2020

Distributions

Net Investment Income

    $0.0239    29.88%   $0.2452    27.86%
  

 

   

 

  

 

   

 

Net Realized Short-Term Capital Gains

    $0.0000    0.00%   $0.0000    0.00%
  

 

   

 

  

 

   

 

Net Realized Long-Term Capital Gains

    $0.0561    70.12%   $0.6348    72.14%
  

 

   

 

  

 

   

 

Return of Capital (or other Capital Source)

    $0.0000    0.00%   $0.0000    0.00%
  

 

   

 

  

 

   

 

Total Current Distribution

    $0.0800    100.00%   $0.8800    100.00%
  

 

   

 

  

 

   

 

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through October 31, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending October 31, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to October 31, 2020

  

Year-to-date Cumulative Total Return1

      -9.57 % 

Cumulative Distribution Rate2

      7.32 % 

Five-year period ending October 31, 2020

  

Average Annual Total Return3

      5.26 % 

Current Annualized Distribution Rate4

      7.99 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through November 30, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of October 31, 2020.

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending October 31, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of October 31, 2020.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of December 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0800    December 15, 2020    December 16, 2020    December 31, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

   

December 2020

  

YEAR-TO-DATE (YTD)

December 31, 2020*

Source

   

Per Share

Amount

   

% of Current

Distribution

  

Per Share
Amount

   

% of 2020

Distributions

Net Investment Income

    $0.0610    76.25%   $0.3089    30.58%
  

 

   

 

  

 

   

 

Net Realized Short-Term Capital Gains

    $0.0000    0.00%   $0.0000    0.00%
  

 

   

 

  

 

   

 

Net Realized Long-Term Capital Gains

    $0.0190    23.75%   $0.7011    69.42%
  

 

   

 

  

 

   

 

Return of Capital (or other Capital Source)

    $0.0000    0.00%   $0.0000    0.00%
  

 

   

 

  

 

   

 

Total Current Distribution

    $0.0800    100.00%   $1.0100    100.00%
  

 

   

 

  

 

   

 

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through November 30, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending November 30, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to November 30, 2020

  

Year-to-date Cumulative Total Return1

      -2.72 % 

Cumulative Distribution Rate2

      7.86 % 

Five-year period ending November 30, 2020

  

Average Annual Total Return3

      6.86 % 

Current Annualized Distribution Rate4

      7.47 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through December 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of November 30, 2020.

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending November 30, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of November 30, 2020.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

Exhibit 13(c)

 

LOGO

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

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

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the “Fund”), 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 monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a capital gain distribution in December 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.0500   

December 23, 2020

   

December 24, 2020

   

December 31, 2020

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. All amounts are expressed per common share.

 

DISTRIBUTION ESTIMATES

    December 2020     YEAR-TO-DATE (YTD)
December 31, 2020*		  

Source

    Per Share
Amount		      % of Current
Distribution		     Per Share
Amount		      % of 2020
Distributions		  

Net Investment Income

    $ 0.0000        0.00 %    $ 0.3089        30.58 % 

Net Realized Short-Term Capital Gains

    $ 0.0000        0.00 %    $ 0.0000        0.00 % 

Net Realized Long-Term Capital Gains

    $ 0.0500        100.00 %    $ 0.7011        69.42 % 

Return of Capital (or other Capital Source)

    $ 0.0000        0.00 %    $ 0.0000        0.00 % 

Total Current Distribution

    $ 0.0500        100.00 %    $ 1.0100        100.00 % 

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. 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. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through November 30, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. Moreover, the Fund’s Average Annual Total Return for the five-year period ending November 30, 2020 is set forth below. Shareholders should also note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table below is based on the Fund’s net asset value per share (NAV). The Fund’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’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to November 30, 2020

  

Year-to-date Cumulative Total Return1

      -2.72 % 

Cumulative Distribution Rate2

      7.86 % 

Five-year period ending November 30, 2020

  

Average Annual Total Return3

      6.86 % 

Current Annualized Distribution Rate4

      7.47 % 

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through December 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of November 30, 2020.

 

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending November 30, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of November 30, 2020. The Current Annualized Distribution Rate does not include the long-term capital gain distribution of $0.05 per share.

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. The estimates shown above are based on the prior year breakdown of distributions from the REIT securities held by the Fund. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year– the Fund cannot provide a final determination of the source of distributions paid.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’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’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. 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’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.