DOS

COHEN & STEERS TOTAL RETURN REALTY FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)


			Shares		Value
COMMON STOCK—REAL ESTATE	79.6	%
APARTMENT	4.0	%
Essex Property Trust, Inc.				27,518	$	7,365,468
UDR, Inc.				132,382		4,932,553

						12,298,021

DATA CENTERS	9.1	%
Digital Realty Trust, Inc.				107,604		18,602,580
Equinix, Inc.				12,367		9,686,329

						28,288,909

FREE STANDING	3.7	%
Agree Realty Corp.				36,051		2,561,063
NETSTREIT Corp.				142,445		2,572,557
Realty Income Corp.				102,260		6,216,385

						11,350,005

GAMING	1.0	%
VICI Properties, Inc., Class A				91,595		2,986,913

HEALTH CARE	14.7	%
CareTrust REIT, Inc.				74,144		2,571,314
Healthcare Realty Trust, Inc., Class A				365,546		6,590,794
Omega Healthcare Investors, Inc.				95,090		4,014,700
Welltower, Inc.				183,335		32,659,297

						45,836,105

HOTEL	2.6	%
Host Hotels & Resorts, Inc.				482,086		8,205,104

INDUSTRIALS	5.2	%
Lineage, Inc.(a)				21,740		840,034
Prologis, Inc.(b)				133,467		15,284,641

						16,124,675

MANUFACTURED HOME	3.8	%
Equity LifeStyle Properties, Inc.				95,436		5,792,965
Sun Communities, Inc.				46,509		5,999,661

						11,792,626

OFFICE	2.4	%
BXP, Inc.				67,323		5,004,792
Highwoods Properties, Inc.				60,718		1,932,047
Hudson Pacific Properties, Inc.(c)(d)				230,798		637,002

						7,573,841

REGIONAL MALL	2.4	%
Simon Property Group, Inc.				40,387		7,579,428

SELF STORAGE	4.8	%
Extra Space Storage, Inc.				64,874		9,143,342
Public Storage				19,893		5,746,093

						14,889,435

SHOPPING CENTER	2.6	%
Kimco Realty Corp.				366,344		8,004,616


			Shares		Value
SINGLE FAMILY HOMES	3.8	%
Invitation Homes, Inc.				406,557	$	11,924,317

SPECIALTY	4.3	%
Iron Mountain, Inc.				83,410		8,502,816
Lamar Advertising Co., Class A				40,270		4,929,853

						13,432,669

TELECOMMUNICATIONS	12.8	%
American Tower Corp.				104,057		20,012,242
Crown Castle, Inc.				159,007		15,342,585
SBA Communications Corp., Class A				23,259		4,497,128

						39,851,955

TIMBERLAND	2.4	%
Rayonier, Inc.				100,791		2,674,993
Weyerhaeuser Co.				186,700		4,628,293

						7,303,286

TOTAL COMMON STOCK (Identified cost—$208,097,058)						247,441,905

PREFERRED SECURITIES—EXCHANGE-TRADED	8.4	%
BANKING	0.8	%
Bank of America Corp., 5.375%, Series KK(e)				14,965		342,100
Bank of America Corp., 6.00%, Series GG(e)				24,869		628,191
JPMorgan Chase & Co., 4.625%, Series LL(e)				22,843		463,027
Wells Fargo & Co., 4.25%, Series DD(e)				9,775		173,702
Wells Fargo & Co., 4.75%, Series Z(e)				18,400		363,216
Wells Fargo & Co., 7.50%, Series L (Convertible)(e)				500		617,145

						2,587,381

BROKERAGE	0.1	%
Morgan Stanley, 6.375%, Series I(e)				15,000		375,450

DIVERSIFIED	1.2	%
Armada Hoffler Properties, Inc., 6.75%, Series A(e)				53,000		1,167,590
DigitalBridge Group, Inc., 7.125%, Series J(e)				43,643		961,019
DigitalBridge Group, Inc., 7.15%, Series I(e)				74,794		1,667,906

						3,796,515

FINANCE	0.1	%
KKR & Co., Inc., 6.875%, due 6/1/65, Series T				6,135		159,203

FREE STANDING	0.1	%
Agree Realty Corp., 4.25%, Series A(e)				17,035		309,185

HOTEL	0.8	%
Pebblebrook Hotel Trust, 5.70%, Series H(e)				29,768		536,717
Pebblebrook Hotel Trust, 6.375%, Series G(e)				18,566		369,463
RLJ Lodging Trust, 1.95%, Series A (Convertible)(e)				15,408		388,744
Summit Hotel Properties, Inc., 5.875%, Series F(e)				14,054		270,399
Summit Hotel Properties, Inc., 6.25%, Series E(e)				31,105		603,748
Sunstone Hotel Investors, Inc., 6.125%, Series H(e)				11,402		242,863

						2,411,934


			Shares		Value
INDUSTRIALS	0.6	%
LXP Industrial Trust, 6.50%, Series C(e)				17,289	$	830,045
Rexford Industrial Realty, Inc., 5.625%, Series C(e)				23,833		542,916
Rexford Industrial Realty, Inc., 5.875%, Series B(e)				15,000		349,500

						1,722,461

MANUFACTURED HOME	0.1	%
UMH Properties, Inc., 6.375%, Series D(e)				18,731		424,257

MORTGAGE	0.1	%
Annaly Capital Management, Inc., 8.875%, Series J(e)				5,000		130,450

OFFICE	0.3	%
City Office REIT, Inc., 6.625%, Series A(e)				20,543		517,686
Hudson Pacific Properties, Inc., 4.75%, Series C(e)				4,697		66,979
Vornado Realty Trust, 5.25%, Series N(e)				17,438		309,699

						894,364

SELF STORAGE	1.8	%
National Storage Affiliates Trust, 6.00%, Series A(e)				28,974		673,935
Public Storage, 4.00%, Series P(e)				46,640		805,939
Public Storage, 4.00%, Series R(e)				15,150		258,610
Public Storage, 4.125%, Series M(e)				22,000		385,660
Public Storage, 4.625%, Series L(e)				101,484		1,992,131
Public Storage, 4.70%, Series J(e)				33,621		670,403
Public Storage, 4.75%, Series K(e)				17,000		347,480
Public Storage, 4.875%, Series I(e)				8,275		172,948
Public Storage, 5.15%, Series F(e)				10,000		228,200

						5,535,306

SHOPPING CENTER	0.8	%
CTO Realty Growth, Inc., 6.375%, Series A(e)				8,455		180,092
Federal Realty Investment Trust, 5.00%, Series C(e)				10,000		214,000
Kimco Realty Corp., 5.125%, Series L(e)				6,975		149,195
Regency Centers Corp., 5.875%, Series B(e)				25,000		597,250
Saul Centers, Inc., 6.00%, Series E(e)				21,465		502,496
Saul Centers, Inc., 6.125%, Series D(e)				39,100		875,058

						2,518,091

SINGLE FAMILY HOMES	0.4	%
American Homes 4 Rent, 5.875%, Series G(e)				23,645		565,115
American Homes 4 Rent, 6.25%, Series H(e)				33,098		797,662

						1,362,777

SPECIALTY	0.1	%
EPR Properties, 5.75%, Series G(e)				16,472		356,454

TELECOMMUNICATION SERVICES	0.4	%
AT&T, Inc., 4.75%, Series C(e)				22,277		443,758
AT&T, Inc., 5.00%, Series A(e)				20,941		438,714
T-Mobile USA, Inc., 5.50%, due 6/1/70				17,967		406,953

						1,289,425

UTILITIES	0.7	%
CMS Energy Corp., 5.875%, due 10/15/78				17,000		404,260
CMS Energy Corp., 5.875%, due 3/1/79				35,000		844,900


			Shares		Value
DTE Energy Co., 6.25%, due 10/1/85, Series H				12,800	$	324,992
NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U				3,668		94,451
Sempra, 5.75%, due 7/1/79				9,984		228,234
Southern Co., 4.95%, due 1/30/80, Series 2020				2,579		54,108
Southern Co., 6.50%, due 3/15/85				8,785		226,565

						2,177,510

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$27,140,359)						26,050,763


			Principal Amount*
PREFERRED SECURITIES—OVER-THE-COUNTER	7.5	%
BANKING	4.3	%
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(e)(f)(g)				200,000		223,472
Bank of America Corp., 6.625% to 5/1/30, Series OO(e)(g)				300,000		312,484
Bank of New York Mellon Corp., 3.75% to 12/20/26, Series I(e)(g)				388,000		380,717
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(g)				200,000		212,823
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(e)(f)(g)				800,000		909,658
BNP Paribas SA, 7.75% to 8/16/29 (France)(e)(f)(g)(h)				800,000		849,402
BNP Paribas SA, 8.50% to 8/14/28 (France)(e)(f)(g)(h)				400,000		427,881
Charles Schwab Corp., 4.00% to 6/1/26, Series I(e)(g)				1,250,000		1,237,320
Charles Schwab Corp., 4.00% to 12/1/30, Series H(e)(g)				572,000		537,498
Citigroup Capital III, 7.625%, due 12/1/36				150,000		167,020
Citigroup, Inc., 4.00% to 12/10/25, Series W(e)(g)				777,000		774,923
Citigroup, Inc., 6.25% to 8/15/26, Series T(e)(g)				430,000		433,233
Citigroup, Inc., 6.875% to 8/15/30, Series GG(e)(g)				250,000		257,912
Citigroup, Inc., 6.95% to 2/15/30, Series FF(e)(g)				425,000		437,030
Citigroup, Inc., 7.00% to 8/15/34, Series DD(e)(g)				150,000		159,542
Cooperatieve Rabobank UA, 6.50% (Netherlands)(e)(i)				EUR 200,000		270,677
ING Groep NV, 7.25% to 11/16/34 (Netherlands)(e)(f)(g)(i)				200,000		212,125
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(e)(f)(g)				200,000		225,471
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(e)(g)				300,000		302,625
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(e)(g)				553,000		562,840
Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada)(g)				200,000		198,236
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(g)				300,000		309,782
Societe Generale SA, 8.125% to 11/21/29 (France)(e)(f)(g)(h)				200,000		209,855
Societe Generale SA, 9.375% to 11/22/27 (France)(e)(f)(g)(h)				200,000		214,719
State Street Corp., 6.70% to 9/15/29, Series J(e)(g)				200,000		209,203
Swedbank AB, 7.75% to 3/17/30 (Sweden)(e)(f)(g)(i)				200,000		215,352
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(g)				400,000		421,584
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(g)				400,000		423,320
UBS Group AG, 6.85% to 9/10/29 (Switzerland)(e)(f)(g)(h)				400,000		413,977
UBS Group AG, 7.00% to 2/5/35 (Switzerland)(e)(f)(g)(h)				200,000		204,092
UBS Group AG, 9.25% to 11/13/28 (Switzerland)(e)(f)(g)(h)				400,000		442,278
Wells Fargo & Co., 6.85% to 9/15/29(e)(g)				800,000		842,120
Wells Fargo & Co., 7.625% to 9/15/28(e)(g)				270,000		289,393

						13,288,564

BROKERAGE	0.2	%
Goldman Sachs Group, Inc., 4.125% to 11/10/26, Series V(e)(g)				225,000		221,555
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(e)(g)				250,000		265,679


			Principal Amount*		Value
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(e)(g)				250,000	$	264,264

						751,498

ENERGY	0.1	%
Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(g)				300,000		297,892

INSURANCE	0.5	%
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(g)				300,000		307,724
Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)(e)(g)(h)				400,000		416,091
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(g)				530,000		552,898
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(g)				300,000		312,529

						1,589,242

PIPELINES	0.8	%
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(g)				300,000		301,364
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(g)				340,000		354,153
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(g)				500,000		543,108
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(g)				270,000		309,462
Energy Transfer LP, 6.50% to 11/15/26, Series H(e)(g)				200,000		201,462
Energy Transfer LP, 7.125% to 5/15/30, Series G(e)(g)				515,000		533,134
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(g)				270,000		286,897

						2,529,580

SHOPPING CENTER	0.1	%
Unibail-Rodamco-Westfield SE, 4.75% to 6/11/31 (France)(e)(g)(i)				EUR 200,000		238,698

TELECOMMUNICATION SERVICES	0.4	%
Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)(g)				250,000		261,535
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(g)				800,000		749,683
Vodafone Group PLC, 5.125% to 12/4/50, due 6/4/81 (United Kingdom)(g)				70,000		55,282
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(g)				300,000		317,349

						1,383,849

UTILITIES	1.1	%
AES Corp., 7.60% to 10/15/29, due 1/15/55(g)				100,000		103,808
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(g)				400,000		390,616
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(g)				400,000		433,901
CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(g)				150,000		159,485
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(g)				283,000		296,365
Entergy Corp., 7.125% to 9/1/29, due 12/1/54(g)				400,000		418,682
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(g)				333,000		349,734
NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55(g)				150,000		159,042
Sempra, 4.125% to 1/1/27, due 4/1/52(g)				500,000		487,736
Sempra, 6.40% to 7/1/34, due 10/1/54(g)				500,000		511,603

						3,310,972

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER (Identified cost—$22,585,658)						23,390,295


			Principal Amount*		Value
CORPORATE BONDS	2.2	%
APARTMENT	0.2	%
Essex Portfolio LP, 5.50%, due 4/1/34				460,000	$	478,104

DIVERSIFIED	0.2	%
American Assets Trust LP, 6.15%, due 10/1/34				345,000		351,321
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, due 12/15/27(h)				175,000		170,009

						521,330

FREE STANDING	0.0	%
Agree LP, 5.625%, due 6/15/34				125,000		130,358

HEALTH CARE	0.1	%
National Health Investors, Inc., 5.35%, due 2/1/33				140,000		138,919
Sabra Health Care LP, 3.20%, due 12/1/31				100,000		90,865

						229,784

HOTEL	0.1	%
Host Hotels & Resorts LP, 5.70%, due 7/1/34				285,000		292,120

INDUSTRIALS	0.0	%
Americold Realty Operating Partnership LP, 5.409%, due 9/12/34				125,000		122,981

OFFICE	0.2	%
Hudson Pacific Properties LP, 5.95%, due 2/15/28				450,000		444,099
Piedmont Operating Partnership LP, 9.25%, due 7/20/28				175,000		194,368

						638,467

REGIONAL MALL	0.1	%
Simon Property Group LP, 5.85%, due 3/8/53				350,000		363,591

RETAIL	0.1	%
Essential Properties LP, 2.95%, due 7/15/31				200,000		180,358

SELF STORAGE	0.1	%
Public Storage Operating Co., 5.35%, due 8/1/53				225,000		222,636

SHOPPING CENTER	0.6	%
Federal Realty OP LP, 4.50%, due 12/1/44				268,000		237,246
Global Net Lease, Inc., 4.50%, due 9/30/28(h)				550,000		538,475
Kimco Realty OP LLC, 4.85%, due 3/1/35				340,000		338,089
Kimco Realty OP LLC, 6.40%, due 3/1/34				165,000		182,747
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, due 11/15/31				200,000		177,835
Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, due 7/15/34				255,000		265,514
Regency Centers LP, 5.25%, due 1/15/34				205,000		210,825

						1,950,731

SPECIALTY	0.4	%
Newmark Group, Inc., 7.50%, due 1/12/29				110,000		118,084
VICI Properties LP, 5.625%, due 5/15/52				200,000		190,945
VICI Properties LP, 6.125%, due 4/1/54				150,000		152,298
VICI Properties LP/VICI Note Co., Inc., 4.125%, due 8/15/30(h)				946,000		914,590

						1,375,917


			Principal Amount*			Value
TELECOMMUNICATIONS	0.1	%
Crown Castle, Inc., 3.25%, due 1/15/51				150,000		$	101,345
Crown Castle, Inc., 4.00%, due 11/15/49				200,000			153,801

							255,146

TOTAL CORPORATE BONDS (Identified cost—$6,599,315)							6,761,523

COMMERCIAL MORTGAGE-BACKED SECURITIES	0.2	%
NYO Commercial Mortgage Trust, 5.810% (1 Month USD Term SOFR + 1.659%), due 12/15/38, Series 2021-1290(h)(j)				550,000			546,709

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Identified cost—$528,859)							546,709

			Shares
WARRANTS—REAL ESTATE—OFFICE	0.3	%
Hudson Pacific Properties, Inc., exercise price $0.01(c)(k)				405,647			1,115,529

TOTAL WARRANTS (Identified cost—$900,536)							1,115,529

			Ownership%††
PRIVATE REAL ESTATE—OFFICE	0.8	%
Legacy Gateway JV LLC, Plano, TX(l)				7.9	%		2,525,949

TOTAL PRIVATE REAL ESTATE (Identified cost—$3,297,269)							2,525,949

			Shares
SHORT-TERM INVESTMENTS	0.5	%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07%(m)				862,054			862,054
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.09%(m)				862,000			862,000

TOTAL SHORT-TERM INVESTMENTS (Identified cost—$1,724,054)							1,724,054

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$270,873,108)	99.5	%					309,556,727
WRITTEN OPTION CONTRACTS (Premiums received—$100,601)	(0.0	)					(84,693	)
OTHER ASSETS IN EXCESS OF LIABILITIES	0.5						1,609,723
SERIES A CUMULATIVE PREFERRED STOCK, AT LIQUIDATION VALUE	(0.0	)					(125,000	)

NET ASSETS	100.0	%				$	310,956,757

Exchange-Traded Option Contracts


Written Options
Description	Exercise Price			Expiration Date		Number of Contracts			Notional Amount(n)				Premiums Received				Value
Call — BXP, Inc.		$	82.50		11/21/25		(84	)		$	(624,456	)		$	(7,021	)		$	(7,140	)
Call — Digital Realty Trust, Inc.			190.00		11/21/25		(36	)			(622,368	)			(11,385	)			(7,560	)
Call — Equinix, Inc.			870.00		11/21/25		(8	)			(626,592	)			(7,501	)			(6,435	)
Call — Host Hotels & Resorts, Inc.			18.00		11/21/25		(355	)			(604,210	)			(15,825	)			(12,425	)
Call — SBA Communications Corp.			220.00		11/21/25		(31	)			(599,385	)			(7,055	)			(2,994	)
Put — BXP, Inc.			62.50		10/17/25		(90	)			(669,060	)			(7,162	)			(1,440	)
Put — Kilroy Realty Corp.			40.00		10/17/25		(143	)			(604,175	)			(6,231	)			(6,681	)
Put — UDR, Inc.			35.00		10/17/25		(1	)			(3,726	)			(39	)			(21	)
Put — BXP, Inc.			67.50		11/21/25		(84	)			(624,456	)			(11,220	)			(11,340	)
Put — Equinix, Inc.			700.00		11/21/25		(8	)			(626,592	)			(8,222	)			(6,712	)
Put — Host Hotels & Resorts, Inc.			16.00		11/21/25		(355	)			(604,210	)			(9,257	)			(10,650	)
Put — Weyerhaeuser Co.			23.00		11/21/25		(251	)			(622,229	)			(9,683	)			(11,295	)
							(1,446	)		$	(6,831,459	)		$	(100,601	)		$	(84,693	)

Forward Foreign Currency Exchange Contracts

Counterparty

Contracts

to Deliver

In Exchange
For

Settlement
Date

Unrealized
Appreciation
(Depreciation)

Brown Brothers Harriman

EUR

417,373

USD

488,105

10/27/25

(2,657

)

Glossary of Portfolio Abbreviations


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

Fair Value Hierarchy as of Period End

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

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


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stock—Real Estate	$	247,441,905	$	—	$	—	$	247,441,905
Preferred Securities—Exchange-Traded:
Shopping Center		1,643,033		875,058		—		2,518,091
Other Industries		23,532,672		—		—		23,532,672


	Quoted Prices in Active Markets for Identical Investments (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Preferred Securities—Over-the-Counter	$	—		$	23,390,295		$	—		$	23,390,295
Corporate Bonds		—			6,761,523			—			6,761,523
Commercial Mortgage-Backed Securities		—			546,709			—			546,709
Warrants—Real Estate		—			1,115,529			—			1,115,529
Private Real Estate—Office		—			—			2,525,949	^(o)		2,525,949
Short-Term Investments		—			1,724,054			—			1,724,054

Total Investments in Securities(p)	$	272,617,610		$	34,413,168		$	2,525,949		$	309,556,727

Forward Foreign Currency Exchange Contracts	$	—		$	(2,657	)	$	—		$	(2,657	)
Written Option Contracts		(61,850	)		(22,843	)		—			(84,693	)

Total Derivative Liabilities(p)	$	(61,850	)	$	(25,500	)	$	—		$	(87,350	)

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


	Balance as of December 31, 2024		Change in unrealized appreciation (depreciation)			Balance as of September 30, 2025
Private Real Estate—Office	$	2,907,128	$	(381,179	)	$	2,525,949

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2025 which were valued using significant unobservable inputs (Level 3) amounted to $(381,179).

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

Fair Value at
September 30, 2025

Valuation
Technique

Unobservable
Inputs

Amount

Valuation Impact
from an Increase
in Input(q)

Discounted

Terminal
Capitalization Rate

7.25

Decrease

Private Real Estate—Office

2,525,949

Cash Flow

Discount Rate

8.50

Decrease

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

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

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

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

(b)	All or a portion of the security is pledged in connection with exchange-traded written option contracts. $1,026,328 in aggregate has been pledged as collateral.

(c)	Non–income producing security.

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

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

(f)	Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $4,548,282 or 1.5% of the net assets of the Fund.

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

(h)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $5,348,078 which represents 1.7% of the net assets of the Fund, of which 0.0% are illiquid.

(i)	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $936,852 which represents 0.3% of the net assets of the Fund, of which 0.0% are illiquid.

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

(k)	Restricted security. Aggregate holdings equal 0.3% of the net assets of the Fund. This security was acquired on June 12, 2025, at a cost of $900,536. These warrants do not have a stated expiration date.

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

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

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

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

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

(q)

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

COHEN & STEERS TOTAL RETURN REALTY FUND, INC.

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

Note 1. Portfolio Valuation

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

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

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

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

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

The Fund utilizes an independent valuation services firm (the Independent Valuation Advisor) to assist the investment manager in the determination of the Fund’s fair value of private real estate investments held by the Cohen & Steers RFI Trust (the REIT Subsidiary). Limited scope appraisals are prepared on a monthly basis and typically include a limited comparable sales and a full discounted cash flow analysis. Annually, a full scope, detailed appraisal report is completed which typically includes market analysis, cost approach, sales comparison approach and an income approach containing a discounted cash flow analysis. The full scope report is prepared by a third-party appraisal firm. The investment manager, including through communication with the Independent Valuation Advisor, monitors for material events that the investment manager believes may be expected to have a material impact on the most recent estimated fair values of such private real estate investments. However, rapidly changing market conditions or material events may not be immediately reflected in the Fund’s or REIT Subsidiary’s daily NAV. The investment manager, in conjunction with the Independent Valuation Advisor, values the private real estate investments using the valuation methodology it deems most appropriate and consistent with industry best practices and market conditions. The investment manager expects the primary methodology used to value private real estate investments will be the income approach. Consistent with industry practices, the income approach incorporates actual contractual lease income, professional judgments regarding comparable rental and operating expense data, the capitalization or discount rate and projections of future rent and expenses based on appropriate market evidence, and other subjective factors. Other methodologies that may also be used to value properties include, among other approaches, sales comparisons and cost approaches. Private real estate appraisals are reported on a free and clear basis (i.e. any property-level indebtedness that may be in place is not incorporated into the valuation). Property level debt is valued separately in accordance with GAAP.

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

COHEN & STEERS TOTAL RETURN REALTY FUND, INC.

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

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

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

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

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

•

Level 1 — quoted prices in active markets for identical investments

•

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

•

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

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

The levels associated with valuing the Fund’s investments as of September 30, 2025 are disclosed in the Fund’s Consolidated Schedule of Investments.

Note 2. Derivative Investments

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

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

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

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium

COHEN & STEERS TOTAL RETURN REALTY FUND, INC.

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

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