<SEC-DOCUMENT>0001410368-26-024501.txt : 20260313
<SEC-HEADER>0001410368-26-024501.hdr.sgml : 20260313
<ACCEPTANCE-DATETIME>20260313064011
ACCESSION NUMBER:		0001410368-26-024501
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251231
FILED AS OF DATE:		20260313
DATE AS OF CHANGE:		20260313
EFFECTIVENESS DATE:		20260313

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07154
		FILM NUMBER:		26750016

	BUSINESS ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-832-3232

	MAIL ADDRESS:	
		STREET 1:		1166 AVENUE OF THE AMERICAS
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS OPPORTUNITY TRUST INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>Royal Bank of Canada</custodianName>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-07154_15395175_1225.htm
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<h1 align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:.05pt;text-align:center;"><b><font face=Georgia style="font-size:10.0pt;">Report</font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.2pt;"> </font></b><b><font face=Georgia style="font-size:10.0pt;">of</font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.2pt;"> </font></b><b><font face=Georgia style="font-size:10.0pt;">Independent</font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.15pt;"> </font></b><b><font face=Georgia style="font-size:10.0pt;">Registered</font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.2pt;"> </font></b><b><font face=Georgia style="font-size:10.0pt;">Public</font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.2pt;"> </font></b><b><font face=Georgia style="font-size:10.0pt;">Accounting</font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.15pt;"> </font></b><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.2pt;">Firm</font></b></h1>

<h1 align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:.05pt;text-align:center;"><b><font face=Georgia style="font-size:10.0pt;letter-spacing:-.2pt;">&nbsp;</font></b></h1>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">To</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">Board</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">Directors</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">and</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">Shareholders</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:11.35pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;line-height:11.35pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:11.35pt;">
Cohen &amp; Steers Total Return Realty Fund, Inc.</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-right:10.05pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">In planning and performing
our audit of the consolidated financial statements of Cohen &amp; Steers Total
Return Realty Fund, Inc. and its subsidiary (the &#8220;Fund&#8221;) as of and for the year
ended December 31, 2025, in accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB), we considered the Fund&#8217;s
internal control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> consolidated </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">financial</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">statements</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">and</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">to</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">comply</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">with</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">requirements</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">Form</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">N-CEN,</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">but</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">not</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">for</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">purpose</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of expressing an opinion on the effectiveness of the Fund&#8217;s internal
control over financial reporting. Accordingly,</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">we</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">do</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">not</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">express</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">an</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">opinion</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">on</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">effectiveness</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">Fund's</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">internal</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">control</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">over</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">financial
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:10.05pt;margin-top:11.35pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">The management of the Fund is
responsible for establishing and maintaining effective internal control over
financial reporting. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
controls. A company&#8217;s internal control over financial reporting is a process
designed 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. A company&#8217;s internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">company</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">are</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">being</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">made</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">only</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">in</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">accordance</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">with</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">authorizations</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">management</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">and directors</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">company;</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">and</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">(3)</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">provide</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">reasonable</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">assurance</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">regarding</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">prevention</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">or</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">timely</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">detection
of unauthorized acquisition, use or disposition of a company&#8217;s assets that
could have a material effect on the financial statements.</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">Also,</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">projections</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">any</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">evaluation</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">effectiveness</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">to</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">future</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">periods</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">are</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">subject</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">to</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:3.55pt;margin-top:.05pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">A deficiency in internal control
over financial reporting exists when the design or operation of a control does
not allow management or employees, in the normal course of</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">performing their assigned functions, to
prevent</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">or</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">detect</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">misstatements</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">on</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">a</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">timely</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">basis.</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">A</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">material</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">weakness</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">is</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">a</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">deficiency,</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">or</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">a</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">combination</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a
material misstatement of the company&#8217;s annual or interim financial statements
will not be prevented or detected on a timely basis.</font></p>

<p style="margin:0in;margin-top:11.3pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">Our consideration of the Fund&#8217;s
internal control over financial reporting was for the limited purpose described</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">in</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">first</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">paragraph</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">and</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">would</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">not</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">necessarily</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">disclose</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">all</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">deficiencies</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">in</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">internal</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">control</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">over financial reporting that might be material weaknesses under
standards established by the PCAOB. However, we noted no deficiencies in the
Fund&#8217;s internal control over financial reporting and its operation,</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">including</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">controls</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">over</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">safeguarding</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">securities,</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">that</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">we</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">consider</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">to</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">be</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">a</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">material</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">weakness</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">as defined above as of December 31, 2025.</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">This report is intended solely for the information and use
of the Board of Directors of Cohen &amp; Steers Total Return Realty Fund, Inc. </font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">and </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">the</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">Securities</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">and</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">Exchange</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">
</font><font face=Georgia lang=EN-US style="font-size:10.0pt;">Commission</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">and</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">is</font><font face=Georgia lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> </font><font face=Georgia lang=EN-US style="font-size:10.0pt;">not
intended to be and should not be used by anyone other than these specified
parties.</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:10.0pt;">/s/ PricewaterhouseCoopers
LLP&nbsp;</font></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:10.0pt;">New York, New York&nbsp;</font></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:10.0pt;">February 25, 2026</font></p>




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