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Insights into Cohen & Steers Total Return Realty Fund's Distribution Sources

Cohen & Steers Total Return Realty Fund, Inc. (RFI), listed on the New York Stock Exchange, has provided its shareholders with important information concerning the sources of distributions under Section 19(a) of the Investment Company Act. This initiative aims to keep investors informed regarding the financial maneuvers of the fund, particularly as it approaches the distribution payment set for November 28, 2025.

Since December 2011, the fund has operated under a managed distribution policy, a strategy designed to enhance shareholders' long-term returns by offering regular monthly distributions at a fixed rate per common share. This approach allows the fund to capitalize on long-term capital gains throughout the year, contributing to a predictable investment income for its stakeholders. The board of directors retains the authority to amend, suspend, or terminate this policy at their discretion, a move that could potentially impact the market price of the fund's shares.

Distribution Components and Characteristics

The monthly distributions from RFI are composed of various elements, including long-term and short-term capital gains, net investment income, and, in some cases, a return of capital. It's crucial for shareholders to understand that the return of capital refers to distributions that exceed the fund’s net investment income and realized capital gains, and these payments come from the fund’s own assets.

Importantly, a return of capital is typically not considered taxable income; rather, it reduces the tax basis of a shareholder's holdings in the fund. Distributions arising from the fund's investments in real estate investment trusts (REITs) can vary in classification—some may qualify as capital gains or as a return of capital based on what the REITs report to the fund at the end of the fiscal period.

Monthly Distribution Estimates

For November 2025, the fund has estimated the following distribution amounts:

• - Net Investment Income: $0.0141 (17.63% of current distribution)
• - Net Realized Short-Term Capital Gains: $0.0000 (0.00% of current distribution)
• - Net Realized Long-Term Capital Gains: $0.0000 (0.00% of current distribution)
• - Return of Capital: $0.0659 (82.37% of current distribution)

The total current distribution is projected to be $0.0800 per common share. Year-to-date, the cumulative distributions amount to $0.8800 per share, emphasizing the importance of building a complete picture of the fund's financial performance through consistent tracking of both distributions and net asset value changes.

Historical Performance Metrics

Investors should also consider various performance metrics when assessing the fund. The year-to-date cumulative total return for fiscal year 2025 stands at 4.42%, while the cumulative distribution rate is at 7.76%. Over the five-year period, the average annual total return measures 7.48% against a current annualized distribution rate of 8.47%. These figures reveal the relationship between investment returns and distribution yields, offering valuable insights for prospective and current investors in the fund.

Important Notes for Shareholders

As shareholders assess the implications of these distributions, they should keep in mind that the fund's actual performance might differ from the forecasts and estimates provided. The information outlined in this release serves as a guideline rather than definitive figures for tax reporting, which depends on the fund's investment outcomes as the fiscal year concludes. Shareholders will receive a Form 1099-DIV reflecting how to report these distributions for federal income tax.

About Cohen & Steers

Cohen & Steers, founded in 1986, has established itself as a distinguished investment manager focusing on real assets and alternative income sectors, including listed and private real estate, preferred securities, and more. With a headquarters in New York City, the company extends its reach through various global offices, providing diverse investment solutions to a wide array of clients.

In conclusion, understanding Cohen & Steers Total Return Realty Fund’s distribution practices offers shareholders a clearer perspective of their investment’s performance and the mechanisms driving it. Stakeholders are encouraged to remain vigilant about changes in distribution and policy as these can have significant implications for their financial strategies.