UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: 811-07154
Exact Name of Registrant
(as specified in charter): Cohen & Steers Total Return Realty Fund, Inc.
Address of Principal Executive Office: 757 Third Avenue
New York, NY 10017
Name and address of agent for service: John E. McLean
757 Third Avenue
New York, NY 10017
Registrant telephone number, including area code: (212) 832-3232
Date of fiscal year end: December 31
Date of reporting period: September 30, 2005
Item 1. Schedule of Investments
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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SCHEDULE OF INVESTMENTS
September 30, 2005 (Unaudited)
Number
of Shares Value
---------------- ---------------
COMMON STOCK 77.6%
DIVERSIFIED 8.6%
Colonial Properties Trust 82,100 $ 3,651,808
Digital Realty Trust 11,000 198,000
Entertainment Properties Trust 20,500 914,915
iStar Financial 55,200 2,231,736
Spirit Finance Corp. 96,600 1,086,750
Vornado Realty Trust 90,400 7,830,448
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15,913,657
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HEALTH CARE 11.6%
Health Care Property Investors 217,000 5,856,830
Health Care REIT 27,600 1,023,684
Healthcare Realty Trust 48,900 1,962,846
Medical Properties Trust 2,600 25,480
Nationwide Health Properties 157,300 3,665,090
Ventas 281,700 9,070,740
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21,604,670
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HOTEL 1.7%
DiamondRock Hospitality Co. 47,400 556,950
Hospitality Properties Trust 38,700 1,658,682
Strategic Hotel Capital 55,500 1,013,430
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3,229,062
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INDUSTRIAL 1.4%
First Industrial Realty Trust 64,700 2,591,235
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MORTGAGE 1.6%
Newcastle Investment Corp. 105,527 2,944,203
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OFFICE 26.0%
American Financial Realty Trust 133,600 1,897,120
Arden Realty 160,000 6,587,200
Brandywine Realty Trust 184,900 5,748,541
CarrAmerica Realty Corp. 154,500 5,554,275
Equity Office Properties Trust 179,400 5,868,174
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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SCHEDULE OF INVESTMENTS--(Continued)
September 30, 2005 (Unaudited)
Number
of Shares Value
---------------- ---------------
HRPT Properties Trust 157,400 $ 1,953,334
Kilroy Realty Corp. 27,000 1,512,810
Mack-Cali Realty Corp. 131,100 5,891,634
Maguire Properties 93,000 2,794,650
Prentiss Properties Trust 166,500 6,759,900
Reckson Associates Realty Corp. 110,000 3,800,500
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48,368,138
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OFFICE/INDUSTRIAL 4.6%
Duke Realty Corp. 88,300 2,991,604
Liberty Property Trust 129,200 5,496,168
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8,487,772
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RESIDENTIAL - APARTMENT 10.4%
American Campus Communities 37,900 910,358
Apartment Investment & Management Co. 23,100 895,818
Archstone-Smith Trust 92,361 3,682,433
AvalonBay Communities 59,400 5,090,580
Camden Property Trust 53,500 2,982,625
Education Realty Trust 68,400 1,142,280
GMH Communities Trust 49,900 732,033
Home Properties 57,100 2,241,175
Mid-America Apartment Communities 35,400 1,646,454
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19,323,756
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SELF STORAGE 1.3%
Extra Space Storage 54,200 833,596
Extra Space Storage (Restricted)(a)(b) 8,000 116,888
Sovran Self Storage 6,200 303,490
U-Store-It Trust 53,100 1,076,337
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2,330,311
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SHOPPING CENTER 10.4%
COMMUNITY CENTER 2.7%
Cedar Shopping Centers 74,100 1,072,227
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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SCHEDULE OF INVESTMENTS--(Continued)
September 30, 2005 (Unaudited)
Number
of Shares Value
---------------- ---------------
Heritage Property Investment Trust 51,300 $ 1,795,500
Inland Real Estate Corp. 55,300 865,998
Urstadt Biddle Properties --Class A 86,600 1,312,856
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5,046,581
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REGIONAL MALL 7.7%
Glimcher Realty Trust 95,500 2,336,885
Macerich Co. 107,500 6,981,050
Mills Corp. 91,100 5,017,788
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14,335,723
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TOTAL SHOPPING CENTER 19,382,304
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TOTAL COMMON STOCK
(Identified cost-$85,099,344) 144,175,108
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PREFERRED STOCK 21.4%
DIVERSIFIED 2.3%
Colonial Properties Trust, 8.125%, Series D 14,600 378,140
Colonial Properties Trust, 7.62%, Series E 49,500 1,234,530
Crescent Real Estate Equities Co., 6.75%,
Series A (Convertible) 60,500 1,340,075
Digital Realty Trust, 8.50%, Series A 10,700 281,945
Digital Realty Trust, 7.875%, Series B 8,200 204,590
iStar Financial, 7.875%, Series E 25,000 653,750
iStar Financial, 7.80%, Series F 10,000 265,100
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4,358,130
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HEALTH CARE
3.5%
Health Care REIT, 7.625%, Series F 17,000 430,100
Nationwide Health Properties, 7.677%, Series P 47,000 4,864,500
Windrose Medical, 7.50%, Series A 40,800 1,111,800
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6,406,400
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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SCHEDULE OF INVESTMENTS--(Continued)
September 30, 2005 (Unaudited)
Number
of Shares Value
---------------- ---------------
HOTEL 0.7%
Eagle Hospitality Properties Trust, 8.25%,
Series A 13,600 $ 341,360
FelCor Lodging Trust, 8.00%, Series C 17,000 423,300
Host Marriott Corp., 10.00%, Series C 3,500 89,040
Host Marriott Financial Trust, 6.75%, QUIPS
(Convertible) 3,200 176,800
Sunstone Hotel Investors, 8.00%, Series A 7,000 178,500
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1,209,000
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INDUSTRIAL 0.3%
EastGroup Properties, 7.95%, Series D 21,000 549,360
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OFFICE 3.9%
Alexandria Real Estate Equities, 9.10%, Series B 13,900 362,234
Brandywine Realty Trust, 7.50%, Series C 11,328 287,165
Highwoods Properties, 8.625%, Series A 4,300 4,610,836
HRPT Properties Trust, 8.75%, Series B 52,800 1,399,728
SL Green Realty Corp., 7.625%, Series C 20,000 507,800
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7,167,763
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RESIDENTIAL - APARTMENT 2.8%
Apartment Investment & Management Co.,
10.10%, Series Q 25,000 639,500
Apartment Investment & Management Co.,
10.00%, Series R 18,100 468,066
Apartment Investment and Management Co.,
9.375%, Series G 113,200 2,997,536
Mid-America Apartment Communities,
8.30%, Series H 17,300 451,530
Post Properties, 8.50%, Series A 11,000 671,000
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5,227,632
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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SCHEDULE OF INVESTMENTS--(Continued)
September 30, 2005 (Unaudited)
Number
of Shares Value
---------------- ---------------
SHOPPING CENTER 7.9%
COMMUNITY CENTER 1.3%
Cedar Shopping Centers, 8.875%, Series A 10,000 $ 260,000
Developers Diversified Realty Corp.,
8.60%, Series F 1,600 41,440
Ramco-Gershenson Property Trust,
9.50%, Series B 11,600 312,968
Saul Centers, 8.00%, Series A 26,800 700,820
Urstadt Biddle Properties, 8.50%, Series C 4,000 434,000
Urstadt Biddle Properties, 7.50%, Series D 27,000 695,385
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2,444,613
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REGIONAL MALL 6.6%
CBL & Associates Properties, 8.75%, Series B 13,000 678,600
CBL & Associates Properties, 7.75%, Series C 13,000 335,010
Glimcher Realty Trust, 8.125%, Series G 16,000 406,240
Mills Corp., 9.00%, Series B 73,800 1,929,870
Mills Corp., 9.00%, Series C 25,000 652,750
Mills Corp., 8.75%, Series E 26,000 689,000
Pennsylvania REIT, 11.00%, Series A 55,400 3,199,350
Simon Property Group, 8.375%, Series J 13,000 847,438
Taubman Centers, 8.30%, Series A 78,817 1,997,223
Taubman Centers, 7.625%, Series H 59,900 1,531,942
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12,267,423
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TOTAL SHOPPING CENTER 14,712,036
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TOTAL PREFERRED STOCK
(Identified cost-$35,179,778) 39,630,321
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Principal
Amount
----------------
0.6%
COMMERCIAL PAPER
San Paolo U.S. Finance Co., 2.750%, due 10/3/05
(Identified cost-$1,128,828) $ 1,129,000 1,128,828
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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SCHEDULE OF INVESTMENTS--(Continued)
September 30, 2005 (Unaudited)
Number
of Shares Value
---------------- ---------------
TOTAL INVESTMENTS (Identified cost-$121,407,950) 99.6% $ 184,934,257
OTHER ASSETS IN EXCESS OF LIABILITIES 0.4% $ 818,350
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NET ASSETS (Equivalent to $20.08 per share based on
9,249,159 shares of capital stock outstanding) 100.0% $ 185,752,607
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Glossary of Portfolio Abbreviations
QUIPS Quarterly Income Preferred Securities
REIT Real Estate Investment Trust
Note: Percentages indicated are based on the net assets of the fund.
(a) Resale is restricted. Security acquired 6/20/05 at a cost of $107,760;
equals 0.1% of net assets.
(b) Fair valued security; equal 0.1% of net assets.
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Item 2. Controls and Procedures
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) are effective based on their evaluation of these disclosure controls
and procedures required by Rule 30a-3(b) under the Investment Company Act
of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act
as of a date within 90 days of the filing of this report.
(b) During the last fiscal quarter, there were no changes in the registrant's
internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act of
1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
By: /s/ Adam M. Derechin
--------------------------------
Name: Adam M. Derechin
Title: President
Date: November 17, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Adam M. Derechin By: /s/ Jay J. Chen
-------------------------------- ----------------------------------
Name: Adam M. Derechin Name: Jay J. Chen
Title: President and principal Title: Treasurer and principal
executive officer financial officer
Date: November 17, 2005