The Fund’s investment objective is to achieve a high total return through investment in real estate securities. The Fund will seek both current income and capital appreciation (realized and unrealized) with approximately equal emphasis.
Top 10 Holdings March 31, 2013
| Name | Sector | % of Market Value |
|---|---|---|
| Simon Property Group Inc. | Regional Mall | 8.4 |
| Ventas Inc. | Health Care | 5.1 |
| ProLogis Inc. | Industrial | 4.7 |
| Equity Residential | Apartment | 3.6 |
| HCP Inc | Health Care | 3.3 |
| Vornado Realty Trust | Diversified | 3.0 |
| Public Storage | Self Storage | 2.5 |
| SL Green Realty Corp. | Office | 2.3 |
| Digital Realty Trust Inc. | Diversified | 2.0 |
| Regency Centers Corp. | Shopping Center | 1.9 |
Portfolio Managers
Total ReturnsApril 30, 2013
| Period | RFI Mkt Price | RFI NAV | FTSE NAREIT Equity | S&P 500 |
|---|---|---|---|---|
| YTD | 3.12% | 13.19% | 15.42% | 12.74% |
| 1 Year | 16.91% | 16.80% | 19.55% | 16.89% |
| 3 Year | 18.71% | 14.24% | 17.08% | 12.80% |
| 5 Year | 7.40% | 9.20% | 6.99% | 5.21% |
| 10 Year | 10.88% | 11.51% | 12.68% | 7.88% |
| Since Inception (9/27/93) | 10.39% | 10.61% | 10.69% | 8.63% |
Total ReturnsMarch 31, 2013
| Period | RFI Mkt Price | RFI NAV | FTSE NAREIT Equity | S&P 500 |
|---|---|---|---|---|
| Q1:13 | 4.49% | 7.63% | 8.19% | 10.61% |
| 1 Year | 20.96% | 14.15% | 15.29% | 13.96% |
| 3 Year | 21.22% | 14.86% | 17.17% | 12.67% |
| 5 Year | 9.29% | 9.34% | 6.83% | 5.81% |
| 10 Year | 11.37% | 11.32% | 12.44% | 8.53% |
| Since Inception (9/27/93) | 10.52% | 10.37% | 10.37% | 8.56% |
Since inception FTSE NAREIT Equity REIT Index calculated from the nearest month end.
Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns are historical and include change in share price and reinvestment of all distributions.
Periods greater than 12 months are annualized. Returns are historical and include change in share price and reinvestment of all distributions.
The FTSE NAREIT Equity REIT Index is an unmanaged, market capitalization weighted index of all publicly traded Equity REITs that have 75% or more of their gross invested book assets invested directly or indirectly in the equity ownership of real estate. The S&P 500 is an unmanaged index of 500 large capitalization companies representing a variety of industries.
You cannot invest directly in an index and index performance assumes reinvestment of any and all distributions and does not reflect the deduction of any fees and expenses.
For information on the distribution yield of this fund, click here.
Correlation10 Year Through March 2013
| Index | Value |
|---|---|
| S&P 500 | 0.73 |
| Barclays Capital US Aggregate Index | 0.12 |
| Barclays Capital 10 Yr US Treasury Bellwethers Index | -0.17 |
Correlation coefficients are based on monthly data and measure the degree to which the returns of the fund move together with the indices.
The correlation coefficient will vary from -1.0 (perfect negative correlation) to 1.0 (perfect positive correlation).
The Barclays Capital U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Barclays Capital 10-Year U.S. Treasury Bellwether Index is an unmanaged index of U.S. Treasury bonds with 10 years’ maturity.
Cohen & Steers Securities, LLC, distributor.
Sector DiversificationMarch 31, 2013
| Sector Name | Percent |
|---|---|
| Preferreds | 14% |
| Office | 12% |
| Apartment | 11% |
| Regional Mall | 11% |
| Health Care | 10% |
| Shopping Center | 9% |
| Diversified | 7% |
| Hotel | 7% |
| Industrial | 7% |
| Self Storage | 5% |
| Mortgage | 2% |
| Office/Industrial | 2% |
| Cash | 1% |
| Corporate Bonds | 1% |
| Other Assets | 1% |
Geographic DiversificationMarch 31, 2013
| Geographic Region | Percent |
|---|---|
| South Atlantic | 28% |
| Pacific | 23% |
| Mid Atlantic | 13% |
| Northeast Central | 10% |
| Southwest Central | 8% |
| Mountain | 5% |
| New England | 5% |
| Northwest Central | 4% |
| Southeast Central | 4% |
Sector weights are a percentage of net assets, where net assets include cash and cash equivalents, but exclude derivative instruments, such as options, swaps and forwards, if applicable.
The Fund’s portfolio holdings and weightings are subject to change without notice.
Distribution Information
| Pay Date | Record Date | Ex-Dividend Date |
Type | Class | Amount/ Share |
|---|---|---|---|---|---|
| 3/28/2013 | 3/20/2013 | 3/18/2013 | Regular | -- | $0.22 |
| 12/31/2012 | 12/21/2012 | 12/19/2012 | Long Term | -- | $0.2622 |
| Short Term | -- | $0.2698 | |||
| Regular | -- | $0.22 | |||
| 9/28/2012 | 9/20/2012 | 9/18/2012 | Regular | -- | $0.22 |
| 6/29/2012 | 6/21/2012 | 6/19/2012 | Regular | -- | $0.22 |
| 3/30/2012 | 3/19/2012 | 3/15/2012 | Regular | -- | $0.22 |
| 12/30/2011 | 12/23/2011 | 12/21/2011 | Regular | -- | $0.22 |
| 9/30/2011 | 9/22/2011 | 9/20/2011 | Regular | -- | $0.22 |
| 6/30/2011 | 6/23/2011 | 8/21/2012 | Regular | -- | $0.22 |
Estimated Sources of Distribution
| Pay Date | Per Share Distribution | Net Investment Income | Return Of Capital | Long Term Gain | Short Term Gain |
|---|---|---|---|---|---|
| 3/28/2013 | $0.22 | $0.0623 | $ | $0.1577 | $ |
| 12/31/2012 | $0.2622 | $0.00 | $0.00 | $0.26 | $0.00 |
| $0.2698 | $0.00 | $0.00 | $0.00 | $0.27 | |
| $0.22 | $0.22 | $0.00 | $0.00 | $0.00 | |
| 9/28/2012 | $0.22 | $0.06 | $0.00 | $0.16 | $0.00 |
| 6/29/2012 | $0.22 | $0.08 | $0.00 | $0.14 | $0.00 |
| 3/30/2012 | $0.22 | $0.06 | $0.00 | $0.16 | $0.00 |
| 12/30/2011 | $0.22 | $0.07 | $0.00 | $0.15 | $0.00 |
| 9/30/2011 | $0.22 | $0.06 | $0.16 | $0.00 | $0.00 |
| 6/30/2011 | $0.22 | $0.04 | $0.18 | $0.00 | $0.00 |
Estimates Only - Do Not Use for Tax Reporting Purposes
This table provides estimates of the Fund's distribution sources at the time of payment and should not be relied upon or used for tax planning or tax reporting purposes.
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 quarterly 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 quarterly basis.
Section 19 Notice December 2012
Section 19 Notice September 2012
Section 19 Notice December 2011
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 quarterly 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.
-
- RFI
-
$131.6 Million
-
0.95%
-
105
-
$14.83
-
5.79%
-
1.63%
-
$0.22
-
9/27/93
Important Information
Total net assets are as of March 31,2013.
Expense ratios as disclosed in the Fund’s most recent annual report to stockholders dated December 31, 2012. Expense ratios are net of waivers and/or reimbursements.
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by clicking here.
NAV per share is as of the prior day’s market close of regular trading on the NYSE, generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading.
Distribution Rate is calculated dividing the last distribution paid per share (annualized) by the market price. Note that the number of income distributions is based on the fund’s distribution payment frequency (i.e. monthly or quarterly). A fund may pay distributions in excess of its net investment company taxable income and, to the extent this occurs, the distribution yield quoted will include a return of capital. The estimated return of capital for each distribution is also available on this Web site by clicking on the Distributions tab on each fund’s landing page.
SEC yield is calculated by dividing annualized net investment income per share during a 30-day period by the maximum offering price per share as of the close of that period. SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities. Since certain distributions received by the funds from real estate investment trusts (REITs) may consist of dividend income, return of capital and capital gains, and the character of these distributions cannot be determined until after the end of the year, the SEC yield has been adjusted for the funds that invest significantly in REITs based on estimates of return of capital and capital gains.
Quarterly distribution per share is as of the most recent quarter end. The fund pays regular quarterly cash distributions to common shareholders at a level rate that may be adjusted from time to time, based on the projected income of the fund. The amount of quarterly distributions may vary depending on a number of factors, including changes in portfolio and market conditions. Each fund’s distributions reflect net investment income, and may also include net realized capital gains and/or return of capital. Return of capital includes distributions paid by a fund in excess of its net investment income and such excess is distributed from the fund’s assets. Under federal tax regulations, some or all of the return of capital distributed by a fund may be taxed as ordinary income.
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 quarterly 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 quarterly basis.
Section 19 Notice December 2012
Section 19 Notice September 2012
Section 19 Notice December 2011
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 quarterly 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.
Distributions for funds investing in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each fund after year-end by REITs held by a fund.
However, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each fiscal year on form 1099-DIV.
Risks of Investing in Real Estate Securities
Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquidity than larger companies.
