# EDGAR Filing Document

**Accession Number:** 0001041917
**File Stem:** 0001193125-26-091830
**Filing Date:** 2026-3
**Character Count:** 177890
**Document Hash:** e5b4f4cb58cfd7d02b8729e96d31394f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091830.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091830

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COHEN & STEERS REAL ESTATE SECURITIES FUND INC
- **CENTRAL INDEX KEY:** 0001041917

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08287
- **FILM NUMBER:** 26722636

**BUSINESS ADDRESS:**
- **STREET 1:** 1166 AVENUE OF THE AMERICAS
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2128323232

**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 REALTY INCOME FUND INC
- **DATE OF NAME CHANGE:** 20040930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COHEN & STEERS EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19970707

## Series and Classes Contracts Data

### Cohen & Steers Real Estate Securities Fund (Series ID: S000001225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003325 | Class A      | CSEIX           |
| C000003327 | Class C      | CSCIX           |
| C000003328 | Class I      | CSDIX           |
| C000146555 | Class R      | CIRRX           |
| C000146556 | Class Z      | CSZIX           |
| C000188971 | Class F      | CREFX           |

?xml version='1.0' encoding='ASCII'? Cohen & Steers Real Estate Securities Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: <u>811-08287</u> 

Cohen & Steers Real Estate Securities Fund, Inc.

(Exact name of Registrant as specified in charter)

1166 Avenue of the Americas, 30<sup>th</sup> Floor, New York, NY 10036

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30<sup>th</sup> Floor

New York, New York 10036

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(212) 832-3232</u> 

Date of fiscal year end: <u>December 31</u> 

Date of reporting period: <u>December 31, 2025</u> 

------

#### Item 1. Reports to Stockholders.
(a) ---

| | |
|:---|:---|
| **Cohen & Steers Real Estate Securities Fund, Inc.**<br> annual shareholder report as of December 31, 2025<br> **Class A - CSEIX** | ![Cohen Logo](g212169g42c77.jpg)<br> ![Cohen QR Code](g212169g65i80.jpg)<br>|

---

This annual shareholder report contains important information about Cohen & Steers Real Estate Securities Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class A | $112 | 1.10% |

---

**How did the Fund perform during the last year and what affected its performance?**

The share class had a 4.00% total return in the 12 months ended December 31, 2025, compared with the Linked Index,<sup>1</sup> which returned 2.27%, and the S&P 500 Index, which returned 17.88%.

Stock selection in the health care sector helped the Fund's relative performance compared with the Linked Index,<sup>1</sup> led by an overweight in Welltower, which continued to see strong fundamentals in its senior living facilities. A non-investment in life sciences specialist Alexandria Real Estate Equities was beneficial as its shares declined sharply; leasing for its major markets remained weak. Stock selection in office REITs also aided performance, due in large part to the timing of an allocation to Kilroy Realty. The Fund was underweight the company early in the year when it declined, but then became overweight on signs of improving leasing activity; the stock performed well over the rest of the year. Stock selection in specialty REITs contributed positively as well, led by an overweight in Outfront Media, a billboard and transit display company that rallied on strong earnings.

An underweight and stock selection in the industrial sector detracted from relative performance, due in part to an underweight in Prologis, which rallied after the company reported better-than-expected earnings and raised its guidance. An overweight in single family homes for rent also hindered performance, as the sector declined on concerns about occupancy trends and pricing power. The Fund's non-investment in diversified real estate companies further detracted, as the sector had a sizable gain.

---

| | |
|:---|:---|
| **Top contributors** | **Top detractors** |
| Health Care | Industrial |
| Office | Single Family Homes |
| Specialty | Diversified |

---

**Growth of a $10,000 investment\***

The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.

---

| | |
|:---|:---|
| Class A | Linked Index<sup>1</sup> |
| S&P 500 Index |  |

---

![Ad2 Performance Graph](g212169g12c97.jpg)

**Average annual total returns (%)\* (as of December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| With sales charge<sup>2</sup> | -0.68% | 4.43% | 5.87% |
| Without sales charge | 4.00% | 5.40% | 6.36% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Linked Index<sup>1</sup> | 2.27% | 4.85% | 5.28% |

---

\* **Data quoted represents past performance, which is no guarantee of future results.** Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.

**Key fund statistics (as of December 31, 2025)**

---

| | |
|:---|:---|
| Net assets | $8330024632 |
| Number of portfolio holdings (excluding derivatives) | 47 |
| Portfolio turnover rate | 27% |
| Net advisory fees paid | $53893278 |

---

**Portfolio holdings (as of December 31, 2025)**

---

| | |
|:---|:---|
| **Top ten holdings<sup>3,4</sup>** | **(%)** |
| Welltower, Inc. | 12.9% |
| Digital Realty Trust, Inc. | 7.8% |
| Crown Castle, Inc. | 7.1% |
| American Tower Corp. | 5.7% |
| Prologis, Inc. | 4.5% |
| Equinix, Inc. | 4.1% |
| Invitation Homes, Inc. | 2.8% |
| Extra Space Storage, Inc. | 2.8% |
| Public Storage | 2.7% |
| Iron Mountain, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| **Sector diversification<sup>3,5</sup>** | **(%)** |
| Health Care | 18.8% |
| Telecommunications | 14.9% |
| Data Centers | 11.9% |
| Industrials | 8.2% |
| Apartment | 5.7% |
| Self Storage | 5.5% |
| Specialty | 5.0% |
| Free Standing | 4.8% |
| Shopping Center | 4.5% |
| Other (includes short-term investments) | 20.7% |

---

---

| | |
|:---|:---|
| **Country diversification<sup>3,5</sup>** | **(%)**  |
| United States | 97.4% |
| Canada | 0.7% |
| Spain | 0.2% |
| Other (includes short-term investments) | 1.7% |

---

***Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.***

<sup>1</sup> The Linked Index consists of the FTSE Nareit Equity REITs Index through 3/31/2019 and the FTSE Nareit All Equity REITs Index thereafter.

<sup>2</sup> Reflects a 4.50% front-end sales charge.

<sup>3</sup> Based on net assets.

<sup>4</sup> Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.

<sup>5</sup> Excludes derivative instruments, if any.

---

| | |
|:---|:---|
| **Cohen & Steers Real Estate Securities Fund, Inc.**<br> annual shareholder report as of December 31, 2025<br> **Class C - CSCIX** | ![Cohen Logo](g212169g42c77.jpg)<br> ![Cohen QR Code](g212169g65i80.jpg)<br>|

---

This annual shareholder report contains important information about Cohen & Steers Real Estate Securities Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class C | $177 | 1.74% |

---

**How did the Fund perform during the last year and what affected its performance?**

The share class had a 3.39% total return in the 12 months ended December 31, 2025, compared with the Linked Index,<sup>1</sup> which returned 2.27%, and the S&P 500 Index, which returned 17.88%.

Stock selection in the health care sector helped the Fund's relative performance compared with the Linked Index,<sup>1</sup> led by an overweight in Welltower, which continued to see strong fundamentals in its senior living facilities. A non-investment in life sciences specialist Alexandria Real Estate Equities was beneficial as its shares declined sharply; leasing for its major markets remained weak. Stock selection in office REITs also aided performance, due in large part to the timing of an allocation to Kilroy Realty. The Fund was underweight the company early in the year when it declined, but then became overweight on signs of improving leasing activity; the stock performed well over the rest of the year. Stock selection in specialty REITs contributed positively as well, led by an overweight in Outfront Media, a billboard and transit display company that rallied on strong earnings.

An underweight and stock selection in the industrial sector detracted from relative performance, due in part to an underweight in Prologis, which rallied after the company reported better-than-expected earnings and raised its guidance. An overweight in single family homes for rent also hindered performance, as the sector declined on concerns about occupancy trends and pricing power. The Fund's non-investment in diversified real estate companies further detracted, as the sector had a sizable gain.

---

| | |
|:---|:---|
| **Top contributors** | **Top detractors** |
| Health Care | Industrial |
| Office | Single Family Homes |
| Specialty | Diversified |

---

**Growth of a $10,000 investment\***

The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.

---

| | |
|:---|:---|
| Class C | Linked Index<sup>1</sup> |
| S&P 500 Index |  |

---

![Ad2 Performance Graph](g212169g48p04.jpg)

**Average annual total returns (%)\* (as of December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| With sales charge | 2.39%<sup>2</sup> | 4.72% | 5.67% |
| Without sales charge | 3.39% | 4.72% | 5.67% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Linked Index<sup>1</sup> | 2.27% | 4.85% | 5.28% |

---

\* **Data quoted represents past performance, which is no guarantee of future results.** Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.

**Key fund statistics (as of December 31, 2025)**

---

| | |
|:---|:---|
| Net assets | $8330024632 |
| Number of portfolio holdings (excluding derivatives) | 47 |
| Portfolio turnover rate | 27% |
| Net advisory fees paid | $53893278 |

---

**Portfolio holdings (as of December 31, 2025)**

---

| | |
|:---|:---|
| **Top ten holdings<sup>3,4</sup>** | **(%)** |
| Welltower, Inc. | 12.9% |
| Digital Realty Trust, Inc. | 7.8% |
| Crown Castle, Inc. | 7.1% |
| American Tower Corp. | 5.7% |
| Prologis, Inc. | 4.5% |
| Equinix, Inc. | 4.1% |
| Invitation Homes, Inc. | 2.8% |
| Extra Space Storage, Inc. | 2.8% |
| Public Storage | 2.7% |
| Iron Mountain, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| **Sector diversification<sup>3,5</sup>** | **(%)** |
| Health Care | 18.8% |
| Telecommunications | 14.9% |
| Data Centers | 11.9% |
| Industrials | 8.2% |
| Apartment | 5.7% |
| Self Storage | 5.5% |
| Specialty | 5.0% |
| Free Standing | 4.8% |
| Shopping Center | 4.5% |
| Other (includes short-term investments) | 20.7% |

---

---

| | |
|:---|:---|
| **Country diversification<sup>3,5</sup>** | **(%)**  |
| United States | 97.4% |
| Canada | 0.7% |
| Spain | 0.2% |
| Other (includes short-term investments) | 1.7% |

---

***Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.***

<sup>1</sup> The Linked Index consists of the FTSE Nareit Equity REITs Index through 3/31/2019 and the FTSE Nareit All Equity REITs Index thereafter.

<sup>2</sup> Reflects a contingent deferred sales charge of 1.00%.

<sup>3</sup> Based on net assets.

<sup>4</sup> Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.

<sup>5</sup> Excludes derivative instruments, if any.

---

| | |
|:---|:---|
| **Cohen & Steers Real Estate Securities Fund, Inc.**<br> annual shareholder report as of December 31, 2025<br> **Class F - CREFX** | ![Cohen Logo](g212169g42c77.jpg)<br> ![Cohen QR Code](g212169g65i80.jpg)<br>|

---

This annual shareholder report contains important information about Cohen & Steers Real Estate Securities Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class F | $77 | 0.75% |

---

**How did the Fund perform during the last year and what affected its performance?**

The share class had a 4.41% total return in the 12 months ended December 31, 2025, compared with the Linked Index,<sup>1</sup> which returned 2.27%, and the S&P 500 Index, which returned 17.88%.

Stock selection in the health care sector helped the Fund's relative performance compared with the Linked Index,<sup>1</sup> led by an overweight in Welltower, which continued to see strong fundamentals in its senior living facilities. A non-investment in life sciences specialist Alexandria Real Estate Equities was beneficial as its shares declined sharply; leasing for its major markets remained weak. Stock selection in office REITs also aided performance, due in large part to the timing of an allocation to Kilroy Realty. The Fund was underweight the company early in the year when it declined, but then became overweight on signs of improving leasing activity; the stock performed well over the rest of the year. Stock selection in specialty REITs contributed positively as well, led by an overweight in Outfront Media, a billboard and transit display company that rallied on strong earnings.

An underweight and stock selection in the industrial sector detracted from relative performance, due in part to an underweight in Prologis, which rallied after the company reported better-than-expected earnings and raised its guidance. An overweight in single family homes for rent also hindered performance, as the sector declined on concerns about occupancy trends and pricing power. The Fund's non-investment in diversified real estate companies further detracted, as the sector had a sizable gain.

---

| | |
|:---|:---|
| **Top contributors** | **Top detractors** |
| Health Care | Industrial |
| Office | Single Family Homes |
| Specialty | Diversified |

---

**Growth of a $10,000 investment\***

The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.

---

| | |
|:---|:---|
| Class F | Linked Index<sup>1</sup> |
| S&P 500 Index |  |

---

![Ad2 Performance Graph](g212169g34a82.jpg)

**Average annual total returns (%)\* (as of December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since inception<br> (4/3/17)**  |
| Class F<sup>2</sup> | 4.41% | 5.78% | 6.56% |
| S&P 500 Index | 17.88% | 14.43% | 14.86% |
| Linked Index<sup>1</sup> | 2.27% | 4.85% | 4.91% |

---

\* **Data quoted represents past performance, which is no guarantee of future results.** Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.

**Key fund statistics (as of December 31, 2025)**

---

| | |
|:---|:---|
| Net assets | $8330024632 |
| Number of portfolio holdings (excluding derivatives) | 47 |
| Portfolio turnover rate | 27% |
| Net advisory fees paid | $53893278 |

---

**Portfolio holdings (as of December 31, 2025)**

---

| | |
|:---|:---|
| **Top ten holdings<sup>3,4</sup>** | **(%)** |
| Welltower, Inc. | 12.9% |
| Digital Realty Trust, Inc. | 7.8% |
| Crown Castle, Inc. | 7.1% |
| American Tower Corp. | 5.7% |
| Prologis, Inc. | 4.5% |
| Equinix, Inc. | 4.1% |
| Invitation Homes, Inc. | 2.8% |
| Extra Space Storage, Inc. | 2.8% |
| Public Storage | 2.7% |
| Iron Mountain, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| **Sector diversification<sup>3,5</sup>** | **(%)** |
| Health Care | 18.8% |
| Telecommunications | 14.9% |
| Data Centers | 11.9% |
| Industrials | 8.2% |
| Apartment | 5.7% |
| Self Storage | 5.5% |
| Specialty | 5.0% |
| Free Standing | 4.8% |
| Shopping Center | 4.5% |
| Other (includes short-term investments) | 20.7% |

---

---

| | |
|:---|:---|
| **Country diversification<sup>3,5</sup>** | **(%)**  |
| United States | 97.4% |
| Canada | 0.7% |
| Spain | 0.2% |
| Other (includes short-term investments) | 1.7% |

---

***Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.***

<sup>1</sup> The Linked Index consists of the FTSE Nareit Equity REITs Index through 3/31/2019 and the FTSE Nareit All Equity REITs Index thereafter.

<sup>2</sup> This share class does not impose a sales charge.

<sup>3</sup> Based on net assets.

<sup>4</sup> Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.

<sup>5</sup> Excludes derivative instruments, if any.

---

| | |
|:---|:---|
| **Cohen & Steers Real Estate Securities Fund, Inc.**<br> annual shareholder report as of December 31, 2025<br> **Class I - CSDIX** | ![Cohen Logo](g212169g42c77.jpg)<br> ![Cohen QR Code](g212169g65i80.jpg)<br>|

---

This annual shareholder report contains important information about Cohen & Steers Real Estate Securities Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class I | $85 | 0.83% |

---

**How did the Fund perform during the last year and what affected its performance?**

The share class had a 4.31% total return in the 12 months ended December 31, 2025, compared with the Linked Index,<sup>1</sup> which returned 2.27%, and the S&P 500 Index, which returned 17.88%.

Stock selection in the health care sector helped the Fund's relative performance compared with the Linked Index,<sup>1</sup> led by an overweight in Welltower, which continued to see strong fundamentals in its senior living facilities. A non-investment in life sciences specialist Alexandria Real Estate Equities was beneficial as its shares declined sharply; leasing for its major markets remained weak. Stock selection in office REITs also aided performance, due in large part to the timing of an allocation to Kilroy Realty. The Fund was underweight the company early in the year when it declined, but then became overweight on signs of improving leasing activity; the stock performed well over the rest of the year. Stock selection in specialty REITs contributed positively as well, led by an overweight in Outfront Media, a billboard and transit display company that rallied on strong earnings.

An underweight and stock selection in the industrial sector detracted from relative performance, due in part to an underweight in Prologis, which rallied after the company reported better-than-expected earnings and raised its guidance. An overweight in single family homes for rent also hindered performance, as the sector declined on concerns about occupancy trends and pricing power. The Fund's non-investment in diversified real estate companies further detracted, as the sector had a sizable gain.

---

| | |
|:---|:---|
| **Top contributors** | **Top detractors** |
| Health Care | Industrial |
| Office | Single Family Homes |
| Specialty | Diversified |

---

**Growth of a $100,000 investment\***

The chart below shows the performance of a hypothetical $100,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.

---

| | |
|:---|:---|
| Class I | Linked Index<sup>1</sup> |
| S&P 500 Index |  |

---

![Ad2 Performance Graph](g212169g09e52.jpg)

**Average annual total returns (%)\* (as of December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class I<sup>2</sup> | 4.31% | 5.68% | 6.65% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Linked Index<sup>1</sup> | 2.27% | 4.85% | 5.28% |

---

\* **Data quoted represents past performance, which is no guarantee of future results.** Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.

**Key fund statistics (as of December 31, 2025)**

---

| | |
|:---|:---|
| Net assets | $8330024632 |
| Number of portfolio holdings (excluding derivatives) | 47 |
| Portfolio turnover rate | 27% |
| Net advisory fees paid | $53893278 |

---

**Portfolio holdings (as of December 31, 2025)**

---

| | |
|:---|:---|
| **Top ten holdings<sup>3,4</sup>** | **(%)** |
| Welltower, Inc. | 12.9% |
| Digital Realty Trust, Inc. | 7.8% |
| Crown Castle, Inc. | 7.1% |
| American Tower Corp. | 5.7% |
| Prologis, Inc. | 4.5% |
| Equinix, Inc. | 4.1% |
| Invitation Homes, Inc. | 2.8% |
| Extra Space Storage, Inc. | 2.8% |
| Public Storage | 2.7% |
| Iron Mountain, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| **Sector diversification<sup>3,5</sup>** | **(%)** |
| Health Care | 18.8% |
| Telecommunications | 14.9% |
| Data Centers | 11.9% |
| Industrials | 8.2% |
| Apartment | 5.7% |
| Self Storage | 5.5% |
| Specialty | 5.0% |
| Free Standing | 4.8% |
| Shopping Center | 4.5% |
| Other (includes short-term investments) | 20.7% |

---

---

| | |
|:---|:---|
| **Country diversification<sup>3,5</sup>** | **(%)**  |
| United States | 97.4% |
| Canada | 0.7% |
| Spain | 0.2% |
| Other (includes short-term investments) | 1.7% |

---

***Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.***

<sup>1</sup> The Linked Index consists of the FTSE Nareit Equity REITs Index through 3/31/2019 and the FTSE Nareit All Equity REITs Index thereafter.

<sup>2</sup> This share class does not impose a sales charge.

<sup>3</sup> Based on net assets.

<sup>4</sup> Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.

<sup>5</sup> Excludes derivative instruments, if any.

---

| | |
|:---|:---|
| **Cohen & Steers Real Estate Securities Fund, Inc.**<br> annual shareholder report as of December 31, 2025<br> **Class R - CIRRX** | ![Cohen Logo](g212169g42c77.jpg)<br> ![Cohen QR Code](g212169g65i80.jpg)<br>|

---

This annual shareholder report contains important information about Cohen & Steers Real Estate Securities Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class R | $127 | 1.25% |

---

**How did the Fund perform during the last year and what affected its performance?**

The share class had a 3.90% total return in the 12 months ended December 31, 2025, compared with the Linked Index,<sup>1</sup> which returned 2.27%, and the S&P 500 Index, which returned 17.88%.

Stock selection in the health care sector helped the Fund's relative performance compared with the Linked Index,<sup>1</sup> led by an overweight in Welltower, which continued to see strong fundamentals in its senior living facilities. A non-investment in life sciences specialist Alexandria Real Estate Equities was beneficial as its shares declined sharply; leasing for its major markets remained weak. Stock selection in office REITs also aided performance, due in large part to the timing of an allocation to Kilroy Realty. The Fund was underweight the company early in the year when it declined, but then became overweight on signs of improving leasing activity; the stock performed well over the rest of the year. Stock selection in specialty REITs contributed positively as well, led by an overweight in Outfront Media, a billboard and transit display company that rallied on strong earnings.

An underweight and stock selection in the industrial sector detracted from relative performance, due in part to an underweight in Prologis, which rallied after the company reported better-than-expected earnings and raised its guidance. An overweight in single family homes for rent also hindered performance, as the sector declined on concerns about occupancy trends and pricing power. The Fund's non-investment in diversified real estate companies further detracted, as the sector had a sizable gain.

---

| | |
|:---|:---|
| **Top contributors** | **Top detractors** |
| Health Care | Industrial |
| Office | Single Family Homes |
| Specialty | Diversified |

---

**Growth of a $10,000 investment\***

The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.

---

| | |
|:---|:---|
| Class R | Linked Index<sup>1</sup> |
| S&P 500 Index |  |

---

![Ad2 Performance Graph](g212169g35f91.jpg)

**Average annual total returns (%)\* (as of December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class R<sup>2</sup> | 3.90% | 5.25% | 6.21% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Linked Index<sup>1</sup> | 2.27% | 4.85% | 5.28% |

---

\* **Data quoted represents past performance, which is no guarantee of future results.** Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.

**Key fund statistics (as of December 31, 2025)**

---

| | |
|:---|:---|
| Net assets | $8330024632 |
| Number of portfolio holdings (excluding derivatives) | 47 |
| Portfolio turnover rate | 27% |
| Net advisory fees paid | $53893278 |

---

**Portfolio holdings (as of December 31, 2025)**

---

| | |
|:---|:---|
| **Top ten holdings<sup>3,4</sup>** | **(%)** |
| Welltower, Inc. | 12.9% |
| Digital Realty Trust, Inc. | 7.8% |
| Crown Castle, Inc. | 7.1% |
| American Tower Corp. | 5.7% |
| Prologis, Inc. | 4.5% |
| Equinix, Inc. | 4.1% |
| Invitation Homes, Inc. | 2.8% |
| Extra Space Storage, Inc. | 2.8% |
| Public Storage | 2.7% |
| Iron Mountain, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| **Sector diversification<sup>3,5</sup>** | **(%)** |
| Health Care | 18.8% |
| Telecommunications | 14.9% |
| Data Centers | 11.9% |
| Industrials | 8.2% |
| Apartment | 5.7% |
| Self Storage | 5.5% |
| Specialty | 5.0% |
| Free Standing | 4.8% |
| Shopping Center | 4.5% |
| Other (includes short-term investments) | 20.7% |

---

---

| | |
|:---|:---|
| **Country diversification<sup>3,5</sup>** | **(%)**  |
| United States | 97.4% |
| Canada | 0.7% |
| Spain | 0.2% |
| Other (includes short-term investments) | 1.7% |

---

***Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.***

<sup>1</sup> The Linked Index consists of the FTSE Nareit Equity REITs Index through 3/31/2019 and the FTSE Nareit All Equity REITs Index thereafter.

<sup>2</sup> This share class does not impose a sales charge.

<sup>3</sup> Based on net assets.

<sup>4</sup> Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.

<sup>5</sup> Excludes derivative instruments, if any.

---

| | |
|:---|:---|
| **Cohen & Steers Real Estate Securities Fund, Inc.**<br> annual shareholder report as of December 31, 2025<br> **Class Z - CSZIX** | ![Cohen Logo](g212169g42c77.jpg)<br> ![Cohen QR Code](g212169g65i80.jpg)<br>|

---

This annual shareholder report contains important information about Cohen & Steers Real Estate Securities Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.

**What were the Fund costs for the last year?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z | $77 | 0.75% |

---

**How did the Fund perform during the last year and what affected its performance?**

The share class had a 4.41% total return in the 12 months ended December 31, 2025, compared with the Linked Index,<sup>1</sup> which returned 2.27%, and the S&P 500 Index, which returned 17.88%.

Stock selection in the health care sector helped the Fund's relative performance compared with the Linked Index,<sup>1</sup> led by an overweight in Welltower, which continued to see strong fundamentals in its senior living facilities. A non-investment in life sciences specialist Alexandria Real Estate Equities was beneficial as its shares declined sharply; leasing for its major markets remained weak. Stock selection in office REITs also aided performance, due in large part to the timing of an allocation to Kilroy Realty. The Fund was underweight the company early in the year when it declined, but then became overweight on signs of improving leasing activity; the stock performed well over the rest of the year. Stock selection in specialty REITs contributed positively as well, led by an overweight in Outfront Media, a billboard and transit display company that rallied on strong earnings.

An underweight and stock selection in the industrial sector detracted from relative performance, due in part to an underweight in Prologis, which rallied after the company reported better-than-expected earnings and raised its guidance. An overweight in single family homes for rent also hindered performance, as the sector declined on concerns about occupancy trends and pricing power. The Fund's non-investment in diversified real estate companies further detracted, as the sector had a sizable gain.

---

| | |
|:---|:---|
| **Top contributors** | **Top detractors** |
| Health Care | Industrial |
| Office | Single Family Homes |
| Specialty | Diversified |

---

**Growth of a $10,000 investment\***

The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.

---

| | |
|:---|:---|
| Class Z | Linked Index<sup>1</sup> |
| S&P 500 Index |  |

---

![Ad2 Performance Graph](g212169g82b11.jpg)

**Average annual total returns (%)\* (as of December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class Z<sup>2</sup> | 4.41% | 5.78% | 6.74% |
| S&P 500 Index | 17.88% | 14.43% | 14.82% |
| Linked Index<sup>1</sup> | 2.27% | 4.85% | 5.28% |

---

\* **Data quoted represents past performance, which is no guarantee of future results.** Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.

**Key fund statistics (as of December 31, 2025)**

---

| | |
|:---|:---|
| Net assets | $8330024632 |
| Number of portfolio holdings (excluding derivatives) | 47 |
| Portfolio turnover rate | 27% |
| Net advisory fees paid | $53893278 |

---

**Portfolio holdings (as of December 31, 2025)**

---

| | |
|:---|:---|
| **Top ten holdings<sup>3,4</sup>** | **(%)** |
| Welltower, Inc. | 12.9% |
| Digital Realty Trust, Inc. | 7.8% |
| Crown Castle, Inc. | 7.1% |
| American Tower Corp. | 5.7% |
| Prologis, Inc. | 4.5% |
| Equinix, Inc. | 4.1% |
| Invitation Homes, Inc. | 2.8% |
| Extra Space Storage, Inc. | 2.8% |
| Public Storage | 2.7% |
| Iron Mountain, Inc. | 2.6% |

---

---

| | |
|:---|:---|
| **Sector diversification<sup>3,5</sup>** | **(%)** |
| Health Care | 18.8% |
| Telecommunications | 14.9% |
| Data Centers | 11.9% |
| Industrials | 8.2% |
| Apartment | 5.7% |
| Self Storage | 5.5% |
| Specialty | 5.0% |
| Free Standing | 4.8% |
| Shopping Center | 4.5% |
| Other (includes short-term investments) | 20.7% |

---

---

| | |
|:---|:---|
| **Country diversification<sup>3,5</sup>** | **(%)**  |
| United States | 97.4% |
| Canada | 0.7% |
| Spain | 0.2% |
| Other (includes short-term investments) | 1.7% |

---

***Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.***

<sup>1</sup> The Linked Index consists of the FTSE Nareit Equity REITs Index through 3/31/2019 and the FTSE Nareit All Equity REITs Index thereafter.

<sup>2</sup> This share class does not impose a sales charge.

<sup>3</sup> Based on net assets.

<sup>4</sup> Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.

<sup>5</sup> Excludes derivative instruments, if any.

------

(b) Not applicable.

#### Item 2. Code of Ethics.
The Registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR ("Code of Ethics") that applies to its Principal Executive Officer and Principal Financial Officer. The Code of Ethics was in effect during the reporting period. The Registrant has not amended the Code of Ethics as described in Form N-CSR during the reporting period. The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the reporting period. Upon request, a copy of the Code of Ethics can be obtained free of charge by calling 800-330-7348 or writing to the Secretary of the Registrant, 1166 Avenue of the Americas, 30<sup>th</sup> Floor, New York, NY 10036.

#### Item 3. Audit Committee Financial Expert.
The Registrant's Board of Directors (the "Board") has determined that Gerald J. Maginnis qualifies as an audit committee financial expert based on his years of experience in the public accounting profession. The Registrant's Board has determined that Michael G. Clark qualifies as an audit committee financial expert based on his years of experience in the public accounting profession and the investment management and financial services industry. The Registrant's Board has determined that Ramona Rogers-Windsor qualifies as an audit committee financial expert based on her years of experience in the investment management and financial services industry. Each of Messrs. Clark and Maginnis and Ms. Ramona Rogers-Windsor is a member of the Board's audit committee, and each is independent as such term is defined in Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the Registrant for the last two fiscal years ended December 31, 2025 and December 31, 2024 for professional services rendered by the Registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Audit Fees | $50068 | $50068 |
|  Audit-Related Fees | $0 | $0 |
|  Tax Fees | $0 | $6222 |
|  All Other Fees | $0 | $0 |

---

Tax fees were billed in connection with tax compliance services, including the review of federal and state tax returns.

(e)(1) The audit committee is required to pre-approve audit and non-audit services performed for the Registrant by the principal accountant. The audit committee also is required to pre-approve non-audit services performed by the Registrant's principal accountant for the Registrant's investment advisor and any sub-advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant's investment advisor that provides ongoing services to the Registrant, if the engagement for services relates directly to the operations and financial reporting of the Registrant.

The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the Board of the Registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting.

------

The audit committee may not delegate its responsibility to pre-approve services to be performed by the Registrant's principal accountant to the investment advisor.

(e)(2) No services included in (b) – (d) above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed by the Registrant's principal accountant for non-audit services rendered to the Registrant and for non-audit services rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant's investment advisor that provides ongoing services to the Registrant were:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Registrant | $0 | $6222 |
|  Investment Advisor | $0 | $0 |

---

(h) The Registrant's audit committee considered whether the provision of non-audit services that were rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant's investment advisor that provides ongoing services to the Registrant that were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X was compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Included in Item 7 below.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) ------

Cohen & Steers Real Estate Securities Fund, Inc.

We would like to share with you our report for the year ended December 31, 2025. The total returns for the Cohen & Steers Real Estate Securities Fund, Inc. (the Fund) and its comparative benchmarks were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>December 31, 2025 | Year Ended<br>December 31, 2025 |
|  Cohen & Steers Real Estate Securities Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | –0.11% | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | –0.40% | 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class F | 0.12% | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.02% | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | –0.13% | 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | 0.12% | 4.41% |
|  S&P 500 Index<sup>(a)</sup> | 11.00% | 17.88% |
|  FTSE Nareit All Equity REITs Index<sup>(a)</sup> | 0.47% | 2.27% |

---

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at net asset value (NAV). Performance quoted does not reflect the deduction of the maximum 4.50% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's net investment company taxable income and net realized gains. Distributions in excess of the Fund's net investment company taxable income and net realized gains are a return of capital distributed from the Fund's assets.

<sup>(a)</sup> The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. The FTSE Nareit All Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. 

------

Cohen & Steers Real Estate Securities Fund, Inc.

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | Shares | Value |
|  COMMON STOCK—REAL ESTATE | 98.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APARTMENT | 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 1238675 | $78086072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 758315 | 198435869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO Residential Real Estate Investment Trust<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO Residential Real Estate Investment Trust<sup>(a)(b)</sup> | 5505543 | 64524964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 3682915 | 135089322 |
|  |  |  | 476136227 |
| &nbsp;&nbsp;&nbsp;&nbsp; DATA CENTERS | 11.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 4201516 | 650016540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc.<sup>(c)</sup> | 443290 | 339631067 |
|  |  |  | 989647607 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREE STANDING | 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 2410384 | 173619960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 6287084 | 186474911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 2390223 | 42163534 |
|  |  |  | 402258405 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAMING | 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 1972869 | 88167516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A | 1830783 | 51481618 |
|  |  |  | 139649134 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEALTH CARE | 18.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 2836893 | 102582051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc., Class A | 9780048 | 165771814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 2086287 | 92505965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc.<sup>(d)</sup> | 3415352 | 131115363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 5802154 | 1076937804 |
|  |  |  | 1568912997 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOTEL | 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.<sup>(d)</sup> | 2175907 | 50894465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 4499416 | 40314767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 10257187 | 181859926 |
|  |  |  | 273069158 |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; INDUSTRIALS | 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 2679665 | $34460492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial Real Estate Investment Trust (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial Real Estate Investment Trust (Canada) | 6619938 | 60674525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 1071172 | 190818580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc.<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc.<sup>(e)</sup> | 512050 | 17921748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 2959156 | 377765855 |
|  |  |  | 681641200 |
| &nbsp;&nbsp;&nbsp;&nbsp; INFRASTRUCTURE | 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (Spain)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (Spain)<sup>(a)</sup> | 615464 | 19839935 |
| &nbsp;&nbsp;&nbsp;&nbsp; MANUFACTURED HOME | 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 672979 | 40789257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 1560388 | 193347677 |
|  |  |  | 234136934 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFFICE | 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 2139779 | 144392287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 6865073 | 44760276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.<sup>(d)</sup> | 1136891 | 12312529 |
|  |  |  | 201465092 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGIONAL MALL | 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 1068272 | 197747830 |
| &nbsp;&nbsp;&nbsp;&nbsp; SELF STORAGE | 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 1762773 | 229548300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 866773 | 224927594 |
|  |  |  | 454475894 |
| &nbsp;&nbsp;&nbsp;&nbsp; SHOPPING CENTER | 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust<sup>(b)</sup> | 8821503 | 181193672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 1023835 | 20753135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 7056893 | 169153725 |
|  |  |  | 371100532 |
| &nbsp;&nbsp;&nbsp;&nbsp; SINGLE FAMILY HOMES | 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 8538030 | 237271854 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPECIALTY | 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 2615444 | 216951080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 8304246 | 200132328 |
|  |  |  | 417083408 |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; TELECOMMUNICATIONS | 14.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp.<sup>(c)</sup> | 2726230 | $478644201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 6608798 | 587323878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | 920269 | 178007633 |
|  |  |  | 1243975712 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIMBERLAND | 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 7449310 | 161277562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 4231728 | 100249636 |
|  |  |  | 261527198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Identified cost—$7,094,183,138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Identified cost—$7,094,183,138) |  | 8169939117 |
|  WARRANTS—REAL ESTATE—OFFICE | 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc., exercise<br>price $0.07<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc., exercise<br>price $0.07<sup>(d)(f)</sup> | 1998183 | 21500449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL WARRANTS <br>(Identified cost—$31,051,761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL WARRANTS <br>(Identified cost—$31,051,761) |  | 21500449 |
|  SHORT-TERM INVESTMENTS | 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MONEY MARKET FUNDS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.74%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.74%<sup>(g)</sup> | 62087417 | 62087417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.74%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.74%<sup>(g)</sup> | 40572865 | 40572865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Identified cost—$102,660,282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Identified cost—$102,660,282) |  | 102660282 |
|  TOTAL INVESTMENTS IN SECURITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Identified cost—$7,227,895,181) | 99.6% |  | 8294099848 |
|  WRITTEN OPTION CONTRACTS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Premiums received—$649,505) | (0.0) |  | (292695) |
|  OTHER ASSETS IN EXCESS OF LIABILITIES | 0.4 |  | 36217479 |
|  NET ASSETS | 100.0% |  | $8330024632 |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2025

Exchange-Traded Option Contracts

Written Options

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Exercise<br>Price | Expiration<br>Date | Number of<br>Contracts | Notional<br>Amount<sup>(h)</sup> | Premiums<br>Received | Value |
|  Put—Americold Realty Trust, Inc. | $12.50 | 1/16/26 | (9648) | $(12407328) | $(439813) | $(241200) |
|  Put—Equity Residential | 57.50 | 1/16/26 | (3433) | (21641632) | (209692) | (51495) |
|  |  |  | (13081) | $(34048960) | $(649505) | $(292695) |

---

Glossary of Portfolio Abbreviations

REIT Real Estate Investment Trust

Fair Value Hierarchy as of Year 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 Financial Statements.

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 Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Investments<br>(Level 1) | Other<br>Significant<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Common Stock | $8169939117 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8169939117 |
|  Warrants |  | 21500449 |  | 21500449 |
|  Short-Term Investments |  | 102660282 |  | 102660282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $8169939117 | $124160731 | $— | $8294099848 |
|  Written Option Contracts | $(292695) | $— | $— | $(292695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Derivative Liabilities | $(292695) | $— | $— | $(292695) |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2025

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

<sup>(a)</sup> 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 $84,364,899 which represents 1.0% of the net assets of the Fund, of which 0.8% are illiquid. 

<sup>(b)</sup> Affiliated issuer in which the Fund owns 5% or more of the outstanding voting shares. 

<sup>(c)</sup> All or a portion of the security is pledged in connection with exchange-traded written option contracts. $23,068,872 in aggregate has been pledged as collateral. 

<sup>(d)</sup> Non–income producing security.

<sup>(e)</sup> Restricted security. Aggregate holdings equal 0.2% of the net assets of the Fund. This security was acquired on August 3, 2020 and September 22, 2021, at an aggregate cost of $32,522,915. 

<sup>(f)</sup> These warrants do not have a stated expiration date.

<sup>(g)</sup> Rate quoted represents the annualized seven–day yield.

<sup>(h)</sup> Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | |
|:---|:---|
|  ASSETS: | ASSETS: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers, at value (Identified cost—$6,967,478,791) | $8048381212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers, at value (Identified cost—$260,416,390) | 245718636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (Identified cost—$435,040) | 440116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 31448544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 18809971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 17747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8344816226 |
|  LIABILITIES: | LIABILITIES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts, at value (Premiums received—$649,505) | 292695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 7112934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 4710320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees | 1260935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 282026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 150505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 980385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 14791594 |
|  NET ASSETS | $8330024632 |
|  NET ASSETS consist of: | NET ASSETS consist of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $7344772629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated loss) | 985252003 |
|  | $8330024632 |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

December 31, 2025

---

| | |
|:---|:---|
|  CLASS A SHARES: | CLASS A SHARES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $623972886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding ($0.001 par value common stock outstanding) | 38778379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $16.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share ($16.09 ÷ 0.955)<sup>(a)</sup> | $16.85 |
|  CLASS C SHARES: | CLASS C SHARES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $13835490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding ($0.001 par value common stock outstanding) | 994706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share<sup>(b)</sup> | $13.91 |
|  CLASS F SHARES: | CLASS F SHARES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $619819495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding ($0.001 par value common stock outstanding) | 35693265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.37 |
|  CLASS I SHARES: | CLASS I SHARES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $5605833328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding ($0.001 par value common stock outstanding) | 322885489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.36 |
|  CLASS R SHARES: | CLASS R SHARES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $18058167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding ($0.001 par value common stock outstanding) | 1044609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.29 |
|  CLASS Z SHARES: | CLASS Z SHARES: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $1448505266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding ($0.001 par value common stock outstanding) | 83406929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.37 |

---

<sup>(a)</sup> On investments of $100,000 or more, the offering price is reduced. 

<sup>(b)</sup> Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1.00% on shares held for less than one year. 

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
|  Investment Income: | Investment Income: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of $429,268 of foreign withholding tax) | $230716753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (net of $219,877 of foreign withholding tax) | 7248216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 5960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 237970929 |
|  Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 53893278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class A | 1670884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class C | 154985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees—Class R | 91794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees—Class A | 668353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees—Class C | 51662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees—Class I | 4604805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 3651644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 973015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 652145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees and expenses | 345714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 258178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 103178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees and expenses | 85434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 229171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 67434240 |
|  Net Investment Income (Loss) | 170536689 |
|  Net Realized and Unrealized Gain (Loss): | Net Realized and Unrealized Gain (Loss): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | 229584285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | 1203875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | 13907465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 104990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 244800615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | (32227627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | (50482972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | 300395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 6144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (82404060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 162396555 |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $332933244 |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 |
|  Change in Net Assets: | Change in Net Assets: | Change in Net Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $170536689 | $150387507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 244800615 | 203895104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (82404060) | 142428895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 332933244 | 496711506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (24185095) | (13237900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (629193) | (527021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class F | (23154716) | (12340860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (198333709) | (99913419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (590257) | (298825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (53018459) | (27050355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Return of Capital to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (5886622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (370401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class F |  | (4387812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (37805015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (153619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (9886666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (299911429) | (211858515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Stock Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from Fund share transactions | 635185723 | 51735707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 668207538 | 336588698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7661817094 | 7325228396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $8330024632 | $7661817094 |

---

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

FINANCIAL HIGHLIGHTS

The following tables include selected data for a share outstanding throughout each year and other performance information derived from the financial statements. They should be read in conjunction with the financial statements and notes thereto.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A | Class A | Class A | Class A | Class A |
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
| Per Share Operating Data: | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $16.05 | $15.48 | $14.16 | $20.70 | $15.34 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.29 | 0.26 | 0.29 | 0.22 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.36 | 0.75 | 1.48 | (5.63) | 6.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 1.01 | 1.77 | (5.41) | 6.30 |
|  Less dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) | (0.31) | (0.32) | (0.25) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.28) |  |  | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.13) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.61) | (0.44) | (0.45) | (1.13) | (0.94) |
|  Net increase (decrease) in net asset value | 0.04 | 0.57 | 1.32 | (6.54) | 5.36 |
|  Net asset value, end of year | $16.09 | $16.05 | $15.48 | $14.16 | $20.70 |
|  Total return<sup>(b)(c)</sup> | 4.00% | 6.48% | 12.78% | -26.49% | 41.68% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
|  Net assets, end of year (in millions) | $624 | $673.8 | $760.1 | $836 | $1018.5 |
|  Ratios to average daily net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.75% | 1.62% | 1.99% | 1.33% | 0.39% |
|  Portfolio turnover rate | 27% | 35% | 41% | 34% | 55% |

---

<sup>(a)</sup> Calculation based on average shares outstanding.

<sup>(b)</sup> Return assumes the reinvestment of all dividends and distributions at net asset value.

<sup>(c)</sup> Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class C | Class C | Class C | Class C | Class C |
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
| Per Share Operating Data: | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $13.94 | $13.51 | $12.40 | $18.31 | $13.66 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.10 | 0.15 | 0.07 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 0.67 | 1.33 | (4.95) | 5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.48 | 0.77 | 1.48 | (4.88) | 5.49 |
|  Less dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.21) | (0.24) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.28) |  |  | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.13) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.51) | (0.34) | (0.37) | (1.03) | (0.84) |
|  Net increase (decrease) in net asset value | (0.03) | 0.43 | 1.11 | (5.91) | 4.65 |
|  Net asset value, end of year | $13.91 | $13.94 | $13.51 | $12.40 | $18.31 |
|  Total return<sup>(b)(c)</sup> | 3.39% | 5.70% | 12.17% | -27.00% | 40.71% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
|  Net assets, end of year (in millions) | $13.8 | $28.3 | $49.3 | $66.3 | $117.2 |
|  Ratios to average daily net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.80% | 0.73% | 1.15% | 0.44% | (0.46)% |
|  Portfolio turnover rate | 27% | 35% | 41% | 34% | 55% |

---

<sup>(a)</sup> Calculation based on average shares outstanding.

<sup>(b)</sup> Return assumes the reinvestment of all dividends and distributions at net asset value.

<sup>(c)</sup> Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class F | Class F | Class F | Class F | Class F |
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
| Per Share Operating Data: | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $17.27 | $16.63 | $15.16 | $22.07 | $16.30 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.38 | 0.36 | 0.37 | 0.33 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.38 | 0.77 | 1.60 | (6.06) | 6.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.76 | 1.13 | 1.97 | (5.73) | 6.78 |
|  Less dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.36) | (0.37) | (0.30) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.28) |  |  | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.13) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.66) | (0.49) | (0.50) | (1.18) | (1.01) |
|  Net increase (decrease) in net asset value | 0.10 | 0.64 | 1.47 | (6.91) | 5.77 |
|  Net asset value, end of year | $17.37 | $17.27 | $16.63 | $15.16 | $22.07 |
|  Total return<sup>(b)</sup> | 4.41% | 6.79% | 13.30% | -26.28% | 42.19% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
|  Net assets, end of year (in millions) | $619.8 | $598.6 | $545.8 | $618.5 | $541.8 |
|  Ratios to average daily net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.18% | 2.12% | 2.39% | 1.86% | 0.82% |
|  Portfolio turnover rate | 27% | 35% | 41% | 34% | 55% |

---

<sup>(a)</sup> Calculation based on average shares outstanding.

<sup>(b)</sup> Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I | Class I | Class I | Class I | Class I |
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
| Per Share Operating Data: | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $17.26 | $16.62 | $15.16 | $22.07 | $16.30 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.38 | 0.34 | 0.37 | 0.30 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 0.78 | 1.58 | (6.04) | 6.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.75 | 1.12 | 1.95 | (5.74) | 6.76 |
|  Less dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.37) | (0.35) | (0.36) | (0.29) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.28) |  |  | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.13) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.65) | (0.48) | (0.49) | (1.17) | (0.99) |
|  Net increase (decrease) in net asset value | 0.10 | 0.64 | 1.46 | (6.91) | 5.77 |
|  Net asset value, end of year | $17.36 | $17.26 | $16.62 | $15.16 | $22.07 |
|  Total return<sup>(b)</sup> | 4.31% | 6.71% | 13.15% | -26.34% | 42.07% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
|  Net assets, end of year (in billions) | $5.6 | $5.0 | $4.7 | $4.3 | $5.8 |
|  Ratios to average daily net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.83% | 0.84% | 0.84% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.13% | 2.01% | 2.36% | 1.64% | 0.73% |
|  Portfolio turnover rate | 27% | 35% | 41% | 34% | 55% |

---

<sup>(a)</sup> Calculation based on average shares outstanding.

<sup>(b)</sup> Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class R | Class R | Class R | Class R | Class R |
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
| Per Share Operating Data: | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $17.19 | $16.55 | $15.10 | $21.98 | $16.24 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.29 | 0.26 | 0.30 | 0.22 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.38 | 0.79 | 1.57 | (6.01) | 6.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 1.05 | 1.87 | (5.79) | 6.65 |
|  Less dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.28) | (0.29) | (0.21) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.28) |  |  | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.13) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.57) | (0.41) | (0.42) | (1.09) | (0.91) |
|  Net increase (decrease) in net asset value | 0.10 | 0.64 | 1.45 | (6.88) | 5.74 |
|  Net asset value, end of year | $17.29 | $17.19 | $16.55 | $15.10 | $21.98 |
|  Total return<sup>(b)</sup> | 3.90% | 6.30% | 12.66% | -26.63% | 41.48% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
|  Net assets, end of year (in millions) | $18.1 | $18.3 | $22.2 | $20.2 | $30.3 |
|  Ratios to average daily net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.67% | 1.52% | 1.94% | 1.21% | 0.34% |
|  Portfolio turnover rate | 27% | 35% | 41% | 34% | 55% |

---

<sup>(a)</sup> Calculation based on average shares outstanding.

<sup>(b)</sup> Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, | For the Year Ended December 31, |
| Per Share Operating Data: | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of year | $17.27 | $16.63 | $15.17 | $22.07 | $16.30 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.39 | 0.36 | 0.38 | 0.32 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 0.77 | 1.58 | (6.04) | 6.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.76 | 1.13 | 1.96 | (5.72) | 6.78 |
|  Less dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.36) | (0.37) | (0.30) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.28) |  |  | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.13) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders | (0.66) | (0.49) | (0.50) | (1.18) | (1.01) |
|  Net increase (decrease) in net asset value | 0.10 | 0.64 | 1.46 | (6.90) | 5.77 |
|  Net asset value, end of year | $17.37 | $17.27 | $16.63 | $15.17 | $22.07 |
|  Total return<sup>(b)</sup> | 4.41% | 6.79% | 13.23% | -26.23% | 42.19% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
|  Net assets, end of year (in billions) | $1.4 | $1.3 | $1.3 | $1.1 | $1.4 |
|  Ratios to average daily net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.22% | 2.09% | 2.45% | 1.75% | 0.84% |
|  Portfolio turnover rate | 27% | 35% | 41% | 34% | 55% |

---

<sup>(a)</sup> Calculation based on average shares outstanding.

<sup>(b)</sup> Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Real Estate Securities Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on July 3, 1997 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a non-diversified, open-end management investment company. The Fund's investment objective is total return through investment in real estate securities. The authorized shares of the Fund are divided into six classes designated Class A, C, F, I, R and Z shares. Each of the Fund's shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares).

Effective at the close of business on November 8, 2019 (the Closing Date), the Fund was closed to new investors subject to certain exceptions outlined in the Fund's prospectus. Existing shareholders of the Fund may continue to add to their positions following the Closing Date. Please see the Fund's prospectus for additional information.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

*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 based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

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

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

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 Board of Directors has designated the investment advisor as the Fund's "Valuation Designee" under Rule 2a-5 under 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.

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

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

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.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

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 December 31, 2025 are disclosed in the Fund's Schedule of Investments.

*Security Transactions, Investment Income and Expense Allocations:* Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from REITs are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

*Foreign Currency Translation:* The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any,) currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

*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 on the Statement of Assets and Liabilities 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 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

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

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.

*Dividends and Distributions to Shareholders:* Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund based on the NAV per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended December 31, 2025, a portion of the dividends has been reclassified to distributions from net realized gain.

*Income Taxes:* It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities are recorded net of non-U.S. taxes paid. Security and foreign currency transactions and any gains realized by the Fund on the sale of securities in certain non-U.S. markets are subject to non-U.S. taxes. The Fund records a liability based on any unrealized gains on securities held in these markets in order to estimate the potential non-U.S. taxes due upon the sale of these securities. Management has analyzed the Fund's tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of December 31, 2025, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates

*Investment Advisory Fees:* Cohen & Steers Capital Management, Inc. serves as the Fund's investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-day investment decisions and generally manages the Fund's investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

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Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.75% of the average daily net assets of the Fund up to and including $1.5 billion and 0.65% of the average daily net assets above $1.5 billion.

*Administration Fees:* The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.04% of the average daily net assets of the Fund. For the year ended December 31, 2025, the Fund incurred $3,224,202 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

*Distribution Fees:* Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted an amended distribution and service plan (the plan) pursuant to Rule 12b-1 under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its shares. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares, up to 0.75% of the average daily net assets attributable to Class C shares and up to 0.50% of the average daily net assets attributable to Class R shares. In addition, with respect to Class R shares, such amounts may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.

There is a maximum initial sales charge of 4.50% for Class A shares. There is a maximum contingent deferred sales charge (CDSC) of 1.00% on purchases of $1 million or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a maximum CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the year ended December 31, 2025, the Fund has been advised that the distributor received $1,064, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $79 of CDSC relating to redemptions of Class C shares. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.

*Shareholder Servicing Fees:* For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund's Class A and Class I shares and up to 0.25% of the average daily net assets of the Fund's Class C shares. The distributor is responsible for paying qualified financial institutions for shareholder services.

*Directors' and Officers' Fees:* Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer who received compensation from the

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Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

investment advisor, which was reimbursed by the Fund, in the amount of $47,978 for the year ended December 31, 2025.

*Other Transactions with Affiliates:* The 1940 Act defines "affiliated companies" to include securities in which a fund owns 5% or more of the outstanding voting shares of an issuer. The following chart lists the issuers owned by the Fund that are deemed to be "affiliated companies," as well as transactions that occurred in the securities of such issuers during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | Common Stock—<br>Real Estate—<br>Acadia Realty<br>Trust | Common Stock—<br>Real Estate—<br>GO Residential<br>Real Estate<br>Investment<br>Trust |
|  Beginning Value as of December 31, 2024 | $221236913 | $— |
|  Purchases at Cost |  | 82583145 |
|  Proceeds from Sales | (8822325) |  |
|  Net Realized Gain (Loss) | 1203875 |  |
|  Change in Unrealized Appreciation (Depreciation) | (32424791) | (18058181) |
|  Ending Value as of December 31, 2025 | $181193672 | $64524964 |
|  Shares as of December 31, 2025 | 8821503 | 5505543 |
|  Dividend Income | $6002242 | $1245974 |

---

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the year ended December 31, 2025, totaled $2,685,803,517 and $2,176,964,369, respectively.

Note 4. Derivative Investments

The following tables present the value of derivatives held at December 31, 2025 and the effect of derivatives held during the year ended December 31, 2025, if any, along with the respective location in the financial statements.

Statement of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets | Assets | Liabilities | Liabilities |
| Derivatives | Location | Fair Value | Location | Fair Value |
|  Equity Risk: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Option Contracts—Exchange-Traded<sup>(a)</sup> |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Written option<br>contracts, at value | $292695 |

---

<sup>(a)</sup> Not subject to a master netting agreement or another similar arrangement.

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Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Statement of Operations

---

| | | | |
|:---|:---|:---|:---|
| Derivatives | Location | Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Equity Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contracts<sup>(a)</sup> | Net Realized and Unrealized Gain (Loss) | $(1215951) | $133299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Option Contracts | Net Realized and Unrealized Gain (Loss) | 13907465 | 300395 |

---

<sup>(a)</sup> Purchased option contracts are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities of unaffiliated issuers.

The following summarizes the monthly average volume of the Fund's option contracts activity for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | Purchased<br>Option<br>Contracts | Written<br>Option<br>Contracts |
|  Average Notional Amount<sup>(a)(b)</sup> | $23676645 | $148009882 |

---

<sup>(a)</sup> Average notional amount represents the average for all months in which the Fund had option contracts outstanding at month-end. For the period, this represents, four months for purchased option contracts and twelve months for written option contracts. 

<sup>(b)</sup> Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price. 

Note 5. Income Tax Information

The tax character of dividends and distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | For the Year Ended<br>December 31, | For the Year Ended<br>December 31, |
|  | 2025 | 2024 |
|  Ordinary income | $204164595 | $153368380 |
|  Long-term capital gain | 95746834 |  |
|  Tax return of capital |  | 58490135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | $299911429 | $211858515 |

---

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Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

As of December 31, 2025, the tax-basis components of accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:

---

| | |
|:---|:---|
|  Cost of investments in securities for federal income tax purposes | $7328295455 |
|  Gross unrealized appreciation on investments | $1526371204 |
|  Gross unrealized depreciation on investments | (560210002) |
|  Net unrealized appreciation (depreciation) on investments | $966161202 |
|  Undistributed long-term capital gains | $121690 |

---

During the year ended December 31, 2025, the Fund utilized net capital loss carryforwards of $92,590,447.

As of December 31, 2025, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities, straddle deferrals and certain REIT dividends, and permanent book/tax differences primarily attributable to prior year REIT distribution adjustments and Fund redemptions used as distributions. To reflect reclassifications arising from the permanent differences, paid-in capital was credited $4,109,899 and total distributable earnings/(accumulated loss) was charged $4,109,899. Net assets were not affected by this reclassification.

Note 6. Capital Stock

The Fund is authorized to issue one billion shares of capital stock, at a par value of $0.001 per share, classified in six classes as follows: 100 million of Class A capital stock, 50 million of Class C capital stock, 100 million of Class F capital stock, 550 million of Class I capital stock, 50 million of Class R capital stock and 150 million of Class Z capital stock. The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. With the exception of Class C shares held through certain intermediaries, Class C shares will automatically convert into Class A shares on a monthly basis approximately eight years after the original date of purchase. Transactions in Fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  Class A: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 6621597 | $108094126 | 6133239 | $98202576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends and distributions | 1342670 | 21974289 | 1066601 | 17365439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (11174939) | (183055062) | (14302913) | (227099049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (3210672) | $(52986647) | (7103073) | $(111531034) |

---

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Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  Class C: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 14820 | $210671 | 36491 | $507984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends and distributions | 42125 | 597427 | 58975 | 830794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1093795) | (15503649) | (1712461) | (23804707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (1036850) | $(14695551) | (1616995) | $(22465929) |
|  Class F: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 8751732 | $153322060 | 12399622 | $206657263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends and distributions | 1002371 | 17679843 | 791255 | 13862595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8726464) | (154195445) | (11356122) | (191173683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 1027639 | $16806458 | 1834755 | $29346175 |
|  Class I: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 68948702 | $1213196132 | 66716998 | $1130583745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends and distributions | 10604051 | 186982440 | 7376261 | 129497930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (48514202) | (852176978) | (64457454) | (1096880485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 31038551 | $548001594 | 9635805 | $163201190 |
|  Class R: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 325288 | $5700837 | 265342 | $4465762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends and distributions | 33625 | 590257 | 25990 | 452444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (376537) | (6608781) | (571447) | (9641540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (17624) | $(317687) | (280115) | $(4723334) |
|  Class Z: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 25330972 | $445666726 | 21271113 | $365755978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends and distributions | 2756298 | 48610048 | 1905608 | 33466639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (20207074) | (355899218) | (23225326) | (401313978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 7880196 | $138377556 | (48605) | $(2091361) |

---

Note 7. Other Risks

*Common Stock Risk:* While common stocks have historically generated higher average returns than fixed-income securities over the long-term, common stocks have also experienced significantly

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. The value of common stocks and other equity securities will fluctuate in response to developments concerning the company, political and regulatory circumstances, the stock market, and the economy. In the short term, stock prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, stocks of large companies can react differently than stocks of smaller companies, and value stocks (stocks of companies that are undervalued by various measures and have potential for long-term capital appreciation), can react differently from growth stocks (stocks of companies with attractive cash flow returns on invested capital and earnings that are expected to grow). These developments can affect a single company, all companies within the same industry, economic sector or geographic region, or the stock market as a whole.

*Real Estate Market Risk:* Since the Fund concentrates its assets in companies engaged in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and market recessions. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The risks of investing in REITs are similar to those associated with direct investments in real estate securities.

*REIT Risk:* In addition to the risks of securities linked to the real estate industry, REITs are subject to certain other risks related to their structure and focus. REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for pass-through of income under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

*Small- and Medium-Sized Companies Risk:* Companies in the real estate industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller company's stock, which means that buy and sell transactions in that stock could have a larger impact on the stock's price than is the case with larger company stocks. Smaller companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on a smaller company's stock price than is the case for a larger company. Further, smaller company stocks may perform differently in different cycles than larger company stocks. Accordingly, real estate company shares can, and at times will, perform differently than large company stocks.

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

*Non-Diversification Risk:* As a "non-diversified" investment company, the Fund can invest in fewer individual companies than a diversified investment company. As a result, the Fund is more susceptible to any single political, regulatory or economic occurrence and to the financial condition of individual issuers in which it invests. The Fund's relative lack of diversity may subject investors to greater risk of loss than a fund that has a diversified portfolio.

*Options Risk:* Gains on options transactions depend on the investment advisor's ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not engaged in such transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for certain options not traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading after the price has risen or fallen more than the maximum specified by the exchange.

Although the Fund may be able to offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to control its losses.

*Market Disruption and Geopolitical Risk:* Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund's investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event.

Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund's investments.

*Regulatory Risk:* Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator's disagreement with the Fund's interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund's ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Additional legislative or regulatory actions may alter or impair certain market participants' ability to utilize certain investment strategies and techniques.

The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies' operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

*Cybersecurity Risk:* With the increased use of technologies such as the Internet and artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment advisor), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment advisor, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.

Each of the Fund and the investment advisor may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund's third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.

*Shareholder Concentration Risk:* The Fund may have one or more large shareholders or a group of shareholders investing in Fund shares indirectly through an account, platform or program sponsored by a financial institution. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). Investment and asset allocation decisions by such financial institutions regarding the account, platform or program through which multiple shareholders invest may result in subscription and redemption decisions that have a

------

Cohen & Steers Real Estate Securities Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

significant impact on the assets, expenses and trading activities of the Fund. Such a decision may cause the Fund to sell assets (or invest cash) at disadvantageous times or prices, increase or accelerate taxable income and/or gains or transaction costs and may negatively affect the Fund's NAV, performance, or ability to satisfy redemptions in a timely manner. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. A number of circumstances may cause a Fund to experience large redemptions, such as changes in investors' circumstances; changes in the eligibility criteria for a Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

This is not a complete list of the risks of investing in the Fund. For additional information concerning the risks of investing in the Fund, please consult the Fund's prospectus.

Note 8. Operating Segments

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund's investment advisor and the Fund's chief executive officer and chief financial officer act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.

Note 9. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 10. Subsequent Events

Management has evaluated events and transactions occurring after December 31, 2025 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

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Cohen & Steers Real Estate Securities Fund, Inc.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Cohen & Steers Real Estate Securities Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cohen & Steers Real Estate Securities Fund, Inc. (the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, portfolio company and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, NY

February 23, 2026

We have served as the auditor of one or more investment companies in the Cohen & Steers family of funds since 1991.

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Cohen & Steers Real Estate Securities Fund, Inc.

(The following pages are unaudited)

TAX INFORMATION—2025

For the calendar year ended December 31, 2025, for individual taxpayers, the Fund designates $8,220,754 as qualified dividend income eligible for reduced tax rates, long-term capital gain distributions of $79,164,071 taxable at the maximum 20% rate, long-term capital gain distributions of $21,368,859 taxable at the maximum 25% rate and $169,771,674 as qualified business income for the 20% deduction. In addition, for corporate taxpayers, 0.21% of the ordinary dividends paid qualified for the dividends received deduction (DRD).

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 330-7348, (ii) on our website at cohenandsteers.com or (iii) on the U.S. Securities and Exchange Commission's (SEC) website at http://www.sec.gov. In addition, the Fund's proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling (800) 330-7348 or (ii) on the SEC's website at http://www.sec.gov.

Disclosures of the Fund's complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund's fiscal quarter. The Fund's Form N-PORT is available (i) without charge, upon request, by calling (800) 330-7348 or (ii) on the SEC's website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's net investment company taxable income and net realized gains. Distributions in excess of the Fund's net investment company taxable income and net realized gains are a return of capital distributed from the Fund's assets. To the extent this occurs, the Fund's shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital decrease the Fund's total assets and, therefore, could have the effect of increasing the Fund's expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

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Cohen & Steers Real Estate Securities Fund, Inc.

Cohen & Steers Privacy Policy

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| | |
|:---|:---|
| Facts | What Does Cohen & Steers Do With Your Personal Information? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | &nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>• Social Security number and account balances<br>• Transaction history and account transactions<br>• Purchase history and wire transfer instructions<br>|
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| Reasons we can share your personal information | Does Cohen & Steers<br>share? | Can you limit this<br>sharing? |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For our everyday business purposes—<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For our marketing purposes—<br> to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies— | No | We don't share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For our affiliates' everyday business purposes—<br> information about your transactions and experiences | No | We don't share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For our affiliates' everyday business purposes—<br> information about your creditworthiness | No | We don't share |
| For our affiliates to market to you— | No | We don't share |
| For non-affiliates to market to you— | No | We don't share |
| Questions? Call (800) 330-7348 |  |  |

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Cohen & Steers Real Estate Securities Fund, Inc.

Cohen & Steers Privacy Policy—(Continued)

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| | |
|:---|:---|
| Who we are |  |
| Who is providing this notice? | Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers). |
| What we do |  |
| How does Cohen & Steers protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information. |
| How does Cohen & Steers collect my personal information? | &nbsp;&nbsp;&nbsp;&nbsp; We collect your personal information, for example, when you:<br>• Open an account or buy securities from us<br>• Provide account information or give us your contact information<br>• Make deposits or withdrawals from your account<br>We also collect your personal information from other companies. |
| Why can't I limit all sharing? | &nbsp;&nbsp;&nbsp;&nbsp; Federal law gives you the right to limit only:<br>• sharing for affiliates' everyday business purposes—information about your creditworthiness<br>• affiliates from using your information to market to you<br>• sharing for non-affiliates to market to you<br>State law and individual companies may give you additional rights to limit sharing. |
| Definitions |  |
| Affiliates | &nbsp;&nbsp;&nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>• Cohen & Steers does not share with affiliates.<br>|
| Non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>• Cohen & Steers does not share with non-affiliates.<br>|
| Joint marketing | &nbsp;&nbsp;&nbsp;&nbsp; A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br>• Cohen & Steers does not jointly market.<br>|

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Cohen & Steers Real Estate Securities Fund, Inc.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS

REAL ESTATE SECURITIES FUND

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS

INSTITUTIONAL REALTY SHARES

• Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

• Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

• Designed for investors seeking total return, investing primarily in global real estate equity securities

• Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS

INTERNATIONAL REALTY FUND

• Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities

• Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

• Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

• Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

• Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies

• Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

• Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies

• Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX

COHEN & STEERS FUTURE OF ENERGY FUND

• Designed for investors seeking total return, investing primarily in securities of traditional and alternative energy companies

• Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS

GLOBAL INFRASTRUCTURE FUND

• Designed for investors seeking total return, investing primarily in global infrastructure securities

• Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling (800) 330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

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Cohen & Steers Real Estate Securities Fund, Inc.

OFFICERS AND DIRECTORS

Joseph M. Harvey

Director and Chair

Adam M. Derechin

Director

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

Ramona Rogers-Windsor

Director

James Giallanza

President and Chief Executive Officer

Albert Laskaj

Chief Financial Officer

Steven Frank

Treasurer

Dana A. DeVivo

Secretary and Chief Legal Officer

Stephen Murphy

Chief Compliance Officer

and Vice President

Nargis Hilal

Deputy Chief Compliance Officer and

Vice President

Yigal D. Jhirad

Vice President

Jason A. Yablon

Vice President

Mathew Kirschner

Vice President

KEY INFORMATION

Investment Advisor and Administrator

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30<sup>th</sup> Floor

New York, NY 10036

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

SS&C GIDS, Inc.

1055 Broadway

Kansas City, MO 64105

(800) 437-9912

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Distributor

Cohen & Steers Securities, LLC

1166 Avenue of the Americas, 30<sup>th</sup> Floor

New York, NY 10036

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| | |
|:---|:---|
| NASDAQ Symbol: | Class A—CSEIX |
|  | Class C—CSCIX |
|  | Class F—CREFX |
|  | Class I—CSDIX |
|  | Class R—CIRRX |
|  | Class Z—CSZIX |

---

Website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Real Estate Securities Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

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![LOGO](g212169g67j10.jpg)

Annual Financial Statements and Additional Information December 31, 2025

## Cohen & Steers

## Real Estate

## Securities Fund
If you would like to receive shareholder reports and other communications from the Fund electronically instead of by mail, you may make that request at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, you can call (800) 330-7348.

If you have previously elected to receive shareholder reports electronically, you will continue to do so and need not take any action.

CSEIXAR

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(b) Included in paragraph (a) above.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board implemented after the Registrant last provided disclosure in response to this Item.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.](d212169dex99cert.htm)

[(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a- 2(b) under the Investment Company Act of 1940.](d212169dex99906cert.htm)

------

#### 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 REAL ESTATE SECURITIES FUND, INC.

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| | |
|:---|:---|
| By: | /s/ James Giallanza |
|  | Name: James Giallanza |
|  | Title: Principal Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(President and Chief Executive Officer) |
|  | Title: Principal Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(President and Chief Executive Officer) |
| Date: March 4, 2026 | Date: March 4, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ James Giallanza |
|  | Name: James Giallanza |
|  | Title: Principal Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(President and Chief Executive Officer) |
|  | Title: Principal Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(President and Chief Executive Officer) |
| By: | /s/ Albert Laskaj |
|  | Name: Albert Laskaj |
|  | Title: Principal Financial Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chief Financial Officer) |
|  | Title: Principal Financial Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chief Financial Officer) |
| Date: March 4, 2026 | Date: March 4, 2026 |

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## Ex-99.Cert

**EX-99.CERT** 

**EXHIBIT 19 (a)(3)** 

**RULE 30a-2(a) CERTIFICATIONS** 

I, James Giallanza, certify that:

1. I have reviewed this report on Form N-CSR of Cohen & Steers
Real Estate Securities Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's Board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Date: March 4, 2026

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| |
|:---|
| /s/ James Giallanza |
| James Giallanza<br> Principal Executive Officer<br> (President and Chief Executive Officer) |

---

------

**EXHIBIT 19 (a)(3)** 

**RULE 30a-2(a) CERTIFICATIONS** 

I, Albert Laskaj, certify that:

1. I have reviewed this report on Form N-CSR of Cohen & Steers
Real Estate Securities Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's Board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Date: March 4, 2026

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| |
|:---|
| /s/ Albert Laskaj |
| Albert Laskaj<br> Principal Financial Officer<br> (Chief Financial Officer) |

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## Exhibit 99.906

**EX-99.906CERT** 

**EXHIBIT 19 (b)** 

**RULE 30a-2(b) CERTIFICATIONS** 

In connection with the Report of Cohen & Steers Real Estate Securities Fund, Inc. (the "Company") on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Giallanza, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
|  /s/ James Giallanza |
|  James Giallanza |
|  Principal Executive Officer |
|  (President and Chief Executive Officer) |
|  Date: March 4, 2026 |

---

------

**EXHIBIT 19 (b)** 

**RULE 30a-2(b) CERTIFICATIONS** 

In connection with the Report of Cohen & Steers Real Estate Securities Fund, Inc. (the "Company") on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Albert Laskaj, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Albert Laskaj |
| Albert Laskaj |
| Principal Financial Officer |
| (Chief Financial Officer) |
| Date: March 4, 2026 |

---