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: 811-8059

Cohen & Steers Realty Focus Fund, Inc.
(Exact name of registrant as specified in charter)

757 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)

Adam M. Derechin
Cohen & Steers Capital Management, Inc.
757 Third Avenue
New York, New York 10017
(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2005

Item 1. Reports to Stockholders.

COHEN & STEERS REALTY FOCUS FUND, INC.

July 28, 2005

To Our Shareholders:

We are pleased to submit to you our report for Cohen & Steers Realty Focus
Fund for the quarter and six months ended June 30, 2005. The net asset values at
that date were $56.48, $56.36, and $56.39 for Class A, Class B, and Class C
shares, respectively. Class I shares had a net asset value of $56.63. In
addition, a distribution was declared for shareholders of record on June 23,
2005 and paid on June 24, 2005 to all four classes of shares. The distributions
were as follows: Class A shares $0.64 per share, Class B shares $0.48 per share,
Class C shares $0.48 per share, and Class I shares $0.71 per share.

INVESTMENT REVIEW

For the quarter, Cohen & Steers Realty Focus Fund had a total return, based
on income and change in net asset value, of 14.4% for Class A shares. Class B
and C shares both returned 14.2% for the quarter. Class I shares returned 14.5%.
This compares to the NAREIT Equity REIT Index's(a) total return of 14.4%. For
the six months ended June 30, 2005 the fund's total return was 7.9% for Class A
shares. Class B shares and C shares both returned 7.4%. Class I shares returned
8.2%. The NAREIT Equity REIT Index's total return was 6.4%. Fund performance
information does not take into account sales loads or contingent deferred sales
charges, if any.

In our last quarterly report, we suggested that negative sentiment in the
market for REIT shares, as manifested in the peaking of short interest in the
REIT index trading vehicles, was a bullish contrarian indicator and that REIT
shares were trading at or below the value of their underlying real estate
assets -- not above, as Wall Street analysts had almost unanimously suggested.
Additionally, for quite some time, we have discussed our view that the
risk-adjusted returns of real estate would continue to be relatively attractive
in a low return environment. Recent events have validated all of these beliefs.
During the quarter, continued momentum in the recovery of real estate
fundamentals and REIT earnings, and a flurry of merger and buyout activity,
drove REIT share prices to new highs. Buyout activity reached a crescendo in
June as Catellus, Gables Residential and CRT Properties all announced that they
were being acquired.

- -------------------
(a) The NAREIT Equity REIT Index is an unmanaged, market-capitalization-weighted
index of all publicly traded REITs that invest predominantly in the equity
ownership of real estate. The index is designed to reflect the performance
of all publicly traded equity REITs as a whole.

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COHEN & STEERS REALTY FOCUS FUND, INC.

The table below illustrates major REIT buyout activity over the last year:

REIT M&A PRICES EXCEED NAVS
<Table>
<Caption>
Target Target
Total Pre-announce Pre-announce
Property Transaction NAV per Price per Offer Price
Announced Acquirer/Target Type Value (billion) Share Share per Share
- --------- --------------- ---- --------------- ----- ----- ---------

08/20/04 General Growth/Rouse Mall $12.6 $ 39.00 - $45.25 $50.61 $67.50
10/04/04 Camden/Summit Apartment $ 1.9 $ 19.81 - $26.75 $27.84 $31.37
10/25/04 Colonial/Cornerstone Apartment $ 1.5 $ 7.75 - $ 9.00 $10.07 $10.80
12/19/04 Centro/Kramont Shopping Center $ 1.2 $ 18.00 - $20.00 $20.80 $23.50
06/06/05 ProLogis/Catellus Industrial $ 4.9 $ 26.00 - $30.24 $29.24 $33.80
06/07/05 ING Clarion/Gables Apartment $ 2.8 $ 31.39 - $43.00 $38.12 $43.50
06/17/05 DRA Advisors/CRT Properties Office $ 1.7 $ 19.50 - $20.60 $24.09 $27.80
- --------- -----
AVERAGE/TOTAL $26.6
-----
-----

<Caption>
Offer Price PERCENT DIFFERENCE
Premium to BETWEEN OFFER
Pre-announce PRICE & MIDPOINT Implied
Announced Price per Share NAV ESTIMATE Cap Rate
- --------- --------------- ------------ --------

08/20/04 33.4% 62.2% 5.7%
10/04/04 12.7% 34.8% 5.8%
10/25/04 7.2% 29.0% 6.5%
12/19/04 13.0% 23.7% 6.9%
06/06/05 15.6% 20.2% 6.1%
06/07/05 14.1% 17.0% 5.8%
06/17/05 15.4% 38.7% 7.1%
- --------- ----- ----- ----
AVERAGE/TOTAL 15.9% 32.2% 6.3%
----- ----- ----
----- ----- ----
</Table>

Several observations are worth noting. These seven buyouts were sizeable,
totaling approximately $27 billion in value across all four 'core' property
types: retail, apartment, industrial and office. Several of these deals were
public-to-public mergers while others were leveraged buyouts by private sponsors
backed by major institutional sources -- in other words, the acquirers were all
highly credible and sophisticated. In our view, the debt providers for these
transactions have also validated the real estate asset pricing implied by these
deals. On average, the implied capitalization rate (the current income generated
by these properties compared to the price paid for the investment) for these
sales was 6.3%, consistent with the high quality single property transactions
that we observe in the private marketplace but certainly lower than the
capitalization rate regime that existed for many years. Finally, these deals
were all struck at significant premiums to the pre-announcement target stock
prices -- ranging from 7.2% to 33.4%.

Perhaps even more interesting for the rest of the REIT market, all of these
deals were struck at prices above the commonly perceived value of the target
company's real estate net asset value (NAV). In every instance, the deal price
was greater than most, if not all the published analyst estimates of NAV. These
deals implied lower capitalization rates for major real estate assets than any
of the Wall Street analysts had heretofore been willing to use, even though
similar implied capitalization rates had been observed in the private market for
some time. As a result, many Wall Street analysts who had been negative on the
REIT sector for most of the previous three years, and who fostered a sense of
disbelief among many investors, turned more positive on the REIT group, lowering
their assumed capitalization rates and boosting their NAV estimates. In short,
although there was near unanimity among REIT pundits that the stocks had been
expensive, the evidence above suggests that they certainly were not.

Although economic data points indicating a moderating pace of growth have
become more common, we continue to believe that the economy is fundamentally
healthy and that any short-term moderation in economic growth will not
meaningfully disturb the forward momentum in occupancies and rents for most
property types in most areas of the country. Accordingly, two of the best
performing property sectors in the quarter were the regional mall and apartment
sectors, delivering 21% and 17% total returns, respectively. Driven by continued
strong economic growth, these two sectors led the REIT group as rent and
occupancy gains continued to gather

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COHEN & STEERS REALTY FOCUS FUND, INC.

momentum. Our stock selection and overweight in the apartment and health care
sectors, as well as our stock selection in the hotel sector and underweight in
the industrial sector, were the most significant contributors to our relative
performance during the quarter. Our overweights in Gables Residential and CRT
Properties, two of the companies that announced buyouts in June, were two of the
largest contributors in the portfolio at the security level.

Manufactured housing was the worst performing property sector. It continues
to lag the others as a fundamental recovery has not yet become visible enough to
excite investors. While the for-sale housing boom is indirectly benefiting the
apartment sector by constraining supply of new rental apartments via condo
conversions, there has been no such ancillary impact on the manufactured home
sector. Our allocation to REIT preferred stocks, which we use to increase the
yield of the portfolio and lower its volatility, was the largest detractor from
our relative performance. REIT preferreds, while generating a 7.7% current yield
at the end of June, as measured by the index, produced a 3.5% total return in
the second quarter and trailed REIT common stock performance during the period.
Our underweight in the regional mall sector and our overweight in the office
sector were next largest detractors from our relative performance. In general,
the fund's focus on income caused it to trail the REIT market as more
growth-oriented companies led the second quarter rally.

INVESTMENT OUTLOOK

In the mid to late 1990s, real estate company share prices as a group
consistently traded at large premiums to NAV -- up to 30% for the REIT group as
a whole. The public market's perception of the value and growth prospects of
real estate assets was clearly ahead of that of the private market, and this
enabled massive amounts of assets to flow from private to public ownership.
REITs were, in fact, the marginal buyers of most large real estate assets during
this time period, and REIT market capitalization expanded dramatically through
IPOs and secondary offerings of existing companies.

Today, the public market and private market views of real estate value are
much more closely aligned, as evidenced by the fact that most commentators see
REIT valuations as closer than many had realized to private market NAV. This has
profound implications for the way the real estate stock cycle will evolve, in
our opinion.

We believe that assets will continue to flow from private to public hands as
skilled public players seek out selective, strategic acquisition and development
opportunities and as the moderate but steady and disciplined pace of IPO
activity continues. Additionally, we think that current strong investor interest
in REITs' investment attributes, as well as the improved outlook on the sector
by analysts offer an attractive environment for companies to utilize secondary
stock offerings in order to finance these activities. However, if private market
values continue to be strong as well, as we expect, REIT equity issuance should
not get out of hand as it did during the latter stages of the REIT stock cycle
in the late 1990s. The large premiums to asset value that resulted in many
instances in undisciplined equity issuance contributed significantly to the
severity of the downturn in REIT share prices in 1998 and 1999.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

We also believe that assets will continue to flow from public to private and
from public to public -- as public companies that can neither create value for
shareholders nor achieve an attractive valuation are taken private or merged
into other public companies. Again, the converging views of real estate asset
value by both private and public capital markets, in conjunction with continued
strong private market demand for real estate assets can potentially serve as a
governor on REIT stock prices -- helping to guard against the massive discounts
to asset value that persisted in late 1999 and 2000 in the aftermath of the REIT
bear market.

Our investment outlook and strategy continues to be predicated on the
beliefs that the U.S. economy will continue to expand, the Federal Reserve is
nearing the end of the monetary tightening cycle, and that most property sectors
will continue to realize improving occupancies and rental rates. While adhering
to our objective of delivering high current income, we have focused the
portfolio on those sectors that we believe are benefiting most from the cyclical
recovery in occupancies and rents, particularly office and certain segments of
the apartment market (including student housing). The rally in the second
quarter, combined with the dynamics of the merger environment, has created many
shifts in relative valuation for individual companies, and we continually
rebalance the portfolio to capture those shifts.

In closing, while REIT share prices continue to perform well, and valuations
inch higher, we believe that in a low return environment, with fundamentals
improving and the interaction between private and public real estate increasing,
REITs can continue to provide attractive investment returns.

Sincerely,

MARTIN COHEN ROBERT H. STEERS

MARTIN COHEN ROBERT H. STEERS
Co-chairman Co-chairman

JOSEPH M. HARVEY JAMES S. CORL

JOSEPH M. HARVEY JAMES S. CORL
Portfolio Manager Portfolio Manager

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

-------------------------------------------------------------

VISIT COHEN & STEERS ONLINE AT COHENANDSTEERS.COM

For more information about any of our funds, visit
cohenandsteers.com, where you'll find daily net asset
values, fund fact sheets and portfolio highlights. You can
also access newsletters, education tools and market updates
covering the REIT, utility and preferred securities sectors.

In addition, our Web site contains comprehensive information
about our firm, including our most recent press releases,
profiles of our senior investment professionals, and an
overview of our investment approach.
-------------------------------------------------------------

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of the fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and redemption fees;
and (2) ongoing costs including management fees; distribution and/or service
(12b-1) fees; and other fund expenses. This example is intended to help you
understand your ongoing costs (in dollars) of investing in the fund and to
compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of
the period and held for the entire period 01/01/05 -- 06/30/05.

ACTUAL EXPENSES

The first line of the table below provides information about actual account
values and expenses. You may use the information in this line, together with the
amount you invested, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
line under the heading entitled 'Expenses Paid During Period' to estimate the
expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing cost of
investing in the fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) and redemption fees. Therefore, the second line of the table is
useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

EXPENSE EXAMPLE (UNAUDITED) -- (CONTINUED)

<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
01/01/05 06/30/05 01/01/05 - 06/30/05
------------- ------------- -------------------

CLASS A
Actual (7.89% return)..................... $1,000.00 $1,078.90 $ 8.50
Hypothetical (5% annual return before
expenses)............................... $1,000.00 $1,016.61 $ 8.25
</Table>

CLASS B

<Table>

Actual (7.42% return)..................... $1,000.00 $1,074.20 $11.83
Hypothetical (5% annual return before
expenses)............................... $1,000.00 $1,013.39 $11.48
</Table>

CLASS C

<Table>

Actual (7.45% return)..................... $1,000.00 $1,074.50 $11.83
Hypothetical (5% annual return before
expenses)............................... $1,000.00 $1,013.39 $11.48
</Table>

CLASS I

<Table>

Actual (8.20% return)..................... $1,000.00 $1,082.00 $ 6.71
Hypothetical (5% annual return before
expenses)............................... $1,000.00 $1,018.35 $ 6.51
</Table>

- -------------------
* Expenses are equal to the fund's Class A, Class B, Class C and Class I
annualized expense ratios of 1.65%, 2.30%, 2.30% and 1.30% respectively,
multiplied by the average account value over the period, multiplied by 181/365
(to reflect the one-half year period). If the fund had borne all of its
expenses that were assumed by the advisor, the annualized expense ratios would
have been 2.15%, 2.72%, 2.80% and 1.70%, respectively.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

JUNE 30, 2005
TOP TEN HOLDINGS
(UNAUDITED)

<Table>
<Caption>
MARKET % OF
SECURITY VALUE NET ASSETS
-------- ---------- ----------

1. Brookfield Properties Corp............................... $5,369,760 5.45%
2. Shurgard Storage Centers................................. 5,253,228 5.33
3. Boston Properties........................................ 4,690,000 4.76
4. Taubman Centers.......................................... 4,602,150 4.67
5. Arden Realty............................................. 4,206,062 4.27
6. AvalonBay Communities.................................... 4,145,040 4.21
7. Forest City Enterprises.................................. 4,011,500 4.07
8. BRE Properties........................................... 3,632,580 3.69
9. Vornado Realty Trust..................................... 3,441,120 3.49
10. Ventas................................................... 3,439,780 3.49
</Table>

SECTOR BREAKDOWN
(Based on Net Assets)
(UNAUDITED)

Health Care....................................3.49%
Self Storage...................................6.13%
Other Assets in
Excess of Liabilitites.........................8.08%
Hotel..........................................8.50%
Shopping Center...............................12.16%
Residential...................................20.42%
Office/Industrial.............................37.73%
Diversified....................................3.49%

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

SCHEDULE OF INVESTMENTS
JUNE 30, 2005 (UNAUDITED)

<Table>
<Caption>
NUMBER VALUE
OF SHARES (NOTE 1)
--------- -----------

EQUITIES 91.92%
DIVERSIFIED 3.49%
Vornado Realty Trust................................ 42,800 $ 3,441,120
-----------
HEALTH CARE 3.49%
Ventas.............................................. 113,900 3,439,780
-----------
HOTEL 8.50%
Hilton Hotels Corp.................................. 90,700 2,163,195
Host Marriott Corp.................................. 185,900 3,253,250
Starwood Hotels & Resorts Worldwide................. 50,400 2,951,928
-----------
8,368,373
-----------
INDUSTRIAL 4.42%
AMB Property Corp................................... 67,800 2,944,554
ProLogis............................................ 35,100 1,412,424
-----------
4,356,978
-----------
OFFICE 32.46%
American Financial Realty Trust..................... 134,300 2,065,534
Arden Realty........................................ 116,900 4,206,062
BioMed Realty Trust................................. 84,000 2,003,400
Boston Properties................................... 67,000 4,690,000
Brookfield Properties Corp.......................... 186,450 5,369,760
Forest City Enterprises............................. 56,500 4,011,500
Kilroy Realty Corp.................................. 66,600 3,162,834
Maguire Properties.................................. 98,800 2,799,992
Reckson Associates Realty Corp...................... 68,300 2,291,465
Thomas Properties Group............................. 109,300 1,367,343
-----------
31,967,890
-----------
OFFICE/INDUSTRIAL 0.85%
Bedford Property Investors.......................... 36,300 835,626
-----------
</Table>

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)

<Table>
<Caption>
NUMBER VALUE
OF SHARES (NOTE 1)
--------- -----------

RESIDENTIAL 20.42%
APARTMENT 14.48%
Apartment Investment & Management Co................ 38,800 $ 1,587,696
AvalonBay Communities............................... 51,300 4,145,040
BRE Properties...................................... 86,800 3,632,580
Essex Property Trust................................ 37,100 3,081,526
Post Properties..................................... 50,300 1,816,333
-----------
14,263,175
-----------
MANUFACTURED HOME 5.94%
Affordable Residential Communities.................. 196,200 2,619,270
Sun Communities..................................... 87,000 3,235,530
-----------
5,854,800
-----------
TOTAL RESIDENTIAL................................... 20,117,975
-----------
SELF STORAGE 6.13%
Extra Space Storage................................. 54,800 785,284
Shurgard Storage Centers............................ 114,300 5,253,228
-----------
6,038,512
-----------
SHOPPING CENTER 12.16%
COMMUNITY CENTER 3.36%
Pan Pacific Retail Properties....................... 29,100 1,931,658
Tanger Factory Outlet Centers....................... 51,100 1,376,123
-----------
3,307,781
-----------
REGIONAL MALL 8.80%
Macerich Company.................................... 28,800 1,931,040
Mills Corp.......................................... 35,100 2,133,729
Taubman Centers..................................... 135,000 4,602,150
-----------
8,666,919
-----------
TOTAL SHOPPING CENTER............................... 11,974,700
-----------
TOTAL EQUITIES (Identified
cost -- $77,102,742)......................... 90,540,954
-----------
</Table>

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)

<Table>
<Caption>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------- -----------

COMMERCIAL PAPER 7.92%
San Paolo U.S. Finance Co., 2.20%, due 07/01/2005
(Identified cost -- $7,801,000)..................... $7,801,000 $ 7,801,000
-----------
TOTAL INVESTMENTS (Identified
cost -- $84,903,742)............................ 99.84% 98,341,954
OTHER ASSETS IN EXCESS OF LIABILITIES............. 0.16% 154,236
------ -----------
NET ASSETS........................................ 100.00% $98,496,190
------ -----------
------ -----------
</Table>

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

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)

<Table>

ASSETS:
Investments in securities, at value (Identified
cost -- $84,903,742) (Note 1)........................ $ 98,341,954
Receivable for investment securities sold............... 10,759,361
Receivable for fund shares sold......................... 960,481
Dividends receivable.................................... 474,255
Receivable due from advisor............................. 79,437
Other assets............................................ 8,245
------------
Total Assets....................................... 110,623,733
------------
LIABILITIES:
Payable for investment securities purchased............. 11,852,511
Payable to investment advisor........................... 68,197
Payable for fund shares redeemed........................ 66,570
Payable to administrator................................ 21,630
Payable for distribution fees........................... 7,492
Payable for directors fees.............................. 5,401
Payable for shareholder servicing fees.................. 2,601
Other liabilities....................................... 103,141
------------
Total Liabilities.................................. 12,127,543
------------
NET ASSETS.................................................. $ 98,496,190
------------
------------
NET ASSETS consist of:
Paid-in capital......................................... $ 94,916,094
Dividends in excess of net investment income............ (827,931)
Accumulated net realized loss on investments............ (9,030,185)
Net unrealized appreciation on investments.............. 13,438,212
------------
$ 98,496,190
------------
------------
</Table>

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)

<Table>

CLASS A SHARES:
NET ASSETS.............................................. $ 8,914,629
Shares issued and outstanding ($0.001 par value common
stock outstanding) (Note 5).......................... 157,826
-----------
Net asset value and redemption price per share.......... $ 56.48
-----------
-----------
Maximum offering price per share ($56.48[div]0.955)(a).. $ 59.14
-----------
-----------
CLASS B SHARES:
NET ASSETS.............................................. $ 980,229
Shares issued and outstanding ($0.001 par value common
stock outstanding) (Note 5).......................... 17,391
-----------
Net asset value and offering price per share(b)......... $ 56.36
-----------
-----------
CLASS C SHARES:
NET ASSETS.............................................. $ 8,235,762
Shares issued and outstanding ($0.001 par value common
stock outstanding) (Note 5).......................... 146,053
-----------
Net asset value and offering price per share(b)......... $ 56.39
-----------
-----------
CLASS I SHARES:
NET ASSETS.............................................. $80,365,570
Shares issued and outstanding ($0.001 par value common
stock outstanding) (Note 5).......................... 1,419,198
-----------
Net asset value, offering and redemption price per
share................................................ $ 56.63
-----------
-----------
</Table>

- -------------------
(a) On investments of $100,000 or more, the offering price is reduced.
(b) Redemption price per share is equal to the net asset value per share less
any applicable deferred sales charge which varies with the length of time
shares are held.

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

<Table>

Investment Income (Note 1):
Dividend income (net of $4,617 of foreign withholding
tax)................................................. $ 870,009
Interest income......................................... 24,747
----------
Total Income....................................... 894,756
----------
Expenses:
Investment advisory fees (Note 2)....................... 363,058
Reports to shareholders................................. 69,835
Administration fees (Note 2)............................ 66,690
Professional fees....................................... 63,357
Transfer agent fees..................................... 39,782
Registration and filing fees............................ 37,189
Distribution fees -- Class A (Note 2)................... 5,226
Distribution fees -- Class B (Note 2)................... 2,958
Distribution fees -- Class C (Note 2)................... 18,137
Directors' fees and expenses (Note 2)................... 26,256
Custodian fees and expenses............................. 15,412
Shareholder servicing fees -- Class A (Note 2).......... 2,090
Shareholder servicing fees -- Class B (Note 2).......... 986
Shareholder servicing fees -- Class C (Note 2).......... 6,046
Line of credit fees and expenses (Note 6)............... 1,766
Miscellaneous........................................... 7,957
----------
Total Expenses..................................... 726,745
Reduction of Expenses (Note 2).......................... (166,927)
----------
Net Expenses....................................... 559,818
----------
Net Investment Income....................................... 334,938
----------
Net Realized and Unrealized Gain on Investments:
Net realized gain on investments........................ 5,079,140
Net change in unrealized appreciation on investments.... 1,700,499
----------
Net realized and unrealized gain on investments.... 6,779,639
----------
Net Increase in Net Assets Resulting from Operations........ $7,114,577
----------
----------
</Table>

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)

<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2005 DECEMBER 31, 2004
---------------- -----------------

Change in Net Assets:
From Operations:
Net investment income................... $ 334,938 $ 384,327
Net realized gain on investments........ 5,079,140 8,559,168
Net change in unrealized appreciation on
investments.......................... 1,700,499 7,139,307
----------- -----------
Net increase in net assets
resulting from
operations....................... 7,114,577 16,082,802
----------- -----------
Dividends to Shareholders from Net Investment
Income (Note 1):
Class A................................. (97,299) (33,632)
Class B................................. (8,214) (7,384)
Class C................................. (65,037) (29,646)
Class I................................. (992,319) (1,236,072)
----------- -----------
Total dividends to shareholders.... (1,162,869) (1,306,734)
----------- -----------
Capital Stock Transactions (Note 5):
Increase in net assets from fund share
transactions......................... 15,448,691 33,844,916
----------- -----------
Total increase in net assets....... 21,400,399 48,620,984
Net Assets:
Beginning of period..................... 77,095,791 28,474,807
----------- -----------
End of period(a)........................ $98,496,190 $77,095,791
----------- -----------
----------- -----------
</Table>

- -------------------
(a) Includes dividends in excess of net investment income of $827,931 and $0,
respectively.

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

The following table includes selected data for a share outstanding
throughout each period and other performance information derived from the
financial statements. It should be read in conjunction with the financial
statements and notes thereto.

<Table>
<Caption>
CLASS A
--------------------------------------
FOR THE PERIOD
FOR THE SEPTEMBER 30, 2004(a)
SIX MONTHS ENDED THROUGH
PER SHARE OPERATING PERFORMANCE: JUNE 30, 2005 DECEMBER 31, 2004
- -------------------------------- ------------- -----------------

Net asset value, beginning of period........................ $52.96 $45.82
------ ------
Income from investment operations:
Net investment income (loss)(d).......................... 0.33 0.22
Net realized and unrealized gain on investments.......... 3.81 7.53
------ ------
Total income from investment operations.............. 4.14 7.75
------ ------
Less dividends to shareholders from net investment income... (0.64) (0.61)
------ ------
Redemption fees retained by the fund........................ 0.02 --
------ ------
Net increase in net assets.................................. 3.52 7.14
------ ------
Net asset value, end of period.............................. $56.48 $52.96
------ ------
------ ------
- ---------------------------------------------------------------------------------------------
Total investment return(b,e)................................ 7.89% 16.93%
------ ------
------ ------
- ---------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------
Net assets, end of period (in millions). $ 8.9 $ 3.1
------ ------
------ ------
Ratio of expenses to average daily net assets
(before expense reduction)(c).............................. 2.15% 3.07%
------ ------
------ ------
Ratio of expenses to average daily net assets
(net of expense reduction)(c).............................. 1.65% 1.65%
------ ------
------ ------
Ratio of net investment income to average daily net assets
(before expense reduction)(c).............................. 0.77% 0.31%
------ ------
------ ------
Ratio of net investment income to average daily net assets
(net of expense reduction)(c).............................. 1.27% 1.73%
------ ------
------ ------

Portfolio turnover rate(b).................................. 66.35% 179.95%
------ ------
------ ------
</Table>

- -------------------
(a) Initial offering of shares.

(b) Not annualized.

(d) Calculated based on average shares outstanding during the period.

(e) Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED) -- (CONTINUED)

<Table>
<Caption>
CLASS B
--------------------------------------
FOR THE PERIOD
FOR THE SEPTEMBER 30, 2004(a)
SIX MONTHS ENDED THROUGH
PER SHARE OPERATING PERFORMANCE: JUNE 30, 2005 DECEMBER 31, 2004
- -------------------------------- ------------- -----------------

Net asset value, beginning of period........................ $52.92 $45.82
------ ------
Income from investment operations:
Net investment income (loss)(d).......................... (0.01) 0.20
Net realized and unrealized gain on investments.......... 3.92 7.47
------ ------
Total income from investment operations.............. 3.91 7.67
------ ------
Less dividends to shareholders from net investment income... (0.48) (0.57)
------ ------
Redemption fees retained by the fund........................ 0.01 --
------ ------
Net increase in net assets.................................. 3.44 7.10
------ ------
Net asset value, end of period.............................. $56.36 $52.92
------ ------
------ ------
- ----------------------------------------------------------------------------------------------
Total investment return(b,e)................................ 7.42% 16.77%
------ ------
------ ------
- ----------------------------------------------------------------------------------------------

RATIOS/SUPPLEMENTAL DATA:
- -------------------------
Net assets, end of period (in millions). $ 1.0 $ 0.7
------ ------
------ ------
Ratio of expenses to average daily net assets
(before expense reduction)(c).............................. 2.72% 4.07%
------ ------
------ ------
Ratio of expenses to average daily net assets
(net of expense reduction)(c).............................. 2.30% 2.30%
------ ------
------ ------
Ratio of net investment income to average daily net assets
(before expense reduction)(c).............................. (0.47)% (0.19)%
------ ------
------ ------
Ratio of net investment income to average daily net assets
(net of expense reduction)(c).............................. (0.05)% 1.58%
------ ------
------ ------

Portfolio turnover rate(b).................................. 66.35% 179.95%
------ ------
------ ------
</Table>

- -------------------
(a) Initial offering of shares.

(b) Not annualized.

(d) Calculated based on average shares outstanding during the period.

(e) Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED) -- (CONTINUED)

<Table>
<Caption>
CLASS C
--------------------------------------
FOR THE PERIOD
FOR THE SEPTEMBER 30, 2004(a)
SIX MONTHS ENDED THROUGH
PER SHARE OPERATING PERFORMANCE: JUNE 30, 2005 DECEMBER 31, 2004
- -------------------------------- ------------- -----------------

Net asset value, beginning of period........................ $52.93 $45.82
------ ------
Income from investment operations:
Net investment income (loss)(d).......................... 0.07 0.15
Net realized and unrealized gain on investments.......... 3.85 7.53
------ ------
Total income from investment operations.............. 3.92 7.68
------ ------
Less dividends to shareholders from net investment income... (0.48) (0.57)
------ ------
Redemption fees retained by the fund........................ 0.02 --
------ ------
Net increase in net assets.................................. 3.46 7.11
------ ------
Net asset value, end of period.............................. $56.39 $52.93
------ ------
------ ------
- ---------------------------------------------------------------------------------------------
Total investment return(b,e)................................ 7.45% 16.77%
------ ------
------ ------
- ----------------------------------------------------------------------------------------------

RATIOS/SUPPLEMENTAL DATA:
- -------------------------
Net assets, end of period (in millions). $ 8.2 $ 3.0
------ ------
------ ------
Ratio of expenses to average daily net assets
(before expense reduction)(c).............................. 2.80% 3.78%
------ ------
------ ------
Ratio of expenses to average daily net assets
(net of expense reduction)(c).............................. 2.30% 2.30%
------ ------
------ ------
Ratio of net investment income to average daily net assets
(before expense reduction)(c).............................. (0.21)% (0.31)%
------ ------
------ ------
Ratio of net investment income to average daily net assets
(net of expense reduction)(c).............................. 0.29% 1.17%
------ ------
------ ------

Portfolio turnover rate(b).................................. 66.35% 179.95%
------ ------
------ ------
</Table>

- -------------------
(a) Initial offering of shares.

(b) Not annualized.

(d) Calculated based on average shares outstanding during the period.

(e) Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED) -- (CONTINUED)

<Table>
<Caption>
CLASS I
---------------------------------------------------------
FOR THE FOR THE YEAR ENDED DECEMBER 31,
SIX MONTHS ENDED ---------------------------------------------------------
PER SHARE OPERATING PERFORMANCE JUNE 30, 2005 2004 2003 2002 2001 2000
- ------------------------------- ------------- ---- ---- ---- ---- ----

Net asset value, beginning of period... $53.00 $38.55 $27.50 $26.63 $26.60 $26.76
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income............... 0.22(c) 0.41(c) 0.64 0.73 0.69 0.85
Net realized and unrealized gain on
investments....................... 4.00 15.16 12.06 1.29 0.49 0.01
------ ------ ------ ------ ------ ------
Total income from investment
operations.................... 4.22 15.57 12.70 2.02 1.18 0.86
------ ------ ------ ------ ------ ------
Less dividends to shareholders from:
Net investment income............... (0.71) (1.18) (1.67) (1.21) (0.52) (1.02)
Tax return of capital............... -- -- -- -- (0.63) --
------ ------ ------ ------ ------ ------
Total dividends and
distributions to
shareholders.................. (0.71) (1.18) (1.67) (1.21) (1.15) (1.02)
------ ------ ------ ------ ------ ------
Redemption fees retained by the fund... 0.12 0.06 0.02 0.06 -- --
------ ------ ------ ------ ------ ------
Net increase (decrease) in net
assets................................ 3.63 14.45 11.05 0.87 0.03 (0.16)
------ ------ ------ ------ ------ ------
Net asset value, end of period......... $56.63 $53.00 $38.55 $27.50 $26.63 $26.60
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
- ---------------------------------------------------------------------------------------------------------------------
Total investment return................ 8.20%(a,d) 40.98% 46.89% 7.67% 4.39% 3.38%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
- ---------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------
Net assets, end of period (in millions). $ 80.4 $ 70.2 $ 28.5 $ 18.2 $ 20.2 $ 33.5
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Ratio of expenses to average daily net
assets (before expense reduction)..... 1.70%(b) 1.89% 1.99% 2.09% 1.83% 2.40%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Ratio of expenses to average daily net
assets (net of expense reduction)..... 1.30%(b) 1.43% 1.50% 1.50% 1.83% 2.37%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Ratio of net investment income to
average daily net assets (before
expense reduction).................... 0.45%(b) 0.45% 1.33% 1.96% 2.16% 3.07%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Ratio of net investment income to
average daily net assets (net of
expense reduction).................... 0.85%(b) 0.92% 1.82% 2.55% 2.16% 3.10%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------

Portfolio turnover rate................ 66.35%(a) 179.95% 181.13% 179.19% 107.68% 58.99%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
</Table>

- -------------------
(a) Not annualized.

(b) Annualized.

(d) Without the benefit of the redemption fees, the total investment return
would have been 7.97%.

See accompanying notes to financial statements.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES

Cohen & Steers Realty Focus Fund, Inc. (the fund) was incorporated under the
laws of the State of Maryland on February 14, 1997 and is registered under the
Investment Company Act of 1940, as amended, as a nondiversified, open-end
management investment company. The fund's investment objective is maximum
capital appreciation. The authorized shares of the fund are divided into four
classes designated Class A, B, C, and I shares. Each of the fund's shares has
equal dividend, liquidation and voting rights (except for matters relating to
distributions and shareholder servicing of such shares). Class B shares
automatically convert to Class A shares at the end of the month which precedes
the eighth anniversary of the purchase date.

The following is a summary of significant accounting policies consistently
followed by the fund in the preparation of its financial statements. The
policies 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 are valued, except as indicated below, at the last sale
price reflected at the close of the New York Stock Exchange 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 asked prices
for the day or, if no asked price is available, at the bid price.

Securities not listed on the New York Stock Exchange but listed on other
domestic or foreign securities exchanges or admitted to trading on the National
Association of Securities Dealers Automated Quotations, Inc. (Nasdaq) national
market system are valued in a similar manner. Securities traded on more than one
securities exchange are valued at the last sale price on the business day as of
which such value is being determined as reflected on the tape at the close of
the exchange representing the principal market for such securities.

Readily marketable securities traded in the over-the-counter market,
including listed securities whose primary market is believed by Cohen & Steers
Capital Management, Inc. to be over-the-counter, but excluding securities
admitted to trading on the Nasdaq National List, are valued at the official
closing prices as reported by Nasdaq, the National Quotation Bureau, or such
other comparable sources as the Board of Directors deems appropriate to reflect
their fair market value. If there has been no sale on such day, the securities
are valued at the mean of the closing bid and asked prices for the day, or if no
asked price is available, at the bid price. Where securities are traded on more
than one exchange and also over-the-counter, the securities will generally be
valued using the quotations the Board of Directors believes most closely reflect
the value of such securities.

Securities for which market prices are unavailable will be valued at fair
value pursuant to procedures approved by the fund's Board of Directors.
Circumstances in which market prices may be unavailable include, but

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

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 recent transactions in comparable securities, information
relating to the specific security and developments in the markets.

The fund's use of fair value pricing may cause the net asset value of fund
shares to differ from the net asset value 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.

To the extent the fund holds securities that are primarily listed on foreign
exchanges that trade on weekends or days when the fund does not price its
shares, the value of the securities held in the fund may change on days when you
will not be able to purchase or redeem fund shares.

Short-term debt securities, which have a maturity date of 60 days or less,
are valued at amortized cost, which approximates value.

Security Transactions and Investment Income: Security transactions are
recorded on trade date. Realized gains and losses on investments sold are
recorded on the basis of identified cost. Interest income is recorded on the
accrual basis. Dividend income is recorded on the ex-dividend date. The fund
records distributions received in excess of income from underlying investments
as a reduction of cost of investments and/or realized gain. Such amounts are
based on estimates if actual amounts are not available and actual amounts of
income, realized gain and return of capital may differ from the estimated
amounts. The fund adjusts the estimated amounts of the components of
distributions (and consequently its net investment income) as an increase to
unrealized appreciation/(depreciation) and realized gain/(loss) on investments
as necessary once the issuers provide information about the actual composition
of the distributions. Income, expenses (other than expenses attributable to a
specific class), and realized and unrealized gains or losses on investments are
allocated to each class of shares based on its relative net assets.

Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid semiannually. Distributions to shareholders are
recorded on the ex-dividend date. Dividends are automatically reinvested in full
and fractional shares of the fund based on the net asset value per share at the
close of business on the ex-dividend date unless the shareholder has elected to
have them paid in cash.

A portion of the fund's dividend may consist of amounts in excess of net
investment income derived from nontaxable components of the dividends from the
fund's portfolio investments. Net realized capital gains, unless offset by any
available capital loss carryforward, are distributed to shareholders annually.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

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.

Federal Income Taxes: It is the policy of the fund to qualify as a regulated
investment company, 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 regulated investment companies, and by distributing
substantially all of its taxable earnings to its shareholders. Accordingly, no
provision for federal income or excise tax is necessary.

NOTE 2. INVESTMENT ADVISORY AND ADMINISTRATION FEES AND OTHER TRANSACTIONS WITH
AFFILIATES

Investment Advisory Fees: Cohen & Steers Capital Management, Inc. (the
advisor) serves as the fund's investment advisor pursuant to an investment
advisory agreement (the advisory agreement). Under the terms of the advisory
agreement, the advisor provides the fund with the 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 fund's Board of
Directors. For the services provided to the fund, the advisor receives a fee,
accrued daily and paid monthly at the annual rate of 0.90% of the average daily
net assets of the fund.

For the six months ended June 30, 2005 and through December 31, 2005, the
advisor has contractually agreed to waive its fee and/or reimburse the fund for
expenses incurred to the extent necessary to maintain the fund's operating
expenses at 1.65% for Class A shares, 2.30% for Class B and Class C shares and
1.30% for Class I shares.

Administration Fees: The fund has entered into an administration agreement
with the advisor under which the advisor performs certain administrative
functions for the fund and receives a fee, accrued daily and paid monthly at the
annual rate of 0.02% of the fund's average daily net assets. For the six months
ended June 30, 2005, the fund paid the advisor $8,068 in fees under this
administration agreement.

Distribution Fees: Cohen & Steers Securities, LLC (the distributor), an
affiliated entity of the advisor, distributes the shares of the fund. The fund
has adopted a distribution plan (the plan) pursuant to Rule 12b-1 under the
Investment Company Act of 1940. Under the plan, the fund may not incur
distribution fees which exceed an annual rate of 0.25% of the average daily net
assets attributable to the Class A shares and 0.75% of the average daily net
assets attributable to the Class B and Class C shares

For the six months ended June 30, 2005, the fund has been advised that the
distributor received $7,186 in sales commissions from the sale of Class A shares
and that the distributor also received $5,657 and $4,090 of contingent deferred
sales charges relating to redemptions of Class B and Class C shares,
respectively. The distributor has advised the fund that proceeds from the
contingent deferred sales charge on the Class B and C shares are paid to the
distributor and are used by the distributor to defray its expenses related to
providing distribution-related services to the fund in connection with the sale
of the Class B and C shares, including payments to dealers and

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

other financial intermediaries for selling Class B and C shares and interest and
other financing costs associated with Class B and C shares.

Shareholder Servicing Fees: The fund has adopted a shareholder services plan
which provides that the fund may obtain the services of qualified financial
institutions to act as shareholder servicing agents for their customers. For
these services, the fund may pay the shareholder servicing agent a fee at an
annual rate of up to 0.10% of the average daily net asset value of the fund's
Class A shares and up to 0.25% of the average daily net asset value of the
fund's Class B and C shares.

Directors' Fees: Certain directors and officers of the fund are also
directors, officers, and/or employees of the advisor. None of the directors and
officers so affiliated received compensation from the fund for their services.

NOTE 3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities, excluding short-term investments, for the
six months ended June 30, 2005 totaled $62,406,536 and $52,396,638,
respectively.

NOTE 4. INCOME TAX INFORMATION

At June 30, 2005, the cost of investments and net unrealized appreciation
for federal income tax purposes were as follows:

<Table>

Aggregate cost................................... $ 84,903,742
--------------
--------------
Gross unrealized appreciation.................... $ 13,497,421
Gross unrealized depreciation.................... $ (59,209)
--------------
Net unrealized appreciation...................... $ 13,438,212
--------------
--------------
</Table>

NOTE 5. CAPITAL STOCK

The fund is authorized to issue 50 million shares of capital stock, at a par
value of $0.001 per share. 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. Transactions in fund shares were as follows:

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

<Table>
<Caption>
FOR THE PERIOD
FOR THE SIX SEPTEMBER 30, 2004(a)
MONTHS ENDED THROUGH
JUNE 30, 2005 DECEMBER 31, 2004
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
-------- ------------ -------- ------------

CLASS A:
Sold........................ 125,815 $ 6,729,004 58,596 $ 2,932,895
Issued as reinvestment of
dividends................. 1,094 61,186 329 17,301
Redeemed.................... (27,890) (1,428,303) (118) (5,626)
Redemption fees retained by
the fund(b)............... -- 1,818 -- --
-------- ------------ -------- ------------
Net increase................ 99,019 $ 5,363,705 58,807 $ 2,944,570
-------- ------------ -------- ------------
-------- ------------ -------- ------------
CLASS B:
Sold........................ 5,907 $ 304,890 14,004 $ 710,245
Issued as reinvestment of
dividends................. 84 4,680 61 3,215
Redeemed.................... (2,603) (133,501) (62) (3,136)
Redemption fees retained by
the fund(b)............... -- 228 -- --
-------- ------------ -------- ------------
Net increase................ 3,388 $ 176,297 14,003 $ 710,324
-------- ------------ -------- ------------
-------- ------------ -------- ------------
CLASS C:
Sold........................ 100,685 $ 5,247,901 57,767 $ 2,898,809
Issued as reinvestment of
dividends................. 759 42,386 298 15,631
Redeemed.................... (12,721) (640,156) (735) (36,759)
Redemption fees retained by
the fund(b)............... -- 1,562 -- --
-------- ------------ -------- ------------
Net increase................ 88,723 $ 4,651,693 57,330 $ 2,877,681
-------- ------------ -------- ------------
-------- ------------ -------- ------------
CLASS I:
Sold........................ 407,836 $ 21,008,294 858,501 $ 39,387,863
Issued as reinvestment of
dividends................. 15,263 855,839 22,056 1,059,712
Redeemed.................... (328,529) (16,768,381) (294,496) (13,210,352)
Redemption fees retained by
the fund(b)............... -- 161,244 -- 75,118
-------- ------------ -------- ------------
Net increase................ 94,570 $ 5,256,996 586,061 $ 27,312,341
-------- ------------ -------- ------------
-------- ------------ -------- ------------
</Table>

- -------------------
(a) Initial offering date.
(b) The fund charges a 1% redemption fee on shares sold within six months of the
time of purchase.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

NOTE 6. BORROWINGS

The fund, in conjunction with Cohen & Steers Institutional Realty Shares,
Inc., Cohen & Steers Realty Shares, Inc., Cohen & Steers Realty Income Fund,
Inc., and Cohen & Steers Utility Fund, Inc. is a party to a $150,000,000
syndicated credit agreement (the credit agreement) with State Street Bank and
Trust Company, as administrative agent and operations agent, and the lenders
identified in the credit agreement.

During the six months ended June 30, 2005, the fund did not utilize the line
of credit.

- --------------------------------------------------------------------------------
25

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

TOTAL RETURNS
(PERIODS ENDED JUNE 30, 2005) (UNAUDITED)

<Table>
<Caption>
SINCE INCEPTION (9/30/04)
------------------------------
INCLUDING EXCLUDING
SALES CHARGE SALES CHARGE
------------ ------------

Class A........................................ 20.47% 26.15%
Class B........................................ 20.43% 25.43%
Class C........................................ 24.48% 25.48%
</Table>

<Table>
<Caption>
SINCE INCEPTION
ONE YEAR FIVE YEARS 5/8/97
-------- ---------- ---------------

Class I (Average Annual Total Returns).... 37.43% 24.60% 15.09%
</Table>

The performance data quoted represents past performance. Past performance is
no guarantee of future results. The investment return and principal value of an
investment will fluctuate and shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher than the
performance data quoted. Performance information current to the most recent
month-end can be obtained by visiting our website at cohenandsteers.com. The
performance table does not reflect the deduction of taxes that a shareholder
would pay on fund distributions on the redemption of fund shares.

Through December 31, 2005, the fund's advisor has contractually agreed to
waive certain fees and/or reimburse the fund for expenses. Absent such
arrangements, returns would have been lower.

Return figures for Class A shares are calculated without and with the effect
of the initial 4.50% maximum sales charge. Returns for Class B shares are
calculated without and with the effect of the maximum 5% contingent deferred
sales charge (CDSC), charged only on certain redemptions made within one year of
the date of purchase, declining to 1% in the sixth year and 0% thereafter.
Returns for Class C shares are calculated without and with the effect of the 1%
CDSC charged only on redemptions made within one year of the date of purchase.

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 1-800-330-7348, (ii) on our Web site at
cohenandsteers.com or (iii) on the Securities and Exchange Commission's Web site
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 (i) without charge, upon
request, by calling 1-800-330-7348 or (ii) on the SEC's Web site at
http://www.sec.gov.

The fund files its complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The fund's
Forms N-Q are available (i) without charge, upon request by calling
1-800-330-7348, or (ii) on the SEC's website at http://www.sec.gov. In addition,
the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

Please note that the distributions paid by the fund to shareholders are
subject to recharacterization for tax purposes. The final tax treatment of these
distributions is reported to shareholders on their 1099-DIV forms, which are
mailed to shareholders after the close of each fiscal year. The fund may pay
distributions in excess of the fund's net investment company taxable income and
this excess would be a tax-free 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. 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.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The board of directors of the fund, including a majority of the directors
who are not parties to the fund's Investment Advisory Agreement, or interested
persons of any such party ('Independent Directors'), has the responsibility
under the 1940 Act to approve the fund's Investment Advisory Agreement for its
initial two year term and its continuation annually thereafter at a meeting of
the board called for the purpose of voting on the approval or continuation. At
meetings held in person on March 7, 2005, the Investment Advisory Agreement was
discussed and was unanimously continued for a one-year term by the fund's board,
including the Independent Directors. The Independent Directors were represented
by independent counsel who assisted them in their deliberations during the Board
meeting and executive session.

In considering whether to continue the Investment Advisory Agreement, the
board reviewed materials provided by the fund's investment advisor (the
'Advisor') and Fund counsel, which included, among other things, fee and expense
information and performance comparisons of funds with investment objectives and
policies similar to those of the fund prepared by Morningstar Associates LLC
('Morningstar') and summaries of the fee and expense information prepared by the
Advisor, information regarding the past performance of the Advisor prepared by
Morningstar, sales and redemption data for the fund and memoranda outlining the
legal duties of the board. The board also met with investment advisory personnel
from the Advisor. The board considered factors relating to both the selection of
the Advisor and the approval of the advisory fee when reviewing the Investment
Advisory Agreement. In particular, the board considered the following:

(i) The nature, extent and quality of services to be provided by the
Advisor: The directors reviewed the services that the Advisor provides to the
fund, including, but not limited to, making the day-to-day investment decisions
for the fund, and generally managing the fund's investments in accordance with
the stated policies of the fund. The directors also discussed with officers and
portfolio managers of the fund the amount of time the Advisor dedicated to the
fund during the last year and the types of transactions that were being done on
behalf of the fund. The directors also listened to a presentation by the Advisor
on its investment philosophy with respect to the fund and the investment outlook
for the fund. Additionally, the directors considered the services provided by
the Advisor to its other open-end investment companies that invest substantially
in real estate securities and have investment objectives and strategies similar
to the fund.

In addition, the board considered the education, background and experience
of the personnel at the Advisor. They also took into consideration the favorable
history and reputation of the portfolio managers for the fund, finding that this
has had, and would likely continue to have, a favorable impact on the success of
the fund. The board noted that the Advisor's experience in investing in real
estate securities generally helped further the fund's objectives. Lastly, the
directors noted the Advisor's ability to attract quality and experienced
personnel. The directors concluded that the scope of services provided by the
Advisor to the fund, including compliance with investment restrictions and tax
reporting requirements, was consistent with services provided by the Advisor for
other funds and accounts in both nature and quality.

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

(ii) Investment performance of the fund and the Advisor: The directors
reviewed the past investment performance of the fund, as well as the past
investment performance of the fund's peer group. In particular, they focused on
materials provided by Morningstar. The directors noted that the fund had had
exceptional performance during the past two years. In particular, the directors
noted that, according to Morningstar, in the specialty real estate category, the
fund had the first and second-best total returns among its peers for 1 and
3 years, respectively, and had below-average total returns for the 5 year period
which includes the pre-2002 period prior to implementation of the current
valuation model. The directors also noted that the fund was currently
outperforming its benchmarks.

The directors reviewed the Advisor's performance for other open-end real
estate funds. In particular, the directors noted that the Advisor managed
several real estate funds, other than the fund, that were outperforming their
benchmark indices and their competitors. The directors recognized that past
performance is not an indicator of future performance, but found that the
Advisor had the necessary expertise to manage the fund in accordance with its
investment objectives and strategies. The directors determined that the Advisor
would continue to be an appropriate investment adviser for the fund and that
fund performance was satisfactory.

(iii) Cost of the services to be provided and profits to be realized by the
Advisor from the relationship with the Fund: Next, the directors considered the
cost of the services provided by the Advisor. As part of their analysis, the
directors gave substantial consideration to the fees and expense ratios of the
fund provided by Morningstar. Under the Investment Advisory Agreement, the fund
pays the Advisor a monthly management fee computed at the annual rate of 0.90%
of the average daily net assets of the fund. The directors noted, however, that
the Advisor had waived 0.46% of its fees during the reporting period, resulting
in a net advisory fee of 0.44% and a net management fee (including both advisory
and administrative fees) of 0.46%.

In reviewing the investment advisory fee, the directors considered the
management fees of the fund's peer group (selected by Morningstar), and noted
that the fund's fee was at the peer group average (though after Cohen & Steers'
waiver the fee was substantially below the peer group average). The Directors
also noted that the Corporation's total expense ratio was slightly above its
peer group average, although it was pointed out that the Corporation's
relatively smaller size is the primary reason for the expense ratio and that
Cohen & Steers would expect the expense ratio to decline with additional assets.
The Directors concluded that the Corporation's investment advisory fee was
projected to continue to be in line with the average investment advisory fee
charged to peer group funds.

The Directors noted, however, that the fund's total expense ratio was
substantially lower than its peer group average. The directors concluded that
the fund's investment management fee was projected to continue to be in line
with the average investment management fee charged to peer group funds.

The directors also reviewed information regarding the profitability to the
Advisor of its relationship with the fund. The board considered the level of the
Advisor's profits and whether the profits were reasonable for the Advisor. The
profitability analysis took into consideration all our benefits from the
Advisor's relationship with the

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

fund, including fees paid to the Advisor under the Administration Agreement. The
director's found that the profits realized by the Advisor from its relationship
with the fund were reasonable and consistent with fiduciary duties.

(iv) The extent to which economies of scale would be realized as the fund
grows and whether fee levels would reflect such economies of scale: The
directors noted that the Advisor had waived 0.46% of its fees during the
reporting period, resulting in a net advisory fee of 0.44%, and that the Advisor
would likely continue to be waiving advisory fees in the future. Therefore, the
directors did not believe it necessary at this time to consider issues of
economies of scale. If the fund were to grow significantly in size, the
directors would reevaluate this issue.

(v) Comparison of services rendered and fees paid to those under other
investment advisory contracts, such as contracts of the same and other
investment advisers or other clients: As discussed above in (i) and (iii), the
directors compared both the services rendered and the fees paid under the
Investment Advisory Agreement to other contracts of the Advisor and compared the
fees paid under the Investment Advisory Agreement to contracts of other
investment advisers managing real estate securities. The directors also
considered fees charged by the Advisor to institutional and other clients. The
directors determined that the services and fees were comparable to those being
offered under the other contracts by the Advisor and other investment advisers.

The directors took into consideration other benefits to be derived by the
Advisor in connection with the Investment Advisory Agreement, noting
particularly the research and related services, within the meaning of
Section 28(e) of the Securities Exchange Act of 1934, as amended, that the
Advisor would be eligible to receive by allocating the fund's brokerage
transactions. The directors also noted the administrative services provided
under the Administration Agreement by the Advisor for the fund such as
operational services and furnishing office space and facilities for the fund,
and providing persons satisfactory to the board to serve as officers of the
fund, noting that these services were beneficial to the fund.

No single factor was determinative to the decision of the board. Rather,
after weighing all of the reasons discussed above, the board, including the
Independent Directors, unanimously approved the continuation of the Investment
Advisory Agreement.

<Page>

- --------------------------------------------------------------------------------
COHEN & STEERS REALTY FOCUS FUND, INC.

MEET THE COHEN & STEERS FAMILY OF OPEN-END FUNDS:

<Table>

FOR TOTAL RETURN: FOR TOTAL RETURN:
COHEN & STEERS COHEN & STEERS
REALTY SHARES INSTITUTIONAL REALTY SHARES

DESIGNED FOR INVESTORS SEEKING MAXIMUM TOTAL DESIGNED FOR INSTITUTIONAL INVESTORS SEEKING
RETURN, INVESTING PRIMARILY IN REITS MAXIMUM TOTAL RETURN, INVESTING PRIMARILY IN
SYMBOL: CSRSX REITS
SYMBOL: CSRIX

FOR HIGH CURRENT INCOME: FOR CAPITAL APPRECIATION:
COHEN & STEERS COHEN & STEERS
REALTY INCOME FUND REALTY FOCUS FUND

DESIGNED FOR INVESTORS SEEKING HIGH CURRENT DESIGNED FOR INVESTORS SEEKING MAXIMUM CAPITAL
INCOME, INVESTING PRIMARILY IN REITS APPRECIATION, INVESTING IN A LIMITED NUMBER OF
SYMBOLS: CSEIX, CSBIX, CSCIX, CSDIX REITS AND OTHER REAL ESTATE SECURITIES
SYMBOLS: CSFAX, CSFBX, CSFCX, CSSPX

FOR TOTAL RETURN: FOR TOTAL RETURN:
COHEN & STEERS COHEN & STEERS
INTERNATIONAL REALTY FUND UTILITY FUND

DESIGNED FOR INVESTORS SEEKING MAXIMUM TOTAL DESIGNED FOR INVESTORS SEEKING MAXIMUM TOTAL
RETURN, INVESTING PRIMARILY IN INTERNATIONAL RETURN, INVESTING PRIMARILY IN UTILITIES
REAL ESTATE SECURITIES SYMBOLS: CSUAX, CSUBX, CSUCX, CSUIX
SYMBOLS: IRFAX, IRFCX, IRFIX
</Table>

For more information about any Cohen & Steers fund
or to obtain a prospectus please contact us at:
1-800-330-7348, or visit our Web site at cohenandsteers.com

Please consider the investment objectives, risks, charges and expenses of the
fund carefully before investing. The prospectus contains this and other
information about the fund.
Please read the prospectus carefully before investing.

Cohen & Steers Securities, LLC, Distributor

- --------------------------------------------------------------------------------
31

<Page>

COHEN & STEERS REALTY FOCUS FUND, INC.

<Table>

OFFICERS AND DIRECTORS KEY INFORMATION

Robert H. Steers INVESTMENT ADVISOR
Director and co-chairman Cohen & Steers Capital Management, Inc.
757 Third Avenue
Martin Cohen New York, NY 10017
Director and co-chairman (212) 832-3232

Bonnie Cohen FUND SUBADMINISTRATOR AND CUSTODIAN
Director State Street Bank and Trust Company
225 Franklin Street
George Grossman Boston, MA 02110
Director

TRANSFER AGENT
Richard E. Kroon Boston Financial Data Services, Inc.
Director 66 Brooks Drive
Braintree, MA 02184
Richard J. Norman (800) 437-9912
Director
LEGAL COUNSEL
Frank K. Ross Simpson Thacher & Bartlett LLP
Director 425 Lexington Avenue
New York, NY 10017
Willard H. Smith Jr.
Director DISTRIBUTOR
Cohen & Steers Securities, LLC
C. Edward Ward, Jr. 757 Third Avenue
Director New York, NY 10017

Adam M. Derechin Nasdaq Symbol: Class A -- CSFAX
President and chief executive officer B -- CSFBX
C -- CSFCX
Joseph M. Harvey I -- CSSPX
Vice president
Web site: cohenandsteers.com
James S. Corl
Vice president This report is authorized for delivery
only to shareholders of Cohen & Steers
Lawrence B. Stoller Realty Focus Fund, Inc. unless
Secretary accompanied or preceded by the
delivery of a currently effective
Jay J. Chen prospectus setting forth details of
Treasurer the fund. Past performance, of course,
is no guarantee of future results and
John E. McLean your investment may be worth more or
Chief compliance officer and less at the time you sell.
assistant secretary
</Table>

<Page>

COHEN & STEERS
REALTY FOCUS FUND

- ------------------------
SEMIANNUAL REPORT
JUNE 30, 2005

COHEN & STEERS
REALTY FOCUS FUND
757 THIRD AVENUE
NEW YORK, NY 10017

<Page>

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer
have concluded, based upon their evaluation of the registrant's disclosure
controls and procedures as conducted

within 90 days of the filing date of this report, that these disclosure
controls and procedures provide reasonable assurance that material
information required to be disclosed by the registrant in the report it files
or submits on Form N-CSR is recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms and that such material information is accumulated and
communicated to the registrant's management, including its principal executive
officer and principal financial officer, as appropriate, in order to allow
timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of 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.

Item 12. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

COHEN & STEERS REALTY FOCUS FUND, INC.

By: /s/ Adam M. Derechin
-------------------------------
Name: Adam M. Derechin
Title: President and Chief Executive Officer

Date: August 23, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By: /s/ Adam M. Derechin
-------------------------------
Name: Adam M. Derechin
Title: President and Chief Executive Officer
(principal executive officer)

By: /s/ Jay J. Chen
----------------------------------------
Name: Jay J. Chen
Title: Treasurer
(principal financial officer)

Date: August 23, 2005

STATEMENT OF DIFFERENCES

The division sign shall be expressed as ................................. [div]
The section symbol shall be expressed as................................. 'SS'