NPORT-EX 2 NPORT_6449251160685123.htm FOR VALIDATION PURPOSES ONLY - [877384.TX]

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

March 31, 2020 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      97.6 %      

AUSTRALIA

      2.3 %      

REAL ESTATE

        

DIVERSIFIED

      1.8 %      

BGP Holdings PLC (EUR)(a),(b)

 

     11,893,063      $ 0  

Charter Hall Group

 

     1,412,165        5,923,392  

Mirvac Group

 

     12,213,850        15,517,629  
       

 

 

  
       21,441,021  
       

 

 

  

INDUSTRIALS

      0.5 %      

Goodman Group

 

     781,245        5,726,262  
       

 

 

  

TOTAL AUSTRALIA

 

        27,167,283  
       

 

 

  

AUSTRIA

      0.5 %      

REAL ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

        158,819        5,415,935  
       

 

 

  

BELGIUM

      1.1 %      

REAL ESTATE

        

INDUSTRIALS

      0.6 %      

Warehouses De Pauw SCA

        231,467        6,607,101  
       

 

 

  

RESIDENTIAL

      0.5 %      

Aedifica SA

        62,025        6,438,254  
       

 

 

  

TOTAL BELGIUM

           13,045,355  
       

 

 

  

CANADA

      1.6 %      

REAL ESTATE

        

OFFICE

      1.1 %      

Allied Properties REIT

        379,918        12,078,115  
       

 

 

  

RESIDENTIAL

      0.5 %      

Boardwalk REIT

        373,415        6,078,972  
       

 

 

  

TOTAL CANADA

           18,157,087  
       

 

 

  

CHINA

      2.7 %      

INDUSTRIALS—INDUSTRIALS

      0.8 %      

ESR Cayman Ltd., 144A (H shares)(b),(c)

        4,342,000        9,323,281  
       

 

 

  

REAL ESTATE

      1.9 %      

DATA CENTERS

      0.8 %      

GDS Holdings Ltd., ADR (USD)(b)

 

     148,085        8,584,488  
       

 

 

  

DIVERSIFIED

      1.1 %      

China Overseas Land & Investment Ltd. (H shares)

 

     4,246,000        13,017,936  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

TOTAL REAL ESTATE

         $ 21,602,424  
       

 

 

  

TOTAL CHINA

           30,925,705  
       

 

 

  

FRANCE

      2.4 %      

REAL ESTATE

        

NET LEASE

      0.6 %      

ARGAN SA

        90,202        6,700,096  
       

 

 

  

OFFICE

      0.8 %      

Gecina SA

        73,797        9,710,919  
       

 

 

  

RETAIL

      1.0 %      

Klepierre SA

        432,310        8,240,502  

Unibail-Rodamco-Westfield

        64,468        3,666,005  
       

 

 

  
          11,906,507  
       

 

 

  

TOTAL FRANCE

           28,317,522  
       

 

 

  

GERMANY

      5.8 %      

REAL ESTATE

        

OFFICE

      0.5 %      

Alstria Office REIT AG

        373,648        5,362,202  
       

 

 

  

RESIDENTIAL

      5.3 %      

Deutsche Wohnen SE

        334,195        12,665,546  

Instone Real Estate Group AG, 144Ab,c

        254,143        4,066,090  

LEG Immobilien AG

        192,294        21,563,319  

Vonovia SE

        477,653        23,760,125  
       

 

 

  
          62,055,080  
       

 

 

  

TOTAL GERMANY

           67,417,282  
       

 

 

  

HONG KONG

      7.1 %      

REAL ESTATE

        

DIVERSIFIED

      4.7 %      

Hang Lung Properties Ltd.

        5,427,000        10,943,757  

New World Development Co., Ltd.

        14,015,000        14,943,849  

Sun Hung Kai Properties Ltd.

        2,175,000        28,436,022  
       

 

 

  
          54,323,628  
       

 

 

  

RESIDENTIAL

      0.5 %      

Wharf Real Estate Investment Co., Ltd.

        1,436,462        5,859,232  
       

 

 

  

RETAIL

      1.9 %      

Link REIT

        2,628,744        22,156,297  
       

 

 

  

TOTAL HONG KONG

           82,339,157  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

JAPAN

      11.8 %      

REAL ESTATE

 

     

DIVERSIFIED

      6.4 %      

Activia Properties, Inc.

 

     4,202      $ 13,640,034  

Mitsubishi Estate Co., Ltd.

 

     1,389,914        20,527,840  

Mitsui Fudosan Co., Ltd.

 

     1,147,700        19,872,099  

Mitsui Fudosan Logistics Park, Inc.

 

     1,707        7,221,089  

NIPPON REIT Investment Corp.

 

     2,606        7,717,408  

Tokyu Fudosan Holdings Corp.

 

     1,146,833        5,508,347  
    

 

 

  
       74,486,817  
       

 

 

  

HOTEL

      0.3 %      

Japan Hotel REIT Investment Corp.

 

     11,085        3,235,917  
       

 

 

  
    

INDUSTRIALS

      1.8 %      

GLP J-REIT

 

     18,340        20,796,557  
       

 

 

  

OFFICE

      1.6 %      

Japan Prime Realty Investment Corp.

 

     987        2,982,004  

Nippon Building Fund, Inc.

        2,300        15,471,980  
       

 

 

  
       18,453,984  
       

 

 

  

RESIDENTIAL

      1.4 %      

Daiwa House REIT Investment Corp.

 

     6,949        17,031,478  
       

 

 

  

RETAIL

      0.3 %      

Japan Retail Fund Investment Corp.

 

     2,915        3,313,687  
       

 

 

  
    

TOTAL JAPAN

 

        137,318,440  
       

 

 

  
    

NORWAY

      0.5 %      

REAL ESTATE—OFFICE

 

     

Entra ASA, 144A(c)

 

     528,614        6,314,252  
       

 

 

  

SINGAPORE

      3.6 %      

REAL ESTATE

 

     

DIVERSIFIED

      2.3 %      

CapitaLand Ltd.

 

     3,303,700        6,620,379  

City Developments Ltd.

 

     1,254,300        6,360,140  

Keppel DC REIT

 

     8,715,300        13,987,273  
       

 

 

  
          26,967,792  
    

 

 

  

HEALTH CARE

      0.8 %      

Parkway Life Real Estate Investment Trust

        4,021,500        8,778,323  
       

 

 

  

INDUSTRIALS

      0.5 %      

Mapletree Industrial Trust

 

     3,758,600        6,382,716  

 

3

 

 

                                                                       
                         Shares      Value  

TOTAL SINGAPORE

 

    $ 42,128,831  
        

 

 

  

SWEDEN

    2.1%   

REAL ESTATE

 

DIVERSIFIED

    1.7%   

Castellum AB

      634,387        10,696,044  

Fastighets AB Balder, Class B(b)

      252,378        9,123,796  
        

 

 

  
        19,819,840  
        

 

 

  

INDUSTRIALS

    0.4%   

Catena AB

      137,942        4,004,619  
        

 

 

  

TOTAL SWEDEN

 

      23,824,459  
        

 

 

  

UNITED KINGDOM

    5.0%   

REAL ESTATE

 

DIVERSIFIED

    0.3%   

Land Securities Group PLC

      518,465        3,575,291  
        

 

 

  

HEALTH CARE

    0.8%   

Assura PLC

      8,416,525        8,724,620  
        

 

 

  

INDUSTRIALS

    1.8%   

LondonMetric Property PLC

      2,982,752        6,505,686  

Segro PLC

      1,502,082        14,199,745  
        

 

 

  
        20,705,431  
        

 

 

  

OFFICE

    0.7%   

Derwent London PLC

         205,687        8,308,808  
        

 

 

  

RESIDENTIAL

    0.9%   

Grainger PLC (USD)

      1,666,711        5,304,031  

UNITE Group PLC

      548,197        5,470,691  
        

 

 

  
        10,774,722  
        

 

 

  

SELF STORAGE

    0.5%   

Safestore Holdings PLC

      699,388        5,530,486  
        

 

 

  

TOTAL UNITED KINGDOM

 

      57,619,358  
        

 

 

  

UNITED STATES

    51.1%   

COMMUNICATIONS—TOWERS

    0.5%   

SBA Communications Corp.

      19,505        5,265,765  
        

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

    0.5%   

Boyd Gaming Corp.

      437,956        6,315,326  
        

 

 

  

 

4

 

 

                                                                       
                         Shares      Value  

REAL ESTATE

    50.1%      

DATA CENTERS

    4.2%      

Digital Realty Trust, Inc.

         280,783      $ 39,003,567  

Equinix, Inc.

         16,467        10,284,794  
        

 

 

  
        49,288,361  
        

 

 

  

DIVERSIFIED

    0.7%      

Jones Lang LaSalle, Inc.

         82,375        8,318,227  
        

 

 

  

HEALTH CARE

    8.2%      

Healthcare Trust of America, Inc., Class A

         458,136        11,123,542  

Healthpeak Properties, Inc.

         634,754        15,138,883  

Medical Properties Trust, Inc.

         755,647        13,065,137  

Omega Healthcare Investors, Inc.

         88,806        2,356,911  

Ventas, Inc.

         312,121        8,364,843  

Welltower, Inc.

         982,186        44,964,475  
        

 

 

  
        95,013,791  
        

 

 

  

HOTEL

    2.2%      

Hilton Worldwide Holdings, Inc.

         166,563        11,366,259  

Host Hotels & Resorts, Inc.

         1,020,653        11,268,009  

Park Hotels & Resorts, Inc.

         393,033        3,108,891  
        

 

 

  
        25,743,159  
        

 

 

  

INDUSTRIALS

    7.5%      

Duke Realty Corp.

         423,482        13,712,347  

Prologis, Inc.

         908,880        73,046,686  
        

 

 

  
        86,759,033  
        

 

 

  

NET LEASE

    4.3%      

Agree Realty Corp.

         237,305        14,689,180  

VEREIT, Inc.

         2,719,156        13,296,673  

VICI Properties, Inc.

         1,298,607        21,608,820  
        

 

 

  
        49,594,673  
        

 

 

  

OFFICE

    3.1%      

Empire State Realty Trust, Inc., Class A

         844,020        7,562,419  

Kilroy Realty Corp.

         456,152        29,056,882  
        

 

 

  
        36,619,301  
        

 

 

  

RESIDENTIAL

    10.2%      

APARTMENT

    8.8%      

Equity Residential

         558,382        34,457,753  

 

5

 

 

                                                                       
                         Shares      Value  

Essex Property Trust, Inc.

      122,382      $ 26,953,412  

UDR, Inc.

      1,116,703        40,804,328  
        

 

 

  
           102,215,493  
        

 

 

  

SINGLE FAMILY

    1.4%      

Invitation Homes, Inc.

      774,539        16,551,898  
        

 

 

  

TOTAL RESIDENTIAL

         118,767,391  
        

 

 

  

SELF STORAGE

    5.9%      

Extra Space Storage, Inc.

      282,968        27,097,016  

Public Storage

      206,606        41,034,017  
        

 

 

  
           68,131,033  
        

 

 

  

SHOPPING CENTERS

    3.8%      

COMMUNITY CENTER

    2.5%      

Kimco Realty Corp.

      1,107,016        10,704,845  

Regency Centers Corp.

      459,275        17,649,938  
        

 

 

  
           28,354,783  
        

 

 

  

REGIONAL MALL

    1.3%      

Simon Property Group, Inc.

      279,724        15,345,659  
        

 

 

  

TOTAL SHOPPING CENTERS

         43,700,442  
        

 

 

  

TOTAL REAL ESTATE

         581,935,411  
        

 

 

  

TOTAL UNITED STATES

         593,516,502  
        

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,269,435,666)

         1,133,507,168  
        

 

 

  

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$1,269,435,666)

    97.6%         1,133,507,168  

OTHER ASSETS IN EXCESS OF LIABILITIES

    2.4         28,118,174  
  

 

      

 

 

  

NET ASSETS

    100.0%       $ 1,161,625,342  
  

 

      

 

 

  

Glossary of Portfolio Abbreviations

 

ADR    American Depositary Receipt
EUR    Euro Currency
REIT    Real Estate Investment Trust
USD    United States Dollar

 

6

 

 

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

(a)   Security value is determined based on significant unobservable inputs (Level 3).

(b)   Non-income producing security.

(c)   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 $19,703,623 which represents 1.7% of the net assets of the Fund, of which 0.0% are illiquid.

 

7

 

 

                       

Sector Summary

    % of
Net
Assets		  

Diversified

      19.5  

Residential

      19.3  

Industrials

      13.9  

Health Care

      9.8  

Office

      8.3  

Self Storage

      6.4  

Data Centers

      5.0  

Net Lease

      4.9  

Shopping Centers

      3.8  

Retail

      3.2  

Hotel

      2.5  

Hotels, Restaurants & Leisure

      0.5  

Towers

      0.5  

Other

      2.4  
  

 

 

  
     100.0  
  

 

 

  

 

8

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1. 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.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) 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 over-the-counter (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 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.

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 policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, 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.

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.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 following is a summary of the inputs used as of March 31, 2020 in valuing the Fund’s investments carried at value:

 

                                                                                   
     Total      Quoted Prices
in Active
Markets for
Identical
Investments
(Level 1)		      Other
Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Common Stock:

            

Australia

    $ 27,167,283      $ —      $ 27,167,283      $ 0(a ) 

Austria

      5,415,935        —        5,415,935        —  

Belgium

      13,045,355        —        13,045,355        —  

China

      30,925,705        8,584,488        22,341,217        —  

France

      28,317,522        3,666,005        24,651,517        —  

Germany

      67,417,282        —        67,417,282        —  

Hong Kong

      82,339,157        —        82,339,157        —  

Japan

      137,318,440        —        137,318,440        —  

Norway

      6,314,252        —        6,314,252        —  

Singapore

      42,128,831        —        42,128,831        —  

Sweden

      23,824,459        —        23,824,459        —  

United Kingdom

      57,619,358        —        57,619,358        —  

Other Countries

      611,673,589        611,673,589        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(b)

    $ 1,133,507,168      $ 623,924,082      $ 509,583,086      $ 0  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

BGP Holdings PLC was acquired via a spinoff and has been fair valued at $0, by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as a Level 3 security.

(b)

Portfolio holdings are disclosed individually on the Schedule of Investments.