COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2019 (Unaudited)

			Shares		Value
COMMON STOCK	97.7	%
COMMUNICATIONS—TOWERS	14.6	%
American Tower Corp.				983,588	$	217,500,815
Crown Castle International Corp.				1,054,444		146,578,260
SBA Communications Corp.				683,253		164,766,461
						528,845,536
CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE	0.4	%
Boyd Gaming Corp.				635,851		15,228,631
REAL ESTATE	82.7	%
DATA CENTERS	9.3	%
CyrusOne, Inc.				983,319		77,780,533
Digital Realty Trust, Inc.				125,173		16,248,707
Equinix, Inc.				422,264		243,561,875
						337,591,115
DIVERSIFIED	1.2	%
CBRE Group, Inc. Class A(a)				811,856		43,036,487
HEALTH CARE	10.2	%
Medical Properties Trust, Inc.				2,781,712		54,410,287
Sabra Health Care REIT, Inc.				4,478,649		102,829,781
Welltower, Inc.				2,351,821		213,192,573
						370,432,641
HOTEL	3.2	%
Park Hotels & Resorts, Inc.				2,573,927		64,270,957
Pebblebrook Hotel Trust				1,149,953		31,991,693
Red Rock Resorts, Inc. Class A				976,856		19,835,061
						116,097,711
INDUSTRIALS	7.7	%
Americold Realty Trust				753,041		27,915,230
Duke Realty Corp.				2,523,751		85,731,821
Industrial Logistics Properties Trust				907,094		19,275,747
Prologis, Inc.				1,701,176		144,974,219
						277,897,017
NET LEASE	11.8	%
Agree Realty Corp.				642,256		46,981,026
Realty Income Corp.				1,332,367		102,165,902
Spirit Realty Capital, Inc.				1,485,928		71,116,514
VEREIT, Inc.				7,290,856		71,304,572
VICI Properties, Inc.				6,067,797		137,435,602
						429,003,616

1

			Shares		Value
OFFICE	6.7	%
Boston Properties, Inc.				181,194	$	23,493,614
Douglas Emmett, Inc.				1,144,125		49,002,874
Empire State Realty Trust, Inc., Class A				1,904,143		27,172,121
Hudson Pacific Properties, Inc.				2,408,254		80,580,179
Kilroy Realty Corp.				815,714		63,535,963
						243,784,751
RESIDENTIAL	22.0	%
APARTMENT	14.4	%
Apartment Investment & Management Co., Class A				501,635		26,155,249
AvalonBay Communities, Inc.				296,864		63,923,725
Equity Residential				638,942		55,115,137
Essex Property Trust, Inc.				524,718		171,399,135
UDR, Inc.				4,236,305		205,376,066
						521,969,312
MANUFACTURED HOME	2.9	%
Sun Communities, Inc.				703,774		104,475,250
SINGLE FAMILY	4.7	%
American Homes 4 Rent, Class A				2,006,930		51,959,418
Invitation Homes, Inc.				4,075,636		120,679,582
						172,639,000
TOTAL RESIDENTIAL						799,083,562
SELF STORAGE	4.7	%
Extra Space Storage, Inc.				835,121		97,558,835
Public Storage				303,661		74,478,934
						172,037,769
SHOPPING CENTERS	5.9	%
COMMUNITY CENTER	2.5	%
SITE Centers Corp.				2,947,551		44,537,496
Urban Edge Properties				2,327,521		46,061,640
						90,599,136

2

			Shares		Value
REGIONAL MALL	3.4	%
Macerich Co. (The)				2,069,614	$	65,379,106
Simon Property Group, Inc.				224,391		34,926,459
Taubman Centers, Inc.				587,690		23,995,383
						124,300,948
TOTAL SHOPPING CENTERS						214,900,084
TOTAL REAL ESTATE						3,003,864,753
TOTAL COMMON STOCK (Identified cost—$2,756,920,809)						3,547,938,920
SHORT-TERM INVESTMENTS	1.9	%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95%(b)				70,453,286		70,453,286
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$70,453,286)						70,453,286
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$2,827,374,095)	99.6	%				3,618,392,206
OTHER ASSETS IN EXCESS OF LIABILITIES	0.4					13,080,419
NET ASSETS (Equivalent to $48.82 per share based on 74,380,572 shares of common stock outstanding)	100.0	%			$	3,631,472,625

Glossary of Portfolio Abbreviations

REIT   Real Estate Investment Trust

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

(a) Non-income producing security.

(b) Rate quoted represents the annualized seven-day yield.

3

COHEN & STEERS INSTITUTIONAL 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. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (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.

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) 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 manager, 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 manager, subject to the oversight of the Board of Directors. The investment manager 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 manager 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

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

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.

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 September 30, 2019 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	$	3,547,938,920	$	3,547,938,920	$	—	$	—
Short-Term Investments		70,453,286		—		70,453,286		—
Total Investments in Securities(a)	$	3,618,392,206	$	3,547,938,920	$	70,453,286	$	—

(a) Portfolio holdings are disclosed individually on the Schedule of Investments.

Note 2. Derivative Instruments

Options: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

The following summarizes the volume of the Fund’s option contracts activity for the nine months ended September 30, 2019:

	Purchased Option		Written Option
	Contracts		Contracts
Average Notional Amount(a),(b)	$	41,106,716	$	44,361,703

(a) Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month end. For the period, this represents one month for purchased options and four months for written options.

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