N-CSR

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			811-21677
Cohen & Steers International Realty Fund, Inc.
(Exact name of registrant as specified in charter)
280 Park Avenue, New York, NY					10017
(Address of principal executive offices)					(Zip code)
Tina M. Payne Cohen & Steers Capital Management, Inc. 280 Park 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:		December 31, 2014

Item 1. Reports to Stockholders.

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

To Our Shareholders:

We would like to share with you our report for the year ended December 31, 2014. The net asset values (NAV) per share at that date were $11.23, $11.12 and $11.29 for Class A, Class C and Class I shares, respectively.

The total returns, including income and change in NAV, for the Fund and its comparative benchmarks were:

	Six Months Ended December 31, 2014			Year Ended December 31, 2014
Cohen & Steers International Realty Fund—Class A		–3.65	%		2.30	%
Cohen & Steers International Realty Fund—Class C		–3.96	%		1.60	%
Cohen & Steers International Realty Fund—Class I		–3.53	%		2.63	%
FTSE EPRA/NAREIT Developed Ex-U.S.   Real Estate Index—neta		–4.06	%		2.84	%
S&P 500 Indexa		6.12	%		13.69	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 4.50% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs less than one year from purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund implements fair value pricing when the daily change in a specific U.S. market index exceeds a predetermined percentage. Fair value pricing adjusts the valuation of certain non-U.S. equity holdings to account for such index change following the close of foreign markets. This standard practice

^a  The FTSE EPRA/NAREIT Developed Ex-U.S. Real Estate Index—net, is an unmanaged market-weighted total return index which consists of publicly traded equity REITs and listed property companies from developed markets whose floats are larger than $100 million and which derive more than half of their revenue from property-related activities and is net of dividend withholding taxes. The S&P 500 Index is an unmanaged index of 500 large-cap stocks that is frequently used as a general measure of stock market performance.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

has been adopted by a majority of the fund industry. In the event fair value pricing is implemented on the first and/or last day of a performance measurement period, the Fund's return may diverge from the relative performance of its benchmark, which does not use fair value pricing.

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

Investment Review

International real estate stocks had modest returns in 2014, as headwinds from depreciation in non-U.S. currencies offset a large portion of the strong overall gains that the securities achieved in their local markets. However, listed real estate securities widely outperformed the broad equity market in nearly every country, benefiting more than other stocks from a decline in government bond yields.

Even as the U.S. economy continued to gain momentum, it became increasingly evident during the year that the rest of the world was experiencing a material slowdown in economic activity. Central banks responded with aggressive easing measures, ranging from massive asset-purchase programs to interest-rate cuts and relaxed mortgage-lending standards. A sharp decline in the price of oil added to the sense of economic uncertainty, but also eased the strains on consumers' wallets through lower gasoline and heating fuel prices.

Despite increasing economic challenges in Europe and Asia, operating conditions for listed real estate companies remained largely favorable. Strengthening tenant demand, modest levels of new supply and historically low financing costs continued to drive income growth. Companies also accessed public equity and debt markets to grow cash flows through acquisitions, including several landmark transactions in Europe. At the same time, falling bond yields increased the appeal of assets offering attractive income rates. Together, these conditions provided a highly favorable environment for real estate stocks.

Europe Driven Largely by Declining Sovereign Yields

After some encouraging signals early in the year, economic conditions began to deteriorate across Continental Europe, driving increasing expectations that the European Central Bank (ECB) could initiate outright quantitative easing. Sovereign yields broadly declined, particularly benefiting real estate companies with more bond-like cash flows. German apartment companies were among the best performers in this environment, contributing to the country's market-leading 43.0% total return^b for the year. Investors viewed them favorably due to their stable rent growth and strong fundamentals. The sector also benefited from further consolidation, with Deutsche Annington announcing it would acquire rival Gagfah, coming after Deutsche Wohnen's successful merger with GSW in 2013.

^b  Country returns are in local currencies.

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Sweden (37.2%) benefited from strong capital flows from local pension funds in search of income, spurred by declining bond yields and the Riksbank's decision to cut its key interest rate to 0%. The Netherlands (20.1%) also performed well, while France (13.1%) underperformed amid tepid real estate demand in a challenging economic climate. In July, Klépierre announced it would acquire Corio, forming a combined entity nearly the size of Unibail-Rodamco, with total assets worth €21 billion (US $28 billion) at the time of the news.

The U.K. (21.3%) economy remained strong, driving continued improvement in occupancy rates and rents, particularly for office, storage, retail and logistics companies. U.K. equities were briefly upended midway through the year after comments from the Bank of England raised concerns about the timing of interest-rate hikes. However, officials later reassured markets that rates would likely remain low given the sizeable slack in the labor market and concerns about Europe's economy.

Canada (10.3%) lagged other listed real estate markets due to economic pressures resulting from reduced exports to China and falling oil prices. Retail demand, particularly in Calgary and Toronto, remained relatively resilient, while suburban and second-tier offices generally struggled.

Australia Led Asia Pacific Markets

With most Asia Pacific markets pressured by China's slowing economy, real estate stocks in Australia (27.2%) produced sizeable gains. Investors favored the country's stable property markets relative to the broader Australian stock market amid economic pressure from lower mining commodity prices. Westfield had sizeable gains, completing a restructuring of its mall interests with Westfield Retail Trust (renamed Scentre Group). With Westfield now focused solely on U.S. and U.K. malls, its offshore assets were viewed favorably against a backdrop of a depreciating Australian dollar and increased acquisitions among U.S. mall peers.

Japan (–2.7%) contended with a stalled economy in 2014, as a higher consumption tax undercut the government's efforts to stimulate growth. The Bank of Japan expanded its quantitative-easing program in October, driving bond yields sharply lower and deflating the yen. J-REITs performed very well in this environment, attracting mutual-fund investors and regional banks in search of yield. In contrast, developers came under pressure amid negative sentiment arising from the lack of tangible economic progress, even as Tokyo office fundamentals improved.

Hong Kong (13.3%) began to see a recovery in office demand, whereas retail properties faced headwinds from slowing China growth, Chinese anti-corruption measures and, in the fourth quarter, widespread student protests. Developers broadly outperformed as the government relaxed fees on home purchases, leading to a rebound in monthly transactions from 10-year lows.

Singapore (10.6%) saw strong returns from REITs due to improving office demand and a more manageable supply outlook. Developers underperformed, however, weighed down by government policies designed to improve housing affordability. Global Logistics Properties, which operates largely in China, Japan and Brazil, declined amid concerns about the company's capital allocation and business strategy.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Fund Performance

The Fund had a positive return for the year, but underperformed its benchmark. Our overweight in Germany benefited relative performance. Other positive contributors included stock selection in Sweden, Hong Kong, Australia and Japan. Favorable stock selection in Sweden was driven by an overweight in Hemfosa, a small-cap company that benefited more than its peers from lower interest rates, and also had several well-received acquisitions. Also, our out-of-index position in Mexico's Fibra Danhos outperformed the index, benefiting relative performance.

Factors that detracted from the Fund's performance relative to the index included stock selection in the Netherlands, Singapore and Spain (which had a 0.2% total return). The Fund also had an out-of-index position in U.S.-based Belmond, which owns a global portfolio of luxury hotels. The shares declined amid concerns of softer global demand and the potential impact of the conflict in Ukraine on its property in St. Petersburg, Russia.

Impact of Foreign Currency on Fund Performance

The currency impact of the Fund's investments in foreign securities detracted from absolute performance during the 12-month period ended December 31, 2014. Although the Fund reports its NAV and pays dividends in U.S. dollars, the Fund's investments denominated in foreign currencies are subject to foreign currency risk. The U.S. dollar rose to a nine-year high during the period, and, consequently, this was a headwind for absolute returns as a result of the changes in the exchange rates between foreign currencies and the U.S. dollar.

Investment Outlook

We Continue to See Attractive Opportunities in Europe

We believe the U.K. continues to offer attractive value, as the current expansion cycle has room to continue, in our view, while new supply remains very limited in most property sectors. This should drive continued growth in cash flows, helping to offset the effects of a potential rise in interest rates in 2015.

On the continent, we maintain a more constructive economic view relative to the market consensus. Importantly, we believe the ECB remains in the early stages of its easing cycle given the concerns about a potential deflationary environment. We continue to favor the relatively defensive German residential market, which we believe should benefit from stable rent growth and further monetary easing. We also like Scandinavia based on healthy fundamentals. In addition, we are seeing select opportunities in France, Spain and the Netherlands despite challenging fundamentals in the near term. We believe certain companies are well positioned to benefit from increased liquidity and a recovery in commercial property values.

Tokyo and Hong Kong Offices Continue to Offer Compelling Value

Japan developers are trading at steep discounts to their underlying assets, reflecting the country's ongoing challenges with stagnant growth and low inflation. However, evidence continues to mount of a gradual recovery in the broader economy and the Tokyo office market. We believe this represents an

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attractive opportunity for long-term investors, especially with the government taking aggressive measures to stoke inflation. Among J-REITs, we continue to see attractive total-return potential in select companies that are able to grow dividends while adding value through acquisitions.

In Hong Kong, we believe a gradual recovery in office fundamentals should lead to improved valuations for landlords, which at present are heavily discounted relative to their property holdings. Also, we believe the non-discretionary retail market should continue to deliver steady growth, while being less sensitive to tourist spending. While we remain cautious toward Hong Kong residential developers, we believe certain China-focused companies offer good risk-adjusted upside potential based on valuations, supportive government policies and our expectations for gradual improvement in residential sales.

Our favorable view of Singapore is tempered by the potential negative impact from rising U.S. Treasury yields. However, office fundamentals appear to be improving, and we expect rental growth to remain positive amid a favorable supply backdrop. We also see attractive upside potential in certain best-of-breed, domestic-focused residential operators trading at discounts to their underlying assets.

We believe Australia's economic environment is not providing adequate support for commercial property fundamentals, resulting in lackluster consumer demand, weak cash-flow growth and less-attractive valuations compared with other global markets. Our focus is on companies with meaningful offshore assets in markets with more compelling fundamentals.

Sincerely,

ROBERT H. STEERS	JOSEPH M. HARVEY
Chairman	Portfolio Manager
JON CHEIGH	LUKE SULLIVAN
Portfolio Manager	Portfolio Manager
ROGIER QUIRIJNS	WILLIAM LEUNG
Portfolio Manager	Portfolio Manager

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of publication. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds invests in major real asset categories including real estate, infrastructure and commodities, along with preferred securities and other income solutions.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Performance Review (Unaudited)

Class A—Growth of a $10,000 Investment

Class C—Growth of a $10,000 Investment

Class I—Growth of a $100,000 Investment

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Performance Review (Unaudited)—(Continued)

Average Annual Total Returns—For Periods Ended December 31, 2014

	Class A Shares			Class C Shares			Class I Shares
1 Year (with sales charge)		–2.31	%b		0.60	%c		—
1 Year (without sales charge)		2.30	%		1.60	%		2.63	%
5 Years (with sales charge)		5.23	%b		5.50	%		—
5 Years (without sales charge)		6.20	%		5.50	%		6.56	%
Since Inceptiond (with sales charge)		4.05	%b		3.87	%		—
Since Inceptiond (without sales charge)		4.55	%		3.87	%		4.90	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month end can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. The performance graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods presented above, the investment advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower.

The annualized gross and net expense ratios, respectively, for each class of shares as disclosed in the May 1, 2014 prospectuses were as follows: Class A—1.53% and 1.35%; Class C—2.18% and 2.00%; and Class I—1.27% and 1.00%. Through June 30, 2016, the investment advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred so that the Fund's total annual operating expenses (excluding acquired fund fees and expenses and extraordinary expenses) do not exceed 1.35% for Class A shares, 2.00% for Class C shares and 1.00% for Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund.

^a  The comparative indices are not adjusted to reflect expenses or other fees that the SEC requires to be reflected in the Fund's performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund's performance assumes the reinvestment of all dividends and distributions at NAV. For more information, including charges and expenses, please read the prospectus carefully before you invest.

^b  Reflects a 4.50% front-end sales charge.

^c  Reflects a contingent deferred sales charge of 1.00%.

^d  Inception date of March 31, 2005.

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COHEN & STEERS INTERNATIONAL REALTY 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 (2) ongoing costs including investment advisory 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 July 1, 2014—December 31, 2014.

Actual Expenses

The first line of the following table 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 following table 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 other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). 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.

	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Perioda July 1, 2014– December 31, 2014
Class A
Actual (–3.65% return)	$	1,000.00	$	963.50	$	6.68
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,018.40	$	6.87
Class C
Actual (–3.96% return)	$	1,000.00	$	960.40	$	9.88
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,015.12	$	10.16
Class I
Actual (–3.53% return)	$	1,000.00	$	964.70	$	4.95
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.16	$	5.09

^a  Expenses are equal to the Fund's Class A, Class C and Class I annualized expense ratios of 1.35%, 2.00% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

December 31, 2014

Top Ten Holdings
(Unaudited)

Security	Value		% of Net Assets
Westfield Corp.	$	38,465,989		4.4
Land Securities Group PLC		36,279,608		4.2
Sumitomo Realty & Development Co., Ltd.		36,163,684		4.2
Mitsui Fudosan Co., Ltd.		35,278,447		4.1
Klepierre		35,013,575		4.0
Deutsche Wohnen AG		30,897,649		3.5
Link REIT		30,405,337		3.5
Mitsubishi Estate Co., Ltd.		28,768,197		3.3
Sun Hung Kai Properties Ltd.		25,613,737		2.9
Hammerson PLC		25,554,250		2.9

Country Breakdown

(Based on Net Assets)
(Unaudited)

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

December 31, 2014

		Number of Shares		Value
COMMON STOCK	99.8%
AUSTRALIA	10.8%
REAL ESTATE
DIVERSIFIED	0.0%
BGP Holdings PLC (EUR)a,b,c			56,622,235	$	0
Ingenia Communities Groupa			909,942		326,274
					326,274
INDUSTRIALS	2.5%
Goodman Groupa			4,778,219		22,070,032
RETAIL	7.0%
Novion Property Groupa			7,576,058		13,021,878
Scentre Groupa,c			3,155,850		8,941,063
Westfield Corp.a			5,247,489		38,465,989
					60,428,930
SELF STORAGE	1.3%
National Storage REITa			9,418,141		11,076,221
TOTAL AUSTRALIA					93,901,457
BERMUDA	0.6%
REAL ESTATE—HOTEL
Belmond Ltd., Class A (USD)c			387,294		4,790,827
BRAZIL	0.5%
REAL ESTATE—RETAIL
BR Malls Participacoes SAa			682,940		4,259,515
CANADA	1.7%
REAL ESTATE
DIVERSIFIED	1.1%
Pure Industrial Real Estate Trust			2,443,260		9,337,300
OFFICE	0.6%
Allied Properties REIT			176,104		5,675,102
TOTAL CANADA					15,012,402
CHINA	0.6%
REAL ESTATE—RESIDENTIAL
China Vanke Co. Ltd., Class H (HKD)a,c			2,538,000		5,617,144

See accompanying notes to financial statements.
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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

		Number of Shares		Value
FRANCE	6.6%
REAL ESTATE
DIVERSIFIED	2.6%
Gecina SAa			115,718	$	14,445,966
Nexitya			220,906		8,374,566
					22,820,532
RETAIL	4.0%
Klepierrea			815,442		35,013,575
TOTAL FRANCE					57,834,107
GERMANY	6.8%
REAL ESTATE—RESIDENTIAL
Deutsche Annington Immobilien SEa			498,865		16,937,299
Deutsche Wohnen AGa			1,309,793		30,897,649
LEG Immobilien AGa,c			151,356		11,275,074
TOTAL GERMANY					59,110,022
HONG KONG	16.4%
REAL ESTATE
DIVERSIFIED	9.5%
Champion REITa			16,882,000		7,835,816
Henderson Land Development Co., Ltd.a			745,000		5,168,412
Kerry Properties Ltd.a			2,046,000		7,367,807
New World Development Co., Ltd.a			16,733,768		19,210,518
Sun Hung Kai Properties Ltd.a			1,690,627		25,613,737
Wharf Holdings Ltd.a			2,360,900		16,949,115
					82,145,405
OFFICE	2.6%
Hongkong Land Holdings Ltd. (USD)a			3,398,771		22,899,298
RESIDENTIAL	0.8%
China Overseas Land & Investment Ltd.a			2,374,000		7,038,069
RETAIL	3.5%
Link REIT			4,861,500		30,405,337
TOTAL HONG KONG					142,488,109

See accompanying notes to financial statements.
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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

		Number of Shares		Value
JAPAN	25.5%
REAL ESTATE
DIVERSIFIED	16.4%
Activia Propertiesa			501	$	4,356,381
Hulic Co., Ltd.a			1,293,500		12,931,339
Mitsubishi Estate Co., Ltd.a			1,365,307		28,768,197
Mitsui Fudosan Co., Ltd.a			1,315,597		35,278,447
Mori Hills REIT Investment Corp.a			4,504		6,482,411
Nomura Real Estate Master Funda			8,162		10,569,751
Sumitomo Realty & Development Co., Ltd.a			1,061,479		36,163,684
Tokyo Tatemono Co., Ltd.a			1,162,000		8,456,595
					143,006,805
INDUSTRIALS	1.4%
GLP J-REITa			8,668		9,655,220
Nippon Prologis REITa			1,323		2,872,569
					12,527,789
OFFICE	5.4%
Japan Real Estate Investment Corp.a			2,901		13,977,818
Nippon Building Funda			3,615		18,147,692
Nomura Real Estate Office Funda			3,029		15,020,211
					47,145,721
RESIDENTIAL	1.4%
Advance Residence Investmenta			4,448		11,902,159
RETAIL	0.9%
AEON Mall Co., Ltd.a			443,100		7,852,162
TOTAL JAPAN					222,434,636
MEXICO	0.3%
REAL ESTATE—OFFICE
Concentradora Fibra Danhos SA de CV			900,098		2,196,291
NETHERLANDS	5.3%
REAL ESTATE
DIVERSIFIED	1.5%
Nieuwe Steen Investments NVa			2,929,066		13,039,499

See accompanying notes to financial statements.
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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

		Number of Shares		Value
RETAIL	3.8%
Corio NVa			307,328	$	15,050,424
Eurocommercial Properties NVa			11,876		504,590
Wereldhave NVa			258,193		17,777,911
					33,332,925
TOTAL NETHERLANDS					46,372,424
SINGAPORE	7.0%
REAL ESTATE
DIVERSIFIED	4.0%
Ascendas REITa			3,628,000		6,507,733
Capitaland Ltd.a			6,098,000		15,161,755
City Developments Ltd.a			1,691,767		13,052,051
					34,721,539
HOTEL	0.5%
CDL Hospitality Trustsa			3,529,798		4,621,233
INDUSTRIALS	1.9%
Global Logistic Properties Ltd.a			8,722,991		16,263,161
OFFICE	0.6%
Keppel REITa			5,458,566		5,013,310
TOTAL SINGAPORE					60,619,243
SPAIN	1.6%
REAL ESTATE—DIVERSIFIED
Hispania Activos Inmobiliarios SAa,c			550,698		7,205,842
Lar Espana Real Estate Socimi SAa,c			610,291		6,733,322
TOTAL SPAIN					13,939,164
SWEDEN	3.1%
REAL ESTATE—DIVERSIFIED
Hemfosa Fastigheter ABa,c			454,424		9,588,534
Kungsleden ABa			2,419,812		17,403,017
TOTAL SWEDEN					26,991,551

See accompanying notes to financial statements.
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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

				Number of Shares		Value
UNITED KINGDOM	13.0%
REAL ESTATE
DIVERSIFIED	4.9%
Land Securities Group PLCa					2,018,266	$	36,279,608
St. Modwen Properties PLCa					1,107,430		6,657,776
							42,937,384
INDUSTRIALS	1.1%
Segro PLCa					1,643,110		9,412,842
OFFICE	2.1%
Derwent London PLCa					389,939		18,203,804
RETAIL	2.9%
Hammerson PLCa					2,728,722		25,554,250
SELF STORAGE	2.0%
Big Yellow Group PLCa					1,800,703		16,967,527
TOTAL UNITED KINGDOM							113,075,807
TOTAL COMMON STOCK (Identified cost—$756,100,185)							868,642,699
SHORT-TERM INVESTMENTS	0.0%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, 0.00%d					300,000		300,000
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$300,000)							300,000
TOTAL INVESTMENTS (Identified cost—$756,400,185)		99.8	%				868,942,699
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2					1,677,726
NET ASSETS		100.0	%			$	870,620,425

See accompanying notes to financial statements.
15

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

Glossary of Portfolio Abbreviations

EUR  Euro Currency

HKD  Hong Kong Dollar

REIT  Real Estate Investment Trust

USD  United States Dollar

Sector Summary	% of Net Assets
Diversified		44.7
Retail		22.6
Office		11.6
Residential		9.6
Industrials		6.9
Self Storage		3.2
Hotel		1.1
Other		0.3
		100.0

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

^a  Fair valued security. This security has been valued at its fair value as determined in good faith under procedures established by and under the general supervision of the Fund's Board of Directors. Aggregate fair valued securities represent 93.8% of the net assets of the Fund, all of which have been fair valued pursuant to foreign equity fair value pricing procedures approved by the Board of Directors.

^b  Illiquid security. Aggregate holdings equal 0.0% of the net assets of the Fund.

^c  Non-income producing security.

^d  Rate quoted represents the annualized seven-day yield of the Fund.

See accompanying notes to financial statements.
16

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2014

ASSETS:
Investments in securities, at value (Identified cost—$756,400,185)	$	868,942,699
Cash		344,742
Foreign currency, at value (Identified cost—$647,679)		647,961
Receivable for:
Investment securities sold		6,026,702
Dividends		1,998,361
Fund shares sold		1,436,066
Other assets		10,140
Total Assets		879,406,671
LIABILITIES:
Payable for:
Investment securities purchased		5,721,714
Fund shares redeemed		2,061,700
Investment advisory fees		557,071
Shareholder servicing fees		158,473
Administration fees		44,973
Distribution fees		5,064
Directors' fees		189
Other liabilities		237,062
Total Liabilities		8,786,246
NET ASSETS	$	870,620,425
NET ASSETS consist of:
Paid-in capital	$	2,266,970,418
Dividends in excess of net investment income		(6,916,677	)
Accumulated net realized loss		(1,501,938,859	)
Net unrealized appreciation		112,505,543
	$	870,620,425

See accompanying notes to financial statements.
17

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

December 31, 2014

CLASS A SHARES:
NET ASSETS	$	121,702,350
Shares issued and outstanding ($0.001 par value common stock outstanding)		10,837,071
Net asset value and redemption price per share	$	11.23
Maximum offering price per share ($11.23 ÷ 0.955)a	$	11.76
CLASS C SHARES:
NET ASSETS	$	80,764,653
Shares issued and outstanding ($0.001 par value common stock outstanding)		7,260,653
Net asset value and offering price per shareb	$	11.12
CLASS I SHARES:
NET ASSETS	$	668,153,422
Shares issued and outstanding ($0.001 par value common stock outstanding)		59,165,481
Net asset value, offering and redemption price per share	$	11.29

^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 contingent deferred sales charge of 1.00% on shares held for less than one year.

See accompanying notes to financial statements.
18

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2014

Investment Income:
Dividend income (net of $1,295,023 of foreign withholding tax)	$	35,283,719
Expenses:
Investment advisory fees		8,598,186
Distribution fees—Class A		363,222
Distribution fees—Class C		733,753
Shareholder servicing fees—Class A		145,289
Shareholder servicing fees—Class C		244,584
Shareholder servicing fees—Class I		568,693
Administration fees		666,655
Transfer agent fees and expenses		236,942
Custodian fees and expenses		125,403
Professional fees		94,051
Shareholder reporting expenses		93,476
Registration and filing fees		69,482
Directors' fees and expenses		46,463
Line of credit fees		12,370
Miscellaneous		62,681
Total Expenses		12,061,250
Reduction of Expenses (See Note 2)		(1,523,680	)
Net Expenses		10,537,570
Net Investment Income		24,746,149
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		61,156,635
Foreign currency transactions		(488,944	)
Net realized gain		60,667,691
Net change in unrealized appreciation (depreciation) on:
Investments		(65,089,508	)
Foreign currency translations		(27,316	)
Net change in unrealized appreciation (depreciation)		(65,116,824	)
Net realized and unrealized loss		(4,449,133	)
Net Increase in Net Assets Resulting from Operations	$	20,297,016

See accompanying notes to financial statements.
19

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS

	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Change in Net Assets:
From Operations:
Net investment income	$	24,746,149		$	16,042,452
Net realized gain		60,667,691			109,736,432
Net change in unrealized appreciation (depreciation)		(65,116,824	)		(85,415,193	)
Net increase in net assets resulting from operations		20,297,016			40,363,691
Dividends to Shareholders from:
Net investment income:
Class A		(4,301,630	)		(6,377,130	)
Class C		(2,247,247	)		(3,586,590	)
Class I		(23,767,180	)		(25,047,712	)
Total dividends to shareholders		(30,316,057	)		(35,011,432	)
Capital Stock Transactions:
Decrease in net assets from Fund share transactions		(20,982,763	)		(115,993,963	)
Total decrease in net assets		(31,001,804	)		(110,641,704	)
Net Assets:
Beginning of year		901,622,229			1,012,263,933
End of yeara	$	870,620,425		$	901,622,229

^a  Includes dividends in excess of net investment income of $6,916,677 and $31,182,928, respectively.

See accompanying notes to financial statements.
20

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS

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

	Class A
	For the Year Ended December 31,
Per Share Operating Performance:	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	11.34		$	11.30		$	8.98		$	11.08		$	10.48
Income (loss) from investment operations:
Net investment incomea		0.30	b		0.18			0.18			0.21			0.22	c
Net realized and unrealized gain (loss)		(0.04	)		0.29			2.87			(2.08	)		1.13
Total from investment operations		0.26			0.47			3.05			(1.87	)		1.35
Less dividends and distributions to shareholders from:
Net investment income		(0.37	)		(0.43	)		(0.73	)		(0.23	)		(0.75	)
Return of capital		—			—			—			(0.00	)d		—
Total dividends and distributions to shareholders		(0.37	)		(0.43	)		(0.73	)		(0.23	)		(0.75	)
Redemption fees retained by the Fund		—			—			—			0.00	d		0.00	d
Net increase (decrease) in net asset value		(0.11	)		0.04			2.32			(2.10	)		0.60
Net asset value, end of year	$	11.23		$	11.34		$	11.30		$	8.98		$	11.08
Total investment returne,f		2.30	%		4.32	%		34.50	%		–17.06	%		13.48	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	121.7		$	163.4		$	219.1		$	212.4		$	330.3
Ratio of expenses to average daily net assets (before expense reduction)		1.46	%		1.53	%		1.56	%g		1.61	%g		1.61	%g
Ratio of expenses to average daily net assets (net of expense reduction)		1.35	%		1.35	%		1.56	%g		1.61	%g		1.61	%g
Ratio of net investment income to average daily net assets (before expense reduction)		2.53	%		1.37	%		1.75	%g		1.96	%g		2.10	%g
Ratio of net investment income to average daily net assets (net of expense reduction)		2.64	%		1.55	%		1.75	%g		1.96	%g		2.10	%g
Portfolio turnover rate		101	%		93	%		76	%		106	%		84	%

^a  Calculation based on average shares outstanding.

^b  33.3% of gross income was attributable to dividends paid by Westfield Corp.

^c  25.2% of gross income was attributable to dividends paid by Unibail-Rodamco.

^d  Amount is less than $0.005.

^e  Return assumes the reinvestment of all dividends and distributions at NAV.

^f  Does not reflect sales charges, which would reduce return.

^g  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
21

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS—(Continued)

	Class C
	For the Year Ended December 31,
Per Share Operating Performance:	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	11.23		$	11.19		$	8.90		$	10.97		$	10.42
Income (loss) from investment operations:
Net investment incomea		0.22	b		0.10			0.11			0.14			0.14	c
Net realized and unrealized gain (loss)		(0.04	)		0.29			2.84			(2.05	)		1.13
Total from investment operations		0.18			0.39			2.95			(1.91	)		1.27
Less dividends and distributions to shareholders from:
Net investment income		(0.29	)		(0.35	)		(0.66	)		(0.16	)		(0.72	)
Return of capital		—			—			—			(0.00	)d		—
Total dividends and distributions to shareholders		(0.29	)		(0.35	)		(0.66	)		(0.16	)		(0.72	)
Redemption fees retained by the Fund		—			—			—			0.00	d		0.00	d
Net increase (decrease) in net asset value		(0.11	)		0.04			2.29			(2.07	)		0.55
Net asset value, end of year	$	11.12		$	11.23		$	11.19		$	8.90		$	10.97
Total investment returne,f		1.60	%		3.64	%		33.59	%		–17.57	%		12.72	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	80.8		$	109.8		$	134.1		$	135.4		$	220.5
Ratio of expenses to average daily net assets (before expense reduction)		2.11	%		2.18	%		2.21	%g		2.26	%g		2.26	%g
Ratio of expenses to average daily net assets (net of expense reduction)		2.00	%		2.00	%		2.21	%g		2.26	%g		2.26	%g
Ratio of net investment income to average daily net assets (before expense reduction)		1.83	%		0.70	%		1.07	%g		1.29	%g		1.40	%g
Ratio of net investment income to average daily net assets (net of expense reduction)		1.94	%		0.88	%		1.07	%g		1.29	%g		1.40	%g
Portfolio turnover rate		101	%		93	%		76	%		106	%		84	%

^a  Calculation based on average shares outstanding.

^b  33.3% of gross income was attributable to dividends paid by Westfield Corp.

^c  25.2% of gross income was attributable to dividends paid by Unibail-Rodamco.

^d  Amount is less than $0.005.

^e  Return assumes the reinvestment of all dividends and distributions at NAV.

^f  Does not reflect sales charges, which would reduce return.

^g  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
22

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS—(Continued)

	Class I
	For the Year Ended December 31,
Per Share Operating Performance:	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	11.40		$	11.36		$	9.02		$	11.14		$	10.51
Income (loss) from investment operations:
Net investment incomea		0.33	b		0.22			0.21			0.24			0.25	c
Net realized and unrealized gain (loss)		(0.03	)		0.29			2.90			(2.09	)		1.15
Total from investment operations		0.30			0.51			3.11			(1.85	)		1.40
Less dividends and distributions to shareholders from:
Net investment income		(0.41	)		(0.47	)		(0.77	)		(0.27	)		(0.77	)
Return of capital		—			—			—			(0.00	)d		—
Total dividends and distributions to shareholders		(0.41	)		(0.47	)		(0.77	)		(0.27	)		(0.77	)
Redemption fees retained by the Fund		—			—			—			0.00	d		0.00	d
Net increase (decrease) in net asset value		(0.11	)		0.04			2.34			(2.12	)		0.63
Net asset value, end of year	$	11.29		$	11.40		$	11.36		$	9.02		$	11.14
Total investment returne		2.63	%		4.65	%		34.97	%		–16.83	%		13.95	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	668.2		$	628.5		$	659.1		$	788.1		$	826.5
Ratio of expenses to average daily net assets (before expense reduction)		1.19	%		1.23	%		1.27	%f		1.26	%f		1.26	%f
Ratio of expenses to average daily net assets (net of expense reduction)		1.00	%		1.00	%		1.27	%f		1.26	%f		1.26	%f
Ratio of net investment income to average daily net assets (before expense reduction)		2.68	%		1.65	%		2.04	%f		2.30	%f		2.41	%f
Ratio of net investment income to average daily net assets (net of expense reduction)		2.87	%		1.89	%		2.04	%f		2.30	%f		2.41	%f
Portfolio turnover rate		101	%		93	%		76	%		106	%		84	%

^a  Calculation based on average shares outstanding.

^b  33.3% of gross income was attributable to dividends paid by Westfield Corp.

^c  25.2% of gross income was attributable to dividends paid by Unibail-Rodamco.

^d  Amount is less than $0.005.

^e  Return assumes the reinvestment of all dividends and distributions at NAV.

^f  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
23

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS

Note 1. Organization and Significant Accounting Policies

Cohen & Steers International Realty Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on November 23, 2004 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Fund's investment objective is total return. The authorized shares of the Fund are divided into three classes designated Class A, C and I shares. Each of the Fund's shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares).

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

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be over-the-counter, are valued at the last sale price on the valuation date as reported by sources deemed appropriate by the Board of Directors 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 ask prices on such day or, if no ask price is available, at the bid price.

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 their closing net asset value.

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

24

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

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.

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.

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 securities are not necessarily an indication of the risk associated with investing in those securities.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within

25

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

the disclosure hierarchy. As of December 31, 2014, there were $526,201,446 of securities transferred between Level 1 and Level 2, which resulted from the Fund utilizing foreign equity fair value pricing procedures as of December 31, 2014.

The following is a summary of the inputs used as of December 31, 2014 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	$	93,901,457	$	—	$	93,901,457	$	—	a
Common Stock—Bermuda		4,790,827		4,790,827		—		—
Common Stock—Canada		15,012,402		15,012,402		—		—
Common Stock—Hong Kong		142,488,109		30,405,337		112,082,772		—
Common Stock—Mexico		2,196,291		2,196,291		—		—
Common Stock—Other Countries		610,253,613		—		610,253,613		—
Short-Term Investments		300,000		—		300,000		—
Total Investmentsb	$	868,942,699	$	52,404,857	$	816,537,842	$	—

^a  BGP Holdings PLC was acquired via a spinoff and has been fair valued, by the Valuation Committee, at zero 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.

Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized over the life of the respective securities. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. 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.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign

26

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

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

Foreign Securities: The Fund directly purchases securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

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

Income Taxes: It is the policy of the Fund to continue 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. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Security and foreign currency transactions and any gains realized by the Fund on the sale of securities in certain non-U.S. markets are subject to non-U.S. taxes. The Fund records a liability based on any unrealized gains on securities held in these markets in order to estimate the potential non-U.S. taxes due upon the sale of these securities. Management has analyzed the Fund's tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of December 31, 2014, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations

27

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

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

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

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.95% of the average daily net assets of the Fund up to and including $1.5 billion and 0.85% of the average daily net assets above $1.5 billion.

Beginning January 1, 2013, and through June 30, 2016, the investment advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred so that the Fund's total annual operating expenses (excluding acquired fund fees and expenses and extraordinary expenses) do not exceed 1.35% for Class A shares, 2.00% for Class C shares and 1.00% for Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund. For the year ended December 31, 2014, fees waived and/or expenses reimbursed totaled $1,523,680.

Under subadvisory agreements between the investment advisor and each of Cohen & Steers Asia Limited and Cohen & Steers UK Limited (collectively, the subadvisors), affiliates of the investment advisor, the subadvisors are responsible for managing the Fund's investments in certain non-U.S. real estate securities. For their services provided under the subadvisory agreements, the investment advisor (not the Fund) pays the subadvisors. The investment advisor allocates 50% of the investment advisory fee received from the Fund among itself and each subadvisor based on the portion of the Fund's average daily assets managed by the investment advisor and each subadvisor.

Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily net assets of the Fund. For the year ended December 31, 2014, the Fund incurred $543,043 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Distribution Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted a distribution plan (the plan) pursuant to Rule 12b-1 under the 1940 Act. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares and up to 0.75% of the average daily net assets attributable to Class C shares.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

There is a maximum initial sales charge of 4.50% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on purchases of $1 million or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the year ended December 31, 2014, the Fund has been advised that the distributor received $4,249 in sales commissions from the sale of Class A shares and $6,527 of CDSC relating to redemptions of Class C shares. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes.

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

Directors' and Officers' Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to directors and officers affiliated with the investment advisor except for the Chief Compliance Officer, who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $10,308 for the year ended December 2014.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the year ended December 31, 2014, totaled $908,423,317 and $942,394,179, respectively.

Note 4. Income Tax Information

The tax character of dividends paid was as follows:

	For the Year Ended December 31,
	2014		2013
Ordinary income	$	30,316,057	$	35,011,432
Total dividends	$	30,316,057	$	35,011,432

29

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

As of December 31, 2014, the tax-basis components of accumulated earnings and the federal tax cost were as follows:

Cost for federal income tax purposes	$	812,543,433
Gross unrealized appreciation	$	74,347,608
Gross unrealized depreciation		(17,948,342	)
Net unrealized appreciation	$	56,399,266
Undistributed ordinary income	$	3,221,018

As of December 31, 2014, the Fund had a net capital loss carryforward of $1,456,883,609, which may be used to offset future capital gains. These losses are a short-term capital loss carryover of which $824,974,712 will expire on December 31, 2016, $572,102,309 will expire on December 31, 2017 and $59,806,588 will expire on December 31, 2018. Included in the net capital loss carryforward is $435,822 of capital loss carryforwards that were acquired from the Fund's merger with Cohen & Steers European Realty Shares, Inc. Federal tax rules limit the Fund's use of these capital loss carryforwards. In addition, the Fund incurred short-term capital losses of $6,755,293 after October 31, 2014, that it has elected to treat as arising in the following fiscal year.

During the year ended December 31, 2014, the Fund utilized net capital loss carryforwards of $19,165,606.

As of December 31, 2014, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities and unrealized gains on passive foreign investment companies and permanent book/tax differences primarily attributable to foreign currency transactions and sales of passive foreign investment companies. To reflect reclassifications arising from the permanent differences, accumulated net realized loss was charged $29,836,159 and dividends in excess of net investment income was credited $29,836,159. Net assets were not affected by this reclassification.

Note 5. Capital Stock

The Fund is authorized to issue 800 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:

	For the Year Ended December 31, 2014						For the Year Ended December 31, 2013
	Shares			Amount			Shares			Amount
Class A:
Sold		1,741,093		$	19,899,452			2,574,644		$	29,635,707
Issued as reinvestment of dividends		324,960			3,708,402			503,126			5,482,358
Redeemed		(5,632,148	)		(64,945,773	)		(8,060,340	)		(93,929,454	)
Net decrease		(3,566,095	)	$	(41,337,919	)		(4,982,570	)	$	(58,811,389	)

30

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

	For the Year Ended December 31, 2014						For the Year Ended December 31, 2013
	Shares			Amount			Shares			Amount
Class C:
Sold		236,020		$	2,681,871			568,693		$	6,436,301
Issued as reinvestment of dividends		132,525			1,492,456			219,338			2,367,559
Redeemed		(2,877,883	)		(32,612,763	)		(2,997,888	)		(34,020,992	)
Net decrease		(2,509,338	)	$	(28,438,436	)		(2,209,857	)	$	(25,217,132	)
Class I:
Sold		15,922,444		$	186,142,253			12,813,007		$	148,382,324
Issued as reinvestment of dividends		1,670,166			19,139,286			1,930,778			21,148,737
Redeemed		(13,544,649	)		(156,487,947	)		(17,663,588	)		(201,496,503	)
Net increase (decrease)		4,047,961		$	48,793,592			(2,919,803	)	$	(31,965,442	)

Note 6. Borrowings

As of December 31, 2014, the Fund, in conjunction with other Cohen & Steers open-end funds, was a party to a $200,000,000 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 (as applicable), which expired January 23, 2015. The Fund paid a commitment fee of 0.10% per annum on its proportionate share of the unused portion of the credit agreement. Effective January 23, 2015, the credit agreement was renewed and expires January 22, 2016. Under the renewed credit agreement, the total commitment amount has been reduced to $50,000,000 and the Fund pays a commitment fee of 0.15% per annum on its proportionate share of the unused portion of the credit agreement.

During the year ended December 31, 2014, the Fund did not borrow under the credit agreement.

Note 7. Other

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

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 8. Subsequent Events

On December 31, 2014, the Fund declared a special distribution of $0.100 per share for the Fund's Class A, C and I shares, payable on January 2, 2015 to stockholders of record as of the close of business on December 31, 2014. This distribution was taxable to stockholders in 2014.

Management has evaluated events and transactions occurring after December 31, 2014 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

32

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of
Cohen & Steers International Realty Fund, Inc.

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Cohen & Steers International Realty Fund, Inc. (the "Fund") at December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
February 19, 2015

33

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

TAX INFORMATION—2014 (Unaudited)

Pursuant to the Jobs and Growth Relief Reconciliation Act of 2003, the Fund designates qualified dividend income of $10,799,080.

The Fund has elected, pursuant to section 853 of the Internal Revenue Code, to pass through foreign taxes of $1,512,255. The Fund generated net foreign source income of $36,578,694 with respect to this election.

OTHER INFORMATION

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

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 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 800-SEC-0330.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes. The Fund may also pay distributions in excess of the Fund's net investment company taxable income and this excess could be a tax free return of capital distributed from the Fund's assets. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year.

Election of Additional Director

Effective January 26, 2015, the Board of Directors has elected Dean Junkans as director of the Fund. Prior to becoming a Director of various Cohen & Steers funds, Mr. Junkans was Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014, and also served as Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo & Company from 2011 to 2014. He is currently a member, and former Chair, of the Claritas Advisory Committee at the CFA Institute, and is also a board member and Investment Committee member of Bethel University Foundation. He was a member of the Board of Governors of the University of Wisconsin Foundation, River Falls, from 1996 to 2004, and is a U.S. Army Veteran.

Foreign Investor Policy Change

Effective February 1, 2015, the Fund will no longer accept investments from investors with non-U.S. addresses as well as dealer controlled accounts designated as foreign accounts (Restricted Accounts), consistent with the industry standard. Existing Restricted Accounts can remain in the Fund, but will be prohibited from making further investments into their accounts. U.S. Armed Forces and Diplomatic post office addresses abroad will be treated as U.S. addresses and will continue to be able to invest in the Fund. For more information, please call (800) 437-9912.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

MANAGEMENT OF THE FUND

The business and affairs of the Fund are managed under the direction of the Board of Directors. The Board of Directors approves all significant agreements between the Fund and persons or companies furnishing services to it, including the Fund's agreements with its investment advisor, administrator, co-administrator, custodian and transfer agent. The management of the Fund's day-to-day operations is delegated to its officers, the investment advisor, administrator and co-administrator, subject always to the investment objective and policies of the Fund and to the general supervision of the Board of Directors.

The Board of Directors and officers of the Fund and their principal occupations during at least the past five years are set forth below. The statement of additional information (SAI) includes additional information about fund directors and is available, without charge, upon request by calling 800-330-7348.

Name, Address1 and Age	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)		Length of Time Served3
Interested Directors4
Robert H. Steers Age: 61	Director and Chairman	Until next election of directors	Chief Executive Officer of Cohen & Steers Capital Management, Inc. (CSCM or the Advisor) and its parent, Cohen & Steers, Inc. (CNS) since 2014. Prior to that, Co-Chairman and Co-Chief Executive Officer of the Advisor since 2003 and CNS since 2004.		21	Since 1991
Joseph M. Harvey Age: 51	Director and Vice President	Until next election of directors	President and Chief Investment Officer of CSCM since 2003 and President of CNS since 2004.		16	Since 2014

  (table continued on next page)

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

(table continued from previous page)

Name, Address1 and Age	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)		Length of Time Served3
Disinterested Directors
Michael G. Clark Age: 49	Director	Until next election of directors	From May 2006 to June 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management.		21	Since June 2011
Bonnie Cohen Age: 72	Director	Until next election of directors	Consultant. Board Member, DC Public Library Foundation since 2012, President since 2014; Board Member, Telluride Mountain Film Festival since 2010; Trustee, H. Rubenstein Foundation since 1996; Trustee, District of Columbia Public Libraries since 2004.		21	Since 2001
George Grossman Age: 61	Director	Until next election of directors	Attorney-at-law.		21	Since 1993
Richard E. Kroon Age: 72	Director	Until next election of directors	Member of Investment Committee, Monmouth University since 2004; Former Director, Retired Chairman and Managing Partner of Sprout Group venture capital funds, then an affiliate of Donaldson, Lufkin and Jenrette Securities Corporation from 1981 to 2001. Former chairman of the National Venture Capital Association for the year 2000.		21	Since 2004

  (table continued on next page)

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

(table continued from previous page)

Name, Address1 and Age	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)		Length of Time Served3
Richard J. Norman Age: 71	Director	Until next election of directors	Private Investor. Member, Montgomery County, Maryland Department of Corrections Volunteer Corps since February 2010; Liason for Business Leadership, Salvation Army World Service Organization (SAWSO) since 2010; Advisory Board Member, The Salvation Army since 1985; Prior thereto, Investment Representative of Morgan Stanley Dean Witter from 1966 to 2000.		21	Since 2001
Frank K. Ross Age: 71	Director	Until next election of directors	Visiting Professor of Accounting and Director of the Center for Accounting Education at Howard University School of Business since 2004; Board member and member of Audit Committee (Chairman from 2007 to 2012) and Human Resources and Compensation Committee, Pepco Holdings, Inc. (electric utility) from 2004 to 2014; Formerly, Mid-Atlantic Area Managing Partner for Assurance Services at KPMG LLP and Managing Partner of its Washington, DC offices from 1977 to 2003.		21	Since 2004

  (table continued on next page)

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

(table continued from previous page)

Name, Address1 and Age	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)		Length of Time Served3
C. Edward Ward Jr. Age: 68	Director	Until next election of directors	Member of The Board of Trustees of Manhattan College, Riverdale, New York from 2004 to 2014. Formerly Director of closed-end fund management for the New York Stock Exchange (the NYSE), where he worked from 1979 to 2004.		21	Since 2004

¹  The address for each director is 280 Park Avenue, New York, NY 10017.

²  On March 12, 2008, the Board of Directors adopted a mandatory retirement policy stating a Director must retire from the Board on December 31st of the year in which he or she turns 75 years of age.

³  The length of time served represents the year in which the director was first elected or appointed to any fund in the Cohen & Steers fund complex.

⁴  "Interested person", as defined in the 1940 Act, of the Fund because of affiliation with CSCM (Interested Directors).

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

The officers of the Fund (other than Messrs. Steers and Harvey, whose biographies are provided above), their address, their ages and their principal occupations for at least the past five years are set forth below.

Name, Address and Age1	Position(s) Held With Fund	Principal Occupation During At Least the Past 5 Years	Length of Time Served2
Adam M. Derechin Age: 50	President and Chief Executive Officer	Chief Operating Officer of CSCM since 2003 and CNS since 2004.	Since 2005
Jon Cheigh Age: 42	Vice President	Executive Vice President of CSCM since 2012. Prior to that, Senior Vice President of CSCM since 2007.	Since 2007
Francis C. Poli Age: 52	Secretary	Executive Vice President, Secretary and General Counsel of CSCM and CNS since March 2007.	Since 2007
James Giallanza Age: 48	Treasurer and Chief Financial Officer	Executive Vice President of CSCM since January 2014. Prior to that, Senior Vice President of CSCM since 2006.	Since 2006
Lisa D. Phelan Age: 46	Chief Compliance Officer	Senior Vice President of CSCM since 2008. Chief Compliance Officer of CSCM, the Cohen & Steers funds, Cohen & Steers Asia Limited and CSSL since 2007, 2006, 2005 and 2004, respectively.	Since 2006
Heather Kaden Age: 39	Deputy Chief Compliance Officer	Vice President of CSCM since 2010 and Compliance Officer of Cohen & Steers UK, Limited since 2013. Prior to that, Senior Compliance Associate since 2007.	Since 2014
Tina M. Payne Age: 40	Assistant Secretary	Senior Vice President and Associate General Counsel of CSCM since 2010. Prior to that, Vice President and Associate General Counsel since July 2007.	Since 2007
Neil Bloom Age: 44	Assistant Treasurer	Vice President of CSCM since August 2008.	Since 2009

¹  The address of each officer is 280 Park Avenue, New York, NY 10017.

²  Officers serve one-year terms. The length of time served represents the year in which the officer was first elected to that position in any fund in the Cohen & Steers fund complex. All of the officers listed above are officers of one or more of the other funds in the complex.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Cohen & Steers Privacy Policy

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

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

Questions?Call 800-330-7348

40

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Cohen & Steers Privacy Policy—(Continued)

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

41

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Cohen & Steers Investment Solutions

COHEN & STEERS GLOBAL REALTY SHARES

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

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

COHEN & STEERS INSTITUTIONAL REALTY SHARES

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

  •  Symbol: CSRIX

COHEN & STEERS REAL ESTATE SECURITIES FUND

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

  •  Symbols: CSEIX, CSBIX*, CSCIX, CSDIX, CIRRX, CSZIX

COHEN & STEERS INTERNATIONAL REALTY FUND

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

  •  Symbols: IRFAX, IRFCX, IRFIX

COHEN & STEERS REALTY SHARES

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

  •  Symbol: CSRSX

COHEN & STEERS
INSTITUTIONAL GLOBAL REALTY SHARES

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

  •  Symbol: GRSIX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

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

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

COHEN & STEERS DIVIDEND VALUE FUND

  •  Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks

  •  Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX

COHEN & STEERS
PREFERRED SECURITIES AND INCOME FUND

  •  Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities

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

COHEN & STEERS REAL ASSETS FUND

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

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

COHEN & STEERS
MLP & ENERGY OPPORTUNITY FUND

  •  Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks

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

COHEN & STEERS
ACTIVE COMMODITIES STRATEGY FUND

  •  Designed for investors seeking total return, investing primarily in a diversified portfolio of exchange-traded commodity future contracts and other commodity-related derivative instruments

  •  Symbols: CDFAX, CDFCX, CDFIX, CDFRX, CDFZX

Distributed by Cohen & Steers Securities, LLC.

COHEN & STEERS GLOBAL REALTY MAJORS ETF

  •  Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of real estate equity securities of companies in a specified index

  •  Symbol: GRI

Distributed by ALPS Distributors, Inc.

ISHARES COHEN & STEERS
REALTY MAJORS INDEX FUND

  •  Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of real estate equity securities of companies in a specified index

  •  Symbol: ICF

Distributed by SEI Investments Distribution Co.

*  Class B shares are no longer offered except through dividend reinvestment and permitted exchanges by existing Class B shareholders.

Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

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COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

OFFICERS AND DIRECTORS

Robert H. Steers
Director and Chairman

Joseph M. Harvey
Director and Vice President

Michael G. Clark
Director

Bonnie Cohen
Director

George Grossman
Director

Richard E. Kroon
Director

Richard J. Norman
Director

Frank K. Ross
Director

C. Edward Ward, Jr.
Director

Adam M. Derechin
President and Chief Executive Officer

Jon Cheigh
Vice President

Francis C. Poli
Secretary

James Giallanza
Treasurer and Chief Financial Officer

Lisa D. Phelan
Chief Compliance Officer

Heather Kaden
Deputy Chief Compliance Officer

Tina M. Payne
Assistant Secretary

Neil Bloom
Assistant Treasurer

KEY INFORMATION

Investment Advisor

Cohen & Steers Capital Management, Inc.
280 Park Avenue
New York, NY 10017
(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company
One Lincoln Street
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Cohen & Steers Securities, LLC
280 Park Avenue
New York, NY 10017

Nasdaq Symbol: Class  A—IRFAX
C—IRFCX
I—IRFIX

Website: cohenandsteers.com

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

43

COHEN & STEERS

INTERNATIONAL REALTY FUND

280 PARK AVENUE

NEW YORK, NY 10017

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Annual Report December 31, 2014

Cohen & Steers International Realty Fund

Item 2. Code of Ethics.

The Registrant has adopted an Amended and Restated Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer.  The Code of Ethics was in effect during the reporting period.  The Registrant has not amended the Code of Ethics as described in Form N-CSR during the reporting period.  The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the reporting period.  A current copy of the Code of Ethics is available on the Registrant’s website at www.cohenandsteers.com/assets/content/uploads/code_of_ethics_exec_and_senior.pdf.  Upon request, a copy of the Code of Ethics can be obtained free of charge by calling 800-330-7348 or writing to the Secretary of the Registrant, 280 Park Avenue, 10th floor, New York, NY 10017.

Item 3. Audit Committee Financial Expert.

The registrant’s board has determined that Michael G. Clark and Frank K. Ross, each a member of the board’s audit committee, are each an “audit committee financial expert”.  Mr. Clark and Mr. Ross are each “independent,” as such term is defined in Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) — (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2014		2013
Audit Fees	$	55,700	$	54,080
Audit-Related Fees	$	0	$	0
Tax Fees	$	6,600	$	6,400
All Other Fees	$	0	$	0

Tax fees were billed in connection with the preparation of tax returns, calculation and designation of dividends and other miscellaneous tax services.

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

The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the board of directors of the registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting.  The audit committee may not delegate its responsibility to pre-

approve services to be performed by the registrant’s principal accountant to the investment advisor.

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

(f)Not applicable.

(g)For the fiscal years ended December 31, 2014 and December 31, 2013, the aggregate fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant and for non-audit services rendered to the registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the registrant’s investment advisor that provides ongoing services to the registrant were:

	2014		2013
Registrant	$	6,600	$	6,400
Investment Advisor	$	15,000	$	15,000

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

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 that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 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 chief executive officer and chief 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 INTERNATIONAL REALTY FUND, INC.

By:	/s/ Adam M. Derechin
	Name:	Adam M. Derechin
	Title:	President and Chief Executive Officer
Date: March 2, 2015

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/ James Giallanza
	Name:	James Giallanza
	Title:	Treasurer and Chief Financial Officer
		(Principal Financial Officer)
Date: March 2, 2015

EX-99.CERT

EX-99.CERT

EXHIBIT 12 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

I, Adam M. Derechin, certify that:

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

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

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

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

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

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

(d)disclosed in this report any change 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; and

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

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

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

Date: March 2, 2015

/s/ Adam M. Derechin

Adam M. Derechin

Principal Executive Officer

EXHIBIT 12 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

I, James Giallanza, certify that:

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

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

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

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

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

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

(d)disclosed in this report any change 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; and

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

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

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

Date: March 2, 2015

/s/ James Giallanza

James Giallanza

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

EXHIBIT 12 (b)

RULE 30a-2(b) CERTIFICATIONS

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

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

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

/s/ Adam M. Derechin

Adam M. Derechin

Principal Executive Officer

Date: March 2, 2015

EXHIBIT 12 (b)

RULE 30a-2(b) CERTIFICATIONS

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

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

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

/s/ James Giallanza

James Giallanza

Principal Financial Officer

Date: March 2, 2015