0001104659-17-055172.txt : 20170901 0001104659-17-055172.hdr.sgml : 20170901 20170901143210 ACCESSION NUMBER: 0001104659-17-055172 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170901 DATE AS OF CHANGE: 20170901 EFFECTIVENESS DATE: 20170901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cohen & Steers International Realty Fund, Inc. CENTRAL INDEX KEY: 0001309161 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21677 FILM NUMBER: 171066017 BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-832-3232 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: Cohen & Steers Global Realty Fund, Inc. DATE OF NAME CHANGE: 20041118 0001309161 S000001228 Cohen & Steers International Realty Fund, Inc. C000003337 Class A IRFAX C000003339 Class C IRFCX C000003340 Class I IRFIX C000160801 Class R C000160802 Class Z C000188975 Class F C000188976 Class T N-CSRS 1 a17-15850_1ncsrs.htm N-CSRS

 

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)

 

Francis C. Poli

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:

June 30, 2017

 

 



 

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 six months ended June 30, 2017. The net asset values (NAV) per share at that date were $11.12, $11.02, $11.18, $11.21 and $11.18 for Class A, Class C, Class I, Class R and Class Z shares, respectively.

The total returns for the Fund and its comparative benchmarks were:

  Six Months Ended
June 30, 2017
 
Cohen & Steers International Realty Fund—Class A    

11.55

%

 
Cohen & Steers International Realty Fund—Class C    

11.14

%

 
Cohen & Steers International Realty Fund—Class I    

11.65

%

 
Cohen & Steers International Realty Fund—Class R    

11.41

%

 
Cohen & Steers International Realty Fund—Class Z    

11.65

%

 
FTSE EPRA/NAREIT Developed Ex-US Real Estate Index—neta    

9.65

%

 
S&P 500 Indexa    

9.34

%

 

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 on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's 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.

a  The FTSE EPRA/NAREIT Developed Ex-U.S. Real Estate Index—net is an unmanaged market-capitalization-weighted total return index which consists of publicly traded equity REITs and listed property companies from developed markets excluding the United States and is net of dividend withholding taxes. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.


1



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Market Review

International real estate stocks advanced during the six-month period ended June 30, 2017, aided by signs of a strengthening economic recovery and related improvements in operating fundamentals for many property markets. The monetary policy backdrop was supportive as well, with major central banks mostly maintaining high levels of quantitative easing.

Markets in continental Europe were among the best performers, buoyed in part by easing political concerns. In the final round of France's presidential election in May, voters chose Emmanuel Macron, viewed as a pro-EU centrist, over Marine Le Pen, a right-leaning critic of the European Union. Macron favors more European financial integration and lower corporate tax rates, and his election calmed investor concerns about the spread of populist sentiment across the region.

Most Asia Pacific markets had solid absolute returns but the region trailed Europe as a group. Hong Kong was a strong performer, benefiting from healthier growth in China, which helped propel real estate companies to broad-based gains. In addition, the residential property market continued to surprise to the upside despite restrictions designed to cool the market. Japan declined, however, even as the country's economic data continued to improve.

Fund Performance

The Fund had a positive total return for the period and outperformed its benchmark. Stock selection in the U.K. was a primary contributor to the Fund's relative performance. We mostly avoided London-focused office and retail landlords, including several large companies that underperformed amid increased economic and Brexit uncertainty. Instead, we maintained a focus on U.K. sectors that we believe are less economically sensitive and less likely to be hindered by Brexit, such as student housing, self storage, health care and e-commerce-focused logistics warehouse landlords. Companies in these sectors generally outperformed, and our overweights in industrial company Segro, self storage landlord Big Yellow and health care company Assura, which all had strong returns, aided performance.

The Fund had an overweight in Spain that was additionally beneficial. The country outperformed the index, aided by a relatively strong economic recovery. Our overweight in Hispania Activos Inmobiliarios, which owns Spanish offices and hotels was a top contributor to performance with a sizable gain.

The Fund's underweight to Singapore hindered relative performance, as that market rose nearly 20% in the period. We maintained a cautious view of Singapore real estate stocks based on weak property fundamentals in general and limited prospects for positive macro catalysts.

Our underweight in Hong Kong also detracted from performance although this was more than offset by our security selection in the country. Our underweight in Sweden additionally detracted, as the country outperformed on news that its central bank would extend its quantitative easing program into the second half of the year. The decision was generally unexpected given recent strength in the country's economic data such as manufacturing and gross domestic product.


2



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Impact of Foreign Currency on Fund Performance

The currency impact of the Fund's investments in foreign securities contributed to absolute performance during the period. 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. Most currencies appreciated against the U.S. dollar, including the euro, U.K. pound and Japanese yen. Consequently, changes in the exchange rates between foreign currencies and the U.S. dollar were a net tailwind for absolute returns.

Sincerely,

       

 

 
       

JON CHEIGH

 

WILLIAM LEUNG

 
       

Portfolio Manager

 

Portfolio Manager

 
       

 

 
       

LUKE SULLIVAN

 

ROGIER QUIRIJNS

 
       

Portfolio Manager

 

Portfolio Manager

 

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. 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 securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.


3



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended June 30, 2017

  Class A
Shares
  Class C
Shares
  Class I
Shares
  Class R
Shares
  Class Z
Shares
 

1 Year (with sales charge)

   

2.79

%a

   

5.92

%b

   

     

     

   

1 Year (without sales charge)

   

7.64

%

   

6.92

%

   

7.97

%

   

7.82

%

   

7.97

%

 

5 Years (with sales charge)

   

6.04

%a

   

6.32

%

   

     

     

   

5 Years (without sales charge)

   

7.02

%

   

6.32

%

   

7.40

%

   

     

   

10 Years (with sales charge)

   

–0.59

%a

   

–0.79

%

         

 

10 Years (without sales charge)

   

–0.13

%

   

–0.79

%

   

0.21

%

   

     

   

Since Inceptionc (with sales charge)

   

3.97

%a

   

3.69

%

   

     

     

   

Since Inceptionc (without sales charge)

   

4.36

%

   

3.69

%

   

4.72

%

   

6.51

%

   

6.80

%

 

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 table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the 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 April 1, 2017 prospectus were as follows: Class A—1.47% and 1.35%; Class C—2.12% and 2.00%; Class I—1.19% and 1.00%; Class R—1.62% and 1.50%; and Class Z—1.12% and 1.00%. Through June 30, 2019, the investment advisor has contractually agreed to waive its fee and/or reimburse expenses so that the Fund's total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 1.35% for Class A shares, 2.00% for Class C shares, 1.00% for Class I shares, 1.50% for Class R shares and 1.00% for Class Z 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  Reflects a 4.50% front-end sales charge.

b  Reflects a contingent deferred sales charge of 1.00%.

c  Inception dates: March 31, 2005 for Class A, C and I and October 1, 2015 for Class R and Z, respectively.


4



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 January 1, 2017—June 30, 2017.

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.


5



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Expense Example (Unaudited)—(Continued)

  Beginning
Account Value
January 1, 2017
  Ending
Account Value
June 30, 2017
  Expenses Paid
During Perioda
January 1, 2017–
June 30, 2017
 

Class A

 

Actual (11.55% return)

 

$

1,000.00

   

$

1,115.50

   

$

7.08

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,018.10

   

$

6.76

   

Class C

 

Actual (11.14% return)

 

$

1,000.00

   

$

1,111.40

   

$

10.47

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,014.88

   

$

9.99

   

Class I

 

Actual (11.65% return)

 

$

1,000.00

   

$

1,116.50

   

$

5.25

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,019.84

   

$

5.01

   

Class R

 

Actual (11.41% return)

 

$

1,000.00

   

$

1,114.10

   

$

7.86

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,017.36

   

$

7.50

   

Class Z

 

Actual (11.65% return)

 

$

1,000.00

   

$

1,116.50

   

$

5.25

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,019.84

   

$

5.01

   

a  Expenses are equal to the Fund's Class A, Class C, Class I, Class R and Class Z annualized net expense ratios of 1.35%, 2.00%, 1.00%, 1.50% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


6



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

June 30, 2017
Top Ten Holdings
(Unaudited)

Security

 

Value

  % of
Net
Assets
 

Deutsche Wohnen AG

 

$

33,443,334

     

5.4

   

Cheung Kong Property Holdings Ltd.

   

32,355,078

     

5.2

   

Sun Hung Kai Properties Ltd.

   

29,743,990

     

4.8

   

Mitsui Fudosan Co., Ltd.

   

26,489,036

     

4.2

   

Sumitomo Realty & Development Co., Ltd.

   

25,754,523

     

4.1

   

Segro PLC

   

25,041,961

     

4.0

   

Link REIT

   

22,645,563

     

3.6

   

Dexus Property Group

   

22,541,165

     

3.6

   

Merlin Properties Socimi SA

   

21,150,114

     

3.4

   

Gecina SA

   

20,771,720

     

3.3

   

Country Breakdown

(Based on Net Assets)
(Unaudited)


7




COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

June 30, 2017 (Unaudited)

        Number
of Shares
 

Value

 

COMMON STOCK

 

99.1%

                 

AUSTRALIA

 

11.7%

                 

REAL ESTATE

 

DIVERSIFIED

 

5.5%

                 

BGP Holdings PLC (EUR)a,b,c

       

56,622,235

   

$

860,125

   

Charter Hall Group

       

858,498

     

3,629,128

   

Dexus Property Group

       

3,093,625

     

22,541,165

   

Ingenia Communities Group

       

3,484,411

     

6,963,107

   
             

33,993,525

   

INDUSTRIALS

 

2.8%

                 

Goodman Group

       

2,883,908

     

17,444,417

   

OFFICE

 

1.1%

                 

Investa Office Fund

       

2,037,075

     

6,873,404

   

RETAIL

 

0.8%

                 

Scentre Group

       

1,561,772

     

4,861,530

   

SELF STORAGE

 

1.5%

                 

National Storage REIT

       

8,197,282

     

9,513,650

   

TOTAL AUSTRALIA

           

72,686,526

   

AUSTRIA

 

2.6%

                 

REAL ESTATE—RESIDENTIAL

 

BUWOG AG

       

567,662

     

16,309,369

   

BELGIUM

 

2.1%

                 

REAL ESTATE

 

RESIDENTIAL

 

1.2%

                 

Aedifica SA

       

84,211

     

7,345,386

   

SELF STORAGE

 

0.9%

                 

Warehouses De Pauw SCA

       

55,407

     

5,823,310

   

TOTAL BELGIUM

           

13,168,696

   

BRAZIL

 

0.4%

                 

REAL ESTATE—RETAIL

 

BR Malls Participacoes SA

       

757,385

     

2,731,972

   

See accompanying notes to financial statements.
8



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2017 (Unaudited)

        Number
of Shares
 

Value

 

CANADA

 

3.0%

                 

REAL ESTATE

 

OFFICE

 

2.0%

                 

Allied Properties REIT

       

412,059

   

$

12,366,854

   

RETAIL

 

1.0%

                 

Smart Real Estate Investment Trust

       

256,870

     

6,362,326

   

TOTAL CANADA

           

18,729,180

   

FRANCE

 

6.4%

                 

REAL ESTATE

 

OFFICE

 

3.3%

                 

Gecina SA

       

132,410

     

20,771,720

   

RETAIL

 

3.1%

                 

Klepierre

       

465,813

     

19,091,831

   

TOTAL FRANCE

           

39,863,551

   

GERMANY

 

9.7%

                 

REAL ESTATE

 

OFFICE

 

2.0%

                 

Alstria Office REIT AG

       

922,071

     

12,463,949

   

RESIDENTIAL

 

7.7%

                 

ADO Properties SA, 144Ad

       

150,956

     

6,385,365

   

Deutsche Wohnen AG

       

874,322

     

33,443,334

   

LEG Immobilien AG

       

89,159

     

8,381,868

   
             

48,210,567

   

RETAIL

 

0.0%

                 

VIB Vermoegen AG

       

3,965

     

93,652

   

TOTAL GERMANY

           

60,768,168

   

HONG KONG

 

16.5%

                 

REAL ESTATE

 

DIVERSIFIED

 

12.9%

                 

Cheung Kong Property Holdings Ltd.

       

4,131,000

     

32,355,078

   

Hang Lung Properties Ltd.

       

6,686,000

     

16,699,050

   

Hysan Development Co., Ltd.

       

305,000

     

1,455,181

   

Sun Hung Kai Properties Ltd.

       

2,024,627

     

29,743,990

   
             

80,253,299

   

See accompanying notes to financial statements.
9



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2017 (Unaudited)

        Number
of Shares
 

Value

 

RETAIL

 

3.6%

                 

Link REIT

       

2,976,500

   

$

22,645,563

   

TOTAL HONG KONG

           

102,898,862

   

JAPAN

 

23.1%

                 

REAL ESTATE

 

DIVERSIFIED

 

13.9%

                 

Activia Properties

       

1,899

     

8,112,643

   

LaSalle Logiport REIT

       

4,583

     

4,616,616

   

Mitsubishi Estate Co., Ltd.

       

471,207

     

8,770,588

   

Mitsui Fudosan Co., Ltd.

       

1,111,492

     

26,489,036

   

Sumitomo Realty & Development Co., Ltd.

       

836,000

     

25,754,523

   

Tokyo Tatemono Co., Ltd.

       

985,922

     

12,903,109

   
             

86,646,515

   

OFFICE

 

4.8%

                 

Daiwa Office Investment Corp.

       

2,230

     

11,241,698

   

Kenedix Office Investment Corp.

       

1,765

     

9,415,426

   

Nippon Building Fund

       

1,789

     

9,129,904

   
             

29,787,028

   

RESIDENTIAL

 

2.1%

                 

Daiwa House REIT Investment Corp.

       

3,908

     

9,273,574

   

Japan Rental Housing Investments

       

5,485

     

4,047,610

   
             

13,321,184

   

RETAIL

 

2.3%

                 

AEON REIT Investment Corp.

       

4,200

     

4,626,628

   

Japan Retail Fund Investment Corp.

       

5,313

     

9,801,712

   
             

14,428,340

   

TOTAL JAPAN

           

144,183,067

   

NORWAY

 

1.8%

                 

REAL ESTATE—OFFICE

 

Entra ASA, 144Ad

       

920,939

     

11,472,095

   

SINGAPORE

 

1.9%

                 

REAL ESTATE

 

DIVERSIFIED

 

0.5%

                 

Keppel DC REIT

       

3,614,400

     

3,386,654

   

See accompanying notes to financial statements.
10



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2017 (Unaudited)

        Number
of Shares
 

Value

 

HEALTH CARE

 

1.2%

                 

Parkway Life Real Estate Investment Trust

       

3,794,300

   

$

7,386,035

   

INDUSTRIALS

 

0.2%

                 

Ascendas Real Estate Investment Trust

       

687,400

     

1,303,152

   

TOTAL SINGAPORE

           

12,075,841

   

SPAIN

 

4.1%

                 

REAL ESTATE—DIVERSIFIED

 

Hispania Activos Inmobiliarios SA

       

254,164

     

4,201,996

   

Merlin Properties Socimi SA

       

1,674,305

     

21,150,114

   
             

25,352,110

   

SWEDEN

 

2.9%

                 

REAL ESTATE

 

DIVERSIFIED

 

2.3%

                 

Atrium Ljungberg AB

       

210,286

     

3,506,972

   

Fastighets AB Balder, Class Bc

       

252,510

     

6,114,406

   

Hufvudstaden AB

       

286,352

     

4,748,344

   
             

14,369,722

   

RETAIL

 

0.6%

                 

Catena ABd

       

219,039

     

3,522,948

   

TOTAL SWEDEN

           

17,892,670

   

UNITED KINGDOM

 

12.9%

                 

REAL ESTATE

 

DIVERSIFIED

 

0.8%

                 

LondonMetric Property PLC

       

2,445,790

     

5,332,558

   

HEALTH CARE

 

2.0%

                 

Assura PLC

       

15,415,224

     

12,809,479

   

INDUSTRIALS

 

5.1%

                 

Segro PLC

       

3,930,257

     

25,041,961

   

Tritax Big Box REIT PLC

       

3,427,548

     

6,526,673

   
             

31,568,634

   

OFFICE

 

0.6%

                 

Workspace Group PLC

       

342,403

     

3,971,298

   

See accompanying notes to financial statements.
11



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2017 (Unaudited)

        Number
of Shares
 

Value

 

RESIDENTIAL

   

1.7%

                   

PRS REIT PLC/Thec

       

867,372

   

$

1,184,782

   

UNITE Group PLC/The

       

1,113,451

     

9,411,888

   
             

10,596,670

   

RETAIL

   

0.5%

                   

Capital & Regional PLC

       

4,016,417

     

2,942,539

   

SELF STORAGE

   

2.2%

                   

Big Yellow Group PLC

       

944,280

     

9,740,627

   

Safestore Holdings PLC

       

693,622

     

3,806,960

   
             

13,547,587

   

TOTAL UNITED KINGDOM

           

80,768,765

   
TOTAL COMMON STOCK
(Identified cost—$562,367,927)
           

618,900,872

   

SHORT-TERM INVESTMENTS

   

0.8%

                   

MONEY MARKET FUNDS

 
State Street Institutional Treasury Money
Market Fund, Premier Class, 0.83%e
       

5,200,000

     

5,200,000

   
TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$5,200,000)
           

5,200,000

   

TOTAL INVESTMENTS (Identified cost—$567,567,927)

   

99.9

%

           

624,100,872

   

OTHER ASSETS IN EXCESS OF LIABILITIES

   

0.1

             

431,081

   

NET ASSETS

   

100.0

%

         

$

624,531,953

   

Glossary of Portfolio Abbreviations

EUR  Euro Currency

REIT  Real Estate Investment Trust

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

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

b  Illiquid security. Aggregate holdings equal 0.1% of the net assets of the Fund.

c  Non-income producing security.

d  Resale is restricted to qualified institutional investors. Aggregate holdings amounting to $17,857,460 or 2.9% of the net assets of the Fund, of which 0.0% are illiquid.

e  Rate quoted represents the annualized seven-day yield of the fund.

See accompanying notes to financial statements.
12



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2017 (Unaudited)

Sector Summary

  % of
Net Assets
 
Diversified    

40.0

   
Residential    

15.3

   
Office    

15.6

   

Retail

   

12.3

   

Industrials

   

8.1

   

Self Storage

   

4.6

   

Health Care

   

3.2

   

Other

   

0.9

   
     

100.0

   

See accompanying notes to financial statements.
13




COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2017 (Unaudited)

ASSETS:

 

Investments in securities, at value (Identified cost—$567,567,927)

 

$

624,100,872

   

Cash

   

1,737,239

   

Foreign currency, at value (Identified cost—$325,625)

   

325,349

   

Receivable for:

 

Investment securities sold

   

2,744,411

   

Dividends

   

2,511,744

   

Fund shares sold

   

963,360

   

Other assets

   

7,331

   

Total Assets

   

632,390,306

   

LIABILITIES:

 

Payable for:

 

Fund shares redeemed

   

4,546,593

   

Investment securities purchased

   

1,738,069

   

Dividends declared

   

867,347

   

Investment advisory fees

   

411,881

   

Shareholder servicing fees

   

85,954

   

Administration fees

   

31,677

   

Distribution fees

   

2,326

   

Directors' fees

   

67

   

Other liabilities

   

174,439

   

Total Liabilities

   

7,858,353

   

NET ASSETS

 

$

624,531,953

   

NET ASSETS consist of:

 

Paid-in capital

 

$

1,207,973,287

   

Dividends in excess of net investment income

   

(10,983,927

)

 

Accumulated net realized loss

   

(628,991,115

)

 

Net unrealized appreciation

   

56,533,708

   
   

$

624,531,953

   

See accompanying notes to financial statements.
14



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

June 30, 2017 (Unaudited)

CLASS A SHARES:

 

NET ASSETS

 

$

62,630,333

   
Shares issued and outstanding ($0.001 par value common stock
outstanding)
   

5,634,230

   

Net asset value and redemption price per share

 

$

11.12

   

Maximum offering price per share ($11.12 ÷ 0.955)a

 

$

11.64

   

CLASS C SHARES:

 

NET ASSETS

 

$

35,039,029

   
Shares issued and outstanding ($0.001 par value common stock
outstanding)
   

3,179,429

   

Net asset value and offering price per shareb

 

$

11.02

   

CLASS I SHARES:

 

NET ASSETS

 

$

526,635,851

   
Shares issued and outstanding ($0.001 par value common stock
outstanding)
   

47,105,609

   

Net asset value, offering and redemption price per share

 

$

11.18

   

CLASS R SHARES:

 

NET ASSETS

 

$

191,425

   
Shares issued and outstanding ($0.001 par value common stock
outstanding)
   

17,082

   

Net asset value, offering and redemption price per share

 

$

11.21

   

CLASS Z SHARES:

 

NET ASSETS

 

$

35,315

   
Shares issued and outstanding ($0.001 par value common stock
outstanding)
   

3,159

   

Net asset value, offering and redemption price per share

 

$

11.18

   

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.
15



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2017 (Unaudited)

Investment Income:

 

Dividend income (net of $1,032,602 of foreign withholding tax)

 

$

11,036,773

   

Expenses:

 

Investment advisory fees

   

2,900,676

   

Shareholder servicing fees—Class A

   

28,252

   

Shareholder servicing fees—Class C

   

54,493

   

Shareholder servicing fees—Class I

   

168,506

   

Administration fees

   

238,869

   

Distribution fees—Class A

   

70,630

   

Distribution fees—Class C

   

163,478

   

Distribution fees—Class R

   

552

   

Custodian fees and expenses

   

65,558

   

Registration and filing fees

   

64,565

   

Professional fees

   

57,798

   

Transfer agent fees and expenses

   

54,978

   

Shareholder reporting expenses

   

36,982

   

Directors' fees and expenses

   

23,058

   

Miscellaneous

   

31,582

   

Total Expenses

   

3,959,977

   

Reduction of Expenses (See Note 2)

   

(589,387

)

 

Net Expenses

   

3,370,590

   

Net Investment Income (Loss)

   

7,666,183

   

Net Realized and Unrealized Gain (Loss):

 

Net realized gain (loss) on:

 

Investments

   

29,839,260

   

Foreign currency transactions

   

(7,619

)

 

Net realized gain (loss)

   

29,831,641

   

Net change in unrealized appreciation (depreciation) on:

 

Investments

   

30,366,732

   

Foreign currency translations

   

48,298

   

Net change in unrealized appreciation (depreciation)

   

30,415,030

   

Net Realized and Unrealized Gain (Loss)

   

60,246,671

   

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

67,912,854

   

See accompanying notes to financial statements.
16



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

    For the
Six Months Ended
June 30, 2017
  For the
Year Ended
December 31, 2016
 

Change in Net Assets:

 

From Operations:

 

Net investment income (loss)

 

$

7,666,183

   

$

12,935,782

   

Net realized gain (loss)

   

29,831,641

     

34,557,503

   
Net change in unrealized appreciation
(depreciation)
   

30,415,030

     

(47,505,675

)

 
Net increase (decrease) in net assets
resulting from operations
   

67,912,854

     

(12,390

)

 

Dividends and Distributions to Shareholders from:

 

Net investment income:

 

Class A

   

(752,876

)

   

(3,488,447

)

 

Class C

   

(262,665

)

   

(2,647,874

)

 

Class I

   

(7,123,644

)

   

(31,739,229

)

 

Class R

   

(2,029

)

   

(13,578

)

 

Class Z

   

(476

)

   

(1,681

)

 

Return of capital:

 

Class A

   

     

(23,495

)

 

Class C

   

     

(20,447

)

 

Class I

   

     

(204,630

)

 

Class R

   

     

(115

)

 

Class Z

   

     

(13

)

 
Total dividends and distributions to
shareholders
   

(8,141,690

)

   

(38,139,509

)

 

Capital Stock Transactions:

 
Increase (decrease) in net assets from Fund
share transactions
   

(7,173,549

)

   

(112,877,192

)

 

Total increase (decrease) in net assets

   

52,597,615

     

(151,029,091

)

 

Net Assets:

 

Beginning of period

   

571,934,338

     

722,963,429

   

End of perioda

 

$

624,531,953

   

$

571,934,338

   

a  Includes dividends in excess of net investment income of $10,983,927 and $10,508,420, respectively.

See accompanying notes to financial statements.
17




COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)

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

   

Class A

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

Net asset value, beginning of period

 

$

10.09

   

$

10.74

   

$

11.23

   

$

11.34

   

$

11.30

   

$

8.98

   

Income (loss) from investment operations:

 

Net investment income (loss)a

   

0.12

     

0.18

     

0.16

     

0.30

b

   

0.18

     

0.18

   

Net realized and unrealized gain (loss)

   

1.05

     

(0.21

)

   

(0.33

)

   

(0.04

)

   

0.29

     

2.87

   

Total from investment operations

   

1.17

     

(0.03

)

   

(0.17

)

   

0.26

     

0.47

     

3.05

   
Less dividends and distributions to
shareholders from:
 

Net investment income

   

(0.14

)

   

(0.62

)

   

(0.32

)

   

(0.37

)

   

(0.43

)

   

(0.73

)

 

Return of capital

   

     

(0.00

)c

   

     

     

     

   
Total dividends and distributions
to shareholders
   

(0.14

)

   

(0.62

)

   

(0.32

)

   

(0.37

)

   

(0.43

)

   

(0.73

)

 

Net increase (decrease) in net asset value

   

1.03

     

(0.65

)

   

(0.49

)

   

(0.11

)

   

0.04

     

2.32

   

Net asset value, end of period

 

$

11.12

   

$

10.09

   

$

10.74

   

$

11.23

   

$

11.34

   

$

11.30

   

Total investment returnd,e

   

11.55

%f

   

–0.38

%

   

–1.58

%

   

2.30

%

   

4.32

%

   

34.50

%

 

Ratios/Supplemental Data:

 

Net assets, end of period (in millions)

 

$

62.6

   

$

55.7

   

$

78.6

   

$

121.7

   

$

163.4

   

$

219.1

   
Ratio of expenses to average daily net
assets (before expense reduction)
   

1.49

%g

   

1.47

%

   

1.48

%h

   

1.46

%

   

1.53

%

   

1.56

%

 
Ratio of expenses to average daily net
assets (net of expense reduction)
   

1.35

%g

   

1.34

%

   

1.36

%h

   

1.35

%

   

1.35

%

   

1.56

%

 
Ratio of net investment income
(loss) to average daily net assets
(before expense reduction)
   

2.10

%g

   

1.53

%

   

1.31

%h

   

2.53

%

   

1.37

%

   

1.75

%

 
Ratio of net investment income
(loss) to average daily net assets
(net of expense reduction)
   

2.24

%g

   

1.66

%

   

1.43

%h

   

2.64

%

   

1.55

%

   

1.75

%

 

Portfolio turnover rate

   

37

%f

   

68

%

   

73

%

   

101

%

   

93

%

   

76

%

 

a  Calculation based on average shares outstanding.

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

c  Amount is less than $0.005.

d  Does not reflect sales charges, which would reduce return.

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

f  Not annualized.

g  Annualized.

h  Includes extraordinary expenses, approved by the Board of Directors pursuant to the Fund's expense reimbursement agreement, related to shareholder proxy expenses. Without these expenses, the ratio of expenses to average daily net assets (before expense reduction and net of expense reduction) would have been 1.47% and 1.35%, respectively; and the ratio of net investment income to average daily net assets (before expense reduction and net of expense reduction) would have been 1.32% and 1.44%, respectively.

See accompanying notes to financial statements.
18



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class C

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

Net asset value, beginning of period

 

$

9.99

   

$

10.63

   

$

11.12

   

$

11.23

   

$

11.19

   

$

8.90

   

Income (loss) from investment operations:

 

Net investment income (loss)a

   

0.08

     

0.11

     

0.08

     

0.22

b

   

0.10

     

0.11

   

Net realized and unrealized gain (loss)

   

1.03

     

(0.21

)

   

(0.32

)

   

(0.04

)

   

0.29

     

2.84

   

Total from investment operations

   

1.11

     

(0.10

)

   

(0.24

)

   

0.18

     

0.39

     

2.95

   
Less dividends and distributions to
shareholders from:
 

Net investment income

   

(0.08

)

   

(0.54

)

   

(0.25

)

   

(0.29

)

   

(0.35

)

   

(0.66

)

 

Return of capital

   

     

(0.00

)c

   

     

     

     

   
Total dividends and distributions
to shareholders
   

(0.08

)

   

(0.54

)

   

(0.25

)

   

(0.29

)

   

(0.35

)

   

(0.66

)

 

Net increase (decrease) in net asset value

   

1.03

     

(0.64

)

   

(0.49

)

   

(0.11

)

   

0.04

     

2.29

   

Net asset value, end of period

 

$

11.02

   

$

9.99

   

$

10.63

   

$

11.12

   

$

11.23

   

$

11.19

   

Total investment returnd,e

   

11.14

%f

   

–0.98

%

   

–2.23

%

   

1.60

%

   

3.64

%

   

33.59

%

 

Ratios/Supplemental Data:

 

Net assets, end of period (in millions)

 

$

35.0

   

$

46.4

   

$

65.5

   

$

80.8

   

$

109.8

   

$

134.1

   
Ratio of expenses to average daily net
assets (before expense reduction)
   

2.14

%g

   

2.12

%

   

2.13

%h

   

2.11

%

   

2.18

%

   

2.21

%

 
Ratio of expenses to average daily net
assets (net of expense reduction)
   

2.00

%g

   

1.99

%

   

2.01

%h

   

2.00

%

   

2.00

%

   

2.21

%

 
Ratio of net investment income
(loss) to average daily net assets
(before expense reduction)
   

1.33

%g

   

0.88

%

   

0.63

%h

   

1.83

%

   

0.70

%

   

1.07

%

 
Ratio of net investment income
(loss) to average daily net assets
(net of expense reduction)
   

1.47

%g

   

1.01

%

   

0.75

%h

   

1.94

%

   

0.88

%

   

1.07

%

 

Portfolio turnover rate

   

37

%f

   

68

%

   

73

%

   

101

%

   

93

%

   

76

%

 

a  Calculation based on average shares outstanding.

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

c  Amount is less than $0.005.

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

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

f  Not annualized.

g  Annualized.

h  Includes extraordinary expenses, approved by the Board of Directors pursuant to the Fund's expense reimbursement agreement, related to shareholder proxy expenses. Without these expenses, the ratio of expenses to average daily net assets (before expense reduction and net of expense reduction) would have been 2.12% and 2.00%, respectively; and the ratio of net investment income to average daily net assets (before expense reduction and net of expense reduction) would have been 0.64% and 0.76%, respectively.

See accompanying notes to financial statements.
19



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class I

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

Net asset value, beginning of period

 

$

10.15

   

$

10.80

   

$

11.29

   

$

11.40

   

$

11.36

   

$

9.02

   

Income (loss) from investment operations:

 

Net investment income (loss)a

   

0.14

     

0.22

     

0.20

     

0.33

b

   

0.22

     

0.21

   

Net realized and unrealized gain (loss)

   

1.04

     

(0.21

)

   

(0.33

)

   

(0.03

)

   

0.29

     

2.90

   

Total from investment operations

   

1.18

     

0.01

     

(0.13

)

   

0.30

     

0.51

     

3.11

   
Less dividends and distributions to
shareholders from:
 

Net investment income

   

(0.15

)

   

(0.66

)

   

(0.36

)

   

(0.41

)

   

(0.47

)

   

(0.77

)

 

Return of capital

   

     

(0.00

)c

   

     

     

     

   
Total dividends and distributions
to shareholders
   

(0.15

)

   

(0.66

)

   

(0.36

)

   

(0.41

)

   

(0.47

)

   

(0.77

)

 

Net increase (decrease) in net asset value

   

1.03

     

(0.65

)

   

(0.49

)

   

(0.11

)

   

0.04

     

2.34

   

Net asset value, end of period

 

$

11.18

   

$

10.15

   

$

10.80

   

$

11.29

   

$

11.40

   

$

11.36

   

Total investment returnd

   

11.65

%e

   

0.00

%f

   

–1.18

%

   

2.63

%

   

4.65

%

   

34.97

%

 

Ratios/Supplemental Data:

 

Net assets, end of period (in millions)

 

$

526.6

   

$

469.5

   

$

578.8

   

$

668.2

   

$

628.5

   

$

659.1

   
Ratio of expenses to average daily net
assets (before expense reduction)
   

1.20

%g

   

1.19

%

   

1.19

%h

   

1.19

%

   

1.23

%

   

1.27

%

 
Ratio of expenses to average daily net
assets (net of expense reduction)
   

1.00

%g

   

0.99

%

   

1.01

%h

   

1.00

%

   

1.00

%

   

1.27

%

 
Ratio of net investment income
(loss) to average daily net assets
(before expense reduction)
   

2.43

%g

   

1.81

%

   

1.58

%h

   

2.68

%

   

1.65

%

   

2.04

%

 
Ratio of net investment income
(loss) to average daily net assets
(net of expense reduction)
   

2.63

%g

   

2.01

%

   

1.76

%h

   

2.87

%

   

1.89

%

   

2.04

%

 

Portfolio turnover rate

   

37

%e

   

68

%

   

73

%

   

101

%

   

93

%

   

76

%

 

a  Calculation based on average shares outstanding.

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

c  Amount is less than $0.005.

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

e  Not annualized.

f  Amount is less than 0.005%.

g  Annualized.

h  Includes extraordinary expenses, approved by the Board of Directors pursuant to the Fund's expense reimbursement agreement, related to shareholder proxy expenses. Without these expenses, the ratio of expenses to average daily net assets (before expense reduction and net of expense reduction) would have been 1.18% and 1.00%, respectively; and the ratio of net investment income to average daily net assets (before expense reduction and net of expense reduction) would have been 1.59% and 1.77%, respectively.

See accompanying notes to financial statements.
20



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class R

 

Per Share Operating Performance:

  For the
Six Months
Year Ended
June 30,
2017
  For the
Year Ended
December 31,
2016
  For the Period
October 1, 2015a
through
December 31,
2015
 

Net asset value, beginning of period

 

$

10.17

   

$

10.79

   

$

10.88

   

Income (loss) from investment operations:

 

Net investment income (loss)b

   

0.10

     

0.16

     

0.02

   

Net realized and unrealized gain (loss)

   

1.06

     

(0.16

)

   

0.01

   

Total from investment operations

   

1.16

     

     

0.03

   

Less dividends and distributions to shareholders from:

 

Net investment income

   

(0.12

)

   

(0.62

)

   

(0.12

)

 

Return of capital

   

     

(0.00

)c

   

   

Total dividends and distributions to shareholders

   

(0.12

)

   

(0.62

)

   

(0.12

)

 

Net increase (decrease) in net asset value

   

1.04

     

(0.62

)

   

(0.09

)

 

Net asset value, end of period

 

$

11.21

   

$

10.17

   

$

10.79

   

Total investment returnd

   

11.41

%e

   

–0.05

%

   

0.26

%e

 

Ratios/Supplemental Data:

 

Net assets, end of period (in 000s)

 

$

191.4

   

$

233.6

   

$

9.9

   
Ratio of expenses to average daily net assets
(before expense reduction)
   

1.64

%f

   

1.62

%

   

1.63

%f,g

 
Ratio of expenses to average daily net assets
(net of expense reduction)
   

1.50

%f

   

1.49

%

   

1.51

%f,g

 
Ratio of net investment income (loss) to average
daily net assets (before expense reduction)
   

1.79

%f

   

1.34

%

   

0.70

%f,g

 
Ratio of net investment income (loss) to average
daily net assets (net of expense reduction)
   

1.93

%f

   

1.47

%

   

0.82

%f,g

 

Portfolio turnover rate

   

37

%e

   

68

%

   

73

%e

 

a  Inception date.

b  Calculation based on average shares outstanding.

c  Amount is less than $0.005.

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

e  Not annualized.

f  Annualized.

g  Includes extraordinary expenses, approved by the Board of Directors pursuant to the Fund's expense reimbursement agreement, related to shareholder proxy expenses. Without these expenses, the ratio of expenses to average daily net assets (before expense reduction and net of expense reduction) would have been 1.62% and 1.50%, respectively; and the ratio of net investment income to average daily net assets (before expense reduction and net of expense reduction) would have been 0.71% and 0.83%, respectively.

See accompanying notes to financial statements.
21



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class Z

 

Per Share Operating Performance:

  For the
Six Months
Ended
June 30,
2017
  For the
Year Ended
December 31,
2016
  For the Period
October 1, 2015a
through
December 31,
2015
 

Net asset value, beginning of period

 

$

10.15

   

$

10.79

   

$

10.88

   

Income (loss) from investment operations:

 

Net investment income (loss)b

   

0.14

     

0.23

     

0.04

   

Net realized and unrealized gain (loss)

   

1.04

     

(0.21

)

   

0.00

c

 

Total from investment operations

   

1.18

     

0.02

     

0.04

   

Less dividends and distributions to shareholders from:

 

Net investment income

   

(0.15

)

   

(0.66

)

   

(0.13

)

 

Return of capital

   

     

(0.00

)c

   

   

Total dividends and distributions to shareholders

   

(0.15

)

   

(0.66

)

   

(0.13

)

 

Net increase (decrease) in net asset value

   

1.03

     

(0.64

)

   

(0.09

)

 

Net asset value, end of period

 

$

11.18

   

$

10.15

   

$

10.79

   

Total investment returnd

   

11.65

%e

   

0.09

%

   

0.39

%e

 

Ratios/Supplemental Data:

 

Net assets, end of period (in 000s)

 

$

35.3

   

$

32.7

   

$

9.9

   
Ratio of expenses to average daily net assets
(before expense reduction)
   

1.14

%f

   

1.12

%

   

1.13

%f,g

 
Ratio of expenses to average daily net assets
(net of expense reduction)
   

1.00

%f

   

0.99

%

   

1.01

%f,g

 
Ratio of net investment income (loss) to average
daily net assets (before expense reduction)
   

2.46

%f

   

2.02

%

   

1.20

%f,g

 
Ratio of net investment income (loss) to average
daily net assets (net of expense reduction)
   

2.60

%f

   

2.15

%

   

1.32

%f,g

 

Portfolio turnover rate

   

37

%e

   

68

%

   

73

%e

 

a  Inception date.

b  Calculation based on average shares outstanding.

c  Amount is less than $0.005.

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

e  Not annualized.

f  Annualized.

g  Includes extraordinary expenses, approved by the Board of Directors pursuant to the Fund's expense reimbursement agreement, related to shareholder proxy expenses. Without these expenses, the ratio of expenses to average daily net assets (before expense reduction and net of expense reduction) would have been 1.12% and 1.00%, respectively; and the ratio of net investment income to average daily net assets (before expense reduction and net of expense reduction) would have been 1.21% and 1.33%, respectively.

See accompanying notes to financial statements.
22




COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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 (the 1940 Act) as a non-diversified, open-end management investment company. The Fund's investment objective is total return. On December 6, 2016, the Board of Directors of the Fund approved the Fund's offering of Class F and Class T shares. Class F shares and Class T shares are currently not available for purchase. The authorized shares of the Fund are divided into seven classes designated Class A, C, F, I, R, T and Z shares. Each of the Fund's shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares).

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

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

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

Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value.


23



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The policies and procedures approved by the Fund's Board of Directors delegate authority to make fair value determinations to the investment advisor, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund's Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

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

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 may or may not be an indication of the risk associated with investing in those securities.


24



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 the disclosure hierarchy. There were no transfers between Level 1 and Level 2 investments as of June 30, 2017.

The following is a summary of the inputs used as of June 30, 2017 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

 

$

72,686,526

   

$

71,826,401

   

$

   

$

860,125

a

 
Other Countries    

546,214,346

     

546,214,346

     

     

   
Short-Term Investments    

5,200,000

     

     

5,200,000

     

   
Total Investmentsb  

$

624,100,872

   

$

618,040,747

   

$

5,200,000

   

$

860,125

   

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

b  Portfolio holdings are disclosed individually on the Schedule of Investments.

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

  Common Stock—
Australia
 

Balance as of December 31, 2016

 

$

3,123,219

   

Salesa

   

(2,532,749

)

 

Realized gain (loss)

   

2,532,749

   

Change in unrealized appreciation (depreciation)

   

(2,263,094

)

 

Balance as of June 30, 2017

 

$

860,125

   

a  Amount represents proceeds received as part of a liquidating distribution from BGP Holdings PLC and is included in change in unrealized appreciation (depreciation).

The change in unrealized appreciation (depreciation) attributable to securities owned on June 30, 2017, which were valued using significant unobservable inputs (Level 3) amounted to $269,655.


25



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy.

  Fair Value at
June 30,
2017
  Valuation
Technique
  Unobservable
Inputs
  Input
Values
 
Common Stock—
Australia
 

$

860,125

    Estimated Distributions Less
Discount Rate
 

Discount Rate

    20.00

%

 

The significant unobservable inputs utilized in the fair value measurement of the Fund's Level 3 equity investments in Common Stock—Australia is a discount rate to reflect the uncertainty regarding the amount and timing of distributions. Significant increases (decreases) in this input may result in a materially lower (higher) fair value measurement.

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 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.

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


26



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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. Dividends from net investment income 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. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. 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 June 30, 2017, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory, 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.

For the six months ended June 30, 2017, and through June 30, 2019, 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, taxes and extraordinary expenses), do not exceed 1.35% for Class A shares, 2.00% for Class C shares, 1.00% for Class I shares, 1.50% for Class R shares and 1.00% for Class Z 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 six months ended June 30, 2017, fees waived and/or expenses reimbursed totaled $589,387.

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


27



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

(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 net 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 six months ended June 30, 2017, the Fund incurred $182,855 in fees under this administration agreement. On June 13, 2017, the Board of Directors of the Fund approved an amendment to the Fund's administration agreement with the investment advisor, effective June 30, 2017, reducing the administration fee to an annual rate of 0.04% of the average daily net assets of the Fund. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Distribution Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted an amended distribution 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 and Class T shares, up to 0.75% of the average daily net assets attributable to Class C shares and up to 0.50% of the average daily net assets attributable to Class R shares. In addition, with respect to Class R shares, such amounts may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts. Class T shares are currently not available for purchase.

There is a maximum initial sales charge of 4.50% for Class A shares and 2.50% for Class T shares. Class T shares are currently not available for purchases. 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 six months ended June 30, 2017, the Fund has been advised that the distributor received $596, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $0 and $695 of CDSC relating to redemptions of Class A and Class C shares, respectively. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.

Shareholder Servicing Fees: For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund's Class A, Class I and Class T 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. Class T shares are currently not available for purchase.

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


28



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 $3,194 for the six months ended June 30, 2017.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2017, totaled $225,068,759 and $233,664,147, respectively.

Note 4. Income Tax Information

As of June 30, 2017, the tax-basis components of accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of securities held were as follows:

Cost for federal income tax purposes

 

$

567,567,927

   

Gross unrealized appreciation

 

$

68,009,424

   

Gross unrealized depreciation

   

(11,476,479

)

 

Net unrealized appreciation (depreciation)

 

$

56,532,945

   

As of December 31, 2016, the Fund had a net capital loss carryforward of $638,056,734, which may be used to offset future capital gains. These losses are a short-term capital loss carryover of which $572,102,309 will expire on December 31, 2017, $59,806,588 will expire on December 31, 2018 and $6,147,837, which under current federal income tax rules, may offset capital gains recognized in any future period. In addition, the Fund incurred short-term capital losses of $2,948,366, long-term capital losses of $6,523,881 and ordinary losses of $779,382 after October 31, 2016, that it has elected to treat as arising in the following fiscal year.

Note 5. Capital Stock

The Fund is authorized to issue 1.8 billion shares of capital stock, at a par value of $0.001 per share, classified in seven classes as follows: 250 million of Class A capital stock, 250 million of Class C capital stock, 250 million of Class F capital stock, 300 million of Class I capital stock, 250 million of Class R capital stock, 250 million of Class T capital stock and 250 million of Class Z capital stock. Class F shares and Class T shares are currently not available for purchase.


29



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The Board of Directors of the Fund may increase or decrease the number of shares of common stock that the Fund has authority to issue. Transactions in Fund shares were as follows:

  For the
Six Months Ended
June 30, 2017
  For the
Year Ended
December 31, 2016
 

 

Shares

 

Amount

 

Shares

 

Amount

 

Class A:

 

Sold

   

992,670

   

$

11,029,415

     

352,636

   

$

3,773,674

   
Issued as reinvestment
of dividends and
distributions
   

50,757

     

564,425

     

284,943

     

2,933,728

   
Redeemed    

(928,693

)

   

(9,970,443

)

   

(2,434,226

)

   

(26,437,591

)

 
Net increase (decrease)    

114,734

   

$

1,623,397

     

(1,796,647

)

 

$

(19,730,189

)

 

Class C:

 
Sold    

26,477

   

$

284,049

     

106,346

   

$

1,104,890

   
Issued as reinvestment
of dividends and
distributions
   

21,280

     

234,508

     

179,762

     

1,827,929

   
Redeemed    

(1,514,033

)

   

(16,408,118

)

   

(1,803,909

)

   

(19,165,669

)

 
Net increase (decrease)    

(1,466,276

)

 

$

(15,889,561

)

   

(1,517,801

)

 

$

(16,232,850

)

 

Class I:

 

Sold

   

6,321,417

   

$

66,880,822

     

6,167,047

   

$

66,793,851

   
Issued as reinvestment
of dividends and
distributions
   

578,994

     

6,473,155

     

2,799,154

     

28,979,910

   

Redeemed

   

(6,066,551

)

   

(66,195,621

)

   

(16,308,305

)

   

(172,960,347

)

 

Net increase (decrease)

   

833,860

   

$

7,158,356

     

(7,342,104

)

 

$

(77,186,586

)

 

Class R:

 

Sold

   

   

$

     

26,069

   

$

287,549

   
Issued as reinvestments
of dividends and
distributions
   

171

     

1,919

     

1,287

     

13,124

   

Redeemed

   

(6,061

)

   

(66,866

)

   

(5,303

)

   

(52,520

)

 

Net increase (decrease)

   

(5,890

)

 

$

(64,947

)

   

22,053

   

$

248,153

   


30



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

    For the
Six Months Ended
June 30, 2017
  For the
Year Ended
December 31, 2016
 
   

Shares

 

Amount

 

Shares

 

Amount

 

Class Z:

 

Sold

   

148

   

$

1,572

     

2,200

   

$

23,189

   
Issued as reinvestment
of dividends and
distributions
   

30

     

336

     

108

     

1,091

   

Redeemed

   

(246

)

   

(2,702

)

   

     

   

Net increase (decrease)

   

(68

)

 

$

(794

)

   

2,308

   

$

24,280

   

Note 6. Other Risks

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

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

Common Stock Risk: While common stocks have historically generated higher average returns than fixed income securities over the long-term, common stock has also experienced significantly more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.


31



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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

Foreign (Non-U.S.) Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. 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.

Foreign Currency and Currency Hedging Risk: Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund's investments in foreign securities will be subject to foreign currency risk, which means that the Fund's NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various instruments that are designed to hedge the Fund's foreign currency risks.

If the Fund were to utilize derivatives for the purpose of hedging foreign currency risks, it would be subject to risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

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

Geopolitical Risk: Occurrence of global events similar to those in recent years, such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S.


32



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

and global financial markets. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund's investments. The decision of the United Kingdom (UK) to exit from the European Union following the June 2016 vote on the matter (referred to as Brexit) may cause uncertainty and thus adversely impact financial results of the Fund and the global financial markets. Growing tensions between the United States and other foreign powers, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the markets and the Fund. The strengthening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund's investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

Regulatory Risk: The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The U.S. Securities and Exchange Commission's (SEC) proposed rules governing the use of derivatives by registered investment companies, the Department of Labor's (DOL) final rule on conflicts of interest on fiduciary investment advice, as well as the SEC's final rules and amendments to modernize the reporting and disclosure (Modernization) and to develop and implement a Liquidity Risk Management Program for open-end investment companies (Liquidity) could, among other things, restrict and/or increase the cost of the Fund's ability to engage in transactions, impact flows into the Fund and/or increase overall expenses of the Fund. In addition, Congress, various exchanges and regulatory and self-regulatory authorities, both domestic and foreign, have undertaken reviews of options and futures trading in light of market volatility. Among the actions that have been taken or proposed to be taken are new limits and reporting requirements for speculative positions, new or more stringent daily price fluctuation limits for futures and options transactions, and increased margin requirements for various types of futures transactions. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect the instruments in which the Fund invests and its ability to execute its investment strategy.

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

Note 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.


33



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 8. New Accounting Guidance

In October 2016, the SEC adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending after August 1, 2017.

The adoption will have no effect on the Fund's net assets or results of operations.

Note 9. Subsequent Events

Management has evaluated events and transactions occurring after June 30, 2017 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.


34




COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

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 net realized gains and this excess would 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.

APPROVAL OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

The Board of Directors of the Fund, including a majority of the directors who are not parties to the Fund's investment advisory and subadvisory agreements (the Advisory Agreements), or interested persons of any such party (Independent Directors), has the responsibility under the 1940 Act to approve the Fund's Advisory Agreements for their initial two year term and their continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. At a meeting of the Independent Directors held on June 6, 2017 and at a meeting of the full Board of Directors held in person on June 13, 2017, the Advisory Agreements were discussed and were unanimously continued for a term ending June 30, 2018 by the Fund's Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Advisory Agreements, the Board of Directors reviewed materials provided by an independent data provider, which included, among other things, fee, expense and performance information compared to peer funds (Peer Funds) and performance comparisons to a larger category universe; summary information prepared by the Fund's investment advisor (the Investment Advisor); and a memorandum from Fund counsel outlining the legal duties of the Board of Directors. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment advisory personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund's objective. In particular, the Board of Directors considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Advisor and the Subadvisors: The Board of Directors reviewed the services that the Investment Advisor and the


35



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

sub-investment advisors (the Subadvisors) provide to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, and, for the Investment Advisor, generally managing the Fund's investments in accordance with the stated policies of the Fund. The Board of Directors also discussed with officers and portfolio managers of the Fund the types of transactions that were being done on behalf of the Fund. Additionally, the Board of Directors took into account the services provided by the Investment Advisor and the Subadvisors to other funds and accounts, including those that have investment objectives and strategies similar to the Fund. The Board of Directors also considered the education, background and experience of the Investment Advisor's and Subadvisors' personnel, particularly noting the potential benefit that the portfolio managers' work experience and favorable reputation can have on the Fund. The Board of Directors further noted the Investment Advisor's and Subadvisors' ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Advisor, including compliance and accounting services. After consideration of the above factors, among others, the Board of Directors concluded that the nature, extent and quality of services provided by the Investment Advisor and the Subadvisors are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Advisor and Subadvisors: The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to a relevant benchmark. The Board of Directors noted that the Fund outperformed the Peer Funds' medians for the three-, five-, and ten-year periods ended March 31, 2017, ranking in the first, first and second quintiles, respectively. The Fund underperformed the Peer Funds' median for the one-year period ended March 31, 2017, ranking in the fifth quintile. The Fund outperformed its benchmark for the three-year period ended March 31, 2017, slightly underperformed its benchmark for the five-year period ended March 31, 2017 and underperformed its benchmark for the one- and ten-year periods ended March 31, 2017. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors to and detractors from the Fund's performance during the periods. The Board of Directors then determined that Fund performance, in light of all considerations noted above, supported the continuation of the Advisory Agreements.

(iii) Cost of the services to be provided and profits to be realized by the Investment Advisor from the relationship with the Fund: The Board of Directors considered the actual management fee paid by the Fund, as well as the total expense ratio. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors noted that the Fund's actual management fee represented the Peer Funds' median, ranking in the third quintile. The Board of Directors also noted that the Fund's total expense ratio ranked in the first quintile. The Board of Directors considered that the Investment Advisor is waiving its fees and/or reimbursing expenses to limit the overall operating expenses of the Fund. The Board of Directors noted that the Fund has a breakpoint of 0.10% on assets over $1.5 billion; however, the reduced fee is not currently applicable due to the size of the Fund. The Board of Directors concluded that the Fund's current expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board of Directors considered the level of the Investment Advisor's profits and whether the profits were reasonable for the Investment Advisor. Since the Subadvisors are paid by the Investment Advisor for investment services provided to the Fund and not


36



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

by the Fund and are affiliates of the Investment Advisor, the Board of Directors considered the profitability of the Investment Advisor as a whole and did not consider the Subadvisors separate profitability to be particularly relevant to their determination. The Board of Directors took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreements, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended, that the Investment Advisor receives by allocating the Fund's brokerage transactions. The Board of Directors further considered that the Investment Advisor continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board of Directors also considered the administrative services provided by the Investment Advisor and the associated administration fee paid to the Investment Advisor for such services under the Administration Agreement. The Board of Directors determined that the services received under the Administration Agreement are beneficial to the Fund. Some of these services include compliance, accounting and operational services, oversight of third party service providers, supervising compliance by the Fund with regulatory requirements, furnishing office space and facilities for the Fund, and providing persons satisfactory to the Board of Directors to serve as officers of the Fund. The Board of Directors then approved a 0.02% decrease in the administration fee paid by the Fund. The Board of Directors concluded that the profits realized by the Investment Advisor from its relationship with the Fund were reasonable and consistent with the Investment Advisor's fiduciary duties.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale: The Board of Directors noted that the Fund's advisory fee schedule contains a breakpoint of 0.10% once the Fund's assets reach $1.5 billion. The Board of Directors considered the Fund's asset size and determined that there were not at this time significant economies of scale that were not being shared with shareholders. In considering economies of scale, the Board of Directors also noted, as discussed above in (iii), that the Investment Advisor continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board of Directors compared the fees paid under the Advisory Agreements to those under other investment advisory contracts of other investment advisors managing Peer Funds. The Board of Directors also compared the services rendered, fees paid and profitability under the Advisory Agreements to those under the Investment Advisor's other advisory agreements and advisory contracts with institutional and other clients with similar investment mandates. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board of Directors determined that on a comparative basis the fees under the Advisory Agreements were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board of Directors. Rather, after weighing all of the considerations and conclusions discussed above, the Board of Directors, including the Independent Directors, unanimously approved the continuation of the Advisory Agreements.


37




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


38



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 Japan, LLC, 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.
 


39



COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

Cohen & Steers Investment Solutions

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
INSTITUTIONAL GLOBAL REALTY SHARES

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

  •  Symbol: GRSIX

COHEN & STEERS GLOBAL REALTY SHARES

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

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

COHEN & STEERS REALTY SHARES

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

  •  Symbol: CSRSX

COHEN & STEERS REAL ESTATE SECURITIES FUND

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

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

COHEN & STEERS INSTITUTIONAL REALTY SHARES

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

  •  Symbol: CSRIX

COHEN & STEERS INTERNATIONAL REALTY FUND

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

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

COHEN & STEERS
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

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

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

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

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
LOW DURATION PREFERRED AND INCOME FUND

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

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

COHEN & STEERS
PREFERRED SECURITIES AND INCOME FUND

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

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

COHEN & STEERS 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

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 global 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 U.S. real estate equity securities of companies in a specified index

  •  Symbol: ICF

Distributed by SEI Investments Distribution Co.

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


40



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

Dean Junkans
Director

Richard E. Kroon
Director

Gerald J. Maginnis
Director

Jane F. Magpiong
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
Assistant Secretary

James Giallanza
Chief Financial Officer

Albert Laskaj
Treasurer

Lisa D. Phelan
Chief Compliance Officer

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
Boston, MA 02111

Transfer Agent

Boston Financial Data Services, Inc.
P.O. Box 8123
Boston, MA 02266
(800) 437-9912

Legal Counsel

Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036

Distributor

Cohen & Steers Securities, LLC
280 Park Avenue
New York, NY 10017

Nasdaq Symbol: Class  A—IRFAX
C—IRFCX
F—IRFFX*
I—IRFIX
R—IRFRX
T—IRFTX*
Z—IRFZX

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.

*  Class F and Class T shares are currently not available for purchase.


41




COHEN & STEERS

INTERNATIONAL REALTY FUND

280 PARK AVENUE

NEW YORK, NY 10017

eDelivery NOW AVAILABLE

Stop traditional mail delivery; receive your shareholder reports and prospectus online.

Sign up at cohenandsteers.com

IRFAXSAR

Semiannual Report June 30, 2017

Cohen & Steers International Realty Fund




 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Schedule of Investments.

 

Included in Item 1 above.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

None.

 

Item 11. Controls and Procedures.

 

(a) The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms

 



 

and that such material information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

 

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that 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:  September 1, 2017

 

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:

Chief Financial Officer

 

 

 

(Principal Financial Officer)

 

 

Date:  September 1, 2017

 


EX-99.CERT 2 a17-15850_1ex99dcert.htm 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.

 

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: September 1, 2017

 

 

 

 

/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.

 

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: September 1, 2017

 

 

 

 

/s/ James Giallanza

 

James Giallanza

 

Principal Financial Officer

 


EX-99.906CERT 3 a17-15850_1ex99d906cert.htm 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: September 1, 2017

 



 

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: September 1, 2017

 


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