COHEN & STEERS INTERNATIONAL REALTY FUND, INC.
SCHEDULE OF INVESTMENTS
September 30, 2019 (Unaudited)
Shares | Value | |||||||||||
COMMON STOCK |
98.1 | % | ||||||||||
AUSTRALIA |
7.9 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
5.7 | % | ||||||||||
BGP Holdings PLC (EUR)(a),(b) |
56,622,235 | $ | 0 | |||||||||
Charter Hall Group |
1,309,791 | 10,299,108 | ||||||||||
Ingenia Communities Group |
3,205,699 | 8,698,021 | ||||||||||
Mirvac Group |
8,317,546 | 17,178,621 | ||||||||||
|
|
|||||||||||
36,175,750 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS |
1.0 | % | ||||||||||
Goodman Group |
657,705 | 6,294,758 | ||||||||||
|
|
|||||||||||
SELF STORAGE |
1.2 | % | ||||||||||
New South Resources Ltd. |
6,011,607 | 7,283,275 | ||||||||||
|
|
|||||||||||
TOTAL AUSTRALIA |
49,753,783 | |||||||||||
|
|
|||||||||||
AUSTRIA |
0.8 | % | ||||||||||
REAL ESTATEDIVERSIFIED |
||||||||||||
CA Immobilien Anlagen AG |
138,210 | 4,903,398 | ||||||||||
|
|
|||||||||||
BELGIUM |
1.2 | % | ||||||||||
REAL ESTATERESIDENTIAL |
||||||||||||
Aedifica SA |
62,364 | 7,218,803 | ||||||||||
|
|
|||||||||||
CANADA |
5.7 | % | ||||||||||
REAL ESTATE |
||||||||||||
OFFICE |
2.3 | % | ||||||||||
Allied Properties REIT |
361,155 | 14,603,218 | ||||||||||
|
|
|||||||||||
RESIDENTIAL |
2.6 | % | ||||||||||
Boardwalk REIT |
493,708 | 16,549,475 | ||||||||||
|
|
|||||||||||
RETAIL |
0.8 | % | ||||||||||
RioCan REIT |
233,143 | 4,642,271 | ||||||||||
|
|
|||||||||||
TOTAL CANADA |
35,794,964 | |||||||||||
|
|
|||||||||||
CHINA |
1.2 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
1.2 | % | ||||||||||
China Overseas Land & Investment Ltd. (HKD) |
1,388,000 | 4,365,337 | ||||||||||
Shimao Property Holdings Ltd. (HKD) |
1,176,000 | 3,436,008 | ||||||||||
|
|
|||||||||||
7,801,345 | ||||||||||||
|
|
|||||||||||
TOTAL CHINA |
7,801,345 | |||||||||||
|
|
1
Shares |
Value | |||||||||||
FRANCE |
7.3 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
2.0 | % | ||||||||||
Covivio |
119,841 | $ | 12,683,273 | |||||||||
|
|
|||||||||||
NET LEASE |
1.0 | % | ||||||||||
ARGAN SA |
86,238 | 6,203,679 | ||||||||||
|
|
|||||||||||
OFFICE |
1.3 | % | ||||||||||
Gecina SA |
50,022 | 7,862,000 | ||||||||||
|
|
|||||||||||
RETAIL |
3.0 | % | ||||||||||
Klepierre SA |
564,419 | 19,169,279 | ||||||||||
|
|
|||||||||||
TOTAL FRANCE |
45,918,231 | |||||||||||
|
|
|||||||||||
GERMANY |
10.7 | % | ||||||||||
REAL ESTATE |
||||||||||||
OFFICE |
0.5 | % | ||||||||||
Alstria Office REIT AG |
202,598 | 3,475,735 | ||||||||||
|
|
|||||||||||
RESIDENTIAL |
8.9 | % | ||||||||||
Deutsche Wohnen SE |
492,025 | 17,960,111 | ||||||||||
Instone Real Estate Group AG, 144A(b),(c) |
193,183 | 4,025,905 | ||||||||||
LEG Immobilien AG |
187,376 | 21,444,206 | ||||||||||
Vonovia SE |
247,792 | 12,572,269 | ||||||||||
|
|
|||||||||||
56,002,491 | ||||||||||||
|
|
|||||||||||
RETAIL |
1.3 | % | ||||||||||
VIB Vermoegen AG |
262,005 | 7,967,471 | ||||||||||
|
|
|||||||||||
TOTAL GERMANY |
67,445,697 | |||||||||||
|
|
|||||||||||
HONG KONG |
13.1 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
7.9 | % | ||||||||||
CK Asset Holdings Ltd. |
1,172,500 | 7,943,625 | ||||||||||
New World Development Co., Ltd. |
9,696,579 | 12,594,406 | ||||||||||
Sun Hung Kai Properties Ltd. |
1,780,627 | 25,626,743 | ||||||||||
Swire Properties Ltd. |
1,083,200 | 3,399,814 | ||||||||||
|
|
|||||||||||
49,564,588 | ||||||||||||
|
|
|||||||||||
RESIDENTIAL |
1.0 | % | ||||||||||
Wharf Real Estate Investment Co., Ltd. |
1,159,401 | 6,331,240 | ||||||||||
|
|
|||||||||||
RETAIL |
4.2 | % | ||||||||||
Link REIT |
2,381,841 | 26,271,758 | ||||||||||
|
|
|||||||||||
TOTAL HONG KONG |
82,167,586 | |||||||||||
|
|
2
Shares |
Value | |||||||||||
JAPAN |
26.5 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
20.2 | % | ||||||||||
Activia Properties, Inc. |
2,905 | $ | 14,830,613 | |||||||||
Invincible Investment Corp. |
11,765 | 7,257,577 | ||||||||||
Mitsubishi Estate Co., Ltd. |
391,677 | 7,549,178 | ||||||||||
Mitsubishi Estate Logistics REIT Investment Corp. |
1,642 | 5,231,621 | ||||||||||
Mitsui Fudosan Co., Ltd. |
831,492 | 20,601,776 | ||||||||||
Mitsui Fudosan Logistics Park, Inc. |
1,653 | 6,887,181 | ||||||||||
NIPPON REIT Investment Corp. |
2,750 | 11,483,237 | ||||||||||
Nomura Real Estate Master Fund, Inc. |
7,203 | 13,003,705 | ||||||||||
Orix JREIT, Inc. |
3,894 | 8,499,274 | ||||||||||
Sumitomo Realty & Development Co., Ltd. |
589,700 | 22,431,779 | ||||||||||
Tokyu Fudosan Holdings Corp. |
1,472,684 | 9,384,317 | ||||||||||
|
|
|||||||||||
127,160,258 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS |
1.5 | % | ||||||||||
GLP J-REIT |
2,145 | 2,844,791 | ||||||||||
Nippon Prologis REIT, Inc. |
2,444 | 6,692,887 | ||||||||||
|
|
|||||||||||
9,537,678 | ||||||||||||
|
|
|||||||||||
OFFICE |
4.3 | % | ||||||||||
Daiwa Office Investment Corp. |
1,262 | 9,792,536 | ||||||||||
Nippon Building Fund, Inc. |
2,246 | 17,240,971 | ||||||||||
|
|
|||||||||||
27,033,507 | ||||||||||||
|
|
|||||||||||
RETAIL |
0.5 | % | ||||||||||
Japan Retail Fund Investment Corp. |
1,347 | 2,847,854 | ||||||||||
|
|
|||||||||||
TOTAL JAPAN |
166,579,297 | |||||||||||
|
|
|||||||||||
MEXICO |
0.5 | % | ||||||||||
REAL ESTATEOFFICE |
||||||||||||
Concentradora Fibra Danhos SA de CV |
2,398,503 | 3,353,334 | ||||||||||
|
|
|||||||||||
NETHERLANDS |
1.2 | % | ||||||||||
REAL ESTATE |
||||||||||||
DATA CENTERS |
0.8 | % | ||||||||||
InterXion Holding NV (USD)(b) |
|
58,542 | 4,768,831 | |||||||||
|
|
|||||||||||
DIVERSIFIED |
0.4 | % | ||||||||||
NSI NV |
59,096 | 2,553,924 | ||||||||||
|
|
|||||||||||
RETAIL |
0.0 | % | ||||||||||
Eurocommercial Properties NV |
10,643 | 296,505 | ||||||||||
|
|
3
Shares |
Value | |||||||||||
TOTAL NETHERLANDS |
$ | 7,619,260 | ||||||||||
|
|
|||||||||||
NORWAY |
1.4 | % | ||||||||||
REAL ESTATEOFFICE |
||||||||||||
Entra ASA, 144A(c) |
579,493 | 9,083,192 | ||||||||||
|
|
|||||||||||
SINGAPORE |
6.0 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
3.3 | % | ||||||||||
CapitaLand Ltd. |
2,351,100 | 6,004,691 | ||||||||||
City Developments Ltd. |
871,400 | 6,191,186 | ||||||||||
Keppel DC REIT |
6,183,400 | 8,544,871 | ||||||||||
|
|
|||||||||||
20,740,748 | ||||||||||||
|
|
|||||||||||
HEALTH CARE |
1.5 | % | ||||||||||
Parkway Life Real Estate Investment Trust |
4,143,800 | 9,383,999 | ||||||||||
|
|
|||||||||||
INDUSTRIALS |
1.2 | % | ||||||||||
Mapletree Industrial Trust |
4,324,800 | 7,603,563 | ||||||||||
|
|
|||||||||||
TOTAL SINGAPORE |
37,728,310 | |||||||||||
|
|
|||||||||||
SPAIN |
1.4 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
0.7 | % | ||||||||||
Merlin Properties Socimi SA |
296,997 | 4,146,751 | ||||||||||
|
|
|||||||||||
OFFICE |
0.7 | % | ||||||||||
Inmobiliaria Colonial Socimi SA |
370,407 | 4,469,238 | ||||||||||
|
|
|||||||||||
TOTAL SPAIN |
8,615,989 | |||||||||||
|
|
|||||||||||
SWEDEN |
5.5 | % | ||||||||||
REAL ESTATE |
||||||||||||
DIVERSIFIED |
3.4 | % | ||||||||||
Castellum AB |
451,537 | 9,669,191 | ||||||||||
Fastighets AB Balder, Class B(b) |
133,872 | 5,069,812 | ||||||||||
Hemfosa Fastigheter AB |
639,523 | 6,477,054 | ||||||||||
|
|
|||||||||||
21,216,057 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS |
1.3 | % | ||||||||||
Catena AB |
250,474 | 8,218,477 | ||||||||||
|
|
|||||||||||
OFFICE |
0.8 | % | ||||||||||
Wihlborgs Fastigheter AB |
305,844 | 4,971,027 | ||||||||||
|
|
|||||||||||
TOTAL SWEDEN |
34,405,561 | |||||||||||
|
|
4
Shares |
Value | |||||||||||
UNITED KINGDOM |
7.7 | % | ||||||||||
REAL ESTATE |
||||||||||||
HEALTH CARE |
1.4 | % | ||||||||||
Assura PLC |
9,767,019 | $ | 8,562,441 | |||||||||
|
|
|||||||||||
INDUSTRIALS |
3.3 | % | ||||||||||
LondonMetric Property PLC |
3,037,055 | 8,118,171 | ||||||||||
Segro PLC |
1,294,993 | 12,910,028 | ||||||||||
|
|
|||||||||||
21,028,199 | ||||||||||||
|
|
|||||||||||
OFFICE |
0.8 | % | ||||||||||
Derwent London PLC |
120,244 | 4,982,409 | ||||||||||
|
|
|||||||||||
RESIDENTIAL |
1.4 | % | ||||||||||
UNITE Group PLC |
667,477 | 8,962,001 | ||||||||||
|
|
|||||||||||
SELF STORAGE |
0.8 | % | ||||||||||
Big Yellow Group PLC |
104,570 | 1,335,884 | ||||||||||
Safestore Holdings PLC |
451,986 | 3,715,116 | ||||||||||
|
|
|||||||||||
5,051,000 | ||||||||||||
|
|
|||||||||||
TOTAL UNITED KINGDOM |
48,586,050 | |||||||||||
|
|
|||||||||||
TOTAL COMMON STOCK |
616,974,800 | |||||||||||
|
|
|||||||||||
Number of Rights |
||||||||||||
RIGHTSSINGAPORE |
0.0 | % | ||||||||||
REAL ESTATEDIVERSIFIED |
||||||||||||
Keppel DC REIT, expires 10/7/19(a) |
405,962 | 58,743 | ||||||||||
|
|
|||||||||||
TOTAL RIGHTS |
58,743 | |||||||||||
|
|
|||||||||||
Shares |
||||||||||||
SHORT-TERM INVESTMENTS |
1.2 | % | ||||||||||
MONEY MARKET FUNDS |
||||||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95%(d) |
7,176,598 | 7,176,598 | ||||||||||
|
|
|||||||||||
TOTAL SHORT-TERM INVESTMENTS |
7,176,598 | |||||||||||
|
|
|||||||||||
TOTAL INVESTMENTS IN SECURITIES |
99.3 | % | 624,210,141 | |||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES |
0.7 | 4,523,579 | ||||||||||
|
|
|
|
|||||||||
NET ASSETS |
100.0 | % | $ | 628,733,720 | ||||||||
|
|
|
|
5
Glossary of Portfolio Abbreviations
EUR | Euro Currency | |
HKD | Hong Kong Dollar | |
REIT | Real Estate Investment Trust | |
USD | United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
(a) | Security value is determined based on significant unobservable inputs (Level 3). |
(b) | Non-income producing security. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $13,109,097 which represents 2.1% of the net assets of the Fund, of which 0.0% are illiquid. |
(d) | Rate quoted represents the annualized seven-day yield. |
6
Sector Summary |
% of Net Assets |
|||
Diversified |
44.1 | |||
Residential |
16.6 | |||
Office |
13.8 | |||
Retail |
9.7 | |||
Industrials |
7.2 | |||
Health Care |
2.9 | |||
Self Storage |
2.0 | |||
Net Lease |
1.0 | |||
Data Centers |
0.8 | |||
Other |
1.9 | |||
|
|
|||
100.0 | ||||
|
|
7
COHEN & STEERS INTERNATIONAL REALTY FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The policies and procedures approved by the Funds 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 Funds 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.
COHEN & STEERS INTERNATIONAL REALTY FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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 Funds use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Funds 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 Funds own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the inputs used as of September 30, 2019 in valuing the Funds 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 |
$ | 616,974,800 | $ | 616,974,800 | $ | | $ | 0 | (a) | |||||||
Rights |
58,743 | | | 58,743 | (c) | |||||||||||
Short-Term Investments |
7,176,598 | | 7,176,598 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities(b) |
$ | 624,210,141 | $ | 616,974,800 | $ | 7,176,598 | $ | 58,743 | ||||||||
|
|
|
|
|
|
|
|
(a) | BGP Holding PLC was acquired via a spinoff and has been fair valued at $0 by the Valuation Committee, pursuant to the Funds fair value procedures and classified as a Level 3 security. |
(b) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
(c) | Level 3 investments are valued by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated. A change in the significant unobservable inputs could result in a significantly lower or higher value in such Level 3 investments. |
COHEN & STEERS INTERNATIONAL REALTY FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
Rights Real Estate Diversified |
||||
Balance as of December 31, 2018 |
$ | | ||
Purchases |
0 | |||
Change in unrealized appreciation (depreciation) |
58,743 | |||
|
|
|||
Balance as of September 30, 2019 |
$ | 58,743 | ||
|
|
The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2019 which were valued using significant unobservable inputs (Level 3) amounted to $58,743.