NPORT-EX 2 4x41HTML.htm FOR VALIDATION PURPOSES ONLY - [725276.TX]

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 ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

        138,210        4,903,398  
       

 

 

  

BELGIUM

      1.2 %      

REAL ESTATE—RESIDENTIAL

        

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 ESTATE—OFFICE

        

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 ESTATE—OFFICE

        

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
(Identified cost—$550,506,076)

           616,974,800  
       

 

 

  
           Number
of Rights		         

RIGHTS—SINGAPORE

      0.0 %      

REAL ESTATE—DIVERSIFIED

        

Keppel DC REIT, expires 10/7/19(a)

        405,962        58,743  
       

 

 

  

TOTAL RIGHTS
(Identified cost—$0)

           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
(Identified cost—$7,176,598)

           7,176,598  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$557,682,674)

      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 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.

 

 

 

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 Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

 

  •  

Level 1 — quoted prices in active markets for identical investments

  •  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

  •  

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at value:

 

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

Common Stock

    $ 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 Fund’s 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.