NPORT-EX 2 NPORT_4X41_56344081_0921.htm HTML

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2021 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      97.0 %      

AUSTRALIA

      9.0 %      

REAL ESTATE

        

DIVERSIFIED

      7.2 %      

BGP Holdings PLC (EUR)(a),(b)

 

     56,622,235      $ 0  

Charter Hall Group

 

     1,534,228        18,550,680  

Ingenia Communities Group

 

     1,375,044        6,470,991  

Mirvac Group

 

     9,882,535        20,963,444  
       

 

 

  
          45,985,115  
       

 

 

  

INDUSTRIALS

      0.7 %      

Goodman Group

 

     277,553        4,270,727  
       

 

 

  

SELF STORAGE

      1.1 %      

National Storage REIT

 

     4,295,350        7,048,985  
       

 

 

  

TOTAL AUSTRALIA

           57,304,827  
       

 

 

  

BELGIUM

      2.9 %      

REAL ESTATE

        

INDUSTRIALS

      0.5 %      

VGP NV

 

     13,357        3,072,755  
       

 

 

  

OFFICE

      0.6 %      

Cofinimmo SA

 

     24,738        3,751,290  
       

 

 

  

RESIDENTIAL

      1.8 %      

Aedifica SA

 

     91,966        11,481,348  
       

 

 

  

TOTAL BELGIUM

           18,305,393  
       

 

 

  

CANADA

      2.3 %      

REAL ESTATE—RETAIL

        

RioCan REIT

 

     844,139        14,422,207  
       

 

 

  

CHINA

      0.5 %      

REAL ESTATE—DATA CENTERS

        

GDS Holdings Ltd., ADR (USD)(b)

 

     56,949        3,223,883  
       

 

 

  

FRANCE

      5.8 %      

REAL ESTATE

        

DIVERSIFIED

      1.7 %      

ICADE

 

     138,137        10,786,752  
       

 

 

  

NET LEASE

      0.7 %      

ARGAN SA

 

     38,989        4,832,431  
       

 

 

  

RETAIL

      3.4 %      

Klepierre SA

 

     693,652        15,512,477  

 

1

 

 

                                                                       
                          Shares      Value  

Unibail-Rodamco-Westfield(b)

 

     83,725      $ 6,162,212  
       

 

 

  
          21,674,689  
       

 

 

  

TOTAL FRANCE

           37,293,872  
       

 

 

  

GERMANY

      11.3 %      

REAL ESTATE

      10.6 %      

INDUSTRIALS

      1.2 %      

Sirius Real Estate Ltd. (GBP)

 

     4,199,653        7,401,466  
       

 

 

  

OFFICE

      0.5 %      

Alstria Office REIT AG

 

     169,450        3,073,670  
       

 

 

  

RESIDENTIAL

      6.8 %      

Instone Real Estate Group SE, 144A(c)

 

     318,399        9,091,350  

LEG Immobilien SE

 

     52,486        7,413,848  

Vonovia SE

 

     450,109        27,059,815  
       

 

 

  
          43,565,013  
       

 

 

  

RETAIL

      2.1 %      

VIB Vermoegen AG

 

     309,022        13,280,153  
       

 

 

  

TOTAL REAL ESTATE

           67,320,302  
       

 

 

  

TELECOMMUNICATION SERVICES—DIVERSIFIED TELECOMMUNICATION SERVICES

      0.7 %      

Vantage Towers AG

 

     139,751        4,746,338  
       

 

 

  

TOTAL GERMANY

           72,066,640  
       

 

 

  

HONG KONG

      10.1 %      

REAL ESTATE

        

DIVERSIFIED

      5.6 %      

CK Asset Holdings Ltd.

 

     2,868,500        16,550,598  

Sun Hung Kai Properties Ltd.

 

     1,544,127        19,280,496  
       

 

 

  
          35,831,094  
       

 

 

  

RESIDENTIAL

      1.7 %      

Wharf Real Estate Investment Co., Ltd.

 

     2,150,000        11,046,460  
       

 

 

  

RETAIL

      2.8 %      

Link REIT

 

     2,073,009        17,751,886  
       

 

 

  

TOTAL HONG KONG

           64,629,440  
       

 

 

  

JAPAN

      25.0 %      

REAL ESTATE

        

DIVERSIFIED

      15.2 %      

Activia Properties, Inc.

 

     2,664        10,893,750  

 

2

 

 

                                                                       
                          Shares      Value  

Mitsubishi Estate Co., Ltd.

 

     882,031      $ 14,044,404  

Mitsui Fudosan Co., Ltd.

 

     1,390,692        33,035,720  

Nomura Real Estate Master Fund, Inc.

 

     283        407,314  

Orix JREIT, Inc.

 

     4,295        7,474,888  

Sumitomo Realty & Development Co., Ltd.

 

     255,300        9,331,505  

Tokyu Fudosan Holdings Corp.

 

     1,535,600        9,450,869  

United Urban Investment Corp.

 

     9,291        12,557,426  
       

 

 

  
          97,195,876  
       

 

 

  

HOTEL

      1.5 %      

Invincible Investment Corp.

 

     24,437        9,573,705  
       

 

 

  

INDUSTRIALS

      3.9 %      

GLP J-REIT

 

     5,131        8,446,014  

LaSalle Logiport REIT

 

     4,897        8,250,034  

Mitsui Fudosan Logistics Park, Inc.

 

     1,531        8,116,178  
       

 

 

  
          24,812,226  
       

 

 

  

OFFICE

      3.0 %      

Nippon Building Fund, Inc.

 

     2,908        18,892,618  
       

 

 

  

RETAIL

      1.4 %      

Japan Retail Fund Investment Corp.

 

     9,187        8,821,409  
       

 

 

  

TOTAL JAPAN

           159,295,834  
       

 

 

  

MACAU

      0.8 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)(b)

 

     2,381,200        4,873,129  
       

 

 

  

NETHERLANDS

      1.1 %      

REAL ESTATE

        

DIVERSIFIED

      0.6 %      

NSI NV

 

     104,267        3,864,886  
       

 

 

  

INDUSTRIALS

      0.5 %      

CTP NV, 144A(c)

 

     140,968        3,069,857  
       

 

 

  

TOTAL NETHERLANDS

           6,934,743  
       

 

 

  

SINGAPORE

      8.6 %      

REAL ESTATE

        

DIVERSIFIED

      2.4 %      

Capitaland Investment Ltd.

 

     3,718,200        9,310,561  

City Developments Ltd.

 

     1,211,600        6,131,990  
       

 

 

  
          15,442,551  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

HEALTH CARE

      1.7 %      

Parkway Life Real Estate Investment Trust

 

     3,122,400      $ 10,693,150  
       

 

 

  

INDUSTRIALS

      1.2 %      

Frasers Logistics & Commercial Trust

 

     6,778,100        7,561,760  
       

 

 

  

OFFICE

      1.4 %      

Keppel REIT

 

     11,836,300        9,214,627  
       

 

 

  

RETAIL

      1.9 %      

CapitaLand Integrated Commercial Trust

 

     8,047,544        11,983,260  
       

 

 

  

TOTAL SINGAPORE

           54,895,348  
       

 

 

  

SPAIN

      2.6 %      

REAL ESTATE

        

DIVERSIFIED

      1.6 %      

Merlin Properties Socimi SA

 

     964,433        9,911,363  
       

 

 

  

RESIDENTIAL

      1.0 %      

Neinor Homes SA, 144A(b),(c)

 

     501,152        6,690,597  
       

 

 

  

TOTAL SPAIN

           16,601,960  
       

 

 

  

SWEDEN

      5.5 %      

REAL ESTATE

        

DIVERSIFIED

      2.6 %      

Castellum AB

 

     432,680        10,562,709  

Fastighets AB Balder, Class B(b)

 

     100,679        6,050,469  
       

 

 

  
          16,613,178  
       

 

 

  

INDUSTRIALS

      0.9 %      

Catena AB

 

     108,349        5,866,470  
       

 

 

  

OFFICE

      2.0 %      

Fabege AB

 

     448,252        6,760,957  

Wihlborgs Fastigheter AB

 

     285,990        5,684,551  
       

 

 

  
          12,445,508  
       

 

 

  

TOTAL SWEDEN

           34,925,156  
       

 

 

  

UNITED KINGDOM

      11.5 %      

REAL ESTATE

        

DIVERSIFIED

      1.9 %      

British Land Co., PLC/The

 

     1,847,287        12,257,897  
       

 

 

  

HEALTH CARE

      1.6 %      

Assura PLC

 

     10,413,183        10,038,984  
       

 

 

  

INDUSTRIALS

      4.4 %      

LondonMetric Property PLC

 

     1,270,281        4,083,607  

 

4

 

 

                                                                       
                          Shares      Value  

Segro PLC

 

     755,353      $ 12,133,866  

Tritax Big Box REIT PLC

 

     4,201,737        12,013,909  
       

 

 

  
          28,231,382  
       

 

 

  

OFFICE

      1.2 %      

Great Portland Estates PLC

 

     306,138        3,072,737  

Workspace Group PLC

 

     429,208        4,771,098  
       

 

 

  
          7,843,835  
       

 

 

  

RESIDENTIAL

      1.1 %      

Grainger PLC

 

     1,708,177        7,009,125  
       

 

 

  

SELF STORAGE

      1.3 %      

Safestore Holdings PLC

 

     580,678        8,207,435  
       

 

 

  

TOTAL UNITED KINGDOM

           73,588,658  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$550,325,622)

           618,361,090  
       

 

 

  

SHORT-TERM INVESTMENTS

      2.6 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund,
Premier Class, 0.01%(d)

 

     16,408,952        16,408,952  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$16,408,952)

           16,408,952  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$566,734,574)

      99.6 %         634,770,042  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.4          2,362,844  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 637,132,886  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

ADR    American Depositary Receipt
EUR    Euro Currency
GBP    Great British Pound
REIT    Real Estate Investment Trust
USD    United States Dollar

 

5

 

 

 

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 $18,851,804 which represents 3.0% of the net assets of the Fund, of which 0.0% are illiquid.

(d)

Rate quoted represents the annualized seven-day yield.

 

                       

Sector Summary

    % of
Net
Assets		  

Diversified

      38.8  

Retail

      13.9  

Industrials

      13.3  

Residential

      12.4  

Office

      8.7  

Health Care

      3.3  

Self Storage

      2.4  

Hotel

      1.5  

Hotels, Restaurants & Leisure

      0.8  

Net Lease

      0.7  

Diversified Telecommunication Services

      0.7  

Data Centers

      0.5  

Other

      3.0  
  

 

 

  
     100.0  
  

 

 

  

 

6

 

 

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.

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.

 

 

 

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

 

 

 

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

The following is a summary of the inputs used as of September 30, 2021 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

    $ 57,304,827      $ —      $ 57,304,827      $ 0 (a) 

Belgium

      18,305,393        3,072,755        15,232,638        —  

France

      37,293,872        4,832,431        32,461,441        —  

Germany

      72,066,640        61,579,122        10,487,518        —  

Hong Kong

      64,629,440        —        64,629,440        —  

Japan

      159,295,834        24,812,226        134,483,608        —  

Macau

      4,873,129        —        4,873,129        —  

Singapore

      54,895,348        20,003,711        34,891,637        —  

Spain

      16,601,960        9,911,363        6,690,597        —  

Sweden

      34,925,156        5,866,470        29,058,686        —  

United Kingdom

      73,588,658        23,017,517        50,571,141        —  

Other Countries

      24,580,833        24,580,833        —        —  

Short-Term Investments

      16,408,952        —        16,408,952        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(b)

    $ 634,770,042      $ 177,676,428      $ 457,093,614      $ 0  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

BGP Holdings 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.