NPORT-EX 2 NPORT_4X41_31498540_0322.htm NPORT-EX

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      97.8 %      

AUSTRALIA

      10.0 %      

REAL ESTATE

        

DIVERSIFIED

      5.5 %      

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

        56,622,235      $ 0  

Charter Hall Group

        1,498,822        18,214,217  

Ingenia Communities Group

        1,621,209        6,120,386  

Mirvac Group

        5,053,707        9,370,869  
       

 

 

  
          33,705,472  
       

 

 

  

INDUSTRIALS

      1.2 %      

Goodman Group

        429,207        7,295,023  
       

 

 

  

OFFICE

      2.2 %      

Dexus

        1,663,976        13,582,484  
       

 

 

  

SELF STORAGE

      1.1 %      

National Storage REIT

        3,458,379        6,958,009  
       

 

 

  

TOTAL AUSTRALIA

 

      61,540,988  
       

 

 

  

BELGIUM

      2.3 %      

REAL ESTATE

        

INDUSTRIALS

      0.8 %      

VGP NV

        18,838        4,821,496  
       

 

 

  

RESIDENTIAL

      1.0 %      

Aedifica SA

        50,694        6,375,053  
       

 

 

  

STUDENT HOUSING

      0.5 %      

Xior Student Housing NV

        53,700        2,999,428  
       

 

 

  

TOTAL BELGIUM

 

      14,195,977  
       

 

 

  

CANADA

      3.4 %      

REAL ESTATE—RETAIL

        

RioCan REIT

        1,022,826        20,642,243  
       

 

 

  

CHINA

      1.0 %      

REAL ESTATE—INDUSTRIALS

        

ESR Cayman Ltd., 144A (H Shares)(b),(c)

        1,930,200        5,981,484  
       

 

 

  

FRANCE

      4.4 %      

REAL ESTATE

        

DIVERSIFIED

      1.1 %      

ICADE

        101,173        6,509,022  
       

 

 

  

NET LEASE

      0.9 %      

ARGAN SA

        43,409        5,544,422  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

RETAIL

      2.4 %      

Klepierre SA(b)

        335,377      $ 8,929,109  

Unibail-Rodamco-Westfield(b)

        79,514        5,956,173  
       

 

 

  
          14,885,282  
       

 

 

  

TOTAL FRANCE

           26,938,726  
       

 

 

  

GERMANY

      8.9 %      

REAL ESTATE

        

INDUSTRIALS

      1.7 %      

Sirius Real Estate Ltd. (GBP)

        6,223,704        10,252,411  
       

 

 

  

RESIDENTIAL

      7.0 %      

LEG Immobilien SE

        78,103        8,894,211  

Vonovia SE

        725,103        33,797,333  
       

 

 

  
          42,691,544  
       

 

 

  

RETAIL

      0.2 %      

VIB Vermoegen AG

        34,909        1,409,096  
       

 

 

  

TOTAL GERMANY

           54,353,051  
       

 

 

  

HONG KONG

      10.7 %      

REAL ESTATE

        

DIVERSIFIED

      6.0 %      

CK Asset Holdings Ltd.

        2,197,000        15,017,432  

Sun Hung Kai Properties Ltd.

        1,810,627        21,541,889  
       

 

 

  
          36,559,321  
       

 

 

  

RESIDENTIAL

      1.1 %      

Wharf Real Estate Investment Co., Ltd.

        1,427,000        7,052,608  
       

 

 

  

RETAIL

      3.6 %      

Link REIT

        2,609,209        22,220,615  
       

 

 

  

TOTAL HONG KONG

           65,832,544  
       

 

 

  

INDONESIA

      0.6 %      

TELECOMMUNICATION SERVICES

        

Dayamitra Telekomunikasi PT(b)

        72,605,900        3,894,891  
       

 

 

  

JAPAN

      22.6 %      

REAL ESTATE

        

DIVERSIFIED

      12.8 %      

Daiwa House REIT Investment Corp.

        3,027        8,160,813  

Hulic Co., Ltd.

        724,100        6,496,207  

Mitsui Fudosan Co., Ltd.

        1,230,192        26,328,945  

 

2

 

 

                                                                       
                          Shares      Value  
       

Nomura Real Estate Holdings, Inc.

        441,600      $ 10,575,890  

Nomura Real Estate Master Fund, Inc.

        9,418        12,449,725  

Tokyu Fudosan Holdings Corp.

        1,071,400        5,880,147  

United Urban Investment Corp.

        7,725        8,903,419  
       

 

 

  
          78,795,146  
       

 

 

  

HOTEL

      1.1 %      

Invincible Investment Corp.

        19,267        6,649,848  
       

 

 

  

INDUSTRIALS

      4.5 %      

GLP J-REIT

        7,701        11,701,683  

LaSalle Logiport REIT

        4,724        6,794,750  

Mitsui Fudosan Logistics Park, Inc.

        1,886        8,907,919  
       

 

 

  
          27,404,352  
       

 

 

  

OFFICE

      2.0 %      

Nippon Building Fund, Inc.

        2,191        12,429,148  
       

 

 

  

RESIDENTIAL

      2.2 %      

Japan Retail Fund Investment Corp.

        15,700        13,247,707  
       

 

 

  

TOTAL JAPAN

           138,526,201  
       

 

 

  

MACAU

      0.9 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)(b)

        2,314,400        5,505,906  
       

 

 

  

NETHERLANDS

      1.5 %      

REAL ESTATE—RETAIL

        

Eurocommercial Properties NV

        327,357        8,974,399  
       

 

 

  

SINGAPORE

      9.2 %      

REAL ESTATE

        

DIVERSIFIED

      2.5 %      

Capitaland Investment Ltd.

        5,134,600        15,044,751  
       

 

 

  

HEALTH CARE

      1.8 %      

Parkway Life Real Estate Investment Trust

        3,158,700        10,934,914  
       

 

 

  

INDUSTRIALS

      1.7 %      

Frasers Logistics & Commercial Trust

        10,002,600        10,728,159  
       

 

 

  

OFFICE

      1.6 %      

Keppel REIT

        10,987,700        9,858,156  
       

 

 

  

RETAIL

      1.6 %      

CapitaLand Integrated Commercial Trust

        5,951,544        9,845,870  
       

 

 

  

TOTAL SINGAPORE

           56,411,850  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

SPAIN

      2.9 %      

COMMUNICATIONS—TOWERS

      1.7 %      

Cellnex Telecom SA, 144A(c)

        222,546      $ 10,709,892  
       

 

 

  

REAL ESTATE—DIVERSIFIED

      1.2 %      

Merlin Properties Socimi SA

        625,944        7,318,021  
       

 

 

  

TOTAL SPAIN

           18,027,913  
       

 

 

  

SWEDEN

      6.0 %      

REAL ESTATE

        

DIVERSIFIED

      3.8 %      

Castellum AB

        323,524        7,987,724  

Fastighets AB Balder, Class B(b)

        227,847        15,001,467  
       

 

 

  
          22,989,191  
       

 

 

  

INDUSTRIALS

      1.7 %      

Catena AB

        176,551        10,637,114  
       

 

 

  

OFFICE

      0.5 %      

Wihlborgs Fastigheter AB

        147,029        3,075,622  
       

 

 

  

TOTAL SWEDEN

           36,701,927  
       

 

 

  

SWITZERLAND

      0.5 %      

REAL ESTATE—OFFICE

        

PSP Swiss Property AG

        25,858        3,395,988  
       

 

 

  

UNITED KINGDOM

      12.9 %      

REAL ESTATE

        

DIVERSIFIED

      1.8 %      

British Land Co., PLC/The

        1,584,658        10,971,941  
       

 

 

  

HEALTH CARE

      1.0 %      

Assura PLC

        7,184,850        6,314,273  
       

 

 

  

INDUSTRIALS

      4.8 %      

Industrials REIT Ltd.

        1,573,145        4,097,111  

Segro PLC

        530,748        9,330,039  

Tritax Big Box REIT PLC

        4,133,550        13,088,125  

Urban Logistics REIT PLC

        1,130,067        2,827,995  
       

 

 

  
          29,343,270  
       

 

 

  

OFFICE

      1.7 %      

Great Portland Estates PLC

        530,324        4,924,693  

Workspace Group PLC

        602,656        5,382,832  
       

 

 

  
          10,307,525  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

RESIDENTIAL

      1.4 %      

Grainger PLC

        1,021,072      $ 3,894,149  

UNITE Group PLC/The

        322,821        4,889,907  
       

 

 

  
          8,784,056  
       

 

 

  

SELF STORAGE

      2.2 %      

Big Yellow Group PLC

        140,316        2,828,791  

Safestore Holdings PLC

        594,509        10,465,085  
       

 

 

  
          13,293,876  
       

 

 

  

TOTAL UNITED KINGDOM

           79,014,941  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$536,433,582)

           599,939,029  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.7 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund,
Premier Class, 0.17%(d)

 

     4,348,881        4,348,881  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$4,348,881)

           4,348,881  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$540,782,463)

      98.5 %         604,287,910  

OTHER ASSETS IN EXCESS OF LIABILITIES

      1.5          8,906,245  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 613,194,155  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

EUR    Euro Currency
GBP    Great British Pound
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)

Non-income producing security.

 

5

 

 

(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 $16,691,376 which represents 2.7% 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

      34.7  

Industrials

      17.4  

Residential

      12.7  

Retail

      12.7  

Office

      8.5  

Self Storage

      3.3  

Health Care

      2.8  

Communications—Towers

      1.7  

Hotel

      1.1  

Net Lease

      0.9  

Hotels, Restaurants & Leisure

      0.9  

Telecommunication Services

      0.6  

Student Housing

      0.5  

Other

      2.2  
  

 

 

  
     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.

The following is a summary of the inputs used as of March 31, 2022 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

    $ 61,540,988      $ —      $ 61,540,988      $ 0 (a) 

Canada

      20,642,243        20,642,243        —        —  

Germany

      54,353,051        10,252,411        44,100,640                    —  

Japan

      138,526,201        8,907,919        129,618,282        —  

United Kingdom

      79,014,941        19,607,353        59,407,588        —  

Other Countries

      245,861,605        —        245,861,605        —  

Short-Term Investments

      4,348,881        —        4,348,881        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(b)

    $ 604,287,910      $ 59,409,926      $ 544,877,984      $ 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.