0001752724-22-273099.txt : 20221129 0001752724-22-273099.hdr.sgml : 20221129 20221129101632 ACCESSION NUMBER: 0001752724-22-273099 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221129 DATE AS OF CHANGE: 20221129 PERIOD START: 20221231 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: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21677 FILM NUMBER: 221429150 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 IRFRX C000160802 Class Z IRFZX NPORT-P 1 primary_doc.xml NPORT-P false 0001309161 XXXXXXXX S000001228 C000003340 C000160801 C000160802 C000003339 C000003337 Cohen & Steers International Realty Fund, Inc. 811-21677 0001309161 549300KG628I4LXSOW73 280 PARK AVENUE 10TH FLOOR NEW YORK 10017 212-832-3232 Cohen & Steers International Realty Fund, Inc. S000001228 549300KG628I4LXSOW73 2022-12-31 2022-09-30 N 454365619.53 6709724.54 447655894.99 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 453971.64000000 N LondonMetric Property PLC 213800OCERWWPQDURL87 LondonMetric Property PLC 000000000 2149272.00000000 NS 4187597.85000000 0.935450174311 Long EC GB N 1 N N N Great Portland Estates PLC 213800JMEDD2Q4N1MC42 Great Portland Estates PLC 000000000 448195.00000000 NS 2185272.40000000 0.488158968631 Long EC GB N 2 N N N LEG Immobilien SE 391200SO40AKONBO0Z96 LEG Immobilien SE 000000000 163243.00000000 NS 9743910.25000000 2.176651834377 Long EC CORP DE N 2 N N N Orix JREIT Inc N/A Orix JREIT Inc 000000000 7331.00000000 NS 9376088.39000000 2.094485629460 Long EC JP N 2 N N N Wihlborgs Fastigheter AB 549300RC1YDJPITF8X06 Wihlborgs Fastigheter AB 000000000 1165843.00000000 NS 7004349.32000000 1.564672642176 Long EC CORP SE N 2 N N N LXI REIT Plc 2138008YZGXOKAXQVI45 LXI REIT Plc 000000000 5282091.00000000 NS 7292015.75000000 1.628933256907 Long EC GB N 2 N N N Catena AB 549300EMLM7AH5LDLY65 Catena AB 000000000 317807.00000000 NS 9429872.26000000 2.106500185865 Long EC CORP SE N 2 N N N Sirius Real Estate Ltd 213800NURUF5W8QSK566 Sirius Real Estate Ltd 000000000 4761243.00000000 NS 3758529.10000000 0.839602279801 Long EC CORP GG N 1 N N N Nomura Real Estate Master Fund Inc 353800TNNZOQ1CPZE086 Nomura Real Estate Master Fund Inc 000000000 9444.00000000 NS 10437920.67000000 2.331683953415 Long EC JP N 2 N N N Hang Lung Properties Ltd 529900CIVTNMXQT59E61 Hang Lung Properties Ltd 000000000 168000.00000000 NS 275879.00000000 0.061627469466 Long EC CORP HK N 2 N N N Daiwa House REIT Investment Corp 3538001FWU534P8JMO05 Daiwa House REIT Investment Corp 000000000 6848.00000000 NS 14301925.03000000 3.194847915566 Long EC JP N 2 N N N Tokyo Tatemono Co Ltd 529900RQA4JTW1869J86 Tokyo Tatemono Co Ltd 000000000 727300.00000000 NS 10348323.79000000 2.311669276740 Long EC CORP JP N 2 N N N Kenedix Office Investment Corp 353800FFT483NCIHFY42 Kenedix Office Investment Corp 000000000 1399.00000000 NS 6597630.09000000 1.473817314557 Long EC JP N 2 N N N Covivio 969500P8M3W2XX376054 Covivio 000000000 56479.00000000 NS 2720798.04000000 0.607787827760 Long EC FR N 2 N N N Mitsui Fudosan Co Ltd 353800ND4ZKNZDYKMF33 Mitsui Fudosan Co Ltd 000000000 1293292.00000000 NS 24637181.34000000 5.503598101964 Long EC CORP JP N 2 N N N Dexus N/A Dexus 000000000 1713425.00000000 NS 8523527.52000000 1.904035580764 Long EC AU N 2 N N N United Urban Investment Corp 353800GYZWBD7BDCN841 United Urban Investment Corp 000000000 6835.00000000 NS 7084815.94000000 1.582647747810 Long EC JP N 2 N N N Nomura Real Estate Holdings Inc N/A Nomura Real Estate Holdings Inc 000000000 383500.00000000 NS 8661047.28000000 1.934755551514 Long EC CORP JP N 2 N N N Dayamitra Telekomunikasi PT N/A Dayamitra Telekomunikasi PT 000000000 72605900.00000000 NS 3448283.18000000 0.770297726131 Long EC CORP ID N 2 N N N Merlin Properties Socimi SA 959800L8KD863DP30X04 Merlin Properties Socimi SA 000000000 535795.00000000 NS 4134283.54000000 0.923540510974 Long EC ES N 2 N N N State Street Institutional Treasury Money Market Fund 549300Q3FHSMZ70NLT76 State Street Institutional Treasury Money Market Fund 857492870 9682311.11000000 NS USD 9682311.11000000 2.162891457112 Long STIV RF US N 2 N N N Keppel REIT N/A Keppel REIT 000000000 10588900.00000000 NS 7268950.84000000 1.623780882001 Long EC SG N 2 N N N Unibail-Rodamco-Westfield N/A Unibail-Rodamco-Westfield 000000000 71075.00000000 NS 2941075.19000000 0.656994629784 Long EC XX N 2 N N N Goodman Group N/A Goodman Group 000000000 515442.00000000 NS 5209473.39000000 1.163722727278 Long EC AU N 2 N N N Industrials REIT Ltd 5493004JYL71EMLTB211 Industrials REIT Ltd 000000000 1854697.00000000 NS 2733537.63000000 0.610633672111 Long EC GG N 1 N N N Capitaland Investment Ltd/Singapore 254900AT4UQDU7SNXX49 Capitaland Investment Ltd/Singapore 000000000 5208000.00000000 NS 12529739.10000000 2.798966625979 Long EC CORP SG N 2 N N N Safestore Holdings PLC 213800WGA3YSJC1YOH73 Safestore Holdings PLC 000000000 1018053.00000000 NS 9474749.75000000 2.116525182855 Long EC GB N 2 N N N ESR Group Ltd 549300C81AR42BZUFZ09 ESR Group Ltd 000000000 1915600.00000000 NS 4818438.84000000 1.076371135491 Long EC CORP KY N 2 N N N Parkway Life Real Estate Investment Trust 549300I4DKVD2OF5LW91 Parkway Life Real Estate Investment Trust 000000000 3158100.00000000 NS 9294394.40000000 2.076236346716 Long EC SG N 2 N N N GLP J-Reit 353800E27V9KA51K2I90 GLP J-Reit 000000000 11797.00000000 NS 13083483.35000000 2.922665265089 Long EC JP N 2 N N N Wharf Real Estate Investment Co Ltd 529900QLPKS8U9QOPB59 Wharf Real Estate Investment Co Ltd 000000000 1302000.00000000 NS 5902471.32000000 1.318528670360 Long EC CORP KY N 2 N N N Sun Hung Kai Properties Ltd 529900LUMD393RD3S874 Sun Hung Kai Properties Ltd 000000000 1707127.00000000 NS 18840318.89000000 4.208660960539 Long EC CORP HK N 2 N N N CapitaLand Ascendas REIT 549300ILIBAEMQZK3L20 CapitaLand Ascendas REIT 000000000 4173200.00000000 NS 7784443.93000000 1.738934752590 Long EC SG N 2 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA 000000000 283356.00000000 NS 8740561.03000000 1.952517799457 Long EC CORP ES N 2 N N N Xior Student Housing NV 549300JK7HFOCP0U8K85 Xior Student Housing NV 000000000 55218.00000000 NS 1723784.29000000 0.385069047295 Long EC BE N 2 N N N Home Reit PLC 213800A53AOVH3FCGG44 Home Reit PLC 000000000 520755.00000000 NS 527955.66000000 0.117937832587 Long EC GB N 1 N N N Link REIT 529900XUE70U36QX5M62 Link REIT 000000000 2861009.00000000 NS 19971293.43000000 4.461304688156 Long EC HK N 2 N N N ARGAN SA 529900FXM41XSCUSGH04 ARGAN SA 000000000 54567.00000000 NS 4220605.27000000 0.942823565429 Long EC FR N 2 N N N ICADE 969500UDH342QLTE1M42 ICADE 000000000 88460.00000000 NS 3293119.24000000 0.735636294943 Long EC FR N 2 N N N Charter Hall Group N/A Charter Hall Group 000000000 1572126.00000000 NS 11593539.16000000 2.589832791157 Long EC AU N 2 N N N Japan Metropolitan Fund Invest 353800QDHNIP60E1LQ93 Japan Metropolitan Fund Invest 000000000 16817.00000000 NS 12626425.86000000 2.820565081642 Long EC JP N 2 N N N Aedifica SA 529900DTKNXL0AXQFN28 Aedifica SA 000000000 68868.00000000 NS 5308306.19000000 1.185800577945 Long EC BE N 2 N N N Frasers Logistics & Commercial Trust N/A Frasers Logistics & Commercial Trust 000000000 9264400.00000000 NS 7909556.08000000 1.766883038628 Long EC SG N 2 N N N Nippon Building Fund Inc 52990053R8NL2MB32172 Nippon Building Fund Inc 000000000 1550.00000000 NS 6820737.46000000 1.523656347729 Long EC JP N 2 N N N Unibail-Rodamco-Westfield N/A Unibail-Rodamco-Westfield 000000000 43111.00000000 NS 1783928.14000000 0.398504333342 Long EC XX N 2 N N N Mirvac Group N/A Mirvac Group 000000000 3078362.00000000 NS 3834720.82000000 0.856622433194 Long EC AU N 2 N N N Assura PLC 21380026T19N2Y52XF72 Assura PLC 000000000 3902745.00000000 NS 2335678.82000000 0.521757637091 Long EC GB N 1 N N N Tritax Big Box REIT PLC 213800L6X88MIYPVR714 Tritax Big Box REIT PLC 000000000 4935127.00000000 NS 7447478.35000000 1.663661404518 Long EC GB N 2 N N N Klepierre SA 969500PB4U31KEFHZ621 Klepierre SA 000000000 628786.00000000 NS 10931605.41000000 2.441966146842 Long EC FR N 2 N N N RioCan Real Estate Investment Trust 549300S8HVUSEU3JBY60 RioCan Real Estate Investment Trust 766910103 1114616.00000000 NS 15024541.15000000 3.356270143686 Long EC CA N 1 N N N Ingenia Communities Group N/A Ingenia Communities Group 000000000 2246264.00000000 NS 5350223.53000000 1.195164319263 Long EC AU N 2 N N N National Storage REIT N/A National Storage REIT 000000000 3391633.00000000 NS 4883777.53000000 1.090966875374 Long EC AU N 2 N N N Vonovia SE 5299005A2ZEP6AP7KM81 Vonovia SE 000000000 514205.00000000 NS 11097450.26000000 2.479013542365 Long EC CORP DE N 2 N N N Sands China Ltd 549300EVO6UZDGY05787 Sands China Ltd 000000000 2374000.00000000 NS 5911796.67000000 1.320611821750 Long EC CORP KY N 2 N N N Eurocommercial Properties NV 724500SFK53FPNM68L95 Eurocommercial Properties NV 000000000 249031.00000000 NS 4929943.03000000 1.101279595594 Long EC NL N 2 N N N Segro PLC 213800XC35KGM9NFC641 Segro PLC 000000000 1037276.00000000 NS 8654882.81000000 1.933378496041 Long EC GB N 2 N N N CK Asset Holdings Ltd 5299006GJZSGP78B8S35 CK Asset Holdings Ltd 000000000 2105500.00000000 NS 12640129.51000000 2.823626283371 Long EC CORP KY N 2 N N N Mercialys SA 969500081CGAXB7YS433 Mercialys SA 000000000 90132.00000000 NS 681032.01000000 0.152132925673 Long EC FR N 2 N N N AZ. BGP HOLDINGS N/A AZ. BGP HOLDINGS 000000000 56622235.00000000 NS 0.00000000 0.000000 Long EC CORP MT N 3 N N N Urban Logistics REIT PLC 213800P6ODJW2UFNDC37 Urban Logistics REIT PLC 000000000 2663341.00000000 NS 3848479.81000000 0.859695997097 Long EC GB N 2 N N N 2022-10-31 Cohen & Steers International Realty Fund, Inc. Albert Laskaj Albert Laskaj Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_4X41_94201343_0922.htm IRF NPORT-EX

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2022 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

     97.0     

AUSTRALIA

     8.8     

REAL ESTATE

       

DIVERSIFIED

     4.6     

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

 

    56,622,235      $ 0  

Charter Hall Group

 

    1,572,126        11,593,539  

Ingenia Communities Group

 

    2,246,264        5,350,223  

Mirvac Group

 

    3,078,362        3,834,721  
       

 

 

 
       20,778,483  
       

 

 

 

INDUSTRIALS

     1.2     

Goodman Group

 

    515,442        5,209,473  
       

 

 

 

OFFICE

     1.9     

Dexus

 

    1,713,425        8,523,528  
       

 

 

 

SELF STORAGE

     1.1     

National Storage REIT

 

    3,391,633        4,883,778  
       

 

 

 

TOTAL AUSTRALIA

 

       39,395,262  
       

 

 

 

BELGIUM

     1.5     

REAL ESTATE

       

RESIDENTIAL

     1.1     

Aedifica SA

 

    66,511        5,126,630  
       

 

 

 

STUDENT HOUSING

     0.4     

Xior Student Housing NV

 

    53,382        1,666,468  
       

 

 

 

TOTAL BELGIUM

 

     6,793,098  
       

 

 

 

CANADA

     3.3     

REAL ESTATE—RETAIL

       

RioCan Real Estate Investment Trust

 

    1,114,616        15,024,541  
       

 

 

 

CHINA

     1.1     

REAL ESTATE—INDUSTRIALS

       

ESR Group Ltd. (H Shares), 144A(c)

 

    1,915,600        4,818,439  
       

 

 

 

FRANCE

     5.9     

REAL ESTATE

       

DIVERSIFIED

     1.3     

Covivio

 

    56,479        2,720,798  

ICADE

 

    88,460        3,293,119  
       

 

 

 
          6,013,917  
       

 

 

 

NET LEASE

     0.9     

ARGAN SA

 

    54,567        4,220,605  
       

 

 

 

 

1

 

 


                                                                       
                          Shares      Value  

RETAIL

     3.7     

Klepierre SA(b)

 

    628,786      $ 10,931,606  

Mercialys SA

 

    90,132        681,032  

Unibail-Rodamco-Westfield(b)

 

    114,186        4,725,003  
       

 

 

 
          16,337,641  
       

 

 

 

TOTAL FRANCE

 

       26,572,163  
       

 

 

 

GERMANY

     5.2     

REAL ESTATE

 

INDUSTRIALS

     0.9     

Sirius Real Estate Ltd. (GBP)

       4,761,243        3,758,529  
       

 

 

 

RESIDENTIAL

     4.3     

LEG Immobilien SE

       168,069        10,031,972  

Vonovia SE

       431,222        9,306,531  
       

 

 

 
          19,338,503  
       

 

 

 

TOTAL GERMANY

 

       23,097,032  
       

 

 

 

HONG KONG

     12.8     

REAL ESTATE

 

DIVERSIFIED

     7.0     

CK Asset Holdings Ltd.

       2,118,500        12,718,173  

Hang Lung Properties Ltd.

       283,000        464,725  

Sun Hung Kai Properties Ltd.

       1,629,127        17,979,490  
       

 

 

 
          31,162,388  
       

 

 

 

RESIDENTIAL

     1.4     

Wharf Real Estate Investment Co., Ltd.

       1,349,000        6,115,541  
       

 

 

 

RETAIL

     4.4     

Link REIT

       2,861,009        19,971,293  
       

 

 

 

TOTAL HONG KONG

 

     57,249,222  
       

 

 

 

INDONESIA

     0.8     

TELECOMMUNICATION SERVICES

 

Dayamitra Telekomunikasi PT

       72,605,900        3,448,283  
       

 

 

 

JAPAN

     27.8     

REAL ESTATE

 

DIVERSIFIED

     15.9     

Mitsui Fudosan Co., Ltd.

       1,293,292        24,637,181  

Nomura Real Estate Holdings, Inc.

       383,500        8,661,047  

Nomura Real Estate Master Fund, Inc.

       9,444        10,437,921  

Orix JREIT, Inc.

       7,412        9,479,684  

 

2

 

 


                                                                       
                          Shares      Value  

Tokyo Tatemono Co., Ltd.

       735,000      $ 10,457,883  

United Urban Investment Corp.

       6,835        7,084,816  
       

 

 

 
          70,758,532  
       

 

 

 

ELECTRIC

     3.2     

Daiwa House REIT Investment Corp.

       6,848        14,301,925  
       

 

 

 

INDUSTRIALS

     2.9     

GLP J-REIT

       11,797        13,083,483  
       

 

 

 

OFFICE

     3.0     

Kenedix Office Investment Corp.

       1,399        6,597,630  

Nippon Building Fund, Inc.

       1,565        6,886,745  
       

 

 

 
          13,484,375  
       

 

 

 

RESIDENTIAL

     2.8     

Japan Metropolitan Fund Invest

       16,817        12,626,426  
       

 

 

 

TOTAL JAPAN

 

       124,254,741  
       

 

 

 

MACAU

     1.3     

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

       

Sands China Ltd. (H Shares)(b)

       2,374,000        5,911,797  
       

 

 

 

NETHERLANDS

     1.1     

REAL ESTATE—RETAIL

       

Eurocommercial Properties NV

       249,031        4,929,943  
       

 

 

 

SINGAPORE

     10.0     

REAL ESTATE

       

DIVERSIFIED

     2.8     

Capitaland Investment Ltd.

       5,208,000        12,529,739  
       

 

 

 

HEALTH CARE

     2.1     

Parkway Life Real Estate Investment Trust

       3,191,900        9,393,869  
       

 

 

 

INDUSTRIALS

     3.5     

CapitaLand Ascendas REIT

       4,213,400        7,859,431  

Frasers Logistics & Commercial Trust

       9,264,400        7,909,556  
       

 

 

 
          15,768,987  
       

 

 

 

OFFICE

     1.6     

Keppel REIT

       10,331,600        7,092,322  
       

 

 

 

TOTAL SINGAPORE

 

     44,784,917  
       

 

 

 

 

3

 

 


                                                                       
                          Shares      Value  

SPAIN

     2.9     

COMMUNICATIONS—TOWERS

     2.0     

Cellnex Telecom SA, 144A(c)

       283,356      $ 8,740,561  
       

 

 

 

REAL ESTATE—DIVERSIFIED

     0.9     

Merlin Properties Socimi SA

       535,795        4,134,284  
       

 

 

 

TOTAL SPAIN

          12,874,845  
       

 

 

 

SWEDEN

     3.7     

REAL ESTATE

       

INDUSTRIALS

     2.1     

Catena AB

       317,807        9,429,872  
       

 

 

 

OFFICE

     1.6     

Wihlborgs Fastigheter AB

       1,165,843        7,004,350  
       

 

 

 

TOTAL SWEDEN

          16,434,222  
       

 

 

 

UNITED KINGDOM

     10.8     

REAL ESTATE

       

HEALTH CARE

     0.5     

Assura PLC

       3,902,745        2,335,679  
       

 

 

 

INDUSTRIALS

     6.0     

Industrials REIT Ltd.

       1,850,765        2,727,742  

LondonMetric Property PLC

       2,149,272        4,187,598  

Segro PLC

       1,037,276        8,654,883  

Tritax Big Box REIT PLC

       4,935,127        7,447,478  

Urban Logistics REIT PLC

       2,663,341        3,848,480  
       

 

 

 
          26,866,181  
       

 

 

 

NET LEASE

     1.7     

LXI REIT PLC

       5,282,091        7,292,016  
       

 

 

 

OFFICE

     0.5     

Great Portland Estates PLC

       448,195        2,185,272  
       

 

 

 

SELF STORAGE

     2.1     

Safestore Holdings PLC

       1,018,053        9,474,750  
       

 

 

 

TOTAL UNITED KINGDOM

          48,153,898  
       

 

 

 

TOTAL COMMON STOCK
(Identified cost—$512,929,883)

          433,742,403  
       

 

 

 

SHORT-TERM INVESTMENTS

     2.2%       

MONEY MARKET FUNDS

       

State Street Institutional Treasury Money Market Fund,
Premier Class, 2.47%(d)

       9,682,311        9,682,311  
       

 

 

 

 

4

 

 


                                                                       
                          Shares      Value  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$9,682,311)

        $ 9,682,311  
       

 

 

 

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$522,612,194)

     99.2        443,424,714  

OTHER ASSETS IN EXCESS OF LIABILITIES

     0.8          3,656,547  
  

 

 

      

 

 

 

NET ASSETS

     100.0      $ 447,081,261  
  

 

 

      

 

 

 

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.

(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 $13,559,000 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.

 

5

 

 


                    

Sector Summary

   % of
Net
Assets
 

Diversified

     32.5  

Industrials

     17.7  

Retail

     12.5  

Residential

     9.6  

Office

     8.6  

Self Storage

     3.2  

Electric

     3.2  

Health Care

     2.6  

Net Lease

     2.6  

Communications-Towers

     2.0  

Hotels, Restaurants & Leisure

     1.3  

Telecommunication Services

     0.8  

Other

     3.4  
  

 

 

 
     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.

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.

 

 

 


COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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, 2022 in valuing the Fund’s investments carried at value:

 

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

Common Stock:

          

Australia

   $      $ 39,395,262      $ 0 (a)   $ 39,395,262  

Canada

     15,024,541                           —       15,024,541  

Germany

     3,758,529        19,338,503              23,097,032  

United Kingdom

     9,251,019        38,902,879              48,153,898  

Other Countries

            308,071,670              308,071,670  

Short-Term Investments

            9,682,311              9,682,311  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments in Securities(b)

   $ 28,034,089      $ 415,390,625      $ 0     $ 443,424,714  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(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.