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.