NPORT-EX 2 NPORT_4X41_93809760_0323.htm IRF N-PORT

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

March 31, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      97.1 %      

AUSTRALIA

      10.4 %      

REAL ESTATE

        

DIVERSIFIED

      4.6 %      

Charter Hall Group

        1,618,035      $ 12,019,732  

Ingenia Communities Group

        2,378,797        6,047,660  

Mirvac Group

        3,147,485        4,408,427  
       

 

 

  
          22,475,819  
       

 

 

  

INDUSTRIALS

      1.4 %      

Goodman Group

        514,495        6,528,857  
       

 

 

  

OFFICE

      1.6 %      

Dexus

        1,488,509        7,525,645  
       

 

 

  

RESIDENTIAL

      1.6 %      

Stockland

        2,964,568        7,938,499  
       

 

 

  

SELF STORAGE

      1.2 %      

National Storage REIT

        3,395,781        5,751,451  
       

 

 

  

TOTAL AUSTRALIA

 

      50,220,271  
       

 

 

  

BELGIUM

      2.2 %      

REAL ESTATE

        

DIVERSIFIED

      1.3 %      

Warehouses De Pauw CVA

        211,848        6,299,537  
       

 

 

  

HEALTH CARE

      0.5 %      

Cofinimmo SA

        27,830        2,466,346  
       

 

 

  

RESIDENTIAL

      0.4 %      

Aedifica SA

        21,577        1,738,330  
       

 

 

  

TOTAL BELGIUM

 

      10,504,213  
       

 

 

  

CANADA

      4.0 %      

REAL ESTATE—RETAIL

        

RioCan Real Estate Investment Trust

        1,273,795        19,217,669  
       

 

 

  

FRANCE

      8.5 %      

REAL ESTATE

        

DIVERSIFIED

      2.0 %      

Covivio SA/France

        56,527        3,288,186  

ICADE

        140,041        6,593,948  
       

 

 

  
          9,882,134  
       

 

 

  

INDUSTRIALS

      0.4 %      

ARGAN SA

        23,237        1,736,816  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

RETAIL

      6.1 %      

Klepierre SA

        652,127      $ 14,785,136  

Mercialys SA

        643,863        6,578,211  

Unibail-Rodamco-Westfield(a)

        153,831        8,277,031  
       

 

 

  
          29,640,378  
       

 

 

  

TOTAL FRANCE

           41,259,328  
       

 

 

  

GERMANY

      4.4 %      

REAL ESTATE

        

INDUSTRIALS

      1.3 %      

Sirius Real Estate Ltd. (GBP)

        6,556,788        6,203,841  
       

 

 

  

REAL ESTATE MANAGEMENT & DEVELOPMENT

      0.6 %      

TAG Immobilien AG

        426,934        2,955,572  
       

 

 

  

RESIDENTIAL

      2.5 %      

LEG Immobilien SE

        223,549        12,285,358  
       

 

 

  

TOTAL GERMANY

           21,444,771  
       

 

 

  

HONG KONG

      14.8 %      

REAL ESTATE

        

DIVERSIFIED

      10.9 %      

CK Asset Holdings Ltd.

        2,301,000        13,950,201  

Hang Lung Properties Ltd.

        3,568,000        6,676,482  

Sun Hung Kai Properties Ltd.

        1,478,627        20,714,967  

Wharf Real Estate Investment Co., Ltd.

        2,046,000        11,779,573  
       

 

 

  
          53,121,223  
       

 

 

  

RETAIL

      3.9 %      

Link REIT

        2,916,810        18,755,761  
       

 

 

  

TOTAL HONG KONG

           71,876,984  
       

 

 

  

INDONESIA

      0.5 %      

TELECOMMUNICATION SERVICES

        

Dayamitra Telekomunikasi PT

        50,701,500        2,385,497  
       

 

 

  

JAPAN

      24.7 %      

REAL ESTATE

        

DIVERSIFIED

      13.1 %      

Japan Metropolitan Fund Invest

        15,301        11,173,591  

Mitsubishi Estate Co., Ltd.

        822,500        9,783,361  

Mitsui Fudosan Co., Ltd.

        1,243,592        23,360,165  

Sumitomo Realty & Development Co., Ltd.

        424,912        9,595,129  

 

2

 

 

                                                                       
                          Shares      Value  

United Urban Investment Corp.

        8,967      $ 9,674,816  
       

 

 

  
          63,587,062  
       

 

 

  

HOTEL

      3.1 %      

Invincible Investment Corp.

        22,212        9,349,112  

Japan Hotel REIT Investment Corp.

        9,912        5,621,621  
       

 

 

  
          14,970,733  
       

 

 

  

INDUSTRIALS

      4.9 %      

Daiwa House REIT Investment Corp.

        4,682        9,593,449  

Industrial & Infrastructure Fund Investment Corp.

        3,560        3,874,608  

Mitsui Fudosan Logistics Park, Inc.

        305        1,070,122  

Nippon Prologis REIT, Inc.

        4,298        9,099,062  
       

 

 

  
          23,637,241  
       

 

 

  

OFFICE

      1.0 %      

Kenedix Office Investment Corp.

        1,994        4,612,363  
       

 

 

  

REAL ESTATE MANAGEMENT & DEVELOPMENT

      0.4 %      

Nomura Real Estate Holdings, Inc.

        95,900        2,123,572  
       

 

 

  

RESIDENTIAL

      2.2 %      

Advance Residence Investment Corp.

        4,491        10,722,618  
       

 

 

  

TOTAL JAPAN

           119,653,589  
       

 

 

  

MACAU

      1.7 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd., (H shares)(a)

        2,329,600        8,093,003  
       

 

 

  

NETHERLANDS

      1.4 %      

REAL ESTATE

        

OFFICE

      0.2 %      

NSI NV

        41,537        1,045,087  
       

 

 

  

RETAIL

      1.2 %      

Eurocommercial Properties NV

        243,956        5,559,611  
       

 

 

  

TOTAL NETHERLANDS

           6,604,698  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

NEW ZEALAND

      0.5 %      

REAL ESTATE—INDUSTRIALS

        

Goodman Property Trust

        1,920,679      $ 2,575,032  
       

 

 

  

SINGAPORE

      8.9 %      

REAL ESTATE

        

DATA CENTER

      0.8 %      

Digital Core REIT Management Pte. Ltd. (USD)

        8,414,500        3,757,260  
       

 

 

  

DIVERSIFIED

      3.1 %      

Capitaland Investment Ltd.

        5,424,800        15,051,203  
       

 

 

  

HEALTH CARE

      1.8 %      

Parkway Life Real Estate Investment Trust

        3,010,400        9,034,462  
       

 

 

  

HOTEL

      1.0 %      

CapitaLand Ascott Trust

        6,258,300        4,686,135  
       

 

 

  

INDUSTRIALS

      2.2 %      

CapitaLand Ascendas REIT

        1,563,300        3,370,805  

Frasers Logistics & Commercial Trust

        7,327,900        7,232,777  
       

 

 

  
          10,603,582  
       

 

 

  

TOTAL SINGAPORE

           43,132,642  
       

 

 

  

SPAIN

      1.0 %      

REAL ESTATE—DIVERSIFIED

        

Merlin Properties Socimi SA

        563,417        4,929,590  
       

 

 

  

SWEDEN

      4.2 %      

REAL ESTATE

        

INDUSTRIALS

      1.9 %      

Catena AB

        244,661        9,105,430  
       

 

 

  

REAL ESTATE MANAGEMENT & DEVELOPMENT

      2.3 %      

Castellum AB

        213,676        2,485,859  

Pandox AB, Class B(a)

        712,570        8,890,448  
       

 

 

  
          11,376,307  
       

 

 

  

TOTAL SWEDEN

           20,481,737  
       

 

 

  

UNITED KINGDOM

      9.9 %      

REAL ESTATE

        

DIVERSIFIED

      1.9 %      

British Land Co., PLC/The

        1,888,521        9,058,604  
       

 

 

  

INDUSTRIALS

      3.5 %      

Industrials REIT Ltd.

        191,471        278,714  

 

4

 

 

                                                                       
                          Shares      Value  

LondonMetric Property PLC

        1,171,844      $ 2,552,646  

Segro PLC

        774,768        7,380,277  

Tritax Big Box REIT PLC

        1,209,021        2,092,066  

Urban Logistics REIT PLC

        2,913,538        4,600,497  
       

 

 

  
          16,904,200  
       

 

 

  

NET LEASE

      0.4 %      

LXI REIT PLC

        1,773,334        2,158,611  
       

 

 

  

OFFICE

      1.3 %      

Great Portland Estates PLC

        979,829        6,128,192  
       

 

 

  

SELF STORAGE

      2.8 %      

Safestore Holdings PLC

        1,171,362        13,749,025  
       

 

 

  

TOTAL UNITED KINGDOM

           47,998,632  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$469,298,836)

           470,377,656  
       

 

 

  

SHORT-TERM INVESTMENTS

      1.6 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund,
Premier Class, 4.53%(b)

        7,516,326        7,516,326  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$7,516,326)

           7,516,326  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$476,815,162)

      98.7 %         477,893,982  

OTHER ASSETS IN EXCESS OF LIABILITIES

      1.3          6,384,712  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 484,278,694  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

GBP    Great British Pound
REIT    Real Estate Investment Trust

 

Note: Percentages indicated are based on the net assets of the Fund.

(a)

Non-income producing security.

(b)

Rate quoted represents the annualized seven-day yield.

 

5

 

 

                       

Sector Summary

    % of
Net
Assets		  

Diversified

      38.1  

Industrials

      16.0  

Retail

      15.2  

Residential

      6.7  

Hotel

      4.1  

Office

      4.0  

Self Storage

      4.0  

Real Estate Management & Development

      3.3  

Health Care

      2.3  

Hotels, Restaurants & Leisure

      1.7  

Data Center

      0.8  

Telecommunication Services

      0.5  

Net Lease

      0.4  

Other

      2.9  
  

 

 

  
     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 Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, 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 March 31, 2023 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:

            

Canada

    $ 19,217,669      $ —      $ —      $ 19,217,669  

Germany

      6,203,841        15,240,930        —        21,444,771  

Netherlands

      1,045,087        5,559,611        —        6,604,698  

United Kingdom

      11,007,403        36,991,229        —        47,998,632  

Other Countries

      —        375,111,886        —        375,111,886  

Short-Term Investments

      —        7,516,326        —        7,516,326  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 37,474,000      $ 440,419,982      $ —      $ 477,893,982  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.