NPORT-EX 2 NPORT_4X41_68495586_0923.htm DOS

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK—REAL ESTATE

      98.3 %      

AUSTRALIA

      10.5 %      

DIVERSIFIED

      7.9 %      

Charter Hall Group

        1,050,580      $ 6,410,214  

Dexus

        1,442,159        6,768,823  

Ingenia Communities Group

        2,536,593        6,849,790  

Mirvac Group

        3,735,518        5,115,730  

Stockland

        3,467,226        8,738,671  
       

 

 

  
          33,883,228  
       

 

 

  

INDUSTRIALS

      1.5 %      

Goodman Group

        471,136        6,497,567  
       

 

 

  

SELF STORAGE

      1.1 %      

National Storage REIT

        3,343,878        4,686,882  
       

 

 

  

TOTAL AUSTRALIA

           45,067,677  
       

 

 

  

BELGIUM

      3.5 %      

DIVERSIFIED

      1.1 %      

Cofinimmo SA

        65,584        4,500,081  
       

 

 

  

HEALTH CARE

      0.7 %      

Aedifica SA

        55,280        3,147,252  
       

 

 

  

INDUSTRIALS

      1.3 %      

Warehouses De Pauw CVA

        215,951        5,351,685  
       

 

 

  

SELF STORAGE

      0.4 %      

Shurgard Self Storage Ltd.

        45,302        1,796,083  
       

 

 

  

TOTAL BELGIUM

           14,795,101  
       

 

 

  

CANADA

      5.3 %      

INDUSTRIALS

      0.2 %      

Dream Industrial Real Estate Investment Trust

        83,972        793,816  
       

 

 

  

RESIDENTIAL

      2.2 %      

Canadian Apartment Properties REIT

        284,186        9,432,067  
       

 

 

  

RETAIL

      2.9 %      

RioCan Real Estate Investment Trust

        950,610        12,646,805  
       

 

 

  

TOTAL CANADA

           22,872,688  
       

 

 

  

FRANCE

      5.5 %      

DIVERSIFIED

      0.4 %      

Covivio SA/France

        39,300        1,749,252  
       

 

 

  

INDUSTRIALS

      0.3 %      

ARGAN SA

        19,300        1,289,591  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

RETAIL

      4.8 %      

Klepierre SA

        449,998      $ 11,051,915  

Mercialys SA

        417,151        3,762,011  

Unibail-Rodamco-Westfield(a)

        117,345        5,799,946  
       

 

 

  
          20,613,872  
       

 

 

  

TOTAL FRANCE

           23,652,715  
       

 

 

  

GERMANY

      6.9 %      

INDUSTRIAL OFFICE

      0.4 %      

Sirius Real Estate Ltd. (GBP)

        1,596,744        1,678,363  
       

 

 

  

RESIDENTIAL

      6.5 %      

LEG Immobilien SE(a)

        155,624        10,750,618  

TAG Immobilien AG(a)

        327,218        3,435,988  

Vonovia SE

        566,271        13,656,121  
       

 

 

  
          27,842,727  
       

 

 

  

TOTAL GERMANY

           29,521,090  
       

 

 

  

HONG KONG

      11.1 %      

DIVERSIFIED

        

CK Asset Holdings Ltd.

        1,889,500        9,953,055  

Link REIT

        3,098,910        15,195,876  

Sun Hung Kai Properties Ltd.

        1,440,627        15,416,334  

Wharf Real Estate Investment Co., Ltd.

        1,858,000        7,177,226  
       

 

 

  
          47,742,491  
       

 

 

  

JAPAN

      28.1 %      

DIVERSIFIED

      15.0 %      

Japan Metropolitan Fund Invest

        13,233        8,589,407  

Mitsubishi Estate Co., Ltd.

        1,047,800        13,707,501  

Mitsui Fudosan Co., Ltd.

        923,092        20,347,063  

Nomura Real Estate Holdings, Inc.

        425,700        10,690,927  

Tokyo Tatemono Co., Ltd.

        269,400        3,728,046  

United Urban Investment Corp.

        7,149        7,448,469  
       

 

 

  
          64,511,413  
       

 

 

  

HOTEL

      1.6 %      

Invincible Investment Corp.

        16,851        6,968,628  
       

 

 

  

INDUSTRIALS

      4.3 %      

Mitsui Fudosan Logistics Park, Inc.

        3,172        9,997,404  

 

2

 

 

                                                                       
                          Shares      Value  

Nippon Prologis REIT, Inc.

        4,573      $ 8,543,774  
       

 

 

  
          18,541,178  
       

 

 

  

OFFICE

      3.0 %      

Daiwa Office Investment Corp.

        1,132        5,060,064  

Kenedix Office Investment Corp.

        3,256        7,538,651  
       

 

 

  
          12,598,715  
       

 

 

  

RESIDENTIAL

      4.2 %      

Advance Residence Investment Corp.

        4,978        11,292,439  

Comforia Residential REIT, Inc.

        999        2,216,063  

Kenedix Residential Next Investment Corp.

        2,917        4,456,311  
       

 

 

  
          17,964,813  
       

 

 

  

TOTAL JAPAN

           120,584,747  
       

 

 

  

NETHERLANDS

      1.3 %      

RETAIL

        

Eurocommercial Properties NV

        246,260        5,472,734  
       

 

 

  

NEW ZEALAND

      0.7 %      

INDUSTRIALS

        

Goodman Property Trust

        2,509,697        3,181,355  
       

 

 

  

SINGAPORE

      9.8 %      

DATA CENTERS

      1.0 %      

Digital Core REIT Management Pte. Ltd.

        8,414,500        4,459,685  
       

 

 

  

DIVERSIFIED

      4.3 %      

CapitaLand Integrated Commercial Trust

        5,948,200        8,049,868  

CapitaLand Investment Ltd./Singapore

        4,554,700        10,328,874  
       

 

 

  
          18,378,742  
       

 

 

  

HEALTH CARE

      1.7 %      

Parkway Life Real Estate Investment Trust

        2,691,000        7,263,928  
       

 

 

  

INDUSTRIALS

      1.8 %      

Mapletree Logistics Trust

        6,313,500        7,759,093  
       

 

 

  

RETAIL

      1.0 %      

Frasers Centrepoint Trust

        2,715,600        4,350,522  
       

 

 

  

TOTAL SINGAPORE

           42,211,970  
       

 

 

  

SPAIN

      2.8 %      

DIVERSIFIED

      1.6 %      

Merlin Properties Socimi SA

        803,962        6,787,162  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

INFRASTRUCTURE

      1.2 %      

Cellnex Telecom SA(a)(b)

        152,099      $ 5,301,796  
       

 

 

  

TOTAL SPAIN

           12,088,958  
       

 

 

  

SWEDEN

      1.7 %      

HOTEL

      0.5 %      

Pandox AB, Class B

        215,175        2,290,489  
       

 

 

  

INDUSTRIAL OFFICE

      0.4 %      

Castellum AB

        152,021        1,549,354  
       

 

 

  

INDUSTRIALS

      0.8 %      

Catena AB

        104,054        3,619,087  
       

 

 

  

TOTAL SWEDEN

           7,458,930  
       

 

 

  

SWITZERLAND

      1.5 %      

DIVERSIFIED

        

PSP Swiss Property AG

        53,145        6,282,066  
       

 

 

  

UNITED KINGDOM

      9.6 %      

DIVERSIFIED

      2.9 %      

British Land Co., PLC/The

        531,574        2,055,329  

Land Securities Group PLC

        1,077,290        7,752,340  

LXI REIT PLC

        2,336,775        2,588,798  
       

 

 

  
          12,396,467  
       

 

 

  

INDUSTRIALS

      3.2 %      

Segro PLC

        985,824        8,652,970  

Tritax Big Box REIT PLC

        1,936,282        3,302,716  

Urban Logistics REIT PLC

        1,221,092        1,635,860  
       

 

 

  
          13,591,546  
       

 

 

  

OFFICE

      0.5 %      

Great Portland Estates PLC

        427,987        2,181,697  
       

 

 

  

RESIDENTIAL

      1.2 %      

UNITE Group PLC/The

        489,477        5,359,967  
       

 

 

  

SELF STORAGE

      1.8 %      

Big Yellow Group PLC

        3,614        41,383  

Safestore Holdings PLC

        872,388        7,833,988  
       

 

 

  
          7,875,371  
       

 

 

  

TOTAL UNITED KINGDOM

           41,405,048  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$430,674,806)

           422,337,570  
       

 

 

  

 

4

 

 

                                                                       
                                 Value  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$430,674,806)

      98.3 %       $ 422,337,570  

OTHER ASSETS IN EXCESS OF LIABILITIES

      1.7          7,394,450  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 429,732,020  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

GBP    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)

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 $5,301,796 which represents 1.2% of the net assets of the Fund, of which 0.0% are illiquid.

 

5

 

 

                       

Sector Summary

    % of
Net
Assets		  

Diversified

      45.8  

Industrials

      14.1  

Residential

      14.1  

Retail

      10.0  

Office

      3.5  

Self Storage

      3.3  

Health Care

      2.4  

Hotel

      2.1  

Infrastructure

      1.2  

Data Centers

      1.0  

Industrial Office

      0.8  

Other

      1.7  
  

 

 

  
     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.

 

 

 

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 September 30, 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—Real Estate

    $ 422,337,570      $             —      $             —      $ 422,337,570  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 422,337,570      $ —      $ —      $ 422,337,570  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.