NPORT-EX 2 NPORT_4X41_84612449_0324.htm IRF N-PORT

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

SCHEDULE OF INVESTMENTS

March 28, 2024 (Unaudited)*

 

                                                                       
              Shares      Value  

COMMON STOCK—REAL ESTATE

      99.1 %      

AUSTRALIA

      15.9 %      

DIVERSIFIED

      14.7 %      

Charter Hall Group

 

     701,259      $ 6,283,413  

Goodman Group

 

     1,446,900        31,878,517  

GPT Group

 

     2,844,784        8,471,883  

Ingenia Communities Group

 

     2,488,997        8,482,825  

Mirvac Group

 

     4,237,712        6,517,152  

Stockland

 

     3,596,836        11,367,810  
       

 

 

  
          73,001,600  
       

 

 

  

SELF STORAGE

      1.2 %      

National Storage REIT

 

     3,735,694        5,842,476  
       

 

 

  

TOTAL AUSTRALIA

 

        78,844,076  
       

 

 

  

BELGIUM

      4.3 %      

DIVERSIFIED

      0.0 %      

Cofinimmo SA

 

     4,389        287,182  
       

 

 

  

HEALTH CARE

      1.4 %      

Aedifica SA

 

     110,056        6,761,896  
       

 

 

  

INDUSTRIALS

      2.4 %      

Montea NV

 

     22,068        1,987,973  

VGP NV

 

     41,367        4,735,114  

Warehouses De Pauw CVA

 

     173,134        4,942,347  
       

 

 

  
          11,665,434  
       

 

 

  

SELF STORAGE

      0.5 %      

Shurgard Self Storage Ltd.

 

     52,315        2,335,771  
       

 

 

  

TOTAL BELGIUM

 

        21,050,283  
       

 

 

  

CANADA

      6.6 %      

INDUSTRIALS

      1.5 %      

Dream Industrial Real Estate Investment Trust

 

     751,217        7,309,468  
       

 

 

  

RESIDENTIAL

      3.8 %      

Boardwalk Real Estate Investment Trust

 

     200,926        11,581,929  

Canadian Apartment Properties REIT

 

     212,803        7,303,689  
       

 

 

  
          18,885,618  
       

 

 

  

RETAIL

      1.3 %      

First Capital Real Estate Investment Trust

 

     555,129        6,438,357  
       

 

 

  

TOTAL CANADA

 

        32,633,443  
       

 

 

  

FRANCE

      4.5 %      

INDUSTRIALS

      0.3 %      

ARGAN SA

        16,521        1,495,407  
       

 

 

  

RETAIL

      4.2 %      

Klepierre SA

 

     278,573        7,212,923  

Mercialys SA

 

     250,921        2,920,919  

Unibail-Rodamco-Westfield(a)

 

     129,595        10,416,109  
       

 

 

  
          20,549,951  
       

 

 

  

TOTAL FRANCE

 

        22,045,358  
       

 

 

  

 

1

 

 

                                                                       
              Shares      Value  

GERMANY

      6.3 %      

RESIDENTIAL

        

LEG Immobilien SE(a)

 

     164,607      $ 14,132,313  

TAG Immobilien AG(a)

 

     349,017        4,772,606  

Vonovia SE

 

     415,025        12,268,341  
       

 

 

  
          31,173,260  
       

 

 

  

HONG KONG

      6.4 %      

DIVERSIFIED

      5.7 %      

Link REIT

 

     1,738,010        7,472,184  

Sun Hung Kai Properties Ltd.

 

     2,141,127        20,640,104  
       

 

 

  
          28,112,288  
       

 

 

  

HOTEL

      0.7 %      

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

 

     1,350,800        3,805,484  
       

 

 

  

TOTAL HONG KONG

 

        31,917,772  
       

 

 

  

JAPAN

      27.7 %      

DIVERSIFIED

      16.9 %      

Japan Metropolitan Fund Invest

 

     10,773        6,710,886  

Mitsui Fudosan Co. Ltd.

 

     3,414,576        36,620,188  

Nomura Real Estate Holdings, Inc.

 

     184,300        5,190,057  

Sumitomo Realty & Development Co. Ltd.

 

     647,100        24,006,564  

United Urban Investment Corp.

 

     10,882        11,063,151  
       

 

 

  
          83,590,846  
       

 

 

  

HOTEL

      2.2 %      

Invincible Investment Corp.

 

     25,002        11,214,399  
       

 

 

  

INDUSTRIALS

      4.9 %      

GLP J-Reit

 

     7,491        6,274,665  

Mitsui Fudosan Logistics Park, Inc.

 

     3,255        9,783,492  

Nippon Prologis REIT, Inc.

 

     4,536        8,078,383  
       

 

 

  
          24,136,540  
       

 

 

  

OFFICE

      2.7 %      

Daiwa Office Investment Corp.

 

     1,269        4,937,515  

KDX Realty Investment Corp.

 

     7,882        8,377,684  
       

 

 

  
          13,315,199  
       

 

 

  

RESIDENTIAL

      1.0 %      

Advance Residence Investment Corp.

 

     2,191        4,848,626  
       

 

 

  

TOTAL JAPAN

 

        137,105,610  
       

 

 

  

NETHERLANDS

      0.5 %      

RETAIL

        

Eurocommercial Properties NV

 

     109,264        2,491,972  
       

 

 

  

NEW ZEALAND

      0.8 %      

INDUSTRIALS

        

Goodman Property Trust

 

     2,996,019        4,081,136  
       

 

 

  

SINGAPORE

      7.2 %      

DATA CENTERS

      1.2 %      

Digital Core REIT Management Pte. Ltd.

 

     10,059,000        6,035,400  
       

 

 

  

DIVERSIFIED

      2.0 %      

CapitaLand Integrated Commercial Trust

 

     6,725,300        9,861,947  
       

 

 

  

HEALTH CARE

      1.5 %      

Parkway Life Real Estate Investment Trust

 

     2,946,400        7,637,400  
       

 

 

  

 

2

 

 

                                                                       
              Shares      Value  

INDUSTRIALS

      0.9 %      

Mapletree Logistics Trust

 

     4,054,400      $ 4,383,947  
       

 

 

  

RETAIL

      1.6 %      

Frasers Centrepoint Trust

 

     4,784,517        7,760,113  
    

 

 

  

TOTAL SINGAPORE

 

        35,678,807  
       

 

 

  

SPAIN

      1.7 %      

DIVERSIFIED

      0.5 %      

Merlin Properties Socimi SA

 

     208,723        2,246,179  
       

 

 

  

INFRASTRUCTURE

      1.2 %      

Cellnex Telecom SA(b)

 

     170,292        6,020,488  
    

 

 

  

TOTAL SPAIN

 

        8,266,667  
       

 

 

  

SWEDEN

      4.3 %      

DIVERSIFIED

      2.4 %      

Fastighets AB Balder, Class B(a)

 

     1,578,734        11,604,521  
       

 

 

  

INDUSTRIAL OFFICE

      0.5 %      

Sagax AB, Class B

 

     98,139        2,589,168  
       

 

 

  

INDUSTRIALS

      1.4 %      

Catena AB

 

     143,225        6,998,007  
       

 

 

  

TOTAL SWEDEN

 

        21,191,696  
       

 

 

  

UNITED KINGDOM

      12.9 %      

DIVERSIFIED

      1.3 %      

Land Securities Group PLC

 

     765,778        6,361,678  
       

 

 

  

INDUSTRIAL OFFICE

      1.5 %      

LondonMetric Property PLC

 

     2,915,921        7,478,428  
       

 

 

  

INDUSTRIALS

      5.5 %      

Segro PLC

 

     1,474,736        16,822,770  

Tritax Big Box REIT PLC

 

     5,246,754        10,410,082  
       

 

 

  
          27,232,852  
       

 

 

  

OFFICE

      0.7 %      

Derwent London PLC

 

     116,419        3,185,620  
       

 

 

  

RESIDENTIAL

      1.6 %      

Grainger PLC

 

     1,776,363        5,779,969  

UNITE Group PLC

 

     185,267        2,286,904  
       

 

 

  
          8,066,873  
       

 

 

  

SELF STORAGE

      2.3 %      

Big Yellow Group PLC

 

     339,936        4,565,093  

Safestore Holdings PLC

 

     721,743        6,873,101  
       

 

 

  
          11,438,194  
       

 

 

  

TOTAL UNITED KINGDOM

 

        63,763,645  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$428,065,421)

 

        490,243,725  
    

 

 

  

SHORT-TERM INVESTMENTS

      0.5 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(c)

 

     2,600,805        2,600,805  
    

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$2,600,805)

 

        2,600,805  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$430,666,226)

      99.6 %         492,844,530  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.4          1,738,571  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 494,583,101  
  

 

 

       

 

 

  

 

3

 

 

Glossary of Portfolio Abbreviations

REIT  Real Estate Investment Trust

 

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

*

March 28, 2024 represents the last business day of the Fund’s quarterly period. See Note 1 of the accompanying Notes to Schedule of Investments.

(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 $6,020,488 which represents 1.2% of the net assets of the Fund, of which 0.0% are illiquid.

(c)

Rate quoted represents the annualized seven-day yield.

 

                       

Sector Summary

    % of
Net
Assets		  

Diversified

      43.5  

Industrials

      17.7  

Residential

      12.7  

Retail

      7.6  

Self Storage

      4.0  

Office

      3.3  

Hotel

      3.0  

Health Care

      2.9  

Industrial Office

      2.0  

Data Centers

      1.2  

Infrastructure

      1.2  

Other (includes short-term investments)

      0.9  
  

 

 

  
     100.0  
  

 

 

  

 

4

 

 

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Quarterly Period

Since March 28, 2024 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was open for trading, the Fund’s schedule of investments have been presented through that date to maintain consistency with the Fund’s net asset value (NAV) calculations used for shareholder transactions.

Note 2. 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 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.

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)

 

 

 

COHEN & STEERS INTERNATIONAL REALTY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 28, 2024 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

    $ 490,243,725      $ —      $ —      $ 490,243,725  

Short-Term Investments

      —        2,600,805        —        2,600,805  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 490,243,725      $ 2,600,805      $ —      $ 492,844,530  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.