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 | ||||||||||
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33,883,228 | ||||||||||||
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INDUSTRIALS | 1.5 | % | ||||||||||
Goodman Group | 471,136 | 6,497,567 | ||||||||||
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SELF STORAGE | 1.1 | % | ||||||||||
National Storage REIT | 3,343,878 | 4,686,882 | ||||||||||
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TOTAL AUSTRALIA | 45,067,677 | |||||||||||
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BELGIUM | 3.5 | % | ||||||||||
DIVERSIFIED | 1.1 | % | ||||||||||
Cofinimmo SA | 65,584 | 4,500,081 | ||||||||||
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HEALTH CARE | 0.7 | % | ||||||||||
Aedifica SA | 55,280 | 3,147,252 | ||||||||||
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INDUSTRIALS | 1.3 | % | ||||||||||
Warehouses De Pauw CVA | 215,951 | 5,351,685 | ||||||||||
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SELF STORAGE | 0.4 | % | ||||||||||
Shurgard Self Storage Ltd. | 45,302 | 1,796,083 | ||||||||||
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TOTAL BELGIUM | 14,795,101 | |||||||||||
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CANADA | 5.3 | % | ||||||||||
INDUSTRIALS | 0.2 | % | ||||||||||
Dream Industrial Real Estate Investment Trust | 83,972 | 793,816 | ||||||||||
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RESIDENTIAL | 2.2 | % | ||||||||||
Canadian Apartment Properties REIT | 284,186 | 9,432,067 | ||||||||||
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RETAIL | 2.9 | % | ||||||||||
RioCan Real Estate Investment Trust | 950,610 | 12,646,805 | ||||||||||
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TOTAL CANADA | 22,872,688 | |||||||||||
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FRANCE | 5.5 | % | ||||||||||
DIVERSIFIED | 0.4 | % | ||||||||||
Covivio SA/France | 39,300 | 1,749,252 | ||||||||||
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INDUSTRIALS | 0.3 | % | ||||||||||
ARGAN SA | 19,300 | 1,289,591 | ||||||||||
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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 | ||||||||||
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20,613,872 | ||||||||||||
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TOTAL FRANCE | 23,652,715 | |||||||||||
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GERMANY | 6.9 | % | ||||||||||
INDUSTRIAL OFFICE | 0.4 | % | ||||||||||
Sirius Real Estate Ltd. (GBP) | 1,596,744 | 1,678,363 | ||||||||||
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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 | ||||||||||
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27,842,727 | ||||||||||||
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TOTAL GERMANY | 29,521,090 | |||||||||||
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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 | ||||||||||
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47,742,491 | ||||||||||||
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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 | ||||||||||
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64,511,413 | ||||||||||||
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HOTEL | 1.6 | % | ||||||||||
Invincible Investment Corp. | 16,851 | 6,968,628 | ||||||||||
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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 | |||||||||
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18,541,178 | ||||||||||||
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OFFICE | 3.0 | % | ||||||||||
Daiwa Office Investment Corp. | 1,132 | 5,060,064 | ||||||||||
Kenedix Office Investment Corp. | 3,256 | 7,538,651 | ||||||||||
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12,598,715 | ||||||||||||
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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 | ||||||||||
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17,964,813 | ||||||||||||
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TOTAL JAPAN | 120,584,747 | |||||||||||
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NETHERLANDS | 1.3 | % | ||||||||||
RETAIL | ||||||||||||
Eurocommercial Properties NV | 246,260 | 5,472,734 | ||||||||||
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NEW ZEALAND | 0.7 | % | ||||||||||
INDUSTRIALS | ||||||||||||
Goodman Property Trust | 2,509,697 | 3,181,355 | ||||||||||
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SINGAPORE | 9.8 | % | ||||||||||
DATA CENTERS | 1.0 | % | ||||||||||
Digital Core REIT Management Pte. Ltd. | 8,414,500 | 4,459,685 | ||||||||||
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DIVERSIFIED | 4.3 | % | ||||||||||
CapitaLand Integrated Commercial Trust | 5,948,200 | 8,049,868 | ||||||||||
CapitaLand Investment Ltd./Singapore | 4,554,700 | 10,328,874 | ||||||||||
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18,378,742 | ||||||||||||
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HEALTH CARE | 1.7 | % | ||||||||||
Parkway Life Real Estate Investment Trust | 2,691,000 | 7,263,928 | ||||||||||
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INDUSTRIALS | 1.8 | % | ||||||||||
Mapletree Logistics Trust | 6,313,500 | 7,759,093 | ||||||||||
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RETAIL | 1.0 | % | ||||||||||
Frasers Centrepoint Trust | 2,715,600 | 4,350,522 | ||||||||||
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TOTAL SINGAPORE | 42,211,970 | |||||||||||
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SPAIN | 2.8 | % | ||||||||||
DIVERSIFIED | 1.6 | % | ||||||||||
Merlin Properties Socimi SA | 803,962 | 6,787,162 | ||||||||||
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3
Shares | Value | |||||||||||
INFRASTRUCTURE | 1.2 | % | ||||||||||
Cellnex Telecom SA(a)(b) | 152,099 | $ | 5,301,796 | |||||||||
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TOTAL SPAIN | 12,088,958 | |||||||||||
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SWEDEN | 1.7 | % | ||||||||||
HOTEL | 0.5 | % | ||||||||||
Pandox AB, Class B | 215,175 | 2,290,489 | ||||||||||
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INDUSTRIAL OFFICE | 0.4 | % | ||||||||||
Castellum AB | 152,021 | 1,549,354 | ||||||||||
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INDUSTRIALS | 0.8 | % | ||||||||||
Catena AB | 104,054 | 3,619,087 | ||||||||||
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TOTAL SWEDEN | 7,458,930 | |||||||||||
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SWITZERLAND | 1.5 | % | ||||||||||
DIVERSIFIED | ||||||||||||
PSP Swiss Property AG | 53,145 | 6,282,066 | ||||||||||
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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 | ||||||||||
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12,396,467 | ||||||||||||
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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 | ||||||||||
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13,591,546 | ||||||||||||
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OFFICE | 0.5 | % | ||||||||||
Great Portland Estates PLC | 427,987 | 2,181,697 | ||||||||||
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RESIDENTIAL | 1.2 | % | ||||||||||
UNITE Group PLC/The | 489,477 | 5,359,967 | ||||||||||
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SELF STORAGE | 1.8 | % | ||||||||||
Big Yellow Group PLC | 3,614 | 41,383 | ||||||||||
Safestore Holdings PLC | 872,388 | 7,833,988 | ||||||||||
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7,875,371 | ||||||||||||
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TOTAL UNITED KINGDOM | 41,405,048 | |||||||||||
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TOTAL COMMON STOCK | 422,337,570 | |||||||||||
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4
Value | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES | 98.3 | % | $ | 422,337,570 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 1.7 | 7,394,450 | ||||||||||
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NET ASSETS | 100.0 | % | $ | 429,732,020 | ||||||||
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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 | |||
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100.0 | ||||
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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 | ||||||||
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Total Investments in Securities(a) | $ | 422,337,570 | $ | — | $ | — | $ | 422,337,570 | ||||||||
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(a) | Portfolio holdings are disclosed individually on the Schedule of Investments. |