Cohen & Steers International Realty Fund
CLASS I (IRFIX) SHARES
280 PARK AVENUE
NEW YORK, NEW YORK 10017
PROSPECTUS
Advisor
Cohen & Steers Capital Management, Inc.
280 Park Avenue
New York, New York 10017
Telephone: (212) 832-3232
Transfer Agent
Boston Financial Data Services
P.O. Box 8123
Boston, Massachusetts 02266-8123
Telephone: (800) 437-9912
THE SECURITIES AND EXCHANGE
COMMISSION HAS NOT APPROVED OR DISAPPROVED OF THE FUNDS SHARES OR DETERMINED WHETHER THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANYONE WHO INDICATES OTHERWISE IS COMMITTING A CRIME.
MAY 1, 2013, as amended JUNE 24, 2013
TABLE OF CONTENTS
COHEN & STEERS INTERNATIONAL REALTY FUND, INC.
SUMMARY SECTION
INVESTMENT OBJECTIVE
The investment objective of Cohen & Steers International Realty Fund, Inc. (the Fund) is total return.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you could pay if you buy and hold shares of the Fund.
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Class I
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Shareholder Fees
(fees paid directly from your
investment):
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your
investment):
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Management Fee
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0.95%
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Other Expenses
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0.26%
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Service Fee
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0.06%
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Total Annual Fund Operating Expenses
(1)
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1.27%
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Fee Waiver/Expense Reimbursement
(1)
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(0.27)%
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Total Annual Fund Operating Expenses (after fee waiver / expense reimbursement)
(1)
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1.00%
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(1)
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Cohen & Steers Capital Management, Inc., the Funds investment advisor (the Advisor), has contractually agreed to waive, through June 30, 2014, the
Funds total annual operating expenses (excluding acquired fund fees and expenses and extraordinary expenses) at 1.00% for the Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the Advisor and
will terminate automatically in the event of termination of the investment advisory agreement between the Advisor and the Fund.
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E
XAMPLE
The example below is
intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of those
periods. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs
would be
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1 Year
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3 Years
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5 Years
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10 Years
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Class I shares
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$
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129
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$
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403
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$
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697
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$
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1,534
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P
ORTFOLIO
T
URNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the
Funds portfolio turnover rate was 76% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Under normal market conditions, the Fund invests at least 80% of its total assets in a portfolio of non-U.S. real estate equity securities. Real
estate equity securities include common stocks, preferred stocks and other equity securities issued by real estate companies, including real estate investment trusts
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(REITs) and similar REIT-like entities. A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial,
industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in such real estate. REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue
primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain
tax related requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders. Foreign REITs and REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment
similar to that of U.S. REITs in their respective countries. While the Fund is not limited to investing in REIT-like entities, it is expected that the Fund will invest a significant percentage of its portfolio in these types of entities.
Under normal market conditions, the Fund expects to have investments across different countries and regions. The Fund may, however, invest up to 20% of
its total assets in the equity securities of U.S. REITs and other U.S. real estate companies. The non-U.S. companies in which the Fund invests may include those domiciled in emerging markets. Typically, emerging markets are in countries that are in
the process of industrialization, with lower gross national products per capita than more developed countries. The Fund may invest up to 15% of its total assets in emerging market companies.
The Fund may also invest in securities of foreign companies in the form of American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs).
The Fund may engage in foreign currency transactions, including foreign currency forward contracts, futures contracts, options, swaps and other similar
strategic transactions in connection with its investments in securities of non-U.S. companies.
PRINCIPAL RISKS
Investment Risk.
An investment in the Fund is subject to investment risk, including the possible loss of the entire principal
amount that you invest.
Market Risk.
Your investment in Fund shares represents an indirect investment in the REIT shares and other real
estate securities owned by the Fund. The value of these equity securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after
taking into account the reinvestment of Fund dividends and distributions.
Common Stock Risk.
While common stock has historically
generated higher average returns than fixed-income securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by
the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.
Real Estate Market Risk.
Since the Fund concentrates its assets in the real estate industry, your investment in the Fund will be closely linked to the performance of the real estate markets.
Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. Real estate company prices also may drop because of the failure of borrowers to pay their
loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs.
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REIT Risk.
REITs are dependent upon management skills and generally may not be diversified. REITs are
also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for pass-through of income under applicable tax law. Various factors may also adversely affect a
borrowers or a lessees ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs
associated with protecting its investments.
Foreign (Non-U.S.) and Emerging Market Securities Risk.
Risks of investing in foreign
securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income payable on the securities. In
addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as
domestic issuers.
Securities of companies in emerging markets may be more volatile than those of companies in more developed markets. Emerging
market countries have less developed markets and economies and in some countries, less mature governments and governmental institutions. Investing in securities of companies in emerging markets may entail special risks relating to potential
economic, political or social instability and the risks of expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. The securities
and real estate markets of some emerging market countries have in the past sometimes experienced substantial market disruptions and may do so in the future. The economies of many emerging countries may be heavily dependent on international trade
and, accordingly have been and may continue to be adversely affected by trade barriers, exchange controls managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they wish to
trade.
Smaller Companies Risk.
Real estate companies in the industry tend to be small- to medium-sized companies in relation to the
equity markets as a whole. There may be less trading in a smaller companys stock, which means that buy and sell transactions in that stock could have a larger impact on the stocks price than is the case with larger company stocks.
Smaller companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on a smaller companys stock price than is the case for a larger company. Further, smaller company stocks may perform
in different cycles than larger company stocks. Accordingly, real estate company shares can be more volatile thanand at times will perform differently fromlarge company stocks.
Foreign Currency and Currency Hedging Risk.
Although the Fund will report its net asset value (NAV) and pay dividends in U.S. dollars, foreign securities often are purchased with and make any
dividend and interest payments in foreign currencies. Therefore, the Funds investments in foreign securities will be subject to foreign currency risk, which means that the Funds NAV could decline solely as a result of changes in the
exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the
country, due to blockage of foreign currency exchanges or otherwise.
The Fund may, but is not required to, engage in various investments that
are designed to hedge the Funds foreign currency risks, including foreign currency forward contracts, foreign currency futures contracts, put and call options on foreign currencies and foreign currency swaps. Such transactions may reduce
returns or increase volatility, perhaps substantially.
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Preferred Securities Risk.
There are various risks associated with investing in preferred securities,
including credit risk, interest rate risk, deferral and omission of distributions, subordination to bonds
and other debt securities in a companys capital structure, call, reinvestment and income risk, limited liquidity, limited
voting rights and special redemption rights.
Non-Diversification Risk.
As a non-diversified investment company, the
Fund may invest in fewer individual companies than a diversified investment company. Because a non-diversified portfolio is more likely to experience large market price fluctuations, the Fund may be subject to a greater risk of loss than a fund that
has a diversified portfolio.
Your investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.
FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the
Funds performance from year to year for the Class I shares. The table shows how the Funds average annual returns compare with the performance of selected broad market indexes over various time periods. Past performance (both before and
after taxes) is not, however, an indication as to how the Fund may perform in the future. Updated performance is available at www.cohenandsteers.com or by calling (800) 330-7348.
Class I Shares
Annual Total Returns
Highest quarterly return during this period: 36.66% (quarter ended June 30,
2009)
Lowest quarterly return during this period: 26.25% (quarter ended December 31, 2008)
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Average Annual Total Returns
(for the periods ended December 31, 2012)
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1 Year
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5 Years
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Since
Inception
(March 31, 2005)
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Class I Shares
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Return Before Taxes
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34.97%
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1.71%
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5.23
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Return After Taxes on Distributions
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32.59%
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2.95%
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3.94
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Return After Taxes on Distributions and Sale of Fund Shares
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23.39%
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2.03%
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3.98
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%
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FTSE EPRA/NAREIT Developed ex US Index Net TRI
(reflects no deduction for fees, expenses or taxes)
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38.01%
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1.50%
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6.53
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S&P 500
®
Index
(reflects no deduction for fees, expenses or taxes)
(1)
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16.00%
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1.66%
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4.65
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(1)
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The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance.
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on the investors tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k)
plans or individual retirement accounts.
INVESTMENT MANAGEMENT
Advisor
Cohen & Steers Capital Management, Inc. (the Advisor)
Subadvisors
Cohen & Steers Asia
Limited (CNS Asia)
Cohen & Steers UK Limited (CNS UK)
Portfolio Managers
The Funds portfolio managers are:
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Joseph M. Harvey
Vice President of the Fund. Mr. Harvey has been a portfolio manager of the Fund since inception.
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Jon Cheigh
Vice President of the Fund. Mr. Cheigh has been a portfolio manager of the Fund since 2012.
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Gerios J.M. Rovers
Mr. Rovers has been a portfolio manager of the Fund since inception.
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William Leung
Mr. Leung has been a portfolio manager of the Fund since 2012.
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Luke Sullivan
Mr. Sullivan has been a portfolio manager of the Fund since 2008.
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Rogier Quirijns
Mr. Quirijns has been a portfolio manager of the Fund since 2012.
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PURCHASE AND SALE OF FUND SHARES
You may open an account with the Fund with a minimum investment of $100,000. If you are a registered advisor, you may open a Class I account with the Fund with an aggregate minimum investment of $100,000.
You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange (NYSE) is open for
business, by written request, wire transfer (call (800) 437-9912 for instructions) or telephone. You may purchase, redeem or exchange shares of the Fund either through a financial intermediary or directly through Cohen & Steers Securities,
LLC, the Funds distributor (the Distributor). For accounts opened directly through the Distributor, a completed and signed Subscription Agreement is required for the initial account opened with the Fund.
Please mail the signed Subscription Agreement to:
Boston Financial Data Services
Cohen & Steers Funds
P.O. Box 8123
Boston, MA 02266-8123
Phone: (800) 437-9912
TAX INFORMATION
The Funds distributions are taxable as ordinary income or capital gains up to the extent of the Funds current and accumulated
earnings and profits, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
PAYMENTS TO BROKER-DEALERS
AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a
bank), the Fund and/or its Advisor or Distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual
financial adviser to recommend the Fund over another investment. Ask your individual financial adviser or visit your financial intermediarys Web site for more information.
WHO SHOULD INVEST
The Fund may be suitable for you if you are
seeking:
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to add exposure to non-U.S. real estate equity securities to your portfolio;
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a fund that may perform differently than other types of stock or bond funds because of the Funds focus on equity securities of non-U.S. real
estate companies; and
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a fund offering the potential for both current income and capital appreciation.
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The Fund is designed for long-term investors. Investment in the Fund involves risk. You should not invest in the Fund unless your investment horizon is at
least two months. An investment in the Fund does not represent a complete investment program. The Fund will take reasonable steps to identify and reject orders from market timers.
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INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS
OBJECTIVE
The investment objective of the Fund is total return. There
can be no assurance that the Fund will achieve its investment objective. The Fund may change its investment objective without shareholder approval, although it has no current intention to do so. Shareholders will be provided with at least
60 days prior written notice of any change to the Funds investment objective. In pursuing its investment objective, the Fund seeks both capital appreciation and current income. The Fund will concentrate its investments in the real
estate industry.
PRINCIPAL INVESTMENT STRATEGIES
In managing the Funds portfolio,
the Advisor and the Funds sub-investment advisors CNS Asia and CNS UK (the Subadvisors) adhere to an integrated, bottom-up, relative value investment process when selecting publicly traded real estate securities. To guide the portfolio
construction process, the Advisor and Subadvisors utilize a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value (NAV) and a Dividend Discount Model (DDM). Analysts incorporate
both quantitative and qualitative analysis in their NAV and DDM estimates. The company research process includes an evaluation of management, strategy, property quality, financial strength and corporate structure. Judgments with respect to global
macroeconomic factors, risk control, diversification, liquidity and other factors are considered along with the models output and drive the portfolio managers investment decisions.
The following are the Funds principal investment strategies. A more detailed description of the Funds investment policies and restrictions and more detailed information about the Funds
investments are contained in the SAI.
Real Estate Companies
For purposes of the Funds investment policies, a
real estate company
is one that:
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derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial, industrial, or residential real
estate; or
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has at least 50% of its assets invested in such real estate.
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Under normal market conditions, the Fund will invest at least 80% all of its total assets in a portfolio of equity securities issued by non-U.S. real estate companies (including REITs and REIT-like
entities).
These
equity securities
in which the Fund invests can consist of:
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rights or warrants to purchase common stocks;
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securities convertible into common stocks where the conversion feature represents, in the view of the Advisor or a Subadvisor, a significant element of
the securities value; and
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Under
normal market conditions, the Fund expects to have investments in real estate equity securities of companies across different countries and regions. In addition, the Fund will normally invest in real
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estate equity securities primarily in developed countries, but may invest up to 15% of its total assets in real estate equity securities of companies domiciled in emerging market countries.
Foreign (Non-U.S.) Real Estate Companies and Depositary Receipts
The Fund will invest at least 80% of its assets in real estate companies outside the U.S. These companies may have characteristics that are similar to a REIT. REITs are companies that own interests in
real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the U.S. is
generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to its shareholders. A number of countries around
the world have adopted, or are considering adopting, similar REIT-like structures pursuant to which these companies are not subject to corporate income tax in their home countries provided they distribute a significant percentage of their net income
each year to shareholders and meet certain other requirements. While the Fund is not limited to investing in foreign-domiciled REIT-like entities, it is expected that the Fund will invest a significant percentage of its portfolio in these types of
entities.
Certain non-U.S. real estate companies in which the Fund invests may constitute passive foreign investment companies.
See Additional InformationTax Considerations and the SAI. This may subject the Fund to U.S. federal tax and interest charges, or may cause the Fund to recognize taxable income without a corresponding receipt of cash. The Fund may be required
to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirements for qualification as a regulated investment company.
The Fund may also invest in securities of foreign companies in the form of ADRs, GDRs and EDRs. Generally, ADRs in registered form are dollar denominated securities designed for use in the U.S. securities
markets, which represent and may be converted into an underlying foreign security. GDRs, in bearer form, are designed for use outside the United States. EDRs, in bearer form, are designed for use in the European securities markets.
Real Estate Investment Trusts (REITs)
REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent
derived from owned, income producing real estate properties and capital gains from the sale of such properties.
The Fund may invest up to 20%
of its total assets in U.S. real estate equity securities, including U.S. REITs. REITs are companies that own interests in real estate or in real estate related loans or other interests, and REITs revenue primarily consists of rent derived
from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including
the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). As a result, U.S. REITs tend to pay relatively higher dividends than other types of companies
and the Fund intends to use these REIT dividends in an effort to meet the current income goal of its investment objective. Dividends paid by U.S. REITs will not be eligible for the dividends received and are generally not considered qualified
dividend income eligible for reduced rates of taxation for U.S. federal income tax purposes. See Additional Information.
REITs can
generally be classified as equity REITs and mortgage REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs
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can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income
primarily from interest payments. The Fund invests primarily in equity REITs or REIT-like entities.
Currency Hedging Transactions
In order to hedge against foreign currency exchange rate risks from adverse changes in the relationship between the U.S. dollar and
foreign currencies (including to hedge against anticipated future changes which otherwise might adversely affect the prices of securities that the Fund intends to purchase at a later date), the Fund may enter into foreign currency forward contracts,
foreign currency futures contracts and foreign currency swaps, as well as purchase put or call options on foreign currencies, as described below, and engage in other similar strategic transactions. The Fund may also conduct its foreign currency
exchange transactions on a spot (
i.e.,
cash) basis at the spot rate prevailing in the foreign currency exchange market.
A foreign
currency forward contract is an obligation to purchase or sell a specific currency for an agreed price on a future date which is individually negotiated and privately traded by currency traders and their customers. A foreign currency futures
contract is an exchange-traded contract for the purchase or sale of a specified foreign currency at a specified price at a future date. A foreign currency swap is an agreement between two parties to exchange principal and interest payments on a loan
made in one currency for principal and interest payments of a loan of equal value in another currency. The Fund may enter into a foreign currency forward contract, foreign currency futures contract or foreign currency swap, or purchase a currency
option, for example, when it enters into a contract for the purchase or sale of a security denominated in a foreign currency or expects to receive a dividend or interest payment on a portfolio holding, in order to lock in the U.S. dollar
value of the security or payment. In addition, the Fund may enter into a foreign currency forward contract, futures contract or swap or purchase a currency option in respect of a currency which acts as a proxy for a currency in which the Funds
portfolio holdings or anticipated holdings are denominated. This second investment practice is generally referred to as cross-hedging. To the extent forward contracts, swaps or options would be deemed to be illiquid, they will be
included in the Funds maximum limitation of 15% of net assets invested in illiquid securities.
The Funds transactions in foreign
currencies may increase or accelerate the Funds recognition of ordinary income and may affect the timing or character of the Funds distributions.
PRINCIPAL RISKS OF INVESTING
IN THE FUND
Investment Risk
An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.
Market Risk
Your investment in Fund shares represents an indirect investment in the REIT
shares and other real estate securities owned by the Fund. The value of these equity securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you
invested, even after taking into account the reinvestment of Fund dividends and distributions.
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Common Stock Risk
While common stock has historically generated higher average returns than fixed-income securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such
as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held
by the Fund.
Real Estate Market Risk
The Fund will not invest in real estate directly, but only in securities issued by real estate companies. However, because of its policy of concentration in the securities of companies in the real estate
industry, the Fund is also subject to the risks associated with the direct ownership of real estate. These risks include:
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declines in the value of real estate;
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risks related to general and local economic conditions;
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possible lack of availability of mortgage funds;
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extended vacancies of properties;
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increases in property taxes and operating expenses;
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changes in zoning laws;
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losses due to costs resulting from the clean-up of environmental problems;
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liability to third parties for damages resulting from environmental problems;
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casualty or condemnation losses;
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changes in neighborhood values and the appeal of properties to tenants;
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changes in interest rates;
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failure of borrowers to pay their loans;
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early payment or restructuring of mortgage loans;
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slower mortgage origination; and
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rising construction costs.
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Thus, the value of the Funds shares may change at different rates compared to the value of shares of a mutual fund with investments in a mix of
different industries.
REIT Risk
In addition to the risks of securities linked to the real estate industry, REITs are subject to certain other risks related to their structure and focus. REITs are dependent upon management skills and
generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers
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and self-liquidation. In addition, REITs could possibly fail to (i) qualify for pass-through of income under applicable tax law, or (ii) maintain their exemptions from registration under the
Investment Company Act of 1940, as amended (1940 Act). The above factors may also adversely affect a borrowers or a lessees ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may
experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.
Foreign (Non-U.S.) and Emerging Market Securities Risk
Although it is not the Funds current intent, the Fund may invest up to 100% of its total assets in foreign (non-U.S.) securities. Under normal market conditions, the Fund intends to invest at least
80% of its total assets in non-U.S. real estate equity securities. In addition, the Fund may invest up to 15% of its total assets in foreign securities of companies in so-called emerging markets (or lesser developed countries).
Investments in such securities are particularly speculative. Investing in foreign securities involves certain risks not involved in domestic investments, including, but not limited to:
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future foreign economic, financial, political and social developments;
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different legal systems;
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the possible imposition of exchange controls or other foreign governmental laws or restrictions;
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less governmental supervision;
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changes in currency exchange rates;
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less publicly available information about companies due to less rigorous disclosure or accounting standards or regulatory practices;
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high and volatile rates of inflation;
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fluctuating interest rates; and
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different accounting, auditing and financial record-keeping standards and requirements.
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Investments in foreign securities, especially in emerging market countries, will expose the Fund to the direct or indirect consequences of political,
social or economic changes in the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest, especially emerging market countries, have historically experienced, and may continue to
experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by
political uncertainty and instability. The cost of servicing external debt will generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates that are adjusted based upon
international interest rates. In addition, with respect to certain foreign countries, there is a risk of:
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the possibility of expropriation of assets;
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difficulty in obtaining or enforcing a court judgment;
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economic, political or social instability; and
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diplomatic developments that could affect investments in those countries.
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In addition, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such
respects as:
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growth of gross domestic product;
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balance of payments position.
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To the extent the Funds investments are focused in a geographic region or country, the Fund will be subject, to a greater extent than if the Funds assets were less geographically focused, to
the risks of adverse changes in that region or country. In addition, income from the Funds investments in certain foreign securities also may be subject to foreign withholding taxes, which would reduce the Funds return on those
securities.
Certain non-U.S. real estate companies in which the Fund invests may constitute passive foreign investment companies.
See Additional InformationTax Considerations and the SAI. This may subject the Fund to U.S. federal tax and interest charges, or may cause the Fund to recognize taxable income without a corresponding receipt of cash. The Fund may be required
to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirements for qualification as a regulated investment company.
Securities of companies in emerging markets may be more volatile than those of companies in more developed markets. Emerging market countries generally have less developed markets and economies and, in
some countries, less mature governments and governmental institutions. Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation,
nationalization, confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. The securities and real estate markets of some emerging market countries have in the past
sometimes experienced substantial market disruptions and may do so in the future. The economies of many emerging market countries may be heavily dependent on international trade and, accordingly, have been and may continue to be adversely affected
by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they wish to trade.
As a result of these potential risks, the Advisor or Subadvisors may determine that, notwithstanding otherwise favorable investment criteria, it may not be practicable or appropriate to invest in a
particular country. The Fund may invest in countries in which foreign investors, including the Advisor or Subadvisors, have had no or limited prior experience.
Smaller Companies Risk
Real estate companies in the industry tend to be small- to
medium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller companys stock, which means that buy and sell transactions in that stock could have a larger impact on the stocks price than is
the case with larger company stocks. Smaller companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on a smaller companys stock price than is the case
12
for a larger company. Further, smaller company stocks may perform in different cycles than larger company stocks. Accordingly, real estate company shares can be more volatile thanand at
times will perform differently fromlarge company stocks.
Preferred Securities Risk
Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make
dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. In
addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a companys capital structure. During periods of declining interest rates, an
issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other
securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the
securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.
Foreign Currency
and Currency Hedging Risk
Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased
with and make any dividend and interest payments in foreign currencies. Therefore, when the Fund invests in foreign securities, it will be subject to foreign currency risk, which means that the Funds NAV could decline as a result of changes in
the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside
the country, due to blockage of foreign currency exchanges or otherwise.
The Fund may, but is not required to, engage in various investments
that are designed to hedge the Funds foreign currency risks, including foreign currency forward contracts, foreign currency futures contracts, put and call options on foreign currencies and foreign currency swaps. Such transactions may reduce
returns or increase volatility, perhaps substantially. Foreign currency forward contracts, foreign currency futures contracts, over-the-counter options on foreign currencies and foreign currency swaps are subject to the risk of default by the
counterparty and can be illiquid. These currency hedging transactions, as well as the futures contracts and exchange-listed options in which the Fund may invest, are subject to many of the risks of, and can be highly sensitive to changes in the
value of, the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Funds performance. Whether or not the Fund engages in currency hedging transactions, the Fund may experience a
decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Use of currency hedging transactions may cause the Fund to experience losses greater than if the Fund had not engaged in
such transactions.
The Funds transactions in foreign currencies may increase or accelerate the Funds recognition of ordinary
income and may affect the timing or character of the Funds distributions.
Non-Diversification Risk
As a non-diversified investment company, the Fund can invest in fewer individual companies than a diversified investment company. Because a
non-diversified portfolio is more likely to experience large market price fluctuations, the Fund may be subject to a greater risk of loss than a fund that has a diversified portfolio.
13
ADDITIONAL INVESTMENT INFORMATION
In addition to the principal investment strategies described above, the Fund has other investment practices that are described here and in the Statement of Additional Information (SAI).
Illiquid Securities
The Fund will not
invest more than 15% of its net assets in illiquid securities. Illiquid securities involve the risk that the securities will not be able to be sold promptly (
i.e.,
within seven days) at the time desired by the Fund or at prices approximating
the value at which the Fund is carrying the securities on its books and records. Restricted securities, which are securities that may not be resold to the public without an effective registration statement under the Securities Act of 1933, as
amended, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration, may be illiquid.
Defensive Position
When the Advisor or Subadvisors believe that market or general economic
conditions justify a temporary defensive position, the Fund may deviate from its investment objective and invest all or any portion of its assets in short-term debt instruments, government securities, cash or cash equivalents. When and to the
extent the Fund assumes a temporary defensive position, it may not pursue or achieve its investment objective.
Portfolio Holdings
A description of the Funds policies and procedures with respect to the disclosure of the Funds portfolio securities is
available in the Funds SAI. The Fund also files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) on Form N-Q as of the end of its first and third fiscal quarters. The Funds full portfolio
holdings are published semi-annually in reports sent to shareholders and filed with the SEC on Form N-CSR and such reports are made available at www.cohenandsteers.com in the Funds section, generally within 70 days after the end of each
semi-annual period. The Fund also posts an uncertified list of portfolio holdings on the Web site, no earlier than 15 days after the end of each calendar quarter. The holdings information remains available until the Fund files a report on Form N-Q
or Form N-CSR for the period that includes the date as of which the information is current. In addition to information on portfolio holdings, other Fund statistical information may be found on www.cohenandsteers.com or by calling (800) 330-7348.
MANAGEMENT OF THE FUND
THE ADVISOR AND SUBADVISORS
The Advisor, a registered investment advisor located at 280 Park Avenue, New York, New York 10017, was formed in 1986 and its clients
include pension plans, endowment funds and investment companies, including each of the open-end and closed-end Cohen & Steers funds. As of March 31, 2013, the Advisor managed approximately $49.3 billion in assets. The Advisor is a
wholly owned subsidiary of Cohen & Steers, Inc. (CNS), a publicly traded company whose common stock is listed on the NYSE under the symbol CNS.
The Advisor is responsible for the overall management of the Funds portfolio and for the supervision and ongoing monitoring of the Subadvisors.
CNS Asia, with offices located at 1201-2 Citibank Tower, Citibank Plaza, No. 3 Garden Road, Central Hong Kong, is a wholly owned subsidiary of CNS
and serves as a Subadvisor pursuant to an agreement
14
with the Advisor (a Subadvisory Agreement). CNS Asia provides investment research and advisory services with respect to Asia Pacific real estate securities and provides trade order execution
services for the Fund. CNS Asia is a registered investment advisor and was formed in 2005.
CNS UK, with offices located at 21 Sackville
Street, 4th Floor, London, W1S 3DN, U.K., is a wholly owned subsidiary of CNS and serves as a Subadvisor pursuant to a Subadvisory Agreement. CNS UK provides investment research and advisory services to the Advisor in connection with managing the
Funds investments in Europe and provides trade order execution services for the Fund. CNS UK is a registered investment advisor and was formed in 2006.
The fees of the Subadvisors are paid by the Advisor (and not the Fund) out of its investment advisory fee received from the Fund.
References in this Prospectus to activities and responsibilities of the Advisor may be performed by one or more of the Subadvisors.
Under its investment advisory agreement (the Investment Advisory Agreement) with the Fund, the Advisor furnishes a continuous investment program for the Funds portfolio, makes the day-to-day
investment decisions for the Fund, and generally manages the Funds investments in accordance with the stated policies of the Fund, subject to the general supervision of the Board of Directors of the Fund. The Advisor also performs certain
administrative services for the Fund and provides persons satisfactory to the Board of Directors of the Fund to serve as officers of the Fund. Such officers, as well as certain Directors of the Fund, may also be directors, officers, or employees of
the Advisor. The Advisor and Subadvisor also select brokers and dealers to execute the Funds portfolio transactions.
For its services
under the Investment Advisory Agreement, the Fund pays the Advisor a monthly investment advisory fee at the annual rate of 0.95% of the average daily NAV of the Fund for the first $1.5 billion and 0.85% of the average daily NAV in excess of $1.5
billion. This fee is allocated to the Class I shares based on the Class I shares proportionate share of such average daily NAV. The Funds effective investment advisory fee during 2012 was 0.95% of average daily net assets.
In addition to this investment advisory fee, the Fund pays other operating expenses, which may include but are not limited to, administrative, transfer
agency, custodial, legal and accounting fees. The Fund pays the Advisor a monthly fee at the annual rate of 0.06% for administration services.
A discussion regarding the Board of Directors basis for approving the Investment Advisory Agreement and the Subadvisory Agreements are included in
the Funds semi-annual reports to shareholders for the period ended June 30, 2012.
PORTFOLIO MANAGERS
The Funds portfolio managers are:
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Joseph M. HarveyMr. Harvey is a vice president of the Fund. He joined the Advisor in 1992 and currently serves as president and chief
investment officer of the Advisor and president of CNS.
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Jon CheighMr. Cheigh is a vice president of the Fund. Mr. Cheigh joined the Advisor in 2005 and currently serves as executive vice president of
the Advisor and CNS, and head of the global real estate investment team. Prior to joining the Advisor, Mr. Cheigh was a vice president and senior research analyst for Security Capital Group.
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Gerios J.M. RoversMr. Rovers has been a managing director and co-chief executive officer of CNS Europe since 2000. Prior to that, he was a vice
president at Security Capital Group in Brussels, Belgium.
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William Leung Mr. Leung has been with CNS Asia since 2012 and currently serves as senior vice president. Prior to joining the Advisor, Mr. Leung
was a director, a portfolio manager and head of Asia real estate securities at Deutsche Asset Management/RREEF. Mr. Leung has a masters of business degree from The Hong Kong University of Science & Technology and will be based in Hong Kong.
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Luke SullivanMr. Sullivan has been with CNS Asia since 2006 and currently serves as senior vice president. Prior to joining CNS Asia,
Mr. Sullivan was a vice president and research analyst at Citigroup Investment Research where he covered Australian real estate companies. Prior to that, he was a research assistant at Credit Suisse First Boston.
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Rogier Quirijns
Mr. Quirijns is a senior vice president of the Advisor, overseeing the European real estate securities research
effort. Prior to joining the Advisor in 2008, Mr. Quirijns was a senior real estate equity analyst with ABN AMRO in Amsterdam, where his coverage included France, Scandinavia and the Benelux region. Mr. Quirijns has a degree in business economics
from the University of Amsterdam and is based in London.
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The Advisor and Subadvisors utilize a team-based approach in
managing the Fund. Mr. Harvey is the leader of this team. Messrs. Cheigh, Rovers, Leung, Sullivan and Quirijns direct and supervise the execution of the Funds investment strategy, and lead and guide the other members of the investment team.
The SAI contains additional information about the portfolio managers compensation, other accounts they manage and their ownership of
securities in the Fund.
PRICING OF FUND SHARES
The price at which you can purchase and redeem
the Funds Class I shares is the NAV of the shares next determined after we receive your order in proper form. Proper form means that your request includes the Fund name and account number, states the amount of the transaction (in dollars or
shares), includes the signatures of all owners exactly as registered on the account, signature guarantees (if necessary), any supporting legal documentation that may be required and any outstanding certificates representing shares to be redeemed.
The Fund calculates its NAV per share as of the close of regular trading on the NYSE, generally 4:00 p.m. eastern time, on each day the
NYSE is open for trading. Thus, purchase and redemption orders must be received in proper form by the close of trading on the NYSE in order to receive that days NAV; orders received after the close of regular trading on the NYSE will receive
the NAV next determined. The Fund has authorized one or more brokers to accept on its behalf purchase (and redemption) orders, and these brokers are authorized to designate other intermediaries on the Funds behalf. The Fund will be deemed to
have received a purchase (or redemption) order when an authorized broker, or that brokers designee, accepts the order, and that order will be priced at the next computed NAV after this acceptance. The Fund determines NAV per share for the
Class I shares by dividing that classs share of the net assets of the Fund (
i.e.
, its assets less liabilities) by the total number of Class I shares then outstanding.
Investments in securities that are listed on the 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 asked prices for the day or, if no asked price is available, at the bid price.
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Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in
a similar manner. Securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the
principal market for such securities. If after the close of the foreign markets, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain foreign securities may be fair valued
pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter market, including
listed securities whose primary market is believed by the Advisor to be over-the-counter, are valued at the official closing prices as reported by sources as the Board of Directors deem appropriate to reflect their fair market value. If there has
been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day, or if no asked price is available, at the bid price. However, certain fixed-income securities may be valued on the basis of prices
provided by a pricing service when such prices are believed by the Advisor, pursuant to procedures approved by the Board of Directors, to reflect the fair market value of such securities.
Securities for which market prices are unavailable, or securities for which the Advisor determines that bid and/or asked price or a counterparty valuation does not reflect market value, will be valued at
fair value pursuant to procedures approved by the Funds 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 recent transactions in comparable securities, information relating to the specific security and
developments in the markets.
The Funds 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.
Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates value. Investments
in open-end mutual funds are valued at their closing NAV.
Because the Fund may hold securities that are primarily listed on foreign exchanges
that trade on weekends or days when the Fund does not price its shares, the value of the securities held in the Fund may change on days when you will not be able to purchase or redeem Fund shares.
HOW TO PURCHASE, EXCHANGE AND SELL FUND SHARES
TYPES OF SHAREHOLDERS
QUALIFIED TO PURCHASE CLASS I SHARES
Class I shares are available for purchase only by:
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retirement plans introduced by persons not associated with brokers or dealers that are primarily engaged in the retail securities business and rollover
individual retirement accounts (IRA) from such plans;
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tax-exempt employee benefit plans of the Advisor or its affiliates and securities dealer firms with a selling agreement with the Distributor;
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institutional advisory accounts of the Advisor or its affiliates and related employee benefit plans and rollover IRAs from such institutional advisory
accounts;
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a bank, trust company or similar financial institution investing for its own account or for the account of its trust customers for whom such financial
institution is exercising investment discretion in purchasing Class I shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 plan fee;
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registered investment advisors investing on behalf of clients that consist of institutions and/or individuals;
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clients (including individuals, corporations, endowments, foundations and qualified plans) of approved financial intermediaries who charge such clients
an ongoing fee for advisory, investment, consulting or similar services, or who have entered into an agreement with the Distributor to offer Class I shares through an omnibus account, no-load network or platform;
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investors who purchase through certain wrap programs, fee based advisory programs, asset allocation programs and similar programs with
approved financial intermediaries;
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current officers, directors and employees (and their immediate families) of the Fund, the Advisor, the Subadvisors, CNS, the Distributor, and to any
trust, pension, profit-sharing or other benefit plan for only such persons; and
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investors having a direct relationship with the Advisor or its affiliates.
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PURCHASE MINIMUMS
You may open an account with the Fund with a minimum
investment of $100,000. If you are a registered advisor, you may open a Class I account with the Fund with an aggregate minimum investment of $100,000. The Fund reserves the right to waive or change its minimum investment requirements.
HOW TO PURCHASE FUND SHARES
F
ORM
OF
P
AYMENT
We will accept payment for shares in two forms:
1. A check drawn on any bank or domestic savings institution. Checks must be payable in U.S. dollars and will be accepted subject to collection at full face value.
2. A bank wire or federal reserve wire of federal funds.
P
URCHASES
OF
F
UND
S
HARES
Initial Purchase By Wire
1. Telephone
toll free from any continental U.S. state: (800) 437-9912. When you contact the Transfer Agent, you will need the following information:
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name(s) in which shares are to be registered;
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social security or tax identification number (where applicable);
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dividend payment election;
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name of the wiring bank; and
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name and telephone number of the person to be contacted in connection with the order.
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The Transfer Agent will assign you an account number.
2. Instruct the wiring bank to transmit at least the required minimum amount (see Purchase Minimums above) to the custodian:
State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
ABA # 011000028
Account: DDA #99055287
Attn: Cohen & Steers International Realty Fund, Inc.
For further credit to: (Account Name)
Account Number: (provided by the Transfer
Agent)
3. Complete the Subscription Agreement attached to this Prospectus and mail the Subscription Agreement to the Transfer Agent:
Boston Financial Data Services
Attn: Cohen & Steers Funds
P.O. Box 8123
Boston, Massachusetts 02266-8123
Additional Purchases By Wire
1.
Telephone toll free from any U.S. continental state: (800) 437-9912. When you contact the Transfer Agent, you will need the following information:
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name of the wiring bank; and
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name and telephone number of the person to be contacted in connection with the order.
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2. Instruct the wiring bank to transmit at least the required minimum amount (see Purchase Minimums above)
to the custodian:
State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
ABA # 011000028
Account: DDA #99055287
Attn: Cohen & Steers International Realty Fund, Inc.
For further credit
to: (Account Name)
Account Number: (provided by the Transfer Agent)
Initial Purchase By Mail
1. Complete the Subscription Agreement attached to this
Prospectus.
2. Mail the Subscription Agreement and a check in at least the required minimum amount (see Purchase Minimums above), payable to
the Fund, to the Transfer Agent at the above address.
Additional Purchases By Mail
1. Make a check payable to the Fund in at least the required minimum amount (see Purchase Minimums above). Write your Fund account number and the class of
shares to be purchased on the check.
2. Mail the check and the detachable stub from your account statement (or a letter providing your
account number) to the Transfer Agent at the address set forth above.
P
URCHASES
T
HROUGH
D
EALERS
AND
I
NTERMEDIARIES
You may purchase the Funds shares through authorized dealers and other financial
intermediaries.
Financial service firms that do not have a sales agreement with the Distributor also may place orders for purchases of the
Funds shares, but may charge you a transaction fee.
Dealers and financial service firms are responsible for promptly transmitting
purchase orders to the Distributor. These dealers and financial service firms may also impose charges for handling transactions placed through them that are in addition to the charges described in this Prospectus. Such charges may include processing
or service fees, which are typically fixed dollar amounts. You should contact your dealer or financial service firm for more information about any additional charges that may apply.
ADDITIONAL INFORMATION ON PURCHASE OF FUND SHARES
A
DDITIONAL
C
LASSES
O
FFERED
In addition to offering Class I shares, the Fund also offers Class A and Class C shares, which are described in a separate Prospectus. To obtain a Prospectus for these classes, contact Boston
Financial Data Services, Inc. (the Transfer Agent) by writing to the address or by calling the telephone number listed on the back cover of this Prospectus.
D
EALER
C
OMPENSATION
Dealers will be paid a commission when you buy
shares and may also be compensated through the service fees paid by the Fund. In addition, dealers may charge fees for administrative and other services that such dealers provide to Fund shareholders. These fees may be paid by the Advisor out of its
own
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resources and/or by the Fund pursuant to a networking or sub-transfer agency arrangement. See Additional InformationNetworking and Sub-Transfer Agency Fees.
A
UTOMATIC
I
NVESTMENT
P
LAN
AND
P
URCHASES
BY
ACH
The Funds automatic investment plan (the Plan) provides a convenient way to invest in the Fund. Under the Plan, you can have
money transferred automatically from your checking account to the Fund each month to buy additional shares. If you are interested in this Plan, please refer to the automatic investment plan section of the Subscription Agreement attached to this
Prospectus or contact your dealer. The market value of the Funds shares may fluctuate, and a systematic investment plan such as this will not assure a profit or protect against a loss. You may discontinue the Plan at any time by notifying
the Fund by mail or telephone at the address or number on the back cover of this Prospectus.
You may purchase additional shares of the
Fund by automated clearing house (ACH). To elect the Auto-Buy option, select it on your Subscription Agreement or call the Transfer Agent and request an optional shareholder services form. ACH is similar to the Plan, except that you may choose the
date on which you want to make the purchase. We will need a voided check or deposit slip before you may purchase by ACH. If you are interested in this option, please call (800) 437-9912.
The Fund reserves the right to reject or cancel any purchase order and to withdraw or suspend the offering of shares at any time. In addition, the Fund reserves the right to waive or change its minimum
investment requirements. The Fund may also request additional information from you in order to verify your identity. If you do not provide this information or if such information cannot be verified, we reserve the right to close your account to the
extent required or permitted by applicable law or regulations, including those relating to the prevention of money laundering.
EXCHANGE PRIVILEGE
You may exchange some or all of your Fund shares for shares of other Cohen & Steers open-end funds, provided that you meet
applicable investment minimums. If you exchange Fund shares for shares of another Cohen & Steers open-end fund that imposes sales charges, you must exchange into shares of the same class of such other fund.
You may, under certain circumstances, exchange Fund shares for a different class of shares of the same Fund, and move shares held in certain types of
accounts to a different type of account or to a new account maintained by a financial intermediary. To qualify for a potential exchange, you must be eligible to purchase the class of shares you wish to exchange into (including satisfying any
applicable investment minimum) and, if you invest in the Fund through an intermediary, your intermediary must have an arrangement with the Distributor to offer such class. No sales charges or other charges will apply to any such exchange. For
federal income tax purposes, a same-fund share class exchange is not expected to result in the realization by the investor of a capital gain or loss; however, shareholders are advised to consult with their own tax advisors with respect to the
particular tax consequences to them of an investment in the Fund. In addition, shareholders are advised to consult with their own tax advisors with respect to any tax consequences to them relating to an exchange of Fund shares for shares of a
different Cohen & Steers fund. Please speak with your financial intermediary or tax advisor if you have any questions.
The Fund also makes
available for exchange shares of SSgA Money Market Fund, which is advised by SSgA Funds Management, Inc. You may request a prospectus and application for the SSgA Money Market Fund by calling (800) 437-9912. Please read the prospectus carefully
before you invest.
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An exchange of shares may result in your realizing a taxable gain or loss for income tax purposes. See
Additional InformationTax Considerations. The exchange privilege is available to shareholders residing in any state in which the shares being acquired may be legally sold. Before you exercise the exchange privilege, you should read the
prospectus of the fund whose shares you are acquiring, and all exchanges are subject to any other limits on sales of or exchanges into that fund. Certain dealers and other financial intermediaries may limit or prohibit your right to use the exchange
privilege and may charge you a fee for exchange transactions placed through them.
We have adopted reasonable procedures that are designed to
ensure that any telephonic exchange instructions are genuine. Neither the Fund nor its agents will be liable for any loss or expenses if we act in accordance with these procedures. We may modify or suspend telephone exchange privileges without
notice during periods of drastic economic or market changes.
We may modify or revoke the exchange privilege for all shareholders upon 60 days prior written notice and this privilege may be revoked immediately with respect to any shareholder
if the Fund believes that the shareholder is engaged in, or has engaged in,
market timing or other abusive trading practices.
For additional information concerning exchanges, or to make an exchange, please call the Transfer Agent at
(800) 437-9912.
HOW TO SELL FUND SHARES
You may sell or redeem your shares through authorized dealers, other financial intermediaries or through the Transfer Agent. If your shares are held by
your dealer or intermediary in street name, you must redeem your shares through that dealer or intermediary.
Redemptions
Through Dealers and Other Intermediaries
If you have an account with an authorized dealer or other intermediary, you may submit a
redemption request to such dealer or intermediary. They are responsible for promptly transmitting redemption requests to the Distributor. Dealers and intermediaries may impose charges for handling redemption transactions placed through them that are
in addition to the charges described in this Prospectus. Such charges may include processing or service fees, which are typically fixed dollar amounts. You should contact your dealer or intermediary for more information about any additional charges
that may apply.
Redemption By Telephone
To redeem shares by telephone, call the Funds Transfer Agent at (800) 437-9912. In order to be honored at that days price, we must receive any telephone redemption requests by the close
of regular trading on the NYSE that day, generally 4:00 p.m., eastern time. Orders received after the close of regular trading on the NYSE will receive the NAV next determined.
If you would like to change your telephone redemption instructions, you must send the Transfer Agent written notification signed by all of the accounts registered owners, accompanied by signature
guarantee(s), as described below.
We may modify or suspend telephone redemption privileges without notice during periods of drastic economic
or market changes. We have adopted reasonable procedures that are designed to ensure that any telephonic redemption instructions are genuine. Neither the Fund nor its agents will be liable for any loss or expenses if we act in accordance with these
procedures.
We may modify or terminate the telephone redemption privilege at any time on 30 days notice to shareholders.
22
Redemption By Mail
You can redeem Fund shares by sending a written request for redemption to the Transfer Agent:
Boston Financial Data Services
P.O. Box 8123 Boston,
Massachusetts 02266-8123
Attn: Cohen & Steers International Realty Fund, Inc.
A written redemption request must:
·
|
|
state the number of shares or dollar amount to be redeemed;
|
·
|
|
identify your account number and tax identification number; and
|
·
|
|
be signed by each registered owner exactly as the shares are registered.
|
If the shares to be redeemed were issued in certificate form, the certificate must be endorsed for transfer (or be accompanied by a duly executed stock power) and must be submitted to the Transfer Agent
together with a redemption request.
For redemptions made by corporations, executors, administrators or guardians, the Transfer Agent may
require additional supporting documents evidencing the authority of the person making the redemption (including evidence of appointment or incumbency). For additional information regarding the specific documentation required, contact the Transfer
Agent at (800) 437-9912.
The Transfer Agent will not consider your redemption request to be properly made until it receives all required
documentation in proper form.
O
THER
R
EDEMPTION
I
NFORMATION
Payment of Redemption Proceeds
The Fund
will send you redemption proceeds by check. However, if you made an election on the Subscription Agreement to receive redemption proceeds by wire, the Fund will send the proceeds by wire to your designated bank account. When proceeds of a redemption
are to be paid to someone other than the shareholder, either by wire or check, you must send a letter of instruction and the signature(s) on the letter of instruction must be guaranteed, as described below, regardless of the amount of the
redemption. The Transfer Agent will normally mail checks for redemption proceeds within five business days. Redemptions by wire will normally be sent within two business days. The Fund will delay the payment of redemption proceeds, however, if your
check used to pay for the shares to be redeemed has not cleared, which may take up to 15 days or more. The Fund may suspend the right of redemption or postpone the date of payment if trading is halted or restricted on the NYSE or under other
emergency conditions as permitted by the 1940 Act.
The Fund will pay redemption proceeds in cash, by check or wire, unless the Board of
Directors believes that economic conditions exist which make redeeming in cash detrimental to the best interests of the Fund. In the event that this were to occur, all or a portion of your redemption proceeds would consist of readily marketable
portfolio securities of the Fund transferred into your name. You would then incur brokerage costs in converting the securities to cash. The Fund has elected, however, to be governed by Rule 18f-1 under the 1940 Act, as a result of which the Fund is
obligated to redeem shares, with respect to any one shareholder during any 90-day period, solely in cash up to the lesser of $250,000 or 1% of the Fund's NAV at the beginning of the period.
23
Signature Guarantee
You may need to have your signature guaranteed (STAMP 2000 Medallion) in certain situations, such as:
·
|
|
written requests to wire redemption proceeds (if not previously authorized on the Subscription Agreement);
|
·
|
|
sending redemption proceeds to any person, address or bank account not on record; and
|
·
|
|
transferring redemption proceeds to a Cohen & Steers fund account with a different registration (name/ownership) from yours.
|
You can obtain a signature guarantee from most banks, savings institutions, broker-dealers and other guarantors acceptable
to the Fund. The Fund cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud. A Signature Validation Program (SVP) stamp may be accepted for certain non-financial shareholder account
changes.
Systematic Withdrawal Plan
Shareholders may redeem their shares through a Systematic Withdrawal Plan (SWP). Under the SWP, shareholders or their financial intermediaries may request that a payment drawn in a predetermined amount be
sent to them on a monthly, quarterly or annual basis. If you elect this method of redemption, the Fund will send a check directly to your address of record or will send the payment directly to your bank account via electronic funds transfer through
the ACH network. For payment through the ACH network, your bank must be an ACH member and your bank account information must be previously established on your account. For additional information on the SWP, please contact the Transfer Agent at (800)
437-9912. The SWP may be terminated at any time by the Fund.
Redemption of Small Accounts
If your Fund account has a value of $100,000 or less as the result of any voluntary redemption, we may redeem your remaining shares. We will, however,
give you 30 days notice of our intention to do so. During this 30-day notice period, you may make additional investments to increase your account value to $100,000 (the minimum purchase amount) or more and avoid having the Fund automatically
liquidate your account.
FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES
The Fund is designed for long-term investors with investment horizons of at least two months. Excessive trading, short-term market timing or other abusive trading practices may disrupt portfolio
management strategies and harm portfolio performance. For example, in order to handle large flows of cash into and out of the Fund, a portfolio manager may need to allocate more assets to cash or other short-term investments or sell securities.
Transaction costs, such as brokerage commissions and market spreads, can detract from the Funds performance. Additionally, excessive trading is a concern for the Fund because the Funds portfolio will have foreign securities and therefore
could be subject to time-zone arbitrage.
Because of potential harm to the Fund and its long-term investors, the Board of Directors of the Fund
has adopted policies and procedures to discourage and prevent excessive trading and short-term market timing. As part of these policies and procedures, the Advisor monitors purchase, exchange and redemption activity in Fund shares. The intent is not
to inhibit legitimate strategies such as asset
24
allocation, dollar cost averaging or similar activities that may nonetheless result in frequent trading of the Funds shares. Under these procedures, the Fund generally prohibits more than
two purchases and sales or exchanges of its shares within a 60 day calendar period.
The following transactions are excluded when determining
whether trading activity is excessive: (i) transfers associated with systematic purchases or redemptions; (ii) transactions through firm-sponsored, discretionary asset allocation or wrap programs; and (iii) transactions subject to the
trading policy of an intermediary that the Fund deems materially similar to the Funds policy.
If, based on these procedures, the Advisor
determines that a shareholder is engaged in, or has engaged in, market timing or excessive trading, we may place a temporary or permanent block on all further purchases or exchanges of Fund shares.
Multiple accounts under common ownership or control may be considered one account for the purpose of determining a pattern of excessive trading,
short-term market timing or other abusive trading practices.
The Fund will also utilize fair value pricing in an effort to reduce arbitrage
opportunities available to short-term traders.
Due to the complexity involved in identifying excessive trading and market timing activity,
there can be no guarantee that the Fund will be able to identify and restrict such activity in all cases. Additionally, it is more difficult for the Fund to monitor the trading activity of beneficial owners of Fund shares who hold those shares
through third-party 401(k) and other group retirement plans and other omnibus arrangements maintained by broker/dealers and other intermediaries. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership
positions and purchase, redeem and exchange Fund shares in a single account.
In certain circumstances the Fund may accept frequent trading
restrictions of intermediaries that differ from the Funds policies. Since such intermediaries execute or administer transactions with many fund families, it may be impractical for them to enforce a particular funds frequent trading or
exchange policy. These alternate trading restrictions would be authorized only if the Fund believes that the alternate restrictions would provide reasonable protection to the Fund and its shareholders.
ADDITIONAL INFORMATION
SHAREHOLDER SERVICES PLAN
The Fund has adopted a shareholder services plan, pursuant to which the Fund pays the
Distributor a fee at an annual rate of up to 0.10% of the average daily NAV of the Funds Class I shares for shareholder account service and
maintenance. Under this plan, the Fund or the
Distributor may enter into agreements with qualified financial institutions to provide these
shareholder services, and the Distributor is responsible for payment to the financial institutions.
Services provided may vary based on the
services offered by your financial institution.
NETWORKING AND SUB-TRANSFER AGENCY FEES
The Fund may also enter into agreements with financial intermediaries pursuant to which the Fund will pay financial intermediaries for services such as networking or sub-transfer agency. Payments made
pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by such financial intermediaries, or (2) the number of Fund
25
shareholders serviced by such financial intermediaries. From time to time, the Advisor may pay a portion of the fees for networking or sub-transfer agency services at its own expense and out of
its own profits.
OTHER COMPENSATION
The
Advisor and the Distributor may make payments from their own resources to dealers and other financial intermediaries for distribution, administrative or other services. These payments may be significant to the dealers and the financial
intermediaries, and may create an incentive for a dealer or financial intermediary or their representatives to recommend or sell shares of a particular fund or share class over other mutual funds or share classes. Additionally, these payments may
result in the Fund receiving certain marketing or servicing advantages that are not generally available to mutual funds that do not make such payments, including placement on a sales list, including a preferred or select sales list, or in other
sales programs. These payments, which are in addition to any amounts you may pay your dealer or other financial intermediary, may create potential conflicts of interest between an investor and a dealer or other financial intermediary who is
recommending a particular mutual fund over other mutual funds. Please contact your dealer or intermediary for details about payments it may receive. For further details, please consult the SAI.
DIVIDENDS AND DISTRIBUTIONS
The Fund intends to declare and pay
dividends from its investment income semi-annually. The Fund intends to distribute net realized capital gains, if any, at least once each year, normally in December. The Transfer Agent will automatically reinvest your dividends and distributions in
additional shares of the Fund unless you elected on your Subscription Agreement to have them paid to you in cash.
TAX CONSIDERATIONS
The following tax discussion offers only a brief outline of the federal income tax consequences of investing in the Fund and is based on
the federal tax laws in effect on the date hereof. Such tax laws are subject to change by legislative, judicial or administrative action, possibly with retroactive effect. Further, this discussion does not address tax consequences to specific types
of shareholders such as tax-deferred retirement plans or foreign shareholders (defined below). In the SAI, we have provided more detailed information regarding the tax consequences of investing in the Fund.
Dividends paid to you out of the Funds investment income will generally be taxable to you as ordinary income. Taxes on distributions of capital
gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long you have owned your shares. Distributions from the sale of investments that the Fund owned for more than one
year and that are properly reported by the Fund as capital gain dividends are taxable to you as long-term capital gains includible in net capital gains and taxed to individuals at reduced rates. Distributions from the sale of investments that the
Fund owned for one year or less are taxable to you as ordinary income.
If a portion of the Funds income consists of dividends paid by
U.S. corporations, a portion of the dividends paid by the Fund may be eligible for the corporate dividends-received deduction for corporate shareholders. In addition, distributions reported by the Fund as derived from qualified dividend income
(QDI) will be taxed in the hands of individuals at the reduced rates applicable to net capital gains, provided certain holding period and other requirements are met by both the shareholder and the Fund. Dividend income that the Fund
receives from REITs will generally not be treated as QDI and will not
26
qualify for the corporate dividends-received deduction. The Fund cannot predict at this time what portion, if any, will qualify for the dividends-received deduction or be eligible for the reduced
rates of taxation applicable to QDI.
For taxable years beginning on or after January 1, 2013, a 3.8% Medicare contribution tax is
imposed on the net investment income of certain individuals whose income exceeds certain threshold
amounts, and of certain trusts and estates under similar rules. Net investment income generally
includes for this purpose dividends paid by a Fund, including any capital gain dividends but excluding
any exempt-interest dividends, and net capital gains recognized on the sale, redemption or exchange of
shares of a Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.
A distribution of an amount in excess of the Funds current and accumulated earnings and profits is treated as a non-taxable return of capital that
reduces your tax basis in your Fund shares; any such distributions in excess of your tax basis are treated as gain from a sale of your shares. The tax treatment of your dividends and distributions will be the same regardless of whether they were
paid to you in cash or reinvested in additional Fund shares. If you buy shares of the Fund when the Fund has realized but not yet distributed income or capital gains, you will be buying a dividend by paying the full price for the shares
and then receiving a portion back in the form of a taxable distribution.
A distribution will be treated as paid to you on December 31 of the
current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid during January of the following year.
Each year, we will notify you of the tax status of dividends and other distributions.
The Fund
has elected to be treated as, and intends to qualify each year to be treated as, a regulated investment company (RIC) under U.S. federal income tax law. In order to qualify and be treated as a RIC, the Fund must derive at least 90% of its gross
income for each taxable year from qualifying income as defined in the Internal Revenue Code of 1986, as amended and meet requirements with respect to diversification of assets and distribution of income and gains. If the Fund does so,
the Fund generally will not be required to pay federal income taxes on any income it distributes to shareholders. If the Fund were to fail to meet any one of these requirements, the Fund could in some cases cure such failure including by paying a
Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, the Fund would be subject to tax on its taxable income and net
capital gains at corporate rates, and all distributions from earnings and profits, including any distributions of net long-term capital gains, would be taxable to shareholders as ordinary income.
Certain income received from sources outside the United States may be subject to withholding taxes imposed by other countries. In the event that more than
50% of the value of the total assets of the Fund at the close of the taxable year consists of stock or securities of foreign corporations, the Fund may make an election to pass through to its shareholders the amount of foreign income taxes paid by
it. If the Fund makes this election, you will be required to include your share of those taxes in gross income as a distribution from the Fund and you generally will be allowed to claim a credit (or a deduction, if you itemize deductions) for such
amounts on your federal U.S. income tax return, subject to certain limitations.
Any transaction by the Fund in foreign currencies, foreign
currency-denominated debt securities or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the
27
value of the foreign currency concerned. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income.
Equity investments by the Fund in certain passive foreign investment companies could subject the Fund to a U.S. federal income tax
(including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. The Fund may make certain elections in order to avoid such tax, which may cause the Fund to recognize
taxable income without a corresponding receipt of cash. The Fund may be required to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirements for treatment as a regulated investment
company. Because it is not always possible to identify a foreign corporation as a passive foreign investment company, the Fund may incur the tax and interest charges described above in some instances.
If you sell or redeem your Fund shares, or exchange them for shares of another Cohen & Steers open-end fund, you may realize a capital gain or loss
(provided the shares are held as a capital asset) which will be long-term or short-term, depending on your holding period for the shares.
Upon
the redemption or exchange of your shares in the Fund, the Fund or, if you purchase your shares through a financial intermediary, your financial intermediary generally will be required to provide you and the IRS with cost basis and certain other
related tax information about the Fund shares you redeemed or exchanged. This cost basis reporting requirement is effective for shares purchased, including through dividend reinvestment, on or after January 1, 2012. Please see the
Subscription Agreement or consult your financial intermediary, as appropriate, for more information regarding available methods for cost basis reporting and how to select or change a particular method. Please consult your tax advisor to determine
which available cost basis method is best for you.
We may be required to withhold U.S. federal income tax from all taxable distributions and
redemption proceeds payable if you:
·
|
|
fail to provide us with your correct taxpayer identification number;
|
·
|
|
fail to make required certifications; or
|
·
|
|
have been notified by the Internal Revenue Service that you are subject to backup withholding.
|
Backup withholding is not an additional tax. Any amounts withheld may be credited against your U.S. federal income tax liability.
Fund distributions also may be subject to state and local taxes. You should consult with your own tax advisor regarding the particular consequences of
investing in the Fund.
Non-resident alien individuals, foreign trusts or estates, foreign corporations or foreign partnerships (foreign
shareholders) are advised to consult with their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.
Please see the SAI for more detailed tax information.
28
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to
help you understand the financial performance of the Funds Class I shares for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would
have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The financial highlights have been derived from financial statements audited by PricewaterhouseCoopers LLP, whose report, along with the
Funds audited financial statements, is included in the Funds current annual report, which is available free of charge upon request or by visiting www.cohenandsteers.com.
The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the
financial statements and notes thereto.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Class I
|
|
|
|
For the Year Ended December 31,
|
|
Per Share Operating Performance:
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
Net asset value, beginning of year
|
|
$
|
9.02
|
|
|
$
|
11.14
|
|
|
$
|
10.51
|
|
|
$
|
8.43
|
|
|
$
|
16.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)
|
|
|
0.21
|
|
|
|
0.24
|
|
|
|
0.25
|
(b)
|
|
|
0.21
|
|
|
|
0.31
|
|
Net realized and unrealized gain (loss)
|
|
|
2.90
|
|
|
|
(2.09
|
)
|
|
|
1.15
|
|
|
|
2.78
|
|
|
|
(7.90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations
|
|
|
3.11
|
|
|
|
(1.85
|
)
|
|
|
1.40
|
|
|
|
2.99
|
|
|
|
(7.59
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less dividends and distributions to shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.77
|
)
|
|
|
(0.27
|
)
|
|
|
(0.77
|
)
|
|
|
(0.91
|
)
|
|
|
|
|
Tax return of capital
|
|
|
|
|
|
|
(0.00
|
)
(c)
|
|
|
|
|
|
|
|
|
|
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions to shareholders
|
|
|
(0.77
|
)
|
|
|
(0.27
|
)
|
|
|
(0.77
|
)
|
|
|
(0.91
|
)
|
|
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption fees retained by the Fund
|
|
|
|
|
|
|
0.00
|
(c)
|
|
|
0.00
|
(c)
|
|
|
0.00
|
(c)
|
|
|
0.00
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net asset value
|
|
|
2.34
|
|
|
|
(2.12
|
)
|
|
|
0.63
|
|
|
|
2.08
|
|
|
|
(7.76
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year
|
|
$
|
11.36
|
|
|
$
|
9.02
|
|
|
$
|
11.14
|
|
|
$
|
10.51
|
|
|
$
|
8.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return
(d)
|
|
|
34.97
|
%
|
|
|
16.83
|
%
|
|
|
13.95
|
%
|
|
|
35.96
|
%
|
|
|
47.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Ratios/Supplemental Data:
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|
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|
|
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|
|
|
|
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|
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|
|
|
|
|
|
Net assets, end of year
(in millions)
|
|
$
|
659.1
|
|
|
$
|
788.1
|
|
|
$
|
826.5
|
|
|
$
|
686.9
|
|
|
$
|
528.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average daily net assets
|
|
|
1.27
|
%
(e)
|
|
|
1.26
|
%
(e)
|
|
|
1.26
|
%
(e)
|
|
|
1.31
|
%
(e)
|
|
|
1.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average daily net assets
|
|
|
2.04
|
%
(e)
|
|
|
2.30
|
%
(e)
|
|
|
2.41
|
%
(e)
|
|
|
2.23
|
%
|
|
|
2.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover rate
|
|
|
76
|
%
|
|
|
106
|
%
|
|
|
84
|
%
|
|
|
190
|
%
|
|
|
88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Calculation based on average shares outstanding.
|
(b)
|
25.2% of gross income was attributable to dividends paid by Unibail-Rodamco.
|
(c)
|
Amount is less than $0.005.
|
(d)
|
Return assumes reinvestment of all dividends and distributions at NAV.
|
(e)
|
Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.
|
29
C
OHEN
& S
TEERS
I
NTERNATIONAL
R
EALTY
F
UND
, I
NC
. C
LASS
I S
HARES
O
NLY
THE USA PATRIOT ACT
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial
institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: when you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. This information will be verified to
ensure the identity of all individuals opening a mutual fund account.
SUBSCRIPTION AGREEMENT
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1
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Account Type
(Please print; indicate only one registration type)
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¨
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A. Individual or Joint Account*
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-
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-
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Name
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Social Security Number**
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Date of Birth
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-
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-
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Name of Joint Owner, if any
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Social Security Number**
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Date of Birth
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Citizenship:
¨
U.S.
Citizen
¨
Resident*** Alien***
¨
Nonresident
Alien:
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¨
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B. Uniform Gifts/Transfers to Minors (UGMA/UTMA)
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-
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-
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Custodians name (only one permitted)
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Social Security Number**
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Date of Birth
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-
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-
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Minors name (only one permitted)
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Social Security Number**
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Date of Birth
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under the
Uniform Gifts/Transfers to Minors Act
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(state residence of minor)
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Citizenship of custodian:
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¨
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U.S. Citizen
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¨
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Resident Alien
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¨
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Nonresident Alien***:
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Country of Citizenship
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Citizenship of minor:
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¨
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U.S. Citizen
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¨
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Resident Alien
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¨
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Nonresident Alien***:
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Country of Citizenship
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Citizenship of minor:
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¨
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U.S. Citizen
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¨
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Resident Alien
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¨
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Nonresident Alien***:
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Country of Citizenship
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¨
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C. Trust, Corporation or Other Entity
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Name of Trust, Corporation or Other Entity
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Tax Identification Number**
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Date of Trust Agreement
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Check the box that describes the entity establishing the account:
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¨
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U.S. Financial Institution governed by a federal regulator.
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¨
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Bank governed by a U.S. state bank regulator.
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¨
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Corporation. If Corporation, provide the tax classification:
(C=C Corporation, S=S Corporation). Attach a copy of the certified articles of incorporation or business license unless the
corporation is publicly traded on the New York Stock Exchange or NASDAQ. If so, please provide ticker symbol:
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¨
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Retirement plan governed by ERISA.
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¨
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Trust. Attach a copy of the Trust Agreement.
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¨
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Partnership. Attach a copy of Partnership Agreement.
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¨
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Limited Liability Company (LLC). If LLC, provide the tax
classification:
(C= C Corporation, S=S Corporation, P=Partnership).
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¨
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U.S. Government Agency or Instrumentality.
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¨
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Foreign correspondent account, foreign broker dealer or foreign private banking account.
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¨
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Other.
Attach copy of document that formed entity or by laws or similar document.
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Call (800) 437-9912 to see if additional information is required.
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*
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All joint registrations will be registered as joint tenants with rights of survivorship unless otherwise specified.
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**
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If applied for, include a copy of application for social security or tax identification number.
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***
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Nonresident aliens must include a copy of a government-issued photo ID with this application.
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If no classification is provided, per IRS regulations, your account will default to an S Corporation.
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IRFAXSAGI-0513
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2
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Authorized Persons
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If you are establishing an account under 1C above as a (i) Corporation (non-publicly traded), (ii) Partnership, (iii) Trust or (iv) Other, information on each of
the individuals authorized to effect transactions must be provided below:
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-
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-
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Authorized Individual/Trustee
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Social Security Number*
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Date of Birth
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-
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-
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Authorized Individual/Trustee
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Social Security Number*
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Date of Birth
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Citizenship:
¨
U.S.
Citizen
¨
Resident Alien
¨
Nonresident
Alien**:
|
(If there are more than two authorized persons, provide the information, in the same format, on a separate
sheet for each such additional person.)
|
*
|
If applied for, include a copy of application for social security number.
|
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**
|
Nonresident aliens must include a copy of a government-issued photo ID with this application.
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3
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Address
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(If mailing address is a post office box, a street address is also required. APO and FPO addresses will be
accepted.)
Registrant Street Address
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(
)
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Street
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Home Telephone Number
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(
)
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City and
State
Zip Code
|
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Business Telephone Number
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Mailing Address
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City
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State
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Zip
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Joint Registrant Street Address (required if different than Registrant Address above)
$
Amount to invest ($100,000 minimum investment). Do not send cash. Investment will be paid for by
(please check one):
|
¨
|
Check or draft made payable to Cohen & Steers International Realty Fund, Inc.
|
|
¨
|
Wire through the Federal Reserve
System.*
|
|
*
|
Call (800) 437-9912 to notify the Fund of investments by wire and to obtain an Account Number. See the
Purchase of Fund Shares
section of the Prospectus for wire instructions.
|
Federal law requires mutual fund companies to report cost basis information to shareholders and to the
Internal Revenue Service (IRS) on mutual fund shares acquired and subsequently redeemed after December 31, 2011 (covered shares). In order to provide you and the IRS with accurate cost basis accounting, you are being
asked to select a cost basis method to be applied to your covered shares.
Please consult your tax adviser to determine which
method best suits your individual tax situation.
If you do not elect a method, the Fund default method of Average Cost will
apply until it is either revoked or changed by you.
Please check one of the following available cost basis methods:
|
¨
|
Average Cost (ACST) The purchase price of all shares in the account are averaged
|
|
¨
|
First In, First Out (FIFO) Depletes shares beginning with the earliest acquisition date
|
|
¨
|
Last In, First Out (LIFO) Depletes shares beginning with the most recent acquisition date
|
|
¨
|
High Cost (HIFO) Depletes shares beginning with the most expensive shares
|
|
¨
|
Low Cost (LOFO) Depletes shares beginning with the least expensive shares
|
|
¨
|
Loss/Gain Utilization (LGUT) Depletes shares with losses prior to shares with gains and short-term shares prior to long-term shares
|
|
¨
|
Specific Lot Identification Depletes shares according to the lots chosen by the shareholder at the time of each redemption. If you choose this method, you will
need to select a secondary cost basis method to be used for systematic redemptions in cases where the lots you designate are insufficient or unavailable. Please check one of the following:
|
|
¨
|
First In, First Out (FIFO)
|
|
¨
|
Last In, First Out (LIFO)
|
|
¨
|
Loss/Gain Utilization (LGUT)
|
Your elected cost basis method will be applied to all covered shares in this account and future accounts opened with the
Cohen & Steers Funds that have the identical name, account type and registration as listed on this Subscription Agreement.
|
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|
6
|
|
Automatic Investment Plan
|
|
|
|
|
|
A.
|
The Automatic Investment Plan makes possible regularly scheduled monthly purchases of Fund shares. The Funds Transfer Agent can arrange for an amount of money
selected by you ($500 minimum) to be deducted from your checking account and used to purchase shares of the Fund.
|
Please debit $
from my checking
account beginning on
*.
(Month)
Please
debit my account on
(check one)
:
¨
1st of Month
¨
15th of Month
|
B.
|
¨
Please establish the Auto-Buy option, which allows you to make additional investments on dates you choose
by having an amount of money selected by you ($500 minimum) deducted from your checking account.*
|
|
*
|
To initiate the Automatic Investment Plan or the Auto-Buy option, Section 10 of this Subscription Agreement must be completed.
|
Exchange privileges will be automatically granted unless you check the box below. Shareholders wishing to
exchange into other Cohen & Steers Funds or the SSgA Money Market Fund should consult the
Exchange Privilege
section of the
Prospectus. (Note: If shares are being purchased through a dealer, please contact your dealer for availability of this service.)
|
¨
|
I decline the exchange privilege.
|
Shareholders may select the following redemption privileges by checking the box(es) below. See
How to Sell Fund Shares
section of the Prospectus for further details. Redemption privileges will be automatically declined for boxes not checked.
|
¨
|
I authorize the Transfer Agent to redeem shares in my account(s) by telephone, in accordance with the procedures and conditions set forth in the Funds current
Prospectus.
|
|
¨
|
I wish to have redemption proceeds paid by wire (please complete Section 10).
|
Dividends and capital gains may be reinvested or paid by check. If no options are selected below, both
dividends and capital gains will be reinvested in additional Fund shares.
|
|
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|
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|
|
Dividends
|
|
¨
Reinvest.
|
|
¨
Pay in cash.
|
|
|
|
|
|
|
Capital Gains
|
|
¨
Reinvest.
|
|
¨
Pay in cash.
|
|
|
|
¨
|
I wish to have my distributions paid by wire (please complete Section 10).
|
|
|
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|
|
10
|
|
Bank of Record (for Wire Instructions and/or Automatic Investment Plan)
|
|
|
Please attach a voided check from your bank account.
|
|
|
|
|
Bank Name
|
|
|
|
Bank ABA Number
|
|
|
|
|
|
Street or P.O. Box
|
|
|
|
Bank Account Number
|
|
|
|
|
|
City and State Zip Code
|
|
|
|
Account Name
|
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|
11
|
|
Signature and Certifications
|
|
|
|
|
(a)
|
By signing this agreement, I represent and warrant that:
|
|
(1)
|
I have the full right, power, capacity and authority to invest in the Fund;
|
|
(2)
|
I am of legal age in my state of residence or am an emancipated minor;
|
|
(3)
|
All of the information on this agreement is true and correct; and
|
|
(4)
|
I will notify the Fund immediately if there is any change in this information.
|
(b)
|
I have read the current Prospectus of the Fund and this agreement and agree to all their terms. I also agree that any shares purchased now or later are and will be
subject to the terms of the Funds Prospectus as in effect from time to time. Further, I agree that the Fund, its administrators and service providers and any of their directors, trustees, employees and agents will not be liable for any claims,
losses or expenses (including legal fees) for acting on any instructions believed to be genuine, provided that reasonable security procedures have been followed. If an account has multiple owners, the Fund may rely on the instructions of any one
account owner unless all owners specifically instruct the Fund otherwise.
|
(c)
|
I am aware that under the laws of certain states, the assets in my account may be transferred (escheated) to the state if no activity occurs in my account within a
specified period of time.
|
(d)
|
If I am a U.S. citizen, resident alien, or a representative of a U.S. entity, I certify, under penalty of perjury, that:
|
|
(1)
|
The taxpayer identification number and tax status shown on this form are correct.
|
|
(2)
|
I am not subject to backup withholding because:
|
|
|
|
I am exempt from backup withholding, OR
|
|
|
|
I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report
all interest or dividends, OR
|
|
|
|
The IRS has notified me that I am no longer subject to backup withholding.
|
NOTE: If you have been notified by the IRS that you are currently subject to backup withholding because of under-reporting interest or
dividends on your tax return, you must cross out this Item 2.
|
(3)
|
I am a U.S. person (including resident alien).
|
(e)
|
If I am a nonresident alien, I understand that I am required to complete and attach the appropriate Form W-8 to certify my foreign status.
|
|
(1)
|
Indicate country of residence for tax purposes Under penalty of perjury, I certify that I am not a U.S. citizen or resident alien and I am an exempt foreign person as
defined by the IRS.
|
(f)
|
Additional Certification:
|
|
(1)
|
Neither I (we), nor any person having a direct or indirect beneficial interest in the shares to be acquired, appears on any U.S. Government published list of persons
who are known or suspected to engage in money laundering activities, such as the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control of the United States Department of the Treasury. I (we) do not know or
have any reason to suspect that (i) the monies used to fund my (our) investment have been or will be derived from or related to any illegal activities and (ii) the proceeds from my (our) investment will be used to finance any illegal
activities.
|
|
(2)
|
I agree to provide such information and execute and deliver such documents as the Fund may reasonably request from time to time to verify the accuracy of the
information provided in connection with the opening of an account or to comply with any law, rule or regulation to which the Fund may be subject, including compliance with anti-money laundering laws.
|
|
The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.
|
|
|
|
|
|
|
|
x
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
Signature* (Owner, Trustee, Etc.)
|
|
Date
|
|
Signature* (Joint Owner, Co-Trustee)
|
|
Date
|
*
|
|
If shares are to be registered in (1) joint names, both persons should sign, (2) a custodians name, the custodian should sign, (3) a trust, the
trustee(s) should sign, or (4) a corporation or other entity, an officer or other authorized person should sign and print name and title above. Persons signing as representatives or fiduciaries of corporations, partnerships, trusts or other
organizations are required to furnish corporate resolutions or similar documents providing evidence that they are authorized to effect securities transactions on behalf of the investor (alternatively, the secretary or another designated officer of
the entity may certify the authority of the persons signing on the space provided above).
|
Mail to: Boston
Financial Data Services, P.O. Box 8123, Boston, MA 02266-8123
|
|
|
|
|
For Authorized Dealer Use Only
|
|
|
|
|
|
|
We hereby authorize the Transfer Agent to act as our agent in connection with the transactions authorized by the Subscription Agreement and agree to notify the Transfer
Agent of any purchases made under a Letter of Intention, Rights of Accumulation or Aggregating Accounts. If the Subscription Agreement includes a telephone redemption privilege, we guarantee the signature(s) above.
|
|
|
|
|
|
|
|
|
|
|
Dealers Name
|
|
Dealer Number
|
|
|
|
|
|
|
|
|
|
|
Main Office Address
|
|
Branch Number
|
|
|
|
|
|
|
|
( )
|
|
|
|
|
|
|
|
Representatives Name
|
|
Rep. Number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch Address
|
|
Telephone Number
|
|
|
|
|
|
|
|
|
|
|
Authorized Signature of Dealer
|
|
Date
|
Cohen & Steers International Realty Fund
TO OBTAIN ADDITIONAL INFORMATION ABOUT THE FUND
If you would like additional information about Cohen & Steers International Realty Fund, Inc., the following documents are available to you without any charge either upon request or at
www.cohenandsteers.com:
|
|
Annual/Semi-Annual Reports
Additional information about the Funds investments is available in the Funds annual and semi-annual
reports to shareholders. In these reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds performance during its most recent fiscal year.
|
|
|
Statement of Additional Information
Additional information about the Funds investments, structure and operations can be found in the
SAI. The information presented in the SAI is incorporated by reference into this Prospectus and is legally considered to be part of the Prospectus.
|
To request a free copy of any of the materials described above as well as other information, or to make any other inquiries, please contact us:
|
|
|
By telephone
|
|
(800) 437-9912
|
By mail
|
|
Cohen & Steers International Realty Fund, Inc.
|
|
|
c/o Boston Financial Data Services
|
|
|
P.O. Box 8123
|
|
|
Boston, Massachusetts 02266-8123
|
By e-mail
|
|
marketing@cohenandsteers.com
|
On the Internet
|
|
www.cohenandsteers.com
|
This information may also be available from your broker or financial intermediary. In addition, other information about
the Fund (including the Funds SAI) may be obtained from the SEC:
|
|
By going to the SECs Public Reference Room in Washington, D.C., where you can review and copy the information. Information on the operation of
the Public Reference Room may be obtained by calling the SEC at (202) 551-8090.
|
|
|
By accessing the SECs Internet site at
http://www.sec.gov
where you can view, download and print the information.
|
|
|
By electronic request at the following e-mail address: publicinfo@sec.gov, or by writing to the Public Reference Section of the SEC, Washington, D.C.
20549-1520. Upon payment of a duplicating fee, copies of the information will be sent to you.
|
280 PARK
AVENUE, NEW YORK, NEW YORK 10017
SEC File No. 811-21677
IRFAXPROI-0513
Grafico Azioni Fisher Communications (NASDAQ:FSCI)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Fisher Communications (NASDAQ:FSCI)
Storico
Da Giu 2023 a Giu 2024