Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
May 28 2013 - 3:58PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number
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811-22621
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Cohen & Steers Real Assets Fund, Inc.
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(Exact name of registrant as specified in charter)
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280 Park Avenue
New York, NY
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10017
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(Address of principal executive offices)
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(Zip code)
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Tina M. Payne
280 Park Avenue
New York, NY 10017
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(Name and address of agent for service)
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Registrant’s telephone number, including area code:
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(212) 832-3232
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Date of fiscal year end:
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December 31
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Date of reporting period:
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March 31, 2013
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Item 1. Schedule of Investments
Cohen & Steers Real Assets Fund, Inc.
CONSOLIDATED Schedule of Investments
March 28, 2013 (Unaudited)*
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Number
of Shares
|
|
Value
|
|
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COMMON STOCK 58.7%
|
|
|
|
|
|
|
AUSTRALIA 4.1%
|
|
|
|
|
|
|
ENERGY—OIL & GAS 0.5%
|
|
|
|
|
|
|
Santos Ltd.
|
|
37,598
|
|
$
|
486,575
|
|
|
MATERIALS 0.8%
|
|
|
|
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|
|
CHEMICALS 0.3%
|
|
|
|
|
|
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Incitec Pivot Ltd.
|
|
87,223
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|
280,610
|
|
|
METALS & MINING 0.5%
|
|
|
|
|
|
|
Equatorial Resources Ltd.(a)
|
|
13,912
|
|
15,933
|
|
|
Fortescue Metals Group Ltd.
|
|
89,131
|
|
365,627
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|
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Metminco Ltd.(a)
|
|
836,048
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|
34,818
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|
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Mineral Deposits Ltd.(a)
|
|
440
|
|
1,727
|
|
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|
|
|
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418,105
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|
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TOTAL MATERIALS
|
|
|
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698,715
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|
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REAL ESTATE 2.8%
|
|
|
|
|
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DIVERSIFIED 1.6%
|
|
|
|
|
|
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Cromwell Property Group
|
|
268,339
|
|
271,000
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|
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Dexus Property Group
|
|
219,079
|
|
237,218
|
|
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GPT Group
|
|
158,885
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|
613,720
|
|
|
Mirvac Group
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|
173,167
|
|
292,074
|
|
|
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1,414,012
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|
|
OFFICE 0.1%
|
|
|
|
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|
|
Commonwealth Property Office Fund
|
|
101,951
|
|
117,822
|
|
|
RETAIL 1.1%
|
|
|
|
|
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|
Charter Hall Retail REIT
|
|
77,804
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|
316,732
|
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Federation Centres Ltd.
|
|
60,083
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|
147,631
|
|
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Westfield Retail Trust
|
|
178,636
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|
561,681
|
|
|
|
|
|
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1,026,044
|
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|
TOTAL REAL ESTATE
|
|
|
|
2,557,878
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TOTAL AUSTRALIA
|
|
|
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3,743,168
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BERMUDA 0.2%
|
|
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CONSUMER—NON-CYCLICAL—FOOD PRODUCTS
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|
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Asian Citrus Holdings Ltd. (GBP)
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227,494
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|
101,971
|
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Asian Citrus Holdings Ltd. (HKD)
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|
153,000
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|
78,840
|
|
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TOTAL BERMUDA
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|
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180,811
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1
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Number
of Shares
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|
Value
|
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BRAZIL 0.8%
|
|
|
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ENERGY—OIL & GAS 0.5%
|
|
|
|
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Petroleo Brasileiro SA, ADR
|
|
24,563
|
|
$
|
445,818
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|
|
REAL ESTATE 0.3%
|
|
|
|
|
|
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OFFICE 0.1%
|
|
|
|
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FII BTG Pactual Corporate Office Fund
|
|
1,400
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|
103,679
|
|
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RETAIL 0.2%
|
|
|
|
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BR Malls Participacoes SA
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14,792
|
|
184,173
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TOTAL REAL ESTATE
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287,852
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TOTAL BRAZIL
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733,670
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CANADA 7.5%
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ENERGY—OIL & GAS 0.7%
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|
|
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Suncor Energy
|
|
20,590
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|
616,981
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GOLD 5.0%
|
|
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Central GoldTrust (USD)(a)
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16,000
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950,880
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Sprott Physical Gold Trust ETF (USD)(a)
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265,000
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3,585,450
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4,536,330
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MATERIALS—METALS & MINING 1.2%
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Franco-Nevada Corp.
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8,498
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387,904
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Lundin Mining Corp.(a)
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86,150
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376,538
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Yamana Gold
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20,133
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310,165
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1,074,607
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REAL ESTATE—OFFICE 0.6%
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Allied Properties Real Estate Investment Trust
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8,384
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272,603
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Brookfield Office Properties (USD)
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|
19,589
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|
336,343
|
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608,946
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TOTAL CANADA
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|
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6,836,864
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FRANCE 1.6%
|
|
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ENERGY—OIL & GAS 0.6%
|
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Total SA
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11,106
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|
531,795
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REAL ESTATE 1.0%
|
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DIVERSIFIED 0.2%
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Societe Fonciere Lyonnaise SA
|
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3,251
|
|
164,608
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RETAIL 0.8%
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|
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Klepierre
|
|
7,173
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|
281,772
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|
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2
|
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Number
of Shares
|
|
Value
|
|
|
Unibail-Rodamco
|
|
1,862
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|
$
|
433,683
|
|
|
|
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715,455
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TOTAL REAL ESTATE
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880,063
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TOTAL FRANCE
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1,411,858
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HONG KONG 2.7%
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ENERGY—OIL & GAS 0.2%
|
|
|
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CNOOC Ltd.
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|
103,000
|
|
197,706
|
|
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MATERIALS—METALS & MINING 0.1%
|
|
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China Polymetallic Mining Ltd.(a),(b)
|
|
323,000
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|
56,173
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|
|
REAL ESTATE 2.4%
|
|
|
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DIVERSIFIED 1.5%
|
|
|
|
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Hang Lung Properties Ltd.
|
|
35,000
|
|
130,981
|
|
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Hysan Development Co., Ltd.
|
|
50,131
|
|
254,125
|
|
|
Sino Land Co., Ltd.
|
|
115,000
|
|
194,962
|
|
|
Sun Hung Kai Properties Ltd.
|
|
55,000
|
|
739,705
|
|
|
|
|
|
|
1,319,773
|
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|
HOTEL 0.1%
|
|
|
|
|
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|
Shangri-La Asia Ltd.
|
|
70,000
|
|
137,610
|
|
|
OFFICE 0.5%
|
|
|
|
|
|
|
Hongkong Land Holdings Ltd. (USD)
|
|
62,000
|
|
459,420
|
|
|
RETAIL 0.3%
|
|
|
|
|
|
|
Link REIT
|
|
50,000
|
|
273,106
|
|
|
TOTAL REAL ESTATE
|
|
|
|
2,189,909
|
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TOTAL HONG KONG
|
|
|
|
2,443,788
|
|
|
ISRAEL 0.2%
|
|
|
|
|
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|
MATERIALS—CHEMICALS
|
|
|
|
|
|
|
Israel Chemicals Ltd.
|
|
14,926
|
|
192,861
|
|
|
ITALY 0.5%
|
|
|
|
|
|
|
ENERGY—OIL & GAS
|
|
|
|
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|
|
Eni S.p.A.
|
|
18,470
|
|
415,036
|
|
|
JAPAN 4.1%
|
|
|
|
|
|
|
ENERGY—OIL & GAS 0.3%
|
|
|
|
|
|
|
Inpex Corp.
|
|
54
|
|
289,117
|
|
|
REAL ESTATE 3.8%
|
|
|
|
|
|
|
DIVERSIFIED 2.3%
|
|
|
|
|
|
|
Mitsubishi Estate Co., Ltd.
|
|
28,000
|
|
788,527
|
|
|
|
|
|
|
|
|
|
3
|
|
|
Number
of Shares
|
|
Value
|
|
|
Mitsui Fudosan Co., Ltd.
|
|
20,000
|
|
$
|
567,696
|
|
|
NTT Urban Development Corp.
|
|
123
|
|
147,388
|
|
|
Sumitomo Realty & Development Co., Ltd.
|
|
11,000
|
|
425,931
|
|
|
United Urban Investment Corp.
|
|
91
|
|
148,291
|
|
|
|
|
|
|
2,077,833
|
|
|
INDUSTRIAL 0.6%
|
|
|
|
|
|
|
Industrial & Infrastructure Fund Investment Corp.
|
|
13
|
|
143,486
|
|
|
Nippon Prologis REIT(a)
|
|
39
|
|
424,656
|
|
|
|
|
|
|
568,142
|
|
|
OFFICE 0.5%
|
|
|
|
|
|
|
Japan Excellent
|
|
44
|
|
329,527
|
|
|
Japan Real Estate Investment Corp.
|
|
8
|
|
110,564
|
|
|
|
|
|
|
440,091
|
|
|
RETAIL 0.4%
|
|
|
|
|
|
|
AEON Mall Co., Ltd.
|
|
7,200
|
|
219,055
|
|
|
Japan Retail Fund Investment Corp.
|
|
63
|
|
155,936
|
|
|
|
|
|
|
374,991
|
|
|
TOTAL REAL ESTATE
|
|
|
|
3,461,057
|
|
|
TOTAL JAPAN
|
|
|
|
3,750,174
|
|
|
JERSEY 1.2%
|
|
|
|
|
|
|
MATERIALS—METALS & MINING
|
|
|
|
|
|
|
Glencore International PLC (GBP)
|
|
129,289
|
|
699,552
|
|
|
Randgold Resources Ltd. (GBP)
|
|
4,392
|
|
379,050
|
|
|
TOTAL JERSEY
|
|
|
|
1,078,602
|
|
|
LUXEMBOURG 0.0%
|
|
|
|
|
|
|
CONSUMER—NON-CYCLICAL—AGRICULTURE
|
|
|
|
|
|
|
Adecoagro SA (USD)(a)
|
|
500
|
|
3,845
|
|
|
MEXICO 0.2%
|
|
|
|
|
|
|
REAL ESTATE—DIVERSIFIED
|
|
|
|
|
|
|
Fibra Uno Administracion SA de CV
|
|
40,279
|
|
132,889
|
|
|
NETHERLANDS 0.6%
|
|
|
|
|
|
|
REAL ESTATE—RETAIL
|
|
|
|
|
|
|
Corio NV
|
|
9,069
|
|
423,095
|
|
|
Eurocommercial Properties NV
|
|
4,293
|
|
157,138
|
|
|
TOTAL NETHERLANDS
|
|
|
|
580,233
|
|
|
|
|
|
|
|
|
|
4
|
|
|
Number
of Shares
|
|
Value
|
|
|
NORWAY 1.1%
|
|
|
|
|
|
|
ENERGY—OIL & GAS 0.6%
|
|
|
|
|
|
|
Statoil ASA
|
|
23,211
|
|
$
|
561,125
|
|
|
MATERIALS—CHEMICALS 0.3%
|
|
|
|
|
|
|
Yara International ASA
|
|
6,917
|
|
313,357
|
|
|
REAL ESTATE—OFFICE 0.2%
|
|
|
|
|
|
|
Norwegian Property ASA
|
|
101,174
|
|
158,844
|
|
|
TOTAL NORWAY
|
|
|
|
1,033,326
|
|
|
PHILIPPINES 0.7%
|
|
|
|
|
|
|
REAL ESTATE
|
|
|
|
|
|
|
DIVERSIFIED 0.2%
|
|
|
|
|
|
|
Ayala Land
|
|
260,400
|
|
208,652
|
|
|
RETAIL 0.5%
|
|
|
|
|
|
|
SM Prime Holdings
|
|
950,375
|
|
444,797
|
|
|
TOTAL PHILIPPINES
|
|
|
|
653,449
|
|
|
RUSSIA 1.1%
|
|
|
|
|
|
|
ENERGY—OIL & GAS 0.5%
|
|
|
|
|
|
|
Gazprom OAO, ADR
|
|
30,915
|
|
264,323
|
|
|
Rosneft OAO (USD)
|
|
27,394
|
|
209,016
|
|
|
|
|
|
|
473,339
|
|
|
MATERIALS—METALS & MINING 0.6%
|
|
|
|
|
|
|
MMC Norilsk Nickel OJSC (USD)
|
|
22,727
|
|
383,859
|
|
|
Uralkali OJSC (USD)
|
|
3,803
|
|
140,255
|
|
|
|
|
|
|
524,114
|
|
|
TOTAL RUSSIA
|
|
|
|
997,453
|
|
|
SINGAPORE 1.3%
|
|
|
|
|
|
|
REAL ESTATE
|
|
|
|
|
|
|
DIVERSIFIED 0.1%
|
|
|
|
|
|
|
Capitaland Ltd.
|
|
36,000
|
|
102,455
|
|
|
HOTEL 0.1%
|
|
|
|
|
|
|
CDL Hospitality Trusts
|
|
58,000
|
|
95,860
|
|
|
INDUSTRIALS 0.5%
|
|
|
|
|
|
|
Global Logistic Properties Ltd.
|
|
180,000
|
|
380,215
|
|
|
RETAIL 0.6%
|
|
|
|
|
|
|
CapitaMall Trust
|
|
127,000
|
|
213,996
|
|
|
CapitaMalls Asia Ltd.
|
|
104,000
|
|
171,887
|
|
|
|
|
|
|
|
|
|
5
|
|
|
Number
of Shares
|
|
Value
|
|
|
Suntec Real Estate Investment Trust
|
|
116,000
|
|
$
|
168,340
|
|
|
|
|
|
|
554,223
|
|
|
TOTAL SINGAPORE
|
|
|
|
1,132,753
|
|
|
SOUTH AFRICA 0.3%
|
|
|
|
|
|
|
MATERIALS—METALS & MINING
|
|
|
|
|
|
|
Northam Platinum Ltd.(a)
|
|
65,065
|
|
280,913
|
|
|
SWEDEN 0.1%
|
|
|
|
|
|
|
REAL ESTATE—OFFICE
|
|
|
|
|
|
|
Fabege AB
|
|
9,944
|
|
101,629
|
|
|
SWITZERLAND 0.3%
|
|
|
|
|
|
|
ENERGY—OIL & GAS EQUIPMENT & SERVICES
|
|
|
|
|
|
|
Weatherford International Ltd. (USD)(a)
|
|
24,432
|
|
296,604
|
|
|
THAILAND 0.2%
|
|
|
|
|
|
|
REAL ESTATE—RETAIL
|
|
|
|
|
|
|
Central Pattana PCL
|
|
62,100
|
|
201,451
|
|
|
UNITED KINGDOM 5.2%
|
|
|
|
|
|
|
ENERGY 1.9%
|
|
|
|
|
|
|
INTEGRATED OIL & GAS 1.4%
|
|
|
|
|
|
|
BG Group PLC
|
|
30,399
|
|
521,482
|
|
|
New Britain Palm Oil Ltd.
|
|
22,757
|
|
135,719
|
|
|
Royal Dutch Shell PLC
|
|
19,061
|
|
632,825
|
|
|
|
|
|
|
1,290,026
|
|
|
OIL & GAS EQUIPMENT & SERVICES 0.5%
|
|
|
|
|
|
|
Ensco PLC, Class A (USD)
|
|
6,700
|
|
402,000
|
|
|
TOTAL ENERGY
|
|
|
|
1,692,026
|
|
|
MATERIALS—METALS & MINING 2.2%
|
|
|
|
|
|
|
BHP Billiton PLC
|
|
44,857
|
|
1,305,225
|
|
|
London Mining PLC(a)
|
|
53,900
|
|
96,026
|
|
|
Rio Tinto PLC
|
|
9,464
|
|
443,625
|
|
|
Vedanta Resources PLC
|
|
10,425
|
|
159,195
|
|
|
|
|
|
|
2,004,071
|
|
|
REAL ESTATE 1.1%
|
|
|
|
|
|
|
DIVERSIFIED 0.7%
|
|
|
|
|
|
|
Hammerson PLC
|
|
15,569
|
|
116,365
|
|
|
Land Securities Group PLC
|
|
26,894
|
|
338,763
|
|
|
|
|
|
|
|
|
|
6
|
|
|
Number
of Shares
|
|
Value
|
|
|
Londonmetric Property PLC
|
|
100,015
|
|
$
|
161,086
|
|
|
|
|
|
|
616,214
|
|
|
OFFICE 0.4%
|
|
|
|
|
|
|
Derwent London PLC
|
|
12,520
|
|
409,386
|
|
|
TOTAL REAL ESTATE
|
|
|
|
1,025,600
|
|
|
TOTAL UNITED KINGDOM
|
|
|
|
4,721,697
|
|
|
UNITED STATES 24.7%
|
|
|
|
|
|
|
COMMUNICATIONS—TOWERS 0.2%
|
|
|
|
|
|
|
American Tower Corp.
|
|
2,632
|
|
202,453
|
|
|
CONSUMER—NON-CYCLICAL—BASIC MATERIALS 0.1%
|
|
|
|
|
|
|
Archer-Daniels-Midland Co.
|
|
2,233
|
|
75,319
|
|
|
ENERGY 5.0%
|
|
|
|
|
|
|
OIL & GAS 3.8%
|
|
|
|
|
|
|
Anadarko Petroleum Corp.
|
|
6,991
|
|
611,363
|
|
|
Apache Corp.
|
|
4,265
|
|
329,087
|
|
|
Chevron Corp.
|
|
4,380
|
|
520,432
|
|
|
CONSOL Energy
|
|
14,209
|
|
478,133
|
|
|
Marathon Oil Corp.
|
|
14,502
|
|
489,007
|
|
|
Noble Energy
|
|
4,284
|
|
495,488
|
|
|
Occidental Petroleum Corp.
|
|
6,570
|
|
514,891
|
|
|
|
|
|
|
3,438,401
|
|
|
OIL & GAS SERVICES 1.2%
|
|
|
|
|
|
|
Halliburton Co.
|
|
4,698
|
|
189,846
|
|
|
National Oilwell Varco
|
|
6,915
|
|
489,236
|
|
|
Valero Energy Corp.
|
|
9,126
|
|
415,142
|
|
|
|
|
|
|
1,094,224
|
|
|
TOTAL ENERGY
|
|
|
|
4,532,625
|
|
|
GOLD 3.7%
|
|
|
|
|
|
|
iShares Gold Trust ETF(a)
|
|
217,600
|
|
3,377,152
|
|
|
INDUSTRIALS—MACHINERY 0.5%
|
|
|
|
|
|
|
AGCO Corp.
|
|
6,328
|
|
329,815
|
|
|
Deere & Co.
|
|
1,517
|
|
130,432
|
|
|
|
|
|
|
460,247
|
|
|
MATERIALS 1.0%
|
|
|
|
|
|
|
CHEMICALS 0.6%
|
|
|
|
|
|
|
Monsanto Co.
|
|
3,234
|
|
341,608
|
|
|
|
|
|
|
|
|
|
7
|
|
|
Number
of Shares
|
|
Value
|
|
|
Mosaic Co./The
|
|
3,861
|
|
$
|
230,154
|
|
|
|
|
|
|
571,762
|
|
|
CONSTRUCTION MATERIALS 0.4%
|
|
|
|
|
|
|
Boise Cascade Co.(a)
|
|
9,400
|
|
319,036
|
|
|
TOTAL MATERIALS
|
|
|
|
890,798
|
|
|
REAL ESTATE 14.2%
|
|
|
|
|
|
|
DIVERSIFIED 1.2%
|
|
|
|
|
|
|
American Assets Trust
|
|
4,199
|
|
134,410
|
|
|
Colony Financial
|
|
8,439
|
|
187,346
|
|
|
Duke Realty Corp.
|
|
15,585
|
|
264,633
|
|
|
Vornado Realty Trust
|
|
5,837
|
|
488,207
|
|
|
|
|
|
|
1,074,596
|
|
|
HEALTH CARE 0.8%
|
|
|
|
|
|
|
Emeritus Corp.(a)
|
|
5,727
|
|
159,153
|
|
|
Ventas
|
|
8,252
|
|
604,047
|
|
|
|
|
|
|
763,200
|
|
|
HOTEL 1.3%
|
|
|
|
|
|
|
Chesapeake Lodging Trust
|
|
6,256
|
|
143,513
|
|
|
Hersha Hospitality Trust
|
|
39,307
|
|
229,553
|
|
|
Pebblebrook Hotel Trust
|
|
7,647
|
|
197,216
|
|
|
RLJ Lodging Trust
|
|
9,141
|
|
208,049
|
|
|
Starwood Hotels & Resorts Worldwide
|
|
3,940
|
|
251,096
|
|
|
Sunstone Hotel Investors(a)
|
|
10,074
|
|
124,011
|
|
|
|
|
|
|
1,153,438
|
|
|
INDUSTRIALS 1.4%
|
|
|
|
|
|
|
DCT Industrial Trust
|
|
12,633
|
|
93,484
|
|
|
First Industrial Realty Trust
|
|
7,545
|
|
129,246
|
|
|
Prologis
|
|
17,403
|
|
695,772
|
|
|
STAG Industrial
|
|
9,099
|
|
193,535
|
|
|
Terreno Realty Corp.
|
|
10,163
|
|
182,731
|
|
|
|
|
|
|
1,294,768
|
|
|
MORTGAGE 0.2%
|
|
|
|
|
|
|
Gramercy Capital Corp.(a)
|
|
30,767
|
|
160,296
|
|
|
OFFICE 2.0%
|
|
|
|
|
|
|
Boston Properties
|
|
1,212
|
|
122,484
|
|
|
Corporate Office Properties Trust
|
|
7,013
|
|
187,107
|
|
|
Douglas Emmett
|
|
16,171
|
|
403,143
|
|
|
|
|
|
|
|
|
|
8
|
|
|
Number
of Shares
|
|
Value
|
|
|
Hudson Pacific Properties
|
|
8,416
|
|
$
|
183,048
|
|
|
Kilroy Realty Corp.
|
|
2,420
|
|
126,808
|
|
|
Mack-Cali Realty Corp.
|
|
8,369
|
|
239,437
|
|
|
Parkway Properties
|
|
11,420
|
|
211,841
|
|
|
SL Green Realty Corp.
|
|
4,225
|
|
363,815
|
|
|
|
|
|
|
1,837,683
|
|
|
OFFICE/INDUSTRIAL 0.2%
|
|
|
|
|
|
|
PS Business Parks
|
|
1,874
|
|
147,896
|
|
|
RESIDENTIAL 2.2%
|
|
|
|
|
|
|
APARTMENT 1.7%
|
|
|
|
|
|
|
AvalonBay Communities
|
|
3,667
|
|
464,499
|
|
|
Colonial Properties Trust
|
|
10,283
|
|
232,499
|
|
|
Education Realty Trust
|
|
13,953
|
|
146,925
|
|
|
Equity Residential
|
|
12,736
|
|
701,244
|
|
|
|
|
|
|
1,545,167
|
|
|
MANUFACTURED HOME 0.5%
|
|
|
|
|
|
|
Sun Communities
|
|
2,691
|
|
132,747
|
|
|
TRI Pointe Homes(a)
|
|
14,214
|
|
286,412
|
|
|
|
|
|
|
419,159
|
|
|
TOTAL RESIDENTIAL
|
|
|
|
1,964,326
|
|
|
SELF STORAGE 0.9%
|
|
|
|
|
|
|
CubeSmart
|
|
20,166
|
|
318,623
|
|
|
Extra Space Storage
|
|
6,026
|
|
236,641
|
|
|
Public Storage
|
|
1,364
|
|
207,765
|
|
|
Sovran Self Storage
|
|
1,674
|
|
107,956
|
|
|
|
|
|
|
870,985
|
|
|
SHOPPING CENTERS 3.4%
|
|
|
|
|
|
|
COMMUNITY CENTER 1.5%
|
|
|
|
|
|
|
Acadia Realty Trust
|
|
4,511
|
|
125,271
|
|
|
DDR Corp.
|
|
13,424
|
|
233,846
|
|
|
Kimco Realty Corp.
|
|
15,837
|
|
354,749
|
|
|
Ramco-Gershenson Properties Trust
|
|
11,856
|
|
199,181
|
|
|
Regency Centers Corp.
|
|
4,844
|
|
256,296
|
|
|
Tanger Factory Outlet Centers
|
|
5,218
|
|
188,787
|
|
|
|
|
|
|
1,358,130
|
|
|
FREE STANDING 0.3%
|
|
|
|
|
|
|
National Retail Properties
|
|
7,573
|
|
273,915
|
|
|
|
|
|
|
|
|
|
9
|
|
|
Number
of Shares
|
|
Value
|
|
|
REGIONAL MALL 1.6%
|
|
|
|
|
|
|
General Growth Properties
|
|
5,985
|
|
$
|
118,982
|
|
|
Glimcher Realty Trust
|
|
20,975
|
|
243,310
|
|
|
Simon Property Group
|
|
7,131
|
|
1,130,691
|
|
|
|
|
|
|
1,492,983
|
|
|
TOTAL SHOPPING CENTERS
|
|
|
|
3,125,028
|
|
|
SPECIALTY 0.6%
|
|
|
|
|
|
|
Digital Realty Trust
|
|
5,877
|
|
393,230
|
|
|
Gladstone Land Corp.
|
|
7,900
|
|
122,608
|
|
|
|
|
|
|
515,838
|
|
|
TOTAL REAL ESTATE
|
|
|
|
12,908,054
|
|
|
TOTAL UNITED STATES
|
|
|
|
22,446,648
|
|
|
TOTAL COMMON STOCK
(Identified cost—$51,495,878)
|
|
|
|
53,369,722
|
|
|
PREFERRED SECURITIES—$25 PAR VALUE 3.4%
|
|
|
|
|
|
|
NETHERLANDS 0.4%
|
|
|
|
|
|
|
INSURANCE—LIFE/HEALTH INSURANCE—FOREIGN
|
|
|
|
|
|
|
Aegon NV, 7.25% (USD)
|
|
13,000
|
|
334,490
|
|
|
UNITED STATES 3.0%
|
|
|
|
|
|
|
BANKS 2.0%
|
|
|
|
|
|
|
Citigroup Capital VIII, 6.95%, due 9/15/31, (TruPS)
|
|
6,000
|
|
150,900
|
|
|
Citigroup Capital XVI, 6.45%, due 12/31/66, Series W (TruPS)
|
|
21,000
|
|
531,300
|
|
|
Countrywide Capital V, 7.00%, due 11/1/36
|
|
22,000
|
|
562,100
|
|
|
US Bancorp, 3.50%, Series A, ($1,000 Par Value)(FRN)
|
|
600
|
|
560,400
|
|
|
|
|
|
|
1,804,700
|
|
|
ELECTRIC—INTEGRATED 0.5%
|
|
|
|
|
|
|
Southern California Edison Co., 4.63%, Series D ($100 Par Value)(FRN)
|
|
4,431
|
|
448,916
|
|
|
REAL ESTATE—INDUSTRIALS 0.5%
|
|
|
|
|
|
|
Prologis, 6.75%, Series R
|
|
10,000
|
|
250,800
|
|
|
Prologis, 6.85%, Series P
|
|
10,000
|
|
249,950
|
|
|
|
|
|
|
|
500,750
|
|
|
TOTAL UNITED STATES
|
|
|
|
2,754,366
|
|
|
TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$3,058,250)
|
|
|
|
3,088,856
|
|
10
|
|
|
Number
of Shares
|
|
Value
|
|
|
PREFERRED SECURITIES—CAPITAL SECURITIES 1.3%
|
|
|
|
|
|
|
UNITED STATES
|
|
|
|
|
|
|
BANKS
|
|
|
|
|
|
|
Mellon Capital IV, 4.00%, Series 1 (FRN)
|
|
515,000
|
|
$
|
496,975
|
|
|
Wachovia Capital Trust III, 5.57%, (FRN)
|
|
650,000
|
|
653,087
|
|
|
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$1,130,172)
|
|
|
|
1,150,062
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
CORPORATE BONDS—CANADA 1.0%
|
|
|
|
|
|
|
BANKS 0.3%
|
|
|
|
|
|
|
Toronto-Dominion Bank, 2.948%, due 8/2/16, Series DPNT
|
|
CAD
|
250,000
|
|
255,946
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 0.4%
|
|
|
|
|
|
|
|
Bell Canada, 4.85%, due 6/30/14
|
|
CAD
|
400,000
|
|
409,718
|
|
|
PIPELINES 0.3%
|
|
|
|
|
|
|
|
TransCanada PipeLines Ltd., 5.05%, due 8/20/13
|
|
CAD
|
250,000
|
|
249,655
|
|
|
TOTAL CORPORATE BONDS
(Identified cost—$925,566)
|
|
|
|
|
915,319
|
|
|
GOVERNMENT ISSUES—AUSTRALIA 1.9%
|
|
|
|
|
|
|
|
Australia Government Bond, 4.50%, due 10/21/14, Series 131
|
|
AUD
|
1,000,000
|
|
1,067,985
|
|
|
Australia Government Bond, 6.50%, due 5/15/13, Series 118
|
|
AUD
|
650,000
|
|
679,937
|
|
|
TOTAL GOVERNMENT ISSUES
(Identified cost—$1,748,224)
|
|
|
|
|
1,747,922
|
|
11
|
|
|
Number
of Shares
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS 32.1%
|
|
|
|
|
|
|
MONEY MARKET FUNDS 4.5%
|
|
|
|
|
|
|
State Street Institutional Treasury Money Market Fund, 0.13%(c)
|
|
4,039,707
|
|
$
|
4,039,707
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
U.S. TREASURY BILLS 27.6%
|
|
|
|
|
|
|
U.S. Treasury Bills, 0.00% , due 5/2/13(d)
|
|
$
|
9,691,000
|
|
9,690,340
|
|
|
U.S. Treasury Bills, 0.00% , due 7/25/13
|
|
9,722,000
|
|
9,719,822
|
|
|
U.S. Treasury Bills, 0.00% , due 9/19/13
|
|
5,704,000
|
|
5,701,291
|
|
|
|
|
|
|
25,111,453
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$29,151,458)
|
|
|
|
29,151,160
|
|
|
TOTAL INVESTMENTS (Identified cost—$87,509,548)
|
|
98.4
|
%
|
|
|
89,423,041
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES(e)
|
|
1.6
|
|
|
|
1,465,649
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
100.0
|
%
|
|
|
$
|
90,888,690
|
|
|
|
|
|
|
|
|
|
|
|
|
Glossary of Portfolio Abbreviations
|
|
ADR
|
American Depositary Receipt
|
|
|
AUD
|
Australian Dollar
|
|
|
CAD
|
Canadian Dollar
|
|
|
ETF
|
Exchange-Traded Fund
|
|
|
FRN
|
Floating Rate Note
|
|
|
GBP
|
Great British Pound
|
|
|
HKD
|
Hong Kong Dollar
|
|
|
REIT
|
Real Estate Investment Trust
|
|
|
TruPS
|
Trust Preferred Securities
|
|
|
USD
|
United States Dollar
|
Note: Percentages indicated are based on the net assets of the Fund.
* March 28, 2013 represents the last business day of the Fund’s quarterly period. See Note 1 of the accompanying notes to the Financial Statements.
(a) Non-income producing security.
12
(b) Illiquid security. Aggregate holdings equal 0.1% of the net assets of the Fund.
(c) Rate quoted represents the seven-day yield of the fund.
(d) All or a portion of this security has been segregated and/or pledged as collateral for futures contracts and commodity swap contracts. $934,931 in aggregate has been pledged as collateral to Newedge USA, LLC.
(e) Other assets in excess of liabilities include unrealized appreciation/depreciation on open futures contracts and the value of open commodity swap contracts at March 28, 2013.
Futures contracts outstanding at March 28, 2013 were as follows:
|
Number of
Contracts(a)
|
|
Description
|
|
Notional
Value
|
|
Expiration
Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
LONG FUTURES OUTSTANDING
|
|
|
|
|
|
|
|
|
26
|
|
Aluminum HG LME
|
|
$
|
1,236,625
|
|
July 17, 2013
|
|
$
|
(93,934
|
)
|
|
21
|
|
Aluminum HG LME
|
|
995,925
|
|
May 15, 2013
|
|
(118,156
|
)
|
|
21
|
|
Brent Crude Oil(b)
|
|
2,297,610
|
|
June 13, 2013
|
|
(38,202
|
)
|
|
4
|
|
Brent Crude Oil(b)
|
|
433,280
|
|
August 15, 2013
|
|
6,282
|
|
|
4
|
|
Cattle Feeder
|
|
290,150
|
|
May 23, 2013
|
|
1,817
|
|
|
5
|
|
Cocoa
|
|
108,500
|
|
May 15, 2013
|
|
(540
|
)
|
|
4
|
|
Coffee C
|
|
205,725
|
|
May 20, 2013
|
|
(8,399
|
)
|
|
6
|
|
Coffee Robusta
|
|
123,060
|
|
May 31, 2013
|
|
(8,175
|
)
|
|
6
|
|
Copper LME
|
|
1,127,737
|
|
April 17, 2013
|
|
(107,580
|
)
|
|
6
|
|
Copper LME
|
|
1,129,087
|
|
May 15, 2013
|
|
(39,898
|
)
|
|
24
|
|
Corn
|
|
811,200
|
|
July 12, 2013
|
|
(11,535
|
)
|
|
6
|
|
Corn
|
|
208,575
|
|
May 14, 2013
|
|
(6,598
|
)
|
|
15
|
|
Corn
|
|
422,250
|
|
September 13, 2013
|
|
(10,924
|
)
|
|
4
|
|
Cotton No. 2
|
|
174,740
|
|
December 6, 2013
|
|
672
|
|
|
1
|
|
Cotton No. 2
|
|
44,905
|
|
July 9, 2013
|
|
1,788
|
|
|
2
|
|
Cotton No. 2
|
|
88,460
|
|
May 8, 2013
|
|
6,103
|
|
|
4
|
|
Gas Oil
|
|
367,300
|
|
May 10, 2013
|
|
(16,917
|
)
|
|
3
|
|
Gasoline RBOB
|
|
383,998
|
|
June 28, 2013
|
|
(2,820
|
)
|
|
5
|
|
Gasoline RBOB
|
|
653,226
|
|
April 30, 2013
|
|
(11,168
|
)
|
|
5
|
|
Heating Oil
|
|
635,880
|
|
June 28, 2013
|
|
(24,886
|
)
|
|
2
|
|
Heating Oil
|
|
255,948
|
|
April 30, 2013
|
|
(11,913
|
)
|
|
2
|
|
Heating Oil
|
|
254,243
|
|
August 30, 2013
|
|
(11,203
|
)
|
|
4
|
|
Lead LME
|
|
209,675
|
|
April 17, 2013
|
|
(29,626
|
)
|
|
4
|
|
Lead LME
|
|
210,350
|
|
May 15, 2013
|
|
(11,570
|
)
|
|
15
|
|
Lean Hogs(b)
|
|
546,450
|
|
June 14, 2013
|
|
(17,467
|
)
|
|
15
|
|
Light Sweet Crude Oil
|
|
1,464,600
|
|
June 20, 2013
|
|
23,390
|
|
|
14
|
|
Light Sweet Crude Oil
|
|
1,362,200
|
|
August 20, 2013
|
|
10,540
|
|
|
5
|
|
Live Cattle
|
|
250,400
|
|
August 30, 2013
|
|
(355
|
)
|
|
21
|
|
Live Cattle
|
|
1,044,750
|
|
June 28, 2013
|
|
(2,274
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
Number of
Contracts(a)
|
|
Description
|
|
Notional
Value
|
|
Expiration
Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
19
|
|
Natural Gas
|
|
$
|
781,470
|
|
June 26, 2013
|
|
$
|
32,316
|
|
|
10
|
|
Natural Gas
|
|
402,400
|
|
April 26, 2013
|
|
61,385
|
|
|
22
|
|
Natural Gas
|
|
905,740
|
|
August 28, 2013
|
|
37,429
|
|
|
4
|
|
Nickel LME
|
|
400,200
|
|
July 17, 2013
|
|
(6,541
|
)
|
|
4
|
|
Nickel LME
|
|
399,024
|
|
May 15, 2013
|
|
(24,439
|
)
|
|
2
|
|
Palladium
|
|
153,650
|
|
June 26, 2013
|
|
3,419
|
|
|
3
|
|
Platinum
|
|
236,190
|
|
July 29, 2013
|
|
(4,567
|
)
|
|
5
|
|
Red Spring Wheat
|
|
195,125
|
|
July 12, 2013
|
|
(5,953
|
)
|
|
2
|
|
Red Spring Wheat
|
|
78,025
|
|
May 14, 2013
|
|
(5,333
|
)
|
|
11
|
|
Soybean
|
|
762,025
|
|
July 12, 2013
|
|
(27,760
|
)
|
|
4
|
|
Soybean
|
|
280,950
|
|
May 14, 2013
|
|
(9,936
|
)
|
|
9
|
|
Soybean
|
|
563,175
|
|
November 14, 2013
|
|
(9,316
|
)
|
|
5
|
|
Soybean Meal
|
|
173,350
|
|
December 13, 2013
|
|
(4,227
|
)
|
|
7
|
|
Soybean Meal
|
|
280,350
|
|
July 12, 2013
|
|
(15,042
|
)
|
|
4
|
|
Soybean Meal
|
|
161,840
|
|
May 14, 2013
|
|
(3,180
|
)
|
|
7
|
|
Soybean Oil
|
|
208,908
|
|
December 13, 2013
|
|
(5,365
|
)
|
|
7
|
|
Soybean Oil
|
|
211,470
|
|
July 12, 2013
|
|
(10,184
|
)
|
|
19
|
|
Sugar 11
|
|
376,656
|
|
June 28, 2013
|
|
(13,362
|
)
|
|
7
|
|
Sugar 11
|
|
138,454
|
|
April 30, 2013
|
|
(8,677
|
)
|
|
11
|
|
Wheat
|
|
380,050
|
|
July 12, 2013
|
|
(35,087
|
)
|
|
5
|
|
Wheat
|
|
183,063
|
|
July 12, 2013
|
|
(8,157
|
)
|
|
3
|
|
Wheat
|
|
109,013
|
|
May 14, 2013
|
|
(9,823
|
)
|
|
4
|
|
Wheat
|
|
139,850
|
|
September 13, 2013
|
|
(2,449
|
)
|
|
7
|
|
Zinc LME
|
|
332,981
|
|
July 17, 2013
|
|
(26,544
|
)
|
|
6
|
|
Zinc LME
|
|
282,563
|
|
May 15, 2013
|
|
(30,751
|
)
|
|
|
|
SHORT FUTURES OUTSTANDING
|
|
|
|
|
|
|
|
|
21
|
|
Aluminum HG LME
|
|
(995,925
|
)
|
May 15, 2013
|
|
76,862
|
|
|
6
|
|
Copper LME
|
|
(1,127,737
|
)
|
April 17, 2013
|
|
39,752
|
|
|
4
|
|
Lead LME
|
|
(209,675
|
)
|
April 17, 2013
|
|
11,643
|
|
|
4
|
|
Nickel LME
|
|
(399,024
|
)
|
May 15, 2013
|
|
6,659
|
|
|
6
|
|
Zinc LME
|
|
(282,562
|
)
|
May 15, 2013
|
|
20,664
|
|
|
|
|
|
|
|
|
|
|
$
|
(510,112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents positions held in the subsidiary.
(b) Futures contracts are cash settled based upon the price of the underlying commodity.
Glossary of Portfolio Abbreviations
14
|
|
LME
|
London Metal Exchange
|
|
|
RBOB
|
Reformulated Gasoline Blendstock for Oxygen Blending
|
Commodity swaps outstanding at March 28, 2013 were as follows:
|
Counterparty
|
|
Underlying
Reference
Instrument(a)
|
|
Notional
Amount
|
|
Termination Date
|
|
Value
|
|
|
Newedge USA, LLC
|
|
Copper May Futures
|
|
$
|
1,190,700
|
|
April 23, 2013
|
|
$
|
(120,162
|
)
|
|
Newedge USA, LLC
|
|
Gold June Futures
|
|
3,031,830
|
|
May 24, 2013
|
|
35,200
|
|
|
Newedge USA, LLC
|
|
Silver May Futures
|
|
849,690
|
|
April 23, 2013
|
|
(82,880
|
)
|
|
|
|
|
|
|
|
|
|
$
|
(167,842
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents positions held in the subsidiary.
15
Cohen & Steers Real Assets Fund, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 1. Quarterly Period
Since March 28, 2013 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was open for trading, the Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.
Note 2. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Futures contracts traded on a commodities exchange or board of trade are valued at their settlement price at the close of trading on such exchange or board of trade. Commodity swaps are valued based on the values of underlying futures contracts, using the settlement price from the principal exchange on which the contract is traded.
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 reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain 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 Cohen & Steers Capital Management (the advisor) to be over-the-counter, are valued at the last sale price on the valuation date as reported by sources deemed appropriate by the Board of Directors 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 ask prices on such day or, if no ask 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 delegation by the Board of Directors, to reflect the fair market value of such securities.
Short-term debt securities with 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 net asset value.
The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the advisor, subject to the oversight of the Board of Directors. The advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent
Cohen & Steers Real Assets Fund, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
Foreign equity fair value pricing procedures utilized by the Fund may cause certain foreign securities to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.
The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
·
Level 1 — quoted prices in active markets for identical investments
·
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)
·
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. As of March 28, 2013, there were $17,842,266 of
Cohen & Steers Real Assets Fund, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
securities transferred between Level 1 and Level 2, which resulted from not utilizing foreign equity fair value pricing procedures by the Fund as of March 28, 2013.
The following is a summary of the inputs used as of March 28, 2013 in valuing the Fund’s investments carried at value:
|
|
|
|
|
Quoted Prices In
Active Markets for
Identical
Investments
|
|
Other
Significant
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
|
|
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
|
Common Stock
|
|
$
|
53,369,722
|
|
$
|
53,369,722
|
|
$
|
—
|
|
$
|
—
|
|
|
Preferred Securities - $25 Par Value - Netherlands
|
|
334,490
|
|
334,490
|
|
—
|
|
—
|
|
|
Preferred Securities - $25 Par Value - United States
|
|
2,754,366
|
|
2,305,450
|
|
448,916
|
|
—
|
|
|
Preferred Securities - Capital Securities
|
|
1,150,062
|
|
—
|
|
1,150,062
|
|
—
|
|
|
Corporate Bonds
|
|
915,319
|
|
—
|
|
915,319
|
|
—
|
|
|
Government Issues
|
|
1,747,922
|
|
—
|
|
1,747,922
|
|
—
|
|
|
Short-Term Instruments
|
|
29,151,160
|
|
—
|
|
29,151,160
|
|
—
|
|
|
Total Investments(a)
|
|
$
|
89,423,041
|
|
$
|
56,009,662
|
|
$
|
33,416,379
|
|
$
|
—
|
|
|
Futures Contracts
|
|
340,721
|
|
340,721
|
|
—
|
|
—
|
|
|
Commodity Swaps
|
|
35,200
|
|
—
|
|
35,200
|
|
—
|
|
|
Total Appreciation in Other Financial Instruments(a)
|
|
$
|
375,921
|
|
$
|
340,721
|
|
$
|
35,200
|
|
$
|
—
|
|
|
Futures Contracts
|
|
(850,833
|
)
|
(850,833
|
)
|
—
|
|
—
|
|
|
Commodity Swaps
|
|
(203,042
|
)
|
—
|
|
(203,042
|
)
|
—
|
|
|
Total Depreciation in Other Financial Instruments(a)
|
|
$
|
(1,053,875
|
)
|
$
|
(850,833
|
)
|
$
|
(203,042
|
)
|
$
|
—
|
|
(a) Portfolio holdings are disclosed individually on the Consolidated Schedule of Investments.
Note 3. Derivative Instruments
The following is a summary of the Fund’s derivative instruments as of
March 28, 2013:
|
Futures contracts
|
|
$
|
(510,112
|
)
|
|
Commodity swaps
|
|
(167,842
|
)
|
|
|
|
$
|
(677,954
|
)
|
Cohen & Steers Real Assets Fund, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
The following summarizes the volume of the Fund’s futures and swaps activity during the period ended March 28, 2013:
|
|
|
Futures
|
|
|
|
|
|
|
Contracts
|
|
Commodity Swaps
|
|
|
Average Notional Balance - Long
|
|
$
|
22,268,448
|
|
$
|
5,699,182
|
|
|
Average Notional Balance - Short
|
|
(2,308,585
|
)
|
(1,280,284
|
)
|
|
Ending Notional Balance - Long
|
|
25,473,371
|
|
5,072,220
|
|
|
Ending Notional Balance - Short
|
|
(3,014,923
|
)
|
—
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts:
The Fund uses futures contracts in order to gain exposure to the underlying commodities markets. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Securities deposited as initial margin are designated as such on the Consolidated Schedule of Investments.
The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. With exchange traded futures contracts, the exchange or board of trade acts as the counterparty to futures transactions; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of certain positions. In certain circumstances, the futures commissions merchant (FCM) can require additional margin on futures contracts which would subject the Fund to counterparty credit risk with the FCM.
Commodity swaps:
The Fund uses swaps on commodity futures in order to gain exposure to the underlying commodities markets. Swap values are based on the values of underlying futures contracts, using the settlement price from the principal exchange on which the contract is traded.
Upon entering into a swap, the Fund is required to post an initial margin (referred to as “Independent Amount”, as defined in the swap agreement). Independent amounts are posted to a segregated account at the Fund’s custodian. The Fund is required to post additional collateral to the segregated account, for the benefit of the counterparty, as applicable, for mark-to-market losses on swaps.
Daily movement of collateral is subject to minimum threshold amounts.
Cohen & Steers Real Assets Fund, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over-the-counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts to allow the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.
The Fund’s activities in commodity swaps are concentrated with one counterparty. Counterparty credit risk may be mitigated to the extent the counterparty posts collateral for mark-to-market gains to the Fund.
Note 4. Income Tax Information
As of March 28, 2013, the federal tax cost and unrealized appreciation and depreciation in value of securities held were as follows:
|
Cost for federal income tax purposes
|
|
$
|
87,509,548
|
|
|
Gross unrealized appreciation
|
|
$
|
4,290,593
|
|
|
Gross unrealized depreciation
|
|
(2,377,100
|
)
|
|
Net unrealized appreciation
|
|
$
|
1,913,493
|
|
Item 2. Controls and Procedures
(a)
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report.
(b)
During the last fiscal quarter, there were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a)
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Cohen & Steers REAL ASSETS Fund, Inc.
|
By:
|
/s/Adam M. Derechin
|
|
|
|
Name: Adam M. Derechin
|
|
|
Title: President
|
|
|
|
|
|
Date: May 28, 2013
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By:
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/s/Adam M. Derechin
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By:
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/s/James Giallanza
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Name: Adam M. Derechin
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Name: James Giallanza
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Title: President and Principal Executive Officer
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Title: Treasurer and Principal Financial Officer
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Date: May 28, 2013
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