Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

COHEN & STEERS REAL ESTATE OPPORTUNITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS

March 28, 2024 (Unaudited)*


			Shares		Value
COMMON STOCK—REAL ESTATE	103.7	%
APARTMENT	8.7	%
Apartment Income REIT Corp.(a)(b)				149,918	$	4,867,837
Camden Property Trust(b)				58,710		5,777,064
Essex Property Trust, Inc.(a)(b)				17,630		4,316,000
Mid-America Apartment Communities, Inc.(a)(b)				14,815		1,949,358
UDR, Inc.(a)				164,156		6,141,076

						23,051,335

DATA CENTERS	12.7	%
Digital Realty Trust, Inc.(a)(b)				130,748		18,832,942
Equinix, Inc.(a)(b)				18,209		15,028,434

						33,861,376

FREE STANDING	5.7	%
NETSTREIT Corp.(a)				125,242		2,300,695
Realty Income Corp.(a)				238,936		12,926,438

						15,227,133

GAMING	4.1	%
VICI Properties, Inc., Class A(a)(b)				366,226		10,909,873

HEALTH CARE	11.8	%
Healthcare Realty Trust, Inc., Class A(a)(b)				421,349		5,962,088
Healthpeak Properties, Inc.				138,826		2,602,988
Welltower, Inc.(a)(b)				243,982		22,797,678

						31,362,754

HOTEL	1.7	%
Host Hotels & Resorts, Inc.(a)(b)				222,817		4,607,856

INDUSTRIALS	12.2	%
Americold Realty Trust, Inc.(a)(b)				198,482		4,946,171
EastGroup Properties, Inc.(a)				18,538		3,332,576
Prologis, Inc.(a)				185,730		24,185,761

						32,464,508

MANUFACTURED HOME	3.3	%
Sun Communities, Inc.(a)(b)				69,371		8,919,723

OFFICE	1.0	%
Highwoods Properties, Inc.(a)(b)				97,195		2,544,565

REGIONAL MALL	6.9	%
Simon Property Group, Inc.(a)				117,203		18,341,098

SELF STORAGE	5.1	%
Extra Space Storage, Inc.(a)(b)				57,398		8,437,506
Public Storage (a)(b)				17,826		5,170,610

						13,608,116

SHOPPING CENTER	2.5	%
Kimco Realty Corp.(b)				65,573		1,285,886
Kite Realty Group Trust(a)(b)				245,663		5,325,974

						6,611,860

SINGLE FAMILY HOMES	5.8	%
Invitation Homes, Inc.(a)(b)				437,483		15,578,770


			Shares		Value
SPECIALTY	4.5	%
Iron Mountain, Inc.(a)(b)				149,592	$	11,998,774

TELECOMMUNICATIONS	15.2	%
American Tower Corp.(a)(b)				136,625		26,995,734
Crown Castle, Inc.(a)(b)				122,375		12,950,946
SBA Communications Corp., Class A(a)				2,536		549,551

						40,496,231

TIMBERLAND	2.5	%
Rayonier, Inc.(b)				129,313		4,298,364
Weyerhaeuser Co.(a)				62,030		2,227,497

						6,525,861

TOTAL COMMON STOCK (Identified cost—$268,393,335)						276,109,833

PREFERRED SECURITIES—EXCHANGE-TRADED	8.3	%
BANKING	1.5	%
Bank of America Corp., 5.375%, Series KK(a)(c)				5,931		142,047
Bank of America Corp., 5.875%, Series HH(a)(c)				41,000		1,020,490
Bank of America Corp., 6.00%, Series GG(a)(c)				33,000		828,960
JPMorgan Chase & Co., 5.75%, Series DD(a)(c)				13,000		325,260
Wells Fargo & Co., 4.70%, Series AA(a)(c)				50,000		1,075,000
Wells Fargo & Co., 7.50%, Series L(c)				516		629,185

						4,020,942

BROKERAGE	1.6	%
Morgan Stanley, 5.85%, Series K(a)(c)				38,838		970,562
Morgan Stanley, 6.375%, Series I(a)(c)				91,254		2,272,224
Morgan Stanley, 6.875%, Series F(a)(c)				25,000		629,000
Morgan Stanley, 7.125%, Series E(a)(c)				14,559		367,615

						4,239,401

CONSUMER STAPLE PRODUCTS	0.5	%
CHS, Inc., 7.50%, Series 4(a)(c)				34,342		882,590
CHS, Inc., 7.875%, Series 1(a)(c)				14,862		398,450

						1,281,040

DIVERSIFIED	0.4	%
DigitalBridge Group, Inc., 7.125%, Series J(a)(c)				14,993		351,736
DigitalBridge Group, Inc., 7.15%, Series I(a)(c)				31,976		744,401

						1,096,137

FINANCE	0.6	%
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(a)(d)				19,840		524,768
Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(c)				25,216		602,662
TPG Operating Group II LP, 6.95%, due 3/15/64				20,000		525,600

						1,653,030

FREE STANDING	0.2	%
Agree Realty Corp., 4.25%, Series A(c)				240		4,257
Realty Income Corp., 6.00%, Series A(c)				26,427		653,540

						657,797


INDUSTRIALS	0.4	%
Rexford Industrial Realty, Inc., 5.875%, Series B(a)(c)				3,039		68,013


			Shares		Value
WESCO International, Inc., 10.625% to 6/22/25, Series A(a)(c)(d)				37,000	$	973,470

						1,041,483

INSURANCE	1.0	%
Allstate Corp., 7.375%, Series J(a)(c)				11,607		311,648
American Financial Group, Inc., 5.125%, due 12/15/59				6,096		139,416
American Financial Group, Inc., 5.875%, due 3/30/59				19,617		482,774
Athene Holding Ltd., 4.875%, Series D(a)(c)				24,721		459,563
Athene Holding Ltd., 6.375% to 6/30/25, Series C(a)(c)(d)				32,110		798,255
Equitable Holdings, Inc., 4.30%, Series C(a)(c)				12,713		235,318
W R Berkley Corp., 4.125%, due 3/30/61(a)				10,339		201,507

						2,628,481

PIPELINES	0.6	%
Energy Transfer LP, 7.60% to 5/15/24, Series E(a)(c)(d)				60,500		1,530,650

TELECOMMUNICATION SERVICES	1.3	%
AT&T, Inc., 4.75%, Series C(a)(c)				84,754		1,704,403
AT&T, Inc., 5.00%, Series A(a)(c)				77,972		1,665,482

						3,369,885

UTILITIES	0.2	%
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (Canada)(a)(d)				25,000		625,000

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$22,487,860)						22,143,846


			Principal Amount**
PREFERRED SECURITIES—OVER-THE-COUNTER	35.6	%
BANKING	21.8	%
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(a)(c)(d)(e)				600,000		596,385
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(c)(d)(e)				600,000		646,776
Banco Santander SA, 9.625% to 11/21/28 (Spain)(c)(d)(e)				400,000		427,972
Banco Santander SA, 9.625% to 5/21/33 (Spain)(c)(d)(e)				600,000		662,375
Bank of America Corp., 4.375% to 1/27/27, Series RR(a)(c)(d)				205,000		192,688
Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(c)(d)				538,000		540,831
Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(c)(d)				489,000		491,558
Bank of America Corp., 6.25% to 9/5/24, Series X(a)(c)(d)				841,000		844,060
Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(c)(d)				1,310,000		1,317,728
Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(c)(d)				975,000		978,264
Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)(d)				600,000		608,551
Bank of Nova Scotia, 4.90% to 6/4/25 (Canada)(a)(c)(d)				550,000		542,588
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(d)				200,000		208,740
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a)(c)(d)(e)				600,000		579,828
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(c)(d)(e)				GBP 800,000		995,334
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(c)(d)(e)				400,000		400,176
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(c)(d)(e)				1,200,000		1,275,482
BNP Paribas SA, 7.375% to 8/19/25 (France)(a)(c)(d)(e)(f)				1,800,000		1,808,770
BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(c)(d)(e)(f)				400,000		410,473
BNP Paribas SA, 8.50% to 8/14/28 (France)(c)(d)(e)(f)				600,000		628,651
BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(c)(d)(e)(f)				600,000		645,312
Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(c)(d)				1,180,000		1,105,452
Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(c)(d)				2,075,000		1,753,385
Charles Schwab Corp., 5.375% to 6/1/25, Series G(a)(c)(d)				2,471,000		2,460,076


			Principal Amount**		Value
Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(c)(d)				1,773,000	$	1,772,553
Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(c)(d)				880,000		884,460
Citigroup, Inc., 7.625% to 11/15/28(a)(c)(d)				1,800,000		1,894,261
Commerzbank AG, 7.00% to 4/9/25 (Germany)(c)(d)(e)(g)				400,000		394,478
Credit Agricole SA, 6.875% to 9/23/24 (France)(a)(c)(d)(e)(f)				1,400,000		1,400,023
Credit Agricole SA, 8.125% to 12/23/25 (France)(a)(c)(d)(e)(f)				1,200,000		1,226,328
Credit Suisse Group AG, 6.375%, Claim (Switzerland)(c)(e)(f)(h)(i)				400,000		46,000
Deutsche Bank AG, 7.50% to 4/30/25 (Germany)(a)(c)(d)(e)				600,000		591,344
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(c)(d)(e)				800,000		772,055
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a)(c)(d)(e)				800,000		795,437
ING Groep NV, 6.50% to 4/16/25 (Netherlands)(a)(c)(d)(e)				1,000,000		988,479
ING Groep NV, 6.75% to 4/16/24 (Netherlands)(c)(d)(e)(g)				800,000		800,264
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(a)(c)(d)(e)(f)				600,000		599,087
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(c)(d)				975,000		976,001
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a)(c)(d)				466,000		465,772
JPMorgan Chase & Co., 6.875% to 6/1/29(a)(c)(d)				2,574,000		2,669,939
JPMorgan Chase & Co., 9.348% (3 Month USD Term SOFR + 4.042%), Series S(a)(c)(j)				609,000		610,073
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(a)(c)(d)(e)				1,000,000		994,818
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a)(c)(d)(e)				1,200,000		1,198,203
NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a)(c)(d)(e)				2,400,000		2,349,578
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a)(c)(d)(e)				2,600,000		2,616,063
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(c)(d)				321,000		314,595
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(c)(d)				841,000		840,913
Societe Generale SA, 8.00% to 9/29/25 (France)(a)(c)(d)(e)(f)				800,000		804,206
Societe Generale SA, 9.375% to 11/22/27 (France)(a)(c)(d)(e)(f)				400,000		415,225
Swedbank AB, 7.75% to 3/17/30 (Sweden)(c)(d)(e)(g)				400,000		397,497
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(d)				600,000		630,812
UBS Group AG, 6.875% to 8/7/25 (Switzerland)(c)(d)(e)(g)				2,000,000		1,982,328
UBS Group AG, 7.00% to 2/19/25 (Switzerland)(c)(d)(e)(g)				1,800,000		1,800,000
UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(c)(d)(e)(f)				1,000,000		1,085,975
UBS Group AG, 9.25% to 11/13/33 (Switzerland)(c)(d)(e)(f)				200,000		226,207
UniCredit SpA, 8.00% to 6/3/24 (Italy)(c)(d)(e)(g)				600,000		600,960
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(c)(d)				1,350,000		1,285,269
Wells Fargo & Co., 5.875% to 6/15/25, Series U(a)(c)(d)				1,221,000		1,221,366
Wells Fargo & Co., 7.625% to 9/15/28(a)(c)(d)				2,140,000		2,292,385

						58,064,409

BROKERAGE	0.5	%
Goldman Sachs Group, Inc., 4.95% to 2/10/25, Series R(a)(c)(d)				614,000		605,389
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(c)(d)				600,000		638,605

						1,243,994

ENERGY	0.4	%
BP Capital Markets PLC, 4.375% to 6/22/25(c)(d)				207,000		203,395
BP Capital Markets PLC, 6.45% to 12/1/33(a)(c)(d)				750,000		778,567

						981,962

FINANCE	0.5	%
American Express Co., 3.55% to 9/15/26, Series D(a)(c)(d)				750,000		696,080
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50(d)(f)				392,000		372,868
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(a)(d)(f)				225,000		209,867

						1,278,815


			Principal Amount**		Value
INSURANCE	3.8	%
Aegon Ltd., 5.625% to 4/15/29 (Netherlands)(c)(d)(e)(g)				EUR 400,000	$	420,604
Allianz SE, 6.35% to 3/6/33, due 9/6/53 (Germany)(a)(d)(f)				200,000		210,436
Argentum Netherlands BV for Swiss Re Ltd., 5.524% to 8/15/27 (Switzerland)(c)(d)(g)				600,000		586,097
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)(d)(g)				400,000		396,150
Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48 (Switzerland)(d)(g)				200,000		196,053
AXA SA, 6.375% to 7/16/33, Series EMTN (France)(c)(d)(e)(g)				EUR 400,000		449,054
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(d)				545,000		546,198
Dai-ichi Life Insurance Co. Ltd., 5.10% to 10/28/24 (Japan)(a)(c)(d)(f)				1,500,000		1,490,127
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(a)(d)(f)				638,000		575,364
Markel Group, Inc., 6.00% to 6/1/25(a)(c)(d)				390,000		387,293
MetLife, Inc., 10.75%, due 8/1/39(a)				500,000		678,770
Phoenix Group Holdings PLC, 4.75% to 6/4/26, due 9/4/31 (United Kingdom)(d)(g)				600,000		579,582
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(a)(d)				1,035,000		972,350
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(d)				250,000		260,548
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)(d)(g)				200,000		197,111
QBE Insurance Group Ltd., 5.875% to 5/12/25 (Australia)(a)(c)(d)(f)				200,000		198,474
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)(d)(g)				500,000		500,793
Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(c)(d)(f)				400,000		399,429
Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(c)(d)				1,000,000		1,039,446

						10,083,879

PIPELINES	3.3	%
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(a)(d)				800,000		805,748
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(a)(d)				2,170,000		2,263,520
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(a)(d)				1,445,000		1,573,655
Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(c)(d)				1,366,000		1,337,022
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(d)				700,000		646,246
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(a)(d)				880,000		804,454
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(a)(d)				1,296,000		1,262,477

						8,693,122

SHOPPING CENTER	0.3	%
Scentre Group Trust 2, 4.75% to 6/24/26 (Australia)(a)(d)(f)				989,000		950,736

TELECOMMUNICATION SERVICES	0.8	%
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(a)(d)				210,000		181,219
Vodafone Group PLC, 5.125% to 12/4/50, due 6/4/81 (United Kingdom)(a)(d)				1,201,000		908,528
Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (United Kingdom)(d)(g)				1,183,000		1,181,847

						2,271,594

UTILITIES	4.2	%
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(a)(d)				2,075,000		1,831,096
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(c)(d)				700,000		658,817
Dominion Energy, Inc., 4.65% to 12/15/24, Series B(a)(c)(d)				1,050,000		1,033,015
Duke Energy Corp., 4.875% to 9/16/24(a)(c)(d)				798,000		793,037
Edison International, 5.375% to 3/15/26, Series A(a)(c)(d)				1,300,000		1,261,245
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(a)(d)				1,200,000		1,189,649
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(d)				1,000,000		1,005,766
Sempra, 4.125% to 1/1/27, due 4/1/52(a)(d)				1,925,000		1,785,526
Sempra, 6.875% to 7/1/29, due 10/1/54(a)(d)				800,000		809,035


			Principal Amount**		Value
Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(a)(d)				1,000,000	$	962,662

						11,329,848

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER (Identified cost—$94,390,105)						94,898,359

CORPORATE BONDS	2.0	%
FREE STANDING	0.5	%
NNN REIT, Inc., 5.60%, due 10/15/33(a)				380,000		384,925
Realty Income Corp., 3.40%, due 1/15/30				350,000		319,064
Realty Income Corp., 5.625%, due 10/13/32(a)				715,000		730,313

						1,434,302

REGIONAL MALL	0.4	%
Simon Property Group LP, 5.50%, due 3/8/33(a)				585,000		595,990
Simon Property Group LP, 5.85%(a)				415,000		427,759

						1,023,749

SHOPPING CENTER	0.5	%
Kimco Realty OP LLC, 4.25%, due 4/1/45(a)				400,000		323,770
Retail Opportunity Investments Partnership LP, 4.00%, due 12/15/24(a)				1,000,000		985,428

						1,309,198

SPECIALTY	0.2	%
VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(a)(f)				600,000		599,692

UTILITIES	0.4	%
Enel Finance America LLC, 7.10%, due 10/14/27 (Italy)(a)(f)				200,000		211,699
Enel Finance International NV, 7.50%, due 10/14/32 (Italy)(a)(f)				200,000		225,546
NextEra Energy Capital Holdings, Inc., 6.051%, due 3/1/25(a)				465,000		466,916

						904,161

TOTAL CORPORATE BONDS (Identified cost—$5,122,034)						5,271,102


			Shares
SHORT-TERM INVESTMENTS	1.7	%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(k)				3,437,085		3,437,085
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(k)				974,697		974,697

TOTAL SHORT-TERM INVESTMENTS (Identified cost—$4,411,782)						4,411,782

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$394,805,116)	151.3	%				402,834,922
WRITTEN OPTION CONTRACTS (Premiums received—$1,029,793)	(0.4	)				(966,760	)
LIABILITIES IN EXCESS OF OTHER ASSETS	(50.9	)				(135,553,582	)

NET ASSETS (Equivalent to $15.93 per share based on 16,722,406 shares of common stock outstanding)	100.0	%			$	266,314,580

Exchange-Traded Option Contracts


Written Options
Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount(l)			Premiums Received			Value
Call—iShares U.S. Real Estate ETF	$	90.00	4/19/24		(1,750	)	$	(15,732,500	)	$	(187,709	)	$	(238,000	)
Call—iShares U.S. Real Estate ETF		91.00	4/19/24		(2,750	)		(24,722,500	)		(219,294	)		(239,250	)
Call—iShares U.S. Real Estate ETF		92.00	4/19/24		(2,000	)		(17,980,000	)		(223,194	)		(118,000	)
Call—iShares U.S. Real Estate ETF		93.00	4/19/24		(1,000	)		(8,990,000	)		(114,322	)		(30,950	)
					(7,500	)	$	(67,425,000	)	$	(744,519	)	$	(626,200	)


Over-the-Counter Options Contracts
Written Options
Description	Counterparty	Exercise Price ($)		Expiration Date	Number of Contracts			Notional Amount(l)			Premiums Received			Value
Call—American Tower Corp.	Goldman Sachs International	$	200.53	4/19/24		(3,552	)	$	(701,840	)	$	(12,530	)	$	(10,179	)
Call—Crown Castle, Inc.	Goldman Sachs International		113.17	4/19/24		(3,695	)		(391,042	)		(8,050	)		(2,210	)
Call—Equinix, Inc.	Goldman Sachs International		887.60	4/19/24		(580	)		(478,691	)		(14,094	)		(1,485	)
Call—Essex Property Trust Inc.	Goldman Sachs International		241.40	4/19/24		(362	)		(88,621	)		(1,619	)		(2,649	)
Call—Extra Space Storage, Inc.	Goldman Sachs International		150.67	4/19/24		(2,013	)		(295,911	)		(6,187	)		(4,397	)
Call—Host Hotels & Resorts, Inc.	Goldman Sachs International		20.73	4/19/24		(6,644	)		(137,398	)		(2,438	)		(3,150	)
Call—Invitation Homes, Inc.	Goldman Sachs International		33.77	4/19/24		(12,530	)		(446,193	)		(7,765	)		(26,479	)
Call—Iron Mountain, Inc.	Goldman Sachs International		71.90	4/19/24		(6,544	)		(524,894	)		(8,726	)		(56,663	)
Call—Kimco Realty Corp.	Goldman Sachs International		20.44	4/19/24		(1,753	)		(34,376	)		(688	)		(294	)
Call—Prologis, Inc.	Goldman Sachs International		137.26	4/19/24		(4,608	)		(600,054	)		(14,864	)		(3,321	)
Call—Public Storage	Goldman Sachs International		298.56	4/19/24		(642	)		(186,219	)		(3,478	)		(1,692	)
Call—Realty Income Corp.	Goldman Sachs International		54.32	4/19/24		(7,767	)		(420,195	)		(5,832	)		(6,488	)
Call—SBA Communications Corp.	Goldman Sachs International		223.91	4/19/24		(544	)		(117,885	)		(2,197	)		(1,400	)
Call—Simon Property Group, Inc.	Goldman Sachs International		149.49	4/19/24		(3,489	)		(545,994	)		(14,564	)		(29,201	)
Call—VICI Properties, Inc.	Goldman Sachs International		30.54	4/19/24		(9,522	)		(283,660	)		(4,013	)		(1,761	)
Call—Welltower, Inc.	Goldman Sachs International		96.48	4/19/24		(10,087	)		(942,529	)		(19,812	)		(5,398	)
Call—WP Carey, Inc.	Goldman Sachs International		59.87	4/19/24		(919	)		(51,868	)		(614	)		(126	)
Call—American Tower Corp.	Goldman Sachs International		205.54	5/17/24		(4,772	)		(942,899	)		(19,777	)		(16,969	)
Call—Crown Castle, Inc.	Goldman Sachs International		113.11	5/17/24		(4,205	)		(445,015	)		(8,623	)		(6,657	)
Call—Digital Realty Trust, Inc.	Goldman Sachs International		151.73	5/17/24		(4,075	)		(586,963	)		(14,173	)		(15,137	)
Call—Equinix, Inc.	Goldman Sachs International		890.66	5/17/24		(635	)		(524,085	)		(14,711	)		(7,285	)
Call—Essex Property Trust Inc.	Goldman Sachs International		245.63	5/17/24		(442	)		(108,206	)		(2,398	)		(3,870	)
Call—Extra Space Storage, Inc.	Goldman Sachs International		149.00	5/17/24		(1,748	)		(256,956	)		(5,216	)		(10,178	)
Call—Invitation Homes, Inc.	Goldman Sachs International		35.62	5/17/24		(15,449	)		(550,139	)		(11,843	)		(17,363	)
Call—Iron Mountain, Inc.	Goldman Sachs International		83.24	5/17/24		(3,804	)		(305,119	)		(6,180	)		(7,635	)
Call—Kimco Realty Corp.	Goldman Sachs International		20.08	5/17/24		(2,688	)		(52,712	)		(899	)		(1,446	)
Call—Mid-America Apartment Communities, Inc.	Goldman Sachs International		135.36	5/17/24		(577	)		(75,922	)		(1,193	)		(1,458	)
Call—Prologis, Inc.	Goldman Sachs International		133.62	5/17/24		(6,429	)		(837,184	)		(20,739	)		(20,113	)
Call—Public Storage	Goldman Sachs International		288.39	5/17/24		(543	)		(157,503	)		(3,712	)		(6,404	)
Call—Realty Income Corp.	Goldman Sachs International		54.46	5/17/24		(7,623	)		(412,404	)		(5,826	)		(10,547	)
Call—SBA Communications Corp.	Goldman Sachs International		225.61	5/17/24		(101	)		(21,887	)		(598	)		(477	)


Over-the-Counter Options Contracts (continued)
Written Options
Description	Counterparty	Exercise Price ($)		Expiration Date		Number of Contracts			Notional Amount(l)			Premiums Received			Value
Call—Simon Property Group, Inc.	Goldman Sachs International	$	155.82		5/17/24		(4,520	)	$	(707,335	)	$	(19,251	)	$	(29,336	)
Call—Welltower, Inc.	Goldman Sachs International		92.63		5/17/24		(6,814	)		(636,700	)		(20,346	)		(25,028	)
Call—Weyerhaeuser Co.	Goldman Sachs International		35.49		5/17/24		(1,956	)		(70,240	)		(1,515	)		(2,827	)
Call—WP Carey, Inc.	Goldman Sachs International		58.43		5/17/24		(938	)		(52,941	)		(803	)		(937	)
							(142,570	)	$	(12,991,580	)	$	(285,274	)	$	(340,560	)

Centrally Cleared Interest Rate Swap Contracts


Notional Amount		Fixed Rate Payable		Fixed Payment Frequency	Floating Rate Receivable (resets monthly)			Floating Payment Frequency	Maturity Date		Value		Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
	$ 37,000,000		2.201%	Monthly		5.330%(m	)	Monthly		10/1/25	$	1,435,805	$	—	$	1,435,805
	14,500,000		2.360%	Monthly		5.330%(m	)	Monthly		12/18/25		548,676		—		548,676
	37,000,000		1.957%	Monthly		5.330%(m	)	Monthly		3/1/26		1,835,415		—		1,835,415
	37,000,000		1.557%	Monthly		5.330%(m	)	Monthly		3/1/27		2,788,785		—		2,788,785
											$	6,608,681	$	—	$	6,608,681

The total amount of all interest rate swap contracts as presented in the table above is representative of the volume of activity for this derivative type during the for the period ended March 28, 2024.

Forward Foreign Currency Exchange Contracts


Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	EUR	40,296	USD	43,974	4/3/24	$	501
Brown Brothers Harriman	EUR	415,042	USD	449,607	4/3/24		1,839
Brown Brothers Harriman	EUR	350,000	USD	380,241	4/3/24		2,643
Brown Brothers Harriman	GBP	797,901	USD	1,009,310	4/3/24		2,240
Brown Brothers Harriman	USD	869,854	EUR	805,338	4/3/24		(1,015	)
Brown Brothers Harriman	USD	1,008,052	GBP	797,901	4/3/24		(982	)
Brown Brothers Harriman	EUR	821,087	USD	887,833	5/2/24		975
Brown Brothers Harriman	GBP	790,014	USD	998,179	5/2/24		905
						$	7,106

Glossary of Portfolio Abbreviations


		EMTN		Euro Medium Term Note
		ETF		Exchange-Traded Fund
		EUR		Euro Currency
		GBP		British Pound
		OIS		Overnight Indexed Swap
		REIT		Real Estate Investment Trust
		SOFR		Secured Overnight Financing Rate
		USD		United States Dollar

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

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

**	Amount denominated in U.S. dollars unless otherwise indicated.

(a)	All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $300,546,985 in aggregate has been pledged as collateral.

(b)	All or a portion of the security is pledged in connection with written option contracts. $49,341,298 in aggregate has been pledged as collateral.

(c)	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

(d)	Security converts to floating rate after the indicated fixed–rate coupon period.

(e)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $32,031,747 which represents 12.0% of the net assets of the Fund (7.9% of the managed assets of the Fund).

(f)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $14,740,495 which represents 5.5% of the net assets of the Fund, of which 0.0% are illiquid.

(g)	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $10,482,818 which represents 3.9% of the net assets of the Fund, of which 0.0% are illiquid.

(h)	Non–income producing security.

(i)	Security is in default.

(j)	Variable rate. Rate shown is in effect at March 28, 2024.

(k)	Rate quoted represents the annualized seven–day yield.

(l)	Represents number of contracts multiplied by notional contract size multiplied by the underlying price.

(m)	Based on USD-SOFR-OIS. Represents rates in effect at March 28, 2024.

COHEN & STEERS REAL ESTATE OPPORTUNITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1. Quarterly Period

Since March 28, 2024 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was open for trading, the Fund’s schedule of investments have been presented through that date.

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. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Trustees.

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Trustees, to reflect the fair value of such securities.

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Trustees, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).

The Board of Trustees has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Trustees. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment manager 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 Trustees. 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.

For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities would be categorized as Level 2 or 3 in the hierarchy, depending on the relative significance of the valuation inputs. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.

COHEN & STEERS REAL ESTATE OPPORTUNITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgements and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

•

Level 1 — quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the inputs used as of March 28, 2024 in valuing the Fund’s investments carried at value:


	Quoted Prices in Active Markets for Identical Investments (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stock	$	276,109,833		$	—		$	—	$	276,109,833
Preferred Securities—Exchange-Traded		22,143,846			—			—		22,143,846
Preferred Securities—Over-the-Counter		—			94,898,359			—		94,898,359
Corporate Bonds		—			5,271,102			—		5,271,102
Short-Term Investments		—			4,411,782			—		4,411,782

Total Investments in Securities(a)	$	298,253,679		$	104,581,243		$	—	$	402,834,922

Forward Foreign Currency Exchange Contracts	$	—		$	9,103		$	—	$	9,103
Interest Rate Swap Contracts		—			6,608,681			—		6,608,681

Total Derivative Assets(a)	$	—		$	6,617,784		$	—	$	6,617,784

Forward Foreign Currency Exchange Contracts	$	—		$	(1,997	)	$	—	$	(1,997	)
Written Option Contracts		(595,250	)		(371,510	)		—		(966,760	)

Total Derivative Liabilities(a)	$	(595,250	)	$	(373,507	)	$	—	$	(968,757	)

(a)	Portfolio holdings are disclosed individually on the Schedule of Investments.

Note 3. Derivative Investments

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

COHEN & STEERS REAL ESTATE OPPORTUNITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the credit agreement, the accruals for which would begin at a specific date in the future (“the effective date”). The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).

Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).

Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

The following summarizes the monthly average volume of the Fund’s option contracts and forward foreign currency exchange contracts activity for the three months ended March 28, 2024:


	Written Option Contracts(a)(b)		Forward Foreign Currency Exchange Contracts(b)
Average Notional Amount	$	79,501,187	$	1,454,507

(a)	Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.

(b)

Average notional amounts represent the average for all months in which the Fund had option contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents three months for written option contracts and three months for forward foreign currency exchange contracts.

Cohen & Steers Real Esta... (NYSE:RLTY)
過去株価チャート
から 11 2024 まで 12 2024