Cohen & Steers Alternative Income Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:    811-21668                                 

Cohen & Steers Alternative Income Fund, Inc.

(Exact name of registrant as specified in charter)

280 Park Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, New York 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code:    (212)832-3232                                

Date of fiscal year end:    October 31                                

Date of reporting period:    August 31, 2019                                

Item 1. Reports to Stockholders.

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

To Our Shareholders:

We would like to share with you our report for the six months ended August 31, 2019. The total returns for Cohen & Steers Alternative Income Fund, Inc. (the Fund) and its comparative benchmarks were:

	Six Months Ended August 31, 2019
Cohen & Steers Alternative Income Fund:
Class A		3.72	%
Class C		3.31	%
Class I		3.94	%
Class R		3.65	%
Class Z		3.93	%
Linked Blended Benchmarka		4.32	%
S&P 500 Indexa		6.15	%

Effective July 1, 2019, the Cohen & Steers Dividend Value Fund, Inc. changed its name to the Cohen & Steers Alternative Income Fund, Inc. In addition, the investment objectives, principal investment strategies and principal risks of the Fund also changed. The performance above reflects returns achieved pursuant to different investment objectives and principal investment strategies than the investment objectives and strategies currently employed by the Fund. If the Fund’s current strategies had been in place prior to July 1, 2019, results shown would have been different.

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at net asset value (NAV). Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 4.50% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

^a  For benchmark descriptions, see page 6.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Starting August 2019, the Fund intends to declare and pay distributions monthly at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Market Review

Thesix-month period ended August 31, 2019 was generally positive for financial markets as many central banks stepped up efforts to support the slowing global economy, cutting interest rates and infusing markets with additional liquidity. Geopolitical factors added to the economic uncertainty, including ongoing trade tensions between the U.S., China and Europe, street protests in Hong Kong and intense political volatility in the U.K. ahead of the country’s October 31^st deadline to exit the European Union. In response, global bond yields declined sharply, with the U.S.10-year Treasury yield falling to its lowest level since 2016 and many European government bonds trading at negative yields. Declining interest rates were generally supportive for debt and preferred securities, while many higher-yielding equities benefited from investors’ search for meaningful income.

Fund Performance

The Fund had a positive total return in the period but underperformed its linked blended benchmark. Effective July 1, 2019, the Fund changed its benchmark from the Russell 1000 Value Index to a multi-asset-class blended benchmark. Please see page 6 for benchmark descriptions.

The Fund outperformed in the first four months of the period, when it adhered to alarge-cap value strategy and had the Russell 1000 Value Index as its benchmark. Stock selection in the consumer staples sector aided performance in thissub-period, led by an overweight in Tyson Foods. The stock rallied strongly amid heightened global demand for meat products and supply shortfalls in the Chinese market. Stock selection in the financial services and communications services sectors also helped relative performance. Stock selection in the energy and health care sectors detracted from relative performance.

In the final two months of the period, when the Fund adopted a multi-asset-class, alternative income strategy, it underperformed its new blended benchmark, resulting in underperformance compared with the linked benchmark for the six months as a whole. Factors that hindered performance against the blended benchmark in July and August included stock selection in the Fund’s global infrastructure and MLPs/midstream energy allocations. An overweight in natural resource equities further hindered performance, as the group had a large decline in thetwo-month period on global economic and trade uncertainty.

The main contributor to relative performance in the final two months of the period was security selection in the Fund’s allocation to preferred issues, led by outperforming gains from insurance, banking and utilities holdings. The Fund’s allocation to global real estate stocks had little impact on relative returns compared with the blended benchmark in July and August.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Impact of Derivatives on Fund Performance

In July and August, the Fund used derivatives in the form of forward foreign currency exchange contracts for managing currency risk on certain Fund positions denominated in foreign currencies. These instruments did not have a material effect on the Fund’s total return for thesix-month period ended August 31, 2019.

Sincerely,

JON CHEIGH	VINCENT L. CHILDERS
Portfolio Manager	Portfolio Manager

BEN MORTON	CHRISTOPHER RHINE
Portfolio Manager	Portfolio Manager

TYLER S. ROSENLICHT	WILLIAM F. SCAPELL
Portfolio Manager	Portfolio Manager

ELAINE ZAHARIS-NIKAS

Portfolio Manager

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds invests in major real asset categories including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended August 31, 2019

	Class A Shares			Class C Shares			Class I Shares			Class R Shares			Class Z Shares
1 Year (with sales charge)		–2.18	%a		0.73	%b		—			—			—
1 Year (without sales charge)		2.43	%		1.73	%		2.83	%		2.28	%		2.81	%
5 Years (with sales charge)		5.88	%a		6.16	%		—			—			—
5 Years (without sales charge)		6.86	%		6.16	%		7.24	%		—			—
10 Years (with sales charge)		10.14	%a		9.93	%		—			—			—
10 Years (without sales charge)		10.65	%		9.93	%		11.04	%		—			—
Since Inceptionc(with sales charge)		6.84	%a		6.49	%		—			—			—
Since Inceptionc(without sales charge)		7.19	%		6.49	%		7.57	%		7.59	%		8.13	%

The Fund changed its investment objectives and principal investment strategies on July 1, 2019. The performance above reflects returns achieved pursuant to different investment objectives and principal investment strategies than the investment objectives and strategies currently employed by the Fund. If the Fund’s current strategies had been in place prior to July 1, 2019, results shown would have been different.

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month end can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the periods presented above, the investment advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower.

The annualized gross and net expense ratios, respectively, for each class of shares as disclosed in the July 1, 2019 prospectus were as follows: Class A—2.17% and 1.00%; Class C—2.82% and 1.65%; Class I—1.87% and 0.65%; Class R—2.32% and 1.15%; and Class Z—1.82% and 0.65%. Through June 30, 2021, the investment advisor has contractually agreed to waive its fee and/or reimburse expenses so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 1.00% for Class A shares, 1.65% for Class C shares, 0.65% for Class I shares, 1.15% for Class R shares and 0.65% for Class Z shares. This contractual agreement can only be amended or terminated by agreement of the Fund’s Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund.

^a  Reflects a 4.50%front-end sales charge.

^b  Reflects a contingent deferred sales charge of 1.00%.

^c  Inception date of August 31, 2005 for Class A, C and I shares and October 1, 2014 for Class R and Z shares.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Benchmark Descriptions

The Fund changed its investment objectives and principal investment strategies on July 1, 2019. In connection with such change, the Fund’s benchmark also changed and the Fund’s Linked Blended Benchmark is now represented by the performance of the Russell 1000 Value Index through June 30, 2019 and the blended benchmark consisting of 15% FTSE EPRA Nareit Developed Real Estate Index (Net), 15% Alerian MLP Index, 15% Dow Jones Brookfield Global Infrastructure Index, 10% S&P Global Natural Resource Index (Net), and 45% Preferred Blended Benchmark (consists of 60% ICE BofAML US IG Institutional Capital Securities Index, 20% ICE BofAML Core Fixed Rate Preferred Securities Index and 20% Bloomberg Barclays Developed Market USD Contingent Capital Index) thereafter. The Russell 1000 Value Index measures the performance of the large-capitalization value segment of the U.S. equity universe in the Russell 1000 Index that have lowerprice-to-book ratios and lower expected growth values. The FTSE EPRA Nareit Developed Real Estate Index (Net) is an unmanaged market-capitalization-weighted total-return index, which consists of publicly traded equity REITs and listed property companies from developed markets and is net of dividend withholding taxes. The Alerian MLP Index (Total Return) is a capped, float-adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total Master Limited Partnership (MLP) float-adjusted market capitalization. The Dow Jones Brookfield Global Infrastructure Index is a float-adjusted market-capitalization-weighted index that measures performance of globally domiciled companies that derive more than 70% of their cash flows from infrastructure lines of business. The S&P Global Natural Resources Index (Net) includes the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements and is net of dividend withholding taxes. The ICE BofAML US IG Institutional Capital Securities Index tracks the performance of US dollar denominated investment-grade hybrid capital corporate and preferred securities publicly issued in the US domestic market. The ICE BofAML Core Fixed Rate Preferred Securities Index tracks the performance of fixed-rate US dollar-denominated preferred securities issued in the US domestic market, excluding $1000 par securities. The Bloomberg Barclays Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Expense Example (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs including investment advisory fees; distribution and/or service(12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2019—August 31, 2019.

Actual Expenses

The first line of the following table provides information about actual account values and expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Expense Example (Unaudited)—(Continued)

	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During Perioda March 1, 2019— August 31, 2019
Class A
Actual (3.72% return)	$	1,000.00	$	1,037.20	$	5.12
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.11	$	5.08
Class C
Actual (3.31% return)	$	1,000.00	$	1,033.10	$	8.43
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,016.84	$	8.36
Class I
Actual (3.94% return)	$	1,000.00	$	1,039.40	$	3.33
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.87	$	3.30
Class R
Actual (3.65% return)	$	1,000.00	$	1,036.50	$	5.89
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,019.36	$	5.84
Class Z
Actual (3.93% return)	$	1,000.00	$	1,039.30	$	3.33
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.87	$	3.30

^a  Expenses are equal to the Fund’s Class A, Class C, Class I, Class R and Class Z annualized net expense ratios of 1.00%, 1.65%, 0.65%, 1.15% and 0.65%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-half year period).

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

August 31, 2019

Top Ten Holdings^a

(Unaudited)

Security	Value		% of Net Assets
Energy Transfer LP	$	1,200,933		2.1
Assurant, Inc., 7.00%, due 3/27/48		1,200,672		2.1
NextEra Energy Capital Holdings, Inc., 5.65%, due 5/1/79		1,174,477		2.0
Voya Financial, Inc., 6.125%, Series A		849,572		1.5
MPLX LP		829,820		1.4
MetLife, Inc., 10.75%, due 8/1/39		805,932		1.4
Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada)		805,875		1.4
Enterprise Products Partners LP		792,977		1.4
Citigroup, Inc., 6.25%, Series T		750,973		1.3
Enable Midstream Partners LP		693,428		1.2

^a  Top ten holdings are determined on the basis of the value of individual securities held. The fund may also hold postitions in other types of securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.

Strategy Breakdown^b

(Unaudited)

^b  The strategy breakdown is expressed as an approximate percentage of the Fund’s total long-term investments.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS

August 31, 2019 (Unaudited)

		Shares		Value
COMMON STOCK	38.8%
AIRPORTS—FOREIGN	0.8%
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Mexico)			17,454	$	165,922
Sydney Airport (Australia)			52,845		300,011
TOTAL AIRPORTS—FOREIGN					465,933
COMMUNICATIONS—TOWERS	0.8%
Crown Castle International Corp.			3,226		468,318
CONSUMER STAPLES—FOOD PRODUCTS—FOREIGN	0.7%
Wilmar International Ltd. (Singapore)			150,200		412,367
CONSUMER—NON-CYCLICAL	3.2%
AGRICULTURE	0.5%
Archer-Daniels-Midland Co.			8,330		316,956
BEVERAGE	0.7%
PepsiCo, Inc.			3,133		428,375
FOOD PRODUCTS	0.8%
Tyson Foods, Inc., Class A			5,088		473,388
FOOD PRODUCTS—FOREIGN	1.2%
Mowi ASA (Norway)			28,080		671,785
TOTAL CONSUMER—NON-CYCLICAL					1,890,504
ELECTRIC	2.2%
Edison International			4,448		321,457
Evergy, Inc.			6,827		443,755
FirstEnergy Corp.			11,048		508,208
					1,273,420
ELECTRIC—FOREIGN	2.0%
Emera, Inc. (Canada)			11,213		485,779
Iberdrola SA (Spain)			23,026		236,668
Spark Infrastructure Group (Australia)			303,830		470,613
					1,193,060

See accompanying notes to financial statements.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares		Value
ENERGY	4.6%
OIL & GAS	1.8%
Exxon Mobil Corp.			6,254	$	428,274
Occidental Petroleum Corp.			7,508		326,448
Valero Energy Corp.			4,110		309,400
					1,064,122
OIL & GAS—FOREIGN	2.3%
Eni S.p.A. (Italy)			18,187		273,441
Royal Dutch Shell PLC, Class B (Netherlands)			20,110		554,242
Total SA (France)			10,472		522,405
					1,350,088
OIL & GAS SERVICES	0.5%
Schlumberger Ltd.			7,876		255,419
TOTAL ENERGY					2,669,629
MARINE PORTS—FOREIGN	0.2%
COSCO SHIPPING Ports Ltd. (China)			114,000		99,890
MATERIALS	4.6%
CHEMICALS	0.4%
CF Industries Holdings, Inc.			5,687		274,056
CHEMICALS—FOREIGN	1.4%
Israel Chemicals Ltd. (Israel)			55,019		248,144
Nutrien Ltd. (Canada)			11,358		571,989
					820,133
METALS & MINING	0.4%
Nucor Corp.			4,721		231,235
METALS & MINING—FOREIGN	2.4%
Anglo American PLC (South Africa)			18,738		404,525
BHP Group PLC (Australia)			22,738		490,546
Novolipetsk Steel PJSC, GDR (Russia)			9,753		216,712
Rio Tinto Ltd. (Australia)			4,652		274,378
					1,386,161
TOTAL MATERIALS					2,711,585

See accompanying notes to financial statements.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares		Value
PIPELINES	2.3%
Plains GP Holdings LP, Class A			20,348	$	446,028
Targa Resources Corp.			8,186		295,679
Williams Cos., Inc./The			25,140		593,304
					1,335,011
PIPELINES—FOREIGN	1.5%
Enbridge, Inc. (Canada)			19,636		656,746
TC Energy Corp. (Canada)			4,676		239,595
					896,341
RAILWAYS—FOREIGN	0.7%
Aurizon Holdings Ltd. (Australia)			97,242		387,032
REAL ESTATE	13.2%
DATA CENTERS	0.3%
CyrusOne, Inc.			2,363		173,586
DIVERSIFIED—FOREIGN	2.1%
Activia Properties, Inc. (Japan)			30		145,997
Befimmo SA (Belgium)			3,280		193,582
Covivio (France)			1,795		190,967
Keppel DC REIT (Singapore)			74,100		97,714
LondonMetric Property PLC (United Kingdom)			78,686		196,469
NSI NV (Netherlands)			8,582		371,623
					1,196,352
HEALTH CARE	2.1%
Physicians Realty Trust			10,622		183,973
Sabra Health Care REIT, Inc.			29,609		640,147
Welltower, Inc.			4,216		377,585
					1,201,705
HEALTH CARE—FOREIGN	0.3%
Assura PLC (United Kingdom)			222,493		187,615
HOTEL	0.8%
Park Hotels & Resorts, Inc.			19,550		460,403
INDUSTRIALS—FOREIGN	1.2%
GLPJ-REIT (Japan)			261		321,843
Mapletree Industrial Trust (Singapore)			232,300		386,678
					708,521

See accompanying notes to financial statements.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares		Value
NET LEASE	2.3%
Gaming and Leisure Properties, Inc.			12,960	$	506,995
Spirit Realty Capital, Inc.			4,647		222,777
VEREIT, Inc.			41,349		403,153
VICI Properties, Inc.			9,730		215,617
					1,348,542
OFFICE	0.3%
Highwoods Properties, Inc.			4,276		184,766
RESIDENTIAL—APARTMENT	0.4%
UDR, Inc.			4,732		227,988
RETAIL—FOREIGN	0.9%
Klepierre SA (France)			11,215		342,165
SmartCentres Real Estate Investment Trust (Canada)			8,240		195,943
					538,108
SELF STORAGE	0.4%
Extra Space Storage, Inc.			2,105		256,642
SELF STORAGE—FOREIGN	0.7%
National Storage REIT (Australia)			312,020		385,588
SHOPPING CENTERS	1.0%
COMMUNITY CENTER	0.4%
SITE Centers Corp.			15,985		221,552
REGIONAL MALL	0.6%
Taubman Centers, Inc.			9,439		368,593
TOTAL SHOPPING CENTERS					590,145
SHOPPING CENTERS—FOREIGN	0.4%
Fortune Real Estate Investment Trust (Hong Kong)			227,000		260,573
TOTAL REAL ESTATE					7,720,534
TOLL ROADS—FOREIGN	0.8%
Jiangsu Expressway Co., Ltd., Class H (China)			238,000		315,698
Transurban Group (Australia)			14,619		147,186
					462,884

See accompanying notes to financial statements.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares		Value
WATER—FOREIGN	1.2%
Guangdong Investment Ltd. (China)			186,000	$	391,909
United Utilities Group PLC (United Kingdom)			31,158		308,612
					700,521
TOTAL COMMON STOCK (Identified cost—$23,254,836)					22,687,029
		Shares/ Units
MASTER LIMITED PARTNERSHIPSAND RELATED COMPANIES	13.5%
CRUDE/REFINED PRODUCTS	2.2%
BP Midstream Partners LP			20,207		300,276
CrossAmerica Partners LP			3,659		62,862
Genesis Energy LP			17,807		369,317
PBF Logistics LP			14,109		293,467
Phillips 66 Partners LP			4,469		245,661
					1,271,583
DIVERSIFIED MIDSTREAM	5.4%
Energy Transfer LP			88,239		1,200,933
Enterprise Products Partners LP			27,814		792,977
MPLX LP			29,732		829,820
Summit Midstream Partners LP			30,310		146,094
Tallgrass Energy LP			10,184		199,403
					3,169,227
GATHERING & PROCESSING	4.4%
CNX Midstream Partners LP			5,305		75,066
DCP Midstream LP			5,674		138,219
Enable Midstream Partners LP			55,034		693,428
EnLink Midstream LLC			67,743		537,880
EQM Midstream Partners LP			21,620		654,437
Western Midstream Partners LP			20,125		463,680
					2,562,710
MARINE SHIPPING/OFFSHORE	0.6%
USD Partners LP			35,096		371,667
MARINE SHIPPING/OFFSHORE—FOREIGN	0.5%
GasLog Partners LP (Monaco)			15,198		288,002

See accompanying notes to financial statements.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares/ Units		Value
OTHER	0.4%
Sprague Resources LP			14,431	$	232,483
TOTAL MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES (Identified cost—$8,733,791)					7,895,672
		Shares
PREFERRED SECURITIES—$25 PAR VALUE	11.5%
BANKS	1.8%
Bank of America Corp., 5.375%, Series KKa			13,000		342,940
Regions Financial Corp., 5.70% to 5/15/29, Series Ca,b			10,225		280,165
Wells Fargo & Co., 7.50%, Series La			305		442,585
TOTAL BANKS					1,065,690
ELECTRIC	0.8%
CMS Energy Corp., 5.875%, due 3/1/79			4,125		113,602
Duke Energy Corp., 5.75%, Series Aa			12,500		347,000
					460,602
FINANCIAL	0.7%
DIVERSIFIED FINANCIAL SERVICES	0.3%
Apollo Global Management LLC, 6.375%, Series Aa			6,542		170,811
INVESTMENT BANKER/BROKER	0.4%
Morgan Stanley, 5.85% to 4/15/27, Series Ka,b			10,000		270,000
TOTAL FINANCIAL					440,811
INSURANCE	5.3%
LIFE/HEALTH INSURANCE	2.0%
Athene Holding Ltd., 6.35% to 6/30/29, Series Aa,b			9,900		281,457
Unum Group, 6.25%, due 6/15/58			16,500		453,255
Voya Financial, Inc., 5.35% to 9/15/29, Series Ba,b			15,500		424,080
					1,158,792
MULTI-LINE	1.7%
Allstate Corp./The, 5.10%, Series Ha			8,425		221,241
American International Group, Inc., 5.850%, Series Aa			16,500		453,585
Hartford Financial Services Group, Inc./The, 6.00%, Series Ga			13,097		358,334
					1,033,160

See accompanying notes to financial statements.

15

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares		Value
PROPERTY CASUALTY—FOREIGN	0.4%
Enstar Group Ltd., 7.00% to 9/1/28, Series D (Bermuda)a,b			8,325	$	222,194
REINSURANCE	0.7%
Arch Capital Group Ltd., 5.25%, Series Ea			16,200		405,000
REINSURANCE—FOREIGN	0.5%
RenaissanceRe Holdings Ltd., 5.75%, Series F (Bermuda)a			10,325		272,993
TOTAL INSURANCE					3,092,139
PIPELINES	0.3%
Energy Transfer Operating LP, 7.60% to 5/15/24, Series Ea,b			6,500		162,370
PIPELINES—FOREIGN	0.3%
Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78, Series B (Canada)b			6,150		171,708
REAL ESTATE	1.0%
NET LEASE	0.4%
Spirit Realty Capital, Inc., 6.00%, Series Aa			9,500		241,680
OFFICE	0.4%
Brookfield Property Partners LP, 6.375%, Series A2a			10,000		257,200
RESIDENTIAL—SINGLE FAMILY	0.2%
American Homes 4 Rent, 6.25%, Series Ha			4,076		112,946
TOTAL REAL ESTATE					611,826
UTILITIES	1.3%
GAS UTILITIES	0.2%
Spire, Inc., 5.90%, Series Aa			4,125		115,954
MULTI-UTILITIES	0.4%
NiSource, Inc., 6.50% to 3/15/24, Series Ba,b			8,150		224,777
MULTI-UTILITIES—FOREIGN	0.7%
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series19-A (Canada)b			15,100		420,686
TOTAL UTILITIES					761,417
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$6,482,317)					6,766,563

See accompanying notes to financial statements.

16

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Principal Amount		Value
PREFERRED SECURITIES—CAPITAL SECURITIES	34.4%
BANKS	5.3%
Bank of America Corp., 5.875% to 3/15/28, Series FFa,b		$	600,000	$	652,860
BB&T Corp., 4.80% to 9/1/24a,b			180,000		181,575
Citigroup, Inc., 6.25% to 8/15/26, Series Ta,b			670,000		750,973
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Qa,b			300,000		314,616
JPMorgan Chase & Co., 6.10% to 10/1/24, Series Xa,b			300,000		324,215
SunTrust Banks, Inc., 5.125% to 12/15/27, Series Ha,b			600,000		599,040
Wells Fargo & Co., 6.18%, (3 Month US LIBOR + 3.77%), Series K (FRN)a,c			300,000		302,625
TOTAL BANKS					3,125,904
BANKS—FOREIGN	12.2%
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)a,b,d			200,000		202,900
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)a,b,d			200,000		208,153
BNP Paribas SA, 7.00% to 8/16/28, 144A (France)a,b,d,e			600,000		653,040
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)a,b,d,e			400,000		444,842
Credit Agricole SA, 6.875% to 9/23/24, 144A (France)a,b,d,e			400,000		426,782
Credit Agricole SA, 7.875% to 1/23/24, 144A (France)a,b,d,e			400,000		443,320
Credit Agricole SA, 8.125% to 12/23/25, 144A (France)a,b,d,e			200,000		233,832
Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)a,b,d,e			200,000		207,100
Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)a,b,d,f			200,000		212,579
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)a,b,d,e			400,000		426,326
Danske Bank A/S, 7.00% to 6/26/25 (Denmark)a,b,d,f			200,000		207,742
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)a,b,d			400,000		411,440
ING Groep N.V., 6.50% to 4/16/25 (Netherlands)a,b,d			200,000		209,070
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)a,b,d,e			200,000		203,671
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)a,b,d			200,000		207,250
Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)a,b,d,e			400,000		427,342
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (United Kingdom)a,b,d			200,000		213,400
Societe Generale SA, 6.750% to 4/6/28, 144A (France)a,b,d,e			400,000		404,860

See accompanying notes to financial statements.

17

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Principal Amount		Value
Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)a,b,d,e		$	200,000	$	214,143
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)a,d			200,000		274,116
UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A (Switzerland)a,b,d,e			400,000		424,500
UBS Group Funding Switzerland AG, 7.125% to 8/10/21 (Switzerland)a,b,d,f			200,000		210,376
UniCredit SpA, 7.50% to 6/3/26 (Italy)a,b,d,f			200,000		241,644
					7,108,428
ELECTRIC	0.7%
CenterPoint Energy, Inc., 6.125% to 9/1/23, Series Aa,b			390,000		408,804
INSURANCE	10.6%
LIFE/HEALTH INSURANCE	4.0%
MetLife, Inc., 10.75%, due 8/1/39			500,000		805,932
MetLife, Inc., 5.875% to 3/15/28, Series Da,b			400,000		429,360
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44b			250,000		262,255
Voya Financial, Inc., 6.125% to 9/15/23, Series Aa,b			800,000		849,572
					2,347,119
LIFE/HEALTH INSURANCE—FOREIGN	1.2%
Aegon NV, 5.625% to 4/15/29 (Netherlands)a,b,d,f			200,000		244,740
ASR Nederland NV, 4.625% to 10/19/27 (Netherlands)a,b,d,f			200,000		231,660
Dai-ichi Life Insurance Co., Ltd./The, 4.00% to 7/24/26, 144A (Japan)a,b,e			200,000		207,921
					684,321
MULTI-LINE	1.1%
American International Group, Inc., 5.75% to 4/1/28, due 4/1/48, SeriesA-9b			400,000		423,648
American International Group, Inc., 8.175% to 5/15/38, due 5/15/58b			150,000		201,228
					624,876
MULTI-LINE—FOREIGN	0.8%
AXA SA, 6.379% to 12/14/36, 144A (France)a,b,e			400,000		465,138

See accompanying notes to financial statements.

18

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Principal Amount		Value
PROPERTY CASUALTY	2.0%
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48b		$	1,100,000	$	1,200,672
PROPERTY CASUALTY—FOREIGN	1.5%
Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (Japan)a,b,e			200,000		224,430
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)b,f			400,000		440,608
VIVAT NV, 6.25% to 11/16/22 (Netherlands)a,b,f			200,000		201,780
					866,818
TOTAL INSURANCE					6,188,944
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN	0.5%
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)b			250,000		282,923
PIPELINES—FOREIGN	1.7%
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series16-A (Canada)b			370,000		387,938
Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (Canada)b			570,000		586,541
					974,479
UTILITIES	3.4%
ELECTRIC UTILITIES	2.0%
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79b			1,100,000		1,174,477
ELECTRIC UTILITIES—FOREIGN	1.4%
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series16-A (Canada)b			740,000		805,875
TOTAL UTILITIES					1,980,352
TOTAL PREFERRED  SECURITIES—CAPITAL SECURITIES (Identified cost—$19,887,705)					20,069,834

See accompanying notes to financial statements.

19

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

		Shares		Value
SHORT-TERM INVESTMENTS	0.7%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 2.03%g			393,836	$	393,836
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$393,836)					393,836
TOTAL INVESTMENTSIN SECURITIES (Identified cost—$58,752,485)	98.9%				57,812,934
OTHER ASSETSIN EXCESSOF LIABILITIES	1.1				660,952
NET ASSETS	100.0%			$	58,473,886

Forward Foreign Currency Exchange Contracts

Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	EUR	908,364	USD	1,013,283		9/4/19	$	14,946
Brown Brothers Harriman	USD	997,965	EUR	908,364		9/4/19		372
Brown Brothers Harriman	EUR	915,451	USD	1,007,975		10/2/19		(378	)
							$	14,940

Glossary of Portfolio Abbreviations

EUR	Euro Currency
FRN	Floating Rate Note
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
USD	United States Dollar

See accompanying notes to financial statements.

20

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

August 31, 2019 (Unaudited)

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

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

^b  Security converts to floating rate after the indicated fixed-rate coupon period.

^c  Variable rate. Rate shown is in effect at August 31, 2019.

^d  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 $7,310,712 or 12.5% of the net assets of the Fund.

^e  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $5,407,247 which represents 9.2% of the net assets of the Fund, of which 0.0% are illiquid.

^f  Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $2,265,245 which represents 3.9% of the net assets of the Fund, of which 0.0% are illiquid.

^g  Rate quoted represents the annualizedseven-day yield.

Country Summary	% of Net Assets
United States		56.0
Canada		7.7
France		7.1
Australia		5.0
Great Britain		3.8
Netherland		3.6
Switzerland		2.5
Japan		1.5
Singapore		1.5
China		1.4
Italy		1.2
Norway		1.1
Bermuda		0.9
Spain		0.8
Finland		0.7
South Africa		0.7
Monaco		0.5
Other		4.0
		100.0

See accompanying notes to financial statements.

21

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2019 (Unaudited)

ASSETS:
Investments in securities, at value (Identified cost—$58,752,485)	$	57,812,934
Foreign currency, at value (Identified cost—$87,883)		87,922
Receivable for:
Fund shares sold		741,350
Investment securities sold		669,080
Dividends and interest		471,884
Due from investment advisor		75,237
Unrealized appreciation on forward foreign currency exchange contracts		15,318
Other assets		2,160
Total Assets		59,875,885
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		378
Payable for:
Investment securities purchased		689,750
Fund shares redeemed		496,446
Dividends declared		50,440
Shareholder servicing fees		7,410
Administration fees		983
Distribution fees		789
Directors’ fees		28
Other liabilities		155,775
Total Liabilities		1,401,999
NET ASSETS	$	58,473,886
NET ASSETS consist of:
Paid-in capital	$	59,449,736
Total distributable earnings/(accumulated loss)		(975,850	)
	$	58,473,886

See accompanying notes to financial statements.

22

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

August 31, 2019 (Unaudited)

CLASS A SHARES:
NET ASSETS	$	20,407,114
Shares issued and outstanding ($0.001 par value common stock outstanding)		1,744,484
Net asset value and redemption price per share	$	11.70
Maximum offering price per share ($11.70 ÷ 0.955)a	$	12.25
CLASS C SHARES:
NET ASSETS	$	5,903,593
Shares issued and outstanding ($0.001 par value common stock outstanding)		508,323
Net asset value and offering price per shareb	$	11.61
CLASS I SHARES:
NET ASSETS	$	32,074,856
Shares issued and outstanding ($0.001 par value common stock outstanding)		2,735,345
Net asset value, offering and redemption price per share	$	11.73
CLASS R SHARES:
NET ASSETS	$	81,241
Shares issued and outstanding ($0.001 par value common stock outstanding)		6,933
Net asset value, offering and redemption price per share	$	11.72
CLASS Z SHARES:
NET ASSETS	$	7,082
Shares issued and outstanding ($0.001 par value common stock outstanding)		604
Net asset value, offering and redemption price per share	$	11.73

^a  On investments of $100,000 or more, the offering price is reduced.

^b  Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1.00% on shares held for less than one year.

See accompanying notes to financial statements.

23

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended August 31, 2019 (Unaudited)

Investment Income:
Dividend income (net of $12,753 of foreign withholding tax)	$	715,582
Interest income		152,724
Total Investment Income		868,306
Expenses:
Investment advisory fees		199,408
Professional fees		144,291
Distribution fees—Class A		27,832
Distribution fees—Class C		29,338
Distribution fees—Class R		272
Registration and filing fees		50,845
Administration fees		31,121
Shareholder servicing fees—Class A		11,133
Shareholder servicing fees—Class C		9,779
Shareholder servicing fees—Class I		9,491
Shareholder reporting expenses		25,302
Custodian fees and expenses		11,298
Transfer agent fees and expenses		5,636
Directors’ fees and expenses		2,101
Miscellaneous		11,915
Total Expenses		569,762
Reduction of Expenses (See Note 2)		(306,244	)
Net Expenses		263,518
Net Investment Income (Loss)		604,788
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		7,898,037
Forward foreign currency exchange contracts		13,668
Foreign currency transactions		(3,687	)
Net realized gain (loss)		7,908,018
Net change in unrealized appreciation (depreciation) on:
Investments in securities		(6,334,032	)
Forward foreign currency exchange contracts		14,940
Foreign currency translations		(758	)
Net change in unrealized appreciation (depreciation)		(6,319,850	)
Net Realized and Unrealized Gain (Loss)		1,588,168
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,192,956

See accompanying notes to financial statements.

24

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Six Months Ended August 31, 2019			For the Year Ended February 28, 2019
Change in Net Assets:
From Operations:
Net investment income (loss)	$	604,788		$	1,140,338
Net realized gain (loss)		7,908,018			9,418,685
Net change in unrealized appreciation (depreciation)		(6,319,850	)		(8,880,724	)
Net increase (decrease) in net assets resulting from operations		2,192,956			1,678,299
Distributions to Shareholders:
Class A		(3,582,766	)		(2,867,895	)
Class C		(1,390,548	)		(2,114,731	)
Class I		(4,229,719	)		(8,344,335	)
Class R		(17,168	)		(12,699	)
Class Z		(1,313	)		(1,325	)
Total distributions		(9,221,514	)		(13,340,985	)
Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		4,997,595			(22,275,280	)
Total increase (decrease) in net assets		(2,030,963	)		(33,937,966	)
Net Assets:
Beginning of period		60,504,849			94,442,815
End of period	$	58,473,886		$	60,504,849

See accompanying notes to financial statements.

25

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the financial statements. They should be read in conjunction with the financial statements and notes thereto.

	Class A
	For the Six Months Ended August 31, 2019			For the Year Ended February 28,
Per Share Operating Performance:				2019			2018			2017			2016a			2015
Net asset value, beginning of period		$13.33			$15.16			$15.50			$13.30			$16.33			$16.83
Income (loss) from investment operations:
Net investment income (loss)b		0.12			0.17			0.17			0.18			0.14			0.11
Net realized and unrealized gain (loss)		0.40			0.15			1.42			3.56			(1.92	)		2.12
Total from investment operations		0.52			0.32			1.59			3.74			(1.78	)		2.23
Less dividends and distributions to shareholders from:
Net investment income		(0.15	)		(0.17	)		(0.17	)		(0.18	)		(0.14	)		(0.12	)
Net realized gain		(2.00	)		(1.98	)		(1.76	)		(1.36	)		(1.11	)		(2.61	)
Total dividends and distributions to shareholders		(2.15	)		(2.15	)		(1.93	)		(1.54	)		(1.25	)		(2.73	)
Net increase (decrease) in net asset value		(1.63	)		(1.83	)		(0.34	)		2.20			(3.03	)		(0.50	)
Net asset value, end of period		$11.70			$13.33			$15.16			$15.50			$13.30			$16.33
Total returnc,d		3.72	%e		2.59	%		10.81	%		28.76	%		–11.63	%		13.88	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$20.4			$19.8			$18.5			$19.6			$17.0			$22.5
Ratios to average daily net assets:
Expenses (before expense reduction)		2.04	%f		1.40	%		1.25	%		1.31	%		1.37	%		1.33	%
Expenses (net of expense reduction)		1.00	%f		1.00	%		1.00	%		1.00	%		1.01	%		1.00	%
Net investment income (loss) (before expense reduction)		0.97	%f		0.80	%		0.85	%		0.92	%		0.59	%		0.31	%
Net investment income (loss) (net of expense reduction)		2.01	%f		1.20	%		1.10	%		1.23	%		0.95	%		0.64	%
Portfolio turnover rate		165	%e		158	%		102	%		70	%		64	%		79	%

^a  For the year ended February 29.

^b  Calculation based on average shares outstanding.

^c  Return assumes the reinvestment of all dividends and distributions at net asset value.

^d  Does not reflect sales charges, which would reduce return.

^e  Not annualized.

^f  Annualized.

See accompanying notes to financial statements.

26

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class C
	For the Six Months Ended August 31, 2019			For the Year Ended February 28,
Per Share Operating Performance:				2019			2018			2017			2016a			2015
Net asset value, beginning of period		$13.22			$15.04			$15.38			$13.20			$16.22			$16.74
Income (loss) from investment operations:
Net investment income (loss)b		0.08			0.07			0.07			0.09			0.04			(0.00	)c
Net realized and unrealized gain (loss)		0.39			0.15			1.41			3.53			(1.91	)		2.11
Total from investment operations		0.47			0.22			1.48			3.62			(1.87	)		2.11
Less dividends and distributions to shareholders from:
Net investment income		(0.08	)		(0.06	)		(0.06	)		(0.08	)		(0.04	)		(0.02	)
Net realized gain		(2.00	)		(1.98	)		(1.76	)		(1.36	)		(1.11	)		(2.61	)
Total dividends and distributions to shareholders		(2.08	)		(2.04	)		(1.82	)		(1.44	)		(1.15	)		(2.63	)
Net increase (decrease) in net asset value		(1.61	)		(1.82	)		(0.34	)		2.18			(3.02	)		(0.52	)
Net asset value, end of period		$11.61			$13.22			$15.04			$15.38			$13.20			$16.22
Total returnd,e		3.31	%f		1.95	%		10.11	%		27.97	%		–12.25	%		13.19	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$5.9			$12.6			$18.1			$26.7			$25.7			$35.4
Ratios to average daily net assets:
Expenses (before expense reduction)		2.69	%g		2.05	%		1.90	%		1.96	%		2.02	%		1.98	%
Expenses (net of expense reduction)		1.65	%g		1.65	%		1.65	%		1.65	%		1.66	%		1.65	%
Net investment income (loss) (before expense reduction)		0.23	%g		0.13	%		0.18	%		0.27	%		(0.06	)%		(0.33	)%
Net investment income (loss) (net of expense reduction)		1.27	%g		0.53	%		0.43	%		0.58	%		0.30	%		(0.00	)%h
Portfolio turnover rate		165	%f		158	%		102	%		70	%		64	%		79	%

^a  For the year ended February 29.

^b  Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d  Return assumes the reinvestment of all dividends and distributions at net asset value.

^e  Does not reflect sales charges, which would reduce return.

^f  Not annualized.

^g  Annualized.

^h  Amount is less than 0.005%.

See accompanying notes to financial statements.

27

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class I
	For the Six Months Ended August 31, 2019			For the Year Ended February 28,
Per Share Operating Performance:				2019			2018			2017			2016a			2015
Net asset value, beginning of period		$13.36			$15.19			$15.53			$13.32			$16.36			$16.86
Income (loss) from investment operations:
Net investment income (loss)b		0.15			0.22			0.22			0.23			0.20			0.17
Net realized and unrealized gain (loss)		0.39			0.15			1.42			3.57			(1.94	)		2.12
Total from investment operations		0.54			0.37			1.64			3.80			(1.74	)		2.29
Less dividends and distributions to shareholders from:
Net investment income		(0.17	)		(0.22	)		(0.22	)		(0.23	)		(0.19	)		(0.18	)
Net realized gain		(2.00	)		(1.98	)		(1.76	)		(1.36	)		(1.11	)		(2.61	)
Total dividends and distributions to shareholders		(2.17	)		(2.20	)		(1.98	)		(1.59	)		(1.30	)		(2.79	)
Net increase (decrease) in net asset value		(1.63	)		(1.83	)		(0.34	)		2.21			(3.04	)		(0.50	)
Net asset value, end of period		$11.73			$13.36			$15.19			$15.53			$13.32			$16.36
Total returnc		3.94	%d		2.96	%		11.18	%		29.24	%		–11.35	%		14.30	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$32.1			$28.0			$57.8			$143.5			$163.5			$191.6
Ratios to average daily net assets:
Expenses (before expense reduction)		1.76	%e		1.09	%		0.96	%		1.01	%		1.06	%		1.08	%
Expenses (net of expense reduction)		0.65	%e		0.65	%		0.65	%		0.65	%		0.66	%		0.65	%
Net investment income (loss) (before expense reduction)		1.36	%e		1.09	%		1.11	%		1.23	%		0.91	%		0.57	%
Net investment income (loss) (net of expense reduction)		2.47	%e		1.53	%		1.42	%		1.59	%		1.31	%		1.00	%
Portfolio turnover rate		165	%d		158	%		102	%		70	%		64	%		79	%

^a  For the year ended February 29.

^b  Calculation based on average shares outstanding.

^c  Return assumes the reinvestment of all dividends and distributions at net asset value.

^d  Not annualized.

^e  Annualized.

See accompanying notes to financial statements.

28

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class R
	For the Six Months Ended August 31, 2019			For the Year Ended February 28,												For the Period October 1, 2014a through February 28, 2015
Per Share Operating Performance:				2019			2018			2017			2016b
Net asset value, beginning of period		$13.34			$15.17			$15.51			$13.31			$16.35			$16.57
Income (loss) from investment operations:
Net investment income (loss)c		0.12			0.15			0.15			0.15			0.12			0.04
Net realized and unrealized gain (loss)		0.39			0.14			1.41			3.57			(1.93	)		1.17
Total from investment operations		0.51			0.29			1.56			3.72			(1.81	)		1.21
Less dividends and distributions to shareholders from:
Net investment income		(0.13	)		(0.14	)		(0.14	)		(0.16	)		(0.12	)		(0.03	)
Net realized gain		(2.00	)		(1.98	)		(1.76	)		(1.36	)		(1.11	)		(1.40	)
Total dividends and distributions to shareholders		(2.13	)		(2.12	)		(1.90	)		(1.52	)		(1.23	)		(1.43	)
Net increase (decrease) in net asset value		(1.62	)		(1.83	)		(0.34	)		2.20			(3.04	)		(0.22	)
Net asset value, end of period		$11.72			$13.34			$15.17			$15.51			$13.31			$16.35
Total returnd		3.65	%e		2.43	%		10.63	%		28.61	%		–11.81	%		7.51	%e
Ratios/Supplemental Data:
Net assets, end of period (in 000s)		$81.2			$96.9			$90.4			$64.8			$8.0			$9.9
Ratios to average daily net assets:
Expenses (before expense reduction)		2.19	%f		1.55	%		1.40	%		1.46	%		1.52	%		1.49	%f
Expenses (net of expense reduction)		1.15	%f		1.15	%		1.15	%		1.15	%		1.16	%		1.15	%f
Net investment income (loss) (before expense reduction)		0.82	%f		0.67	%		0.70	%		0.71	%		0.45	%		0.32	%f
Net investment income (loss) (net of expense reduction)		1.86	%f		1.07	%		0.95	%		1.02	%		0.81	%		0.66	%f
Portfolio turnover rate		165	%e		158	%		102	%		70	%		64	%		79	%e

^a  Inception date.

^b  For the year ended February 29.

^c  Calculation based on average shares outstanding.

^d  Return assumes the reinvestment of all dividends and distributions at net asset value.

^e  Not annualized.

^f  Annualized.

See accompanying notes to financial statements.

29

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class Z
	For the Six Months Ended August 31, 2019			For the Year Ended February 28,												For the Period October 1, 2014a through February 28, 2015
Per Share Operating Performance:				2019			2018			2017			2016b
Net asset value, beginning of period		$13.36			$15.19			$15.53			$13.32			$16.36			$16.57
Income (loss) from investment operations:
Net investment income (loss)c		0.15			0.22			0.22			0.23			0.20			0.08
Net realized and unrealized gain (loss)		0.39			0.15			1.42			3.57			(1.94	)		1.16
Total from investment operations		0.54			0.37			1.64			3.80			(1.74	)		1.24
Less dividends and distributions to shareholders from:
Net investment income		(0.17	)		(0.22	)		(0.22	)		(0.23	)		(0.19	)		(0.05	)
Net realized gain		(2.00	)		(1.98	)		(1.76	)		(1.36	)		(1.11	)		(1.40	)
Total dividends and distributions to shareholders		(2.17	)		(2.20	)		(1.98	)		(1.59	)		(1.30	)		(1.45	)
Net increase (decrease) in net asset value		(1.63	)		(1.83	)		(0.34	)		2.21			(3.04	)		(0.21	)
Net asset value, end of period		$11.73			$13.36			$15.19			$15.53			$13.32			$16.36
Total returnd		3.93	%e		2.96	%		11.18	%		29.24	%		–11.35	%		7.71	%e
Ratios/Supplemental Data:
Net assets, end of period (in 000s)		$7.1			$8.1			$9.2			$9.4			$8.0			$9.9
Ratios to average daily net assets:
Expenses (before expense reduction)		1.69	%f		1.05	%		0.90	%		0.96	%		1.02	%		0.99	%f
Expenses (net of expense reduction)		0.65	%f		0.65	%		0.65	%		0.65	%		0.66	%		0.65	%f
Net investment income (loss) (before expense reduction)		1.32	%f		1.14	%		1.18	%		1.27	%		0.95	%		0.82	%f
Net investment income (loss) (net of expense reduction)		2.36	%f		1.54	%		1.43	%		1.58	%		1.31	%		1.16	%f
Portfolio turnover rate		165	%e		158	%		102	%		70	%		64	%		79	%e

^a  Inception date.

^b  For the year ended February 29.

^c  Calculation based on average shares outstanding.

^d  Return assumes the reinvestment of all dividends and distributions at net asset value.

^e  Not annualized.

^f  Annualized.

See accompanying notes to financial statements.

30

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Alternative Income Fund, Inc. (formerly known as Cohen & Steers Dividend Value Fund, Inc.) (the Fund) was incorporated under the laws of the State of Maryland on November 8, 2004 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified,open-end management investment company. Effective July 1, 2019, the Fund’s name changed from Cohen & Steers Dividend Value Fund, Inc. to Cohen & Steers Alternative Income Fund, Inc. Prior to July 1, 2019, the Fund’s investment objective was to provide long-term growth of income and capital appreciation. Effective July 1, 2019, the investment objectives of the Fund are to seek a high level of current income and secondarily, capital appreciation. Each of the Fund’s shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares). Class F shares are currently not available for purchase.

Effective July 1, 2019, the Fund’s fiscalyear-end changed from February 28 to October 31.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate.

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, certainnon-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

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

31

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 advisor, pursuant to delegation by the Board of Directors, 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 inopen-end mutual funds are valued at net asset value (NAV).

The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

Foreign equity fair value pricing procedures utilized by the Fund may cause certainnon-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

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

32

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 August 31, 2019 in valuing the Fund’s investments carried at value:

	Total			Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Common Stock	$	22,687,029		$	22,687,029	$	—		$	—
Master Limited Partnerships and Related Companies		7,895,672			7,895,672		—			—
Preferred Securities— $25 Par Value		6,766,563			6,766,563		—			—
Preferred Securities— Capital Securities		20,069,834			—		20,069,834
Short-Term Investments		393,836			—		393,836			—
Total Investments in Securitiesa	$	57,812,934		$	37,349,264	$	20,463,670		$	—
Forward Foreign Currency Exchange Contracts	$	15,318		$	—	$	15,318		$	—
Total Derivative Assetsa	$	15,318		$	—	$	15,318		$	—
Forward Foreign Currency Exchange Contracts	$	(378	)	$	—	$	(378	)	$	—
Total Derivative Liabilitiesa	$	(378	)	$	—	$	(378	)	$	—

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

33

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Security Transactions, Investment Income and Expense Allocations:Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on theex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after theex-dividend date. Distributions from Real Estate Investment Trusts (REITs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. Distributions from Master Limited Partnerships (MLPs) are recorded as income and return of capital based on information reported by the MLPs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the MLPs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Foreign Currency Translation:The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in securities.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any), currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gain/loss included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of itsnon-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

34

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. 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.

Dividends and Distributions to Shareholders:Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Effective August 2019, dividends from net investment income, if any, are declared and paid monthly. Prior to July 1, 2019, dividends from net investment income, if any, were declared and paid quarterly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on theex-dividend date and are automatically reinvested in full and fractional shares of the Fund based on the NAV per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the six months ended August 31, 2019, the investment advisor considers it likely that a portion of the dividends will be reclassified to distributions from net realized gain and/or return of capital upon the final determination of the Fund’s taxable net income after October 31, 2019, the Fund’s fiscal year end.

Income Taxes:It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings innon-U.S. securities is recorded net ofnon-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions innon-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of August 31, 2019, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory, Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees:Cohen & Steers Capital Management, Inc. serves as the Fund’s investment advisor pursuant to an investment advisory agreement (the investment advisory agreement).

35

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Under the terms of the investment advisory agreement, the investment advisor provides the Fund withday-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at an annual rate of 0.70% of the average daily net assets of the Fund.

For the six months ended August 31, 2019 and through June 30, 2021, the investment advisor has contractually agreed to waive its fee and/or reimburse expenses so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 1.00% for Class A shares, 1.65% for Class C shares, 0.65% for Class I shares, 1.15% for Class R shares and 0.65% for Class Z shares. This contractual agreement can only be amended or terminated by agreement of the Fund’s Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund. For the six months ended August 31, 2019, fees waived and/or expenses reimbursed totaled $306,244.

Administration Fees:The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.02% of the average daily net assets of the Fund. For the six months ended August 31, 2019, the Fund incurred $5,697 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company asco-administrator under a fund accounting and administration agreement.

Distribution Fees:Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted an amended distribution and service plan (the plan) pursuant to Rule12b-1 under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its shares. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares, up to 0.75% of the average daily net assets attributable to Class C shares and up to 0.50% of the average daily net assets attributable to Class R shares. In addition, with respect to Class R shares, such amounts may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.

There is a maximum initial sales charge of 4.50% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on purchases of $1 million or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the six months ended August 31, 2019, the Fund has been advised that the distributor received $16,500, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $1,306 of CDSC relating to redemptions of Class C shares. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Shareholder Servicing Fees:For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund’s Class A and Class I shares and up to 0.25% of the average daily net assets of the Fund’s Class C shares. The distributor is responsible for paying qualified financial institutions for shareholder services.

Directors’ and Officers’ Fees:Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to directors and officers affiliated with the investment advisor except for the Chief Compliance Officer, who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $274 for the six months ended August 31, 2019.

Other:As of August 31, 2019, the investment advisor and/or affiliated persons of the investment advisor owned 33% of the Fund’s outstanding shares. Investment activities of these shareholders could have a significant impact on the Fund. In addition, a person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of the Fund may be presumed to control the Fund. A control person could potentially control the outcome of any proposal submitted to shareholders for approval, including changes to the Fund’s fundamental policies or terms of the investment advisory agreement with the investment advisor.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended August 31, 2019, totaled $93,067,080 and $95,735,817, respectively.

Note 4. Derivative Investments

The following tables present the value of derivatives held at August 31, 2019 and the effect of derivatives held during the six months ended August 31, 2019, along with the respective location in the financial statements.

Statement of Assets and Liabilities

	Assets			Liabilities
Derivatives	Location	Fair Value		Location	Fair Value
Foreign Exchange Risk:
Forward Foreign Currency Exchange Contractsa	Unrealized appreciation	$	15,318	Unrealized depreciation	$	378

^a  Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting arrangement or another similar agreement.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Statement of Operations

Derivatives	Location	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Foreign Exchange Risk:
Forward Foreign Currency Exchange Contracts	Net Realized and Unrealized Gain (Loss)	$	13,668	$	14,940

The following summarizes the volume of the Fund’s forward foreign currency exchange contracts activity for the six months ended August 31, 2019:

	Forward Foreign Currency Exchange Contracts
Average Notional Amounta	$	1,010,629

^a  Average notional amount represents the average for all months in which the Fund had forward foreign currency exchange contracts outstanding atmonth-end. For the period, this represents two months.

Note 5. Income Tax Information

As of August 31, 2019, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:

Cost of investments in securities for federal income tax  purposes	$	58,752,485
Gross unrealized appreciation on investments	$	1,293,062
Gross unrealized depreciation on investments		(2,217,673	)
Net unrealized appreciation (depreciation) on investments	$	(924,611	)

Note 6. Capital Stock

On March 19, 2019, the Fund’s Board of Directors approved the deregistration of Class T shares. The Fund is now authorized to issue 400 million shares of capital stock, at a par value of $0.001 per share, classified in six classes as follows: 50 million of Class A capital stock, 50 million of Class C capital stock, 50 million of Class F capital stock, 150 million of Class I capital stock, 50 million of Class R capital stock and 50 million of Class Z capital stock. Class F shares are currently not available for purchase. The Fund’s Board of Directors may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. With the exception of certain intermediaries, as noted in the

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Fund’s prospectus, effective March 15, 2019, Class C shares automatically convert to Class A shares on a monthly basis approximately ten years after the original date of purchase. Transactions in Fund shares were as follows:

	For the Six Months Ended August 31, 2019						For the Year Ended February 28, 2019
	Shares			Amount			Shares			Amount
Class A:
Sold		713,856		$	8,947,396			605,243		$	8,485,815
Issued as reinvestment of dividends and distributions		168,069			2,011,411			118,720			1,591,572
Redeemed		(625,989	)		(7,634,361	)		(453,157	)		(6,251,211	)
Net increase (decrease)		255,936		$	3,324,446			270,806		$	3,826,176
Class C:
Sold		154,709		$	1,821,762			219,768		$	2,946,636
Issued as reinvestment of dividends and distributions		40,482			479,534			82,741			1,101,543
Redeemed		(638,894	)		(7,932,234	)		(555,273	)		(7,664,709	)
Net increase (decrease)		(443,703	)	$	(5,630,938	)		(252,764	)	$	(3,616,530	)
Class I:
Sold		941,737		$	11,227,573			258,127		$	3,637,057
Issued as reinvestment of dividends and distributions		303,455			3,641,015			517,839			6,959,658
Redeemed		(603,818	)		(7,562,448	)		(991,440	)		(13,177,592	)
Redemptionsin-kinda		—			—			(1,492,294	)		(19,922,121	)
Net increase (decrease)		641,374		$	7,306,140			(1,707,768	)	$	(22,502,998	)
Class R:
Sold		752		$	10,000			1,933		$	28,320
Issued as reinvestments of dividends and distributions		1,325			15,881			854			11,418
Redeemed		(2,410	)		(27,934	)		(1,480	)		(21,666	)
Net increase (decrease)		(333	)	$	(2,053	)		1,307		$	18,072
Class Z:
Net increase (decrease)		—		$	—			—		$	—

^a  Certain shareholders of the Fund redeemed sharesin-kind.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 7. RedemptionsIn-Kind

The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the year ended February 28, 2019, the Fund had redemptionsin-kind with total proceeds in the amount of $19,922,121. The net realized gains on these redemptionsin-kind amounted to $2,852,428, which will not be realized for tax purposes. For the six months ended August 31, 2019, the Fund did not have any redemptionsin-kind.

Note 8. Other Risks

Common Stock Risk:While common stocks have historically generated higher average returns than fixed-income securities over the long-term, common stocks have also experienced significantly more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. The value of common stocks and other equity securities will fluctuate in response to developments concerning the company, political and regulatory circumstances, the stock market, and the economy. In the short term, stock prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, stocks of large companies can react differently than stocks of smaller companies, and value stocks (stocks of companies that are undervalued by various measures and have potential for long-term capital appreciation), can react differently from growth stocks (stocks of companies with attractive cash flow returns on invested capital and earnings that are expected to grow). These developments can affect a single company, all companies within the same industry, economic sector or geographic region, or the stock market as a whole.

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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. 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 company’s 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.

Contingent Capital Securities Risk:Contingent capital securities (sometimes referred to as “CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security, for example, a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income

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rate, potentially to zero, and conversion would deepen the subordination of the investor, hence worsening the investor’s standing in a bankruptcy. Some CoCos provide for a reduction in the value or principal amount of the security under such circumstances. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below investment-grade securities.

Below-Investment-Grade Securities Risk:Below investment grade securities generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. Such securities may face major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to inadequate capacity to meet timely interest and principal payments. It is reasonable to expect that any adverse economic condition could disrupt the market for below investment grade securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.

Liquidity Risk:Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase. The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, dealer inventories of certain securities, which provide an indication of the ability of dealers to engage in “market making,” are at, or near, historic lows in relation to market size, which has the potential to increase price volatility in the fixed income markets in which the Fund invests. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

Liquidity risk also includes the risk that market conditions or large shareholder redemptions may impact the ability of the Fund to meet redemption requests within required time periods. In order to meet such redemption requests, the fund may be forced to sell securities at inopportune times or prices.

Foreign(Non-U.S.) and Emerging Market Securities Risk:The Fund directly purchases securities of foreign issuers. 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 or proceeds 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. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Currency 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s 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.

Derivatives and Hedging Transactions Risk:The Fund’s use of derivatives, including for the purpose of hedging interest rate or foreign currency risks, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

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 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 1940 Act. The above factors may also adversely affect a borrower’s or a lessee’s 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.

Real Estate Market Risk:Since the Fund concentrates its assets in companies engaged in the real estate industry, aninvestment in the Fund will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and market recessions. 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. The risks of investing in REITs are similar to those associated with direct investments in real estate securities.

Small- andMedium-Sized Companies Risk:Real estate companies in the industry tend to be small- tomedium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller company’s stock, which means that buy and sell transactions in that stock could have a larger impact on the stock’s 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 company’s stock price than is the case for a larger company. Further, smaller company stocks may perform differently in different cycles than larger company stocks. Accordingly, real estate company shares can, and at times will, perform differently than large company stocks.

MLP Investment Risk: An investment in MLPs involves risks that differ from a similar investment in equity securities, such as common stock, of a corporation. Holders of equity securities issued by MLPs have the rights typically afforded to limited partners in a limited partnership. As compared to common shareholders of a corporation, holders of such equity securities have more limited control and limited rights to vote on matters affecting the partnership. MLPs may have additional expenses, as some MLPs

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

pay incentive distribution fees to their general partners. Additionally, conflicts of interest may exist among common unit holders, subordinated unit holders and the general partner or managing member of an MLP; for example, a conflict may arise as a result of incentive distribution payments.

MLPs may have comparatively smaller capitalizations relative to issuers whose securities are included in major benchmark indexes which presents unique investment risks. MLPs and other small capitalization companies often have limited product lines, markets, distribution channels or financial resources, and the management of such companies may be dependent upon one or a few key people. The market movements of equity securities issued by MLPs and other small capitalization companies may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general. MLPs and other smaller capitalization companies have sometimes gone through extended periods when they did not perform as well as larger companies. In addition, equity securities of smaller capitalization companies generally are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling such securities at the time and price that the Fund would like.

MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment. The value of MLPs depends largely on the MLPs being treated as partnerships for U.S. federal income tax purposes. If MLPs were subject to U.S. federal income taxation as a corporation, the MLPs would be required to pay U.S. federal income tax on their taxable income which would have the effect of reducing the amount of cash available for distribution to the MLP unitholders. This would also cause any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits. As a result,after-tax returns could be reduced, which could cause a decline in the value of MLPs.

Energy Sector Risk:The Fund is subject to more risks related to the energy sector than if the Fund were more broadly diversified over numerous sectors of the economy. A downturn in the energy sector of the economy could have a larger impact on the Fund than on an investment company that does not concentrate in the sector. In addition, there are several specific risks associated with investments in the energy sector, including the following: Commodity Price Risk, Depletion Risk, Supply and Demand Risk, Regulatory Risk, Acquisition Risk, Weather Risks, Exploration Risk, Catastrophic Event Risk, Interest Rate Transaction Risk, Affiliated Party Risk and Limited Partner Risk and Risks of Subordinated MLP Units. MLPs which invest in the energy industry may be highly volatile due to significant fluctuation in the prices of energy commodities as well as political and regulatory developments.

Interest Rate Risk to MLPs and Related Companies:Rising interest rates could increase the cost of capital thereby increasing operating costs and reducing the ability of MLPs and other entities operating in the energy sector to carry out acquisitions or expansions in a cost-effective manner. As a result, rising interest rates could negatively affect the financial performance of MLPs and other entities operating in the energy sector. Rising interest rates may also impact the price of the securities of MLPs and other entities operating in the energy sector as the yields on alternative investments increase. These risks may be greater in the current market environment because certain interest rates are at historically low levels.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Tax Risk:The Fund intends to qualify each year as a RIC for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). For any year in which the Fund so qualifies, it will not be subject to U.S. federal income tax on income or gain that it timely distributes to shareholders as dividends. In order to qualify as a RIC, the Fund must meet certain asset diversification requirements, including that, at the close of each quarter of its taxable year, no more than 25% of its total assets will be invested in Qualified Publicly Traded Partnerships (QPTPs) as defined in the Code. The Fund expects that the MLPs that are treated as publicly traded partnerships for tax purposes in which the Fund invests will generally be QPTPs. The treatment of certain of the Fund’s investments for purposes of this test may be unclear, and it is possible that the Internal Revenue Service (IRS) or a court could recharacterize one or more such investments in a manner bearing adversely on the Fund’s ability to meet this 25% requirement.

Infrastructure Companies Risk:Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with compliance with and changes in environmental and other regulations; regulation by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure and utilities assets.

Natural Resources Risk:The Fund’s investments in securities of natural resource companies involve risks. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics. Because the Fund invests significantly in natural resource companies, there is the risk that the Fund will perform poorly during a downturn in the natural resource sector. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and the other risks to which foreign securities are subject may also affect domestic natural resource companies if they have significant operations or investments in foreign countries. Rising interest rates and general economic conditions may also affect the demand for natural resources.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Geopolitical Risk:Occurrence of global events similar to those in recent years, such as war, terrorist attacks, natural or environmental disasters, country instability, infectious disease epidemics, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

On March 29, 2017, the United Kingdom (UK) formally notified the European Council of its intention to leave the EU and commenced the formal process of withdrawing from the EU (referred to as Brexit). Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences and precise timeframe for Brexit, how it will be conducted, how negotiations of trade agreements will proceed, and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK’s economy, uncertainty about its legal, political and economic relationship with the remaining member states of the EU may continue to be a source of instability.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Fund. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated innon-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

Regulatory Risk:The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The SEC’s final rules and amendments that modernize reporting and disclosure and require the implementation of a Liquidity Risk Management Program, along with other potential upcoming regulations, could, among other things, restrict the Fund’s ability to engage in transactions, impact flows into the Fund and/or increase overall expenses of the Fund. In addition, the SEC, Congress, various exchanges and regulatory and self-regulatory authorities, both domestic and foreign, have undertaken reviews of the use of derivatives by registered investment companies, which could affect the nature and extent of instruments used by the Fund. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests as well its ability to execute its investment strategy. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

LIBOR Risk:Many financial instruments may be tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms, hedging strategies, or investment value. LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

Large Shareholder Risk:The Fund may have one or more large shareholders or a group of shareholders investing in Fund shares indirectly through an account, platform or program sponsored by a financial institution. Investment and asset allocation decisions by such financial institutions regarding the account, platform or program through which multiple shareholders invest may result in subscription and redemption decisions that have a significant impact on the assets, expenses and trading activities of the Fund. Such a decision may cause the Fund to sell assets (or invest cash) at disadvantageous times or prices, increase or accelerate taxable gains or transaction costs and may negatively affect the Fund’s NAV, performance, or ability to satisfy redemptions in a timely manner.

This is not a complete list of the risks of investing in the Fund. For additional information concerning the risks of investing in the Fund, please consult the Fund’s prospectus.

Note 9. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 10. New Accounting Guidance

In August 2018, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU)No. 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments toASU 2018-13 are intended to improve the effectiveness of disclosures in the notes to financial statements through modifications to disclosure requirements on fair value measurements. ASU2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Fund has adopted the amended disclosures permissible under the update. The adoption had no effect on the Fund’s net assets or results of operations.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 11. Subsequent Events

On September 17, 2019, the Fund’s Board of Directors approved the appointment of Cohen & Steers UK Limited (CNS UK) and Cohen & Steers Asia Limited (CNS Asia) (each a Subadvisor, and collectively, the Subadvisors) assub-investment advisors to the Fund pursuant to agreements between each Subadvisor and the investment advisor. CNS UK and CNS Asia are both wholly-owned subsidiaries of Cohen & Steers, Inc. The fees of the Subadvisors are paid by the investment advisor out of its investment advisory fee received from the Fund. The appointments are effective September 18, 2019. For the period from July 1, 2019 through September 17, 2019, the Fund utilized certain personnel from CNS Asia & CNS UK to provide investment research and advisory services through an employee sharing arrangement.

Management has evaluated events and transactions occurring after August 31, 2019 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the SEC’s website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

Disclosures of the Fund’s complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. Previously, the Fund filed its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which has now been rescinded. Both the Fund’s Form N-Q and Form N-PORT are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes. The Fund may also pay distributions in excess of the Fund’s net investment company taxable income and net realized gains and this excess would be a tax free return of capital distributed from the Fund’s assets. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year.

Change in Principal Investment Strategies

On April 26, 2019, the Fund’s Board of Directors approved modifying the Fund’s principal investment strategies. Effective July 1, 2019, the Fund’s principal investment strategies changed from investing at least 80% of the Fund’s net assets in a portfolio of dividend-paying common stocks and preferred stocks that have the potential to offer long-term growth of income and capital appreciation to the following: Under normal market conditions, the Fund seeks to achieve its investment objectives by investing primarily in U.S. andnon-U.S. investments providing exposure to or investments in the following asset classes: (i) preferred and debt securities; (ii) real estate companies, including real estate investment trusts (REITs); (iii) infrastructure companies; (iii) master limited partnerships (MLPs) and midstream energy companies; and (iv) natural resource companies.

Benchmark Change

Effective July 1, 2019, in connection with the Fund’s change in investment objectives and principal investment strategies, the Fund’s blended benchmark changed and now consists of 15% FTSE EPRA Nareit Developed Real Estate Index (Net), 15% Alerian MLP Index, 15% Dow Jones Brookfield Global Infrastructure Index, 10% S&P Global Natural Resource Index (Net), and 45% Preferred Blended Benchmark (consists of 60% ICE BofAML US IG Institutional Capital Securities Index, 20% ICE BofAML Core Fixed Rate Preferred Securities Index and 20% Bloomberg Barclays Developed Market USD Contingent Capital Index).

Change in Portfolio Manager

Effective July 1, 2019, Jon Cheigh, Vince L. Childers, Tyler Rosenlicht, William F. Scapell, Elaine Zaharis-Nikas and Benjamin Morton were added as portfolio managers of the Fund. Christopher Rhine remains as a portfolio manager of the Fund.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Fund, including a majority of the directors who are not parties to the Fund’s investment advisory agreement (the Advisory Agreement), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Advisory Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. The Advisory Agreement was discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 4, 2019 and at meetings of the full Board of Directors held in person on March 19, 2019 and June 11, 2019. At a meeting of the full Board of Directors on June 11, 2019, the Advisory Agreement was unanimously continued for a term ending June 30, 2020 by the Fund’s Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Advisory Agreement, the Board of Directors reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment advisor (the Investment Advisor); and a memorandum from Fund counsel outlining the legal duties of the Board of Directors. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment advisory personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund’s objective. The Board of Directors also considered information provided in response to a request for information submitted by counsel to the Independent Directors, as well as information provided in response to a supplemental request. In addition, the Board considered the changes to the Fund’s investment strategy that it had recently approved, including the rationale for the changes. In particular, the Board of Directors considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Advisor:The Board of Directors reviewed the services that the Investment Advisor provides to the Fund, including, but not limited to, making theday-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board of Directors of the Fund regarding the Fund’s portfolio, providing individuals to serve as Fund officers, and generally managing the Fund’s investments in accordance with the stated policies of the Fund. The Board of Directors also discussed with officers and portfolio managers of the Fund the types of transactions that were being done on behalf of the Fund. Additionally, the Board of Directors took into account the services provided by the Investment Advisor to its other funds and accounts, including those that have investment objectives and strategies similar to those of the Fund. The Board of Directors also considered the education, background and experience of the Investment Advisor’s personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board of Directors further noted the Investment Advisor’s ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Advisor, including compliance and accounting services. After consideration of the above

49

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

factors, among others, the Board of Directors concluded that the nature, extent and quality of services provided by the Investment Advisor are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Advisor:The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to two relevant benchmarks. The Board of Directors noted that the Fund outperformed the Peer Funds’ medians for theone-, three-, five- andten-year periods ended March 31, 2019, ranking in the second, first and first quintiles across theone-, three- and five-year periods, respectively, and ranking second out of five peers for theten-year period ended March 31, 2019. The Board of Directors further noted that the Fund outperformed the Russell 1000 Value Index for theone-, three- and five-year periods ended March 31, 2019, and underperformed the Russell 1000 Value Index for theten-year period ended March 31, 2019. The Board of Directors noted that the Fund underperformed the Russell 1000 Index for theone-, three-, five- andten-year periods ended March 31, 2019. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors to and detractors from the Fund’s performance during the periods. The Board of Directors also considered supplemental information provided by the Investment Advisor, including a narrative summary of various factors affecting performance and the Investment Advisor’s performance in managing other funds that invest in real estate, large cap and dividend-paying securities. The Board of Directors determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Advisory Agreement.

(iii) Cost of the services to be provided and profits realized by the Investment Advisor from the relationship with the Fund:The Board of Directors considered the contractual and actual management fee paid by the Fund as well as the Fund’s total expense ratio. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors noted that the Fund’s actual management fee and total expense ratio were lower than the Peer Funds’ medians, ranking the Fund in the first quintile for each. The Board of Directors considered that the Investment Advisor continues to waive a portion of its fees and/or reimburse expenses to limit overall operating expenses of the Fund. The Board of Directors noted that the Fund was being repositioned as an alternative income fund and received information as to its contractual and actual management fee and total expense ratio as compared to a proposed new peer group of the independent data provider. It was noted that the actual management fee and total expense ratio were lower than the proposed new peer funds’ medians. In light of the considerations above, the Board of Directors concluded that the Fund’s current expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board of Directors considered the level of the Investment Advisor’s profits and whether the profits were reasonable for the Investment Advisor. The Board of Directors noted that the Investment Advisor is currently waiving its fee and/or reimbursing expenses of the Fund. The Board of Directors took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended, that the Investment Advisor receives by allocating the Fund’s brokerage transactions. The Board of Directors further considered that the Investment Advisor continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board of Directors also considered the administrative services provided by the Investment Advisor and the associated

50

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

administration fee paid to the Investment Advisor for such services under the Administration Agreement. The Board of Directors determined that the services received under the Administration Agreement are beneficial to the Fund. The Board of Directors noted that because of the Fund’s asset size, the operating expenses continue to be subsidized, and the Fund is not yet profitable.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale:The Board of Directors considered the Fund’s asset size and determined that there were not at this time significant economies of scale that were not being shared with shareholders. In considering economies of scale, the Board of Directors also noted, as discussed above in (iii), that the Investment Advisor continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisors or other clients:As discussed above in (iii), the Board of Directors compared the fees paid under the Advisory Agreement to those under other investment advisory contracts of other investment advisors managing Peer Funds. The Board of Directors also compared the services rendered and fees paid under the Advisory Agreement to those under the Investment Advisor’s other fund advisory contracts with institutional and other clients with similar investment mandates, including additional information about the ranges of such fees provided in response to a supplemental request for information, noting that the Investment Advisor provides more services to the Fund than it does for institutional or subadvised accounts. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients. The Board of Directors determined that on a comparative basis the fees under the Advisory Agreement were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board of Directors, and each Director may have assigned different weights to the various factors. Rather, after weighing all of the considerations and conclusions discussed above, the Board of Directors, including the Independent Directors, unanimously approved the continuation of the Advisory Agreement.

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COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Cohen & Steers Privacy Policy

Facts	What Does Cohen & Steers Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies—	No	We don’t share
For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share
For our affiliates to market to you—	No	We don’t share
Fornon-affiliates to market to you—	No	We don’t share
Questions?    Call 800.330.7348

52

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Cohen & Steers Privacy Policy—(Continued)

Who we are
Who is providing this notice?	Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan, LLC, Cohen & Steers UK Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open andClosed-End Funds (collectively, Cohen & Steers).
What we do
How does Cohen & Steers protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.
How does Cohen & Steers collect my personal information?	We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing fornon-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share withnon-affiliates.
Joint marketing	A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

53

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS REAL ESTATE SECURITIES FUND

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS INSTITUTIONAL REALTY SHARES

• Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

• Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

• Designed for investors seeking total return, investing primarily in global real estate equity securities

• Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS INTERNATIONAL REALTY FUND

• Designed for investors seeking total return, investing primarily in international(non-U.S.) real estate securities

• Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

• Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

• Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS PREFERRED SECURITIES

AND INCOME FUND

• Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. andnon-U.S. companies

• Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS LOW DURATION PREFERRED

AND INCOME FUND

• Designed for investors seeking high current income and capital preservation by investing inlow-duration preferred and other income securities issued by U.S. andnon-U.S. companies

• Symbols: LPXAX, LPXCX, LPXIX, LPXRX, LPXZX

COHEN & STEERS MLP & ENERGY OPPORTUNITY FUND

• Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks

• Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

• Designed for investors seeking total return, investing primarily in global infrastructure securities

• Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

COHEN & STEERS ALTERNATIVE INCOME FUND

(FORMERLY COHEN & STEERS DIVIDEND VALUE FUND)

• Designed for investors seeking high current income and capital appreciation, investing in equity, preferred and debt securities, focused on real assets and alternative income strategies

• Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registeredopen-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

54

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

OFFICERS AND DIRECTORS

Robert H. Steers

Director and Chairman

Joseph M. Harvey

Director and Vice President

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

C. Edward Ward, Jr.

Director

Adam M. Derechin

President and Chief Executive Officer

James Giallanza

Chief Financial Officer

Lisa D. Phelan

Chief Compliance Officer

Dana A. DeVivo

Secretary and Chief Legal Officer

Albert Laskaj

Treasurer

Christopher Rhine

Vice President

KEY INFORMATION

Investment Advisor

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, NY 10017

(212)832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

P.O. Box 8123

Boston, MA 02266

(800)437-9912

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Distributor

Cohen & Steers Securities, LLC

280 Park Avenue

New York, NY 10017

NASDAQ Symbol:	Class A—DVFAX
	Class C—DVFCX
	Class F—DVVFX*
	Class I—DVFIX
	Class R—DVFRX
	Class Z—DVFZX

website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Alternative Income Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance which is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

* Class F shares are currently not available for purchase.

55

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Cohen & Steers

Alternative

Income Fund

Semiannual Report August 31, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at www.cohenandsteers.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, by signing up at www.cohenandsteers.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or, if you are a direct investor, you can call (800) 330-7348 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held within the fund complex if you invest directly with the Fund.

DVFAXSAR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this FormN-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial officer as required by Rule30a- 2(b) 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 ALTERNATIVE INCOME FUND, INC.

By:	/s/ Adam M. Derechin
	Name:   Adam M. Derechin
	Title:    Principal Executive Officer
	(President and Chief Executive Officer)
	Date: November 5, 2019

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.

By:	/s/ Adam M. Derechin	By:	/s/ James Giallanza
	Name: Adam M. Derechin		Name: James Giallanza
	Title: Principal Executive Officer		Title: Principal Financial Officer
	(President and Chief Executive Officer)		(Chief Financial Officer)
	Date: November 5, 2019