Cohen & Steers Alternative Income Fund NPORT-P Cohen & Steers Alternative Income Fund, Inc. (Jan 2023 report)

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

SCHEDULE OF INVESTMENTS

January 31, 2023 (Unaudited)

			Shares		Value
CLOSED-END FUNDS	1.1	%
MASTER LIMITED PARTNERSHIPS	0.6	%
Kayne Anderson Energy Infrastructure Fund				48,910	$	444,103
U.S. GENERAL EQUITY	0.5	%
Adams Diversified Equity Fund, Inc.				23,010		358,035
TOTAL CLOSED-END FUNDS (Identified cost—$858,998)						802,138
COMMON STOCK	49.1	%
AIRPORTS—FOREIGN	1.3	%
Aena SME SA, 144A (Spain)(a),(b)				2,606		391,549
Airports of Thailand PCL (Thailand)(b)				45,400		102,382
Auckland International Airport Ltd. (New Zealand)(b)				19,704		108,442
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Mexico)				5,774		99,449
Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico)				8,419		228,121
						929,943
COMMUNICATIONS	5.2	%
SATELLITES—FOREIGN	0.4	%
SES SA (Luxembourg)				41,742		323,923
TOWERS	3.6	%
American Tower Corp.				5,004		1,117,843
Crown Castle, Inc.				4,916		728,109
SBA Communications Corp.				2,677		796,488
						2,642,440
TOWERS—FOREIGN	1.2	%
Cellnex Telecom SA, 144A (Spain)(a)				22,310		874,284
TOTAL COMMUNICATIONS						3,840,647
CONSUMER STAPLES—FOREIGN	0.3	%
Salmar ASA (Norway)				5,525		256,911
CONSUMER—NON-CYCLICAL—AGRICULTURE	0.5	%
Bunge Ltd.				3,892		385,697
ELECTRIC	1.1	%
CenterPoint Energy, Inc.				15,166		456,800
Evergy, Inc.				3,170		198,600
Eversource Energy				1,857		152,887
						808,287

1

			Shares		Value
ELECTRIC—FOREIGN	1.9	%
Hydro One Ltd., 144A (Canada)(a)				9,320	$	254,828
National Grid PLC (United Kingdom)				86,431		1,098,788
Power Assets Holdings Ltd. (Hong Kong)				14,000		79,215
						1,432,831
ENERGY	1.2	%
GAS—DISTRIBUTION—FOREIGN	0.5	%
ENN Energy Holdings Ltd., (H shares) (China)				25,300		381,188
OIL & GAS—FOREIGN	0.7	%
Suncor Energy, Inc. (Canada)				13,750		477,227
TOTAL ENERGY						858,415
INFRASTRUCTURE—FOREIGN	0.5	%
Atlas Arteria Ltd. (Australia)(c)				71,084		345,712
MARINE PORTS—FOREIGN	0.4	%
International Container Terminal Services, Inc. (Philippines)				17,760		67,516
Santos Brasil Participacoes SA (Brazil)				119,836		207,977
						275,493
MATERIALS—METALS & MINING—FOREIGN	2.2	%
Agnico Eagle Mines Ltd. (Canada)				9,333		527,061
BHP Group Ltd. (Australia)				30,621		1,072,413
						1,599,474
PIPELINES	3.0	%
Cheniere Energy, Inc.				4,186		639,579
DT Midstream, Inc.				5,157		281,882
Equitrans Midstream Corp.				10,818		78,430
ONEOK, Inc.				9,767		668,844
Targa Resources Corp.				6,005		450,495
Williams Cos., Inc./The				3,307		106,618
						2,225,848
PIPELINES—FOREIGN	4.4	%
Enbridge, Inc. (Canada)				25,630		1,049,433
Gibson Energy, Inc. (Canada)				11,927		213,611
Pembina Pipeline Corp. (Canada)				22,294		791,026
TC Energy Corp. (Canada)				25,746		1,109,329
Tidewater Renewables Ltd. (Canada)(b)				10,437		88,482
						3,251,881

2

			Shares		Value
RAILWAYS	0.3	%
CSX Corp.				7,852	$	242,784
RAILWAYS—FOREIGN	0.8	%
Canadian Pacific Railway Ltd. (Canada)				1,585		125,104
Qube Holdings Ltd. (Australia)				135,263		294,126
West Japan Railway Co. (Japan)				3,800		159,138
						578,368
REAL ESTATE	17.4	%
DATA CENTERS	1.6	%
Digital Realty Trust, Inc.				9,284		1,064,132
Equinix, Inc.				169		124,744
						1,188,876
DATA CENTERS—FOREIGN	0.1	%
Digital Core REIT Management Pte. Ltd. (Singapore)				84,868		53,640
DIVERSIFIED—FOREIGN	2.3	%
British Land Co., PLC/The (United Kingdom)				14,592		79,860
Capitaland Investment Ltd. (Singapore)				35,800		108,460
Charter Hall Group (Australia)				14,950		147,206
CK Asset Holdings Ltd. (Hong Kong)				12,500		79,919
Covivio (France)				692		47,502
Hang Lung Properties Ltd. (Hong Kong)				53,000		99,934
ICADE (France)				1,623		77,093
Ingenia Communities Group (Australia)				28,246		93,022
Merlin Properties Socimi SA (Spain)				9,111		89,039
Mitsubishi Estate Co., Ltd. (Japan)				7,700		98,969
Mitsui Fudosan Co., Ltd. (Japan)				11,600		217,426
Sumitomo Realty & Development Co., Ltd. (Japan)				6,957		169,591
Sun Hung Kai Properties Ltd. (Hong Kong)				14,000		198,543
United Urban Investment Corp. (Japan)				100		113,790
Warehouses De Pauw CVA (Belgium)				1,975		62,631
						1,682,985
ELECTRIC—FOREIGN	0.1	%
Daiwa House REIT Investment Corp. (Japan)(b)				46		100,084
HEALTH CARE	1.3	%
Healthcare Realty Trust, Inc., Class A				6,258		134,735
Healthpeak Properties, Inc.				2,446		67,216
Welltower, Inc.				9,747		731,415
						933,366

3

			Shares		Value
HEALTH CARE—FOREIGN	0.2	%
Assura PLC (United Kingdom)				31,616	$	21,730
HealthCo REIT (Australia)				38,008		43,730
Parkway Life Real Estate Investment Trust (Singapore)				35,026		108,408
						173,868
HOTEL	0.3	%
Xenia Hotels & Resorts, Inc.				15,692		233,811
HOTEL—FOREIGN	0.2	%
CapitaLand Ascott Trust (Singapore)(c)				41,000		34,757
Japan Hotel REIT Investment Corp. (Japan)				106		67,170
Pandox AB (Sweden)(b)				3,530		48,601
						150,528
INDUSTRIALS	1.9	%
Americold Realty Trust, Inc.				8,201		257,594
Prologis, Inc.				8,669		1,120,728
						1,378,322
INDUSTRIALS—FOREIGN	0.9	%
CapitaLand Ascendas REIT (Singapore)				33,100		72,841
Catena AB (Sweden)				1,951		81,622
Frasers Logistics & Commercial Trust (Singapore)				78,100		75,171
Goodman Group (Australia)				7,727		110,214
Nippon Prologis REIT, Inc. (Japan)(b)				49		111,188
Segro PLC (United Kingdom)				6,181		63,625
Sirius Real Estate Ltd. (Germany)				53,113		55,331
Tritax Big Box REIT PLC (United Kingdom)				31,592		60,870
Urban Logistics REIT PLC (United Kingdom)				31,245		55,277
						686,139
NET LEASE	0.8	%
NETSTREIT Corp.				6,004		120,860
Realty Income Corp.				4,720		320,158
Spirit Realty Capital, Inc.				3,330		146,120
						587,138
NET LEASE—FOREIGN	0.2	%
ARGAN SA (France)				1,223		103,946
LXI REIT PLC (United Kingdom)				23,631		32,893
						136,839

4

			Shares		Value
OFFICE	0.4	%
Cousins Properties, Inc.				3,428	$	93,996
Highwoods Properties, Inc.				6,041		183,465
						277,461
OFFICE—FOREIGN	0.2	%
Dexus (Australia)				11,511		66,741
Great Portland Estates PLC (United Kingdom)				5,563		39,058
Kenedix Office Investment Corp. (Japan)				20		47,511
Wihlborgs Fastigheter AB (Sweden)				3,190		26,264
						179,574
RESIDENTIAL	3.5	%
APARTMENT	1.4	%
Apartment Income REIT Corp.				6,637		253,932
Camden Property Trust				2,111		260,096
Essex Property Trust, Inc.				265		59,908
Mid-America Apartment Communities, Inc.				1,869		311,600
UDR, Inc.				3,797		161,714
						1,047,250
APARTMENT—FOREIGN	1.0	%
Advance Residence Investment Corp. (Japan)				39		95,268
Aedifica SA (Belgium)				396		34,750
Invincible Investment Corp. (Japan)				274		116,853
Japan Metropolitan Fund Invest (Japan)				171		132,197
LEG Immobilien SE (Germany)				2,495		195,044
UNITE Group PLC/The (United Kingdom)				2,030		25,008
Wharf Real Estate Investment Co., Ltd. (Hong Kong)				27,000		154,566
						753,686
MANUFACTURED HOME	0.4	%
Sun Communities, Inc.				1,904		298,662
SINGLE FAMILY	0.7	%
Invitation Homes, Inc.				15,778		512,785
TOTAL RESIDENTIAL						2,612,383
RETAIL—FOREIGN	0.8	%
Eurocommercial Properties NV (Netherlands)				1,597		39,990
Klepierre SA (France)(b)				6,342		160,962
Link REIT (Hong Kong)				27,283		218,383
Mercialys SA (France)				8,162		90,646

5

			Shares		Value
RioCan Real Estate Investment Trust (Canada)				4,903	$	85,049
						595,030
SELF STORAGE	1.1	%
CubeSmart				3,834		175,559
Life Storage, Inc.				2,341		252,921
Public Storage				1,379		419,685
						848,165
SELF STORAGE—FOREIGN	0.3	%
National Storage REIT (Australia)				30,751		50,608
Safestore Holdings PLC (United Kingdom)				11,426		142,273
						192,881
SHOPPING CENTERS	1.2	%
COMMUNITY CENTER	0.5	%
Kite Realty Group Trust				15,230		330,491
REGIONAL MALL	0.7	%
Simon Property Group, Inc.				4,265		547,882
TOTAL SHOPPING CENTERS						878,373
TOTAL REAL ESTATE						12,889,463
TOLL ROADS—FOREIGN	2.3	%
Transurban Group (Australia)c				26,342		258,261
Vinci SA (France)				11,498		1,299,154
Zhejiang Expressway Co., Ltd., (H Shares) (China)				150,000		129,529
						1,686,944
UTILITIES	6.3	%
ELECTRIC	3.4	%
Consolidated Edison, Inc.				3,437		327,581
Exelon Corp.				17,753		748,999
NextEra Energy, Inc.				1,048		78,212
PG&E Corp.(b)				7,920		125,928
PPL Corp.				8,899		263,410
Sempra Energy				5,912		947,871
						2,492,001
ELECTRIC—FOREIGN	1.0	%
E.ON SE (Germany)				18,506		201,769
Enel SpA (Italy)				64,956		382,469

6

			Shares		Value
RWE AG (Germany)				4,357	$	193,969
						778,207
GAS—DISTRIBUTION	1.2	%
Atmos Energy Corp.				2,650		311,481
NiSource, Inc.				20,039		556,082
						867,563
MULTI-UTILITIES	0.2	%
DTE Energy Co.				1,437		167,224
WATER	0.3	%
Essential Utilities, Inc.				4,323		202,014
WATER—FOREIGN	0.2	%
Guangdong Investment Ltd., (H shares) (China)				178,000		193,382
TOTAL UTILITIES						4,700,391
TOTAL COMMON STOCK (Identified cost—$33,620,123)						36,309,089
EXCHANGE-TRADED FUNDS—U.S. EQUITY	0.7	%
Invesco Financial Preferred ETF				34,057		549,339
TOTAL EXCHANGE-TRADED FUNDS (Identified cost—$509,360)						549,339
MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES—ELECTRIC	0.2	%
Constellation Energy Corp.				1,397		119,248
TOTAL MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES (Identified cost—$119,859)						119,248
PREFERRED SECURITIES—$25 PAR VALUE	8.4	%
BANKS	3.6	%
Bank of America Corp., 5.375%, Series KK(d)				3,679		88,811
Bank of America Corp., 4.375%, Series NN(d)				9,572		191,440
Bank of America Corp., 4.125%, Series PP(d)				15,788		299,656
Bank of America Corp., 4.25%, Series QQ(d)				8,969		173,550
Bank of America Corp., 4.75%, Series SS(d)				3,320		72,210
Dime Community Bancshares, Inc., 5.50%(d)				5,287		114,728
First Horizon Corp., 6.50%(d)				2,115		53,933
First Republic Bank/CA, 4.00%, Series M(d)				20,435		373,552
First Republic Bank/CA, 4.50%, Series N(d)				9,687		192,287
Fulton Financial Corp., 5.125%, Series A(d)				4,402		93,102

7

			Shares		Value
JPMorgan Chase & Co., 4.75%, Series GG(d)				4,275	$	94,050
KeyCorp., 6.20% to 12/15/27, Series H(d),(e)				1,450		37,164
PacWest Bancorp, 7.75% to 9/1/27, Series A(d),(e)				1,354		35,042
Signature Bank/New York NY, 5.00%, Series a(d)				2,483		47,078
Truist Financial Corp., 4.75%, Series R(d)				4,307		95,615
Wells Fargo & Co., 4.25%, Class DD(d)				4,772		93,102
Wells Fargo & Co., 4.70%, Series AA(d)				4,597		99,203
Wells Fargo & Co., 4.375%, Series CC(d)				5,880		118,070
Wells Fargo & Co., 5.625%, Series Y(d)				3,752		92,674
Wells Fargo & Co., 4.75%, Series Z(d)				13,318		282,741
Western Alliance Bancorp, 4.25% to 9/30/26, Series A(d),(e)				2,503		53,739
						2,701,747
ELECTRIC	0.3	%
CMS Energy Corp., 5.625%, due 3/15/78				3,805		93,984
SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)(d),(e)				6,561		145,851
						239,835
ELECTRIC—FOREIGN	0.3	%
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)				1,861		37,481
Brookfield Infrastructure Partners LP, 5.125%, Series 13 (Canada)(d)				9,106		183,486
						220,967
FINANCIAL	0.5	%
DIVERSIFIED FINANCIAL SERVICES	0.4	%
Carlyle Finance LLC, 4.625%, due 5/15/61				2,551		49,183
Oaktree Capital Group LLC, 6.55%, Series B(d)				7,222		173,111
Synchrony Financial, 5.625%, Series A(d)				1,874		37,124
						259,418
INVESTMENT BANKER/BROKER	0.1	%
Morgan Stanley, 6.50%, Series P(d)				4,021		104,707
TOTAL FINANCIAL						364,125
INSURANCE	2.0	%
LIFE/HEALTH INSURANCE	1.1	%
Athene Holding Ltd., 6.35% to 6/30/29, Series A(d),(e)				1,595		40,625
Athene Holding Ltd., 5.625%, Series B(d)				3,816		89,600
Athene Holding Ltd., 4.875%, Series D(d)				9,556		191,215
Athene Holding Ltd., 7.75% to 12/30/27, Series E(d),(e)				4,652		122,766
Brighthouse Financial, Inc., 5.375%, Series C(d)				4,497		91,289
CNO Financial Group, Inc., 5.125%, due 11/25/60				2,483		45,141
Equitable Holdings, Inc., 5.25%, Series A(d)				1,004		22,710
Equitable Holdings, Inc., 4.30%, Series C(d)				1,045		20,566

8

			Shares		Value
Lincoln National Corp., 9.00%, Series D(d)				6,400	$	184,000
						807,912
MULTI-LINE	0.1	%
Kemper Corp., 5.875% to 3/15/27, due 3/15/62(e)				3,025		69,212
MULTI-LINE—FOREIGN	0.1	%
AEGON Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands)				4,044		91,597
PROPERTY CASUALTY	0.1	%
Enstar Group Ltd., 7.00% to 9/1/28, Series D(d),(e)				4,273		102,680
REINSURANCE	0.4	%
Arch Capital Group Ltd., 4.55%, Series G(d)				5,784		115,622
Reinsurance Group of America, Inc., 7.125% to 10/15/27, due  10/15/52(e)				6,555		174,625
						290,247
REINSURANCE—FOREIGN	0.2	%
RenaissanceRe Holdings Ltd., 5.75%, Series F (Bermuda)(d)				2,297		55,496
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)(d)				5,222		94,936
						150,432
TOTAL INSURANCE						1,512,080
INTEGRATED TELECOMMUNICATIONS SERVICES	0.7	%
AT&T, Inc., 5.35%, due 11/1/66				3,809		91,454
Telephone and Data Systems, Inc., 6.625%, Series UU(d)				3,953		76,491
Telephone and Data Systems, Inc., 6.00%, Series VV(d)				8,525		147,653
United States Cellular Corp., 5.50%, due 3/1/70				1,928		35,764
United States Cellular Corp., 5.50%, due 6/1/70				3,621		67,749
United States Cellular Corp., 6.25%, due 9/1/69				3,295		65,175
						484,286
PIPELINES	0.2	%
Energy Transfer LP, 7.60% to 5/15/24, Series E(d),(e)				6,122		146,928
PIPELINES—FOREIGN	0.2	%
Enbridge, Inc., 5.949% to 6/1/23, Series 1 (Canada)(d),(e)				2,156		48,445
Enbridge, Inc., 5.858% to 9/1/27, Series L (Canada)(d),(e)				1,937		38,876
TC Energy Corp., 3.351% to 11/30/25, Series 11 (Canada)(d),(e)				3,054		40,328
						127,649
REAL ESTATE—OFFICE	0.1	%
Brookfield Property Partners LP, 5.75%, Series A(d)				4,462		81,387

9

			Shares		Value
Brookfield Property Preferred LP, 6.25%, due 7/26/81				990	$	18,840
						100,227
UTILITIES—ELECTRIC—FOREIGN	0.5	%
Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due  10/17/78 (Canada)(e)				7,210		179,890
Algonquin Power & Utilities Corp., 6.20% to  7/1/24, due 7/1/79, Series 19-A (Canada)(e)				3,707		86,002
Brookfield BRP Holdings Canada, Inc., 4.625%, due 4/30/26 (Canada)				2,618		46,522
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(d)				2,422		44,419
						356,833
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$6,452,135)						6,254,677
			Principal Amount
PREFERRED SECURITIES—CAPITAL SECURITIES	38.8	%
BANKS	7.5	%
Ally Financial, Inc., 4.70% to 5/15/26, Series B(d),(e)			$	17,000		14,036
Ally Financial, Inc., 4.70% to 5/15/28, Series C(d),(e)				207,000		159,390
Bank of America Corp., 4.375% to 1/27/27, Series RR(d),(e)				36,000		32,764
Bank of America Corp., 5.875% to 3/15/28, Series FF(d),(e)				198,000		189,832
Bank of America Corp., 6.10% to 3/17/25, Series AA(d),(e)				205,000		205,594
Bank of America Corp., 6.125% to 4/27/27, Series TT(d),(e)				145,000		145,507
Bank of America Corp., 6.25% to 9/5/24, Series X(d),(e)				409,000		409,769
Bank of America Corp., 6.30% to 3/10/26, Series DD(d),(e)				74,000		75,236
Bank of America Corp., 6.50% to 10/23/24, Series Z(d),(e)				140,000		141,045
Bank of New York Mellon Corp./The, 3.75% to 12/20/26, Series I(d),(e)				20,000		17,426
Capital One Financial Corp., 3.95% to 9/1/26, Series M(d),(e)				41,000		35,688
Citigroup, Inc., 3.875% to 2/18/26(d),(e)				307,000		281,028
Citigroup, Inc., 4.00% to 12/10/25, Series W(d),(e)				153,000		141,929
Citigroup, Inc., 5.00% to 9/12/24, Series U(d),(e)				79,000		75,642
Citigroup, Inc., 5.95% to 5/15/25, Series P(d),(e)				378,000		368,843
Citigroup, Inc., 6.25% to 8/15/26, Series T(d),(e)				207,000		208,871
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(d),(e)				85,000		84,148
CoBank ACB, 6.45% to 10/1/27, Series K(d),(e)				130,000		131,579
Comerica, Inc., 5.625% to 7/1/25(d),(e)				73,000		71,747

10

			Principal Amount			Value
Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A (TruPS)(a)			$	100,000		$	108,500
Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4,  144A(a),(d),(e)				125,000			117,500
First Horizon Bank, 5.66% (3 Month US LIBOR + 0.85%, Floor  3.75%), 144A (FRN)(a),(d),(f)				50	†		41,750
Goldman Sachs Capital I, 6.345%, due 2/15/34 (TruPS)				69,000			74,442
Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(d),(e)				206,000			179,653
Goldman Sachs Group, Inc./The, 3.80% to 5/10/26, Series T(d),(e)				105,000			92,056
Goldman Sachs Group, Inc./The, 4.125% to 11/10/26, Series V(d),(e)				42,000			37,411
Huntington Bancshares, Inc./OH., 5.625% to 7/15/30, Series F(d),(e)				90,000			88,848
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(d),(e)				40,000			38,925
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(d),(e)				55,000			54,897
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(d),(e)				70,000			70,700
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(d),(e)				138,000			139,477
PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series V(d),(e)				182,000			182,510
SVB Financial Group, 4.00% to 5/15/26, Series C(d),(e)				210,000			168,392
SVB Financial Group, 4.25% to 11/15/26, Series D(d),(e)				210,000			168,189
SVB Financial Group, 4.70% to 11/15/31, Series E(d),(e)				110,000			84,700
Truist Financial Corp., 4.95% to 9/1/25, Series P(d),(e)				71,000			70,468
Truist Financial Corp., 5.10% to 3/1/30, Series Q(d),(e)				117,000			113,958
US Bancorp, 5.30% to 4/15/27, Series J(d),(e)				35,000			32,573
US Bancorp, 5.85% (3 Month US LIBOR + 1.20%, Floor  3.50%), Series A (FRN)(d),(f)				44	†		35,310
USB Capital IX, 5.812% (3 Month US LIBOR + 1.02%, Floor  3.50%) (FRN) (TruPS)(d),(f)				15,000			12,433
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(d),(e)				755,000			696,487
Wells Fargo & Co., 5.875% to 6/15/25, Series U(d),(e)				172,000			171,604
							5,570,857
BANKS—FOREIGN	12.6	%
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(d),(e),(g),(h)				200,000			200,306
Banco de Sabadell SA, 9.375% to 7/18/28, (Spain)(d),(e),(g),(h)				200,000			226,644
Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32, 144A  (Mexico)(a),(d),(e),(h)				200,000			176,861
Banco Santander SA, 4.75% to 11/12/26 (Spain)(d),(e),(h)				200,000			174,034
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(d),(e),(g),(h)				200,000			217,467

11

	Principal Amount		Value
Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)(d),(e)	$	140,000	$	136,312
Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82  (Canada)(e)		200,000		213,094
Barclays Bank PLC, 6.278% to 12/15/34 (United Kingdom)(d),(e)		100,000		99,754
Barclays PLC, 4.375% to 3/15/28 (United Kingdom)(d),(e),(h)		200,000		163,066
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(d),(e),(h)		200,000		191,248
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(d),(e),(h)		200,000		201,330
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(d),(e),(h)		200,000		199,750
BNP Paribas SA, 4.625% to 1/12/27, 144A (France)(a),(d),(e),(h)		200,000		175,500
BNP Paribas SA, 7.375% to 6/11/30 (France)(d),(e),(g),(h)		200,000		222,969
BNP Paribas SA, 7.75% to 8/16/29, 144A (France)(a),(d),(e),(h)		400,000		415,000
BNP Paribas SA, 9.25% to 11/17/27, 144A (France)(a),(d),(e),(h)		200,000		217,700
CaixaBank SA, 5.875% to 10/9/27 (Spain)(d),(e),(g),(h)		200,000		202,819
Credit Agricole SA, 4.75% to 3/23/29, 144A (France)(a),(d),(e),(h)		200,000		170,580
Credit Suisse Group AG, 5.25% to 2/11/27,  144A (Switzerland)(a),(d),(e),(h)		200,000		150,500
Credit Suisse Group AG, 6.375% to 8/21/26,  144A (Switzerland)(a),(d),(e),(h)		400,000		325,000
Credit Suisse Group AG, 9.75% to 6/23/27,  144A (Switzerland)(a),(d),(e),(h)		200,000		194,500
Danske Bank A/S, 7.00% to 6/26/25 (Denmark)(d),(e),(g),(h)		200,000		194,756
Deutsche Bank AG, 6.00% to 10/30/25, Series 2020  (Germany)(d),(e),(h)		200,000		182,531
Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(d),(e),(g),(h)		200,000		233,221
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A (United Kingdom)(a),(d),(e)		120,000		151,200
HSBC Holdings PLC, 4.70% to 3/9/31 (United Kingdom)(d),(e),(h)		200,000		170,050
ING Groep N.V., 4.25% to 5/16/31, Series NC10 (Netherlands)(d),(e),(h)		200,000		151,238
ING Groep N.V., 4.875% to 5/16/29 (Netherlands)(d),(e),(g),(h)		400,000		335,464
ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(d),(e),(h)		200,000		189,413
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)(a),(d),(e),(h)		400,000		378,599
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(d),(e),(h)		200,000		198,550
Nationwide Building Society, 5.75% to 6/20/27 (United Kingdom)(d),(e),(g),(h)		200,000		228,205
Natwest Group PLC, 4.60% to 6/28/31 (United Kingdom)(d),(e),(h)		200,000		153,750
Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(d),(e),(h)		200,000		191,500

12

			Principal Amount		Value
Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(d),(e),(h)			$	200,000	$	202,491
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(d),(e),(g),(h)				200,000		200,335
Societe Generale SA, 5.375% to 11/18/30, 144A (France)(a),(d),(e),(h)				200,000		172,486
Societe Generale SA, 6.75% to 4/6/28, 144A (France)(a),(d),(e),(h)				200,000		186,741
Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(d),(e),(g),(h)				100,000		112,724
Societe Generale SA, 8.00% to 9/29/25, 144A (France)(a),(d),(e),(h)				200,000		202,625
Societe Generale SA, 9.375% to 11/22/27, 144A (France)(a),(d),(e),(h)				200,000		215,250
Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (Canada)(e)				200,000		212,750
UBS Group AG, 4.875% to 2/12/27, 144A (Switzerland)(a),(d),(e),(h)				200,000		180,280
UBS Group AG, 5.125% to 7/29/26 (Switzerland)(d),(e),(g),(h)				200,000		190,261
UBS Group AG, 6.875% to 8/7/25 (Switzerland)(d),(e),(g),(h)				200,000		199,065
UniCredit SpA, 8.00% to 6/3/24 (Italy)(d),(e),(g),(h)				200,000		198,125
						9,306,044
ELECTRIC	1.7	%
American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(e)				215,000		184,511
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(e)				91,000		82,988
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(d),(e)				247,000		222,300
Duke Energy Corp., 4.875% to 9/16/24(d),(e)				200,000		193,197
Southern Co./The, 3.75% to 6/15/26, due 9/15/51, Series 21-A(e)				173,000		151,003
Southern Co./The, 4.00% to 10/15/25, due 1/15/51, Series B(e)				290,000		276,611
Southern Co./The, 5.113%, due 8/1/27				130,000		132,337
						1,242,947
ELECTRIC—FOREIGN	1.3	%
Electricite de France SA, 5.625% to 1/22/24, 144A (France)(a),(d),(e)				100,000		97,400
Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)(d),(e),(g)				200,000		223,283

13

			Principal Amount		Value
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(e)			$	628,000	$	619,135
						939,818
FINANCIAL	2.6	%
CREDIT CARD	0.2	%
American Express Co., 3.55% to 9/15/26, Series D(d),(e)				147,000		130,433
DIVERSIFIED FINANCIAL SERVICES	0.3	%
Aircastle Ltd., 5.25% to 6/15/26, Series A, 144A(a),(d),(e)				60,000		49,500
Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51, 144A(a),(e)				165,000		127,945
ILFC E-Capital Trust II, 6.538% (30 Year CMT + 1.80%), due 12/21/65, 144A (FRN) (TruPS)(a),(f)				110,000		73,600
						251,045
DIVERSIFIED FINANCIAL SERVICES—FOREIGN	0.5	%
Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(d),(e),(g),(h)				400,000		400,001
INVESTMENT BANKER/BROKER	1.6	%
Charles Schwab Corp./The, 4.00% to 12/1/30, Series H(d),(e)				413,000		355,800
Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(d),(e)				696,000		642,165
Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(d),(e)				177,000		176,504
						1,174,469
TOTAL FINANCIAL						1,955,948
INSURANCE	6.5	%
FINANCE	0.2	%
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51, 144A(a),(e)				146,000		125,157
LIFE/HEALTH INSURANCE	2.0	%
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52, 144A(a),(e)				190,000		189,274
Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(d),(e)				110,000		106,962
Lincoln National Corp., 9.25% to 12/1/27, Series C(d),(e)				53,000		58,698
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)(a)				100,000		110,250
MetLife, Inc., 9.25%, due 4/8/38, 144A(a)				300,000		362,659
MetLife, Inc., 10.75%, due 8/1/39				100,000		137,600
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(e)				115,000		107,436
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(e)				195,000		194,779
SBL Holdings, Inc., 6.50% to 11/13/26, 144A(a),(d),(e)				150,000		115,320
SBL Holdings, Inc., 7.00% to 5/13/25, 144A(a),(d),(e)				140,000		116,225
						1,499,203
LIFE/HEALTH INSURANCE—FOREIGN	0.8	%
Aegon NV, 5.50% to 4/11/28, due 4/11/48 (Netherlands)(e)				200,000		191,036
Aegon NV, 5.625% to 4/15/29 (Netherlands)(d),(e),(g),(h)				200,000		207,104

14

			Principal Amount		Value
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(d),(e),(g),(h)			$	200,000	$	188,502
						586,642
MULTI-LINE	0.1	%
Hartford Financial Services Group, Inc./The, 6.731% (3 Month US LIBOR + 2.125%), due 2/12/47, Series ICON, 144A (FRN)(a),(f)				100,000		85,775
MULTI-LINE—FOREIGN	0.7	%
Allianz SE, 3.50% to 11/17/25, 144A (Germany)(a),(d),(e),(h)				200,000		174,920
AXA SA, 6.379% to 12/14/36, 144A (France)(a),(d),(e)				100,000		105,179
AXA SA, 8.60%, due 12/15/30 (France)				60,000		74,082
CNP Assurances, 4.875% to 10/7/30 (France)(d),(e),(g),(h)				200,000		165,516
						519,697
PROPERTY CASUALTY	1.1	%
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(e)				500,000		497,138
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(e)				145,000		119,785
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(e)				130,000		116,657
Markel Corp., 6.00% to 6/1/25(d),(e)				55,000		54,931
						788,511
PROPERTY CASUALTY—FOREIGN	1.0	%
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(e),(g)				200,000		166,674
QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)(a),(d),(e)				400,000		395,000
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)(e),(g)				200,000		159,375
						721,049
REINSURANCE	0.3	%
AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(e)				55,000		46,829
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51, 144A(a),(e)				242,000		208,671
						255,500
REINSURANCE—FOREIGN	0.3	%
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A (Switzerland)(a),(e)				200,000		194,116
TOTAL INSURANCE						4,775,650

15

			Principal Amount		Value
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN	0.5	%
Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(d),(e),(g)			$	100,000	$	107,098
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(e)				110,000		89,199
Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (United Kingdom)(e),(g)				200,000		196,542
						392,839
OIL & GAS—FOREIGN	0.9	%
BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(d),(e)				290,000		280,503
BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)(d),(e)				405,000		379,434
						659,937
PIPELINES	0.4	%
Energy Transfer LP, 6.50% to 11/15/26, Series H(d),(e)				120,000		112,846
Energy Transfer LP, 7.125% to 5/15/30, Series G(d),(e)				200,000		183,200
						296,046
PIPELINES—FOREIGN	2.4	%
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(e)				315,000		298,869
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(e)				300,000		285,340
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(e)				80,000		76,204
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(e)				92,000		92,204
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(e)				198,000		204,394
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(e)				283,000		256,454
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(e)				122,000		109,342
Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (Canada)(e)				175,000		168,867
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(e)				270,000		263,196
						1,754,870
REAL ESTATE—RETAIL—FOREIGN	0.7	%
Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80, 144A (Australia)(a),(e)				400,000		373,749

16

			Principal Amount		Value
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80, 144A (Australia)(a),(e)			$	200,000	$	176,217
						549,966
UTILITIES	1.7	%
ELECTRIC	1.2	%
Edison International, 5.00% to 12/15/26, Series B(d),(e)				185,000		164,944
Edison International, 5.375% to 3/15/26, Series A(d),(e)				203,000		190,146
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(e)				60,000		57,326
Sempra Energy, 4.125% to 1/1/27, due 4/1/52(e)				160,000		140,295
Sempra Energy, 4.875% to 10/15/25(d),(e)				315,000		303,188
						855,899
ELECTRIC—FOREIGN	0.5	%
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(e)				335,000		283,487
Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)(d),(e),(g)				100,000		110,922
						394,409
TOTAL UTILITIES						1,250,308
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$29,531,042)						28,695,230
CORPORATE BONDS—BANKS—FOREIGN	0.3	%
Intesa Sanpaolo SpA, 8.248% to 11/21/32, due 11/21/33, 144A (Italy)(a),(e)				200,000		219,018
TOTAL CORPORATE BONDS (Identified cost—$200,000)						219,018
			Shares
SHORT-TERM INVESTMENTS	1.2	%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 4.18%(i)				899,321		899,321
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$899,321)						899,321

17

			Value
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$72,190,838)	99.8	%	$	73,848,060
WRITTEN OPTION CONTRACTS (Premiums received—$57,120)	(0.1	)		(60,970	)
OTHER ASSETS IN EXCESS OF LIABILITIES	0.3			197,258
NET ASSETS	100.0	%	$	73,984,348

Over-The-Counter Option Contracts

Written Options
Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts			Notional Amount(j)			Premiums Received			Value
Call — Aena SME SA	Goldman Sachs International	EUR	142.038	3/17/23		(424	)	$	(63,381	)	$	(1,253	)	$	(985	)
Call — Agnico Eagle Mines Ltd.	Goldman Sachs International	CAD	81.744	3/17/23		(2,055	)		(116,052	)		(1,974	)		(1,652	)
Call — American Tower Corp.	Goldman Sachs International		239.411	3/17/23		(1,360	)		(303,810	)		(4,398	)		(4,018	)
Call — Bunge Ltd.	Goldman Sachs International		105.595	3/17/23		(875	)		(86,713	)		(1,189	)		(1,608	)
Call — Canadian Pacific Railway Ltd.	Goldman Sachs International	CAD	108.50	3/17/23		(341	)		(26,915	)		(550	)		(530	)
Call — CenterPoint Energy, Inc.	Goldman Sachs International		30.634	3/17/23		(3,346	)	��	(100,782	)		(2,398	)		(2,281	)
Call — Consolidated Edison, Inc.	Goldman Sachs International		95.037	3/17/23		(775	)		(73,865	)		(1,717	)		(2,010	)

18

Over-The-Counter Option Contracts (Continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount(j)			Premiums Received			Value
Call — Constellation Energy	Goldman Sachs International		91.607		3/17/23		(313	)	$	(26,718	)	$	(394	)	$	(597	)
Call — Crown Castle International Corp.	Goldman Sachs International		157.066		3/17/23		(1,043	)		(154,479	)		(2,347	)		(1,485	)
Call — CSX Corp.	Goldman Sachs International		33.489		3/17/23		(1,739	)		(53,770	)		(1,146	)		(472	)
Call — Digital Realty Trust, Inc.	Goldman Sachs International		117.894		3/17/23		(2,051	)		(235,086	)		(2,532	)		(5,756	)
Call — E.ON SE	Goldman Sachs International	EUR	10.217		3/17/23		(4,203	)		(45,629	)		(881	)		(882	)
Call — Equinix, Inc.	Goldman Sachs International		765.568		3/17/23		(37	)		(27,311	)		(383	)		(639	)
Call — Essex Property Trust, Inc.	Goldman Sachs International		231.994		3/17/23		(60	)		(13,564	)		(172	)		(349	)
Call — Exelon Corp.	Goldman Sachs International		43.242		3/17/23		(3,950	)		(166,651	)		(3,941	)		(2,272	)
Call — Healthpeak Properties, Inc.	Goldman Sachs International		28.316		3/17/23		(563	)		(15,471	)		(198	)		(287	)
Call — Hydro One Ltd.	Goldman Sachs International	CAD	37.42		3/17/23		(2,046	)		(55,942	)		(1,236	)		(525	)
Call — Invitation Homes, Inc.	Goldman Sachs International		34.459		3/17/23		(3,514	)		(114,205	)		(1,123	)		(1,790	)
Call — Life Storage, Inc.	Goldman Sachs International		113.03		3/17/23		(391	)		(42,244	)		(274	)		(880	)
Call — National Grid PLC	Goldman Sachs International	GBP	10.464		3/17/23		(15,517	)		(196,084	)		(4,751	)		(3,490	)
Call — Oneok, Inc.	Goldman Sachs International		72.22		3/17/23		(2,145	)		(146,890	)		(3,009	)		(2,072	)
Call — P G + E Corp.	Goldman Sachs International		16.766		3/17/23		(1,789	)		(28,445	)		(548	)		(553	)
Call — Pembina Pipeline Corp.	Goldman Sachs International	CAD	49.085		3/17/23		(4,924	)		(174,711	)		(3,639	)		(1,023	)

19

Over-The-Counter Option Contracts (Continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount(j)			Premiums Received			Value
Call — Prologis, Inc.	Goldman Sachs International		132.83		3/17/23		(1,937	)	$	(250,415	)	$	(2,473	)	$	(5,995	)
Call — Public Storage	Goldman Sachs International		308.99		3/17/23		(304	)		(92,519	)		(1,021	)		(2,338	)
Call — Realty Income Corp.	Goldman Sachs International		68.823		3/17/23		(1,087	)		(73,731	)		(833	)		(1,313	)
Call — Segro PLC	Goldman Sachs International	GBP	8.67		3/17/23		(1,256	)		(12,855	)		(312	)		(382	)
Call — Sempra Energy	Goldman Sachs International		162.493		3/17/23		(1,299	)		(208,269	)		(4,389	)		(5,753	)
Call — Simon Property Group, Inc.	Goldman Sachs International		132.12		3/17/23		(976	)		(125,377	)		(1,724	)		(2,617	)
Call — Vinci SA	Goldman Sachs International	EUR	105.961		3/17/23		(1,953	)		(220,049	)		(4,381	)		(3,954	)
Call — Welltower, Inc.	Goldman Sachs International		80.113		3/17/23		(2,172	)		(162,987	)		(1,472	)		(1,827	)
Call — Williams Cos., Inc./The	Goldman Sachs International		32.611		3/17/23		(753	)		(24,277	)		(462	)		(635	)
							(65,198	)	$	(3,439,197	)	$	(57,120	)	$	(60,970	)

Forward Foreign Currency Exchange Contracts

Counterparty	Contracts to            Deliver		In Exchange            For		Settlement Date	Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	CAD	49,322	USD	36,410	2/2/23	$	(659	)
Brown Brothers Harriman	CAD	4,208	USD	3,147	2/2/23		(15	)
Brown Brothers Harriman	EUR	1,182,244	USD	1,264,351	2/2/23		(20,926	)
Brown Brothers Harriman	EUR	200,000	USD	210,938	2/2/23		(6,492	)
Brown Brothers Harriman	EUR	100,000	USD	107,539	2/2/23		(1,176	)
Brown Brothers Harriman	EUR	129,851	USD	141,016	2/2/23		(151	)
Brown Brothers Harriman	EUR	190,137	USD	207,493	2/2/23		786
Brown Brothers Harriman	GBP	180,073	USD	216,781	2/2/23		(5,222	)

20

Forward Foreign Currency Exchange Contracts (Continued)

Counterparty	Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	USD	40,178	CAD	53,530	2/2/23	$	54
Brown Brothers Harriman	USD	211,544	EUR	194,267	2/2/23		(347	)
Brown Brothers Harriman	USD	1,746,957	EUR	1,607,965	2/2/23		1,142
Brown Brothers Harriman	USD	221,962	GBP	180,073	2/2/23		41
Brown Brothers Harriman	CAD	53,750	USD	40,347	3/2/23		(58	)
Brown Brothers Harriman	EUR	1,607,555	USD	1,749,557	3/2/23		(1,269	)
Brown Brothers Harriman	EUR	308,493	USD	335,873	3/2/23		(114	)
Brown Brothers Harriman	GBP	186,583	USD	230,108	3/2/23		(62	)
						$	(34,468	)

Glossary of Portfolio Abbreviations

CAD	Canadian Dollar
CMT	Constant Maturity Treasury
EMTN	Euro Medium Term Note
ETF	Exchange-Traded Fund
EUR	Euro Currency
FRN	Floating Rate Note
GBP	Great British Pound
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
TruPS	Trust Preferred Securities
USD	United States Dollar

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

† Represents shares

(a) 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 $8,401,208 which represents 11.4% of the net assets of the Fund, of which 0.0% are illiquid.

(b) Non-income producing security.

(c) Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

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

(e) Security converts to floating rate after the indicated fixed-rate coupon period.

(f) Variable rate. Rate shown is in effect at January 31, 2023.

21

(g) Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $4,887,378 which represents 6.6% of the net assets of the Fund, of which 0.2% are illiquid.

(h) 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 $9,628,977 or 13.0% of the net assets of the Fund.

(i) Rate quoted represents the annualized seven-day yield.

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

22

Country Summary	% of Net Assets
United States		50.4
Canada		11.7
United Kingdom		6.9
France		6.1
Australia		4.6
Spain		3.1
Switzerland		2.7
Japan		1.9
Italy		1.7
Germany		1.7
Netherlands		1.6
Hong Kong		1.1
China		1.0
Mexico		0.7
Singapore		0.6
Sweden		0.5
Other (includes short-term investments)		3.7
		100.0

23

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

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

Readily marketable securities traded in the 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.

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 in open-end mutual funds are valued at net asset value (NAV).

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

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

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

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

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

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

• Level 1—quoted prices in active markets for identical investments

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

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

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

The following is a summary of the inputs used as of January 31, 2023 in valuing the Fund’s investments carried at value:

	Quoted Prices in Active Markets for Identical Investments (Level  1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Closed-End Funds	$	802,138	$	—		$	—	$	802,138
Common Stock:
Airports—Foreign		327,570		602,373			—		929,943
Communications		2,642,440		1,198,207			—		3,840,647
Comsumer Staples—Foreign		—		256,911			—		256,911
Electric—Foreign		254,828		1,178,003			—		1,432,831
Energy		477,227		381,188			—		858,415
Infrastructure—Foreign		—		345,712			—		345,712
Marine Ports—Foreign		207,977		67,516			—		275,493
Materials		527,061		1,072,413			—		1,599,474
Railways—Foreign		125,104		453,264			—		578,368
Real Estate		8,484,384		4,405,079			—		12,889,463
Toll Roads—Foreign		—		1,686,944			—		1,686,944
Utilities		3,728,802		971,589			—		4,700,391
Other Industries		6,914,497		—			—		6,914,497
Exchange-Traded Funds		549,339		—			—		549,339
Master Limited Partnerships and Related Companies		119,248		—			—		119,248
Preferred Securities—$25 Par Value		6,254,677		—			—		6,254,677
Preferred Securities—Capital Securities		—		28,695,230			—		28,695,230
Corporate Bonds		—		219,018					219,018
Short-Term Investments		—		899,321			—		899,321
Total Investments in Securities(a)	$	31,415,292	$	42,432,768		$	—	$	73,848,060
Forward Foreign Currency Exchange Contracts	$	—	$	2,023		$	—	$	2,023
Total Derivative Assets(a)	$	—	$	2,023		$	—	$	2,023
Forward Foreign Currency Exchange Contracts	$	—	$	(36,491	)	$	—	$	(36,491	)
Written Option Contracts		—		(60,970	)		—		(60,970	)
Total Derivative Liabilities(a)	$	—	$	(97,461	)	$	—	$	(97,461	)

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

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

Note 2. Derivative Investments

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked-to-market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. 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 Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

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

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

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

COHEN & STEERS ALTERNATIVE INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

Interest Rate Swaption Contracts: The Fund may write or purchase interest rate swaptions, which are options to enter into a pre-defined swap agreement at a specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises the swaption. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

At January 31, 2023, the Fund did not have any interest rate swaption contracts outstanding.

Binary Option Contracts: The Fund may write or purchase binary options, which are options in which the payout depends on whether the price of a particular asset will rise above or fall below a specified level. When the binary option expires, the buyer receives either a pre-determined amount of cash or nothing at all.

At January 31, 2023, the Fund did not have any binary option contracts outstanding.

The following summarizes the volume of the Fund’s option contracts and forward foreign currency exchange contracts activity for the three months ended January 31, 2023:

	Purchased Option Contracts(a)(b)		Written Option Contracts(a)(b)		Forward Foreign Currency Exchange Contracts
Average Notional Amount	$	632,000	$	3,350,117	$	1,526,654

(a) Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month end. For the period, this represents one month for purchased option contracts and three months for written option contracts.

(b) Notional amount for swaption contracts represents the notional amount of the underlying swap contract. Notional amount for binary option contracts represents the nominal payout amount. Notional amount for all other option contracts is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.