Cohen & Steers Real Estate Opportunities & Income Fund

09/04/2026 | Press release | Distributed by Public on 09/04/2026 09:36

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-23720        
Cohen & Steers Real Estate Opportunities and Income Fund
(Exact name of Registrant as specified in charter)
1166 Avenue of the Americas, 30th Floor, New York, New York 10036
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, New York 10036
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 832-3232        
Date of fiscal year end: December 31        
Date of reporting period: June 30, 2026        
Item 1. Reports to Stockholders.
(a)
Cohen & Steers Real Estate Opportunities and Income Fund
To Our Shareholders:
We would like to share with you our report for the six months ended June 30, 2026. The total returns for the Cohen & Steers Real Estate Opportunities and Income Fund (the Fund) and its comparative benchmarks were:
Six Months Ended
June 30, 2026
Cohen & Steers Real Estate Opportunities and Income Fund:
Net Asset Value Total Return(a)
13.70 %
Market Price Total Return(a)
11.73 %
S&P 500 Index(b)
10.21 %
Blended Benchmark-70% FTSE Nareit All Equity REITs Index/ 30% Preferred Blend (50% ICE BofA U.S. IG Institutional Capital Securities Index, 25% ICE BofA Core Fixed Rate Preferred Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Securities Index)(b)
10.79 %
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 sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund's returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund's dividend reinvestment plan. 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.
The Fund expects to make regular monthly distributions 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.
(a)
As a closed-end investment company, the price of the Fund's exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.
(b)
For benchmark descriptions, see page 6.
1
Cohen & Steers Real Estate Opportunities and Income Fund
Market Review
Real estate stocks had a positive total return in the six months ended June 30, 2026, despite a market that shifted repeatedly as investors navigated competing economic narratives and more hawkish central bank policy expectations.
The period began with a constructive economic backdrop. Prior to the late-February onset of the U.S.-Iran conflict, economic activity was generally supportive of markets, with easing inflation reinforcing expectations that major central banks would cut interest rates in 2026. This dynamic shifted following the conflict's disruption to seaborne energy flows. Markets were pressured as investors struggled to gauge the likely duration of the conflict, its economic implications and the scope of any resulting monetary policy response. By April, however, sentiment improved as markets began to price in the expectation of a relatively swift resolution of the conflict and as the global economy proved more resilient than feared. Nevertheless, persistent inflation tempered expectations for monetary easing.
Despite a shifting macro environment, commercial real estate fundamentals remained generally healthy, with steady demand and limited new supply in most property sectors.
Fund Performance
The Fund had a positive total return in the period and outperformed its blended benchmark on both a NAV and market price basis.
Most property sectors advanced. The health care sector had a significant gain, lifted by strong returns from companies with senior housing businesses, where fundamentals remained strong. Retail landlords were generally positive, with double-digit gains from both shopping center and regional mall REITs amid resilient consumer spending and limited new supply.
Data center owners had a sizable gain, rebounding from weakness in 2025. Industrial REITs advanced but underperformed, hindered by concerns about trade volumes amid escalating geopolitical risk. Apartments also trailed, amid a supply overhang in certain markets. Telecommunications was the only sector to have a meaningful decline, hindered by mixed earnings outlooks, rising interest rates, and concerns around satellite competition.
In this environment, factors that helped the Fund's relative performance in the period included stock selection among specialty REITs, due in part to an overweight in information storage company Iron Mountain. The company, which continued to expand into data center operations, had a sizable gain. The Fund's non-investment in gaming companies also aided performance, as the sector had a slight decline. An underweight in the industrial sector further benefited performance.
Factors that detracted from relative performance included an overweight in telecommunications and an underweight in regional malls. Stock selection in offices also hindered performance, due primarily to an overweight in BXP, which was restrained in part by concerns over the potential effects of AI on office-going jobs. An overweight in manufactured homes detracted as well. The sector trailed broader REITs, with U.S.-based company Sun Communities underperforming after it sold its U.K. assets for a price that disappointed market participants.
2
Cohen & Steers Real Estate Opportunities and Income Fund
Preferred securities had a modestly positive total return in the period. Results in the banking sector, the dominant issuer of preferreds, remained supportive. Companies largely met or beat analysts' earnings estimates and forward guidance. Capital ratios for global systemically important banks (G-SIBs) remained well above regulatory minimums on average. Security selection in the banking sector contributed to relative performance, as did security selection in the pipeline sector and an underweight in insurance issues. An overweight and security selection in the real estate sector detracted from relative performance within the Fund's preferreds allocation.
Impact of Leverage on Fund Performance
The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), significantly contributed to the Fund's performance for the six months ended June 30, 2026.
Impact of Derivatives on Fund Performance
In connection with its use of leverage, the Fund pays interest on its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. The Fund's use of swaps did not have a material effect on the Fund's total return for the six months ended June 30, 2026.
The Fund engaged in the selling of ETF options on a meaningful portion of its holdings, with the intention of enhancing income and managing volatility. These contracts detracted from the Fund's total return for the six months ended June 30, 2026.
The Fund also used forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency forwards did not have a material effect on the Fund's total return the Fund's performance for the six months ended June 30, 2026.
3
Cohen & Steers Real Estate Opportunities and Income Fund
Sincerely,
     
JASON YABLON ELAINE ZAHARIS-NIKAS
Portfolio Manager Portfolio Manager
JERRY DOROST MATHEW KIRSCHNER
Portfolio Manager Portfolio Manager
YIGAL JHIRAD ROBERT KASTOFF
Portfolio Manager Portfolio Manager
4
Cohen & Steers Real Estate Opportunities and Income Fund
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 specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.
5
Cohen & Steers Real Estate Opportunities and Income Fund
Performance Review (Unaudited)
Average Annual Total Returns-For Periods Ended June 30, 2026
1 Year 5 Years 10 Years Since Inception(a)
Fund at NAV
16.09 % - - 5.06 %
Fund at Market Price
12.99 % - - 3.02 %
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund's returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund's dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions and taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
(a)
Commencement of investment operations is February 24, 2022.
Benchmark Description
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. The Blended Benchmark is represented by the performance of the blended benchmark consisting of 70% FTSE Nareit All Equity REITs Index and 30% Preferred Blend (50% ICE BofA U.S. IG Institutional Capital Securities Index, 25% ICE BofA Core Fixed Rate Preferred Securities Index, and 25% Bloomberg Developed Market USD Contingent Capital Index).
The FTSE Nareit All Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The ICE BofA U.S. IG Institutional Capital Securities Index tracks the performance of U.S. dollar denominated investment grade hybrid capital corporate and preferred securities publicly issued in the U.S. domestic market. The ICE BofA Core Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market, excluding $1000 par securities. The Bloomberg 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.
6
Cohen & Steers Real Estate Opportunities and Income Fund
Our Leverage Strategy
(Unaudited) 
Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of June 30, 2026, leverage represented 33% of the Fund's managed assets.
Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2028 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund's NAV in both up and down markets. However, we believe that locking in portions of the Fund's leveraging costs for the various terms partially protects the Fund's expenses from an increase in short-term interest rates.
Leverage Facts(a)(b)
Leverage (as a % of managed assets)
 33%
% Variable Rate Financing
 38%
Variable Rate
4.4%
% Fixed Rate Financing(c)
 62%
Weighted Average Rate on Fixed Financing
3.5%
Weighted Average Term on Fixed Financing
1.6 years
Weighted Average Cost of All Financing
3.9%
The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund's shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
(a)
Data as of June 30, 2026. Information is subject to change.
(b)
See Note 7 in Notes to Financial Statements.
(c)
Represents fixed payer interest rate swap contracts on variable rate borrowing.
7
Cohen & Steers Real Estate Opportunities and Income Fund
June 30, 2026
Top Ten Holdings(a)
(Unaudited)
Security Value % of
Managed
Assets
Welltower, Inc.
$ 48,281,512 11.3
Digital Realty Trust, Inc.
27,398,880 6.4
Crown Castle, Inc.
20,394,165 4.8
American Tower Corp.
13,570,094 3.2
Prologis, Inc.
13,190,578 3.1
Equinix, Inc.
10,494,782 2.4
Extra Space Storage, Inc.
9,273,773 2.2
Public Storage
9,257,410 2.2
Equity LifeStyle Properties, Inc.
8,669,299 2.0
Iron Mountain, Inc.
8,399,994 1.9
(a)
Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.
Sector Breakdown(b)
(Based on Managed Assets)
(Unaudited)
(b)
Excludes derivative instruments.
8
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
Shares Value
COMMON STOCK-REAL ESTATE
100.9%
APARTMENT
3.9%
Essex Property Trust, Inc.(a)(b)
24,563 $ 7,162,325
UDR, Inc.(a)(b)
101,911 4,068,287
11,230,612
DATA CENTERS
16.1%
Digital Realty Trust, Inc.(a)(b)
152,572 27,398,880
Equinix, Inc.(a)
10,068 10,494,782
Iron Mountain, Inc.(a)(b)
66,503 8,399,994
46,293,656
FREE STANDING
5.0%
Agree Realty Corp.(a)(b)
110,130 8,341,246
Essential Properties Realty Trust, Inc.(a)(b)
196,790 5,874,182
14,215,428
HEALTH CARE
21.9%
CareTrust REIT, Inc.(a)(b)
103,755 4,186,514
Healthcare Realty Trust, Inc., Class A(a)(b)
283,358 5,715,331
Omega Healthcare Investors, Inc.(a)(b)
95,007 4,529,934
Welltower, Inc.(a)(b)
212,722 48,281,512
62,713,291
HOTEL
1.8%
Host Hotels & Resorts, Inc.(a)(b)
216,782 5,139,901
INDUSTRIALS
7.5%
EastGroup Properties, Inc.(a)(b)
40,516 8,205,706
Prologis, Inc.(a)
97,369 13,190,578
21,396,284
MANUFACTURED HOME
5.1%
Equity LifeStyle Properties, Inc.(a)(b)
134,512 8,669,299
Sun Communities, Inc.(a)(b)
49,052 5,881,825
14,551,124
OFFICE
5.3%
BXP, Inc.(a)(b)
119,210 7,904,815
Cousins Properties, Inc.(b)
74,221 2,225,146
Hudson Pacific Properties, Inc.(a)(c)
39,399 598,471
See accompanying notes to financial statements.
9
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Shares Value
Kilroy Realty Corp.(a)(b)
118,248 $ 4,430,752
15,159,184
REGIONAL MALL
2.6%
Simon Property Group, Inc.(a)
33,368 7,462,753
SELF STORAGE
7.5%
Extra Space Storage, Inc.(a)(b)
63,825 9,273,773
National Storage Affiliates Trust(a)
64,886 2,885,480
Public Storage(a)(b)
29,083 9,257,410
21,416,663
SHOPPING CENTER
4.2%
Kimco Realty Corp.(a)
242,813 6,155,310
Kite Realty Group Trust(a)(b)
210,614 5,977,225
12,132,535
SINGLE FAMILY HOMES
1.7%
Invitation Homes, Inc.(a)(b)
166,324 5,024,648
SPECIALTY
3.3%
Blackstone Digital Infrastructure Trust, Inc.(b)(c)
75,227 1,627,160
Outfront Media, Inc.(a)(b)
242,983 7,960,123
9,587,283
TELECOMMUNICATIONS
13.2%
American Tower Corp.(a)(b)
82,962 13,570,094
Crown Castle, Inc.(a)(b)
269,301 20,394,165
SBA Communications Corp., Class A(b)
21,539 3,800,772
37,765,031
TIMBERLAND
1.8%
Rayonier, Inc.(a)
236,545 5,033,678
TOTAL COMMON STOCK
(Identified cost-$230,123,196)
289,122,071
EXCHANGE-TRADED FUNDS-CORPORATE BONDS
0.2%
Invesco Preferred ETF(a)(b)
53,007 574,596
TOTAL EXCHANGE-TRADED FUNDS
(Identified cost-$585,086)
574,596
See accompanying notes to financial statements.
10
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Shares Value
PREFERRED SECURITIES-EXCHANGE-TRADED
9.6%
BANKING
2.6%
Bank of America Corp., 4.25%, Series QQ(d)
14,337 $ 245,449
Bank of America Corp., 4.375%, Series NN(a)(d)
20,000 355,800
Bank of America Corp., 5.00%, Series LL(a)(d)
20,000 401,600
Bank of America Corp., 5.375%, Series KK(a)(d)
5,931 127,339
Brookfield Finance I U.K. PLC, 4.50% (Canada)(a)(d)
25,000 366,750
Brookfield Finance, Inc., 4.625%, due 10/16/80, Series 50 (Canada)(a)
30,000 456,000
Citigroup, Inc., 6.25%, Series II(d)
25,000 629,000
M&T Bank Corp., 6.35%, Series K(d)
46,636 1,142,116
Northern Trust Corp., 4.70%, Series E(d)
23,465 440,438
Wells Fargo & Co., 4.70%, Series AA(a)(d)
50,000 917,500
Wells Fargo & Co., 4.75%, Series Z(a)(d)
51,490 961,833
Wells Fargo & Co., 7.50%, Series L (Convertible)(a)(d)
1,131 1,308,567
7,352,392
BROKERAGE
1.0%
Morgan Stanley, 5.85%, Series K(a)(d)
38,838 915,023
Morgan Stanley, 6.375%, Series I(a)(d)
41,254 1,028,050
Morgan Stanley, 6.50%, Series P(a)(d)
9,461 238,323
Morgan Stanley, 6.625%, Series Q(a)(d)
2,841 72,161
Morgan Stanley, 6.875%, Series F(a)(d)
25,000 627,500
2,881,057
CONSUMER STAPLE PRODUCTS
0.3%
CHS, Inc., 7.50%, Series 4(a)(d)
34,342 867,135
DIVERSIFIED
0.1%
DigitalBridge Group, Inc., 7.125%, Series J(a)(d)
14,993 227,294
DigitalBridge Group, Inc., 7.15%, Series I(a)(d)
11,976 178,802
406,096
FINANCE
0.6%
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(a)(e)
19,840 506,118
Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(d)
25,216 526,258
Carlyle Finance LLC, 4.625%, due 5/15/61(a)
4,165 67,931
KKR & Co., Inc., 6.875%, due 6/1/65, Series T(a)
11,394 276,419
TPG Operating Group II LP, 6.95%, due 3/15/64(a)
20,000 468,200
1,844,926
See accompanying notes to financial statements.
11
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Shares Value
INDUSTRIALS
0.0%
Rexford Industrial Realty, Inc., 5.875%, Series B(a)(d)
3,039 $ 66,645
INSURANCE
0.7%
American Financial Group, Inc., 5.125%, due 12/15/59(a)
6,096 108,204
American Financial Group, Inc., 5.875%, due 3/30/59(a)
19,617 396,459
Athene Holding Ltd., 4.875%, Series D(a)(d)
24,721 391,828
Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(d)(e)
11,128 269,075
Equitable Holdings, Inc., 4.30%, Series C(a)(d)
12,713 207,222
Lincoln National Corp., 9.00%, Series D(a)(d)
5,099 132,778
Prudential Financial, Inc., 4.125%, due 9/1/60
23,883 391,920
1,897,486
MORTGAGE
0.1%
Annaly Capital Management, Inc., 8.875%, Series J(a)(d)
15,000 380,550
SELF STORAGE
1.5%
Public Storage, 4.00%, Series P(a)(d)
58,968 905,159
Public Storage, 4.00%, Series R(a)(d)
25,865 396,769
Public Storage, 4.125%, Series M(a)(d)
25,115 397,068
Public Storage, 4.625%, Series L(a)(d)
31,956 568,497
Public Storage, 4.70%, Series J(a)(d)
30,712 551,587
Public Storage, 4.75%, Series K(a)(d)
21,979 404,194
Public Storage, 4.875%, Series I(a)(d)
34,425 645,469
Public Storage, 5.15%, Series F(a)(d)
20,000 397,400
4,266,143
SHOPPING CENTER
0.3%
CTO Realty Growth, Inc., 6.375%, Series A(a)(d)
20,235 422,912
Regency Centers Corp., 6.25%, Series A(a)(d)
16,344 369,374
792,286
TELECOMMUNICATION SERVICES
1.1%
AT&T, Inc., 4.75%, Series C(a)(d)
84,754 1,512,011
AT&T, Inc., 5.00%, Series A(a)(d)
77,972 1,474,451
T-Mobile USA, Inc., Senior Debt, 5.50%, due 6/1/70(a)
14,316 294,051
3,280,513
UTILITIES
1.3%
Algonquin Power & Utilities Corp., 8.864% (3 Month USD
Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada)(a)(f)
25,000 637,250
See accompanying notes to financial statements.
12
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Shares Value
CMS Energy Corp., 5.875%, due 10/15/78(a)
20,000 $ 432,800
DTE Energy Co., 6.25%, due 10/1/85, Series H(a)
30,400 722,304
NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U(a)
14,802 360,133
NextEra Energy Capital Holdings, Inc., 6.50%, due 4/15/86, Series Z
13,500 337,770
Southern Co., 4.20%, due 10/15/60, Series C
30,000 507,600
Xcel Energy, Inc., 6.25%, due 10/15/85(a)
25,000 587,500
3,585,357
TOTAL PREFERRED SECURITIES-EXCHANGE-TRADED
(Identified cost-$29,563,671)
27,620,586
Principal
Amount*
PREFERRED SECURITIES-OVER-THE-COUNTER
35.2%
BANKING
19.9%
Ally Financial, Inc., 7.10% to 8/15/31, Series D(d)(e)
506,000 512,994
Banco Bilbao Vizcaya Argentaria SA, 7.125% to 5/8/33 (Spain)(d)(e)(g)
400,000 405,258
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(a)(d)(e)(g)
200,000 218,499
Banco Santander SA, 7.25% to 12/3/35 (Spain)(d)(e)(g)
600,000 610,164
Banco Santander SA, 8.00% to 2/1/34 (Spain)(a)(d)(e)(g)
600,000 647,679
Banco Santander SA, 9.625% to 11/21/28 (Spain)(a)(d)(e)(g)
600,000 653,938
Banco Santander SA, 9.625% to 5/21/33 (Spain)(a)(d)(e)(g)
600,000 707,435
Bank of America Corp., 6.625% to 5/1/30, Series OO(a)(d)(e)
883,000 910,783
Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)(a)(e)
800,000 837,201
Bank of Nova Scotia, 6.875% to 10/27/35, due 10/27/85 (Canada)(a)(e)
400,000 404,943
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(a)(e)
600,000 633,329
Barclays PLC, 7.625% to 3/15/35 (United Kingdom)(a)(d)(e)(g)
400,000 418,294
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(d)(e)(g)
400,000 421,188
Barclays PLC, 8.375% to 9/15/31 (United Kingdom)(d)(e)(g)(h)
GBP  400,000 565,710
See accompanying notes to financial statements.
13
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Principal
Amount* 		Value
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(d)(e)(g)(h)
GBP 200,000 $ 274,992
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(d)(e)(g)
GBP 200,000 282,069
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(d)(e)(g)
 1,400,000 1,554,129
BNP Paribas SA, 7.20% to 4/17/36 (France)(d)(e)(g)(i)
1,600,000 1,610,720
BNP Paribas SA, 7.375% to 9/10/34 (France)(a)(d)(e)(g)(i)
600,000 627,086
BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(d)(e)(g)(i)
400,000 419,195
BNP Paribas SA, 8.00% to 8/22/31 (France)(a)(d)(e)(g)(i)
1,600,000 1,717,301
BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(d)(e)(g)(i)
800,000 843,976
BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(d)(e)(g)(i)
600,000 628,768
CaixaBank SA, 6.25% to 7/24/32 (Spain)(d)(e)(g)(h)
EUR 600,000 723,810
Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(d)(e)
575,000 539,809
Charles Schwab Corp., 6.10% to 6/1/31, Series L(d)(e)
436,000 436,320
Citigroup Capital III, 7.625%, due 12/1/36(a)
725,000 814,784
Citigroup, Inc., 6.50% to 5/15/31, Series JJ(d)(e)
278,000 281,364
Citigroup, Inc., 6.625% to 2/15/31, Series HH(a)(d)(e)
880,000 896,964
Citigroup, Inc., 6.875% to 8/15/30, Series GG(a)(d)(e)
1,850,000 1,895,645
Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(d)(e)
1,915,000 1,959,955
Citigroup, Inc., 7.00% to 8/15/34, Series DD(a)(d)(e)
569,000 593,741
Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(d)(e)
1,438,000 1,494,810
Commerzbank AG, 7.50% to 10/9/30 (Germany)(d)(e)(g)(h)
400,000 418,412
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(d)(e)(g)(h)
GBP 400,000 559,282
Credit Agricole SA, 7.125% to 9/23/35 (France)(a)(d)(e)(g)(i)
800,000 824,603
Credit Suisse Group AG, 6.375%, Claim (Switzerland)(c)(d)(g)(i)(j)
400,000 100,000
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(d)(e)(g)(h)
EUR 600,000 748,416
Erste Group Bank AG, 7.00% to 4/15/31 (Austria)(d)(e)(g)(h)
EUR 400,000 497,027
HSBC Holdings PLC, 6.75% to 3/24/31 (United Kingdom)(d)(e)(g)
1,500,000 1,513,827
HSBC Holdings PLC, 7.00% to 9/24/35 (United Kingdom)(d)(e)(g)
400,000 411,556
HSBC Holdings PLC, 7.05% to 6/5/30 (United Kingdom)(a)(d)(e)(g)
600,000 616,205
ING Groep NV, 7.00% to 11/16/32 (Netherlands)(a)(d)(e)(g)
700,000 720,496
See accompanying notes to financial statements.
14
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Principal
Amount* 		Value
ING Groep NV, 7.25% to 11/16/34 (Netherlands)(d)(e)(g)(h)
700,000 $ 735,647
ING Groep NV, 8.00% to 5/16/30 (Netherlands)(d)(e)(g)(h)
1,200,000 1,279,683
JPMorgan Chase & Co., 6.10% to 7/1/31, Series PP(d)(e)
690,000 698,946
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(d)(e)
824,000 863,570
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a)(d)(e)(g)
600,000 640,614
NatWest Group PLC, 7.30% to 11/19/34 (United Kingdom)(d)(e)(g)
400,000 417,845
NatWest Group PLC, 7.50% to 6/3/36 (United Kingdom)(d)(e)(g)(h)
GBP 200,000 267,794
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(a)(d)(e)(g)
600,000 664,274
Nordea Bank Abp, 6.75% to 11/10/33 (Finland)(a)(d)(e)(g)(i)
400,000 404,300
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(d)(e)
321,000 322,595
Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada)(a)(e)
800,000 791,763
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(a)(e)
1,050,000 1,068,574
Societe Generale SA, 6.75% to 4/6/28 (France)(a)(d)(e)(g)(i)
1,200,000 1,211,466
Societe Generale SA, 7.125% to 7/15/35 (France)(d)(e)(g)(i)
400,000 397,619
Societe Generale SA, 8.125% to 11/21/29 (France)(a)(d)(e)(g)(i)
1,000,000 1,053,497
Societe Generale SA, 9.375% to 11/22/27 (France)(a)(d)(e)(g)(i)
400,000 421,715
Societe Generale SA, 10.00% to 11/14/28 (France)(a)(d)(e)(g)(i)
500,000 545,879
Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)(d)(e)(g)(i)
300,000 316,437
State Street Corp., 6.70% to 9/15/29, Series J(a)(d)(e)
595,000 616,967
Swedbank AB, 7.75% to 3/17/30 (Sweden)(d)(e)(g)(h)
800,000 846,130
Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85 (Canada)(a)(e)
700,000 704,880
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(a)(e)
1,200,000 1,245,906
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(e)
600,000 620,545
Truist Financial Corp., 6.669% to 9/1/26, Series N(a)(d)(e)
1,750,000 1,749,729
UBS Group AG, 6.625% to 1/8/31 (Switzerland)(d)(e)(g)(i)
1,000,000 1,006,420
UBS Group AG, 6.85% to 9/10/29 (Switzerland)(a)(d)(e)(g)(i)
700,000 713,422
See accompanying notes to financial statements.
15
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Principal
Amount* 		Value
UBS Group AG, 7.00% to 2/5/35 (Switzerland)(a)(d)(e)(g)(i)
600,000 $ 602,711
UBS Group AG, 7.00% to 1/8/36 (Switzerland)(d)(e)(g)(i)
600,000 606,890
UBS Group AG, 7.75% to 4/12/31 (Switzerland)(a)(d)(e)(g)(i)
600,000 634,270
UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(d)(e)(g)(i)
1,000,000 1,076,797
UBS Group AG, 9.25% to 11/13/33 (Switzerland)(a)(d)(e)(g)(i)
1,000,000 1,155,642
Wells Fargo & Co., 6.125% to 6/15/31, Series GG(d)(e)
640,000 647,874
Wells Fargo & Co., 7.625% to 9/15/28(a)(d)(e)
740,000 778,897
57,061,975
BROKERAGE
0.8%
Goldman Sachs Group, Inc., 6.85% to 2/10/30, Series Z(d)(e)
500,000 514,327
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(d)(e)
1,653,000 1,734,670
2,248,997
ENERGY
0.5%
BP Capital Markets PLC, 6.45% to 12/1/33(a)(d)(e)
250,000 259,610
Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(a)(e)
600,000 595,773
Phillips 66 Co., 6.20% to 12/15/35, due 3/15/56, Series B(a)(e)
700,000 703,298
1,558,681
FINANCE
0.3%
ARES Finance Co. III LLC, 4.125% to 7/30/26, due 6/30/51(a)(e)(i)
200,000 200,336
Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)(a)(d)(e)(g)
500,000 514,429
714,765
HEALTH CARE
0.4%
CVS Health Corp., 7.00% to 12/10/29, due 3/10/55(a)(e)
450,000 467,389
Humana, Inc., 6.625% to 6/15/31, due 9/15/56(e)
588,000 586,436
1,053,825
INSURANCE
1.6%
Allianz SE, 6.50% to 10/30/34 (Germany)(d)(e)(g)(i)
400,000 401,984
Athene Holding Ltd., 6.875% to 3/28/35, due 6/28/55(a)(e)
250,000 240,171
Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)(a)(d)(e)(i)
600,000 611,646
See accompanying notes to financial statements.
16
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Principal
Amount* 		Value
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(a)(e)
220,000 $ 226,742
Global Atlantic Fin Co., 7.25% to 3/1/31, due 3/1/56(e)(i)
175,000 171,636
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(a)(e)(i)
122,000 122,946
MetLife Capital Trust IV, 7.875%, due 12/15/37(a)(i)
250,000 274,458
Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(a)(e)
350,000 362,440
Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55(a)(e)
154,000 156,028
RLGH Finance Bermuda Ltd., 6.75%, due 7/2/35 (Japan)(h)
300,000 312,135
RLGH Finance Bermuda Ltd., 6.875% to 5/19/32 (Japan)(d)(e)(h)
750,000 750,770
Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(d)(e)
1,000,000 1,040,758
4,671,714
PIPELINES
3.6%
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(a)(e)
750,000 757,339
Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)(a)(e)
386,000 410,410
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(a)(e)
1,170,000 1,235,707
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(a)(e)
1,445,000 1,652,375
Energy Transfer LP, 6.625% to 2/15/28, Series B(a)(d)(e)
846,000 853,266
Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(d)(e)
1,716,000 1,771,470
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(a)(e)
700,000 748,452
South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)(a)(e)
700,000 733,503
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(a)(e)
700,000 696,627
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(a)(e)
880,000 870,715
Venture Global LNG, Inc., 9.00% to 9/30/29(a)(d)(e)(i)
730,000 713,090
10,442,954
TELECOMMUNICATION SERVICES
2.0%
Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)(a)(e)
500,000 511,354
Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)(a)(e)
750,000 775,255
See accompanying notes to financial statements.
17
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Principal
Amount* 		Value
Rogers Communications, Inc., 6.875% to 5/2/31, due 7/31/56 (Canada)(e)
298,000 $ 301,621
TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada)(a)(e)
600,000 608,724
TELUS Corp., 7.00% to 7/15/35, due 10/15/55 (Canada)(a)(e)
930,000 964,078
Verizon Communications, Inc., 6.05% to 2/14/33, due 5/14/58(e)
664,000 670,322
Verizon Communications, Inc., 6.20% to 2/14/36, due 5/14/56(e)
776,000 784,806
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(a)(e)
210,000 195,488
Vodafone Group PLC, 5.125% to 12/4/50, due 6/4/81 (United Kingdom)(a)(e)
1,201,000 939,398
5,751,046
UTILITIES
6.1%
AES Corp., 7.60% to 10/15/29, due 1/15/55(a)(e)
212,000 217,659
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(a)(e)
2,075,000 2,055,937
AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada)(a)(e)(i)
700,000 734,166
American Electric Power Co., Inc., 5.80% to 12/15/30, due 3/15/56, Series C(a)(e)
490,000 487,520
American Electric Power Co., Inc., 6.05% to 12/15/35, due 3/15/56, Series D(a)(e)
500,000 497,343
CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(a)(e)
500,000 518,202
CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50(a)(e)
500,000 465,688
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(d)(e)
250,000 248,827
Dominion Energy, Inc., 6.00% to 11/15/30, due 2/15/56(a)(e)
550,000 552,685
Dominion Energy, Inc., 6.20% to 11/15/35, due 2/15/56(a)(e)
625,000 627,186
Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55(a)(e)
900,000 928,506
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(e)
1,040,000 1,075,122
Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(e)
500,000 517,185
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(a)(e)
500,000 519,609
Evergy, Inc., 6.65% to 3/2/30, due 6/1/55(a)(e)
1,000,000 1,025,759
NextEra Energy Capital Holdings, Inc., 6.00% to 7/4/31, due 10/1/56, Series AA(e)
598,000 597,880
See accompanying notes to financial statements.
18
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Principal
Amount* 		Value
NextEra Energy Capital Holdings, Inc., 6.20% to 7/4/36, due 10/1/56, Series BB(e)
424,000 $ 423,758
NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55(a)(e)
600,000 616,074
NextEra Energy Capital Holdings, Inc., 6.625% to 7/4/46, due 10/1/66, Series CC(e)
694,000 704,956
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(e)
350,000 358,625
NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(a)(e)
1,000,000 1,041,883
Puget Energy, Inc., 7.25% to 6/15/36, due 9/15/56(e)
495,000 505,579
Sempra, 4.125% to 1/1/27, due 4/1/52(a)(e)
375,000 372,004
Sempra, 6.40% to 7/1/34, due 10/1/54(a)(e)
958,000 963,443
Sempra, 6.875% to 7/1/29, due 10/1/54(a)(e)
728,000 745,188
Spire, Inc., 6.25% to 3/1/31, due 6/1/56(a)(e)
250,000 249,176
Xcel Energy, Inc., 5.75% to 9/3/31, due 12/3/56(e)
275,000 271,867
17,321,827
TOTAL PREFERRED SECURITIES-OVER-THE-COUNTER
(Identified cost-$97,978,887)
100,825,784
CORPORATE BONDS
0.3%
OFFICE
Hudson Pacific Properties LP, 3.25%, due 1/15/30(a)
600,000 525,334
Hudson Pacific Properties LP, 5.95%, due 2/15/28(a)
500,000 495,700
TOTAL CORPORATE BONDS
(Identified cost-$1,004,693)
1,021,034
Shares
WARRANTS-REAL ESTATE-OFFICE
0.4%
Hudson Pacific Properties, Inc., exercise price $0.07(c)(k)
70,332 1,063,420
TOTAL WARRANTS
(Identified cost-$1,092,961)
1,063,420
SHORT-TERM INVESTMENTS
0.9%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund,
Premier Class, 3.58%(l)
1,175,340 1,175,340
See accompanying notes to financial statements.
19
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Shares Value
State Street Institutional U.S. Government Money Market
Fund, Premier Class, 3.58%(l)
1,367,482 $ 1,367,482
TOTAL SHORT-TERM INVESTMENTS
(Identified cost-$2,542,822)
2,542,822
TOTAL INVESTMENTS IN SECURITIES
(Identified cost-$362,891,316)
147.5% 422,770,313
WRITTEN OPTION CONTRACTS
(Premiums received-$929,876)
(0.2)  (603,373 )
LIABILITIES IN EXCESS OF OTHER ASSETS
(47.3)  (135,613,947 )
NET ASSETS
100.0% $ 286,552,993
Exchange-Traded Option Contracts
Written Options
Description
Exercise
Price
Expiration
Date
Number of
Contracts
Notional
Amount(m)
Premiums
Received
Value
Call-iShares U.S. Real Estate ETF
$ 102.00 7/17/26 (3,201 ) $ (32,730,225 ) $ (362,361 ) $ (480,490 )
Call-iShares U.S. Real Estate ETF
103.00 7/17/26 (275 ) (2,811,875 ) (24,496 ) (25,872 )
Call-iShares U.S. Real Estate ETF
105.00 7/17/26 (2,800 ) (28,630,000 ) (333,577 ) (72,314 )
Call-iShares U.S. Real Estate ETF
106.00 7/17/26 (2,193 ) (22,423,425 ) (209,442 ) (24,697 )
(8,469 ) $ (86,595,525 ) $ (929,876 ) $ (603,373 )
Centrally Cleared Interest Rate Swap Contracts
Notional
Amount
Fixed
Rate 		Fixed
Rate
Pay/
Receive 		Fixed
Payment
Frequency 		Floating
Rate 		Floating
Rate
Pay/
Receive 		Floating
Payment
Frequency 		Maturity
Date 		Unrealized
Appreciation
(Depreciation) 		Upfront
Payments
(Receipts) 		Value
$37,000,000
1.557% Pay Monthly 3.680 %(n) Receive Monthly 3/1/27 $636,571 $- $636,571
25,000,000
3.655% Pay Monthly 3.680 %(n) Receive Monthly 9/15/28 140,853 - 140,853
25,000,000
3.588% Pay Monthly 3.680 %(n) Receive Monthly 9/15/28 177,799 - 177,799
$955,223 $- $955,223
See accompanying notes to financial statements.
20
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Forward Foreign Currency Exchange Contracts
Counterparty Contracts to
Deliver 		In Exchange
For 		Settlement
Date 		Unrealized
Appreciation
(Depreciation)
Brown Brothers Harriman
EUR 1,755,747 USD 2,012,007 7/23/26 $ 4,183
Brown Brothers Harriman
GBP 1,461,671 USD 1,934,581 7/23/26 (4,223 )
$ (40 )
Glossary of Portfolio Abbreviations
ETF
Exchange-Traded Fund
EUR
Euro Currency
GBP
British Pound
OIS
Overnight Indexed Swap
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
See accompanying notes to financial statements.
21
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.
Quoted Prices
in Active
Markets for
Identical
Investments
(Level 1) 		Other
Significant
Observable
Inputs
(Level 2) 		Significant
Unobservable
Inputs
(Level 3) 		Total
Common Stock
$ 289,122,071 $ - $ - $ 289,122,071
Exchange-Traded Funds
574,596 - - 574,596
Preferred Securities-
Exchange-Traded
27,620,586 - - 27,620,586
Preferred Securities-
Over-the-Counter
- 100,825,784 - 100,825,784
Corporate Bonds
- 1,021,034 - 1,021,034
Warrants
- 1,063,420 - 1,063,420
Short-Term Investments
- 2,542,822 - 2,542,822
Total Investments in Securities
$ 317,317,253 $ 105,453,060 $ - $ 422,770,313
Forward Foreign Currency Exchange Contracts
$ - $ 4,183 $ - $ 4,183
Interest Rate Swap Contracts
- 955,223 - 955,223
Total Derivative Assets
$ - $ 959,406 $ - $ 959,406
Forward Foreign Currency Exchange Contracts
$ - $ (4,223 ) $ - $ (4,223 )
Written Option Contracts
- (603,373 ) - (603,373 )
Total Derivative Liabilities
$ - $ (607,596 ) $      - $ (607,596 )
See accompanying notes to financial statements.
22
Cohen & Steers Real Estate Opportunities and Income Fund
SCHEDULE OF INVESTMENTS-(Continued)
June 30, 2026 (Unaudited)
Note: Percentages indicated are based on the net assets of the Fund.
*
Amount denominated in U.S. dollars unless otherwise indicated.
(a)
All or a portion of the security is pledged as collateral in connection with the Fund's revolving credit agreement. $289,505,134 in aggregate has been pledged as collateral.
(b)
All or a portion of the security is pledged in connection with exchange-traded written option contracts. $66,118,062 in aggregate has been pledged as collateral.
(c)
Non-income producing security.
(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 June 30, 2026.
(g)
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 $35,655,500 which represents 12.4% of the net assets of the Fund (8.3% of the managed assets of the Fund).
(h)
Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $7,979,808 which represents 2.8% of the net assets of the Fund, of which 0.0% are illiquid.
(i)
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 $20,148,976 which represents 7.0% of the net assets of the Fund, of which 0.0% are illiquid.
(j)
Security is in default.
(k)
These warrants do not have a stated expiration date.
(l)
Rate quoted represents the annualized seven-day yield.
(m)
Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.
(n)
Based on 1-Day USD-SOFR-OIS. Represents rates in effect at June 30, 2026.
See accompanying notes to financial statements.
23
Cohen & Steers Real Estate Opportunities and Income Fund
STATEMENT OF ASSETS AND LIABILITIES 
June 30, 2026 (Unaudited) 
ASSETS:
Investments in securities, at value (Identified cost-$362,891,316)
$ 422,770,313
Cash
730,000
Cash collateral pledged for interest rate swap contracts
1,055,201
Foreign currency, at value (Identified cost-$254,543)
255,723
Receivable for:
Investment securities sold
2,847,585
Dividends and interest
2,623,772
Variation margin on interest rate swap contracts
58,848
Unrealized appreciation on forward foreign currency exchange contracts
4,183
Other assets
24,282
Total Assets
430,369,907
LIABILITIES:
Written option contracts, at value (Premiums received-$929,876)
603,373
Unrealized depreciation on forward foreign currency exchange contracts
4,223
Payable for:
Credit agreement
141,000,000
Investment securities purchased
1,077,977
Interest expense
548,294
Investment management fees
352,073
Dividends and distributions declared
91,116
Administration fees
21,124
Other liabilities
118,734
Total Liabilities
143,816,914
NET ASSETS applicable to 16,722,406 shares of $0.001 par value of common stock outstanding
$ 286,552,993
NET ASSETS consist of:
Paid-in capital
$ 282,113,993
Total distributable earnings/(accumulated loss)
4,439,000
$ 286,552,993
NET ASSET VALUE PER SHARE:
($286,552,993 ÷ 16,722,406 shares outstanding)
$ 17.14
MARKET PRICE PER SHARE
$ 15.74
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE
(8.17 )%
See accompanying notes to financial statements.
24
Cohen & Steers Real Estate Opportunities and Income Fund
STATEMENT OF OPERATIONS 
For the Six Months Ended June 30, 2026 (Unaudited) 
Investment Income:
Dividends
$ 5,376,154
Interest
3,183,524
Total Investment Income
8,559,678
Expenses:
Interest expense
3,112,418
Investment management fees
2,077,208
Administration fees
159,659
Dividend expense related to short positions
111,844
Professional fees
56,548
Shareholder reporting expenses
29,864
Transfer agent fees and expenses
9,804
Custodian fees and expenses
8,016
Trustees' fees and expenses
6,550
Line of credit fees
6,033
Miscellaneous
20,565
Total Expenses
5,598,509
Net Investment Income (Loss)
2,961,169
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities
881,174
Written option contracts
(2,633,226 )
Interest rate swap contracts
565,900
Securities sold short
(179,315 )
Forward foreign currency exchange contracts
83,289
Foreign currency transactions
463
Net realized gain (loss)
(1,281,715 )
Net change in unrealized appreciation (depreciation) on:
Investments in securities
32,236,042
Written option contracts
233,894
Interest rate swap contracts
417,004
Forward foreign currency exchange contracts
17,429
Foreign currency translations
(260 )
Net change in unrealized appreciation (depreciation)
32,904,109
Net Realized and Unrealized Gain (Loss)
31,622,394
Net Increase (Decrease) in Net Assets Resulting from Operations
$ 34,583,563
See accompanying notes to financial statements.
25
Cohen & Steers Real Estate Opportunities and Income Fund
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) 
For the 
Six Months Ended
June 30, 2026 		For the 
Year Ended
December 31, 2025
Change in Net Assets:
From Operations:
Net investment income (loss)
$ 2,961,169 $ 4,376,750
Net realized gain (loss)
(1,281,715 ) 13,010,083
Net change in unrealized appreciation (depreciation)
32,904,109 617,882
Net increase (decrease) in net assets resulting from operations
34,583,563 18,004,715
Distributions to shareholders
(11,036,788 ) (7,381,498 )
Tax return of capital to shareholders
- (14,692,078 )
Total distributions
(11,036,788 ) (22,073,576 )
Total increase (decrease) in net assets
23,546,775 (4,068,861 )
Net Assets:
Beginning of period
263,006,218 267,075,079
End of period
$ 286,552,993 $ 263,006,218
See accompanying notes to financial statements.
26
Cohen & Steers Real Estate Opportunities and Income Fund
STATEMENT OF CASH FLOWS 
For the Six Months Ended June 30, 2026 (Unaudited) 
Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations
$ 34,583,563
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments
(54,883,245 )
Payments to cover short sales
(22,895,139 )
Proceeds from sales and maturities of long-term investments
64,133,004
Proceeds from short sales
22,715,824
Net purchases, sales and maturities of short-term investments
841,579
Net amortization of premium (accretion of discount) on investments in securities
75,085
Net (increase) decrease in dividends and interest receivable and other assets
73,649
Net (increase) decrease in receivable for variation margin on interest rate swap contracts
(20,267 )
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities
(71,091 )
Net increase (decrease) in premiums received from written option contracts
280,467
Net change in unrealized (appreciation) depreciation on written option contracts
(233,894 )
Net change in unrealized (appreciation) depreciation on investments in securities
(32,236,042 )
Net change in unrealized (appreciation) depreciation on forward foreign currency exchange contracts
(17,429 )
Net realized (gain) loss on securities sold short
179,315
Net realized (gain) loss on investments in securities
(881,174 )
Cash provided by (used for) operating activities
11,644,205
Cash Flows from Financing Activities:
Dividends and distributions paid
(11,045,577 )
Increase (decrease) in cash and restricted cash (including foreign currency)
598,628
Cash and restricted cash at beginning of period (including foreign currency)
1,442,296
Cash and restricted cash at end of period (including foreign currency)
$ 2,040,924
Supplemental Disclosure of Cash Flow Information:
For the six months ended June 30, 2026, interest paid was $3,153,582.
See accompanying notes to financial statements.
27
Cohen & Steers Real Estate Opportunities and Income Fund
STATEMENT OF CASH FLOWS-(Continued) 
For the Six Months Ended June 30, 2026 (Unaudited) 
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.
Cash
$ 730,000
Restricted cash
1,055,201
Foreign currency
255,723
Total cash and restricted cash shown on the Statement of Cash Flows
$ 2,040,924
Restricted cash consists of cash that has been pledged to cover the Fund's collateral or margin obligations under derivative contracts. It is reported on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts.
See accompanying notes to financial statements.
28
Cohen & Steers Real Estate Opportunities and Income Fund
FINANCIAL HIGHLIGHTS (Unaudited) 
The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.
For the Six
Months
Ended
June 30,
For the Year Ended December 31,
For the Period
February 24,
2022(a)
through
2026  2025   2024   2023  2022
Per Share Operating Data:
Net asset value, beginning of period
$15.73 $15.97 $16.08 $15.54 $20.00
Income (loss) from investment operations:
Net investment income (loss)(b)
0.18 0.26 0.17 0.20 0.40
Net realized and unrealized gain (loss)
1.89 0.82 1.04 1.62 (3.92 )
Total from investment operations
2.07 1.08 1.21 1.82 (3.52 )
Less dividends and distributions to shareholders from:
Net investment income
(0.66 ) (0.44 ) (0.44 ) (0.47 ) (0.27 )
Tax return of capital
- (0.88 ) (0.88 ) (0.81 ) (0.67 )
Total dividends and distributions to shareholders
(0.66 ) (1.32 ) (1.32 ) (1.28 ) (0.94 )
Net increase (decrease) in net asset value
1.41 (0.24 ) (0.11 ) 0.54 (4.46 )
Net asset value, end of period
$17.14 $15.73 $15.97 $16.08 $15.54
Market price, end of period
$15.74 $14.70 $14.78 $13.99 $13.48
Net asset value total return(c)
13.70 %(d) 7.33 % 8.39 % 13.59 % -17.52 %(d)
Market price total return(c)
11.73 %(d) 8.38 % 15.30 % 13.93 % -28.46 %(d)
See accompanying notes to financial statements.
29
Cohen & Steers Real Estate Opportunities and Income Fund
FINANCIAL HIGHLIGHTS (Unaudited)-(Continued)
For the Six
Months
Ended
June 30,
For the Year Ended December 31,
For the Period
February 24,
2022 (a)
through
2026  2025   2024   2023  2022
Ratios/Supplemental Data:
Net assets, end of period (in millions)
$286.6 $263.0 $267.1 $268.9 $260.5
Ratios to average daily net assets:
Expenses
4.06 %(e) 4.55 % 4.86 % 5.09 % 3.14 %(e)
Ratio of expenses to average daily net assets (excluding interest expense and dividend expense related to short positions)
1.72 %(e)(f) 1.76 %(g) 1.74 % 1.74 % 1.74 %(e)
Ratio of net investment income (loss) to average daily net assets
2.15 %(e) 1.64 % 1.04 % 1.30 % 2.32 %(e)
Portfolio turnover rate
14 %(d) 47 % 43 % 59 % 38 %(d)
Revolving Credit Agreement:
Asset coverage ratio for revolving credit agreement
303 % 287 % 289 % 291 % 277 %
Asset coverage per $1,000 for revolving credit agreement
$3,032 $2,865 $2,894 $2,907 $2,772
Amount of loan outstanding (in millions)
$141.0 $141.0 $141.0 $141.0 $147.0
(a)
Commencement of investment operations.
(b)
Calculation based on average shares outstanding.
(c)
Net asset value total return measures the change in net asset value per share over the period indicated. Market price total return is computed based upon the Fund's market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
(d)
Not annualized.
(e)
Ratios for periods less than one year are annualized.
(f)
Excludes dividend expense of 0.08% of the Fund's average daily net assets related to short positions.
(g)
Excludes dividend expense of 0.12% of the Fund's average daily net assets related to short positions.
See accompanying notes to financial statements.
30
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1. Organization and Significant Accounting Policies
Cohen & Steers Real Estate Opportunities and Income Fund, a Maryland statutory trust (the Fund), was organized on April 26, 2021, and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management statutory trust. The Fund's primary investment objective is high current income. The Fund's secondary investment objective is capital appreciation.
The Fund has a limited term and intends to terminate as of the first business day following the twelfth anniversary of the effective date of the Fund's initial registration statement, which the Fund expects to occur on or about February 23, 2034 (the Dissolution Date); provided that the Fund's Board of Trustees may, by a vote of the majority of the Board of Trustees and seventy-five percent (75%) of the members of the Board of Trustees of who either (i) have been a member of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Fund's operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees (a Board Action Vote), without shareholder approval, extend the Dissolution Date (i) once for up to one year, and (ii) once for up to an additional one year, to a date up to and including two years after the initial Dissolution Date, which later date shall then become the Dissolution Date.
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. Centrally cleared interest rate swap contracts are valued at the price determined by the relevant exchange or clearinghouse. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date, when supported by sufficient trading volume, or otherwise based upon prices provided by a third-party pricing service.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of
31
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Trustees.
Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by the investment manager to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Trustees, to reflect the fair value of such securities.
Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Trustees, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The Board of Trustees has designated the investment manager as the Fund's "Valuation Designee" under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Trustees. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Trustees. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund's Board of Trustees. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it
32
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities would be categorized as Level 2 or 3 in the hierarchy, depending on the relative significance of the valuation inputs. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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 levels associated with valuing the Fund's investments as of June 30, 2026 are disclosed in the Fund's Schedule of Investments.
Security Transactions and Investment Income: 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 the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-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
33
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts.
Cash: For the purposes of the Statement of Cash Flows, the Fund defines cash as cash, including foreign currency and restricted cash.
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.
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 gains/losses 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 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 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.
34
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
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 on the Statement of Assets and Liabilities 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 investments. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
The Fund may write uncovered call options on dividend-paying securities and early assignment may occur prior to an ex-dividend date. If assignment results in the Fund being short the underlying security at the time of an ex-dividend date, the Fund is required to pay the dividend to the assigner.The Fund will record the dividend payment as dividend expense related to short positions in the Statement of Operations.
Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.
Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund's shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty's agreement to pay the Fund a variable rate payment that was intended to approximate the Fund's variable rate payment obligation on the credit agreement, the accruals for which would begin at a specific date in the future (the effective date). The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation) in the Statement of Operations.
35
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts in the Statement of Assets and Liabilities. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, in the Statement of Assets and Liabilities, and amortized or accreted over the life of the swap and recorded as realized gain (loss) in the Statement of Operations. Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss) in the Statement of Operations.
Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.
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. Dividends from net investment income, if any, are typically declared quarterly and paid monthly. 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 the ex-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 June 30, 2026, the investment manager considers it likely that a significant portion of the dividends will be reclassified to distributions from tax return of capital. upon the final determination of the Fund's taxable income after the Fund's fiscal year end.
Distributions Subsequent to June 30, 2026: The following distributions have been declared by the Fund's Board of Trustees and are payable subsequent to the period end of this report.
Ex-Date/
Record Date
Payable Date Amount
7/14/26 7/31/26 $ 0.110
8/11/26 8/31/26 $ 0.110
9/8/26 9/30/26 $ 0.110
36
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
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. Dividends and interest income from holdings in non-U.S. securities are recorded net of non-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 in non-U.S. jurisdictions in which it trades for the current tax year and has concluded that as of June 30, 2026, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the current tax year 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 Management Fees, Administration Fees and Other Transactions with Affiliates
Investment Management Fees: Cohen & Steers Capital Management, Inc. serves as the Fund's investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager provides the Fund with day-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 Trustees.
For the services provided to the Fund, the investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 1.00% of the average daily managed assets of the Fund. Managed assets are equal to the Fund's net assets, plus the principal amount of loans from financial institutions or debt securities issued by the Fund, the liquidation preference of preferred shares issued by the Fund, if any, and the proceeds of any reverse repurchase agreements entered into by the Fund, if any.
Administration Fees: The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily managed assets of the Fund. For the six months ended June 30, 2026, the Fund incurred $124,632 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.
Trustees' and Officers' Fees: Certain trustees and officers of the Fund are also trustees, officers and/or employees of the investment manager. The Fund does not pay compensation to trustees and officers, except for the Chief Compliance Officer who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $1,264 for the six months ended June 30, 2026.
37
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
Note 3. Purchases and Sales of Securities
Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2026, totaled $55,961,222 and $66,014,926, respectively.
Note 4. Derivative Investments
The following tables present the value of derivatives held at June 30, 2026 and the effect of derivatives held during the six months ended June 30, 2026, if any, along with the respective location in the financial statements.
Statement of Assets and Liabilities
Assets
Liabilities
Derivatives
Location
Fair Value
Location
Fair Value
Equity Risk:
Written Option Contracts-Exchange-Traded(a)
- $ - Written option
contracts, at value 		$ 603,373
Foreign Currency Exchange Risk:
Forward Foreign Currency Exchange Contracts(b)
Unrealized appreciation 4,183 Unrealized depreciation 4,223
Interest Rate Risk:
Interest Rate Swap Contracts(a)
Receivable for variation margin on interest rate
swap contracts 		955,223 (c) - -
(a)
Not subject to a master netting agreement or another similar arrangement.
(b)
Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement.
(c)
Amount represents the cumulative net appreciation (depreciation) on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities reflects the current day variation margin receivable from the broker.
Statement of Operations
Derivatives
Location
Realized
Gain (Loss) 		Change in
Unrealized
Appreciation
(Depreciation)
Equity Risk:
Written Option Contracts
Net Realized and Unrealized Gain (Loss) $ (2,633,226 ) $ 233,894
38
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
Derivatives
Location
Realized
Gain (Loss) 		Change in
Unrealized
Appreciation
(Depreciation)
Foreign Currency Exchange Risk:
Forward Foreign Currency Exchange Contracts
Net Realized and Unrealized Gain (Loss) 83,289 17,429
Interest Rate Risk:
Interest Rate Swap Contracts
Net Realized and Unrealized Gain (Loss) 565,900 417,004
The following summarizes the monthly average volume of the Fund's option contracts, interest rate swap contracts and forward foreign currency exchange contracts activity for the six months ended June 30, 2026:
Written
Option
Contracts(b) 		Interest Rate
Swap Contracts 		Forward Foreign
Currency Exchange
Contracts
Average Notional Amount(a)
$ 84,551,244 $ 102,857,143 $ 4,265,253
(a)
Average notional amount represents the average for all months in which the Fund had option contracts, interest rate swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents, six months for written option contracts, interest rate swap contracts and forward foreign currency exchange contracts.
(b)
Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.
Note 5. Income Tax Information
As of June 30, 2026, 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
$ 362,891,316
Gross unrealized appreciation on investments
$ 76,028,882
Gross unrealized depreciation on investments
(14,868,199 )
Net unrealized appreciation (depreciation) on investments
$ 61,160,683
As of December 31, 2025, the Fund has a net capital loss carryforward of $45,176,574 which may be used to offset future capital gains. The loss is comprised of $19,251,795 of short-term capital loss carryover and $25,924,779 of long-term capital loss carryover, which under current federal income tax rules, may offset capital gains recognized in any future period.
39
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
Note 6. Capital Stock
The Fund is authorized to issue an unlimited number of shares of beneficial interest.
During the six months ended June 30, 2026 and year ended December 31, 2025, the Fund did not issue shares of common stock for the reinvestment of dividends.
On December 9, 2025, the Board of Trustees approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management's discretion and subject to market conditions and investment considerations, of up to 10% of the Fund's common shares outstanding as of January 1, 2026 through December 31, 2026. There is no assurance that the Fund will repurchase shares in any particular amounts or at all.
During the six months ended June 30, 2026 and year ended December 31, 2025, the Fund did not effect any repurchases.
Note 7. Borrowings
The Fund entered into a $147,000,000 margin loan and security agreement (the loan agreement) with Bank of America, N.A. (Bank of America). Borrowings under the loan agreement bear interest based on the Secured Overnight Financing Rate (SOFR) and a fixed rate. The Fund also pays a fee of 0.20% per annum, on any unutilized portion of the loan agreement. The loan agreement has a 360-day evergreen provision whereby Bank of America may terminate this agreement upon 360 days' notice, but the Fund may terminate on 60 days' notice to Bank of America. The Fund is required to pledge securities and/or cash as collateral. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the loan agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the loan agreement, necessitating the sale of portfolio securities at potentially inopportune times.
As of June 30, 2026, the Fund had outstanding borrowings of $141,000,000 at a rate of 4.4%. The carrying value of the borrowings approximates fair value. The borrowings are classified as Level 2 within the fair value hierarchy. During the six months ended June 30, 2026, the Fund borrowed an average daily balance of $141,000,000 at a weighted average borrowing cost of 4.4%.
Note 8. Other Risks
Market Price Discount from Net Asset Value Risk: Shares of closed-end investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund's NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor's purchase price for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, Fund shares may trade at, above or below NAV.
Non-Diversified Status Risk: Because the Fund, as a non-diversified investment company, may invest in a smaller number of individual issuers than a diversified investment company, an investment in the Fund presents greater risk to you than an investment in a diversified company.
40
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
Investing in Real Estate Securities Risk: Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquidity than larger companies.
Common Stock Risk: Common stocks are subject to special risks. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Common stocks may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks held by the Fund. Common stock prices fluctuate for many reasons, including changes to investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in which the Fund has invested; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the common stocks held by the Fund. Also, common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. The common stocks in which the Fund will invest are typically subordinated to preferred securities, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and assets, and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs increase.
Real Estate Market Risk: Since the Fund concentrates its assets in companies engaged in the real estate industry, an investment 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.
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 generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow
41
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment 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.
Small- and Medium-Sized Companies Risk: Companies in the real estate industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller 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.
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 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 (potentially to zero) under such circumstances. In March 2023, a Swiss regulator required a write-down of outstanding CoCos to zero notwithstanding the fact that the equity shares continued to exist and have economic value. It is currently unclear
42
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
whether regulators of issuers in other jurisdictions will take similar actions. Notwithstanding these risks, the Fund intends to continue to invest in CoCos issued by Swiss companies and by companies in other jurisdictions. 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. Finally, CoCo issuers can, at their discretion, suspend dividend distributions on their CoCo securities and are more likely to do so in response to negative economic conditions and/or government regulation. Omitted distributions are typically non-cumulative and will not be paid on a future date. Any omitted distribution may negatively impact the returns or distribution rate of the Fund.
Concentration Risk: Because the Fund invests at least 25% of its managed assets in the financials sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition. In addition, the Fund will also be subject to the risks of investing in the individual industries and securities that comprise the financials sector, including the bank, diversified financials, real estate (including REITs) and insurance industries. To the extent that the Fund focuses its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications, the Fund will be subject to the risks associated with these particular sectors and industries. These sectors and industries may be adversely affected by, among others, changes in government regulation, world events and economic conditions.
Credit and Below-Investment-Grade Securities Risk: Preferred securities may be rated below-investment-grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as "high-yield bonds" or "junk bonds," 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. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated 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.
Leverage Risk: The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund's shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for the shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may incur applicable breakage fees under the Fund's credit arrangement and may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. The use of leverage also results in the investment management fees
43
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
payable to the investment manager being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
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.
Foreign (Non-U.S.) and Emerging Market Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities 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. 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. The Fund may, but is not required to, engage in various investments that are designed to hedge the Fund's foreign currency risks, and such investments are subject to the risks described under "Derivatives and Hedging Transactions Risk" below.
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.
44
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
Rule 144A Securities Risk: Rule 144A Securities are considered restricted securities because they are not registered for sale to the general public and may only be resold to certain qualified institutional buyers. Institutional markets for Rule 144A Securities that exist or may develop may provide both readily ascertainable values for such securities and the ability to promptly sell such securities. However, if there are an insufficient number of qualified institutional buyers interested in purchasing Rule 144A Securities held by the Fund, the Fund will be subject to liquidity risk and thus may not be able to sell the Rule 144A Securities at a desirable time or price.
Options Risk: Gains on options transactions depend on the investment manager's ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not engaged in such transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for certain options not traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading after the price has risen or fallen more than the maximum specified by the exchange.
Although the Fund may be able to offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to control its losses.
Market Disruption and Geopolitical Risk: Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund's investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event.
Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund's investments.
Regulatory Risk: Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator's disagreement with the Fund's interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a
45
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund's ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.
Additional legislative or regulatory actions may alter or impair certain market participants' ability to utilize certain investment strategies and techniques.
The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. These regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies' operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.
Cybersecurity Risk: With the increased use of technologies such as the Internet and artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment manager), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment manager, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.
Each of the Fund and the investment manager may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.
Note 9. Operating Segments
An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has
46
Cohen & Steers Real Estate Opportunities and Income Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund's investment manager and the Fund's chief executive officer and chief financial officer act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.
Note 10. 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 11. Subsequent Events
Management has evaluated events and transactions occurring after June 30, 2026 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.
47
Cohen & Steers Real Estate Opportunities and Income Fund
PROXY RESULTS (Unaudited)
The Fund's shareholders voted on the following proposals at the annual meeting held on April 26, 2026. The description of each proposal and number of shares voted are as follows:
Common Shares Shares Voted
For 		Authority
Withheld
To elect Directors:
Michael G. Clark
11,861,127 1,042,345
Dean A. Junkans
11,855,057 1,048,415
Ramona Rogers-Windsor
12,589,995 313,478
48
Cohen & Steers Real Estate Opportunities and Income Fund
(The following pages are unaudited)
REINVESTMENT PLAN
We urge shareholders who want to take advantage of this plan and whose shares are held in 'Street Name' to consult your broker as soon as possible to determine if you must change registration into your own name to participate.
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 (866) 227-0757, (ii) on our website at cohenandsteers.com or (iii) on the U.S. Securities and Exchange Commission's (SEC) 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 (866) 227-0757 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. The Fund's Form N-PORT is available (i) without charge, upon request, by calling (866) 227-0757 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 and are taxable up to the amount of the Fund's net investment company taxable income and net realized gains. Distributions in excess of the Fund's net investment company taxable income and net realized gains are a return of capital distributed from the Fund's assets. To the extent this occurs, the Fund's shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. 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. 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.
Notice is hereby given in accordance with Rule 23c-1 under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.
Change to the Fund's Chief Compliance Officer
On June 16, 2026, the Board of Trustees approved the appointment of Nargis Hilal as the Chief Compliance Officer (CCO) of the Fund effective July 3, 2026. Ms. Hilal previously served as the Fund's Deputy CCO.
49
Cohen & Steers Real Estate Opportunities and Income Fund
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
The Board of Trustees of the Fund (the Board), including a majority of the Trustees who are not parties to the Fund's investment management agreement (the Management Agreement), or interested persons of any such party (the Independent Trustees), has the responsibility under the Investment Company Act of 1940 to approve the Fund's Management Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board called for the purpose of voting on the approval or continuation. The Management Agreement was discussed at a meeting of the Independent Trustees, in their capacity as the Contract Review Committee, held on June 2, 2026, and at a meeting of the full Board held on June 16, 2026. The Independent Trustees, in their capacity as the Contract Review Committee, also discussed the Management Agreement in executive sessions on June 2, 15 and 16, 2026. At the meeting of the full Board on June 16, 2026, the Management Agreement was unanimously continued for a term ending June 30, 2027, by the Board, including the Independent Trustees. The Independent Trustees were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.
In considering whether to continue the Management Agreement, the Board 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, collectively with the Fund, the Peer Group) and performance comparisons to a larger category universe; summary information prepared by the Fund's investment manager (the Investment Manager); and a memorandum from counsel to the Independent Trustees outlining the legal duties of the Board. The Board also considered a supplemental peer group compiled by the Investment Manager when evaluating the Fund's performance and fees and expenses. The Board took into account that the Investment Manager believes the supplemental peer group, which consists of a mix of recently launched real estate and preferred securities closed-end funds, is more representative of the Fund's expense structure. The Board also spoke directly with representatives of the independent data provider and met with investment management personnel. In addition, the Board considered information provided from time to time by the Investment Manager throughout the year at meetings of the Board 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 also considered information provided by the Investment Manager in response to a request for information submitted by counsel to the Independent Trustees, on behalf of the Independent Trustees, as well as information provided by the Investment Manager in response to a supplemental request. In particular, the Board considered the following:
(i) The nature, extent and quality of services to be provided by the Investment Manager: The Board reviewed the services that the Investment Manager provides to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund's assets, furnishing information to the Board regarding the Fund's portfolio, providing individuals to serve as Fund officers, managing the Fund's debt leverage level, and generally managing the Fund's investments in accordance with the stated policies of the Fund. The Board also discussed with officers and portfolio managers of the Fund the types of transactions conducted on behalf of the Fund. Additionally, the Board took into account the services provided by the Investment Manager to its other funds and accounts, including those that have investment
50
Cohen & Steers Real Estate Opportunities and Income Fund
objectives and strategies similar to those of the Fund. The Board also considered the education, background and experience of the Investment Manager's personnel, particularly noting the potential benefit that the portfolio managers' work experience and favorable reputation can have on the Fund. The Board further noted the Investment Manager's ability to attract qualified and experienced personnel. The Board also considered the administrative services provided by the Investment Manager, including compliance and accounting services. After consideration of the above factors, among others, the Board concluded that the nature, extent and quality of services provided by the Investment Manager are satisfactory and appropriate.
(ii) Investment performance of the Fund and the Investment Manager: The Board considered the investment performance of the Fund compared to Peer Funds and compared to its benchmark. The Board considered that, on a net asset value (NAV) basis, the Fund outperformed the Peer Group medians for the one- and three-year periods ended March 31, 2026, ranking 2 out of 5 peers and 1 out of 5 peers, respectively. The Board noted that, on a NAV basis, the Fund outperformed the blended benchmark for the one-and three-year periods ended March 31, 2026. The Board also considered the Fund's performance as compared to a supplemental peer group compiled by the Investment Manager, and noted that the Fund was in-line with the Advisor-supplied Peer Group median for the three-year period ended March 31, 2026, ranking 4 out of 6 peers. The Fund underperformed the Advisor supplied Peer Group for the one-year period ended March 31, 2026, ranking 6 out of 6 peers.
The Board engaged in discussions with the Investment Manager regarding the contributors to and detractors from the Fund's performance, as well as the impact of leverage on the Fund's performance. The Board also considered supplemental information provided by the Investment Manager, including a narrative summary of various factors affecting performance and the Investment Manager's performance in managing similarly managed funds and accounts. The Board determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Management Agreement.
(iii) Cost of the services to be provided and profits to be realized by the Investment Manager from the relationship with the Fund: The Board considered the contractual and actual management fees paid by the Fund as well as the Fund's total expense ratios. As part of its analysis, the Board considered the fee and expense analyses provided by the independent data provider. The Board considered that the Fund's actual management fees at managed and common asset levels were higher than the Peer Group medians, ranking the Fund 5 out of 5 peers for each. The Board considered the Fund's fees and expenses versus the supplemental peer group compiled by the Investment Manager, and noted that the Fund's actual management fee at the managed asset level was lower than the supplemental peer group median, ranking 2 out of 6 peers, and that the Fund's actual management fee at the common asset level was higher than the supplemental peer group median, ranking 6 out of 6 peers. The Board considered that the Fund's total expense ratios including investment-related expenses at both common and managed asset levels were higher than the Peer Group medians, ranking 5 out of 5 peers for each. The Board also noted that the Fund's total expense ratio excluding investment-related expenses at the managed asset level was in-line with the Peer Group median, ranking 4 out of 5 peers. The Fund's total expense ratio excluding investment-related expenses at the common asset level was higher than the Peer Group median, ranking 5 out of 5 peers. The Fund's total expense ratios including investment-related expenses at both managed and common
51
Cohen & Steers Real Estate Opportunities and Income Fund
assets levels were higher than the supplemental peer group medians, ranking the Fund 6 out of 6 peers for each. The Fund's total expense ratio excluding investment-related expenses at the managed asset level was lower than the supplemental peer group median, ranking 1 out of 6 peers. The Fund's total expense ratio excluding investment-related expenses at the common asset level was higher than the supplemental peer group median, ranking 6 out of 6 peers. The Board considered the impact of leverage levels on the Fund's fees and expenses at managed and common asset levels. In light of the considerations above, the Board concluded that the Fund's current expense structure was satisfactory.
The Board also reviewed information regarding the profitability to the Investment Manager of its relationship with the Fund. The Board considered the level of the Investment Manager's profits and whether the profits were reasonable for the Investment Manager. The Board took into consideration other benefits to be derived by the Investment Manager in connection with the Management Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Manager receives by allocating the Fund's brokerage transactions. The Board further considered that the Investment Manager 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 also considered the administrative services provided by the Investment Manager and the associated administration fee paid to the Investment Manager for such services under the Administration Agreement. The Board determined that the services received under the Administration Agreement are beneficial to the Fund. The Board concluded that the profits realized by the Investment Manager from its relationship with the Fund were reasonable and consistent with the Investment Manager's fiduciary duties.
(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 noted that, as a closed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale. The Board determined that, given the Fund's closed-end structure, there were no significant economies of scale that were not already being shared with shareholders. In considering economies of scale, the Board also noted, as discussed above in (iii), that the Investment Manager 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 management contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board compared the fees paid under the Management Agreement to those under other investment management contracts of other investment advisors managing Peer Funds. The Board also compared the services rendered and fees paid under the Management Agreement to fees paid, including the ranges of such fees, under the Investment Manager's other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates, noting that the Investment Manager provides more services to the Fund than it does to institutional or subadvised accounts. The Board also considered the entrepreneurial risk and financial exposure assumed by the Investment Manager in developing and managing the Fund that the Investment Manager does not have with institutional and other clients and other differences in the management of registered investment companies and institutional
52
Cohen & Steers Real Estate Opportunities and Income Fund
accounts. The Board determined that on a comparative basis the fees under the Management Agreement were reasonable in relation to the services provided.
No single factor was cited as determinative to the decision of the Board, and each Trustee may have assigned different weights to the various factors. Rather, after weighing all of the considerations and conclusions discussed above, the Board, including the Independent Trustees, unanimously approved the continuation of the Management Agreement.
53
Cohen & Steers Real Estate Opportunities and Income Fund
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
For non-affiliates to market to you- No We don't share
Questions?  Call (866) 227-0757
54
Cohen & Steers Real Estate Opportunities and Income Fund
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 Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered 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 for non-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 with non-affiliates.
Joint marketing
A formal agreement between non-affiliated financial companies that together market financial products or services to you.
•
Cohen & Steers does not jointly market.
55
Cohen & Steers Real Estate Opportunities and Income Fund
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. and non-U.S. companies
• Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX
COHEN & STEERS
SHORT DURATION PREFERRED AND INCOME FUND
• Designed for investors seeking high current income and capital preservation by investing in short-duration preferred and other income securities issued by U.S. and non-U.S. companies
• Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX
COHEN & STEERS
GLOBAL INFRASTRUCTURE FUND
• Designed for investors seeking total return, investing primarily in global infrastructure securities
• Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX
Distributed by Cohen & Steers Securities, LLC.
Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling (800) 330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.
56
Cohen & Steers Real Estate Opportunities and Income Fund
OFFICERS AND TRUSTEES
Joseph M. Harvey
Trustee and Chair
Adam M. Derechin
Trustee
Michael G. Clark
Trustee
George Grossman
Trustee
Dean A. Junkans
Trustee
Gerald J. Maginnis
Trustee
Jane F. Magpiong
Trustee
Daphne L. Richards
Trustee
Ramona Rogers-Windsor
Trustee
James Giallanza
President and Chief Executive Officer
Albert Laskaj
Chief Financial Officer
Steven Frank
Treasurer
Dana A. DeVivo
Secretary and Chief Legal Officer
Nargis Hilal
Chief Compliance Officer
and Vice President
Yigal D. Jhirad
Vice President
Mathew Kirschner
Vice President
Jason Yablon
Vice President
Elaine Zaharis-Nikas
Vice President
Jerry Dorost
Vice President
KEY INFORMATION
Investment Manager and Administrator
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor New York, NY 10036
(212) 832-3232
Co-administrator and Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Computershare
150 Royall Street
Canton, MA 02021
(866) 227-0757
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
New York Stock Exchange Symbol: RLTY
Website: cohenandsteers.com
This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.
57
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Semi-Annual Report June 30, 2026
Cohen & Steers
Real Estate
Opportunities
and Income Fund
(RLTY)
RLTYSAR

(b)

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. Investments.

(a)

Included in Item 1 above.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included in Item 1 above.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)

Not applicable.

(b)

The Registrant has not had any change in the portfolio managers identified in response to paragraph (a)(1) of this item in the Registrant's most recent annual report on Form N-CSR.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees implemented after the Registrant last provided disclosure in response to this Item.

Item 16. 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 Form N-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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a- 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 REAL ESTATE OPPORTUNITIES AND INCOME FUND

By: /s/ James Giallanza

Name:   James Giallanza

Title:    Principal Executive Officer

    (President and Chief Executive Officer)

Date: September 4, 2026

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/ James Giallanza

Name:   James Giallanza

Title:    Principal Executive Officer

    (President and Chief Executive Officer)

By: /s/ Albert Laskaj

Name:   Albert Laskaj

Title:    Principal Financial Officer

    (Chief Financial Officer)

Date: September 4, 2026
Cohen & Steers Real Estate Opportunities & Income Fund published this content on September 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 04, 2026 at 15:36 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]