COHEN & STEERS CLOSED-END OPPORTUNITY FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

CLOSED-END FUNDS

      84.4 %      

COMMODITY FUNDS

      11.5 %      

DIVERSIFIED COMMODITY FUNDS

      5.7 %      

Adams Natural Resources Fund, Inc.

 

     155,985      $ 3,606,373  

BlackRock Energy and Resources Trust

 

     69,780        914,816  

PIMCO Energy & Tactical Credit Opportunities Fund

 

     581,173        11,524,660  
       

 

 

  
          16,045,849  
       

 

 

  

SINGLE COMMODITY FUNDS

      5.8 %      

Sprott Physical Gold and Silver Trust (Canada)(a)

 

     432,497        7,490,848  

Sprott Physical Gold Trust (Canada)(a)

 

     419,155        6,002,300  

Sprott Physical Platinum & Palladium Trust (Canada)(a)

 

     61,774        665,306  

Sprott Physical Silver Trust (Canada)(a)

 

     260,145        1,971,899  
       

 

 

  
          16,130,353  
       

 

 

  

TOTAL COMMODITY FUNDS

           32,176,202  
       

 

 

  

EQUITY FUNDS

      43.9 %      

GLOBAL EQUITY FUNDS

      1.3 %      

Aberdeen Total Dynamic Dividend Fund

 

     467,976        3,537,899  
       

 

 

  

GLOBAL HYBRID FUNDS

      10.5 %      

BlackRock Capital Allocation Term Trust

 

     499,567        7,238,726  

BlackRock ESG Capital Allocation Term Trust

 

     709,890        10,499,273  

Calamos Long/Short Equity & Dynamic Income Trust

 

     95,000        1,405,050  

Guggenheim Active Allocation Fund

 

     579,300        7,820,550  

Thornburg Income Builder Opportunities Trust

 

     171,235        2,500,031  
       

 

 

  
          29,463,630  
       

 

 

  

MLP FUNDS

      3.9 %      

First Trust Energy Income and Growth Fund

 

     176,925        2,326,564  

First Trust Energy Infrastructure Fund

 

     214,041        3,240,581  

First Trust MLP and Energy Income Fund

 

     366,575        2,899,608  

First Trust New Opportunities MLP & Energy Fund

 

     245,800        1,538,708  

Neuberger Berman Energy Infrastructure & Income Fund, Inc.

 

     144,450        993,816  
       

 

 

  
          10,999,277  
       

 

 

  

OPTION INCOME FUNDS

      5.4 %      

Eaton Vance Enhanced Equity Income Fund II

 

     87,016        1,494,935  

Eaton Vance Risk-Managed Diversified Equity Income Fund

 

     362,446        2,783,585  

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

 

     114,431        1,369,739  

Eaton Vance Tax-Managed Diversified Equity Income Fund

 

     185,617        2,142,020  

 

1

 

 

                                                                       
                          Shares      Value  

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

 

     784,977      $ 5,785,281  

Voya Global Equity Dividend and Premium Opportunity Fund

 

     325,919        1,597,003  
       

 

 

  
          15,172,563  
       

 

 

  

REAL ESTATE, INCLUDING REITS FUNDS

      0.9 %      

Nuveen Real Asset Income and Growth Fund

 

     180,558        1,917,526  

Nuveen Real Estate Income Fund

 

     90,300        605,010  
       

 

 

  
          2,522,536  
       

 

 

  

US GENERAL EQUITY FUNDS

      18.9 %      

Adams Diversified Equity Fund, Inc.

 

     1,056,068        17,572,971  

Eaton Vance Tax-Advantaged Dividend Income Fund

 

     118,033        2,499,939  

Eaton Vance Tax-Advantaged Global Dividend Income Fund

 

     137,868        2,120,410  

Gabelli Dividend & Income Trust/The

 

     524,886        10,203,784  

Gabelli Equity Trust, Inc./The

 

     468,640        2,404,123  

General American Investors Co., Inc.

 

     141,476        5,820,323  

Nuveen Core Equity Alpha Fund

 

     224,885        2,795,321  

Royce Micro-Cap Trust, Inc.

 

     50,884        421,319  

Royce Value Trust, Inc.

 

     211,821        2,726,136  

SRH Total Return Fund, Inc.

 

     486,158        6,310,331  
       

 

 

  
          52,874,657  
       

 

 

  

US HYBRID FUNDS

      0.4 %      

Virtus Equity & Convertible Income Fund

 

     56,127        1,116,366  
       

 

 

  

US SECTOR EQUITY FUNDS

      1.1 %      

BlackRock Health Sciences Term Trust

 

     16,006        230,646  

Tekla Healthcare Investors

 

     99,573        1,548,360  

Tekla Healthcare Opportunities Fund

 

     46,845        795,428  

Tekla Life Sciences Investors

 

     47,340        590,330  
       

 

 

  
          3,164,764  
       

 

 

  

UTILITIES FUNDS

      1.5 %      

DNP Select Income Fund, Inc.

 

     77,894        741,551  

Duff & Phelps Utility & Infrastructure Fund, Inc.

 

     178,271        1,536,696  

MainStay CBRE Global Infrastructure Megatrends Fund

 

     159,391        1,877,626  
       

 

 

  
          4,155,873  
       

 

 

  

TOTAL EQUITY FUNDS

           123,007,565  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

FIXED INCOME FUNDS

      22.0 %      

BANK LOAN FUNDS

      4.5 %      

Apollo Tactical Income Fund, Inc.

 

     44,290      $ 592,157  

Ares Dynamic Credit Allocation Fund, Inc.

 

     139,481        1,799,305  

BlackRock Floating Rate Income Trust Fund, Inc.

 

     108,470        1,308,148  

Blackstone Long-Short Credit Income Fund

 

     169,996        1,980,454  

Eaton Vance Floating-Rate Income Trust

 

     198,496        2,443,486  

Eaton Vance Senior Floating-Rate Trust

 

     233,258        2,824,754  

Invesco Senior Income Trust

 

     395,861        1,551,775  
       

 

 

  
          12,500,079  
       

 

 

  

GLOBAL INCOME FUNDS

      11.0 %      

MFS Multimarket Income Trust

 

     219,209        933,830  

PIMCO Access Income Fund

 

     507,500        7,044,100  

PIMCO Dynamic Income Fund

 

     643,281        11,115,896  

PIMCO Dynamic Income Opportunities Fund

 

     747,958        8,885,741  

Western Asset Diversified Income Fund

 

     219,090        2,900,752  
       

 

 

  
          30,880,319  
       

 

 

  

HIGH YIELD BOND FUNDS

      1.0 %      

Barings Global Short Duration High Yield Fund, Class SH

 

     91,674        1,164,260  

PGIM Global High Yield Fund, Inc.

 

     159,752        1,722,126  
       

 

 

  
          2,886,386  
       

 

 

  

PREFERRED STOCK FUNDS

      2.8 %      

First Trust Intermediate Duration Preferred & Income Fund

 

     55,821        831,733  

Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.

 

     54,100        907,257  

Flaherty & Crumrine Preferred and Income Securities Fund, Inc.

 

     114,755        1,488,372  

John Hancock Premium Dividend Fund

 

     241,061        2,319,007  

Nuveen Preferred & Income Opportunities Fund

 

     190,359        1,204,972  

Nuveen Preferred & Income Securities Fund

 

     161,933        999,127  
       

 

 

  
          7,750,468  
       

 

 

  

US HIGH YIELD BOND FUNDS

      2.2 %      

Allspring Income Opportunities

 

     188,646        1,150,741  

BlackRock Debt Strategies Fund, Inc.

 

     105,664        1,085,169  

KKR Income Opportunities Fund

 

     53,342        637,970  

PGIM High Yield Bond Fund, Inc.

 

     150,895        1,777,543  

 

3

 

 

                                                                       
                          Shares      Value  

PGIM Short Duration High Yield Opportunities Fund

        114,450      $ 1,658,381  
       

 

 

  
          6,309,804  
       

 

 

  

US MULTI SECTOR BOND FUNDS

      0.5 %      

Guggenheim Strategic Opportunities Fund

        89,765        1,327,624  
       

 

 

  

TOTAL FIXED INCOME FUNDS

           61,654,680  
       

 

 

  

MUNICIPAL FUNDS

      7.0 %      

DIVERSIFIED MUNICIPAL BOND FUNDS

      5.3 %      

BlackRock MuniHoldings Fund, Inc.

 

     30,447        313,909  

BlackRock MuniVest Fund, Inc.

 

     111,438        675,314  

BlackRock MuniYield Fund, Inc.

 

     28,315        259,932  

BlackRock MuniYield Quality Fund III, Inc.

 

     156,757        1,497,029  

BlackRock MuniYield Quality Fund, Inc.

 

     77,385        791,649  

Eaton Vance Municipal Income 2028 Term Trust

 

     45,008        763,336  

Neuberger Berman Municipal Fund, Inc.

 

     206,982        1,906,304  

Nuveen AMT-Free Quality Municipal Income Fund

 

     214,711        2,078,402  

Nuveen Municipal Value Fund, Inc.

 

     497,880        4,112,489  

Nuveen Quality Municipal Income Fund

 

     203,123        2,059,667  

Putnam Municipal Opportunities Trust

 

     37,923        348,892  
       

 

 

  
          14,806,923  
       

 

 

  

HIGH YIELD MUNICIPAL BOND FUNDS

      1.7 %      

Nuveen AMT-Free Municipal Credit Income Fund

 

     217,778        2,245,291  

Nuveen Municipal Credit Income Fund

 

     263,060        2,743,716  
       

 

 

  
          4,989,007  
       

 

 

  

TOTAL MUNICIPAL FUNDS

 

        19,795,930  
       

 

 

  

TOTAL CLOSED-END FUNDS
(Identified cost—$258,775,806)

 

        236,634,377  
       

 

 

  

EXCHANGE-TRADED FUNDS

      12.7 %      

COMMODITY FUNDS—SINGLE COMMODITY FUNDS

      1.1 %      

SPDR Gold Shares(a)

        18,675        3,201,829  
       

 

 

  

EQUITY FUNDS

      11.6 %      

REAL ESTATE, INCLUDING REITS FUNDS

      1.0 %      

Vanguard Real Estate ETF

        36,303        2,746,685  
       

 

 

  

US GENERAL EQUITY FUNDS

      10.0 %      

Invesco S&P 500 Equal Weight Consumer Discretionary ETF

 

     76,926        3,237,046  

Invesco S&P 500 Equal Weight ETF

 

     46,023        6,520,999  

 

4

 

 

                                                                       
                          Shares      Value  

iShares Russell 1000 Value ETF

 

     33,163      $ 5,034,807  

iShares Russell 2000 ETF

 

     11,467        2,026,678  

iShares Russell 2000 Value ETF

 

     8,400        1,138,620  

Pacer U.S. Cash Cows 100 ETF

 

     25,102        1,240,792  

SPDR S&P 500 ETF Trust

 

     8,047        3,439,931  

Vanguard S&P 500 ETF

 

     13,632        5,353,286  
       

 

 

  
          27,992,159  
       

 

 

  

US SECTOR EQUITY FUNDS

      0.6 %      

iShares Biotechnology ETF

        6,773        828,270  

VanEck Pharmaceutical ETF

 

     11,748        938,195  
       

 

 

  
          1,766,465  
       

 

 

  

TOTAL EQUITY FUNDS

 

        32,505,309  
       

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$35,021,869)

 

        35,707,138  
       

 

 

  

COMMON STOCK

      1.3 %      

Berkshire Hathaway, Inc., Class B(a)

        10,507        3,680,602  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$2,844,239)

 

        3,680,602  
       

 

 

  

INTERVAL FUNDS—FIXED INCOME FUNDS—BANK LOAN FUNDS

      0.5 %      

Invesco Dynamic Credit Opportunity Fund, Class AX(b)

 

     110,440        1,244,656  
       

 

 

  

TOTAL INTERVAL FUNDS
(Identified cost—$1,243,861)

 

        1,244,656  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.2 %      

MONEY MARKET FUNDS

        

State Street Institutional U.S. Government Money Market Fund, Premier
Class, 5.29%(c)

 

     669,326        669,326  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$669,326)

 

        669,326  
       

 

 

  
    

 

5

 

 

                                                                       
                                                Value  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$298,555,101)

      99.1 %       $ 277,936,099  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.9          2,495,415  
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $10.20 per share based on 27,502,267 shares of common stock outstanding)

      100.0 %       $ 280,431,514  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

ETF    Exchange-Traded Fund
MLP    Master Limited Partnership
SPDR    Standard & Poor’s Depositary Receipt

 

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

(a)

Non-income producing security.

(b)

Investment valued using NAV as the practical expedient and has been excluded from the fair value hierarchy. The investment fund provides liquidity through quarterly repurchase offers.

(c)

Rate quoted represents the annualized seven-day yield.

 

6

 

 

COHEN & STEERS CLOSED-END OPPORTUNITY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.

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

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment 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 Directors, to reflect the fair value of such securities.

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 and closed-end interval funds are valued at net asset value (NAV).

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

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

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

 

 

 

COHEN & STEERS CLOSED-END OPPORTUNITY FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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

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

 

  •  

Level 1 — quoted prices in active markets for identical investments

  •  

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

  •  

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

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

The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at value:

 

                                                                                   
     Quoted Prices in
Active  Markets
for Identical
Investments
(Level  1)		      Other
Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		      Total  

Closed-End Funds

    $ 236,634,377      $ —      $             —      $ 236,634,377  

Exchange-Traded Funds

      35,707,138        —        —        35,707,138  

Common Stock

      3,680,602        —        —        3,680,602  

Short-Term Investments

      —        669,326        —        669,326  
  

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal(a)

      276,022,117        669,326        —        276,691,443  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments Valued at NAV(b)

      —        —        —        1,244,656  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 276,022,117      $ 669,326      $  —      $ 277,936,099  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

(b)

As of September 30, 2023, one of the Fund’s investments was valued using NAV per unit as a practical expedient and has been excluded from the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented within the Schedule of Investments.

 

 

 

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