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:    811-22392                                 

Cohen & Steers Preferred Securities and Income Fund, Inc.

(Exact name of registrant as specified in charter)

280 Park Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, New York 10017

(Name and address of agent for service)

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

Date of fiscal year end:    December 31                                

Date of reporting period:    June 30, 2020                                

Item 1. Reports to Stockholders.

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2020. The total returns for Cohen & Steers Preferred Securities and Income Fund, Inc. (the Fund) and its comparative benchmarks were:

	Six Months Ended June 30, 2020
Cohen & Steers Preferred Securities and Income Fund:
Class A		–3.86	%
Class C		–4.13	%
Class F		–3.62	%
Class I		–3.64	%
Class R		–3.87	%
Class Z		–3.62	%
ICE BofA Fixed Rate Preferred Securities Indexa		–2.49	%
Blended Benchmark—60% ICE BofA US IG Institutional Capital Securities Index/20% ICE BofA Core Fixed Rate Preferred Securities Index/20% Bloomberg Barclays Developed Market USD Contingent Capital Indexa		–1.13	%
S&P 500 Indexa		–3.08	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at net asset value (NAV). Fund performance figures reflect fee waivers and/or expense reimbursements, where applicable, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 3.75% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent

^a The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The ICE BofA US IG Institutional Capital Securities Index tracks the performance of US dollar denominated investment grade hybrid capital corporate and preferred securities publicly issued in the US domestic market. The ICE 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 $1,000 par securities. The Bloomberg Barclays Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund makes 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.

Market Review

Returns for preferred securities were modestly negative for the six-months ending June 30, 2020, in what was a volatile period for credit and equity markets. Preferreds and other credit-sensitive fixed income segments initially rose on signs of accelerating growth and an easing of trade tensions between the U.S. and China. However, the economic shock from efforts to combat COVID-19 drove credit spreads sharply wider in February and March, resulting in steep losses for preferreds and other credit securities. Equity markets registered double-digit declines.

As the pandemic spread beyond China’s borders into communities around the world, markets reacted powerfully to stay-at-home orders that forced many businesses to close. In the U.S., mass layoffs led to unemployment levels not seen since the Great Depression nearly a century ago. Global financial markets broadly retreated on the uncertain outlook and worries that, without sufficient fiscal and monetary policy actions, the halt to economic activity could lead to a liquidity-driven credit crisis.

Markets began a strong rebound in late March in response to highly supportive fiscal and monetary measures introduced by governments and central banks around the globe at a pace and size that eclipsed programs initiated following the financial crisis. Investors grew more optimistic as countries began to relax stay-at-home orders and as economic indicators began to improve. Credit spreads narrowed significantly, and low rates further supported spreads via keen investor interest in income securities. However, except for the highest quality issues, positive returns in the second quarter were not enough to overcome declines in the first quarter.

The recovery in credit markets was fueled in part by the Federal Reserve and European Central Bank buying bonds—including corporates—which provided liquidity to the market and helped to remove tail-risk for investors. The programs helped to renew investor confidence and sparked a wave of new debt issuance, allowing companies to repair balance sheets by refinancing debt at low rates.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Fund Performance

The Fund had a negative total return in the period and underperformed its blended benchmark.

At the worst point in March, markets appeared to be pricing in a banking crisis, and banking preferreds declined nearly as much as bank common equities. Those concerns occurred despite banks having exercised much stricter lending standards since the 2008 global financial crisis, and with bank capital approximately three times greater than a decade ago. Since 2008, banks have been required to maintain more capital protection for risky assets, which has changed business models, generally reducing capital market risks and making earnings more stable. The Fund’s security selection in the banking sector detracted from relative performance. This included out-of-index allocations to certain contingent capital securities from European banks that underperformed in part due to concerns the issuers could be forced to suspend preferred distributions. But despite substantial increases in banks’ loan-loss provisions this year, most banks remained profitable in the first quarter, and regulatory capital ratios remained well above required minimums. Also, while EU bank regulators recommended that banks not pay common dividends or buy back stock, they repeatedly stated that preferred payments should be treated differently than common equity dividends.

The insurance sector, another large issuer of preferreds, proved to be largely buffered from the economic fallout from the pandemic. For instance, property & casualty insurance policies typically include virus exclusion clauses. The portfolio’s security selection in the insurance sector detracted from relative performance, due in part to our avoidance of certain very high-quality securities from Japan-based companies that outperformed.

Returns for issues from utilities were slightly negative. While companies experienced reduced sales from commercial and industrial customers during the shutdown, these were partially recouped from increased residential usage amid work-from-home policies. The portfolio’s security selection in the utility sector detracted from relative performance.

Pipeline preferreds underperformed amid a sharp decline in oil prices resulting from a price war among oil exporters and substantially reduced energy demand due to travel restrictions. The twin shocks raised concerns about midstream asset throughput volumes, cash flows and contract counterparty risk. Those concerns largely abated as prices for crude oil rebounded as the Organization of the Petroleum Exporting Countries and its partners agreed to historic production cuts and as energy demand picked up as economies reopened. The portfolio’s security selection in the pipeline sector hindered relative performance.

Impact of Derivatives on Fund Performance

The Fund used “swaptions,” which are options to enter into fixed-payer swaps with the intention of managing interest-rate risk. The swaptions did not have a material effect on the Fund’s total return during the six-month period ended June 30, 2020. The Fund also used forward foreign currency exchange contracts for managing currency risk on certain Fund positions denominated in foreign currencies. The currency forwards contributed materially to the Fund’s total return for the six-month period ended June 30, 2020.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Sincerely,

WILLIAM F. SCAPELL Portfolio Manager	ELAINE ZAHARIS-NIKAS Portfolio Manager

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.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended June 30, 2020

	Class A Shares			Class C Shares			Class F Shares			Class I Shares			Class R Shares			Class Z Shares
1 Year (with sales charge)		–1.74	%a		0.44	%b		—			—			—			—
1 Year (without sales charge)		2.09	%		1.44	%		2.52	%		2.46	%		2.01	%		2.52	%
5 Years (with sales charge)		4.33	%a		4.45	%		—			—			—			—
5 Years (without sales charge)		5.13	%		4.45	%		—			5.46	%		4.96	%		5.52	%
10 Years (with sales charge)		7.42	%a		7.14	%		—			—			—			—
10 Years (without sales charge)		7.83	%		7.14	%		—			8.19	%		—			—
Since Inceptionc (with sales charge)		7.05	%a		6.75	%		—			—			—			—
Since Inceptionc (without sales charge)		7.45	%		6.75	%		4.67	%		7.81	%		5.06	%		5.60	%

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

The annualized gross and net expense ratios, respectively, for each class of shares as disclosed in the May 1, 2020 prospectus were as follows: Class A—1.15% and 1.15%; Class C—1.80% and 1.80%; Class F—0.80% and 0.80%; Class I—0.86% and 0.86%; Class R—1.30% and 1.30%; and Class Z—0.80% and 0.80%. The investment advisor has contractually agreed to waive its fee and/or reimburse expenses through June 30, 2022, so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 1.20% for Class A shares, 1.85% for Class C shares, 0.85% for Class F shares, 0.85% for Class I shares, 1.35% for Class R shares and 0.85% for Class Z shares. This contractual agreement can be amended at any time by agreement of the Fund’s Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund.

^a  Reflects a 3.75% front-end sales charge.

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

^c Inception date of May 3, 2010 for Class A, C and I shares, April 3, 2017 for Class F shares and October 1, 2014 for Class R and Z shares.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Expense Example (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020—June 30, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Expense Example (Unaudited)—(Continued)

	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Perioda January 1,  2020— June 30, 2020
Class A
Actual (–3.86% return)	$	1,000.00	$	961.40	$	5.56
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,019.19	$	5.72
Class C
Actual (–4.13% return)	$	1,000.00	$	958.70	$	8.72
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,015.96	$	8.97
Class F
Actual (–3.62% return)	$	1,000.00	$	963.80	$	3.86
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.93	$	3.97
Class I
Actual (–3.64% return)	$	1,000.00	$	963.60	$	4.15
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.64	$	4.27
Class R
Actual (–3.87% return)	$	1,000.00	$	961.30	$	6.29
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,018.45	$	6.47
Class Z
Actual (–3.62% return)	$	1,000.00	$	963.80	$	3.86
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.93	$	3.97

^a  Expenses are equal to the Fund’s Class A, Class C, Class F, Class I, Class R and Class Z annualized net expense ratios of 1.14%, 1.79%, 0.79%, 0.85%, 1.29% and 0.79%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

June 30, 2020

Top Ten Holdings^a

(Unaudited)

Security	Value		% of Net Assets
Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada)	$	125,390,016		1.4
Charles Schwab Corp./The, 5.375%, Series G		113,623,640		1.3
Prudential Financial, Inc., 5.625%, due 6/15/43		103,978,218		1.2
Credit Suisse Group AG, 7.50%, 144A (Switzerland)		102,506,093		1.2
Bank of America Corp., 5.875%, Series FF		100,795,525		1.1
Southern Co./The, 4.95%, due 1/30/80, Series 2020A		100,023,500		1.1
MetLife, Inc., 9.25%, due 4/8/68, 144A		99,299,060		1.1
JPMorgan Chase & Co., 6.75%, Series S		89,953,155		1.0
BP Capital Markets PLC, 4.875% (United Kingdom)		89,367,075		1.0
Transcanada Trust, 5.50%, due 9/15/79 (Canada)		88,852,865		1.0

^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 Net Assets)

(Unaudited)

^b  Excludes derivative instruments.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS

June 30, 2020 (Unaudited)

		Shares		Value
PREFERRED SECURITIES—$25 PAR VALUE	19.8%
BANKS	6.6%
Bank of America Corp., 6.20%, Series CCa			320,000	$	8,192,000
Bank of America Corp., 6.00%, Series GGa			2,137,224		58,239,354
Bank of America Corp., 5.875%, Series HHa			1,220,812		32,107,356
Bank of America Corp., 5.375%, Series KKa			319,175		8,202,798
Capital One Financial Corp., 4.80%, Series Ja			466,117		9,769,812
Citigroup Capital XIII, 7.13% (3 Month US LIBOR + 6.37%), due 10/30/40, (FRN)b			200,000		5,300,000
Citizens Financial Group, Inc., 6.35% to 4/6/24, Series Da,c			213,800		5,385,622
First Republic Bank/CA, 4.70%, Series Ja			548,030		13,366,452
GMAC Capital Trust I, 6.177% (3 Month US LIBOR + 5.785%), due 2/15/40, Series 2 (TruPS) (FRN)b			1,972,675		44,227,373
Huntington Bancshares, Inc., 6.25%, Series Da			590,901		14,802,070
JPMorgan Chase & Co., 6.10%, Series AAa			1,035,083		26,301,459
JPMorgan Chase & Co., 6.15%, Series BBa			681,398		17,314,323
JPMorgan Chase & Co., 5.75%, Series DDa			500,000		13,210,000
New York Community Bancorp, Inc., 6.375% to 3/17/27, Series Aa,c			666,613		16,178,698
PNC Financial Services Group, Inc., 6.125% to 5/1/22, Series Pa,c			374,796		9,857,135
Regions Financial Corp., 6.375% to 9/15/24, Series Ba,c			246,258		6,117,049
Regions Financial Corp., 5.70% to 5/15/29, Series Ca,c			1,848,624		45,605,554
Synovus Financial Corp., 5.875% to 7/1/24, Series Ea,c			694,553		15,106,528
Truist Financial Corp., 5.25%, Series Oa			744,901		19,427,018
Wells Fargo & Co., 5.20%a			1,059,405		26,357,996
Wells Fargo & Co., 5.25%, Series Pa			217,463		5,399,606
Wells Fargo & Co., 5.85% to 9/15/23, Series Qa,c			678,793		16,806,915
Wells Fargo & Co., 6.00%, Series Va			1,180,551		30,068,634
Wells Fargo & Co., 5.70%, Series Wa			849,421		21,558,305
Wells Fargo & Co., 5.50%, Series Xa			496,273		12,471,340
Wells Fargo & Co., 5.625%, Series Ya			523,652		13,279,815
Wells Fargo & Co., 4.75%, Series Za			3,594,838		83,544,035
					578,197,247
BANKS—FOREIGN	0.2%
HSBC Holdings PLC, 6.20%, Series A (United Kingdom)a			654,905		16,667,332

See accompanying notes to financial statements.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Shares		Value
ELECTRIC	2.1%
CMS Energy Corp., 5.875%, due 3/1/79			1,621,599	$	42,502,110
Duke Energy Corp., 5.75%, Series Aa			900,501		24,241,487
Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73c			358,222		9,134,661
SCE Trust V, 5.45% to 3/15/26, Series Ka,c			254,670		5,577,273
SCE Trust VI, 5.00%a			47,121		1,039,960
Southern Co./The, 4.95%, due 1/30/80, Series 2020A			3,985,000		100,023,500
					182,518,991
ELECTRIC—FOREIGN	0.1%
Brookfield Renewable Partners LP, 5.25%, Series 17 (Canada)a			366,780		9,202,510
FINANCIAL	2.1%
DIVERSIFIED FINANCIAL SERVICES	0.5%
Apollo Global Management, Inc., 6.375%, Series Ba			597,996		15,392,417
KKR & Co., Inc., 6.75%, Series Aa			438,654		11,317,273
Synchrony Financial, 5.625%, Series Aa			1,096,195		23,425,687
			50,135,377
INVESTMENT ADVISORY SERVICES	0.1%
Ares Management Corp., 7.00%, Series Aa			331,521		8,400,742
INVESTMENT BANKER/BROKER	1.5%
Charles Schwab Corp./The, 5.95%, Series Da			467,438		12,097,296
Morgan Stanley, 7.125% to 10/15/23, Series Ea,c			276,363		7,334,674
Morgan Stanley, 6.875% to 1/15/24, Series Fa,c			1,166,380		31,002,380
Morgan Stanley, 6.375% to 10/15/24, Series Ia,c			2,129,349		55,214,020
Morgan Stanley, 5.85% to 4/15/27, Series Ka,c			919,911		23,678,509
			129,326,879
TOTAL FINANCIAL					187,862,998
INDUSTRIALS—CHEMICALS	0.5%
CHS, Inc., 7.10% to 3/31/24, Series 2a,c			804,024		19,401,099
CHS, Inc., 6.75% to 9/30/24, Series 3a,c			673,034		16,031,670
CHS, Inc., 7.50%, Series 4a			531,221		13,689,565
			49,122,334

See accompanying notes to financial statements.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Shares		Value
INSURANCE	4.0%
LIFE/HEALTH INSURANCE	1.5%
Athene Holding Ltd., 6.35% to 6/30/29, Series Aa,c			1,162,403	$	28,339,385
Athene Holding Ltd., 5.625%, Series Ba			105,075		2,442,994
Athene Holding Ltd., 6.375% to 6/30/25, Series Ca,c			1,011,917		25,550,904
Equitable Holdings, Inc., 5.25%, Series Aa			1,019,645		23,370,264
MetLife, Inc., 5.625%, Series Ea			31,533		825,219
MetLife, Inc., 4.75%, Series Fa			1,174,500		28,857,465
Prudential Financial, Inc., 5.70%, due 3/15/53			125,093		3,156,096
Prudential Financial, Inc., 5.75%, due 12/15/52			62,138		1,567,120
Voya Financial, Inc., 5.35% to 9/15/29, Series Ba,c			643,873		15,710,501
					129,819,948
MULTI-LINE	1.0%
Allstate Corp./The, 5.10%, Series Ha			1,943,850		49,296,036
American International Group, Inc., 5.85%, Series Aa			225,784		5,804,906
Hanover Insurance Group, Inc./The, 6.35%, due 3/30/53			109,141		2,765,633
WR Berkley Corp., 5.10%, due 12/30/59			775,000		18,538,000
WR Berkley Corp., 5.75%, due 6/1/56			607,981		15,108,328
					91,512,903
MULTI-LINE—FOREIGN	0.8%
Aegon Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands)			1,290,874		29,664,285
PartnerRe Ltd., 6.50%, Series G (Bermuda)a			844,136		21,483,261
PartnerRe Ltd., 5.875%, Series I (Bermuda)a			797,157		19,626,005
					70,773,551
PROPERTY CASUALTY—FOREIGN	0.3%
Enstar Group Ltd., 7.00% to 9/1/28, Series D (Bermuda)a,c			1,040,000		25,188,800
REINSURANCE	0.4%
Arch Capital Group Ltd., 5.25%, Series Ea			500,194		11,984,648
Arch Capital Group Ltd., 5.45%, Series Fa			804,554		19,703,528
					31,688,176
TOTAL INSURANCE					348,983,378
INTEGRATED TELECOMMUNICATIONS SERVICES	0.3%
AT&T, Inc., 5.625%, due 8/1/67			28,697		761,331
AT&T, Inc., 4.75%, Series Ca			1,076,000		25,727,160
					26,488,491

See accompanying notes to financial statements.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Shares		Value
PIPELINES	0.7%
Energy Transfer Operating LP, 7.375% to 5/15/23, Series Ca,c			774,290	$	14,874,111
Energy Transfer Operating LP, 7.625% to 8/15/23, Series Da,c			1,330,471		25,890,966
Energy Transfer Operating LP, 7.60% to 5/15/24, Series Ea,c			925,935		19,037,223
					59,802,300
PIPELINES—FOREIGN	0.3%
Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78, Series B (Canada)c			971,350		23,603,805
REAL ESTATE	1.6%
HOTEL	0.1%
Summit Hotel Properties, Inc., 6.25%, Series Ea			80,000		1,432,800
Sunstone Hotel Investors, Inc., 6.95%, Series Ea			185,763		4,554,909
					5,987,709
NET LEASE	0.5%
VEREIT, Inc., 6.70%, Series Fa			1,876,101		46,940,047
OFFICE	0.4%
Brookfield Property Partners LP, 5.75%, Series Aa			1,225,318		20,291,266
Brookfield Property Partners LP, 6.375%, Series A2a			527,135		9,556,958
					29,848,224
RESIDENTIAL—SINGLE FAMILY	0.3%
American Homes 4 Rent, 6.50%, Series Da			586,918		14,937,063
American Homes 4 Rent, 6.35%, Series Ea			418,691		10,433,780
					25,370,843
SHOPPING CENTERS	0.2%
COMMUNITY CENTER	0.1%
SITE Centers Corp., 6.375%, Series Aa			518,799		11,595,158
REGIONAL MALL	0.1%
Taubman Centers, Inc., 6.25%, Series Ka			160,081		3,449,745
Taubman Centers, Inc., 6.50%, Series Ja			270,050		5,822,278
					9,272,023
TOTAL SHOPPING CENTERS					20,867,181

See accompanying notes to financial statements.

12

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Shares		Value
SPECIALTY	0.1%
Digital Realty Trust, Inc., 6.35%, Series Ia			346,819	$	8,708,625
TOTAL REAL ESTATE					137,722,629
UTILITIES	0.8%
NextEra Energy Capital Holdings, Inc., 5.65%, due 3/1/79, Series N			1,016,627		27,215,105
NiSource, Inc., 6.50% to 3/15/24, Series Ba,c			781,041		20,158,668
Sempra Energy, 5.75%, due 7/1/79			737,039		18,846,088
Spire, Inc., 5.90%, Series Aa			340,560		8,844,343
					75,064,204
UTILITIES—FOREIGN	0.5%
Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 (Canada)c			588,872		15,457,890
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (Canada)c			973,315		25,461,920
					40,919,810
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$1,787,951,576)					1,736,156,029
		Principal Amount
PREFERRED SECURITIES—CAPITAL SECURITIES	75.8%
AUTO—FOREIGN	0.0%
Volkswagen International Finance NV, 3.875% to 6/17/29 (Germany)c,d		$	2,500,000		2,765,264
BANKS	18.0%
Bank of America Corp., 5.875% to 3/15/28, Series FFa,c			98,478,000		100,795,525
Bank of America Corp., 6.10% to 3/17/25, Series AAa,c			61,643,000		65,076,207
Bank of America Corp., 6.25% to 9/5/24, Series Xa,c			74,455,000		77,215,564
Bank of America Corp., 6.50% to 10/23/24, Series Za,c			52,921,000		56,978,046
Bank of America Corp., 8.05%, due 6/15/27, Series B			3,000,000		3,656,606
Bank of New York Mellon Corp./The, 4.70% to 9/20/25, Series Ga,c			36,484,000		38,034,570
Citigroup Capital III, 7.625%, due 12/1/36			4,800,000		6,591,098
Citigroup, Inc., 5.00% to 9/12/24, Series Ua,c			44,267,000		41,748,620
Citigroup, Inc., 5.90% to 2/15/23a,c			30,183,000		30,028,161
Citigroup, Inc., 5.95% to 1/30/23a,c			29,957,000		29,768,722

See accompanying notes to financial statements.

13

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

	Principal Amount			Value
Citigroup, Inc., 5.95% to 5/15/25, Series Pa,c	$	70,574,000		$	70,209,422
Citigroup, Inc., 6.125% to 11/15/20, Series Ra,c		6,000,000			5,911,171
Citigroup, Inc., 6.25% to 8/15/26, Series Ta,c		59,531,000			63,204,360
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series Fa,c		22,760,000			23,129,850
Citizens Financial Group, Inc., 6.375% to 4/6/24, Series Ca,c		11,019,000			10,247,670
CoBank ACB, 6.125%, Series Ga		175,200	†		17,651,400
CoBank ACB, 6.20% to 1/1/25, Series Ha,c		103,600	†		10,903,900
CoBank ACB, 6.25% to 10/1/22, Series Fa,c		351,150	†		36,212,344
CoBank ACB, 6.25% to 10/1/26, Series Ia,c		38,329,000			38,329,000
Comerica, Inc., 5.625% to 7/1/25a,c		23,369,000			23,773,284
Dresdner Funding Trust I, 8.151%, due 6/30/31, 144Ae		46,609,945			64,236,521
Farm Credit Bank of Texas, 6.75% to 9/15/23, 144Aa,c,e		251,700	†		26,428,500
Farm Credit Bank of Texas, 10.00%, Series 1a		35,800	†		36,158,000
First Horizon Bank, 5.75%, due 5/1/30		10,000,000			10,549,200
Goldman Sachs Group, Inc./The, 4.95% to 2/10/25, Series Ra,c		13,065,000			12,489,547
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Qa,c		25,880,000			26,845,792
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series Fa,c		9,743,000			10,098,619
JPMorgan Chase & Co., 4.60% to 2/1/25, Series HHa,c		16,553,000			14,779,346
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FFa,c		39,159,000			37,697,469
JPMorgan Chase & Co., 6.00% to 8/1/23, Series Ra,c		11,274,000			11,394,255
JPMorgan Chase & Co., 6.10% to 10/1/24, Series Xa,c		57,532,000			58,994,331
JPMorgan Chase & Co., 6.125% to 4/30/24, Series Ua,c		10,000,000			10,225,874
JPMorgan Chase & Co., 6.75% to 2/1/24, Series Sa,c		83,514,000			89,953,155
PNC Financial Services Group, Inc., 6.75% to 8/1/21, Series Oa,c		10,730,000			10,651,159
Regions Financial Corp., 5.75% to 6/15/25, Series Da,c		12,840,000			13,248,312
Truist Financial Corp., 4.80% to 9/01/24, Series Na,c		45,911,000			42,326,618
Truist Financial Corp., 4.95% to 9/1/25, Series Pa,c		67,835,000			69,530,875
Truist Financial Corp., 5.10% to 3/1/30, Series Qa,c		80,620,000			83,449,762
Truist Financial Corp., 5.125% to 12/15/27, Series Ma,c		42,982,000			41,514,661
Wachovia Capital Trust III, 5.57% (3 Month US LIBOR + 0.930%, Floor 5.57%) (FRN)a,b		40,954,000			40,721,381
Wells Fargo & Co., 7.95%, due 11/15/29, Series B		5,055,000			6,670,120

See accompanying notes to financial statements.

14

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
Wells Fargo & Co., 5.875% to 6/15/25, Series Ua,c		$	42,669,000	$	44,433,233
Wells Fargo & Co., 5.90% to 6/15/24, Series Sa,c			18,795,000		18,663,843
Wells Fargo & Co., 5.95%, due 12/1/86			44,288,000		53,417,844
					1,583,943,937
BANKS—FOREIGN	26.2%
Abanca Corp. Bancaria SA, 7.50% to 10/2/23 (Spain)a,c,d,f			8,600,000		8,818,064
Australia & New Zealand Banking Group Ltd./United Kingdom, 6.75% to 6/15/26, 144A (Australia)a,c,e,f			19,530,000		21,682,499
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (Spain)a,c,f			9,600,000		8,755,824
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)a,c,f			46,200,000		44,872,739
Banco BPM SpA, 6.125% to 1/21/25 (Italy)a,c,d,f			13,790,000		11,813,458
Banco de Sabadell SA, 6.50%, to 5/18/22 to 5/18/22 (Spain)a,c,d,f			7,000,000		6,502,169
Banco Santander SA, 7.50% to 2/8/24 (Spain)a,c,d,f			19,000,000		19,845,690
Bank of China Hong Kong Ltd., 5.90% to 9/14/23, 144A (Hong Kong)a,c,e			56,838,000		60,740,495
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)a,c,d,f			20,800,000		24,567,960
Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)a,c			39,525,000		39,549,703
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)a,c,f			28,400,000		34,891,337
Barclays PLC, 7.875% to 3/15/22 (United Kingdom)a,c,d,f			41,172,000		41,964,149
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)a,c,f			24,990,000		25,909,023
BNP Paribas SA, 4.50% to 2/25/30, 144A (France)a,c,e,f			35,300,000		30,953,688
BNP Paribas SA, 6.625% to 3/25/24, 144A (France)a,c,e,f			37,304,000		38,189,970
BNP Paribas SA, 6.75% to 3/14/22, 144A (France)a,c,e,f			6,400,000		6,513,984
BNP Paribas SA, 7.00% to 8/16/28, 144A (France)a,c,e,f			20,300,000		22,054,631
BNP Paribas SA, 7.195% to 6/25/37, 144A (France)a,c,e			33,771,000		36,509,233
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)a,c,e,f			57,792,000		63,394,645
BNP Paribas SA, 7.625% to 3/30/21, 144A (France)a,c,e,f			47,000,000		47,734,375
Commerzbank AG, 6.125% to 10/9/25 (Germany)a,c,d,f			35,600,000		38,183,259
Credit Agricole SA, 6.875% to 9/23/24, 144A (France)a,c,e,f			36,200,000		37,356,409
Credit Agricole SA, 7.875% to 1/23/24, 144A (France)a,c,e,f			52,030,000		56,642,720

See accompanying notes to financial statements.

15

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

	Principal Amount		Value
Credit Agricole SA, 8.125% to 12/23/25, 144A (France)a,c,e,f	$	49,300,000	$	56,479,313
Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)a,c,e,f		50,300,000		51,121,651
Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)a,c,d,f		78,943,000		81,385,496
Credit Suisse Group AG, 7.25% to 9/12/25, 144A (Switzerland)a,c,e,f		30,200,000		31,051,489
Credit Suisse Group AG, 7.50% to 12/11/23, 144A (Switzerland)a,c,e,f		25,024,000		27,023,918
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)a,c,e,f		98,601,000		102,506,093
Deutsche Pfandbriefbank AG, 5.75% to 4/28/23, Series 3529 (Germany)a,c,d,f		7,800,000		7,698,775
DNB Bank ASA, 6.50% to 3/26/22 (Norway)a,c,d,f		24,040,000		24,761,200
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A (United Kingdom)a,c,e		36,641,000		57,922,642
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)a,c,f		47,634,000		48,934,282
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)a,c,f		33,237,000		34,136,559
HSBC Holdings PLC, 6.875% to 6/1/21 (United Kingdom)a,c,f		58,858,000		59,730,237
ING Groep N.V., 5.75% to 11/16/26 (Netherlands)a,c,f		32,800,000		32,581,388
ING Groep N.V., 6.50% to 4/16/25 (Netherlands)a,c,f		35,521,000		36,439,218
ING Groep N.V., 6.875% to 4/16/22 (Netherlands)a,c,d,f		27,900,000		28,920,024
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)a,c,e,f		35,200,000		35,170,864
Itau Unibanco Holding SA, 4.50% to 11/21/24, due 11/21/29, 144A (Brazil)c,e,f		19,400,000		18,423,016
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)a,c,f		42,961,000		44,658,819
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)a,c,f		17,085,000		17,736,775
Nationwide Building Society, 10.25% (United Kingdom)a,d		14,891,000		28,876,514
Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)a,c,e,f		20,600,000		22,005,641

See accompanying notes to financial statements.

16

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

	Principal Amount		Value
Royal Bank of Scotland Group PLC, 7.648% to 9/30/31 (United Kingdom)a,c	$	37,970,000	$	55,007,898
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (United Kingdom)a,c,f		39,200,000		43,358,336
Royal Bank of Scotland Group PLC, 8.625% to 8/15/21 (United Kingdom)a,c,f		51,709,000		53,879,227
Skandinaviska Enskilda Banken AB, 5.125% to 5/13/25 (Sweden)a,c,d,f		7,400,000		7,202,916
Societe Generale SA, 6.75% to 4/6/28, 144A (France)a,c,e,f		62,971,000		62,707,466
Societe Generale SA, 7.375% to 9/13/21, 144A (France)a,c,e,f		62,200,000		62,879,224
Societe Generale SA, 7.875% to 12/18/23, 144A (France)a,c,e,f		38,000,000		39,911,970
Societe Generale SA, 8.00% to 9/29/25, 144A (France)a,c,e,f		28,867,000		32,200,616
Standard Chartered PLC, 7.50% to 4/2/22, 144A (United Kingdom)a,c,e,f		44,126,000		45,736,378
Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)a,c,e,f		48,666,000		50,818,984
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)a,d		28,692,025		34,399,639
Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (Sweden)a,c,d,f		20,200,000		21,322,716
UBS Group Funding Switzerland AG, 7.00% to 2/19/25 (Switzerland)a,c,d,f		9,200,000		10,161,538
UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A (Switzerland)a,c,e,f		51,200,000		53,219,584
UBS Group Funding Switzerland AG, 6.875% to 3/22/21 (Switzerland)a,c,d,f		7,276,000		7,382,848
UBS Group Funding Switzerland AG, 6.875% to 8/7/25 (Switzerland)a,c,d,f		57,850,000		60,959,437
UBS Group Funding Switzerland AG, 7.125% to 8/10/21 (Switzerland)a,c,d,f		26,700,000		27,290,978
UniCredit SpA, 7.50% to 6/3/26 (Italy)a,c,d,f		30,700,000		36,190,140
UniCredit SpA, 8.00% to 6/3/24 (Italy)a,c,d,f		17,200,000		17,318,250
				2,296,958,083

See accompanying notes to financial statements.

17

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
ELECTRIC	2.4%
CenterPoint Energy, Inc., 6.125% to 9/1/23, Series Aa,c		$	14,724,000	$	14,277,372
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50c			52,310,000		53,440,189
Dominion Energy, Inc., 4.65% to 12/15/24, Series Ba,c			21,970,000		21,532,406
Duke Energy Corp., 4.875% to 9/16/24a,c			33,389,000		33,396,225
Sempra Energy, 4.875% to 10/15/25a,c			72,490,000		72,671,225
Southern California Edison Co., 6.25% to 2/1/22, Series Ea,c			14,991,000		14,751,381
					210,068,798
ELECTRIC—FOREIGN	0.4%
Electricite de France SA, 5.00% to 1/22/26, Series EMTN (France)a,c,d			18,300,000		21,998,155
Electricite de France SA, 5.625% to 1/22/24, 144A (France)a,c,e			11,622,000		12,022,320
					34,020,475
FINANCIAL	1.6%
CREDIT CARD	0.1%
Discover Financial Services, 6.125% to 6/23/25, Series Da,c			10,390,000		10,682,998
DIVERSIFIED FINANCIAL SERVICES	0.2%
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144Ac,e			14,562,000		13,103,510
INVESTMENT BANKER/BROKER	1.3%
Charles Schwab Corp./The, 5.375% to 6/1/25, Series Ga,c			106,109,000		113,623,639
TOTAL FINANCIAL					137,410,147
FOOD	0.2%
Land O’ Lakes, Inc., 7.00%, 144Aa,e			4,075,000		3,682,150
Land O’ Lakes, Inc., 7.25%, 144Aa,e			15,285,000		13,974,999
					17,657,149
INDUSTRIALS—DIVERSIFIED MANUFACTURING	0.3%
General Electric Co., 5.00% to 1/21/21, Series Da,c			27,009,000		21,246,505

See accompanying notes to financial statements.

18

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
INSURANCE	17.4%
LIFE/HEALTH INSURANCE	4.9%
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)e		$	65,880,000	$	83,573,062
MetLife, Inc., 5.875% to 3/15/28, Series Da,c			18,525,000		19,582,799
MetLife, Inc., 6.40%, due 12/15/66			3,675,000		4,346,981
MetLife, Inc., 9.25%, due 4/8/68, 144Ae			71,512,000		99,299,060
MetLife, Inc., 10.75%, due 8/1/69			13,758,000		21,255,524
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44c			33,040,000		33,751,799
Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43c			97,568,000		103,978,218
Prudential Financial, Inc., 5.875% to 9/15/22, due 9/15/42c			11,500,000		12,260,150
SBL Holdings, Inc., 7.00% to 5/13/25, 144Aa,c,e			19,570,000		15,435,838
Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53c			40,061,000		40,431,364
					433,914,795
LIFE/HEALTH INSURANCE—FOREIGN	5.4%
Achmea BV, 4.625% to 3/24/29 (Netherlands)a,c,d,f			39,200,000		42,968,780
Aegon NV, 5.625% to 4/15/29 (Netherlands)a,c,d,f			9,000,000		10,951,812
Dai-ichi Life Insurance Co., Ltd., 5.10% to 10/28/24, 144A (Japan)a,c,e			26,400,000		29,124,348
Dai-ichi Life Insurance Co., Ltd., 7.25% to 7/25/21, 144A (Japan)a,c,e			44,533,000		47,129,719
Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)a,c,d			21,419,000		23,935,733
Hanwha Life Insurance Co., Ltd., 4.70% to 4/23/23, 144A (South Korea)a,c,e			24,000,000		23,878,713
Legal & General Group PLC, 3.75% to 11/26/29, due 11/26/49, Series EMTN (United Kingdom)c,d			22,600,000		27,550,069
Legal & General Group PLC, 5.625% to 3/24/31 (United Kingdom)a,c,d,f			36,900,000		45,243,864
M&G PLC, 5.625% to 10/20/31, due 10/20/51 (United Kingdom)c,d			18,900,000		25,360,299
Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, due 10/20/45, 144A (Japan)c,e			31,475,000		35,635,748
Nippon Life Insurance Co., 3.40% to 1/23/30, due 1/23/50, 144A (Japan)c,e			21,400,000		22,203,211

See accompanying notes to financial statements.

19

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
Nippon Life Insurance Co., 4.70% to 1/20/26, due 1/20/46, 144A (Japan)c,e		$	21,300,000	$	23,573,669
Nippon Life Insurance Co., 5.00% to 10/18/22, due 10/18/42, 144A (Japan)c,e			24,280,000		25,778,076
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)c,e			32,655,000		36,369,062
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)a,c,d,f			11,700,000		11,345,607
Sumitomo Life Insurance Co., 6.50% to 9/20/23, due 9/20/73, 144A (Japan)c,e			39,550,000		44,751,418
					475,800,128
MULTI-LINE	1.1%
American International Group, Inc., 5.75% to 4/1/28, due 4/1/48, Series A-9c			22,168,000		22,914,385
American International Group, Inc., 8.175% to 5/15/38, due 5/15/68c			45,614,000		58,309,260
Hartford Financial Services Group, Inc./The, 2.517% (3 Month US LIBOR + 2.125%), due 2/12/67, 144A, Series ICON (FRN)b,e			13,800,000		10,650,081
					91,873,726
MULTI-LINE—FOREIGN	1.0%
AXA SA, 6.379% to 12/14/36, 144A (France)a,c,e			41,952,000		53,965,584
AXA SA, 8.60%, due 12/15/30 (France)			18,772,000		27,285,394
CNP Assurances, 2.50% to 12/30/30, due 6/30/51, Series EMTN (France)c,d			5,300,000		5,915,519
					87,166,497
PROPERTY CASUALTY	1.1%
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48c			37,900,000		38,950,744
Liberty Mutual Group, Inc., 3.625% to 5/23/24, due 5/23/59, 144Ac,e			31,300,000		34,023,008
Markel Corp., 6.00% to 6/1/25a,c			22,940,000		23,398,800
					96,372,552

See accompanying notes to financial statements.

20

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
PROPERTY CASUALTY—FOREIGN	3.5%
Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (Japan)a,c,e		$	53,650,000	$	61,472,975
Mitsui Sumitomo Insurance Co., Ltd., 7.00% to 3/15/22, due 3/15/72, 144A (Japan)c,e			9,500,000		10,300,327
QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)a,c,e			27,900,000		28,876,500
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)c,d			48,075,000		51,334,944
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)c,d			38,158,000		42,173,939
Sompo Japan Nipponkoa Insurance, Inc., 5.325% to 3/28/23, due 3/28/73, 144A (Japan)c,e			35,040,000		37,766,287
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A (Switzerland)c,e			32,000,000		36,008,000
VIVAT NV, 6.25% to 11/16/22 (Netherlands)a,c,d			38,647,000		38,598,691
					306,531,663
REINSURANCE	0.4%
AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40c			40,285,000		37,882,745
TOTAL INSURANCE					1,529,542,106
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN	0.9%
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)c			68,152,000		79,939,575
MATERIAL—METALS & MINING—FOREIGN	0.8%
BHP Billiton Finance USA Ltd., 6.75% to 10/20/25, due 10/19/75, 144A (Australia)c,e			61,367,000		70,832,553
OIL & GAS—FOREIGN	1.5%
BP Capital Markets PLC, 4.25% to 3/22/27 (United Kingdom)a,c,d			11,600,000		14,508,175
BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)a,c			30,770,000		31,308,475
BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)a,c			86,345,000		89,367,075
					135,183,725

See accompanying notes to financial statements.

21

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
PIPELINES	0.2%
Energy Transfer Operating LP, 7.125% to 5/15/30, Series Ga,c		$	17,185,000	$	14,714,656
Enterprise Products Operating LLC, 5.25% to 8/16/27, due 8/16/77, Series Ec			5,240,000		4,908,544
					19,623,200
PIPELINES—FOREIGN	3.4%
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)c			69,545,000		68,752,592
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)c			47,393,000		46,764,806
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)c			88,920,000		88,852,865
Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (Canada)c			9,857,000		9,669,922
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)c			80,634,000		85,338,317
					299,378,502
UTILITIES	2.5%
ELECTRIC UTILITIES	0.5%
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79c			36,043,000		39,383,730
ELECTRIC UTILITIES—FOREIGN	2.0%
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)c			115,753,000		125,390,016
Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)c,e			43,941,000		50,069,012
					175,459,028
TOTAL UTILITIES					214,842,758
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$6,597,358,462)					6,653,412,777
CORPORATE BONDS	1.0%
BANKS—FOREIGN	0.1%
UniCredit SpA, 5.459%, due 6/30/35, 144A to 6/30/30 (Italy)c,e			12,000,000		12,117,913

See accompanying notes to financial statements.

22

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

		Principal Amount		Value
INDUSTRIALS—DIVERSIFIED MANUFACTURING	0.3%
General Electric Co., 5.875%, due 1/14/38, Series MTN		$	20,600,000	$	23,072,117
INSURANCE—LIFE/HEALTH INSURANCE	0.5%
Brighthouse Financial, Inc., 4.70%, due 6/22/47			47,242,000		43,289,717
REAL ESTATE—REGIONAL MALL	0.1%
Brookfield Property REIT, Inc., 5.75%, due 5/15/26, 144Ae			7,480,000		6,338,103
TOTAL CORPORATE BONDS (Identified cost—$80,917,485)					84,817,850
		Shares
SHORT-TERM INVESTMENTS	2.0%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11%g			180,385,612		180,385,612
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$180,385,612)					180,385,612
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$8,646,613,135)	98.6%				8,654,772,268
OTHER ASSETS IN EXCESS OF LIABILITIES	1.4				125,346,801
NET ASSETS	100.0%			$	8,780,119,069

See accompanying notes to financial statements.

23

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

Forward Foreign Currency Exchange Contracts

Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	EUR	36,129,419	USD	41,119,181		7/2/20	$	527,794
Brown Brothers Harriman	EUR	227,804,524	USD	253,509,986		7/2/20		(2,428,297	)
Brown Brothers Harriman	GBP	8,362,765	USD	10,542,060		7/2/20		179,753
Brown Brothers Harriman	GBP	50,931,448	USD	62,968,026		7/2/20		(141,160	)
Brown Brothers Harriman	GBP	107,421,449	USD	132,799,766		7/2/20		(306,211	)
Brown Brothers Harriman	USD	296,637,998	EUR	263,933,943		7/2/20		(108,327	)
Brown Brothers Harriman	USD	180,285,731	GBP	145,736,079		7/2/20		295,926
Brown Brothers Harriman	USD	11,287,137	GBP	8,968,252		7/2/20		(174,571	)
Brown Brothers Harriman	USD	15,094,880	GBP	12,011,331		7/2/20		(211,633	)
Brown Brothers Harriman	EUR	265,310,672	USD	298,377,668		8/4/20		87,760
Brown Brothers Harriman	GBP	142,272,506	USD	176,025,235		8/4/20		(302,599	)
							$	(2,581,565	)

See accompanying notes to financial statements.

24

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

Glossary of Portfolio Abbreviations

EMTN	Euro Medium Term Note
EUR	Euro Currency
FRN	Floating Rate Note
GBP	Great British Pound
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REIT	Real Estate Investment Trust
TruPS	Trust Preferred Securities
USD	United States Dollar

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

^†  Represents shares.

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

^b  Variable rate. Rate shown is in effect at June 30, 2020.

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

^d  Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $910,216,071 which represents 10.4% of the net assets of the Fund, of which 0.0% are illiquid.

^e  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $2,203,571,764 which represents 25.1% of the net assets of the Fund, of which 0.0% are illiquid.

^f  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 $2,094,462,022 or 23.9% of the net assets of the Fund.

^g  Rate quoted represents the annualized seven-day yield.

See accompanying notes to financial statements.

25

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

Country Summary	% of Net Assets
United States		49.1
United Kingdom		11.2
France		8.1
Canada		6.1
Switzerland		5.6
Other		5.1
Japan		4.5
Netherlands		2.9
Australia		2.4
Italy		1.9
Spain		1.0
Bermuda		0.8
Hong Kong		0.7
Germany		0.6
		100	%

See accompanying notes to financial statements.

26

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2020 (Unaudited)

ASSETS:
Investments in securities, at value (Identified cost—$8,646,613,135)	$	8,654,772,268
Cash		12,288,171
Foreign currency, at value (Identified cost—$947,583)		944,245
Receivable for:
Dividends and interest		88,497,518
Investment securities sold		79,294,349
Fund shares sold		25,157,245
Unrealized appreciation on forward foreign currency exchange contracts		1,091,233
Other assets		76,731
Total Assets		8,862,121,760
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		3,672,798
Payable for:
Investment securities purchased		39,867,807
Fund shares redeemed		20,261,629
Dividends declared		11,269,835
Investment advisory fees		5,001,239
Shareholder servicing fees		841,388
Administration fees		357,914
Distribution fees		38,188
Directors’ fees		1,035
Other liabilities		690,858
Total Liabilities		82,002,691
NET ASSETS	$	8,780,119,069
NET ASSETS consist of:
Paid-in capital	$	8,856,137,628
Total distributable earnings/(accumulated loss)		(76,018,559	)
	$	8,780,119,069

See accompanying notes to financial statements.

27

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

June 30, 2020 (Unaudited)

CLASS A SHARES:
NET ASSETS	$	832,566,439
Shares issued and outstanding ($0.001 par value common stock outstanding)		62,342,329
Net asset value and redemption price per share	$	13.35
Maximum offering price per share ($13.35 ÷ 0.9625)a	$	13.87
CLASS C SHARES:
NET ASSETS	$	651,987,983
Shares issued and outstanding ($0.001 par value common stock outstanding)		49,126,989
Net asset value and offering price per shareb	$	13.27
CLASS F SHARES:
NET ASSETS	$	1,259,948,881
Shares issued and outstanding ($0.001 par value common stock outstanding)		94,140,194
Net asset value, offering and redemption price per share	$	13.38
CLASS I SHARES:
NET ASSETS	$	6,009,184,904
Shares issued and outstanding ($0.001 par value common stock outstanding)		448,896,601
Net asset value, offering and redemption price per share	$	13.39
CLASS R SHARES:
NET ASSETS	$	2,254,862
Shares issued and outstanding ($0.001 par value common stock outstanding)		168,633
Net asset value, offering and redemption price per share	$	13.37
CLASS Z SHARES:
NET ASSETS	$	24,176,000
Shares issued and outstanding ($0.001 par value common stock outstanding)		1,805,807
Net asset value, offering and redemption price per share	$	13.39

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

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

See accompanying notes to financial statements.

28

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2020 (Unaudited)

Investment Income:
Interest income	$	167,687,214
Dividend income		50,548,573
Total Investment Income		218,235,787
Expenses:
Investment advisory fees		29,435,103
Distribution fees—Class A		1,039,491
Distribution fees—Class C		2,465,118
Distribution fees—Class R		6,134
Shareholder servicing fees—Class A		415,797
Shareholder servicing fees—Class C		821,706
Shareholder servicing fees—Class I		1,744,340
Administration fees		2,399,820
Transfer agent fees and expenses		530,490
Directors’ fees and expenses		194,017
Shareholder reporting expenses		187,939
Registration and filing fees		182,897
Custodian fees and expenses		97,551
Professional fees		42,615
Miscellaneous		125,369
Total Expenses		39,688,387
Net Investment Income (Loss)		178,547,400
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		(64,896,770	)
Written option contracts		548,460
Forward foreign currency exchange contracts		10,403,544
Foreign currency transactions		47,319
Net realized gain (loss)		(53,897,447	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		(467,648,329	)
Forward foreign currency exchange contracts		6,366,611
Foreign currency translations		(53,363	)
Net change in unrealized appreciation (depreciation)		(461,335,081	)
Net Realized and Unrealized Gain (Loss)		(515,232,528	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(336,685,128	)

See accompanying notes to financial statements.

29

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Six Months Ended June 30, 2020			For the Year Ended December 31, 2019
Change in Net Assets:
From Operations:
Net investment income (loss)	$	178,547,400		$	340,037,252
Net realized gain (loss)		(53,897,447	)		104,775,093
Net change in unrealized appreciation (depreciation)		(461,335,081	)		747,713,012
Net increase (decrease) in net assets resulting from operations		(336,685,128	)		1,192,525,357
Distributions to Shareholders:
Class A		(22,038,067	)		(36,964,196	)
Class C		(15,383,622	)		(28,255,938	)
Class F		(33,963,416	)		(40,044,773	)
Class I		(161,148,865	)		(273,261,943	)
Class R		(61,711	)		(120,714	)
Class Z		(534,448	)		(262,494	)
Tax Return of Capital to Shareholders:
Class A		—			(3,076,029	)
Class C		—			(2,739,321	)
Class F		—			(3,089,091	)
Class I		—			(21,249,823	)
Class R		—			(10,411	)
Class Z		—			(20,018	)
Total distributions		(233,130,129	)		(409,094,751	)
Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		467,497,336			2,382,049,551
Total increase (decrease) in net assets		(102,317,921	)		3,165,480,157
Net Assets:
Beginning of period		8,882,436,990			5,716,956,833
End of period	$	8,780,119,069		$	8,882,436,990

See accompanying notes to financial statements.

30

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)

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

	Class A
	For the Six Months Ended June 30, 2020			For the Year Ended December 31,
Per Share Operating Data:				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.26			$12.75			$14.14			$13.41			$13.57			$13.56
Income (loss) from investment operations:
Net investment income (loss)a		0.27			0.59			0.59			0.60			0.62			0.65
Net realized and unrealized gain (loss)		(0.82	)		1.63			(1.27	)		0.86			(0.05	)		0.12
Total from investment operations		(0.55	)		2.22			(0.68	)		1.46			0.57			0.77
Less dividends and distributions to shareholders from:
Net investment income		(0.36	)		(0.60	)		(0.65	)		(0.65	)		(0.62	)		(0.64	)
Net realized gain		—			(0.06	)		(0.04	)		(0.08	)		(0.10	)		(0.06	)
Tax return of capital		—			(0.05	)		(0.02	)		—			(0.01	)		(0.06	)
Total dividends and distributions to shareholders		(0.36	)		(0.71	)		(0.71	)		(0.73	)		(0.73	)		(0.76	)
Net increase (decrease) in net asset value		(0.91	)		1.51			(1.39	)		0.73			(0.16	)		0.01
Net asset value, end of period		$13.35			$14.26			$12.75			$14.14			$13.41			$13.57
Total returnb,c		–3.86	%d		17.75	%		–4.96	%		11.04	%		4.23	%		5.78	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$832.6			$888.8			$661.8			$981.8			$926.0			$779.4
Ratios to average daily net assets:
Expenses (before expense reduction)		1.14	%e		1.14	%		1.15	%		1.16	%		1.18	%		1.19	%
Expenses (net of expense reduction)		1.14	%e		1.14	%		1.15	%		1.16	%		1.18	%		1.17	%
Net investment income (loss) (before expense reduction)		4.03	%e		4.29	%		4.31	%		4.24	%		4.56	%		4.75	%
Net investment income (loss) (net of expense reduction)		4.03	%e		4.29	%		4.31	%		4.24	%		4.56	%		4.77	%
Portfolio turnover rate		33	%d		47	%		51	%		36	%		51	%		46	%

^a  Calculation based on average shares outstanding.

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

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

^d  Not annualized.

^e  Annualized.

See accompanying notes to financial statements.

31

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class C
	For the Six Months Ended June 30, 2020			For the Year Ended December 31,
Per Share Operating Data:				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.17			$12.68			$14.06			$13.34			$13.50			$13.49
Income (loss) from investment operations:
Net investment income (loss)a		0.23			0.50			0.50			0.50			0.53			0.56
Net realized and unrealized gain (loss)		(0.82	)		1.61			(1.26	)		0.85			(0.05	)		0.12
Total from investment operations		(0.59	)		2.11			(0.76	)		1.35			0.48			0.68
Less dividends and distributions to shareholders from:
Net investment income		(0.31	)		(0.51	)		(0.56	)		(0.55	)		(0.53	)		(0.55	)
Net realized gain		—			(0.06	)		(0.04	)		(0.08	)		(0.10	)		(0.06	)
Tax return of capital		—			(0.05	)		(0.02	)		—			(0.01	)		(0.06	)
Total dividends and distributions to shareholders		(0.31	)		(0.62	)		(0.62	)		(0.63	)		(0.64	)		(0.67	)
Net increase (decrease) in net asset value		(0.90	)		1.49			(1.38	)		0.72			(0.16	)		0.01
Net asset value, end of period		$13.27			$14.17			$12.68			$14.06			$13.34			$13.50
Total returnb,c		–4.13	%d		16.93	%		–5.54	%		10.30	%		3.60	%		5.09	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$652.0			$702.7			$650.9			$838.1			$857.0			$683.5
Ratios to average daily net assets:
Expenses (before expense reduction)		1.79	%e		1.79	%		1.80	%		1.81	%		1.83	%		1.84	%
Expenses (net of expense reduction)		1.79	%e		1.79	%		1.80	%		1.81	%		1.83	%		1.82	%
Net investment income (loss) (before expense reduction)		3.38	%e		3.64	%		3.68	%		3.59	%		3.91	%		4.08	%
Net investment income (loss) (net of expense reduction)		3.38	%e		3.64	%		3.68	%		3.59	%		3.91	%		4.10	%
Portfolio turnover rate		33	%d		47	%		51	%		36	%		51	%		46	%

^a  Calculation based on average shares outstanding.

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

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

^d  Not annualized.

^e  Annualized.

See accompanying notes to financial statements.

32

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class F
	For the Six Months Ended June 30,  2020			For the Year Ended December 31,						For the Period April 3,  2017a through December 31, 2017
Per Share Operating Data:				2019			2018
Net asset value, beginning of period		$14.28			$12.77			$14.16			$13.82
Income (loss) from investment operations:
Net investment income (loss)b		0.30			0.64			0.64			0.53
Net realized and unrealized gain (loss)		(0.82	)		1.63			(1.27	)		0.40
Total from investment operations		(0.52	)		2.27			(0.63	)		0.93
Less dividends and distributions to shareholders from:
Net investment income		(0.38	)		(0.65	)		(0.70	)		(0.51	)
Net realized gain		—			(0.06	)		(0.04	)		(0.08	)
Tax return of capital		—			(0.05	)		(0.02	)		—
Total dividends and distributions to shareholders		(0.38	)		(0.76	)		(0.76	)		(0.59	)
Net increase (decrease) in net asset value		(0.90	)		1.51			(1.39	)		0.34
Net asset value, end of period		$13.38			$14.28			$12.77			$14.16
Total investment returnc		–3.62	%d		18.12	%		–4.62	%		6.79	%d
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$1,259.9			$888.2			$560.0			$616.5
Ratios to average daily net assets:
Expenses (before expense reduction)		0.79	%e		0.79	%		0.80	%		0.81	%e
Expenses (net of expense reduction)		0.79	%e		0.79	%		0.80	%		0.81	%e
Net investment income (loss) (before expense reduction)		4.46	%e		4.64	%		4.71	%		5.20	%e
Net investment income (loss) (net of expense reduction)		4.46	%e		4.64	%		4.71	%		5.20	%e
Portfolio turnover rate		33	%d		47	%		51	%		36	%d

^a  Inception date.

^b  Calculation based on average shares outstanding.

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

^d  Not annualized.

^e  Annualized.

See accompanying notes to financial statements.

33

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class I
	For the Six Months Ended June 30, 2020			For the Year Ended December 31,
Per Share Operating Data:				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.29			$12.78			$14.17			$13.44			$13.60			$13.58
Income (loss) from investment operations:
Net investment income (loss)a		0.29			0.63			0.63			0.64			0.67			0.70
Net realized and unrealized gain (loss)		(0.81	)		1.63			(1.27	)		0.86			(0.06	)		0.12
Total from investment operations		(0.52	)		2.26			(0.64	)		1.50			0.61			0.82
Less dividends and distributions to shareholders from:
Net investment income		(0.38	)		(0.64	)		(0.69	)		(0.69	)		(0.66	)		(0.68	)
Net realized gain		—			(0.06	)		(0.04	)		(0.08	)		(0.10	)		(0.06	)
Tax return of capital		—			(0.05	)		(0.02	)		—			(0.01	)		(0.06	)
Total dividends and distributions to shareholders		(0.38	)		(0.75	)		(0.75	)		(0.77	)		(0.77	)		(0.80	)
Net increase (decrease) in net asset value		(0.90	)		1.51			(1.39	)		0.73			(0.16	)		0.02
Net asset value, end of period		$13.39			$14.29			$12.78			$14.17			$13.44			$13.60
Total returnb		–3.64	%c		18.05	%		–4.66	%		11.37	%		4.58	%		6.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$6,009.2			$6,389.4			$3,840.0			$5,466.7			$4,525.8			$3,228.7
Ratios to average daily net assets:
Expenses (before expense reduction)		0.85	%d		0.85	%		0.86	%		0.87	%		0.88	%		0.88	%
Expenses (net of expense reduction)		0.85	%d		0.85	%		0.85	%		0.85	%		0.85	%		0.83	%
Net investment income (loss) (before expense reduction)		4.32	%d		4.59	%		4.61	%		4.53	%		4.86	%		5.07	%
Net investment income (loss) (net of expense reduction)		4.32	%d		4.60	%		4.62	%		4.55	%		4.89	%		5.12	%
Portfolio turnover rate		33	%c		47	%		51	%		36	%		51	%		46	%

^a  Calculation based on average shares outstanding.

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

^c  Not annualized.

^d  Annualized.

See accompanying notes to financial statements.

34

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class R
	For the Six Months  Ended June 30, 2020			For the Year Ended December 31,
Per Share Operating Data:				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.27			$12.77			$14.15			$13.42			$13.60			$13.58
Income (loss) from investment operations:
Net investment income (loss)a		0.26			0.57			0.57			0.57			0.62			0.64
Net realized and unrealized gain (loss)		(0.82	)		1.62			(1.26	)		0.86			(0.08	)		0.12
Total from investment operations		(0.56	)		2.19			(0.69	)		1.43			0.54			0.76
Less dividends and distributions to shareholders from:
Net investment income		(0.34	)		(0.58	)		(0.63	)		(0.62	)		(0.61	)		(0.62	)
Net realized gain		—			(0.06	)		(0.04	)		(0.08	)		(0.10	)		(0.06	)
Tax return of capital		—			(0.05	)		(0.02	)		—			(0.01	)		(0.06	)
Total dividends and distributions to shareholders		(0.34	)		(0.69	)		(0.69	)		(0.70	)		(0.72	)		(0.74	)
Net increase (decrease) in net asset value		(0.90	)		1.50			(1.38	)		0.73			(0.18	)		0.02
Net asset value, end of period		$13.37			$14.27			$12.77			$14.15			$13.42			$13.60
Total returnb		–3.87	%c		17.46	%		–5.03	%		10.86	%		4.00	%		5.67	%
Ratios/Supplemental Data:
Net assets, end of period (in 000s)		$2,254.9			$2,772.0			$2,320.8			$2,428.5			$4,094.7			$204.8
Ratios to average daily net assets:
Expenses (before expense reduction)		1.29	%d		1.29	%		1.30	%		1.31	%		1.33	%		1.34	%
Expenses (net of expense reduction)		1.29	%d		1.29	%		1.30	%		1.31	%		1.33	%		1.33	%
Net investment income (loss) (before expense reduction)		3.86	%d		4.15	%		4.22	%		4.09	%		4.49	%		4.73	%
Net investment income (loss) (net of expense reduction)		3.86	%d		4.15	%		4.22	%		4.09	%		4.49	%		4.74	%
Portfolio turnover rate		33	%c		47	%		51	%		36	%		51	%		46	%

^a  Calculation based on average shares outstanding.

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

^c  Not annualized.

^d  Annualized.

See accompanying notes to financial statements.

35

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	Class Z
	For the Six Months  Ended June 30, 2020			For the Year Ended December 31,
Per Share Operating Data:				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.29			$12.78			$14.16			$13.43			$13.59			$13.58
Income (loss) from investment operations:
Net investment income (loss)a		0.30			0.65			0.64			0.66			0.69			0.71
Net realized and unrealized gain (loss)		(0.82	)		1.62			(1.26	)		0.84			(0.08	)		0.10
Total from investment operations		(0.52	)		2.27			(0.62	)		1.50			0.61			0.81
Less dividends and distributions to shareholders from:
Net investment income		(0.38	)		(0.65	)		(0.70	)		(0.69	)		(0.66	)		(0.68	)
Net realized gain		—			(0.06	)		(0.04	)		(0.08	)		(0.10	)		(0.06	)
Tax return of capital		—			(0.05	)		(0.02	)		—			(0.01	)		(0.06	)
Total dividends and distributions to shareholders		(0.38	)		(0.76	)		(0.76	)		(0.77	)		(0.77	)		(0.80	)
Net increase (decrease) in net asset value		(0.90	)		1.51			(1.38	)		0.73			(0.16	)		0.01
Net asset value, end of period		$13.39			$14.29			$12.78			$14.16			$13.43			$13.59
Total returnb		–3.62	%c		18.11	%		–4.55	%		11.41	%		4.59	%		6.13	%
Ratios/Supplemental Data:
Net assets, end of period (in 000s)		$24,176.0			$10,582.9			$1,934.2			$862.2			$141.6			$32.4
Ratios to average daily net assets:
Expenses (before expense reduction)		0.79	%d		0.79	%		0.80	%		0.81	%		0.83	%		0.84	%
Expenses (net of expense reduction)		0.79	%d		0.79	%		0.80	%		0.81	%		0.83	%		0.83	%
Net investment income (loss) (before expense reduction)		4.55	%d		4.67	%		4.76	%		4.70	%		5.07	%		5.20	%
Net investment income (loss) (net of expense reduction)		4.55	%d		4.67	%		4.76	%		4.70	%		5.07	%		5.21	%
Portfolio turnover rate		33	%c		47	%		51	%		36	%		51	%		46	%

^a  Calculation based on average shares outstanding.

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

^c  Not annualized.

^d  Annualized.

See accompanying notes to financial statements.

36

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Preferred Securities and Income Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on February 22, 2010 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The Fund’s investment objective is to seek total return through high current income and capital appreciation. The authorized shares of the Fund are divided into six classes designated Class A, C, F, I, R and Z shares. Each of the Fund’s shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares).

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 Topic (ASC) 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

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

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

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to

37

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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

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

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

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

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

38

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

• 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 June 30, 2020 in valuing the Fund’s investments carried at value:

	Total			Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Preferred Securities—
$25 Par Value:
Electric	$	182,518,991		$	173,384,330	$	9,134,661		$	—
Other Industries		1,553,637,038			1,553,637,038		—			—
Preferred Securities—
Capital Securities		6,653,412,777			—		6,653,412,777			—
Corporate Bonds		84,817,850			—		84,817,850			—
Short-Term Investments		180,385,612			—		180,385,612			—
Total Investments in Securitiesa	$	8,654,772,268		$	1,727,021,368	$	6,927,750,900		$	—
Forward Foreign Currency Exchange Contracts	$	1,091,233		$	—	$	1,091,233		$	—
Total Derivative Assetsa	$	1,091,233		$	—	$	1,091,233		$	—
Forward Foreign Currency Exchange Contracts	$	(3,672,798	)	$	—	$	(3,672,798	)	$	—
Total Derivative Liabilitiesa	$	(3,672,798	)	$	—	$	(3,672,798	)	$	—

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

Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on 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 REITs are recorded as ordinary income, net realized capital gain or

39

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

return of capital based on information reported by the REITs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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

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.

40

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Options: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices, currencies 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 investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

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

At June 30, 2020, the Fund did not have any option contracts outstanding.

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

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 declared 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, 2020, the investment advisor considers it likely that a 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 December 31, 2020, the Fund’s fiscal year end.

41

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

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. Dividend and interest income from holdings in non-U.S. securities is 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 all open tax years and has concluded that as of June 30, 2020, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

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

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

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.70% of the average daily net assets of the Fund up to $8.5 billion and 0.65% of such assets in excess of $8.5 billion.

For the six months ended June 30, 2020, and through June 30, 2022, the investment advisor has contractually agreed to waive its fee and/or reimburse expenses so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 1.20% for Class A shares, 1.85% for Class C shares, 0.85% for Class F shares, 0.85% for Class I shares, 1.35% for Class R shares and 0.85% for Class Z shares. This contractual agreement can only be amended or terminated by agreement of the Fund’s Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund. For the six months ended June 30, 2020, fees waived and/or expenses reimbursed totaled $0.

Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.05% of the average daily net assets of the Fund. For the six months ended June 30, 2020, the Fund incurred $2,107,057 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.

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Distribution Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted an amended distribution and service plan (the plan) pursuant to Rule 12b-1 under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its shares. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares, up to 0.75% of the average daily net assets attributable to Class C shares and up to 0.50% of the average daily net assets attributable to Class R shares. In addition, with respect to Class R shares, such amounts may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.

There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on purchases of $1 million or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a maximum CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the six months ended June 30, 2020, the Fund has been advised that the distributor received $116,544, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $61,897 and $51,663 of CDSC relating to redemptions of Class A and Class C shares, respectively. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.

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

Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to directors and officers affiliated with the investment advisor except for the Chief Compliance Officer, who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $33,115 for the six months ended June 30, 2020.

Related Party Transactions: The Funds are permitted to effect purchase and sale transactions with affiliated funds under procedures adopted by the Fund’s Board of Directors. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price as prescribed in the procedures. Pursuant to these procedures, for the six months ended June 30, 2020, the Fund engaged in such transactions through purchases of $1,921,780 and sales of $10,657,917.

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Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2020, totaled $3,265,802,369 and $2,715,152,896, respectively.

Note 4. Derivative Instruments

The following tables present the value of derivatives held at June 30, 2020 and the effect of derivatives held during the six months ended June 30, 2020, along with the respective location in the financial statements.

Statement of Assets and Liabilities

	Assets			Liabilities
Derivatives	Location	Fair Value		Location	Fair Value
Foreign Exchange Risk:
Forward Foreign Currency Exchange Contractsa	Unrealized appreciation	$	1,091,233	Unrealized depreciation	$	3,672,798

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

Statement of Operations

Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Foreign Exchange Risk:
Forward Foreign Currency Exchange Contracts	Net Realized and Unrealized Gain (Loss)	$	10,403,544		$	6,366,611
Interest Rate Risk:
Purchased Option Contractsa	Net Realized and Unrealized Gain (Loss)		(2,323,338	)		—
Written Option Contracts	Net Realized and Unrealized Gain (Loss)		548,460			—

^a  Purchased options are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities.

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The following summarizes the volume of the Fund’s option contracts and forward foreign currency exchange contracts activity for the six months ended June 30, 2020:

	Purchased Option Contractsa,b		Written Option Contractsa,b		Forward Foreign Currency Exchange Contracts
Average Notional Amount	$	304,700,000	$	304,700,000	$	493,534,412

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

^b  Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month-end. For the period, this represents three months for both purchased and written option contracts.

Note 5. Income Tax Information

As of June 30, 2020, 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	$	8,646,613,135
Gross unrealized appreciation on investments	$	188,967,208
Gross unrealized depreciation on investments		(183,389,640	)
Net unrealized appreciation (depreciation) on investments	$	5,577,568

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Note 6. Capital Stock

The Fund is authorized to issue 2.2 billion shares of capital stock, at a par value of $0.001 per share, classified in six classes as follows: 200 million of Class A capital stock, 200 million of Class C capital stock, 200 million of Class F capital stock, 1.2 billion of Class I capital stock, 200 million of Class R capital stock and 200 million of Class Z capital stock. The Fund’s Board of Directors may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. With the exception of Class C shares held through certain intermediaries, as noted in the Fund’s prospectus, effective March 15, 2019, Class C shares automatically convert to Class A shares on a monthly basis approximately ten years after the original date of purchase. As described in a supplement dated August 13, 2020 to the Fund’s prospectus and statement of additional information, effective September 15, 2020, with the exception of Class C shares held through certain intermediaries, Class C shares will automatically convert into Class A shares on a monthly basis approximately eight years after the original date of purchase. Transactions in Fund shares were as follows:

	For the Six Months Ended June 30, 2020						For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class A:
Sold		12,385,964		$	166,462,404			22,988,835		$	316,935,470
Issued as reinvestment of dividends and distributions		1,339,873			17,914,182			2,308,673			31,821,109
Redeemed		(13,733,969	)		(178,279,351	)		(14,842,328	)		(204,133,088	)
Net increase (decrease)		(8,132	)	$	6,097,235			10,455,180		$	144,623,491
Class C:
Sold		4,263,276		$	57,305,148			7,591,658		$	104,130,543
Issued as reinvestment of dividends and distributions		751,084			9,976,311			1,477,449			20,202,214
Redeemed		(5,477,786	)		(71,537,917	)		(10,816,164	)		(147,589,208	)
Net increase (decrease)		(463,426	)	$	(4,256,458	)		(1,747,057	)	$	(23,256,451	)
Class F:
Sold		52,919,647		$	717,136,273			29,030,799		$	395,176,497
Issued as reinvestment of dividends and distributions		1,835,876			24,531,990			3,010,215			41,593,414
Redeemed		(22,802,172	)		(293,079,750	)		(13,695,789	)		(188,039,081	)
Net increase (decrease)		31,953,351		$	448,588,513			18,345,225		$	248,730,830

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	For the Six Months Ended June 30, 2020						For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Class I:
Sold		168,707,690		$	2,233,230,346			225,414,536		$	3,083,752,438
Issued as reinvestment of dividends and distributions		8,435,369			113,142,674			14,067,305			194,574,891
Redeemed		(175,390,380	)		(2,344,006,471	)		(92,815,048	)		(1,274,763,342	)
Net increase (decrease)		1,752,679		$	2,366,549			146,666,793		$	2,003,563,987
Class R:
Sold		17,786		$	242,484			43,940		$	600,766
Issued as reinvestment of dividends and distributions		4,600			61,711			9,520			131,125
Redeemed		(47,975	)		(636,652	)		(41,035	)		(565,070	)
Net increase (decrease)		(25,589	)	$	(332,457	)		12,425		$	166,821
Class Z:
Sold		1,790,399		$	24,338,634			936,954		$	13,102,945
Issued as reinvestment of dividends and distributions		32,975			440,028			17,333			242,203
Redeemed		(758,170	)		(9,744,708	)		(365,071	)		(5,124,275	)
Net increase (decrease)		1,065,204		$	15,033,954			589,216		$	8,220,873

Note 7. Other Risks

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

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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 under such circumstances. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below investment-grade securities. 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.

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.

Concentration Risk: Because the Fund invests at least 25% of its net 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.

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,

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which may further decrease the Fund’s ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

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

Foreign (Non-U.S.) and Emerging Market Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Currency Risk: Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies.

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.

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

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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.

Geopolitical Risk: Occurrence of global events similar to those in recent years, such as war, terrorist attacks, natural or environmental disasters, country instability, infectious disease epidemics, such as that caused by the COVID-19 virus, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

An outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 has resulted in, among other things, extreme volatility in the financial markets and severe losses, reduced liquidity of many instruments, significant travel restrictions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, service and event cancellations, reductions and other changes, strained healthcare systems, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has negatively affected the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Pandemics may also exacerbate other pre-existing political, social, economic, market and financial risks. The effects of the outbreak in developing or emerging market countries may be greater due to less established health care systems and supply chains. The COVID-19 pandemic and its effects may be short term or, particularly in the event of a “second wave” of infections, may result in a sustained economic downturn or a global recession, ongoing market volatility and/or decreased liquidity in the financial markets, exchange trading suspensions and closures, higher default rates, domestic and foreign political and social instability and damage to diplomatic and international trade relations. There are numerous potential vaccines in development, but the scalability and effectiveness of such vaccines are unknown. Even if an effective vaccine were to become readily available, the political, social, economic, market and financial risks of COVID-19 could persist for years to come. The foregoing could impair the Fund’s ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Fund’s service providers, adversely affect the value and liquidity of the Fund’s investments, and negatively impact the Fund’s performance and your investment in the Fund.

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On January 31, 2020, the United Kingdom (UK) withdrew from the European Union (EU) (referred to as Brexit), commencing a transition period. During this period, the UK will no longer be considered a member state of the EU, but will remain subject to EU law, regulations and maintain access to the EU single market while the UK and EU negotiate and agree on the nature of their future relationship. The transition period is expected to end December 31, 2020, subject to extension. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit, how negotiations of trade agreements will proceed, and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK’s economy, uncertainty about its legal, political and economic relationship with the remaining member states of the EU may continue to be a source of instability. In addition, if the UK and the EU are unable to agree on trade and/or other agreements by the end of the transition period, or a related extension, the economic impact resulting from Brexit may be more negative.

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

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

The SEC has proposed a new rule that would replace present SEC and SEC staff regulatory guidance related to limits on a registered investment company’s use of derivative instruments and certain other transactions, such as short sales and reverse repurchase agreements. There is no assurance that the rule will be adopted. The proposed rule would, among other things, limit the ability of the Fund to enter into derivative transactions and certain other transactions, which may substantially curtail the Fund’s ability to use derivative instruments as part of the Fund’s investment strategy and could ultimately prevent the Fund from being able to achieve its investment goals.

Large Shareholder Risk: The Fund may have one or more large shareholders or a group of shareholders investing in Fund shares indirectly through an account, platform or program sponsored by

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

LIBOR Risk: Many financial instruments are tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms, hedging strategies, or investment value. LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. In 2017 the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021.Alternatives to LIBOR are in development in many major financial markets. For example, the U.S. Federal Reserve has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, as a possible replacement for U.S. dollar LIBOR. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate (SONIA) in England. Other countries are introducing their own local-currency-denominated alternative reference rates for short-term lending and global consensus on alternative rates is lacking. It is likely that panel banks will cease reporting LIBOR as soon as they are able to, effectively phasing it out as of 2022; however, the LIBOR transition might be extended. The official sector appears resistant to adjusting deadlines but there may be more pressing demands on regulators and companies stemming from COVID-19. There remains uncertainty and risk regarding the willingness and ability of issuers and lenders to include enhanced provisions in new and existing contracts or instruments, the suitability of the proposed replacement rates, and the process for amending existing contracts and instruments remains unclear. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of, inaccurate valuations of, and miscalculations of payment amounts for LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, any alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021 and could extend into 2022 or beyond.

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

Note 8. 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.

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Note 9. Subsequent Events

Management has evaluated events and transactions occurring after June 30, 2020 through the date that the financial statements were issued, and had determined that no additional disclosure in the financial statements is required.

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OTHER INFORMATION

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

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

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

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Directors of the Fund, including a majority of the directors who are not parties to the Fund’s investment advisory agreement (the Advisory Agreement), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Advisory Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. The Advisory Agreement was discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 2, 2020 and at meetings of the full Board of Directors held on March 17, 2020 and June 9, 2020. The Independent Directors, in their capacity as the Contract Review Committee, also discussed the Advisory Agreement in executive session on June 8, 2020. At the meeting of the full Board of Directors on June 9, 2020, the Advisory Agreement was unanimously continued for a term ending June 30, 2021 by the Fund’s Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Advisory Agreement, the Board of Directors reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds and, collectively with the Fund, the Peer Group) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment advisor (the Investment Advisor); and a memorandum from Fund counsel outlining the legal duties of the Board of Directors. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment advisory personnel. In

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

addition, the Board of Directors considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund’s objective. The Board of Directors also considered information provided in response to a request for information submitted by counsel to the Independent Directors, as well as information provided in response to a supplemental request. Additionally, the Independent Directors noted that in connection with their considerations, that they had received information from the Investment Advisor about, and discussed with the Investment Advisor, the operations of its business continuity plan and related matters and the operations of third party service providers during the COVID-19 pandemic. In particular, the Board of Directors considered the following:

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

(ii) Investment performance of the Fund and the Investment Advisor: The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to a relevant benchmark and relevant linked blended benchmark during the period. The Board of Directors noted that the Fund outperformed the Peer Group median for the one-, three- and five-year periods ended March 31, 2020, ranking three out of six, two out of six and one out of five peers, respectively. The Board of Directors considered that the Fund underperformed the relevant benchmark and the linked blended benchmark for the one-, three- and five-year periods ended March 31, 2020. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors to and detractors from the Fund’s performance during the period, including the relevant implications of the continuing COVID-19 pandemic. The Board of Directors also considered supplemental information provided by the Investment Advisor, including a narrative summary of various factors affecting performance and the Investment Advisor’s performance in managing other funds and products investing in preferred securities. The Board of Directors determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Advisory Agreement.

(iii) Cost of the services to be provided and profits to be realized by the Investment Advisor from the relationship with the Fund: The Board of Directors considered the contractual and actual

55

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

management fees paid by the Fund as well as the Fund’s total expense ratio. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors noted that the Fund’s actual management fee is lower than the Peer Group median, ranking in the second quintile. The Board of Directors also noted that the Fund’s total expense ratio is slightly higher than the Peer Group median, ranking in the third quintile. The Board of Directors considered that the Investment Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to limit the overall operating expenses of the Fund. In light of all the considerations above, the Board of Directors concluded that the Fund’s current expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board of Directors considered the level of the Investment Advisor’s profits and whether the profits were reasonable for the Investment Advisor. The Board of Directors noted that the Investment Advisor has contractually agreed to waive a portion of its fee and/or reimburse expenses to limit the overall operating expenses of the Fund. The Board of Directors took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Advisor receives by allocating the Fund’s brokerage transactions. The Board of Directors further considered that the Investment Advisor continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board of Directors also considered the administrative services provided by the Investment Advisor and the associated administration fee paid to the Investment Advisor for such services under the Administration Agreement. The Board of Directors determined that the services received under the Administration Agreement are beneficial to the Fund. The Board of Directors concluded that the profits realized by the Investment Advisor from its relationship with the Fund were reasonable and consistent with the Investment Advisor’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 of Directors noted that the Fund’s advisory fee schedule contains a 0.05% breakpoint on assets under management over $8.5 billion; however the reduced fee is not currently applicable due to the size of the Fund. The Board of Directors also considered the Fund’s asset size and that the Investment Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses to limit the overall operating expenses of the Fund, and determined that there were not at this time significant economies of scale that were not being shared with shareholders. In considering economies of scale, the Board of Directors also noted, as discussed above in (iii), that the Investment Advisor continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board of Directors compared the fees paid under the Advisory Agreement to those under other investment advisory contracts of other investment advisors managing Peer Funds. The Board of Directors also compared the services rendered and fees paid under the Advisory Agreement to fees paid, including the ranges of such fees, under the Investment Advisor’s other fund advisory agreements and advisory contracts with institutional and other clients with similar investment mandates, noting that the Investment Advisor provides more services to the Fund than it does for

56

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

institutional or subadvised accounts. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board of Directors determined that on a comparative basis the fees under the Advisory Agreement were reasonable in relation to the services provided.

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

LIQUIDITY RISK MANAGEMENT PROGRAM

Pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule), the Fund has adopted and implemented a liquidity risk management program (the Program), effective June 1, 2019. The Liquidity Rule requires an open-end investment company to adopt a program that is reasonably designed to assess and manage its liquidity risk, which is the risk that an open-end fund investment company could not meet redemption requests without significant dilution of remaining investors’ interests in the open-end investment company. The Board has designated Cohen & Steers Capital Management, Inc. (the Investment Advisor) as the administrator of the Program. The Investment Advisor has delegated this responsibility to the Liquidity Risk Management Committee (the LRM Committee), which is comprised of representatives from various departments within the Investment Advisor. The Program includes policies and procedures reasonably designed to: (1) assess, manage, and periodically review the Fund’s liquidity risk; (2) classify the Fund’s portfolio investments as highly liquid, moderately liquid, less liquid, or illiquid; (3) determine a highly liquid investment minimum (HLIM) for the Fund or determine that one is not required; (4) limit the Fund’s illiquid investments to no more than 15% of its net assets; and (5) establish how and when the Fund will engage in in-kind redemptions.

The Board met on June 9, 2020 (the Meeting) to review the Program. At the Meeting, the LRM Committee provided the Board with a report that addressed the operation of the Program, including its implementation and effectiveness in assessing and managing the Fund’s liquidity risk (the Report). The Report covered the period from June 1, 2019 through March 31, 2020 (the Reporting Period).

The Report described the LRM Committee’s role in administering the Program, which complied with the Liquidity Rule requirements for assessing, managing and reviewing the Fund’s liquidity risk through the LRM Committee’s daily monitoring and quarterly analysis of liquidity parameters which include historical net redemption activity and consideration of the Fund’s shareholder ownership concentration, as applicable. The Report noted that the Fund’s investments are categorized into one of four liquidity buckets: highly liquid, moderately liquid, less liquid and illiquid. Liquidity classifications take into account a variety of market, trading, and investment factors, including the Fund’s reasonably anticipated trade size. The Investment Advisor has engaged a third-party vendor to assist with the classification of portfolio investments. The Report also described the LRM Committee’s determination that the Fund is a primarily highly liquid fund under the Liquidity Rule and is not required to set a HLIM.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

The Report noted that there were no liquidity events during the Reporting Period that materially impacted the Fund’s ability to timely meet redemptions without significantly diluting remaining shareholders’ interests. The Report concluded that the Program is operating as intended, effective in implementing the requirements of the Liquidity Rule and reasonably designed to assess and manage the Fund’s liquidity risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Cohen & Steers Privacy Policy

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

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

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Cohen & Steers Privacy Policy—(Continued)

Who we are
Who is providing this notice?	Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan, LLC, Cohen & Steers UK Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open and Closed-End Funds (collectively, Cohen & Steers).
What we do
How does Cohen & Steers protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.
How does Cohen & Steers collect my personal information?	We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing 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.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

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

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

COHEN & STEERS REAL ESTATE SECURITIES FUND

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

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

COHEN & STEERS INSTITUTIONAL REALTY SHARES

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

• Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

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

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

COHEN & STEERS INTERNATIONAL REALTY FUND

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

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

COHEN & STEERS REAL ASSETS FUND

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

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

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

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

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

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

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

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

COHEN & STEERS MLP & ENERGY OPPORTUNITY FUND

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

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

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

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

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

COHEN & STEERS ALTERNATIVE INCOME FUND

(FORMERLY COHEN & STEERS DIVIDEND VALUE FUND)

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

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

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. 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.

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COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

OFFICERS AND DIRECTORS

Robert H. Steers

Director and Chairman

Joseph M. Harvey

Director and Vice President

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

C. Edward Ward, Jr.

Director

Adam M. Derechin

President and Chief Executive Officer

James Giallanza

Chief Financial Officer

Dana A. DeVivo

Secretary and Chief Legal Officer

Albert Laskaj

Treasurer

Stephen Murphy

Chief Compliance Officer

and Vice President

William F. Scapell

Vice President

Elaine Zaharis-Nikas

Vice President

KEY INFORMATION

Investment Advisor and Administrator

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, NY 10017

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

P.O. Box 219953

Kansas City, MO 64121-9953

(800) 437-9912

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Distributor

Cohen & Steers Securities, LLC

280 Park Avenue

New York, NY 10017

NASDAQ Symbol:	Class A—CPXAX
	Class C—CPXCX
	Class F—CPXFX
	Class I—CPXIX
	Class R—CPRRX
	Class Z—CPXZX

Website: cohenandsteers.com

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

62

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Cohen & Steers

Preferred

Securities and

Income Fund

Semiannual Report June 30, 2020

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

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

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

CPXAXSAR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

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

Not applicable.

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

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial officer as required by 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 PREFERRED SECURITIES AND INCOME FUND, INC.

By:	/s/ Adam M. Derechin
	Name:   Adam M. Derechin Title:    Principal Executive Officer                 (President and Chief Executive Officer)
Date:	September 3, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Adam M. Derechin
	Name:   Adam M. Derechin Title:    Principal Executive Officer                 (President and Chief Executive Officer)
By:	/s/ James Giallanza
	Name:   James Giallanza Title:    Principal Financial Officer                 (Chief Financial Officer)
Date: September 3, 2020

EX-99.CERT

EX-99.CERT

EXHIBIT 13 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

I, Adam M. Derechin, certify that:

1. I have reviewed this report on Form N-CSR of Cohen & Steers Preferred Securities and Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 3, 2020

/s/ Adam M. Derechin

Adam M. Derechin

Principal Executive Officer

(President and Chief Executive Officer)

EXHIBIT 13 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

I, James Giallanza, certify that:

1. I have reviewed this report on Form N-CSR of Cohen & Steers Preferred Securities and Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 3, 2020

/s/ James Giallanza

James Giallanza

Principal Financial Officer

(Chief Financial Officer)

EX-99.906CT

EX-99.906CERT

EXHIBIT 13 (b)

RULE 30a-2(b) CERTIFICATIONS

In connection with the Report of Cohen & Steers Preferred Securities and Income Fund, Inc. (the “Company”) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Adam M. Derechin, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Adam M. Derechin

Adam M. Derechin

Principal Executive Officer

(President and Chief Executive Officer)

Date: September 3, 2020

EXHIBIT 13 (b)

RULE 30a-2(b) CERTIFICATIONS

In connection with the Report of Cohen & Steers Preferred Securities and Income Fund, Inc. (the “Company”) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James Giallanza

James Giallanza

Principal Financial Officer

(Chief Financial Officer)

Date: September 3, 2020