NPORT-EX 2 NPORT_4X8Q_91071292_0123.htm DOS

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS

January 31, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

PREFERRED SECURITIES—$25 PAR VALUE

      32.8 %      

BANKS

      4.0 %      

Citigroup, Inc., 6.875% to 11/15/23, Series K(a),(b),(c)

 

     217,434      $ 5,544,567  

Dime Community Bancshares, Inc., 5.50%(c)

 

     21,921        475,686  

Fifth Third Bancorp, 6.00%, Class B(c)

 

     60,530        1,512,645  

First Horizon Corp., 6.50%(a),(c)

 

     330,219        8,420,584  

First Republic Bank/CA, 4.50%, Series N(a),(c)

 

     70,000        1,389,500  

Fulton Financial Corp., 5.125%, Series A(a),(c)

 

     3,100        65,565  

PacWest Bancorp, 7.75% to 9/1/27, Series A(b),(c)

 

     143,972        3,725,995  

Regions Financial Corp., 5.70% to 5/15/29, Series C(a),(b),(c)

 

     136,304        3,389,880  

Signature Bank/New York NY, 5.00%, Series a(a),(c)

 

     193,054        3,660,304  

Texas Capital Bancshares, Inc., 5.75%, Series B(a),(c)

 

     230,425        5,230,647  

Washington Federal, Inc., 4.875%, Series A(a),(c)

 

     228,513        4,636,529  

Wells Fargo & Co., 6.625% to 3/15/24, Series R(a),(b),(c)

 

     120,000        3,042,000  

Wells Fargo & Co., 4.75%, Series Z(a),(c)

 

     246,369        5,230,414  

Western Alliance Bancorp, 4.25% to 9/30/26, Series A(a),(b),(c)

 

     82,542        1,772,177  
       

 

 

  
               48,096,493  
       

 

 

  

ELECTRIC

      3.8 %      

CMS Energy Corp., 5.875%, due 10/15/78(a)

 

     80,000        1,990,400  

SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)(a),(b),(c)

 

     462,414        10,279,463  

SCE Trust VI, 5.00% (TruPS)(a),(c)

 

     385,394        8,008,487  

WESCO International, Inc., 10.625% to 6/22/25, Series A(b),(c)

 

     941,912        25,620,007  
       

 

 

  
          45,898,357  
       

 

 

  

ELECTRIC—FOREIGN

      0.5 %      

BIP Bermuda Holdings I Ltd., 5.125% (Canada)(a),(c)

 

     60,526        1,243,204  

Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)(a)

 

     214,600        4,322,044  
       

 

 

  
          5,565,248  
       

 

 

  

ENERGY—FOREIGN

      0.2 %      

TC Energy Corp., 3.762% to 10/30/24, Series 9 (Canada)(a),(b),(c)

 

     200,000        2,405,021  
       

 

 

  

FINANCIAL

      7.2 %      

DIVERSIFIED FINANCIAL SERVICES

      4.0 %      

Apollo Asset Management, Inc., 6.375%, Series A(a),(c)

 

     342,205        8,640,676  

Apollo Asset Management, Inc., 6.375%, Series B(a),(c)

 

     157,225        3,985,654  

Federal Agricultural Mortgage Corp., 4.875%, Series G(c)

 

     410,836        8,533,064  

Oaktree Capital Group LLC, 6.625%, Series A(a),(c)

 

     304,143        7,272,059  

Oaktree Capital Group LLC, 6.55%, Series B(a),(c)

 

     697,421        16,717,181  

 

1

 

 

                                                                       
                          Shares      Value  

Synchrony Financial, 5.625%, Series A(a),(c)

 

     122,206      $ 2,420,901  
       

 

 

  
          47,569,535  
       

 

 

  

INVESTMENT BANKER/BROKER

      3.2 %      

Charles Schwab Corp./The, 5.95%, Series D(a),(c)

 

     109,140        2,744,871  

Morgan Stanley, 6.875% to 1/15/24, Series F(a),(b),(c)

 

     715,397        18,042,312  

Morgan Stanley, 6.375% to 10/15/24, Series I(a),(b),(c)

 

     289,449        7,398,317  

Morgan Stanley, 5.85% to 4/15/27, Series K(a),(b),(c)

 

     99,996        2,514,899  

Morgan Stanley, 6.50%, Series P(a),(c)

 

     323,478        8,423,367  
       

 

 

  
          39,123,766  
       

 

 

  

TOTAL FINANCIAL

           86,693,301  
       

 

 

  

INDUSTRIALS—CHEMICALS

      0.9 %      

CHS, Inc., 7.50%, Series 4(c)

 

     417,538        10,764,130  
       

 

 

  

INSURANCE

      8.8 %      

LIFE/HEALTH INSURANCE

      6.1 %      

Athene Holding Ltd., 6.35% to 6/30/29, Series A(a),(b),(c)

 

     393,502        10,022,496  

Athene Holding Ltd., 6.375% to 6/30/25, Series C(a),(b),(c)

 

     516,566        13,198,261  

Athene Holding Ltd., 4.875%, Series D(a),(c)

 

     243,569        4,873,816  

Athene Holding Ltd., 7.75% to 12/30/27, Series E(a),(b),(c)

 

     357,979        9,447,066  

Brighthouse Financial, Inc., 5.375%, Series C(a),(c)

 

     662,200        13,442,660  

CNO Financial Group, Inc., 5.125%, due 11/25/60(a)

 

     51,283        932,325  

Equitable Holdings, Inc., 5.25%, Series A(a),(c)

 

     213,915        4,838,757  

Lincoln National Corp., 9.00%, Series D(a),(c)

 

     465,984        13,397,040  

Prudential Financial, Inc., 5.95%, due 9/1/62(a)

 

     140,600        3,585,300  
       

 

 

  
               73,737,721  
       

 

 

  

MULTI-LINE

      0.3 %      

Kemper Corp., 5.875% to 3/15/27, due 3/15/62(a),(b)

 

     164,250        3,758,040  
       

 

 

  

PROPERTY CASUALTY

      0.8 %      

Assurant, Inc., 5.25%, due 1/15/61(a)

 

     75,306        1,726,014  

Enstar Group Ltd., 7.00% to 9/1/28, Series D(a),(b),(c)

 

     351,514        8,446,881  
       

 

 

  
          10,172,895  
       

 

 

  

REINSURANCE

      1.1 %      

Arch Capital Group Ltd., 5.45%, Series F(a),(c)

 

     125,765        3,032,194  

Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52(a),(b)

 

     363,200        9,675,648  
       

 

 

  
          12,707,842  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

REINSURANCE—FOREIGN

      0.5 %      

SiriusPoint Ltd., 8.00% to 2/26/26, Series B (Bermuda)(b),(c)

 

     228,000      $ 5,592,840  
       

 

 

  

TOTAL INSURANCE

           105,969,338  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      1.7 %      

Telephone and Data Systems, Inc., 6.625%, Series UU(a),(c)

 

     244,943        4,739,647  

Telephone and Data Systems, Inc., 6.00%, Series VV(a),(c)

 

     392,182        6,792,592  

United States Cellular Corp., 5.50%, due 3/1/70(a)

 

     247,168        4,584,967  

United States Cellular Corp., 5.50%, due 6/1/70(a)

 

     230,835        4,318,923  
       

 

 

  
          20,436,129  
       

 

 

  

PIPELINES

      1.7 %      

Energy Transfer LP, 7.625% to 8/15/23, Series D(a),(b),(c)

 

     209,117        5,058,540  

Energy Transfer LP, 7.60% to 5/15/24, Series E(a),(b),(c)

 

     611,093        14,666,232  
       

 

 

  
               19,724,772  
       

 

 

  

PIPELINES—FOREIGN

      0.5 %      

Enbridge, Inc., 5.949% to 6/1/23, Series 1 (Canada)(a),(b),(c)

 

     100,000        2,247,000  

Enbridge, Inc., 2.983% to 9/1/25, Series 15 (Canada)(a),(b),(c)

 

     300,000        3,506,069  

Enbridge, Inc., 4.449% to 3/1/24, Series 7 (Canada)(a),(b),(c)

 

     55,500        692,837  
       

 

 

  
          6,445,906  
       

 

 

  

REAL ESTATE

      2.4 %      

DATA CENTERS

      0.7 %      

DigitalBridge Group, Inc., 7.125%, Series H(c)

 

     208,835        4,690,434  

DigitalBridge Group, Inc., 7.125%, Series J(c)

 

     162,502        3,615,670  
       

 

 

  
          8,306,104  
       

 

 

  

HOTEL

      0.5 %      

Chatham Lodging Trust, 6.625%, Series A(c)

 

     85,000        1,945,650  

Pebblebrook Hotel Trust, 6.375%, Series G(c)

 

     216,552        4,567,082  
       

 

 

  
          6,512,732  
       

 

 

  

OFFICE

      1.2 %      

Arbor Realty Trust, Inc., 6.375%, Series D(c)

 

     175,000        3,571,750  

Brookfield Property Preferred LP, 6.25%, due 7/26/81(a)

 

     450,000        8,563,500  

Vornado Realty Trust, 5.25%, Series N(a),(c)

 

     101,180        1,838,440  
       

 

 

  
          13,973,690  
       

 

 

  

TOTAL REAL ESTATE

           28,792,526  
       

 

 

  

 

3

 

 

                                                                       
                          Shares     Value  

UTILITIES

      1.1 %     

ELECTRIC—FOREIGN

      0.6 %     

Brookfield BRP Holdings Canada, Inc., 4.625%, due 4/30/26 (Canada)(a)

 

     208,034     $ 3,696,764  

Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a),(c)

 

     168,056       3,082,147  
      

 

 

  
         6,778,911  
      

 

 

  

GAS—DISTRIBUTION

      0.5 %     

NiSource, Inc., 6.50% to 3/15/24, Series B(a),(b),(c)

 

     240,043       6,128,298  
      

 

 

  

TOTAL UTILITIES

               12,907,209  
      

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$437,398,083)

 

       393,698,430  
      

 

 

  
           Principal
Amount		        

PREFERRED SECURITIES—CAPITAL SECURITIES

      118.0 %     

BANKS

      40.1 %     

Ally Financial, Inc., 4.70% to 5/15/28, Series C(b),(c)

 

   $   13,580,000       10,456,600  

Bank of America Corp., 5.875% to 3/15/28, Series FF(a),(b),(c)

 

     12,511,000       11,994,921  

Bank of America Corp., 6.10% to 3/17/25, Series AA(a),(b),(c)

 

     32,500,000       32,594,250  

Bank of America Corp., 6.125% to 4/27/27, Series TT(a),(b),(c)

 

     4,400,000       4,415,400  

Bank of America Corp., 6.25% to 9/5/24, Series X(a),(b),(c)

 

     28,520,000       28,573,618  

Bank of America Corp., 6.30% to 3/10/26, Series DD(a),(b),(c)

 

     3,585,000       3,644,870  

Bank of America Corp., 6.50% to 10/23/24, Series Z(a),(b),(c)

 

     9,223,000       9,291,822  

Capital One Financial Corp., 3.95% to 9/1/26, Series M(b),(c)

 

     1,631,000       1,419,685  

Citigroup, Inc., 3.875% to 2/18/26, Series X(b),(c)

 

     4,370,000       4,000,298  

Citigroup, Inc., 4.00% to 12/10/25, Series W(b),(c)

 

     2,919,000       2,707,785  

Citigroup, Inc., 4.15% to 11/15/26, Series Y(b),(c)

 

     1,685,000       1,503,863  

Citigroup, Inc., 5.95% to 5/15/25, Series P(b),(c)

 

     22,150,000       21,613,401  

Citigroup, Inc., 6.25% to 8/15/26, Series T(b),(c)

 

     26,476,000       26,715,343  

Citigroup, Inc., 8.87% (3 Month US LIBOR + 4.068%), Series A (FRN)(c),(d)

 

     27,331,000       27,617,976  

Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(b),(c)

 

     10,664,000       10,557,147  

Citizens Financial Group, Inc., 6.375% to 4/6/24, Series C(b),(c)

 

     1,415,000       1,362,504  

CoBank ACB, 6.45% to 10/1/27, Series K(a),(b),(c)

 

     6,590,000       6,670,040  

Comerica, Inc., 5.625% to 7/1/25, Series A(b),(c)

 

     9,060,000       8,904,492  

Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A(b),(c),(e)

 

      7,000 †      700,438  

Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(b),(c)

 

     4,684,000       4,084,916  

Goldman Sachs Group, Inc./The, 4.125% to 11/10/26, Series V(b),(c)

 

     2,132,000       1,899,034  

 

4

 

 

                                                                       
                          Principal
Amount		      Value  

Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(b),(c)

 

   $ 7,097,000      $ 7,052,644  

Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(b),(c)

 

     7,141,000        7,049,601  

JPMorgan Chase & Co., 6.00% to 8/1/23, Series R(a),(b),(c)

 

     2,331,000        2,328,086  

JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a),(b),(c)

 

     6,200,000        6,188,375  

JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a),(b),(c)

 

       14,592,000        14,737,920  

JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a),(b),(c)

 

     46,075,000        46,568,233  

M&T Bank Corp., 6.45% to 2/15/24, Series E(b),(c)

 

     9,864,000        9,857,668  

PNC Financial Services Group, Inc./The, 6.00% to 5/15/27, Series U(a),(b),(c)

 

     2,502,000        2,495,495  

PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series V(a),(b),(c)

 

     12,150,000             12,184,020  

PNC Financial Services Group, Inc./The, 8.492% (3 Month US LIBOR + 3.678%), Series O (FRN)(a),(c),(d)

 

     36,347,000        36,440,460  

Regions Financial Corp., 5.75% to 6/15/25, Series D(b),(c)

 

     10,429,000        10,385,062  

SVB Financial Group, 4.00% to 5/15/26, Series C(b),(c)

 

     11,130,000        8,924,797  

SVB Financial Group, 4.25% to 11/15/26, Series D(b),(c)

 

     11,350,000        9,090,215  

SVB Financial Group, 4.70% to 11/15/31, Series E(b),(c)

 

     6,030,000        4,643,100  

Truist Financial Corp., 4.80% to 9/1/24, Series N(a),(b),(c)

 

     4,000,000        3,842,860  

Truist Financial Corp., 4.95% to 9/1/25, Series P(a),(b),(c)

 

     9,950,000        9,875,375  

Truist Financial Corp., 5.10% to 3/1/30, Series Q(a),(b),(c)

 

     10,787,000        10,506,505  

Truist Financial Corp., 5.125% to 12/15/27, Series M(a),(b),(c)

 

     2,239,000        2,026,071  

US Bancorp, 3.70% to 1/15/27, Series N(a),(b),(c)

 

     6,495,000        5,691,244  

Wells Fargo & Co., 3.90% to 3/15/26, Series BB(b),(c)

 

     20,850,000        19,234,125  

Wells Fargo & Co., 5.875% to 6/15/25, Series U(b),(c)

 

     32,785,000        32,709,594  
       

 

 

  
          482,559,853  
       

 

 

  

BANKS—FOREIGN

      28.6 %      

Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(b),(c),(f),(g)

 

     4,000,000        4,006,127  

Abanca Corp. Bancaria SA, 7.50% to 10/2/23 (Spain)(b),(c),(f),(g)

 

     3,600,000        3,893,644  

Banco BPM SpA, 7.00% to 4/12/27 (Italy)(b),(c),(f),(g)

 

     1,800,000        1,812,131  

Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(b),(c),(f),(g)

 

     800,000        799,089  

Banco de Sabadell SA, 9.375% to 7/18/28, (Spain)(c),(f),(g)

 

     4,000,000        4,532,873  

Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32, 144A
(Mexico)(b),(c),(e),(g)

 

     1,000,000        884,307  

Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(b),(c),(f),(g)

 

     8,675,000        9,432,632  

Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82 (Canada)(a),(b)

 

     16,800,000        17,899,900  

Barclays Bank PLC, 6.278% to 12/15/34 (United Kingdom)(b),(c)

 

     6,720,000        6,703,499  

Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a),(b),(c),(g)

 

     2,000,000        1,912,480  

 

5

 

 

                                                                       
                         Principal
Amount		      Value  

Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(a),(b),(c),(g)

    $ 12,200,000      $ 12,184,750  

Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a),(b),(c),(g)

      19,200,000        19,327,680  

Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(b),(c),(f),(g)

      11,200,000        14,121,106  

BNP Paribas SA, 7.375% to 8/19/25, 144A (France)(b),(c),(e),(g)

      4,000,000        4,027,020  

BNP Paribas SA, 7.375% to 6/11/30 (France)(b),(c),(f),(g)

      1,600,000        1,783,753  

BNP Paribas SA, 7.75% to 8/16/29, 144A (France)(b),(c),(e),(g)

        23,000,000             23,862,500  

BNP Paribas SA, 9.25% to 11/17/27, 144A (France)(b),(c),(e),(g)

      7,000,000        7,619,500  

Commerzbank AG, 7.00% to 4/9/25 (Germany)(b),(c),(f),(g)

      5,000,000        4,936,055  

Credit Agricole SA, 4.75% to 3/23/29, 144A (France)(b),(c),(e),(g)

      1,000,000        852,900  

Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(a),(b),(c),(e),(g)

      5,400,000        5,347,725  

Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(a),(b),(c),(e),(g)

      7,800,000        7,815,600  

Credit Agricole SA, 8.125% to 12/23/25, 144A (France)(a),(b),(c),(e),(g)

      4,460,000        4,612,287  

Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)(a),(b),(c),(e),(g)

      4,800,000        3,900,000  

Credit Suisse Group AG, 7.25% to 9/12/25, 144A (Switzerland)(a),(b),(c),(e),(g)

      8,600,000        7,053,290  

Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(b),(c),(e),(g)

      17,000,000        15,780,370  

Credit Suisse Group AG, 9.75% to 6/23/27, 144A (Switzerland)(b),(c),(e),(g)

      9,400,000        9,141,500  

Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)(b),(c),(g)

      3,200,000        2,920,493  

Deutsche Bank AG, 7.50% to 4/30/25 (Germany)(b),(c),(g)

      8,000,000        7,735,040  

Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(b),(c),(f),(g)

      7,000,000        8,162,717  

HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A
(United Kingdom)(b),(c),(e)

      4,450,000        5,607,000  

ING Groep N.V., 4.875% to 5/16/29 (Netherlands)(b),(c),(f),(g)

      1,200,000        1,006,391  

ING Groep N.V., 6.75% to 4/16/24 (Netherlands)(b),(c),(f),(g)

      5,600,000        5,512,500  

Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)(b),(c),(e),(g)

      8,800,000        8,329,174  

Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(b),(c),(g)

      9,600,000        9,541,632  

Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(b),(c),(g)

      4,000,000        3,971,000  

Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a),(b),(c),(g)

      2,000,000        1,915,000  

Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(b),(c),(g)

      11,200,000        11,339,496  

Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a),(b),(c),(f),(g)

      3,800,000        3,806,365  

Societe Generale SA, 5.375% to 11/18/30, 144A (France)(b),(c),(e),(g)

      1,200,000        1,034,915  

 

6

 

 

                                                                       
                          Principal
Amount		      Value  

Societe Generale SA, 6.75% to 4/6/28, 144A (France)(b),(c),(e),(g)

 

   $ 6,800,000      $ 6,349,201  

Societe Generale SA, 7.875% to 12/18/23, 144A (France)(b),(c),(e),(g)

 

     13,294,000        13,260,765  

Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(b),(c),(f),(g)

 

     1,700,000        1,916,306  

Societe Generale SA, 8.00% to 9/29/25, 144A (France)(b),(c),(e),(g)

 

     4,400,000        4,457,750  

Societe Generale SA, 9.375% to 11/22/27, 144A (France)(b),(c),(e),(g)

 

     6,200,000        6,672,750  

Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a),(b),(c),(f),(g)

 

     3,400,000        2,925,935  

Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (Canada)(a),(b)

 

       11,975,000             12,738,406  

UBS Group AG, 6.875% to 8/7/25 (Switzerland)(b),(c),(f),(g)

 

     8,200,000        8,161,665  

UBS Group AG, 7.00% to 2/19/25 (Switzerland)(b),(c),(f),(g)

 

     4,400,000        4,446,750  

UBS Group AG, 7.00% to 1/31/24, 144A (Switzerland)(b),(c),(e),(g)

 

     6,200,000        6,176,564  

UniCredit SpA, 8.00% to 6/3/24 (Italy)(b),(c),(f),(g)

 

     8,570,000        8,489,656  

Virgin Money UK PLC, 8.25% to 6/17/27 (United Kingdom)(b),(c),(f),(g)

 

     2,800,000        3,217,065  
       

 

 

  
          343,937,254  
       

 

 

  

ELECTRIC

      3.3 %      

CenterPoint Energy, Inc., 6.125% to 9/1/23, Series A(b),(c)

 

     4,518,000        4,447,406  

Dominion Energy, Inc., 4.35% to 1/15/27, Series C(b),(c)

 

     16,338,000        14,704,200  

Duke Energy Corp., 4.875% to 9/16/24(b),(c)

 

     6,000,000        5,795,906  

NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82(a),(b)

 

     1,250,000        1,092,749  

Southern California Edison Co., 9.013% (3 Month US LIBOR + 4.199%), Series E (FRN)(c),(d)

 

     9,175,000        9,106,188  

Southern Co./The, 5.113%, due 8/1/27(a)

 

     3,920,000        3,990,477  
       

 

 

  
          39,136,926  
       

 

 

  

ELECTRIC—FOREIGN

      4.2 %      

Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)(b),(c),(f)

 

     7,600,000        8,055,784  

Electricite de France SA, 5.625% to 1/22/24, 144A (France)(a),(b),(c),(e)

 

     1,900,000        1,850,600  

Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)(b),(c),(f)

 

     13,400,000        15,391,112  

Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)(b),(c),(f)

 

     5,200,000        5,805,365  

 

7

 

 

                                                                       
                          Principal
Amount		      Value  

Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b)

 

   $ 19,575,000      $ 19,298,663  
       

 

 

  
          50,401,524  
       

 

 

  

FINANCIAL

      9.8 %      

CREDIT CARD

      2.1 %      

American Express Co., 3.55% to 9/15/26, Series D(b),(c)

 

     3,381,000        2,999,960  

Discover Financial Services, 5.50% to 10/30/27, Series C(b),(c)

 

     8,776,000        7,755,790  

Discover Financial Services, 6.125% to 6/23/25, Series D(b),(c)

 

       14,894,000        14,802,405  
       

 

 

  
               25,558,155  
       

 

 

  

DIVERSIFIED FINANCIAL SERVICES

      0.8 %      

Aircastle Ltd., 5.25% to 6/15/26, Series A, 144A(b),(c),(e)

 

     2,920,000        2,409,000  

Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51, 144A(b),(e)

 

     3,950,000        3,062,931  

ILFC E-Capital Trust II, 6.538% (30 Year CMT + 1.80%), due 12/21/65, 144A (FRN) (TruPS)(d),(e)

 

     5,352,000        3,580,986  
       

 

 

  
          9,052,917  
       

 

 

  

DIVERSIFIED FINANCIAL SERVICES—FOREIGN

      0.2 %      

Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a),(b),(c),(f),(g)

 

     2,400,000        2,400,005  
       

 

 

  

INVESTMENT BANKER/BROKER

      6.7 %      

Charles Schwab Corp./The, 4.00% to 12/1/30, Series H(a),(b),(c)

 

     6,235,000        5,371,453  

Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(a),(b),(c)

 

     29,848,000        27,539,257  

Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(a),(b),(c)

 

     47,630,000        47,496,636  
       

 

 

  
          80,407,346  
       

 

 

  

TOTAL FINANCIAL

           117,418,423  
       

 

 

  

FOOD

      0.4 %      

Land O’ Lakes, Inc., 7.00%, 144A(c),(e)

 

     3,600,000        3,189,690  

Land O’ Lakes, Inc., 7.25%, 144A(c),(e)

 

     1,600,000        1,424,000  
       

 

 

  
          4,613,690  
       

 

 

  

INSURANCE

      16.7 %      

FINANCE

      0.1 %      

Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51, 144A(b),(e)

 

     2,023,000        1,734,196  
       

 

 

  

LIFE/HEALTH INSURANCE

      6.8 %      

Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52, 144A(a),(b),(e)

 

     11,695,000        11,650,327  

Lincoln National Corp., 9.25% to 12/1/27, Series C(a),(b),(c)

 

     2,797,000        3,097,677  

 

8

 

 

                                                              
                          Principal
Amount		      Value  

MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)(a),(e)

 

   $ 2,500,000      $ 2,756,245  

MetLife, Inc., 9.25%, due 4/8/38, 144A(a),(e)

 

     2,500,000        3,022,163  

Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43(a),(b)

 

     27,666,000        27,561,284  

Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a),(b)

 

       13,134,000        13,119,105  

SBL Holdings, Inc., 6.50% to 11/13/26, 144A(b),(c),(e)

 

     8,120,000        6,242,656  

SBL Holdings, Inc., 7.00% to 5/13/25, 144A(b),(c),(e)

 

     7,813,000        6,486,169  

Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53(b)

 

     3,000,000        2,989,170  

Voya Financial, Inc., 6.125% to 9/15/23, Series A(b),(c)

 

     5,300,000        5,296,820  
       

 

 

  
            82,221,616  
       

 

 

  

LIFE/HEALTH INSURANCE—FOREIGN

      3.9 %      

Dai-ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24, 144A (Japan)(a),(b),(c),(e)

 

     2,000,000        1,979,244  

Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)(a),(b),(c),(f)

 

     14,830,000        14,856,694  

Kyobo Life Insurance Co., Ltd., 5.90% to 6/15/27, due 6/15/52, 144A
(South Korea)(b),(e)

 

     4,200,000        4,114,950  

La Mondiale SAM, 4.80% to 1/18/28, due 1/18/48 (France)(f)

 

     2,500,000        2,288,125  

La Mondiale SAM, 5.05% to 12/17/25 (France)(a),(b),(c),(f)

 

     2,000,000        2,172,017  

Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)(a),(b),(e)

 

     6,100,000        6,040,593  

Pension Insurance Corp. PLC, 7.375% to 7/25/29 (United Kingdom)(a),(b),(c),(g)

 

     6,032,000        7,090,935  

Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(a),(b),(c),(f),(g)

 

     4,000,000        3,770,044  

Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(a),(b),(c),(f),(g)

 

     5,800,000        4,921,155  
       

 

 

  
       47,233,757  
       

 

 

  

MULTI-LINE—FOREIGN

      0.7 %      

CNP Assurances, 5.25%, due 7/18/53 (France)(f)

 

     2,000,000        2,168,206  

UnipolSai Assicurazioni SpA, 5.75% to 6/18/24, Series EMTN (Italy)(b),(c),(f)

 

     5,869,000        6,362,939  
       

 

 

  
       8,531,145  
       

 

 

  

PROPERTY CASUALTY

      1.6 %      

Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(b)

 

     5,970,000        4,931,846  

Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(b)

 

     6,300,000        5,653,368  

 

9

 

 

                                                              
                          Principal
Amount		      Value  

Markel Corp., 6.00% to 6/1/25(b),(c)

 

   $ 8,007,000      $ 7,996,991  
       

 

 

  
          18,582,205  
       

 

 

  

PROPERTY CASUALTY—FOREIGN

      1.9 %      

Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)(b),(c),(f),(g)

 

     5,030,000        5,416,690  

Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(b),(f)

 

     8,000,000        6,666,968  

QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN
(Australia)(a),(b),(f)

 

     2,000,000        1,951,730  

QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)(a),(b),(c),(e)

 

     6,365,000        6,285,438  

Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)(b),(f)

 

     3,000,000        2,390,625  
       

 

 

  
            22,711,451  
       

 

 

  

REINSURANCE

      0.6 %      

Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51, 144A(b),(e)

 

     8,910,000        7,682,878  
       

 

 

  

REINSURANCE—FOREIGN

      1.1 %      

Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)(a),(b),(f)

 

       10,900,000        10,624,012  

Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A
(Switzerland)(a),(b),(e)

 

     2,000,000        1,941,164  
       

 

 

  
       12,565,176  
       

 

 

  

TOTAL INSURANCE

 

        201,262,424  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN

      2.3 %      

Telefonica Europe BV, 5.875% to 3/31/24 (Spain)(b),(c),(f)

 

     13,600,000        14,968,419  

Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(b),(c),(f)

 

     3,200,000        3,427,143  

Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(b)

 

     5,280,000        4,281,552  

Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(b)

 

     4,875,000        5,027,124  
       

 

 

  
       27,704,238  
       

 

 

  

OIL & GAS—FOREIGN

      1.6 %      

BP Capital Markets PLC, 3.625% to 3/22/29 (United Kingdom)(b),(c),(f)

 

     1,500,000        1,447,683  

BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(a),(b),(c)

 

     4,000,000        3,869,000  

 

10

 

 

                                                              
                          Principal
Amount		      Value  

BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)(a),(b),(c)

 

   $ 14,495,000      $ 13,580,003  
       

 

 

  
       18,896,686  
       

 

 

  

PIPELINES

      1.6 %      

Energy Transfer LP, 6.50% to 11/15/26, Series H(b),(c)

 

     6,600,000        6,206,508  

Energy Transfer LP, 7.125% to 5/15/30, Series G(b),(c)

 

     14,600,000        13,373,600  
       

 

 

  
            19,580,108  
       

 

 

  

PIPELINES—FOREIGN

      5.0 %      

Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)(a),(b)

 

     950,000        888,282  

Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(a),(b)

 

     21,030,000        19,953,054  

Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(a),(b)

 

     2,421,000        2,302,694  

Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(a),(b)

 

     8,605,000        8,196,691  

Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(a),(b)

 

     4,812,000        4,822,652  

Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(a),(b)

 

       10,208,000        10,537,649  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(a),(b)

 

     4,052,000        3,671,908  

Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(a),(b)

 

     8,885,000        7,963,181  

Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(a),(b)

 

     2,000,000        1,949,600  
       

 

 

  
       60,285,711  
       

 

 

  

REAL ESTATE—RETAIL—FOREIGN

      0.8 %      

Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80, 144A (Australia)(a),(b),(e)

 

     11,600,000        10,220,559  
       

 

 

  

UTILITIES

      3.6 %      

ELECTRIC

      1.8 %      

Edison International, 5.00% to 12/15/26, Series B(b),(c)

 

     5,197,000        4,633,593  

Sempra Energy, 4.125% to 1/1/27, due 4/1/52(a),(b)

 

     8,400,000        7,365,509  

Sempra Energy, 4.875% to 10/15/25(b),(c)

 

     9,555,000        9,196,688  
       

 

 

  
       21,195,790  
       

 

 

  

ELECTRIC—FOREIGN

      1.8 %      

Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(b)

 

     10,622,000        8,988,655  

 

11

 

 

                                                              
                          Principal
Amount		      Value  

Enel SpA, 6.375% to 4/16/28, Series EMTN (Italy)(a),(b),(c),(f)

      $ 2,000,000      $ 2,223,164  

Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)(a),(b),(c),(f)

        9,600,000        10,648,496  
       

 

 

  
          21,860,315  
       

 

 

  

TOTAL UTILITIES

                43,056,105  
       

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$1,501,079,493)

           1,419,073,501  
       

 

 

  

CORPORATE BONDS

      0.4 %      

ELECTRIC—FOREIGN

      0.3 %      

Enel Finance America LLC, 7.10%, due 10/14/27, 144A (Italy)(a),(e)

        2,000,000        2,144,954  

Enel Finance International NV, 7.50%, due 10/14/32, 144A (Italy)(a),(e)

        1,600,000        1,804,635  
       

 

 

  
          3,949,589  
       

 

 

  

INSURANCE

      0.1 %      

SBL Holdings, Inc., 5.00%, due 2/18/31, 144A(a),(e)

        720,000        599,509  
       

 

 

  

TOTAL CORPORATE BONDS
(Identified cost—$4,147,776)

           4,549,098  
       

 

 

  
           Shares         

SHORT-TERM INVESTMENTS

      4.1 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 4.18%(h)

          49,720,860        49,720,860  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$49,720,860)

           49,720,860  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$1,992,346,212)

      155.3 %         1,867,041,889  

LIABILITIES IN EXCESS OF OTHER ASSETS

      (55.3 )         (664,543,393 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $21.76 per share based on 55,273,457 shares of common stock outstanding)

      100.0 %       $ 1,202,498,496  
  

 

 

       

 

 

  

 

12

Centrally Cleared Interest Rate Swap Contracts

 

Notional

Amount

      Fixed
Rate
Payable		    Fixed
Payment
Frequency		    Floating
Rate
Receivable
(resets
monthly)		   Floating
Payment
Frequency		    Maturity Date    Value      Upfront
Receipts
(Payments)		     Unrealized
Appreciation
(Depreciation)		  
  $      125,000,000      0.270%    Monthly    4.486%(i)   Monthly    12/20/24    $ 9,422,975      $ —     $ 9,422,975  
  35,000,000      0.249%    Monthly    4.486%(i)   Monthly    12/20/24      2,656,272        (606 )      2,655,666  
  125,000,000      0.360%    Monthly    4.486%(i)   Monthly    12/20/25      12,257,253        —       12,257,253  
  35,000,000      0.349%    Monthly    4.486%(i)   Monthly    12/20/25      3,446,968        (1,589 )      3,445,379  
  160,000,000      0.464%    Monthly    4.486%(i)   Monthly    12/20/26      18,701,841        (2,874 )      18,698,967  
  70,000,000      0.930%    Monthly    4.454%(i)   Monthly    9/15/27      7,926,829        —       7,926,829  
  GBP  28,000,000      0.900%    Monthly    3.428%(j)   Monthly    9/15/27      3,942,324        —       3,942,324  
                

 

 

     

 

 

    

 

 

  
                 $ 58,354,462      $ (5,069 )    $ 58,349,393  
                

 

 

     

 

 

    

 

 

  

Forward Foreign Currency Exchange Contracts

 

Counterparty    Contracts to
Deliver		      In Exchange
For		      Settlement
Date		    Unrealized
Appreciation
(Depreciation)		  

Brown Brothers Harriman

    CAD      8,146,580      USD      6,013,918      2/2/23    $ (108,830 ) 

Brown Brothers Harriman

    CAD      452,980      USD      338,800      2/2/23      (1,648 ) 

Brown Brothers Harriman

    CAD      456,730      USD      342,005      2/2/23      (1,261 ) 

Brown Brothers Harriman

    EUR      65,272,786      USD      69,805,981      2/2/23      (1,155,349 ) 

Brown Brothers Harriman

    EUR      4,600,000      USD      4,946,794      2/2/23      (54,097 ) 

Brown Brothers Harriman

    GBP      4,087,676      USD      4,920,949      2/2/23      (118,541 ) 

Brown Brothers Harriman

    USD      300,074      CAD      400,826      2/2/23      1,176  

Brown Brothers Harriman

    USD      6,496,487      CAD      8,655,464      2/2/23      8,725  

Brown Brothers Harriman

    USD      75,912,590      EUR      69,872,786      2/2/23      49,632  

Brown Brothers Harriman

    USD      5,038,551      GBP      4,087,676      2/2/23      938  

Brown Brothers Harriman

    CAD      8,755,520      USD      6,572,276      3/2/23      (9,395 ) 

Brown Brothers Harriman

    EUR      72,552,799      USD      78,961,678      3/2/23      (57,267 ) 

Brown Brothers Harriman

    EUR      6,000,000      USD      6,526,800      3/2/23      (7,940 ) 

Brown Brothers Harriman

    EUR      14,000,000      USD      15,242,556      3/2/23      (5,170 ) 

Brown Brothers Harriman

    GBP      2,726,341      USD      3,362,328      3/2/23      (901 ) 
                 

 

 

  
                  $         (1,459,928 ) 
                 

 

 

  

 

13

 

 

Glossary of Portfolio Abbreviations

 

CAD    Canadian Dollar
CMT    Constant Maturity Treasury
EMTN    Euro Medium Term Note
EUR    Euro Currency
FRN    Floating Rate Note
GBP    Great British Pound
LIBOR    London Interbank Offered Rate
TruPS    Trust Preferred Securities
USD    United States Dollar

 

 

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

†

Represents shares.

(a)

All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $991,835,872 in aggregate has been pledged as collateral.

(b)

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

(c)

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

(d)

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

(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 $233,708,443 which represents 19.4% of the net assets of the Fund, of which 0.0% are illiquid.

(f)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $220,919,136 which represents 18.4% of the net assets of the Fund, of which 0.0% are illiquid.

(g)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $324,587,278 which represents 27.0% of the net assets of the Fund (17.2% of the managed assets of the Fund).

(h)

Rate quoted represents the annualized seven-day yield.

(i)

Based on 1-Month LIBOR. Represents rates in effect at January 31, 2023.

(j)

Based on 1-Month GBP SONIA. Represents rates in effect at January 31, 2023.

 

14

 

 

                       

Country Summary

    % of
Managed
Assets		  

United States

      61.4  

United Kingdom

      7.4  

Canada

      7.4  

France

      6.7  

Switzerland

      3.8  

Italy

      2.2  

Spain

      1.7  

Germany

      1.3  

Japan

      1.2  

Australia

      1.0  

Netherlands

      0.6  

Ireland

      0.5  

Other (includes short-term investments)

      4.8  
  

 

 

  
     100.0  
  

 

 

  

Information Classification: General

 

15

 

 

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse.

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 Trustees.

Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by the investment manager to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Trustees, to reflect the fair value of such securities.

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

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

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

Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Trustees. Circumstances in which market prices may be unavailable include,

 

 

 

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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

  •  

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

  •  

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

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

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

 

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

Preferred Securities—$25 Par Value

    $ 393,698,430      $ —     $ —      $ 393,698,430  

Preferred Securities—Capital Securities

      —        1,419,073,501       —        1,419,073,501  

Corporate Bonds

      —        4,549,098       —        4,549,098  

Short-Term Investments

      —        49,720,860       —        49,720,860  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 393,698,430      $ 1,473,343,459     $ —      $ 1,867,041,889  
  

 

 

     

 

 

    

 

 

     

 

 

  

Forward Foreign Currency Exchange Contracts

    $ —      $ 60,471     $ —      $ 60,471  

Interest Rate Swap Contracts

      —        58,349,393       —        58,349,393  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Derivative Assets(a)

    $ —      $ 58,409,864     $ —      $ 58,409,864  
  

 

 

     

 

 

    

 

 

     

 

 

  

Forward Foreign Currency Exchange Contracts

    $ —      $ (1,520,399 )    $ —      $ (1,520,399 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Derivative Liabilities(a)

    $ —      $ (1,520,399 )    $ —      $ (1,520,399 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

 

 

 

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Note 2. Derivative Investments

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked-to-market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

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

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

 

 

 

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

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

Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its revolving credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the revolving credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the revolving credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).

Immediately following execution of a swap agreement, the swap agreement will be novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement will become the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin will be designated on the Schedule of Investments and cash deposited will be recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps will be recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty, during the term of the swap agreement, or at termination, are recorded as realized gain (loss).

Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

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

 

                                                              
     Purchased
Option
Contracts(a),(b)		      Interest Rate
Swap
Contracts		      Forward
Foreign
Currency
Exchange
Contracts		  

Average Notional Amount

    $ 1,297,000      $ 583,556,948      $ 83,814,982  

 

(a)

Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month-end. For the period, this represents one month for purchased option contracts.

(b)

Notional amount for digital binary option contracts represents the nominal payout amount.