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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: 
811-23493          
Cohen & Steers
Tax-Advantaged
Preferred Securities and Income Fund
 
(Exact name of Registrant as specified in charter)
1166 Avenue of the Americas, 30th Floor, New York, NY 10036
 
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, New York 10036
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 
(212)
832-3232          
Date of fiscal year end: 
October 31          
Date of reporting period: 
April 30, 2024          
 
 
 

Item 1. Reports to Stockholders.
 
 
 

C
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 & S
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T
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P
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To Our Shareholders:
We would like to share with you our report for the six months ended April 30, 2024. The total returns for Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (the Fund) and its comparative benchmarks were:
 
   
Six Months Ended
April 30, 2024
 
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund
at Net Asset Value
(a
)
 
 
15.00
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund
at Market Value
(a)
 
 
15.13
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
(b)
 
 
13.41
Blended Benchmark—50% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index/35% ICE BofA U.S. IG Institutional Capital Securities Index/15% Bloomberg Developed Market USD Contingent Capital Index
(b)
 
 
12.13
Bloomberg U.S. Aggregate Bond Index
(b)
 
 
4.97
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.
The Fund expects to make regular monthly distributions at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.
 
 
(a
)
 
As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.
(b
)
 
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index contains all securities in the ICE BofA Fixed Rate Preferred Securities Index that are DRD (dividends received deduction) eligible, but caps issuer exposure at 7%. The ICE BofA U.S. IG Institutional Capital Securities Index tracks the performance of U.S. dollar denominated investment grade hybrid capital corporate and preferred securities publicly issued in the U.S. domestic market. The Bloomberg Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The Bloomberg U.S. Aggregate Bond Index is a broad market measure of the U.S. dollar-denominated investment-grade fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.
The comparative indexes are not adjusted to reflect expenses or other fees that the U.S. Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund’s performance assumes dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan.
 
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Market Review
Preferred securities had a strong total return in the six months ended April 30, 2024. Concerns of recession receded as the world’s major economies remained healthy during this period, driven by solid consumer spending. Headline U.S. inflation, which bottomed in mid-2023, remained stubbornly above 3%—and well above the Federal Reserve’s 2% target. However, interest rates, while volatile, ended the period modestly lower as investors debated the timing and magnitude of central bank interest rate cuts.
Credit spreads narrowed markedly, given the strength of the economy and investors’ search for income. Preferreds also benefited from strong call activity and limited new supply, which bolstered demand for existing issues. Consequently, preferred securities considerably outperformed other areas of fixed income.
Fund Performance
The Fund had a positive total return in the period and outperformed its blended benchmark on both a market price and net asset value basis.
The banking sector continued to rebound from the well-publicized bank failures that occurred in the first quarter of 2023, with concerns of contagion receding as fundamentals in the broader banking system remained healthy and resilient. Security selection in the banking sector, which accounted for roughly half of the portfolio’s assets, detracted from relative returns. This was partly due to underweight investments in certain well-performing floating-rate securities.
Insurance underperformed other preferred sectors despite solid underlying industry fundamentals. Property & casualty insurance companies continued to enjoy premium growth given the health of the economy, and life insurers benefited from rising interest rates. The sector’s underperformance stemmed partly from modest returns generated by very high-quality Japan-based insurers. The Fund’s security selection and underweight allocation to insurance aided relative performance. Contributors included out-of-index investments in a pair of well-performing, deeply discounted issues from an annuity provider and having no investment in certain low-coupon securities from Japanese companies.
Security selection in the energy and pipeline sectors further contributed to relative returns. The Fund held overweight or out-of-benchmark investments in certain securities from companies that, in addition to rising energy prices, benefited from business transactions that were viewed positively from a credit perspective.
The capital-intensive utilities sector benefited from healthy financials and a positive growth outlook partly supported by expected long-term demand for power for artificial intelligence applications. The Fund’s security selection in utilities preferreds detracted from relative performance due to out-of-index positions in several relatively defensive securities that lagged in the rally.
The portfolio’s security selection in the brokerage sector also detracted from relative performance, partly due to underweight or non-investments in well-performing issues from Morgan Stanley that we viewed as being richly valued.
Impact of Leverage on Fund Performance
The Fund employs leverage as part of an effort to enhance yield. Leverage can increase total return in rising markets, just as it can have the opposite effect in declining markets. The leverage significantly contributed to the Fund’s performance for the six months ended April 30, 2024.
 
2

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Impact of Derivatives on Fund Performance
The Fund used derivatives in the form of forward foreign currency exchange contracts to passively manage currency risk on certain Fund positions denominated in foreign currencies. The currency exchange contracts did not have a material impact on the Fund’s total return for the six months ended April 30, 2024.
In connection with its use of leverage, the Fund pays interest on a portion of its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a significant portion of the floating rate for a fixed rate. In addition, the Fund used total return swap contracts to manage credit risk. The Fund’s use of interest rate swaps and total return swaps did not have a material impact on the Fund’s total return for the six months ended April 30, 2024.
Sincerely,
 
LOGO    LOGO
W
ILLIAM
F. S
CAPELL
Portfolio Manager
  
E
LAINE
Z
AHARIS
-N
IKAS
Portfolio Manager
 
LOGO    LOGO
J
ERRY
D
OROST
Portfolio Manager
  
R
OBERT
K
ASTOFF
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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Performance Review (Unaudited)
Average Annual Total Returns—For Periods Ended April 30, 2024
 
     
1 Year
    
5 Years
    
10 Years
    
Since Inception
(a)
 
Fund at NAV
  
 
16.37
  
 
 
  
 
 
  
 
1.69
Fund at Market Value
  
 
18.32
  
 
 
  
 
 
  
 
-0.85
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
 
(a)
 
Commencement of investment operations was October 28, 2020.
 
4

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Our Leverage Strategy
(Unaudited)
Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of April 30, 2024 leverage represented 35% of the Fund’s managed assets.
Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2027 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.
Leverage Facts
(a)(b
)
 
Leverage (as a % of managed assets)
  
35%
% Variable Rate Financing
  
3%
Variable Rate
  
6.0%
% Fixed Rate Financing
(c
)
  
97%
Weighted Average Rate on Fixed Financing
  
1.2%
Weighted Average Term on Fixed Financing
  
1.9 years
The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
 
 
(a)
 
Data as of April 30, 2024. Information is subject to change.
(b)
 
See Note 7 in Notes to Financial Statements.
(c)
 
Represents fixed payer interest rate swap contracts on variable rate borrowing.
 
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April 30, 2024
Top Ten Holdings
(a)
(Unaudited)
 
Security
  
Value
      
% of
Managed
Assets
 
Wells Fargo & Co., 7.625%
  
$
38,525,140
 
    
 
2.2
 
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)
  
 
34,604,344
 
    
 
2.0
 
JPMorgan Chase & Co., 6.875%, Series NN
  
 
34,229,794
 
    
 
2.0
 
Charles Schwab Corp., 5.375%, Series G
  
 
31,520,816
 
    
 
1.8
 
Wells Fargo & Co., 3.90%, Series BB
  
 
27,367,675
 
    
 
1.6
 
Citigroup, Inc., 7.625%, Series AA
  
 
26,891,672
 
    
 
1.6
 
Goldman Sachs Group, Inc., 7.50%, Series X
  
 
26,356,056
 
    
 
1.5
 
Charles Schwab Corp., 4.00%, Series I
  
 
24,632,982
 
    
 
1.4
 
Bank of America Corp., 6.10%, Series AA
  
 
23,131,964
 
    
 
1.4
 
BNP Paribas SA, 7.75% (France)
  
 
20,824,808
 
    
 
1.2
 
 
(a)
 
Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.
Sector Breakdown
(b)
(Based on Managed Assets)
(Unaudited)
 
LOGO
 
(b)
 
Excludes derivative instruments.
 
6

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
 
           
Shares
    
Value
 
P
REFERRED
S
ECURITIES
—E
XCHANGE
-T
RADED
  
 
27.1%
 
     
B
ANKING
  
 
6.6%
 
     
Federal Agricultural Mortgage Corp., 4.875%, Series G
(a)
 
  
 
410,836
 
  
$
7,949,677
 
First Horizon Corp., 6.50%
(a)(b)
 
  
 
226,999
 
  
 
5,379,876
 
Morgan Stanley, 4.25%, Series O
(a)(b)
 
  
 
74,599
 
  
 
1,385,303
 
Morgan Stanley, 5.85% to 4/15/27, Series K
(a)(b)
 
  
 
294,081
 
  
 
7,046,181
 
Morgan Stanley, 6.375% to 10/15/24, Series I
(a)(b)
 
  
 
289,449
 
  
 
7,213,069
 
Morgan Stanley, 6.875% to 7/15/24, Series F
(a)(b)
 
  
 
680,397
 
  
 
17,118,789
 
Morgan Stanley, 7.125% to 7/15/24, Series E
(a)(b)
 
  
 
350,000
 
  
 
8,830,500
 
Regions Financial Corp., 5.70% to 5/15/29, Series C
(a)(b)(c)
 
  
 
164,750
 
  
 
3,601,435
 
Texas Capital Bancshares, Inc., 5.75%, Series B
(a)(b)
 
  
 
103,308
 
  
 
1,970,084
 
Wells Fargo & Co., 4.375%, Series CC
(a)(b)
 
  
 
117,864
 
  
 
2,245,309
 
Wells Fargo & Co., 4.70%, Series AA
(a)(b)
 
  
 
288,351
 
  
 
5,813,156
 
Wells Fargo & Co., 4.75%, Series Z
(a)(b)
 
  
 
268,039
 
  
 
5,459,954
 
     
 
 
 
        
 
74,013,333
 
        
 
 
 
C
ONSUMER
S
TAPLE
P
RODUCTS
  
 
0.7%
 
     
CHS, Inc., 7.50%, Series 4
(a)
 
  
 
299,435
 
  
 
7,680,508
 
     
 
 
 
F
INANCIAL
S
ERVICES
  
 
3.0%
 
     
Affiliated Managers Group, Inc., 6.75%, due 3/30/64
(b)(d)
 
  
 
176,252
 
  
 
4,512,051
 
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53
(b)(c)
 
  
 
147,108
 
  
 
3,886,593
 
Brookfield Oaktree Holdings LLC, 6.55%, Series B
(a)(b)
 
  
 
633,858
 
  
 
13,627,947
 
Brookfield Oaktree Holdings LLC, 6.625%, Series A
(a)(b)
 
  
 
214,812
 
  
 
4,682,902
 
TPG Operating Group II LP, 6.95%, due 3/15/64
(b)(d)
 
  
 
266,478
 
  
 
6,872,468
 
     
 
 
 
        
 
33,581,961
 
        
 
 
 
I
NDUSTRIAL
S
ERVICES
  
 
1.4%
 
     
WESCO International, Inc., 10.625% to 6/22/25, Series A
(a)(c)
 
  
 
600,807
 
  
 
15,855,297
 
     
 
 
 
I
NSURANCE
  
 
8.7%
 
     
Allstate Corp., 7.375%, Series J
(a)(b)
 
  
 
174,600
 
  
 
4,658,328
 
Arch Capital Group Ltd., 4.55%, Series G
(a)(b)
 
  
 
172,499
 
  
 
3,329,231
 
Arch Capital Group Ltd., 5.45%, Series F
(a)(b)
 
  
 
351,086
 
  
 
7,871,348
 
 
See accompanying notes to financial statements.
 
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SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Shares
    
Value
 
Assurant, Inc., 5.25%, due 1/15/61
(b)
 
  
 
75,306
 
  
$
1,555,069
 
Athene Holding Ltd., 4.875%, Series D
(a)(b)
 
  
 
243,569
 
  
 
4,311,171
 
Athene Holding Ltd., 5.625%, Series B
(a)(b)
 
  
 
911
 
  
 
18,839
 
Athene Holding Ltd., 6.35% to 6/30/29, Series A
(a)(b)(c)
 
  
 
439,968
 
  
 
10,343,648
 
Athene Holding Ltd., 6.375% to 6/30/25, Series C
(a)(b)(c)
 
  
 
276,112
 
  
 
6,911,083
 
Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64
(b)(c)(d)
 
  
 
247,750
 
  
 
6,171,453
 
Athene Holding Ltd., 7.75% to 12/30/27, Series E
(a)(b)(c)
 
  
 
337,144
 
  
 
8,971,402
 
Brighthouse Financial, Inc., 5.375%, Series C
(a)(b)
 
  
 
154,477
 
  
 
2,843,922
 
Enstar Group Ltd., 7.00% to 9/1/28, Series D
(a)(b)(c)
 
  
 
332,363
 
  
 
8,475,256
 
Equitable Holdings, Inc., 4.30%, Series C
(a)(b)
 
  
 
98,173
 
  
 
1,725,881
 
Equitable Holdings, Inc., 5.25%, Series A
(a)(b)
 
  
 
286,202
 
  
 
6,239,204
 
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53
(b)
 
  
 
333,885
 
  
 
8,681,010
 
Lincoln National Corp., 9.00%, Series D
(a)(b)
 
  
 
321,052
 
  
 
8,652,351
 
MetLife, Inc., 5.625%, Series E
(a)(b)
 
  
 
96,332
 
  
 
2,260,912
 
Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52
(b)(c)
 
  
 
96,288
 
  
 
2,521,783
 
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)
(a)
 
  
 
103,152
 
  
 
1,800,002
 
     
 
 
 
        
 
97,341,893
 
        
 
 
 
P
IPELINES
  
 
0.6%
 
     
Enbridge, Inc., 2.983% to 9/1/25, Series 15 (Canada)
(a)(b)(c)
 
  
 
300,000
 
  
 
3,687,212
 
TC Energy Corp., 3.762% to 10/30/24, Series 9 (Canada)
(a)(b)(c)
 
  
 
200,000
 
  
 
2,601,968
 
     
 
 
 
        
 
6,289,180
 
        
 
 
 
R
EAL
E
STATE
  
 
0.9%
 
     
Chatham Lodging Trust, 6.625%, Series A
(a)
 
  
 
85,000
 
  
 
1,733,150
 
DigitalBridge Group, Inc., 7.125%, Series H
(a)
 
  
 
206,801
 
  
 
4,628,206
 
DigitalBridge Group, Inc., 7.125%, Series J
(a)
 
  
 
167,076
 
  
 
3,792,625
 
     
 
 
 
        
 
10,153,981
 
        
 
 
 
 
See accompanying notes to financial statements.
 
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SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Shares
    
Value
 
T
ELECOMMUNICATIONS
  
 
0.9%
 
     
AT&T, Inc., 4.75%, Series C
(a)(b)
 
  
 
169,358
 
  
$
3,326,191
 
AT&T, Inc., 5.00%, Series A
(a)(b)
 
  
 
145,001
 
  
 
3,008,771
 
U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70
(b)
 
  
 
20,905
 
  
 
371,482
 
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70
(b)
 
  
 
47,855
 
  
 
844,641
 
U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69
(b)
 
  
 
134,648
 
  
 
2,593,320
 
     
 
 
 
        
 
10,144,405
 
        
 
 
 
U
TILITIES
  
 
4.3%
 
     
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series
19-A
(Canada)
(b)(c)
 
  
 
140,000
 
  
 
3,493,000
 
BIP Bermuda Holdings I Ltd., 5.125% (Canada)
(a)(b)
 
  
 
47,070
 
  
 
835,022
 
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)
(a)(b)
 
  
 
208,034
 
  
 
3,234,929
 
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)
(a)(b)
 
  
 
168,056
 
  
 
2,714,104
 
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)
(b)
 
  
 
214,600
 
  
 
3,656,784
 
CMS Energy Corp., 5.875%, due 10/15/78
(b)
 
  
 
120,000
 
  
 
2,889,600
 
SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)
(a)(b)(c)
 
  
 
453,764
 
  
 
11,144,444
 
SCE Trust VI, 5.00% (TruPS)
(a)(b)
 
  
 
394,659
 
  
 
7,822,141
 
SCE Trust VII, 7.50%, Series M (TruPS)
(a)(b)
 
  
 
466,136
 
  
 
12,166,150
 
     
 
 
 
        
 
47,956,174
 
        
 
 
 
T
OTAL
P
REFERRED
S
ECURITIES
—E
XCHANGE
-T
RADED

(Identified cost—$330,348,764)
 
     
 
303,016,732
 
     
 
 
 
           
Principal
Amount*
        
P
REFERRED
S
ECURITIES
—O
VER
-
THE
-C
OUNTER
  
 
123.3%
 
     
B
ANKING
  
 
77.3%
 
     
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)
(a)(c)(e)(f)
 
  
EUR
 4,000,000
 
  
 
4,124,854
 
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)
(a)(c)(e)(f)
 
  
EUR
 3,600,000
 
  
 
3,899,551
 
 
See accompanying notes to financial statements.
 
9

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
         
Principal
Amount*
    
Value
 
AIB Group PLC, 7.125% to 10/30/29 (Ireland)
(a)(c)(e)(f)
  
EUR
 6,000,000
 
  
$
6,437,761
 
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)
(a)(c)(e)
  
 
5,900,000
 
  
 
6,211,018
 
Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)
(a)(c)(e)(f)
  
EUR
 1,000,000
 
  
 
1,041,881
 
Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)
(a)(c)(e)(f)
  
EUR
 4,000,000
 
  
 
4,683,260
 
Banco Santander SA, 9.625% to 11/21/28 (Spain)
(a)(c)(e)
  
 
4,000,000
 
  
 
4,202,464
 
Banco Santander SA, 9.625% to 5/21/33 (Spain)
(a)(c)(e)
  
 
9,000,000
 
  
 
9,630,810
 
Bank of America Corp., 5.875% to 3/15/28, Series FF
(a)(b)(c)
  
 
12,042,000
 
  
 
11,564,719
 
Bank of America Corp., 6.10% to 3/17/25, Series AA
(a)(b)(c)
  
 
23,115,000
 
  
 
23,131,964
 
Bank of America Corp., 6.125% to 4/27/27, Series TT
(a)(b)(c)
  
 
1,700,000
 
  
 
1,684,144
 
Bank of America Corp., 6.25% to 9/5/24, Series X
(a)(b)(c)
  
 
8,320,000
 
  
 
8,313,738
 
Bank of America Corp., 6.30% to 3/10/26, Series DD
(a)(b)(c)
  
 
3,318,000
 
  
 
3,315,856
 
Bank of America Corp., 6.50% to 10/23/24, Series Z
(a)(b)(c)
  
 
5,567,000
 
  
 
5,589,006
 
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)
(a)(c)(e)(f)
  
EUR
 7,675,000
 
  
 
8,335,503
 
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)
(b)(c)
  
 
4,200,000
 
  
 
4,232,798
 
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)
(b)(c)
  
 
10,250,000
 
  
 
10,578,410
 
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)
(a)(c)
  
 
4,220,000
 
  
 
4,156,556
 
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)
(a)(c)(e)
  
 
1,200,000
 
  
 
1,154,995
 
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)
(a)(c)(e)
  
GBP
 800,000
 
  
 
986,520
 
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)
(a)(c)(e)
  
 
2,700,000
 
  
 
2,661,806
 
 
See accompanying notes to financial statements.
 
10

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
         
Principal
Amount*
    
Value
 
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)
(a)(c)(e)(f)
  
GBP
 6,400,000
 
  
$
8,086,641
 
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)
(a)(b)(c)(e)
  
 
11,700,000
 
  
 
12,257,259
 
BNP Paribas SA, 7.375% to 8/19/25 (France)
(a)(c)(e)(g)
  
 
3,200,000
 
  
 
3,206,124
 
BNP Paribas SA, 7.75% to 8/16/29 (France)
(a)(c)(e)(g)
  
 
20,600,000
 
  
 
20,824,808
 
BNP Paribas SA, 8.00% to 8/22/31 (France)
(a)(b)(c)(e)(g)
  
 
1,400,000
 
  
 
1,394,717
 
BNP Paribas SA, 8.50% to 8/14/28 (France)
(a)(c)(e)(g)
  
 
13,600,000
 
  
 
14,094,578
 
BNP Paribas SA, 9.25% to 11/17/27 (France)
(a)(c)(e)(g)
  
 
8,800,000
 
  
 
9,344,579
 
CaixaBank SA, 7.50% to 1/16/30 (Spain)
(a)(c)(e)(f)
  
EUR
 1,800,000
 
  
 
1,995,583
 
CaixaBank SA, 8.25% to 3/13/29 (Spain)
(a)(c)(e)(f)
  
EUR
 8,400,000
 
  
 
9,508,136
 
Charles Schwab Corp., 4.00% to 6/1/26, Series I
(a)(b)(c)
  
 
26,699,000
 
  
 
24,632,982
 
Charles Schwab Corp., 4.00% to 12/1/30, Series H
(a)(b)(c)
  
 
10,317,000
 
  
 
8,409,626
 
Charles Schwab Corp., 5.00% to 6/1/27, Series K
(a)(b)(c)
  
 
1,973,000
 
  
 
1,848,693
 
Charles Schwab Corp., 5.375% to 6/1/25, Series G
(a)(b)(c)
  
 
31,795,000
 
  
 
31,520,816
 
Citigroup, Inc., 3.875% to 2/18/26, Series X
(a)(c)
  
 
4,370,000
 
  
 
4,112,974
 
Citigroup, Inc., 5.95% to 5/15/25, Series P
(a)(b)(c)
  
 
15,756,000
 
  
 
15,697,355
 
Citigroup, Inc., 6.25% to 8/15/26, Series T
(a)(c)
  
 
10,030,000
 
  
 
10,009,528
 
Citigroup, Inc., 6.30% to 8/15/24, Series M
(a)(c)
  
 
2,020,000
 
  
 
2,026,658
 
Citigroup, Inc., 7.625% to 11/15/28, Series AA
(a)(c)
  
 
25,995,000
 
  
 
26,891,672
 
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F
(a)(c)
  
 
7,053,000
 
  
 
6,910,052
 
CoBank ACB, 6.45% to 10/1/27, Series K
(a)(b)(c)
  
 
6,590,000
 
  
 
6,523,425
 
Commerzbank AG, 7.00% to 4/9/25 (Germany)
(a)(b)(c)(e)(f)
  
 
2,800,000
 
  
 
2,758,773
 
Credit Agricole SA, 4.75% to 3/23/29 (France)
(a)(b)(c)(e)(g)
  
 
600,000
 
  
 
511,340
 
Credit Agricole SA, 6.50% to 9/23/29, Series EMTN (France)
(a)(b)(c)(e)(f)
  
EUR
 5,200,000
 
  
 
5,605,492
 
 
See accompanying notes to financial statements.
 
11

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
         
Principal
Amount*
   
Value
 
Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)
(a)(b)(c)(e)(f)
  
EUR
 5,600,000
 
 
$
6,259,153
 
Credit Agricole SA, 8.125% to 12/23/25 (France)
(a)(b)(c)(e)(g)
  
 
3,260,000
 
 
 
3,309,193
 
Credit Suisse Group AG, 6.375% to 8/21/26, Claim (Switzerland)
(a)(d)(e)(g)(h)
  
 
2,200,000
 
 
 
253,000
 
Credit Suisse Group AG, 7.50%, Claim (Switzerland)
(a)(d)(e)(g)(h)
  
 
7,600,000
 
 
 
874,000
 
Danske Bank AS, 7.00% to 6/26/25 (Denmark)
(a)(b)(c)(e)(f)
  
 
1,800,000
 
 
 
1,784,396
 
Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)
(a)(c)(e)
  
 
1,800,000
 
 
 
1,679,124
 
Deutsche Bank AG, 7.50% to 4/30/25 (Germany)
(a)(c)(e)
  
 
2,600,000
 
 
 
2,542,397
 
Deutsche Bank AG, 10.00% to 12/1/27 (Germany)
(a)(c)(e)(f)
  
EUR
 10,000,000
 
 
 
11,458,532
 
Farm Credit Bank of Texas, 9.601% (3 Month USD Term SOFR + 4.01%)
(a)(g)(i)
  
 
7,000
† 
 
 
700,000
 
Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U
(a)(c)
  
 
3,284,000
 
 
 
2,994,372
 
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W
(a)(c)
  
 
17,139,000
 
 
 
17,779,553
 
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X
(a)(c)
  
 
26,008,000
 
 
 
26,356,056
 
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2 (United Kingdom)
(a)(c)(g)
  
 
13,735,000
 
 
 
16,632,481
 
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)
(a)(b)(c)(e)
  
 
2,200,000
 
 
 
2,098,528
 
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)
(a)(b)(c)(e)
  
 
7,400,000
 
 
 
7,656,240
 
Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G
(a)(c)
  
 
1,820,000
 
 
 
1,617,088
 
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F
(a)(c)
  
 
7,141,000
 
 
 
6,413,454
 
ING Groep NV, 4.875% to 5/16/29 (Netherlands)
(a)(b)(c)(e)(f)
  
 
1,200,000
 
 
 
1,006,500
 
ING Groep NV, 5.75% to 11/16/26 (Netherlands)
(a)(c)(e)
  
 
2,200,000
 
 
 
2,078,250
 
 
See accompanying notes to financial statements.
 
12

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
         
Principal
Amount*
    
Value
 
ING Groep NV, 7.50% to 5/16/28 (Netherlands)
(a)(b)(c)(e)(f)
  
 
5,000,000
 
  
$
4,912,500
 
ING Groep NV, 8.00% to 5/16/30 (Netherlands)
(a)(b)(c)(e)(f)
  
 
4,200,000
 
  
 
4,195,380
 
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)
(a)(c)(e)(g)
  
 
8,000,000
 
  
 
7,949,754
 
Intesa Sanpaolo SpA, 9.125% to 9/7/29 (Italy)
(a)(c)(e)(f)
  
EUR
 5,400,000
 
  
 
6,400,534
 
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X
(a)(b)(c)
  
 
3,400,000
 
  
 
3,409,561
 
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN
(a)(b)(c)
  
 
33,323,000
 
  
 
34,229,794
 
JPMorgan Chase & Co., 8.868% (3 Month USD Term SOFR + 3.562%), Series R
(a)(b)(i)
  
 
2,331,000
 
  
 
2,331,000
 
JPMorgan Chase & Co., 9.348% (3 Month USD Term SOFR + 4.042%), Series S
(a)(b)(i)
  
 
20,595,000
 
  
 
20,595,000
 
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)
(a)(c)(e)
  
 
5,800,000
 
  
 
5,755,911
 
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)
(a)(c)(e)
  
 
2,300,000
 
  
 
2,277,133
 
Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)
(a)(c)(e)
  
GBP
 2,000,000
 
  
 
2,524,141
 
Nationwide Building Society, 10.25% (United Kingdom)
  
GBP
 11,560,000
 
  
 
19,247,696
 
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)
(a)(c)(e)
  
 
9,400,000
 
  
 
9,422,259
 
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U
(a)(b)(c)
  
 
4,081,000
 
  
 
3,935,700
 
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V
(a)(b)(c)
  
 
13,976,000
 
  
 
13,735,674
 
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W
(a)(b)(c)
  
 
20,238,000
 
  
 
19,076,379
 
Regions Financial Corp., 5.75% to 6/15/25, Series D
(a)(c)
  
 
10,429,000
 
  
 
10,248,140
 
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)
(a)(b)(c)(e)(f)
  
 
1,600,000
 
  
 
1,561,000
 
Societe Generale SA, 6.75% to 4/6/28 (France)
(a)(c)(e)(g)
  
 
2,400,000
 
  
 
2,145,893
 
 
See accompanying notes to financial statements.
 
13

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Principal
Amount*
    
Value
 
Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)
(a)(c)(e)(f)
 
  
EUR
 2,900,000
 
  
$
3,193,144
 
Societe Generale SA, 8.00% to 9/29/25 (France)
(a)(c)(e)(g)
 
  
 
3,200,000
 
  
 
3,209,779
 
Societe Generale SA, 9.375% to 11/22/27 (France)
(a)(c)(e)(g)
 
  
 
8,200,000
 
  
 
8,366,575
 
Societe Generale SA, 10.00% to 11/14/28 (France)
(a)(c)(e)(g)
 
  
 
7,400,000
 
  
 
7,771,613
 
State Street Corp., 6.70% to 3/15/29, Series I
(a)(c)
 
  
 
15,730,000
 
  
 
15,782,559
 
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)
(a)(f)
 
  
EUR
 30,500,000
 
  
 
34,604,344
 
Swedbank AB, 7.625% to 3/17/28 (Sweden)
(a)(b)(c)(e)(f)
 
  
 
1,800,000
 
  
 
1,768,001
 
Swedbank AB, 7.75% to 3/17/30 (Sweden)
(a)(c)(e)(f)
 
  
 
4,200,000
 
  
 
4,126,706
 
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)
(b)(c)
 
  
 
13,775,000
 
  
 
14,199,311
 
Truist Financial Corp., 4.95% to 9/1/25, Series P
(a)(b)(c)
 
  
 
8,735,000
 
  
 
8,509,985
 
Truist Financial Corp., 5.10% to 3/1/30, Series Q
(a)(b)(c)
 
  
 
11,568,000
 
  
 
10,508,009
 
Truist Financial Corp., 5.125% to 12/15/27, Series M
(a)(b)(c)
 
  
 
2,239,000
 
  
 
2,010,601
 
UBS Group AG, 6.875% to 8/7/25 (Switzerland)
(a)(c)(e)(f)
 
  
 
10,100,000
 
  
 
9,950,439
 
UBS Group AG, 9.25% to 11/13/28 (Switzerland)
(a)(c)(e)(g)
 
  
 
9,800,000
 
  
 
10,483,344
 
UBS Group AG, 9.25% to 11/13/33 (Switzerland)
(a)(c)(e)(g)
 
  
 
12,600,000
 
  
 
13,859,836
 
U.S. Bancorp, 3.70% to 1/15/27, Series N
(a)(b)(c)
 
  
 
5,452,000
 
  
 
4,705,509
 
U.S. Bancorp, 5.30% to 4/15/27, Series J
(a)(b)(c)
 
  
 
6,162,000
 
  
 
5,791,390
 
Wells Fargo & Co., 3.90% to 3/15/26, Series BB
(a)(c)
 
  
 
28,835,000
 
  
 
27,367,675
 
Wells Fargo & Co., 5.90% to 6/15/24, Series S
(a)(c)
 
  
 
16,000
 
  
 
15,972
 
Wells Fargo & Co., 7.625% to 9/15/28
(a)(c)
 
  
 
36,756,000
 
  
 
38,525,140
 
     
 
 
 
        
 
866,305,123
 
        
 
 
 
 
See accompanying notes to financial statements.
 
14

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Principal
Amount*
    
Value
 
C
ONSUMER
D
ISCRETIONARY
P
RODUCTS
  
 
0.2%
 
     
Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5 (Germany)
(a)(b)(c)(f)
 
  
EUR
 1,900,000
 
  
$
2,186,621
 
     
 
 
 
E
NERGY
  
 
2.2%
 
     
BP Capital Markets PLC, 3.625% to 3/22/29
(a)(b)(c)(f)
 
  
EUR
 8,000,000
 
  
 
8,132,965
 
BP Capital Markets PLC, 4.875% to 3/22/30
(a)(b)(c)
 
  
 
5,492,000
 
  
 
5,146,940
 
BP Capital Markets PLC, 6.45% to 12/1/33
(a)(b)(c)
 
  
 
10,950,000
 
  
 
11,074,620
 
     
 
 
 
        
 
24,354,525
 
        
 
 
 
F
INANCIAL
S
ERVICES
  
 
2.7%
 
     
American Express Co., 3.55% to 9/15/26, Series D
(a)(c)
 
  
 
3,381,000
 
  
 
3,093,231
 
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50
(b)(c)(g)
 
  
 
5,000,000
 
  
 
4,804,525
 
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51
(b)(c)(g)
 
  
 
3,950,000
 
  
 
3,649,631
 
Discover Financial Services, 5.50% to 10/30/27, Series C
(a)(c)
 
  
 
6,776,000
 
  
 
5,695,258
 
Discover Financial Services, 6.125% to 6/23/25, Series D
(a)(c)
 
  
 
8,394,000
 
  
 
8,414,543
 
ILFC
E-Capital
Trust II, 7.395% (3 Month USD Term SOFR + 2.062%), due 12/21/65 (TruPS)
(g)(i)
 
  
 
5,352,000
 
  
 
4,330,726
 
     
 
 
 
        
 
29,987,914
 
        
 
 
 
I
NSURANCE
  
 
14.5%
 
     
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)
(b)(c)(f)
 
  
 
10,900,000
 
  
 
10,699,712
 
Argentum Netherlands BV for Swiss Re Ltd., 5.75% to 8/15/25, due 8/15/50 (Netherlands)
(b)(c)(f)
 
  
 
6,350,000
 
  
 
6,271,044
 
Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)
(a)(c)(e)(f)
 
  
EUR
 5,030,000
 
  
 
5,337,475
 
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52
(b)(c)
 
  
 
7,175,000
 
  
 
7,105,286
 
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42
(b)(c)
 
  
 
5,970,000
 
  
 
5,665,083
 
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40
(b)(c)
 
  
 
6,300,000
 
  
 
6,157,586
 
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51
(c)(g)
 
  
 
7,910,000
 
  
 
6,992,869
 
 
See accompanying notes to financial statements.
 
15

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Principal
Amount*
    
Value
 
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)
(b)(c)(f)
 
  
 
7,100,000
 
  
$
6,321,968
 
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51
(c)(g)
 
  
 
2,023,000
 
  
 
1,846,200
 
Lincoln National Corp., 9.25% to 12/1/27, Series C
(a)(c)
 
  
 
14,850,000
 
  
 
15,860,468
 
Markel Group, Inc., 6.00% to 6/1/25
(a)(c)
 
  
 
3,007,000
 
  
 
2,987,417
 
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)
(b)(g)
 
  
 
7,800,000
 
  
 
8,271,229
 
MetLife, Inc., 9.25%, due 4/8/38
(b)(g)
 
  
 
5,500,000
 
  
 
6,333,630
 
Nippon Life Insurance Co., 5.95% to 4/16/34, due 4/16/54 (Japan)
(b)(c)(g)
 
  
 
9,200,000
 
  
 
8,951,336
 
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)
(a)(c)(e)(f)
 
  
 
3,000,000
 
  
 
2,921,220
 
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52
(b)(c)
 
  
 
7,936,000
 
  
 
7,686,581
 
Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54
(b)(c)
 
  
 
9,405,000
 
  
 
9,289,826
 
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53
(b)(c)
 
  
 
5,785,000
 
  
 
5,910,297
 
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)
(a)(c)(e)(f)
 
  
 
5,200,000
 
  
 
4,442,214
 
SBL Holdings, Inc., 6.50% to 11/13/26
(a)(c)(g)
 
  
 
6,190,000
 
  
 
4,859,006
 
SBL Holdings, Inc., 7.00% to 5/13/25
(a)(c)(g)
 
  
 
5,013,000
 
  
 
4,231,941
 
Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)
(a)(b)(c)(g)
 
  
 
11,400,000
 
  
 
10,946,049
 
Voya Financial, Inc., 7.758% to 9/15/28, Series A
(a)(c)
 
  
 
9,575,000
 
  
 
9,755,671
 
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)
(b)(c)(f)
 
  
 
4,600,000
 
  
 
3,740,518
 
     
 
 
 
        
 
162,584,626
 
        
 
 
 
 
See accompanying notes to financial statements.
 
16

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Principal
Amount*
    
Value
 
P
IPELINES
  
 
9.4%
 
     
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77,
Series 2017-A
(Canada)
(c)
 
  
 
1,900,000
 
  
$
1,753,640
 
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80,
Series 20-A
(Canada)
(c)
 
  
 
4,772,000
 
  
 
4,377,692
 
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77,
Series 16-A
(Canada)
(c)
 
  
 
2,421,000
 
  
 
2,294,438
 
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)
(c)
 
  
 
8,605,000
 
  
 
8,044,651
 
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada
)(c)
 
  
 
3,512,000
 
  
 
3,452,391
 
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)
(c)
 
  
 
10,208,000
 
  
 
10,188,645
 
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)
(c)
 
  
 
15,005,000
 
  
 
15,395,160
 
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)
(c)
 
  
 
13,710,000
 
  
 
14,498,983
 
Energy Transfer LP, 6.50% to 11/15/26, Series H
(a)
(c)
 
  
 
5,355,000
 
  
 
5,209,600
 
Energy Transfer LP, 6.625% to 2/15/28, Series B
(a)(c)
 
  
 
573,000
 
  
 
528,491
 
Energy Transfer LP, 7.125% to 5/15/30, Series G
(a)(c)
 
  
 
9,896,000
 
  
 
9,526,034
 
Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54
(c)
 
  
 
5,230,000
 
  
 
5,390,263
 
Enterprise Products Operating LLC, 8.38% (3 Month USD Term SOFR + 3.039%), due 6/1/67
(b)(i)
 
  
 
1,500,000
 
  
 
1,477,290
 
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)
(c)
 
  
 
7,972,000
 
  
 
7,219,943
 
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)
(c)
 
  
 
16,505,000
 
  
 
14,456,269
 
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series
16-A
(Canada)
(c)
 
  
 
1,219,000
 
  
 
1,171,644
 
     
 
 
 
        
 
104,985,134
 
        
 
 
 
 
See accompanying notes to financial statements.
 
17

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Principal
Amount*
    
Value
 
R
EAL
E
STATE
  
 
1.9%
 
     
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)
(b)(c)(g)
 
  
 
9,600,000
 
  
$
8,766,279
 
Unibail - Rodamco-Westfield SE, 7.25% to 7/3/28 (France)
(a)(c)(f)
 
  
EUR
 11,100,000
 
  
 
12,396,075
 
     
 
 
 
        
 
21,162,354
 
        
 
 
 
R
ETAIL
 & W
HOLESALE
—S
TAPLES
  
 
0.3%
 
     
Land O’ Lakes, Inc., 7.00%
(a)(g)
 
  
 
3,600,000
 
  
 
2,799,000
 
Land O’ Lakes, Inc., 7.25%
(a)(g)
 
  
 
1,600,000
 
  
 
1,288,000
 
     
 
 
 
        
 
4,087,000
 
        
 
 
 
T
ELECOMMUNICATIONS
  
 
0.7%
 
     
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)
(c)
 
  
 
2,875,000
 
  
 
2,921,506
 
Vodafone Group PLC, 8.00% to 5/30/31, due 8/30/86, Series EMTN (United Kingdom)
(c)(f)
 
  
GBP
 3,500,000
 
  
 
4,665,558
 
     
 
 
 
        
 
7,587,064
 
        
 
 
 
U
TILITIES
  
 
14.1%
 
     
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)
(c)
 
  
 
14,372,000
 
  
 
12,479,062
 
APA Infrastructure Ltd., 7.125% to 11/9/28, due 11/9/83, Series EMTN (Australia)
(c)(f)
 
  
EUR
 5,200,000
 
  
 
5,927,499
 
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50
(c)
 
  
 
2,000,000
 
  
 
1,808,904
 
Dominion Energy, Inc., 4.35% to 1/15/27, Series C
(a)(c)
 
  
 
16,640,000
 
  
 
15,319,461
 
Edison International, 5.00% to 12/15/26, Series B
(a)(c)
 
  
 
3,459,000
 
  
 
3,259,085
 
Edison International, 7.875% to 3/15/29, due 6/15/54
(c)
 
  
 
5,020,000
 
  
 
5,113,954
 
Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)
(a)(b)(c)(f)
 
  
EUR
 6,000,000
 
  
 
6,408,454
 
Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)
(a)(b)(c)(f)
 
  
GBP
 13,400,000
 
  
 
16,390,340
 
Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)
(a)(b)(c)(f)
 
  
EUR
 4,400,000
 
  
 
5,132,264
 
Electricite de France SA, 9.125% to 3/15/33 (France)
(a)(b)(c)(g)
 
  
 
4,600,000
 
  
 
5,006,424
 
 
See accompanying notes to financial statements.
 
18

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
           
Principal
Amount*
    
Value
 
Emera, Inc., 6.75% to 6/15/26, due 6/15/76,
Series 16-A
(Canada)
(b)(c)
 
  
 
17,966,000
 
  
$
17,828,526
 
Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)
(a)(c)(f)
 
  
EUR
 4,600,000
 
  
 
5,311,194
 
NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82
(b)(c)
 
  
 
1,250,000
 
  
 
1,137,041
 
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54
(b)(c)
 
  
 
12,720,000
 
  
 
12,606,811
 
Sempra, 4.125% to 1/1/27, due 4/1/52
(b)(c)
 
  
 
10,653,000
 
  
 
9,686,436
 
Sempra, 4.875% to 10/15/25
(a)(c)
 
  
 
10,985,000
 
  
 
10,714,809
 
Sempra, 6.875% to 7/1/29, due 10/1/54
(b)(c)
 
  
 
12,190,000
 
  
 
12,067,062
 
Southern California Edison Co., 9.767% (3 Month USD Term SOFR + 4.461%), Series E
(a)(i)
 
  
 
12,175,000
 
  
 
12,231,867
 
     
 
 
 
        
 
158,429,193
 
        
 
 
 
T
OTAL
P
REFERRED
S
ECURITIES
—O
VER
-
THE
-C
OUNTER
(Identified cost—$1,404,928,968)
 
     
 
1,381,669,554
 
     
 
 
 
           
Shares
        
S
HORT
-T
ERM
I
NVESTMENTS
  
 
0.2%
 
     
M
ONEY
M
ARKET
F
UNDS
        
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.24%
(j)
 
  
 
1,163,519
 
  
 
1,163,519
 
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%
(j)
 
  
 
1,164,000
 
  
 
1,164,000
 
        
 
 
 
T
OTAL
S
HORT
-T
ERM
I
NVESTMENTS
(Identified cost—$2,327,519)
 
     
 
2,327,519
 
        
 
 
 
T
OTAL
I
NVESTMENTS
IN
S
ECURITIES

(Identified cost—$1,737,605,251)
  
 
150.6%
 
     
 
1,687,013,805
 
L
IABILITIES
IN
E
XCESS
OF
O
THER
A
SSETS
  
 
(50.6) 
 
     
 
(566,830,774
  
 
 
       
 
 
 
N
ET
A
SSETS
(Equivalent to $20.27 per share based on 55,273,457 shares of common stock outstanding)
  
 
100.0%
 
     
$
1,120,183,031
 
  
 
 
       
 
 
 
 
See accompanying notes to financial statements.
 
19

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
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
 
 
5.434%
(k)
 
 
 
Monthly
 
 
 
12/20/24
 
 
$
4,223,629
 
 
$
10,068
 
 
$
4,233,697
 
 
35,000,000
 
 
0.249%
 
 
Monthly
 
 
5.434%
(k)
 
 
 
Monthly
 
 
 
12/20/24
 
 
 
1,187,403
 
 
 
2,615
 
 
 
1,190,018
 
 
125,000,000
 
 
0.360%
 
 
Monthly
 
 
5.434%
(k)
 
 
 
Monthly
 
 
 
12/20/25
 
 
 
9,586,241
 
 
 
18,697
 
 
 
9,604,938
 
 
35,000,000
 
 
0.349%
 
 
Monthly
 
 
5.434%
(k)
 
 
 
Monthly
 
 
 
12/20/25
 
 
 
2,690,297
 
 
 
4,334
 
 
 
2,694,631
 
 
160,000,000
 
 
0.464%
 
 
Monthly
 
 
5.434%
(k)
 
 
 
Monthly
 
 
 
12/20/26
 
 
 
17,711,441
 
 
 
28,363
 
 
 
17,739,804
 
 
70,000,000
 
 
0.930%
 
 
Monthly
 
 
5.434%
(k)
 
 
 
Monthly
 
 
 
9/15/27
 
 
 
8,465,294
 
 
 
12,856
 
 
 
8,478,150
 
GBP
 
28,000,000
 
 
0.900%
 
 
Monthly
 
 
5.200%
(l)
 
 
 
Monthly
 
 
 
9/15/27
 
 
 
3,853,447
 
 
 
 
 
 
3,853,447
 
 
 
             
$
47,717,752
 
 
$
76,933
 
 
$
47,794,685
 
 
 
Over-the-Counter
Total Return Swap Contracts
 
                     
Counterparty
      
Notional
Amount
   
Fixed
Payable
Rate
   
Fixed
Payment
Frequency
 
Underlying
Reference
Entity
   
Position
   
Maturity
Date
   
Value
   
Premiums
Paid
   
Unrealized
Appreciation
(Depreciation)
 
BNP Paribas
 
$
 
 
15,033,251
 
 
 
0.25%
 
 
Monthly
 
 
BNPXCHY5
Index
(m)
 
 
 
 
Short
 
 
 
5/15/24
 
 
$
(46,517
 
$
 
 
$
(46,517
BNP Paribas
 
EUR
 
 
13,779,417
 
 
 
0.30%
 
 
Monthly
 
 
BNPXCEX5
Index
(n)
 
 
 
 
Short
 
 
 
5/15/24
 
 
 
(53,869
 
 
 
 
 
(53,869
 
 
               
$
(100,386
 
$
 
 
$
(100,386
 
 
Forward Foreign Currency Exchange Contracts
 
         
Counterparty
  
Contracts to
Deliver
    
In Exchange
For
      
Settlement
Date
      
Unrealized
Appreciation
(Depreciation)
 
Brown Brothers Harriman
  
CAD
  
 
8,506,000
 
  
USD
  
 
6,287,142
 
    
 
5/2/24
 
    
$
108,274
 
Brown Brothers Harriman
  
EUR
  
 
149,167,080
 
  
USD
  
 
161,292,872
 
    
 
5/2/24
 
    
 
2,101,682
 
Brown Brothers Harriman
  
GBP
  
 
12,411,535
 
  
USD
  
 
15,681,912
 
    
 
5/2/24
 
    
 
173,077
 
Brown Brothers Harriman
  
USD
  
 
6,188,387
 
  
CAD
  
 
8,506,000
 
    
 
5/2/24
 
    
 
(9,520
Brown Brothers Harriman
  
USD
  
 
159,361,158
 
  
EUR
  
 
149,167,080
 
    
 
5/2/24
 
    
 
(169,968
Brown Brothers Harriman
  
USD
  
 
15,532,788
 
  
GBP
  
 
12,411,535
 
    
 
5/2/24
 
    
 
(23,952
Brown Brothers Harriman
  
CAD
  
 
8,622,000
 
  
USD
  
 
6,275,749
 
    
 
6/4/24
 
    
 
9,459
 
Brown Brothers Harriman
  
EUR
  
 
151,560,092
 
  
USD
  
 
162,118,829
 
    
 
6/4/24
 
    
 
167,016
 
Brown Brothers Harriman
  
GBP
  
 
12,476,049
 
  
USD
  
 
15,615,023
 
    
 
6/4/24
 
    
 
22,956
 
 
 
                     
$
2,379,024
 
 
 
 
See accompanying notes to financial statements.
 
20

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
Glossary of Portfolio Abbreviations
 
 
CAD
 
Canada Dollar
EMTN
 
Euro Medium Term Note
EUR
 
Euro Currency
GBP
 
British Pound
OIS
 
Overnight Indexed Swap
SOFR
 
Secured Overnight Financing Rate
TruPS
 
Trust Preferred Securities
USD
 
United States Dollar
 
 
 
Note: Percentages indicated are based on the net assets of the Fund.
*
Amount denominated in U.S. dollars unless otherwise indicated.
 
Represents shares.
(a)
 
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.
(b)
 
All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $531,905,999 in aggregate has been pledged as collateral.
(c)
 
Security converts to floating rate after the indicated fixed–rate coupon period.
(d)
 
Non–income producing security.
(e)
 
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 $306,532,617 which represents 27.4% of the net assets of the Fund (17.8% of the managed assets of the Fund).
(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 $253,983,185 which represents 22.7% of the net assets of the Fund, of which 0.0% are illiquid.
(g)
 
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 $208,008,459 which represents 18.6% of the net assets of the Fund, of which 0.0% are illiquid.
(h)
 
Security is in default.
(i)
 
Variable rate. Rate shown is in effect at April 30, 2024.
(j)
 
Rate quoted represents the annualized seven–day yield.
(k)
 
Based on
USD-SOFR-OIS.
Represents rates in effect at April 30, 2024.
(l)
 
Based on 1–Month GBP SONIA. Represents rates in effect at April 30, 2024.
 
See accompanying notes to financial statements.
 
21

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2024 (Unaudited)
 
(m)
 
The index intends to track the performance of the CDX.NA HY. The two constituent investments held within the index at April 30, 2024 were as follows:
 
                 
Investment
 
Receive
 
Frequency
   
Payment
 
Frequency
   
Maturity
Date
   
Total
Weight
   
3/31/24
Price
   
3/31/24
Value
 
Credit Default Swaps (CDS)—MARKIT CDX.NA.HY.42 Index
 
5.00% per annum
 
 
Quarterly
 
 
Performance
of CDS
 
 
Semiannually
 
 
 
12/20/28
 
 
 
100.30
 
$
106.06
 
 
$
15,123,542
 
Cash
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.30
 
 
 
 
 
(45,235
 
(n)
 
The index intends to track the performance of the iTraxx Crossover CDS. The two constituent investments held within the index at April 30, 2024 were as follows:
 
                 
Investment
 
Receive
 
Frequency
   
Payment
 
Frequency
   
Maturity
Date
   
Total
Weight
   
3/31/24
Price
   
3/31/24
Value
 
Credit Default Swaps (CDS)—MARKIT ITRX EUR XOVER Index
 
5.00% per annum
 
 
Quarterly
 
 
Performance
of CDS
 
 
Semiannually
 
 
 
12/20/28
 
 
 
100.83
 
 
EUR 327.50
 
 
$
14,880,041
 
Cash
   
 
 
 
 
 
 
 
 
 
 
 
(0.83
 
 
 
 
 
(122,488
 
Country Summary
  
% of Managed
Assets
 
United States
  
 
59.0
 
Canada
  
 
9.4
 
France
  
 
7.8
 
United Kingdom
  
 
6.7
 
Netherlands
  
 
3.6
 
Switzerland
  
 
2.9
 
Spain
  
 
2.4
 
Germany
  
 
1.2
 
Japan
  
 
1.2
 
Italy
  
 
1.1
 
Ireland
  
 
0.9
 
Australia
  
 
0.9
 
Other (includes short-term investments)
  
 
2.9
 
  
 
 
 
  
 
100.0
 
  
 
 
 
 
See accompanying notes to financial statements.
 
22

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2024 (Unaudited)
 
ASSETS:
  
Investments in securities, at value (Identified cost—$1,737,605,251)
  
$
1,687,013,805
 
Cash
  
 
111,201
 
Cash collateral pledged for interest rate swap contracts
  
 
7,304,683
 
Foreign currency, at value (Identified cost—$1,534,181)
  
 
1,533,206
 
Receivable for:
  
Dividends and interest
  
 
20,786,380
 
Investment securities sold
  
 
9,539,287
 
Variation margin on interest rate swap contracts
  
 
727,908
 
Unrealized appreciation on forward foreign currency exchange contracts
  
 
2,582,464
 
Other assets
  
 
92,299
 
  
 
 
 
Total Assets
  
 
1,729,691,233
 
  
 
 
 
LIABILITIES:
  
Total return swap contracts, at value
  
 
100,386
 
Unrealized depreciation on forward foreign currency exchange contracts
  
 
203,440
 
Payable for:
  
Credit agreement (See Note 7)
  
 
601,235,155
 
Interest expense
  
 
3,009,887
 
Investment securities purchased
  
 
2,093,473
 
Investment management fees
  
 
1,559,053
 
Dividends and distributions declared
  
 
1,001,660
 
Administration fees
  
 
93,543
 
Trustees’ fees
  
 
3,246
 
Other liabilities
  
 
208,359
 
  
 
 
 
Total Liabilities
  
 
609,508,202
 
  
 
 
 
NET ASSETS applicable to 55,273,457 shares of $0.001 par value of common stock outstanding
  
$
1,120,183,031
 
  
 
 
 
NET ASSETS consist of:
  
Paid-in
capital
  
$
1,358,462,941
 
Total distributable earnings/(accumulated loss)
  
 
(238,279,910
  
 
 
 
  
$
1,120,183,031
 
  
 
 
 
NET ASSET VALUE PER SHARE:
  
($1,120,183,031 ÷ 55,273,457 shares outstanding)
  
$
20.27
 
  
 
 
 
MARKET PRICE PER SHARE
  
$
18.55
 
  
 
 
 
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE
  
 
(8.49
)% 
  
 
 
 
 
See accompanying notes to financial statements.
 
23

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OHEN
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T
AX-
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P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2024 (Unaudited)
 
Investment Income:
  
Interest income
  
$
39,277,147
 
Dividend income (net of $30,816 of foreign withholding tax)
  
 
11,807,043
 
  
 
 
 
Total Investment Income
  
 
51,084,190
 
  
 
 
 
Expenses:
  
Interest expense
  
 
18,382,578
 
Investment management fees
  
 
8,482,265
 
Administration fees
  
 
580,336
 
Professional fees
  
 
54,601
 
Shareholder reporting expenses
  
 
47,266
 
Trustees’ fees and expenses
  
 
24,647
 
Custodian fees and expenses
  
 
20,504
 
Transfer agent fees and expenses
  
 
9,605
 
Miscellaneous
  
 
7,373
 
  
 
 
 
Total Expenses
  
 
27,609,175
 
  
 
 
 
Net Investment Income (Loss)
  
 
23,475,015
 
  
 
 
 
Net Realized and Unrealized Gain (Loss):
  
Net realized gain (loss) on:
  
Investments in securities
  
 
(26,492,160
Interest rate swap contracts
  
 
14,998,447
 
Total return swap contracts
  
 
(2,034,007
Forward foreign currency exchange contracts
  
 
(636,073
Foreign currency transactions
  
 
(69,387
  
 
 
 
Net realized gain (loss)
  
 
(14,233,180
  
 
 
 
Net change in unrealized appreciation (depreciation) on:
  
Investments in securities
  
 
148,627,402
 
Interest rate swap contracts
  
 
(10,773,114
Total return swap contracts
  
 
(206,244
Forward foreign currency exchange contracts
  
 
2,129,251
 
Foreign currency translations
  
 
(1,073,936
  
 
 
 
Net change in unrealized appreciation (depreciation)
  
 
138,703,359
 
  
 
 
 
Net Realized and Unrealized Gain (Loss)
  
 
124,470,179
 
  
 
 
 
Net Increase (Decrease) in Net Assets Resulting from Operations
  
$
147,945,194
 
  
 
 
 
 
See accompanying notes to financial statements.
 
24

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OHEN
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P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
 
    
For the
Six Months Ended
April 30, 2024
      
For the
Year Ended
October 31, 2023
 
Change in Net Assets:
       
From Operations:
       
Net investment income (loss)
  
$
23,475,015
 
    
$
43,545,877
 
Net realized gain (loss)
  
 
(14,233,180
    
 
(92,417,891
Net change in unrealized appreciation (depreciation)
  
 
138,703,359
 
    
 
45,262,342
 
  
 
 
      
 
 
 
Net increase (decrease) in net assets resulting from operations
  
 
147,945,194
 
    
 
(3,609,672
  
 
 
      
 
 
 
Distributions to shareholders
  
 
(44,439,859
    
 
(81,766,289
Tax return of capital to shareholders
  
 
 
    
 
(6,671,242
  
 
 
      
 
 
 
Total distributions
  
 
(44,439,859
    
 
(88,437,531
  
 
 
      
 
 
 
Total increase (decrease) in net assets
  
 
103,505,335
 
    
 
(92,047,203
Net Assets:
       
Beginning of period
  
 
1,016,677,696
 
    
 
1,108,724,899
 
  
 
 
      
 
 
 
End of period
  
$
1,120,183,031
 
    
$
1,016,677,696
 
  
 
 
      
 
 
 
 
See accompanying notes to financial statements.
 
25

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OHEN
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T
AX-
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REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
STATEMENT OF CASH FLOWS
For the Six Months Ended April 30, 2024 (Unaudited)
 
Increase (Decrease) in Cash:
  
Cash Flows from Operating Activities:
  
Net increase (decrease) in net assets resulting from operations
  
$
147,945,194
 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
  
Purchases of long-term investments
  
 
(546,358,770
Proceeds from sales and maturities of long-term investments
  
 
505,333,245
 
Net purchases, sales and maturities of short-term investments
  
 
55,901,345
 
Net amortization of premium on investments in securities
  
 
4,652,883
 
Net increase in dividends and interest receivable and other assets
  
 
(1,449,151
Net decrease in payable for collateral on option contracts
  
 
(270,000
Net increase in interest expense payable, accrued expenses and other liabilities
  
 
7,668
 
Net decrease in payable for variation margin on interest rate swap contracts
  
 
(475,475
Net change in unrealized appreciation on investments in securities
  
 
(148,627,402
Net change in unrealized depreciation on total return swap contracts
  
 
206,244
 
Net change in unrealized appreciation on forward foreign currency exchange contracts
  
 
(2,129,251
Net realized loss on investments in securities
  
 
26,492,160
 
  
 
 
 
Cash provided by operating activities
  
 
41,228,690
 
  
 
 
 
Cash Flows from Financing Activities:
  
Net increase in payable for revolving credit agreement*
  
 
1,125,327
 
Dividends and distributions paid
  
 
(44,461,611
  
 
 
 
Cash used for financing activities
  
 
(43,336,284
  
 
 
 
Increase (decrease) in cash and restricted cash
  
 
(2,107,594
Cash and restricted cash at beginning of period (including foreign currency)
  
 
11,056,684
 
  
 
 
 
Cash and restricted cash at end of period (including foreign currency)
  
$
8,949,090
 
  
 
 
 
Supplemental Disclosure of Cash Flow Information:
For the six months ended April 30, 2024, interest paid was $18,526,797.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.
 
Cash
  
$
111,201
 
Restricted cash
  
 
7,304,683
 
Foreign currency
  
 
1,533,206
 
  
 
 
 
Total cash and restricted cash shown on the Statement of Cash Flows
  
$
8,949,090
 
  
 
 
 
Restricted cash consists of cash that has been pledged to cover the Fund’s collateral or margin obligations under derivative contracts. It is reported on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts.
 
*
Amount represents mark-to-market increase on GBP portion of the credit agreement.
 
See accompanying notes to financial statements.
 
26

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OHEN
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REFERRED
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ECURITIES AND
I
NCOME
F
UND
 
FINANCIAL HIGHLIGHTS (Unaudited)
The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.
 
                                                                     
   
For the Six
Months Ended

April 30, 2024
   
For the Year Ended
October 31,
   
For the Period
October 28, 2020
(a)

through

October 31, 2020
 
Per Share Operating Data:
 
2023
   
2022
   
2021
 
Net asset value, beginning of period
 
 
$18.39
 
 
 
$20.06
 
 
 
$25.93
 
 
 
$24.99
 
 
 
$25.00
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income (loss) from investment operations:
 
Net investment income (loss)
(b)
 
 
0.42
 
 
 
0.79
 
 
 
1.04
 
 
 
1.02
 
 
 
(0.01
Net realized and unrealized gain (loss)
 
 
2.26
 
 
 
(0.86
 
 
(5.20
 
 
1.35
 
 
 
(0.00
)
(c)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total from investment operations
 
 
2.68
 
 
 
(0.07
 
 
(4.16
 
 
2.37
 
 
 
(0.01
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Less dividends and distributions to shareholders from:
         
Net investment income
 
 
(0.80
 
 
(1.48
 
 
(1.51
 
 
(1.42
 
 
 
Net realized gain
 
 
 
 
 
 
 
 
(0.11
 
 
(0.01
 
 
 
Tax return of capital
 
 
 
 
 
(0.12
 
 
(0.09
 
 
 
 
 
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total dividends and distributions to shareholders
 
 
(0.80
 
 
(1.60
 
 
(1.71
 
 
(1.43
 
 
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase (decrease) in net asset value
 
 
1.88
 
 
 
(1.67
 
 
(5.87
 
 
0.94
 
 
 
(0.01
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net asset value, end of period
 
 
$20.27
 
 
 
$18.39
 
 
 
$20.06
 
 
 
$25.93
 
 
 
$24.99
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Market value, end of period
 
 
$18.55
 
 
 
$16.81
 
 
 
$17.59
 
 
 
$24.97
 
 
 
$25.00
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Total net asset value return
(d)
 
 
15.00
%
(e)
 
 
 
0.15
 
 
-16.09
 
 
9.77
 
 
-0.04
%
(e)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total market value return
(d)
 
 
15.13
%
(e)
 
 
 
4.40
 
 
-23.59
 
 
5.66
 
 
0.00
%
(e)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
 
See accompanying notes to financial statements.
 
27

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OHEN
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ECURITIES AND
I
NCOME
F
UND
 
FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)
 
                                                                     
   
For the Six
Months Ended

April 30, 2024
   
For the Year Ended
October 31,
   
For the Period
October 28, 2020
(a)

through

October 31, 2020
 
Ratios/Supplemental Data:
 
2023
   
2022
   
2021
 
Net assets, end of period (in millions)
 
 
$1,120.2
 
 
 
$1,016.7
 
 
 
$1,108.7
 
 
 
$1,433.5
 
 
 
$1,249.6
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ratios to average daily net assets:
         
Expenses
 
 
5.03
%
(f)
 
 
 
4.99
 
 
2.71
 
 
2.01
 
 
1.24
%
(g)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Expenses (excluding interest expense)
 
 
1.68
%
(f)
 
 
 
1.73
 
 
1.67
 
 
1.61
 
 
1.24
%
(g)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net investment income (loss)
 
 
4.28
%
(f)
 
 
 
4.02
 
 
4.52
 
 
3.97
 
 
(1.22
)%
(g)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ratio of expenses to average daily managed assets
(h)
 
 
3.25
%
(f)
 
 
 
3.15
 
 
1.75
 
 
1.40
 
 
1.24
%
(g)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Portfolio turnover rate
 
 
31
%
(e)
 
 
 
35
 
 
41
 
 
47
 
 
0
%
(e)
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Revolving Credit Agreement
         
Asset coverage ratio for revolving credit agreement
 
 
286
 
 
269
 
 
262
 
 
308