NPORT-EX 2 NPORT_4X8Q_15042486_0722.htm PTA - NPORT-EX

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2022 (Unaudited)

 

                                                                       
                          Shares      Value  

PREFERRED SECURITIES—$25 PAR VALUE

     37.2     

BANKS

     6.7     

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

 

    217,434      $ 5,838,103  

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

 

    52,355        1,094,743  

Fifth Third Bancorp, 6.00%, Series A(a)

 

    113,313        2,892,881  

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

 

    314,918        8,187,868  

First Horizon Corp., 4.70%, Series F(a),(c)

 

    135,404        2,938,267  

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

 

    89,579        2,046,880  

PacWest Bancorp, 7.75% to 9/1/2027, Series A(a),(b)

 

    197,600        5,117,840  

PNC Financial Services Group, Inc./The, 5.354% (3 Month US LIBOR + 4.067%), Series P (FRN)(a),(c),(d)

 

    693,533        17,525,579  

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

 

    136,304        3,426,682  

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

 

    487,442        9,792,710  

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

 

    340,425        8,112,328  

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

 

    234,973        5,047,220  

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

 

    246,369        5,154,039  

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

 

    171,613        4,129,009  
    

 

 

 
          81,304,149  
    

 

 

 

ELECTRIC

     3.9     

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

 

    462,414        10,829,736  

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

 

    385,394        7,688,610  

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

 

    1,021,912        28,766,823  
    

 

 

 
          47,285,169  
    

 

 

 

ELECTRIC—FOREIGN

     0.6     

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

 

    121,086        2,550,071  

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

 

    214,600        4,472,264  
    

 

 

 
          7,022,335  
    

 

 

 

ENERGY—FOREIGN

     0.2     

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

 

    200,000        2,651,986  
    

 

 

 

FINANCIAL

     9.6     

DIVERSIFIED FINANCIAL SERVICES

     4.7     

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

 

    342,205        8,715,961  

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

 

    200,000        5,230,000  

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

 

    413,200        9,230,888  

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

 

    304,143        7,962,464  

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

 

    697,421        17,916,745  

 

1

 

 


                                                                       
                          Shares      Value  

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

 

    391,160      $ 8,081,366  
    

 

 

 
          57,137,424  
    

 

 

 

INVESTMENT BANKER/BROKER

     4.9     

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

 

    294,687        7,579,350  

Morgan Stanley, 7.125% to 10/15/23, Series E(a),(b),(c)

 

    59,424        1,559,880  

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

 

    879,462        23,138,645  

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

 

    521,424        13,807,307  

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

 

    147,479        3,787,261  

Morgan Stanley, 6.50%, Series P(a)

 

    384,000        9,973,440  
    

 

 

 
          59,845,883  
    

 

 

 

TOTAL FINANCIAL

 

       116,983,307  
    

 

 

 

INDUSTRIALS—CHEMICALS

     1.1     

CHS, Inc., 7.875%, Series 1(a)

 

    71,095        2,003,457  

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

 

    421,684        11,381,251  
    

 

 

 
          13,384,708  
    

 

 

 

INSURANCE

     6.7     

LIFE/HEALTH INSURANCE

     4.8     

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

 

    393,502        10,553,724  

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

 

    552,023        14,540,286  

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

 

    243,569        4,985,857  

Brighthouse Financial, Inc., 6.60%, Series A(a),(c)

 

    142,578        3,712,731  

Brighthouse Financial, Inc., 6.75%, Series B(a),(c)

 

    185,820        4,851,760  

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

 

    677,700        14,116,491  

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

 

    51,283        1,046,173  

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

 

    213,915        5,086,899  
    

 

 

 
          58,893,921  
    

 

 

 

MULTI-LINE

     0.3     

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

 

    164,250        3,974,850  
    

 

 

 

PROPERTY CASUALTY

     0.9     

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

 

    85,903        2,004,976  

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

 

    351,514        8,534,760  
    

 

 

 
          10,539,736  
    

 

 

 

REINSURANCE

     0.2     

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

 

    125,765        3,061,120  
    

 

 

 

REINSURANCE—FOREIGN

     0.5     

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

 

    228,000        5,581,440  
    

 

 

 

 

2

 

 


                                                                       
                          Shares      Value  

TOTAL INSURANCE

 

     $ 82,051,067  
    

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES

     2.4     

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

 

    384,167        9,204,642  

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

 

    392,182        8,490,740  

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

 

    286,509        5,988,038  

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

 

    280,400        5,868,772  
    

 

 

 
          29,552,192  
    

 

 

 

PIPELINES

     1.6     

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

 

    209,117        4,960,255  

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

 

    611,093        14,482,904  
    

 

 

 
          19,443,159  
    

 

 

 

PIPELINES—FOREIGN

     0.6     

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

 

    100,000        2,308,000  

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

 

    300,000        3,865,527  

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

 

    55,500        771,032  
    

 

 

 
          6,944,559  
    

 

 

 

REAL ESTATE

     2.7     

DATA CENTERS

     0.5     

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

 

    125,376        3,005,262  

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

 

    133,727        3,208,111  
    

 

 

 
          6,213,373  
    

 

 

 

HOTEL

     0.8     

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

 

    85,000        1,993,250  

DiamondRock Hospitality Co., 8.25%(a)

 

    83,547        2,251,592  

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

 

    217,600        4,950,400  
    

 

 

 
          9,195,242  
    

 

 

 

OFFICE

     1.4     

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

 

    200,000        4,258,000  

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

 

    450,000        9,324,000  

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

 

    175,000        4,009,250  
    

 

 

 
          17,591,250  
    

 

 

 

TOTAL REAL ESTATE

 

       32,999,865  
    

 

 

 

UTILITIES

     1.1     

ELECTRIC—FOREIGN

     0.4     

Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a),(c)

 

    168,288        3,103,231  

 

3

 

 


                                                                       
                          Shares     Value  

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

 

    125,367     $ 2,419,583  
      

 

 

 
         5,522,814  
      

 

 

 

GAS—DISTRIBUTION

     0.7    

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

 

    302,265       8,064,430  
      

 

 

 

TOTAL UTILITIES

 

      13,587,244  
      

 

 

 

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$489,064,977)

         453,209,740  
      

 

 

 
                          Principal
Amount
       

PREFERRED SECURITIES—CAPITAL SECURITIES

     112.2    

BANKS

     38.3    

AgriBank FCB, 6.875% to 1/1/24(a),(b),(c)

 

    6,000 †      615,000  

Ally Financial, Inc., 4.70% to 5/15/26, Series B(a),(b),(c)

 

  $ 2,229,000       1,885,344  

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

 

    13,580,000       10,747,774  

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

 

    10,246,000       9,708,085  

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

 

    27,500,000       27,825,124  

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

 

    4,400,000       4,433,000  

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

 

    31,520,000       31,824,588  

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

 

    3,585,000       3,739,858  

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

 

    9,223,000       9,480,341  

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

 

    3,751,000       3,272,696  

Citigroup, Inc., 3.875% to 2/18/26(a),(b)

 

    4,370,000       4,005,324  

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

 

    1,419,000       1,322,689  

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

 

    1,685,000       1,487,990  

Citigroup, Inc., 5.95% to 1/30/23(a),(b)

 

    27,331,000       27,252,269  

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

 

    23,650,000       23,301,399  

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

 

    26,476,000       27,206,208  

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

 

    10,664,000       10,986,053  

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

 

    1,415,000       1,278,898  

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

 

    9,060,000       9,331,800  

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

 

    7,000 †      719,250  

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

 

    6,710,000       5,687,244  

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

 

    2,132,000       1,878,367  

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

 

    7,097,000       7,084,562  

 

4

 

 


                                                                       
                          Principal
Amount
     Value  

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

 

  $ 7,141,000      $ 7,105,295  

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

 

    2,668,000        2,599,376  

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

 

    7,000,000        7,008,575  

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

 

    19,852,000        19,764,628  

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

 

    38,075,000        39,145,859  

M&T Bank Corp., 5.125% to 11/1/26, Series F(a),(b)

 

    2,688,000        2,497,055  

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

 

    9,864,000        9,786,532  

PNC Financial Services Group, Inc./The, 4.964% (3 Month US LIBOR + 3.678%), Series O (FRN)(a),(c),(d)

 

    26,399,000        26,289,038  

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

 

    6,634,000        6,692,048  

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

 

    13,875,000        14,144,768  

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

 

    11,130,000        9,036,457  

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

 

    11,350,000        8,994,158  

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

 

    6,030,000        4,841,367  

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

 

    4,000,000        3,804,192  

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

 

    12,250,000        12,409,250  

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

 

    10,787,000        10,371,726  

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

 

    2,239,000        1,949,140  

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

 

    6,495,000        5,425,744  

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

 

    19,300,000        17,888,687  

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

 

    29,001,000        29,326,351  

Wells Fargo & Co., 5.90% to 6/15/24, Series S(a),(b)

 

    1,699,000        1,617,083  
    

 

 

 
          465,771,192  
    

 

 

 

BANKS—FOREIGN

     27.9     

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

 

    4,000,000        3,699,309  

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

 

    3,600,000        3,725,537  

AIB Group PLC, 6.25% to 6/23/25 (Ireland)(a),(b),(f),(g)

 

    2,400,000        2,411,394  

Australia & New Zealand Banking Group Ltd./United Kingdom, 6.75% to 6/15/26, 144A (Australia)(a),(b),(c),(e),(f)

 

    4,200,000        4,287,507  

Banco BPM SpA, 6.50% to 1/19/26 (Italy)(a),(b),(f),(g)

 

    1,800,000        1,694,762  

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

 

    2,000,000        1,862,322  

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

 

    2,000,000        1,773,307  

Banco Mercantil del Norte SA/Grand Cayman, 5.875% to 1/24/27, 144A
(Mexico)(a),(b),(e),(f)

 

    1,600,000        1,332,000  

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

 

    1,000,000        811,500  

Banco Santander SA, 7.50% to 2/8/24 (Spain)(a),(b),(f),(g)

 

    3,400,000        3,452,989  

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

 

    8,675,000        9,212,279  

Bank of Montreal, 5.625% to 4/26/27, due 5/26/82 (Canada)(b)

 

    2,600,000        1,956,370  

 

5

 

 


                                                                       
                         Principal
Amount
     Value  

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

   $ 2,000,000      $ 1,931,100  

Barclays PLC, 7.25% to 3/15/23 (United Kingdom)(a),(b),(f),(g)

     2,200,000        2,704,277  

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

     13,000,000        13,422,500  

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

     16,200,000        20,713,158  

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

     8,400,000        8,739,940  

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

     5,000,000        4,739,550  

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

     6,400,000        6,465,797  

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

     23,600,000        24,322,750  

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

     5,260,000        5,612,841  

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

     3,400,000        2,881,500  

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

     10,800,000        9,570,420  

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

     20,400,000        19,008,720  

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

     19,200,000        20,438,400  

Danske Bank A/S, 7.00% to 6/26/25 (Denmark)(a),(b),(f),(g)

     3,600,000        3,489,120  

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

     4,400,000        3,828,000  

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

     8,000,000        7,740,000  

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

     2,758,000        3,731,009  

HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a),(b),(c),(f)

     2,200,000        2,223,533  

ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a),(b),(f)

     2,600,000        2,486,407  

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

     6,600,000        6,637,224  

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

     8,800,000        8,250,000  

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

     9,600,000        9,711,057  

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

     5,000,000        5,075,000  

Lloyds Banking Group PLC, 7.625% to 6/27/23 (United Kingdom)(a),(b),(f),(g)

     3,600,000        4,501,902  

NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a),(b),(f)

     2,000,000        1,956,260  

NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a),(b),(f)

     9,200,000        9,512,110  

Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(a),(b),(c),(e),(f)

     2,200,000        2,205,957  

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

     2,800,000        2,822,750  

 

6

 

 


                                                                       
                          Principal
Amount
     Value  

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

 

  $ 4,800,000      $ 4,524,229  

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

 

    21,694,000        22,022,537  

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

 

    4,200,000        4,318,249  

Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)(a),(b),(e),(f)

 

    14,420,000        14,790,089  

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

 

    5,000,000        4,294,370  

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

 

    8,200,000        8,401,080  

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

 

    5,200,000        5,423,621  

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

 

    11,000,000        11,226,930  

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

 

    10,370,000        10,082,232  

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

 

    3,000,000        3,548,364  
    

 

 

 
          339,572,259  
    

 

 

 

ELECTRIC

     3.5     

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

 

    8,538,000        7,710,686  

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

 

    15,563,000        14,240,072  

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

 

    7,000,000        6,632,272  

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

 

    1,250,000        1,037,940  

Southern California Edison Co., 5.485% (3 Month US LIBOR + 4.199%), Series E (FRN)(a),(d)

 

    9,175,000        8,465,536  

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

 

    3,920,000        4,020,080  
    

 

 

 
          42,106,586  
    

 

 

 

ELECTRIC—FOREIGN

     3.3     

Electricite de France SA, 2.625% to 12/1/27 (France)(a),(b),(g)

 

    600,000        495,735  

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

 

    12,600,000        12,778,178  

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

 

    13,400,000        15,316,202  

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

 

    8,700,000        8,678,660  

SSE PLC, 4.00% to 1/21/28 (United Kingdom)(a),(b),(g)

 

    3,300,000        3,061,763  
    

 

 

 
          40,330,538  
    

 

 

 

FINANCIAL

     11.9     

 

7

 

 


                                                                       
                          Principal
Amount
     Value  

CREDIT CARD

     2.2     

American Express Co., 3.55% to 9/15/26(a),(b)

 

  $ 3,068,000      $ 2,704,442  

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

 

    9,762,000        8,351,803  

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

 

    15,510,000        15,874,844  
    

 

 

 
          26,931,089  
    

 

 

 

DIVERSIFIED FINANCIAL SERVICES

     1.6     

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

 

    2,920,000        2,342,529  

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

 

    3,950,000        3,359,341  

General Motors Financial Co., Inc., 5.70% to 9/30/30, Series C(a),(b),(c)

 

    9,719,000        9,245,199  

ILFC E-Capital Trust II, 5.10% (30 Year CMT + 1.80%), due 12/21/65, 144A (FRN) (TruPS)(d),(e)

 

    5,352,000        4,000,620  
    

 

 

 
          18,947,689  
    

 

 

 

DIVERSIFIED FINANCIAL SERVICES —FOREIGN

     0.2     

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

 

    2,400,000        2,414,467  
    

 

 

 

INVESTMENT BANKER/BROKER

     6.6     

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

 

    6,235,000        5,284,162  

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

 

    23,346,000        21,259,335  

Charles Schwab Corp./The, 5.00% to 6/1/27(a),(b),(c)

 

    5,247,000        5,089,590  

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

 

    32,630,000        33,295,652  

Charles Schwab Corp./The, 6.106% (3 Month US LIBOR + 4.82%) (FRN)(a),(c),(d)

 

    7,200,000        7,204,749  

Morgan Stanley, 5.875% to 9/15/26, Series M(a),(b),(c)

 

    8,000,000        8,097,933  
    

 

 

 
          80,231,421  
    

 

 

 

LEASING —FOREIGN

     0.8     

AerCap Global Aviation Trust, 6.50% to 6/15/25, due 6/15/45, 144A (Ireland)(b),(c),(e)

 

    9,677,000        9,219,131  
    

 

 

 

LIFE/HEALTH INSURANCE

     0.5     

Provident Financing Trust I, 7.405%, due 3/15/38 (TruPS)

 

    6,100,000        6,753,615  
    

 

 

 

TOTAL FINANCIAL

          144,497,412  
    

 

 

 

FOOD

     0.4     

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

 

    3,600,000        3,457,908  

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

 

    1,600,000        1,566,632  
    

 

 

 
          5,024,540  
    

 

 

 

INSURANCE

     14.7     

FINANCE

     0.2     

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

 

    3,023,000        2,518,066  
    

 

 

 

LIFE/HEALTH INSURANCE

     3.7     

MetLife, Inc., 5.875% to 3/15/28, Series D(a),(b),(c)

 

    2,991,000        2,919,341  

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

 

    15,991,000        15,972,051  

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

 

    8,120,000        5,968,200  

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

 

    16,313,000        13,394,361  

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

 

    6,200,000        5,955,741  
    

 

 

 
          44,209,694  
    

 

 

 

 

8

 

 


                                                                       
                          Principal
Amount
     Value  

LIFE/HEALTH INSURANCE—FOREIGN

     4.0     

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

 

  $ 2,000,000      $ 2,001,791  

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

 

    14,830,000        15,074,695  

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

 

    4,200,000        4,226,250  

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

 

    2,000,000        2,101,487  

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

 

    6,100,000        6,101,214  

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

 

    6,032,000        7,307,497  

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

 

    4,000,000        3,847,660  

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

 

    5,800,000        4,857,500  

Rothesay Life PLC, 6.875% to 9/12/28 (United Kingdom)(a),(b),(f),(g)

 

    2,800,000        3,284,934  
       

 

 

 
          48,803,028  
       

 

 

 

MULTI-LINE—FOREIGN

     1.0     

AXA SA, 6.379% to 12/14/36, 144A (France)(a),(b),(c),(e)

 

    4,950,000        5,611,033  

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

 

    5,869,000        6,058,334  
       

 

 

 
          11,669,367  
       

 

 

 

PROPERTY CASUALTY

     2.6     

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

 

    5,970,000        5,137,837  

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

 

    7,300,000        6,833,559  

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

 

    19,605,000        19,923,364  
       

 

 

 
          31,894,760  
       

 

 

 

PROPERTY CASUALTY—FOREIGN

     2.6     

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

 

    5,030,000        5,089,578  

Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375% to 5/28/24 (France)(a),(b),(g)

 

    14,400,000        15,419,663  

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

 

    7,000,000        5,922,000  

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

 

    5,515,000        5,382,640  
       

 

 

 
          31,813,881  
       

 

 

 

 

9

 

 


                                                                       
                          Principal
Amount
     Value  

REINSURANCE

     0.6     

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

 

  $ 8,910,000      $ 7,392,981  
       

 

 

 

TOTAL INSURANCE

          178,301,777  
       

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN

     2.1     

Orange SA, 5.75% to 4/1/23, Series EMTN (France)(a),(b),(g)

 

    2,000,000        2,457,885  

Telefonica Europe BV, 5.875% to 3/31/24 (Spain)(a),(b),(g)

 

    13,600,000        14,089,414  

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

 

    5,280,000        4,286,489  

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

 

    4,875,000        5,136,666  
       

 

 

 
          25,970,454  
       

 

 

 

OIL & GAS—FOREIGN

     0.8     

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

 

    11,300,000        10,308,336  
       

 

 

 

PIPELINES

     1.6     

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

 

    6,600,000        6,006,000  

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

 

    14,600,000        13,176,500  
       

 

 

 
          19,182,500  
       

 

 

 

PIPELINES—FOREIGN

     3.6     

Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77 (Canada)(b),(c)

 

    950,000        863,677  

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

 

    21,477,000        20,282,879  

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

 

    2,421,000        2,305,972  

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

 

    8,605,000        8,173,463  

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

 

    4,052,000        3,742,247  

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

 

    8,885,000        8,306,551  
       

 

 

 
          43,674,789  
       

 

 

 

REAL ESTATE—RETAIL—FOREIGN

     0.8     

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

 

    11,600,000        9,884,600  
       

 

 

 

UTILITIES

     3.3     

ELECTRIC

     1.5     

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

 

    5,697,000        4,820,137  

 

10

 

 


                                                                       
                          Principal
Amount
     Value  

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

 

  $ 8,400,000      $ 7,110,734  

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

 

    7,230,000        7,026,976  
       

 

 

 
          18,957,847  
       

 

 

 

ELECTRIC—FOREIGN

     1.6     

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

 

    11,622,000        10,277,335  

Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)(b),(e)

 

    8,496,000        8,762,137  
       

 

 

 
          19,039,472  
       

 

 

 

GAS—DISTRIBUTION

     0.2     

South Jersey Industries, Inc., 5.02%, due 4/15/31(c)

 

    2,850,000        2,536,463  
       

 

 

 

TOTAL UTILITIES

 

       40,533,782  
       

 

 

 

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$1,479,910,642)

          1,365,158,765  
       

 

 

 
      Shares         

SHORT-TERM INVESTMENTS

     4.6     

MONEY MARKET FUNDS

       

State Street Institutional Treasury Money Market Fund, Premier Class, 1.67%(h)

 

    56,490,160        56,490,160  
       

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$56,490,160)

          56,490,160  
       

 

 

 

PURCHASED OPTION CONTRACTS (Premiums paid—$366,603)

     0.0        241,059  
       

 

 

 

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$2,025,832,382)

     154.0        1,875,099,724  

LIABILITIES IN EXCESS OF OTHER ASSETS

     (54.0        (657,825,464
  

 

 

      

 

 

 

NET ASSETS (Equivalent to $22.02 per share based on 55,273,457 shares of common stock outstanding)

     100.0      $ 1,217,274,260  
  

 

 

      

 

 

 

 

11

 

 


Over-the-Counter Option Contracts

 

Purchased Options

 

Binary Options

                                          
Description   Counterparty  

Exercise

Price/Rate

       Expiration
Date
    Notional
Amount(i)
    Premiums
Paid
    Value  

Put — Euro Stoxx Banks Index

  Goldman Sachs International     EUR 65.00          11/18/22     $ 718,300     $ 184,603     $ 106,001  

Put — Euro Currency

  Goldman Sachs International     0.985          11/17/22       700,000       182,000       135,058  

 

 
           $ 1,418,300     $ 366,603     $ 241,059  

 

 

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)
 
  $   35,000,000        0.249%      Monthly      2.126%(j   Monthly    12/20/24    $ 2,166,318      $ (768   $ 2,165,550  
  125,000,000        0.270%      Monthly      2.126%(j   Monthly    12/20/24      7,668,158              7,668,158  
  35,000,000        0.349%      Monthly      2.126%(j   Monthly    12/20/25      2,698,047        (1,866     2,696,181  
  125,000,000        0.360%      Monthly      2.126%(j   Monthly    12/20/25      9,583,604              9,583,604  
  160,000,000        0.464%      Monthly      2.126%(j   Monthly    12/20/26      14,247,570        (3,247     14,244,323  
  70,000,000        0.930%      Monthly      1.999%(j   Monthly    9/15/27      5,507,334              5,507,334  
  GBP   28,000,000      0.900%      Monthly      1.190%(k   Monthly    9/15/27      2,169,489              2,169,489  

 

 

 
                 $ 44,040,520      $ (5,881   $ 44,034,639  

 

 

 

 

12

 

 


Forward Foreign Currency Exchange Contracts

 

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

Brown Brothers Harriman

   EUR      86,183,243      USD      90,267,467      8/2/22    $ 2,183,909  

Brown Brothers Harriman

   GBP      21,959,549      USD      26,355,917      8/2/22      (386,419

Brown Brothers Harriman

   GBP      13,072,863      USD      15,880,914      8/2/22      (39,217

Brown Brothers Harriman

   GBP      1,660,027      USD      2,043,241      8/2/22      21,660  

Brown Brothers Harriman

   USD      2,453,578      EUR      2,396,500      8/2/22      (4,235

Brown Brothers Harriman

   USD      85,483,425      EUR      83,786,743      8/2/22      150,791  

Brown Brothers Harriman

   USD      39,566,851      GBP      32,429,772      8/2/22      (73,880

Brown Brothers Harriman

   USD      21,466,035      GBP      17,622,845      8/2/22      (4,937

Brown Brothers Harriman

   USD      3,515,646      GBP      2,926,751      8/2/22      48,551  

Brown Brothers Harriman

   USD      6,602,896      GBP      5,539,152      8/2/22      142,682  

Brown Brothers Harriman

   USD      13,307,422      GBP      11,173,919      8/2/22      300,174  

Brown Brothers Harriman

   CAD      12,298,944      USD      9,534,656      8/3/22      (69,740

Brown Brothers Harriman

   USD      9,608,025      CAD      12,298,944      8/3/22      (3,628

Brown Brothers Harriman

   CAD      11,680,636      USD      9,124,107      9/2/22      2,900  

Brown Brothers Harriman

   EUR        82,544,458      USD        84,389,327      9/2/22      (155,406

Brown Brothers Harriman

   GBP      2,616,499      USD      3,181,108      9/2/22      (7,498

Brown Brothers Harriman

   GBP      15,754,336      USD      19,202,015      9/2/22      2,933  

 

 
                  $         2,108,640  

 

 

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)

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

(b)

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

(c)

All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $918,031,598 in aggregate has been pledged as collateral.

 

13

 

 


(d)

Variable rate. Rate shown is in effect at July 31, 2022.

(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 $270,449,059 which represents 22.2% of the net assets of the Fund, of which 0.0% are illiquid.

(f)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $360,686,516 which represents 29.6% of the net assets of the Fund (18.9% of the managed assets of the Fund).

(g)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $217,459,042 which represents 17.9% of the net assets of the Fund, of which 0.0% are illiquid.

(h)

Rate quoted represents the annualized seven-day yield.

(i)

Represents the nominal pay out amount.

(j)

Based on 1-Month LIBOR. Represents rates in effect at July 31, 2022.

(k)

Based on 1-Month GBP SONIA. Represents rates in effect at July 31, 2022.

 

14

 

 


                       

Country Summary

   % of
Managed
Assets
 

United States

     62.8  

United Kingdom

     7.4  

France

     6.8  

Canada

     4.6  

Switzerland

     4.2  

Italy

     1.9  

Spain

     1.4  

Japan

     1.2  

Ireland

     1.1  

Australia

     1.0  

Germany

     0.9  

Netherlands

     0.8  

Other (includes short-term investments)

     5.9  
  

 

 

 
     100.0  
  

 

 

 

 

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

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

 

 

 


COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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

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

 

   

Level 1 — quoted prices in active markets for identical investments

   

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

   

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

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

The following is a summary of the inputs used as of July 31, 2022 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:

          

Financial

   $ 107,009,867      $ 9,973,440     $             —      $ 116,983,307  

Other Industries

     336,226,433                     336,226,433  

Preferred Securities—Capital Securities

            1,365,158,765              1,365,158,765  

Short-Term Investments

            56,490,160              56,490,160  

Purchased Option Contracts

            241,059              241,059  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments in Securities(a)

   $ 443,236,300      $ 1,431,863,424     $      $ 1,875,099,724  
  

 

 

    

 

 

   

 

 

    

 

 

 

Forward Foreign Currency Exchange Contracts

   $      $ 2,853,600     $      $ 2,853,600  

Interest Rate Swap Contracts

            44,034,639              44,034,639  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Derivative Assets(a)

   $      $ 46,888,239     $      $ 46,888,239  
  

 

 

    

 

 

   

 

 

    

 

 

 

Forward Foreign Currency Exchange Contracts

   $      $ (744,960   $      $ (744,960
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Derivative Liabilities(a)

   $      $ (744,960   $      $ (744,960
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(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)

 

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

 

                           
     Preferred
Securities—
Capital Securities—
Food
 

Balance as of October 31, 2021

   $ 6,331,500  

Sales

     (6,300,000

Realized Gain (Loss)

     340,375  

Change in unrealized appreciation (depreciation)

     (371,875
  

 

 

 

Balance as of July 31, 2022

   $  
  

 

 

 

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 investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

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

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.

 

 

 


COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 the swap agreement, the swap agreement will be novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement will 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 nine months ended July 31, 2022:

 

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

Average Notional Amount

   $ 1,418,300      $ 586,413,301      $ 120,746,688  

 

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