COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2025 (Unaudited)
| Shares | Value | |||||||||||
| EXCHANGE-TRADED FUNDS—CORPORATE BONDS |
0.2 | % | ||||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF(a) |
|
24,348 | $ | 2,656,610 | ||||||||
|
|
|
|||||||||||
| TOTAL EXCHANGE-TRADED FUNDS |
|
2,656,610 | ||||||||||
|
|
|
|||||||||||
| PREFERRED SECURITIES—EXCHANGE-TRADED |
26.5 | % | ||||||||||
| BANKING |
9.7 | % | ||||||||||
| Bank of America Corp., 4.25%, Series QQ(a)(b) |
|
45,242 | 798,069 | |||||||||
| Bank of America Corp., 4.375%, Series NN(a)(b) |
|
125,000 | 2,226,250 | |||||||||
| Bank of America Corp., 5.00%, Series LL(a)(b) |
|
487,866 | 9,976,860 | |||||||||
| Bank of America Corp., 5.375%, Series KK(a)(b) |
|
35,839 | 785,949 | |||||||||
| Federal Agricultural Mortgage Corp., 4.875%, Series G(b) |
|
407,795 | 7,377,012 | |||||||||
| First Horizon Corp., 6.50%, Series E(a)(b) |
|
216,107 | 5,342,165 | |||||||||
| M&T Bank Corp., 7.50%, Series J(a)(b) |
|
397,600 | 10,747,128 | |||||||||
| Morgan Stanley, 5.85%, Series K(a)(b) |
|
272,177 | 6,483,256 | |||||||||
| Morgan Stanley, 6.375%, Series I(a)(b) |
|
62,560 | 1,559,621 | |||||||||
| Morgan Stanley, 6.50%, Series P(a)(b) |
|
210,180 | 5,380,608 | |||||||||
| Morgan Stanley, 6.625%, Series Q(a)(b) |
|
728,346 | 18,762,193 | |||||||||
| Morgan Stanley, 6.875%, Series F(a)(b) |
|
580,397 | 14,655,024 | |||||||||
| Morgan Stanley, 7.125%, Series E(a)(b) |
|
350,000 | 8,900,500 | |||||||||
| Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(b)(c) |
|
88,820 | 2,208,953 | |||||||||
| Wells Fargo & Co., 4.375%, Series CC(a)(b) |
|
167,799 | 3,011,992 | |||||||||
| Wells Fargo & Co., 4.70%, Series AA(a)(b) |
|
209,413 | 4,001,882 | |||||||||
| Wells Fargo & Co., 4.75%, Series Z(a)(b) |
|
403,986 | 7,788,850 | |||||||||
| Wells Fargo & Co., 7.50%, Series L (Convertible)(b) |
|
2,033 | 2,408,170 | |||||||||
|
|
|
|||||||||||
| 112,414,482 | ||||||||||||
|
|
|
|||||||||||
| CONSUMER STAPLE PRODUCTS |
0.9 | % | ||||||||||
| CHS, Inc., 7.50%, Series 4(b) |
|
393,503 | 10,175,988 | |||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
3.0 | % | ||||||||||
| Affiliated Managers Group, Inc., 6.75%, due 3/30/64(a) |
|
151,751 | 3,687,550 | |||||||||
| Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(a)(c) |
|
147,108 | 3,917,486 | |||||||||
| Brookfield Oaktree Holdings LLC, 6.55%, Series B(a)(b) |
|
633,858 | 13,507,514 | |||||||||
| Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(b) |
|
212,311 | 4,653,857 | |||||||||
| KKR & Co., Inc., 6.875%, due 6/1/65, Series T(a) |
|
106,881 | 2,751,117 | |||||||||
| TPG Operating Group II LP, 6.95%, due 3/15/64(a) |
|
232,042 | 6,028,451 | |||||||||
|
|
|
|||||||||||
| 34,545,975 | ||||||||||||
|
|
|
|||||||||||
| INSURANCE |
6.7 | % | ||||||||||
| Allstate Corp., 5.10%, Series H(a)(b) |
|
304,000 | 6,575,520 | |||||||||
| Allstate Corp., 7.375%, Series J(a)(b) |
|
127,236 | 3,425,193 | |||||||||
| Arch Capital Group Ltd., 4.55%, Series G(a)(b) |
|
172,499 | 3,001,483 | |||||||||
| Arch Capital Group Ltd., 5.45%, Series F(a)(b) |
|
351,086 | 7,274,502 | |||||||||
| Assurant, Inc., 5.25%, due 1/15/61(a) |
|
60,964 | 1,202,820 | |||||||||
| Athene Holding Ltd., 4.875%, Series D(a)(b) |
|
205,040 | 3,520,537 | |||||||||
| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b)(c) |
|
497,843 | 12,391,312 | |||||||||
| Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(a)(c) |
|
242,600 | 6,108,668 | |||||||||
| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b)(c) |
|
337,144 | 8,853,401 | |||||||||
| Equitable Holdings, Inc., 5.25%, Series A(a)(b) |
|
286,202 | 5,918,657 | |||||||||
1
| Shares | Value | |||||||||||
| F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53(a) |
|
246,148 | $ | 6,594,305 | ||||||||
| Lincoln National Corp., 9.00%, Series D(a)(b) |
|
299,871 | 8,195,474 | |||||||||
| MetLife, Inc., 4.75%, Series F(a)(b) |
|
32,000 | 648,000 | |||||||||
| MetLife, Inc., 5.625%, Series E(a)(b) |
|
74,832 | 1,803,451 | |||||||||
| RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)(b) |
|
103,152 | 1,661,779 | |||||||||
|
|
|
|||||||||||
| 77,175,102 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE |
0.9 | % | ||||||||||
| Chatham Lodging Trust, 6.625%, Series A(b) |
|
85,000 | 1,721,250 | |||||||||
| DigitalBridge Group, Inc., 7.125%, Series H(b) |
|
194,146 | 4,298,392 | |||||||||
| DigitalBridge Group, Inc., 7.125%, Series J(b) |
|
170,626 | 3,784,485 | |||||||||
|
|
|
|||||||||||
| 9,804,127 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
2.8 | % | ||||||||||
| AT&T, Inc., 4.75%, Series C(a)(b) |
|
646,405 | 12,604,898 | |||||||||
| AT&T, Inc., 5.00%, Series A(a)(b) |
|
493,265 | 10,087,269 | |||||||||
| Telephone & Data Systems, Inc., 6.00%, Series VV(a)(b) |
|
97,841 | 1,804,188 | |||||||||
| U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70 |
|
96,904 | 2,148,362 | |||||||||
| U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70 |
|
91,356 | 2,051,856 | |||||||||
| U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69 |
|
138,097 | 3,528,378 | |||||||||
|
|
|
|||||||||||
| 32,224,951 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
2.5 | % | ||||||||||
| Algonquin Power & Utilities Corp., 8.864% (3 Month USD Term |
|
237,068 | 6,194,587 | |||||||||
| BIP Bermuda Holdings I Ltd., 5.125% (Canada)(a)(b) |
|
47,070 | 804,897 | |||||||||
| Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a)(b) |
|
208,034 | 3,266,134 | |||||||||
| Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a)(b) |
|
168,056 | 2,788,049 | |||||||||
| Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)(a) |
|
192,889 | 3,267,540 | |||||||||
| CMS Energy Corp., 5.875%, due 10/15/78(a) |
|
140,000 | 3,199,000 | |||||||||
| SCE Trust VII, 7.50%, Series M(a)(b) |
|
278,631 | 6,444,735 | |||||||||
| SCE Trust VIII, 6.95%, Series N(a)(b) |
|
147,003 | 3,297,277 | |||||||||
|
|
|
|||||||||||
| 29,262,219 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED |
|
305,602,844 | ||||||||||
|
|
|
|||||||||||
| Principal Amount* |
||||||||||||
| PREFERRED SECURITIES—OVER-THE-COUNTER |
122.3 | % | ||||||||||
| BANKING |
75.7 | % | ||||||||||
| ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)(b)(c)(e)(f) |
|
EUR | 3,400,000 | 4,215,899 | ||||||||
| AIB Group PLC, 7.125% to 10/30/29 (Ireland)(b)(c)(e)(f) |
|
EUR | 6,400,000 | 7,864,256 | ||||||||
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(b)(c)(e) |
|
4,900,000 | 5,448,604 | |||||||||
| Banco BPM SpA, 6.25% to 5/27/30 (Italy)(b)(c)(e)(f) |
|
EUR | 3,000,000 | 3,520,962 | ||||||||
| Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)(b)(c)(e)(f) |
|
EUR | 9,600,000 | 11,414,168 | ||||||||
| Banco Santander SA, 6.00% to 1/2/31 (Spain)(b)(c)(e)(f) |
|
EUR | 5,800,000 | 6,717,877 | ||||||||
| Banco Santander SA, 8.00% to 2/1/34 (Spain)(b)(c)(e) |
|
11,400,000 | 12,281,186 | |||||||||
| Banco Santander SA, 9.625% to 11/21/28 (Spain)(b)(c)(e) |
|
5,600,000 | 6,265,668 | |||||||||
| Banco Santander SA, 9.625% to 5/21/33 (Spain)(b)(c)(e) |
|
9,000,000 | 10,652,148 | |||||||||
| Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(b)(c) |
|
5,162,000 | 5,189,033 | |||||||||
| Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(b)(c) |
|
718,000 | 726,026 | |||||||||
2
| Principal Amount* |
Value | |||||||||
| Bank of America Corp., 6.25% to 7/26/30, Series UU(a)(b)(c) |
7,690,000 | $ | 7,682,771 | |||||||
| Bank of America Corp., 6.625% to 5/1/30, Series OO(a)(b)(c) |
16,417,000 | 16,852,921 | ||||||||
| Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)(a)(c) |
7,600,000 | 7,969,770 | ||||||||
| Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)(a)(c) |
6,000,000 | 6,139,814 | ||||||||
| Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(a)(c) |
4,600,000 | 4,915,164 | ||||||||
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(a)(c) |
10,250,000 | 10,912,375 | ||||||||
| Bankinter SA, 6.00% to 6/30/30 (Spain)(b)(c)(e)(f) |
EUR | 2,000,000 | 2,321,037 | |||||||
| Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(b)(c) |
4,220,000 | 4,515,400 | ||||||||
| Barclays PLC, 7.625% to 3/15/35 (United Kingdom)(b)(c)(e) |
7,000,000 | 7,148,174 | ||||||||
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(b)(c)(e) |
2,100,000 | 2,230,918 | ||||||||
| Barclays PLC, 8.375% to 9/15/31 (United Kingdom)(b)(c)(e)(f) |
GBP | 8,600,000 | 11,847,839 | |||||||
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(b)(c)(e)(f) |
GBP | 4,500,000 | 6,273,892 | |||||||
| Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(b)(c)(e) |
GBP | 2,700,000 | 3,865,278 | |||||||
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(b)(c)(e) |
13,800,000 | 15,622,704 | ||||||||
| BNP Paribas SA, 4.625% to 2/25/31 (France)(b)(c)(e)(g) |
5,000,000 | 4,491,421 | ||||||||
| BNP Paribas SA, 7.375% to 9/10/34 (France)(b)(c)(e)(g) |
1,800,000 | 1,854,967 | ||||||||
| BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(b)(c)(e)(g) |
19,300,000 | 20,461,435 | ||||||||
| BNP Paribas SA, 8.00% to 8/22/31 (France)(a)(b)(c)(e)(g) |
14,300,000 | 15,336,321 | ||||||||
| BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(b)(c)(e)(g) |
15,700,000 | 16,779,893 | ||||||||
| BNP Paribas SA, 9.25% to 11/17/27 (France)(b)(c)(e)(g) |
6,600,000 | 7,120,054 | ||||||||
| BPER Banca SpA, 6.50% to 3/20/30 (Italy)(b)(c)(e)(f) |
EUR | 1,400,000 | 1,662,440 | |||||||
| CaixaBank SA, 6.25% to 7/24/32 (Spain)(b)(c)(e)(f) |
EUR | 6,200,000 | 7,341,013 | |||||||
| CaixaBank SA, 7.50% to 1/16/30 (Spain)(b)(c)(e)(f) |
EUR | 1,800,000 | 2,285,355 | |||||||
| CaixaBank SA, 8.25% to 3/13/29 (Spain)(b)(c)(e)(f) |
EUR | 1,400,000 | 1,804,398 | |||||||
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, due 10/28/85 (Canada)(a)(c) |
5,200,000 | 5,259,800 | ||||||||
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b)(c) |
9,382,000 | 9,260,100 | ||||||||
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b)(c) |
11,846,000 | 10,838,609 | ||||||||
| Citigroup Capital III, 7.625%, due 12/1/36(a) |
1,500,000 | 1,668,021 | ||||||||
| Citigroup, Inc., 6.25% to 8/15/26, Series T(b)(c) |
6,030,000 | 6,078,976 | ||||||||
| Citigroup, Inc., 6.875% to 8/15/30, Series GG(b)(c) |
13,750,000 | 13,901,250 | ||||||||
| Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(b)(c) |
21,016,000 | 21,238,812 | ||||||||
| Citigroup, Inc., 7.00% to 8/15/34, Series DD(b)(c) |
11,844,000 | 12,335,088 | ||||||||
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(b)(c) |
28,450,000 | 29,749,937 | ||||||||
| CoBank ACB, 6.45% to 10/1/27, Series K(b)(c) |
6,590,000 | 6,648,242 | ||||||||
| CoBank ACB, 7.125% to 1/1/30, Series M(b)(c) |
5,500,000 | 5,691,714 | ||||||||
| Commerzbank AG, 6.625% to 10/9/32 (Germany)(b)(c)(e)(f) |
EUR | 3,200,000 | 3,806,121 | |||||||
| Commerzbank AG, 7.50% to 10/9/30 (Germany)(b)(c)(e)(f) |
6,400,000 | 6,634,016 | ||||||||
| Cooperatieve Rabobank UA, 6.50% (Netherlands)(b)(f) |
EUR | 4,559,050 | 6,017,360 | |||||||
| Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(b)(c)(e)(f) |
GBP | 5,300,000 | 7,396,540 | |||||||
| Credit Agricole SA, 7.25% to 9/23/28 (France)(a)(b)(c)(e)(f) |
EUR | 1,900,000 | 2,351,228 | |||||||
| Credit Suisse Group AG, 6.375%, Claim (Switzerland)(b)(e)(g)(h)(i) |
2,200,000 | 170,500 | ||||||||
| Credit Suisse Group AG, 7.50%, Claim (Switzerland)(b)(e)(g)(h)(i) |
7,600,000 | 589,000 | ||||||||
| Deutsche Bank AG, 7.375% to 10/30/31 (Germany)(b)(c)(e)(f) |
EUR | 5,800,000 | 6,987,633 | |||||||
| Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(b)(c)(e)(f) |
EUR | 7,400,000 | 9,126,876 | |||||||
| Erste Group Bank AG, 6.375% to 4/15/32 (Austria)(a)(b)(c)(e)(f) |
EUR | 3,200,000 | 3,771,190 | |||||||
| Eurobank Ergasias Services & Holdings SA, 6.625% to
6/4/31 |
EUR | 6,000,000 | 7,068,669 | |||||||
| Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6(b)(c) |
2,100,000 | 2,136,750 | ||||||||
| Farm Credit Bank of Texas, 7.75% to 6/15/29(b)(c) |
3,698,000 | 3,839,112 | ||||||||
| Goldman Sachs Group, Inc., 7.379% to 2/10/26, Series Q(b)(c) |
2,000,000 | 2,011,350 | ||||||||
| Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(a)(b)(c) |
21,049,000 | 22,285,713 | ||||||||
3
| Principal Amount* |
Value | |||||||||
| Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(b)(c) |
21,064,000 | $ | 22,060,959 | |||||||
| HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)(a)(b)(c)(e) |
3,800,000 | 3,925,974 | ||||||||
| HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(c)(e) |
4,000,000 | 4,239,364 | ||||||||
| Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(b)(c) |
1,141,000 | 1,171,656 | ||||||||
| ING Groep NV, 4.875% to 5/16/29 (Netherlands)(b)(c)(e)(f) |
1,800,000 | 1,726,074 | ||||||||
| ING Groep NV, 7.25% to 11/16/34 (Netherlands)(b)(c)(e)(f) |
7,400,000 | 7,644,773 | ||||||||
| ING Groep NV, 7.50% to 5/16/28 (Netherlands)(b)(c)(e)(f) |
5,000,000 | 5,220,893 | ||||||||
| ING Groep NV, 8.00% to 5/16/30 (Netherlands)(b)(c)(e)(f) |
10,300,000 | 11,138,394 | ||||||||
| Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)(b)(c)(e)(f) |
EUR | 3,400,000 | 4,196,673 | |||||||
| Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(b)(c)(e)(g) |
1,800,000 | 1,808,996 | ||||||||
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b)(c) |
17,757,000 | 18,603,529 | ||||||||
| Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)(b)(c)(e)(f) |
4,400,000 | 4,455,000 | ||||||||
| KBC Group NV, 6.25% to 9/17/31 (Belgium)(b)(c)(e)(f) |
EUR | 800,000 | 956,804 | |||||||
| Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany)(a)(b)(c)(e)(f) |
EUR | 2,200,000 | 2,593,826 | |||||||
| Lloyds Banking Group PLC, 6.75% to 9/27/31 (United Kingdom)(b)(c)(e) |
2,900,000 | 2,889,182 | ||||||||
| Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)(a)(b)(c)(e) |
GBP | 5,200,000 | 6,977,240 | |||||||
| Lloyds Banking Group PLC, 7.875% to 6/27/29 (United Kingdom)(b)(c)(e)(f) |
GBP | 1,000,000 | 1,383,136 | |||||||
| Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(b)(c)(e) |
8,600,000 | 9,206,524 | ||||||||
| Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)(b)(c)(e) |
GBP | 2,000,000 | 2,781,553 | |||||||
| Nationwide Building Society, 7.50% to 12/20/30 (United Kingdom)(b)(c)(e)(f) |
GBP | 2,200,000 | 2,964,373 | |||||||
| Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom)(a)(b)(c)(e)(f) |
GBP | 4,800,000 | 6,539,220 | |||||||
| Nationwide Building Society, 10.25%, Series CCDS (United Kingdom)(b)(f) |
GBP | 3,560,000 | 6,136,650 | |||||||
| NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)(b)(c)(e) |
4,400,000 | 4,414,868 | ||||||||
| NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(b)(c)(e) |
5,600,000 | 6,149,312 | ||||||||
| Piraeus Financial Holdings SA, 6.75% to 12/30/30 (Greece)(b)(c)(e)(f) |
EUR | 4,800,000 | 5,653,928 | |||||||
| PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b)(c) |
5,481,000 | 5,505,218 | ||||||||
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b)(c) |
13,976,000 | 14,161,993 | ||||||||
| PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(b)(c) |
23,364,000 | 23,688,432 | ||||||||
| Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(a)(c) |
8,400,000 | 8,513,400 | ||||||||
| Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a)(b)(c)(e)(f) |
1,600,000 | 1,637,567 | ||||||||
| Societe Generale SA, 6.75% to 4/6/28 (France)(b)(c)(e)(g) |
8,800,000 | 8,825,159 | ||||||||
| Societe Generale SA, 8.125% to 11/21/29 (France)(b)(c)(e)(g) |
4,200,000 | 4,394,275 | ||||||||
| Societe Generale SA, 8.50% to 3/25/34 (France)(b)(c)(e)(g) |
2,200,000 | 2,336,996 | ||||||||
| Societe Generale SA, 9.375% to 11/22/27 (France)(b)(c)(e)(g) |
8,200,000 | 8,796,903 | ||||||||
| Societe Generale SA, 10.00% to 11/14/28 (France)(b)(c)(e)(g) |
9,400,000 | 10,385,853 | ||||||||
| State Street Corp., 6.70% to 3/15/29, Series I(b)(c) |
13,549,000 | 14,002,837 | ||||||||
| State Street Corp., 6.70% to 9/15/29, Series J(b)(c) |
14,910,000 | 15,498,423 | ||||||||
| Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a)(b)(c)(e)(f) |
2,600,000 | 2,426,730 | ||||||||
| Swedbank AB, 7.625% to 3/17/28 (Sweden)(a)(b)(c)(e)(f) |
1,800,000 | 1,895,884 | ||||||||
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(a)(b)(c)(e)(f) |
8,200,000 | 8,707,375 | ||||||||
| Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(a)(c) |
4,200,000 | 4,365,106 | ||||||||
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(c) |
7,305,000 | 7,718,375 | ||||||||
| Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(b)(c) |
2,239,000 | 2,206,108 | ||||||||
| Truist Financial Corp., 6.669% to 9/1/25, Series N(a)(b)(c) |
13,158,000 | 13,182,348 | ||||||||
| UBS Group AG, 4.375% to 2/10/31 (Switzerland)(b)(c)(e)(g) |
1,700,000 | 1,527,882 | ||||||||
| UBS Group AG, 6.85% to 9/10/29 (Switzerland)(b)(c)(e)(g) |
3,400,000 | 3,484,748 | ||||||||
| UBS Group AG, 7.00% to 2/5/35 (Switzerland)(b)(c)(e)(g) |
7,000,000 | 7,008,750 | ||||||||
| UBS Group AG, 7.75% to 4/12/31 (Switzerland)(b)(c)(e)(g) |
8,300,000 | 8,868,085 | ||||||||
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(b)(c)(e)(g) |
12,200,000 | 13,420,378 | ||||||||
| UBS Group AG, 9.25% to 11/13/33 (Switzerland)(a)(b)(c)(e)(g) |
14,800,000 | 17,385,604 | ||||||||
4
| Principal Amount* |
Value | |||||||||||
| Wells Fargo & Co., 6.85% to 9/15/29(b)(c) |
|
12,460,000 | $ | 12,937,480 | ||||||||
| Wells Fargo & Co., 7.625% to 9/15/28(a)(b)(c) |
|
35,256,000 | 37,616,495 | |||||||||
|
|
|
|||||||||||
| 873,931,093 | ||||||||||||
|
|
|
|||||||||||
| CONSUMER DISCRETIONARY PRODUCTS |
0.3 | % | ||||||||||
| Volkswagen International Finance NV, 7.50% to 9/6/28, Series
PNC5 |
|
EUR | 700,000 | 876,819 | ||||||||
| Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)(a)(b)(c)(f) |
|
EUR | 2,500,000 | 3,275,844 | ||||||||
|
|
|
|||||||||||
| 4,152,663 | ||||||||||||
|
|
|
|||||||||||
| ENERGY |
1.1 | % | ||||||||||
| BP Capital Markets PLC, 6.125% to 3/18/35(a)(b)(c) |
|
4,419,000 | 4,442,904 | |||||||||
| BP Capital Markets PLC, 6.45% to 12/1/33(a)(b)(c) |
|
8,230,000 | 8,542,925 | |||||||||
|
|
|
|||||||||||
| 12,985,829 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
3.2 | % | ||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)(a)(c) |
|
2,610,000 | 2,732,058 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/26, Series B(b)(c) |
|
4,467,000 | 4,350,203 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/28, Series C(b)(c) |
|
9,752,000 | 8,920,105 | |||||||||
| ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(a)(c)(g) |
|
2,881,000 | 2,819,794 | |||||||||
| ILFC E-Capital Trust I, 6.43% (3 Month USD
Term SOFR + 1.812%), |
|
1,219,000 | 1,022,382 | |||||||||
| ILFC E-Capital Trust II, 6.68% (3 Month USD
Term SOFR + 2.062%), |
|
5,352,000 | 4,566,287 | |||||||||
| Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)(b)(c)(e) |
|
12,000,000 | 12,163,548 | |||||||||
|
|
|
|||||||||||
| 36,574,377 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
1.3 | % | ||||||||||
| CVS Health Corp., 7.00% to 12/10/29, due 3/10/55(a)(c) |
|
14,473,000 | 14,926,584 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
12.3 | % | ||||||||||
| Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)(a)(c)(f) |
|
5,900,000 | 5,943,837 | |||||||||
| Athene Holding Ltd., 6.875% to 3/28/35, due 6/28/55(a)(c) |
|
4,425,000 | 4,379,555 | |||||||||
| Athora Netherlands NV, 6.75% to 5/18/31 (Netherlands)(b)(c)(e)(f) |
|
EUR | 3,400,000 | 4,047,979 | ||||||||
| AXA SA, 5.75% to 6/2/30 (France)(a)(b)(c)(e)(f) |
|
EUR | 5,300,000 | 6,309,873 | ||||||||
| Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)(a)(b)(c)(g) |
|
6,000,000 | 6,119,322 | |||||||||
| Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(a)(c) |
|
2,627,000 | 2,585,743 | |||||||||
| Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(a)(c) |
|
1,020,000 | 1,042,296 | |||||||||
| Fidelis Insurance Holdings Ltd., 7.75% to 12/15/34, due 6/15/55 (United Kingdom)(c) |
|
2,400,000 | 2,524,426 | |||||||||
| Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(c)(g) |
|
7,910,000 | 7,744,555 | |||||||||
| Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(c)(g) |
|
7,506,000 | 7,862,573 | |||||||||
| Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 |
|
3,500,000 | 3,378,075 | |||||||||
| Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(b)(c) |
|
14,850,000 | 16,158,820 | |||||||||
| Meiji Yasuda Life Insurance Co., 6.10% to 6/11/35, due 6/11/55 (Japan)(a)(c)(g) |
|
11,400,000 | 11,549,796 | |||||||||
| MetLife Capital Trust IV, 7.875%, due 12/15/37(a)(g) |
|
7,800,000 | 8,529,573 | |||||||||
| MetLife, Inc., 9.25%, due 4/8/38(a)(g) |
|
5,500,000 | 6,515,030 | |||||||||
| Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(c) |
|
4,210,000 | 4,416,370 | |||||||||
| Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55(a)(c) |
|
1,836,000 | 1,841,484 | |||||||||
| RLGH Finance Bermuda Ltd., 6.75%, due 7/2/35 (Bermuda)(f) |
|
4,600,000 | 4,704,358 | |||||||||
| Rothesay Life PLC, 4.875% to 4/13/27, |
|
5,200,000 | 5,023,520 | |||||||||
| SBL Holdings, Inc., 6.50% to 11/13/26(b)(c)(g) |
|
6,300,000 | 5,877,350 | |||||||||
| SBL Holdings, Inc., 9.508% to 5/13/30(b)(c)(g) |
|
4,118,000 | 4,210,655 | |||||||||
| Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(a)(b)(c)(g) |
|
3,600,000 | 3,598,241 | |||||||||
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(b)(c) |
|
11,285,000 | 11,950,815 | |||||||||
5
| Principal Amount* |
Value | |||||||||||
| Zurich Finance Ireland II DAC, 6.25% to 5/22/35, due 11/22/55 (Ireland)(a)(c)(f) |
|
5,400,000 | $ | 5,568,744 | ||||||||
|
|
|
|||||||||||
| 141,882,990 | ||||||||||||
|
|
|
|||||||||||
| PIPELINES |
11.4 | % | ||||||||||
| Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)(c) |
|
560,000 | 555,413 | |||||||||
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(c) |
|
1,000,000 | 1,000,608 | |||||||||
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(c) |
|
10,550,000 | 10,603,784 | |||||||||
| Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)(a)(c) |
|
6,120,000 | 6,319,426 | |||||||||
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(c) |
|
3,512,000 | 3,625,532 | |||||||||
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(c) |
|
10,208,000 | 10,860,710 | |||||||||
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(a)(c) |
|
13,707,000 | 14,608,071 | |||||||||
| Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(a)(c) |
|
13,710,000 | 15,475,368 | |||||||||
| Energy Transfer LP, 6.50% to 11/15/26, Series H(b)(c) |
|
4,425,000 | 4,444,505 | |||||||||
| Energy Transfer LP, 6.625% to 2/15/28, Series B(b)(c) |
|
10,718,000 | 10,702,449 | |||||||||
| Energy Transfer LP, 7.125% to 5/15/30, Series G(b)(c) |
|
11,066,000 | 11,357,412 | |||||||||
| Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54(c) |
|
2,680,000 | 2,857,657 | |||||||||
| Enterprise Products Operating LLC, 7.369% (3 Month USD Term |
|
1,500,000 | 1,482,328 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(c)(g) |
|
6,500,000 | 6,759,012 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, |
|
6,630,000 | 6,853,270 | |||||||||
| Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(c) |
|
12,034,000 | 11,717,632 | |||||||||
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(c) |
|
1,219,000 | 1,219,511 | |||||||||
| Venture Global LNG, Inc., 9.00% to 9/30/29(a)(b)(c)(g) |
|
10,870,000 | 10,882,555 | |||||||||
|
|
|
|||||||||||
| 131,325,243 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE |
0.6 | % | ||||||||||
| Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(c)(g) |
|
3,100,000 | 3,052,981 | |||||||||
| Unibail-Rodamco-Westfield SE, 4.875% to 7/4/30 (France)(b)(c)(f) |
|
EUR | 3,400,000 | 3,929,362 | ||||||||
|
|
|
|||||||||||
| 6,982,343 | ||||||||||||
|
|
|
|||||||||||
| RETAIL & WHOLESALE—STAPLES |
0.4 | % | ||||||||||
| Land O’ Lakes, Inc., 7.00%(a)(b)(g) |
|
3,600,000 | 3,008,160 | |||||||||
| Land O’ Lakes, Inc., 7.25%(a)(b)(g) |
|
1,710,000 | 1,472,635 | |||||||||
|
|
|
|||||||||||
| 4,480,795 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
2.7 | % | ||||||||||
| Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)(c) |
|
5,420,000 | 5,527,928 | |||||||||
| Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)(c) |
|
6,790,000 | 6,908,079 | |||||||||
| TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada)(c) |
|
6,090,000 | 6,169,658 | |||||||||
| TELUS Corp., 7.00% to 7/15/35, due 10/15/55 (Canada)(c) |
|
5,060,000 | 5,135,480 | |||||||||
| Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(c) |
|
2,875,000 | 3,008,811 | |||||||||
| Vodafone Group PLC, 8.00% to 5/30/31, due 8/30/86 (United Kingdom)(c)(f) |
|
GBP | 3,500,000 | 5,065,279 | ||||||||
|
|
|
|||||||||||
| 31,815,235 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
13.3 | % | ||||||||||
| AES Corp., 6.95% to 4/15/30, due 7/15/55(c) |
|
4,273,000 | 4,127,812 | |||||||||
| AES Corp., 7.60% to 10/15/29, due 1/15/55(c) |
|
5,505,000 | 5,574,054 | |||||||||
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(c) |
|
14,372,000 | 13,966,572 | |||||||||
| AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada)(c)(g) |
|
6,160,000 | 6,222,604 | |||||||||
| American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(c) |
|
5,092,000 | 5,387,947 | |||||||||
| American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54(c) |
|
8,305,000 | 8,689,065 | |||||||||
| CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(c) |
|
3,345,000 | 3,496,830 | |||||||||
| CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(c) |
|
5,240,000 | 5,480,673 | |||||||||
6
| Principal Amount* |
Value | |||||||||
| CMS Energy Corp., 6.50% to 3/1/35, due 6/1/55(c) |
5,420,000 | $ | 5,478,606 | |||||||
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(b)(c) |
12,554,000 | 12,304,339 | ||||||||
| Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55(a)(c) |
3,760,000 | 3,862,189 | ||||||||
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(c) |
5,970,000 | 6,250,939 | ||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(c) |
4,274,000 | 4,315,607 | ||||||||
| Enel SpA, 6.625% to 4/16/31 (Italy)(b)(c)(f) |
EUR | 1,000,000 | 1,288,473 | |||||||
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(c) |
4,293,000 | 4,455,181 | ||||||||
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(c) |
4,965,000 | 5,199,979 | ||||||||
| Evergy, Inc., 6.65% to 3/1/30, due 6/1/55(a)(c) |
5,300,000 | 5,365,434 | ||||||||
| Exelon Corp., 6.50% to 12/15/34, due 3/15/55(a)(c) |
2,625,000 | 2,684,699 | ||||||||
| NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, due 8/15/55(a)(c) |
5,091,000 | 5,235,944 | ||||||||
| NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55(a)(c) |
7,220,000 | 7,469,567 | ||||||||
| NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(c) |
2,889,000 | 2,986,957 | ||||||||
| NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(a)(c) |
9,730,000 | 10,176,364 | ||||||||
| Sempra, 4.125% to 1/1/27, due 4/1/52(a)(c) |
8,553,000 | 8,280,767 | ||||||||
| Sempra, 6.40% to 7/1/34, due 10/1/54(a)(c) |
6,341,000 | 6,149,882 | ||||||||
| Sempra, 6.875% to 7/1/29, due 10/1/54(a)(c) |
9,090,000 | 9,197,980 | ||||||||
|
|
|
|||||||||
| 153,648,464 | ||||||||||
|
|
|
|||||||||
| TOTAL PREFERRED
SECURITIES—OVER-THE-COUNTER |
1,412,705,616 | |||||||||
|
|
|
|||||||||
| CORPORATE BONDS |
0.4% | |||||||||
| INSURANCE |
0.2% | |||||||||
| SBL Holdings, Inc., 5.00%, due 2/18/31(a)(g) |
1,930,000 | 1,775,603 | ||||||||
|
|
|
|||||||||
| REAL ESTATE |
0.2% | |||||||||
| Hudson Pacific Properties LP, 3.25%, due 1/15/30(a) |
3,000,000 | 2,400,191 | ||||||||
|
|
|
|||||||||
| TOTAL CORPORATE BONDS |
4,175,794 | |||||||||
|
|
|
|||||||||
| Shares | ||||||||||
| SHORT-TERM INVESTMENTS |
0.9% | |||||||||
| MONEY MARKET FUNDS |
||||||||||
| State Street Institutional Treasury Plus Money Market Fund, |
8,015,505 | 8,015,505 | ||||||||
| State Street Institutional U.S. Government Money Market Fund, |
2,795,539 | 2,795,539 | ||||||||
|
|
|
|||||||||
| TOTAL SHORT-TERM INVESTMENTS |
10,811,044 | |||||||||
|
|
|
|||||||||
| TOTAL INVESTMENTS IN SECURITIES |
150.3% | 1,735,951,908 | ||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS |
(50.3) | (581,054,943 | ) | |||||||
|
|
|
|
||||||||
| NET ASSETS |
100.0% | $ | 1,154,896,965 | |||||||
|
|
|
|
||||||||
7
Centrally Cleared Interest Rate Swap Contracts
| Notional Amount |
Fixed Rate Payable |
Fixed Payment Frequency |
Floating Rate Receivable (resets daily) |
Floating Payment Frequency |
Maturity Date | Value | Upfront Payments (Receipts) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| $ | 125,000,000 | 0.360% | Monthly | 4.504%(k) | Monthly | 12/20/25 | $ | 2,129,226 | $ | (4,408 | ) | $ | 2,133,634 | |||||||||||||||
| 35,000,000 | 0.349% | Monthly | 4.504%(k) | Monthly | 12/20/25 | 597,793 | (1,022 | ) | 598,815 | |||||||||||||||||||
| 160,000,000 | 0.464% | Monthly | 4.504%(k) | Monthly | 12/20/26 | 7,850,574 | (14,903 | ) | 7,865,477 | |||||||||||||||||||
| 70,000,000 | 0.930% | Monthly | 4.504%(k) | Monthly | 9/15/27 | 4,207,152 | (8,087 | ) | 4,215,239 | |||||||||||||||||||
| GBP | 28,000,000 | 0.900% | Monthly | 4.217%(l) | Monthly | 9/15/27 | 2,098,264 | — | 2,098,264 | |||||||||||||||||||
| $ | 80,000,000 | 3.655% | Monthly | USD-SOFR-OIS(m) | Monthly | 9/15/28 | (350,866 | ) | — | (350,866 | ) | |||||||||||||||||
| 80,000,000 | 3.588% | Monthly | USD-SOFR-OIS(m) | Monthly | 9/15/28 | (196,377 | ) | — | (196,377 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| $ | 16,335,766 | $ | (28,420 | ) | $ | 16,364,186 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts
| Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Brown Brothers Harriman |
EUR | 3,160,416 | USD | 3,711,245 | 8/28/25 | $ | 98,841 | |||||||||||||||||
| Brown Brothers Harriman |
EUR | 109,088,540 | USD | 128,627,388 | 8/28/25 | 3,937,501 | ||||||||||||||||||
| Brown Brothers Harriman |
GBP | 17,179,412 | USD | 23,267,194 | 8/28/25 | 573,991 | ||||||||||||||||||
| Brown Brothers Harriman |
USD | 2,940,586 | EUR | 2,531,806 | 8/28/25 | (46,693 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||
| $ | 4,563,640 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||
Glossary of Portfolio Abbreviations
| ETF | Exchange-Traded Fund | |
| EUR | Euro Currency | |
| GBP | British Pound | |
| OIS | Overnight Indexed Swap | |
| SOFR | Secured Overnight Financing Rate | |
| SONIA | Sterling Overnight Indexed Average | |
| USD | United States Dollar |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Schedule of Investments.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
8
| Quoted Prices in Active Markets for Identical Investments (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
| Exchange-Traded Funds |
$ | 2,656,610 | $ | — | $ | — | $ | 2,656,610 | ||||||||
| Preferred Securities—Exchange-Traded |
305,602,844 | — | — | 305,602,844 | ||||||||||||
| Preferred Securities—Over-the-Counter |
— | 1,412,705,616 | — | 1,412,705,616 | ||||||||||||
| Corporate Bonds |
— | 4,175,794 | — | 4,175,794 | ||||||||||||
| Short-Term Investments |
— | 10,811,044 | — | 10,811,044 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities(n) |
$ | 308,259,454 | $ | 1,427,692,454 | $ | — | $ | 1,735,951,908 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 4,610,333 | $ | — | $ | 4,610,333 | ||||||||
| Interest Rate Swap Contracts |
— | 16,911,429 | — | 16,911,429 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Assets(n) |
$ | — | $ | 21,521,762 | $ | — | $ | 21,521,762 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (46,693 | ) | $ | — | $ | (46,693 | ) | ||||||
| Interest Rate Swap Contracts |
— | (547,243 | ) | — | (547,243 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Liabilities(n) |
$ | — | $ | (593,936 | ) | $ | — | $ | (593,936 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
Note: Percentages indicated are based on the net assets of the Fund.
| * | Amount denominated in U.S. dollars unless otherwise indicated. |
| (a) | All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $876,468,616 in aggregate has been pledged as collateral. |
| (b) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (c) | Security converts to floating rate after the indicated fixed–rate coupon period. |
| (d) | Variable rate. Rate shown is in effect at July 31, 2025. |
| (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 $470,242,896 which represents 40.7% of the net assets of the Fund (26.7% 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 $245,118,232 which represents 21.2% 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 $265,489,598 which represents 23.0% of the net assets of the Fund, of which 0.2% are illiquid. |
| (h) | Non-income producing security. |
| (i) | Security is in default. |
| (j) | Rate quoted represents the annualized seven–day yield. |
| (k) | Based on USD-SOFR-OIS. Represents rates in effect at July 31, 2025. |
| (l) | Based on 1-Month GBP SONIA. Represents rates in effect at July 31, 2025. |
| (m) | Represents a forward–starting interest rate swap contract with interest receipts and payments commencing on September 15, 2025 (effective date). |
| (n) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
9
| Country Summary |
% of Managed Assets |
|||
| United States |
54.6 | |||
| Canada |
11.9 | |||
| United Kingdom |
7.7 | |||
| France |
6.4 | |||
| Spain |
3.8 | |||
| Switzerland |
3.6 | |||
| Netherlands |
2.3 | |||
| Japan |
1.9 | |||
| Germany |
1.9 | |||
| Ireland |
0.9 | |||
| Sweden |
0.8 | |||
| Greece |
0.7 | |||
| Italy |
0.7 | |||
| Other (includes short-term investments) |
2.8 | |||
|
|
|
|||
| 100.0 | ||||
|
|
|
|||
10
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. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) option and total return swap contracts are valued based upon prices provided by a third-party pricing service or counterparty.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges 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 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 net asset value (NAV).
The Board of Trustees has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Trustees. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Trustees. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Trustees. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
| • | 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 levels associated with valuing the Fund’s investments as of July 31, 2025 are disclosed in the Fund’s Schedule of Investments.
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.
At July 31, 2025, the Fund did not have any option contracts outstanding.
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 is 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 would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).
Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.