Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS

July 31, 2023 (Unaudited)

 

				Shares				Value
PREFERRED SECURITIES—EXCHANGE-TRADED		30.1%
BANKING		7.4%
Citigroup, Inc., 6.875% to 11/15/23, Series K(a)(b)(c)					217,434			$	5,522,824
Dime Community Bancshares, Inc., 5.50%(a)					4,326				77,435
Federal Agricultural Mortgage Corp., 4.875%, Series G(a)					410,836				8,064,711
First Horizon Corp., 6.50%(a)(b)					293,614				6,430,147
Morgan Stanley, 7.125% to 10/15/23, Series E(a)(b)(c)					165,000				4,159,650
Morgan Stanley, 6.875% to 1/15/24, Series F(a)(b)(c)					615,397				15,754,163
Morgan Stanley, 6.375% to 10/15/24, Series I(a)(b)(c)					289,449				7,242,014
Morgan Stanley, 5.85% to 4/15/27, Series K(a)(b)(c)					99,996				2,395,904
Morgan Stanley, 4.25%, Series O(a)(b)					104,002				1,971,878
Morgan Stanley, 6.50%, Series P(a)(b)					193,478				5,040,102
Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(b)(c)					144,909				3,151,771
Texas Capital Bancshares, Inc., 5.75%, Series B(a)(b)					150,425				2,897,185
Washington Federal, Inc., 4.875%, Series A(a)(b)					99,329				1,543,573
Wells Fargo & Co., 4.70%, Series AA(a)(b)					316,104				5,889,017
Wells Fargo & Co., 4.375%, Series CC(a)(b)					117,864				2,108,587
Wells Fargo & Co., 6.625% to 3/15/24, Series R(a)(b)(c)					120,000				3,043,200
Wells Fargo & Co., 4.75%, Series Z(a)(b)					268,039				5,119,545
									80,411,706
CONSUMER STAPLE PRODUCTS		0.9%
CHS, Inc., 7.50%, Series 4(a)					367,538				9,622,145
FINANCIAL SERVICES		3.1%
Apollo Asset Management, Inc., 6.375%, Series A(a)(b)					342,205				8,202,654
Apollo Asset Management, Inc., 6.375%, Series B(a)(b)					136,948				3,403,158
Oaktree Capital Group LLC, 6.625%, Series A(a)(b)					304,143				6,873,632
Oaktree Capital Group LLC, 6.55%, Series B(a)(b)					697,421				15,399,055
									33,878,499
INDUSTRIAL SERVICES		2.4%
WESCO International, Inc., 10.625% to 6/22/25, Series A(a)(c)					941,912				25,544,654
INSURANCE		7.2%
Allstate Corp./The, 7.375%, Series J(a)(b)					234,600				6,296,664
Arch Capital Group Ltd., 5.45%, Series F(a)(b)					125,765				2,873,730
Arch Capital Group Ltd., 4.55%, Series G(a)(b)					100,000				1,947,000
Assurant, Inc., 5.25%, due 1/15/61(b)					75,306				1,441,357
Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b)(c)					393,502				8,417,008
Athene Holding Ltd., 6.375% to 6/30/25, Series C(a)(b)(c)					378,171				8,958,871
Athene Holding Ltd., 4.875%, Series D(a)(b)					243,569				4,079,781
Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b)(c)					337,144				8,384,771

 

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				Shares				Value
Brighthouse Financial, Inc., 5.375%, Series C(a)(b)					190,619			$	3,579,825
Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(b)(c)					347,127				8,261,623
Equitable Holdings, Inc., 5.25%, Series A(a)(b)					205,223				4,266,586
Kemper Corp., 5.875% to 3/15/27, due 3/15/62(b)(c)					5,818				103,153
Lincoln National Corp., 9.00%, Series D(a)(b)					226,466				6,159,875
Prudential Financial, Inc., 5.95%, due 9/1/62(b)					123,769				3,168,486
Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52(b)(c)					363,200				9,348,768
									77,287,498
PIPELINES		2.5%
Enbridge, Inc., 6.704% to 6/1/28, Series 1 (Canada)(a)(b)(c)					100,000				2,104,000
Enbridge, Inc., 2.983% to 9/1/25, (GCAN5YR + 2.68%), Series 15 (Canada)(a)(b)(d)					300,000				3,203,276
Enbridge, Inc., 4.449% to 3/1/24, Series 7 (Canada)(a)(b)(c)					55,500				692,356
Energy Transfer LP, 7.625% to 8/15/23, Series D(a)(b)(c)					159,171				3,998,375
Energy Transfer LP, 7.60% to 5/15/24, Series E(a)(b)(c)					604,864				14,940,141
TC Energy Corp., 3.762% to 10/30/24, Series 9 (Canada)(a)(b)(c)					200,000				2,223,486
									27,161,634
REAL ESTATE		1.9%
Arbor Realty Trust, Inc., 6.375%, Series D(a)					150,000				2,857,500
Brookfield Property Preferred LP, 6.25%, due 7/26/81(b)					350,000				5,687,500
Chatham Lodging Trust, 6.625%, Series A(a)					85,000				1,648,150
DigitalBridge Group, Inc., 7.125%, Series H(a)					208,835				4,462,804
DigitalBridge Group, Inc., 7.125%, Series J(a)					162,502				3,453,167
Pebblebrook Hotel Trust, 6.375%, Series G(a)					66,552				1,301,092
Vornado Realty Trust, 5.25%, Series N(a)(b)					88,000				1,308,560
									20,718,773
TELECOMMUNICATIONS		0.9%
Telephone and Data Systems, Inc., 6.00%, Series VV(a)(b)					287,368				4,000,163
United States Cellular Corp., 5.50%, due 3/1/70(b)					217,168				3,133,734
United States Cellular Corp., 5.50%, due 6/1/70(b)					147,291				2,120,990
									9,254,887
UTILITIES		3.8%
BIP Bermuda Holdings I Ltd., 5.125% (Canada)(a)(b)					47,070				818,547
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a)(b)					208,034				3,299,419
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a)(b)					168,056				2,865,355
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)(b)					214,600				3,843,486

 

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						Shares				Value
CMS Energy Corp., 5.875%, due 10/15/78(b)							80,000			$	1,932,000
NiSource, Inc., 6.50% to 3/15/24, Series B(a)(b)(c)							387,503				9,784,451
SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)(a)(b)(c)							462,414				10,445,932
SCE Trust VI, 5.00% (TruPS)(a)(b)							383,601				7,591,464
											40,580,654
TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$374,033,525)											324,460,450
						Principal Amount
PREFERRED SECURITIES—OVER-THE-COUNTER			118.9	%
BANKING			75.5	%
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(a)(c)(e)(f)						$	4,000,000			$	3,977,201
Banco BPM SpA, 7.00% to 4/12/27 (Italy)(a)(c)(e)(f)							1,800,000				1,837,732
Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(a)(c)(e)(f)							1,000,000				971,034
Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(a)(b)(c)(e)(f)							4,000,000				4,400,447
Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32 (Mexico)(a)(c)(f)(g)							1,000,000				802,500
Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(b)(c)							12,511,000				11,682,772
Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(b)(c)							32,500,000				32,320,018
Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(b)(c)							1,700,000				1,692,860
Bank of America Corp., 6.25% to 9/5/24, Series X(a)(b)(c)							25,320,000				25,147,824
Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(b)(c)							3,585,000				3,590,377
Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(b)(c)							9,223,000				9,204,554
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(a)(c)(e)(f)							8,675,000				9,480,708
Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82 (Canada)(b)(c)							10,250,000				10,663,974
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(a)(c)							6,720,000				6,518,578
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a)(c)(f)							2,000,000				1,829,528
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(a)(c)(f)							800,000				971,124
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(a)(c)(f)							8,000,000				7,897,440
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(c)(f)							12,600,000				11,749,500
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a)(c)(e)(f)							5,200,000				6,330,363
BNP Paribas SA, 7.375% to 8/19/25 (France)(a)(c)(f)(g)							4,000,000				3,960,400
BNP Paribas SA, 7.375% to 6/11/30 (France)(a)(c)(e)(f)							2,000,000				2,199,337
BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(c)(f)(g)							23,000,000				22,951,700
BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(c)(f)(g)							8,800,000				9,267,067
CaixaBank SA, 8.25% to 3/13/29 (Spain)(a)(c)(e)(f)							6,800,000				7,391,407

 

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						Principal Amount				Value
Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(a)(b)(c)						$	30,647,000			$	27,398,111
Charles Schwab Corp./The, 4.00% to 12/1/30, Series H(a)(c)							8,735,000				6,852,507
Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(a)(b)(c)							46,130,000				45,217,170
Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(c)							4,370,000				3,814,573
Citigroup, Inc., 4.00% to 12/10/25, Series W(a)(c)							2,919,000				2,626,925
Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(c)							22,150,000				21,524,598
Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(c)							26,476,000				26,254,404
Citigroup, Inc., 7.375% to 5/15/28, Series Z(a)(c)							4,672,000				4,765,440
Citigroup, Inc., 9.699% (3 Month US Term SOFR + 4.323%), Series 0(a)(d)							20,189,000				20,325,271
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a)(c)							10,202,000				9,722,506
CoBank ACB, 6.45% to 10/1/27, Series K(a)(b)(c)							6,590,000				6,251,101
Commerzbank AG, 7.00% to 4/9/25 (Germany)(a)(c)(e)(f)							5,000,000				4,641,240
Credit Agricole SA, 4.75% to 3/23/29 (France)(a)(b)(c)(f)(g)							1,000,000				818,900
Credit Agricole SA, 6.875% to 9/23/24 (France)(a)(b)(c)(f)(g)							4,600,000				4,508,460
Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)(a)(b)(c)(e)(f)							3,700,000				4,111,595
Credit Agricole SA, 7.875% to 1/23/24 (France)(a)(b)(c)(f)(g)							2,800,000				2,794,568
Credit Agricole SA, 8.125% to 12/23/25 (France)(a)(b)(c)(f)(g)							4,460,000				4,488,923
Credit Suisse Group AG, 6.375% to 8/21/26, Claim (Switzerland)(a)(c)(f)(g)(h)(i)							2,200,000				110,000
Credit Suisse Group AG, 7.25% to 9/12/25, Claim (Switzerland)(a)(c)(f)(g)(h)(i)							5,200,000				260,000
Credit Suisse Group AG, 7.50%, Claim (Switzerland)(a)(c)(f)(g)(h)(i)							12,400,000				620,000
Danske Bank A/S, 7.00% to 6/26/25 (Denmark)(a)(c)(e)(f)							4,000,000				3,844,868
Deutsche Bank AG, 6.75% to 10/30/28 (Germany)(a)(c)(e)(f)							600,000				562,006
Deutsche Bank AG/New York, 6.00% to 10/30/25, Series 2020 (Germany)(a)(c)(f)							5,200,000				4,353,401
Deutsche Bank AG/New York, 7.079% to 11/10/32, due 2/10/34 (Germany)(c)							4,600,000				4,432,710
Deutsche Bank AG/New York, 10.00% to 12/1/27 (Germany)(a)(c)(e)(f)							7,000,000				7,877,101
Deutsche Bank AG/New York, 7.50% to 4/30/25 (Germany)(a)(c)(f)							9,400,000				8,708,723
Farm Credit Bank of Texas, 6.75% to 9/15/23(a)(c)(g)							7,000	†			695,625
Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(a)(c)							3,284,000				2,686,401
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(a)(c)							5,597,000				5,546,565

 

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				Principal Amount				Value
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2 (United Kingdom)(a)(c)(g)				$	12,910,000			$	16,034,178
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(c)(f)					2,000,000				1,834,118
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a)(b)(c)(f)					4,200,000				4,060,556
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(c)(f)					7,400,000				7,463,392
Huntington Bancshares, Inc./OH., 5.625% to 7/15/30, Series F(a)(c)					7,141,000				6,577,483
ING Groep N.V., 4.875% to 5/16/29 (Netherlands)(a)(c)(e)(f)					1,200,000				968,093
ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a)(c)(f)					2,200,000				1,976,887
ING Groep N.V., 7.50% to 5/16/28 (Netherlands)(a)(c)(e)(f)					8,000,000				7,528,568
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(a)(c)(f)(g)					8,800,000				8,492,000
JPMorgan Chase & Co., 3.65% to 6/1/26, Series KK(a)(b)(c)					2,000,000				1,800,800
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(b)(c)					6,200,000				6,170,367
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a)(b)(c)					14,592,000				14,556,252
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a)(b)(c)					44,575,000				44,575,000
JPMorgan Chase & Co., 8.934% (3 Month US Term SOFR + 3.562%), Series R(a)(b)(c)(d)					2,331,000				2,342,422
Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a)(b)(c)(e)(f)					2,400,000				2,175,017
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(a)(c)(f)					8,600,000				8,388,612
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a)(c)(f)					5,800,000				5,496,950
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a)(c)(f)					4,500,000				4,223,250
Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a)(c)(f)					2,000,000				1,876,700
Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a)(c)(f)					11,200,000				11,086,488
PNC Financial Services Group, Inc./The, 6.00% to 5/15/27, Series U(a)(b)(c)					2,502,000				2,315,939
PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series V(a)(b)(c)					8,976,000				8,661,840
PNC Financial Services Group, Inc./The, 6.25% to 3/15/30, Series W(a)(b)(c)					9,155,000				8,394,422
PNC Financial Services Group, Inc./The, 8.977% (3 Month US Term SOFR + 3.934%), Series O(a)(b)(d)					22,347,000				22,471,208
Regions Financial Corp., 5.75% to 6/15/25, Series D(a)(c)					10,429,000				10,029,344

 

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						Principal Amount				Value
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a)(b)(c)(e)(f)						$	1,600,000			$	1,534,000
Societe Generale SA, 5.375% to 11/18/30 (France)(a)(c)(f)(g)							1,200,000				960,120
Societe Generale SA, 6.75% to 4/6/28 (France)(a)(c)(f)(g)							6,800,000				5,849,538
Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(a)(c)(e)(f)							1,700,000				1,850,014
Societe Generale SA, 8.00% to 9/29/25 (France)(a)(c)(f)(g)							11,600,000				11,369,450
Societe Generale SA, 9.375% to 11/22/27 (France)(a)(c)(f)(g)							6,200,000				6,323,070
Standard Chartered PLC, 7.75% to 8/15/27 (United Kingdom)(a)(c)(f)(g)							800,000				798,240
Swedbank AB, 7.625% to 3/17/28 (Sweden)(a)(c)(e)(f)							1,800,000				1,692,436
Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (Canada)(b)(c)							14,975,000				15,421,255
Truist Financial Corp., 4.80% to 9/1/24, Series N(a)(b)(c)							4,000,000				3,570,000
Truist Financial Corp., 4.95% to 9/1/25, Series P(a)(b)(c)							9,735,000				9,206,338
Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(b)(c)							9,869,000				8,893,943
Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(b)(c)							2,239,000				1,796,238
UBS Group AG, 6.875% to 8/7/25 (Switzerland)(a)(c)(e)(f)							10,100,000				9,413,957
UBS Group AG, 7.00% to 1/31/24 (Switzerland)(a)(c)(f)(g)							1,600,000				1,570,160
UBS Group AG, 7.00% to 2/19/25 (Switzerland)(a)(c)(e)(f)							5,400,000				5,214,429
UniCredit SpA, 8.00% to 6/3/24 (Italy)(a)(c)(e)(f)							8,570,000				8,485,843
US Bancorp, 3.70% to 1/15/27, Series N(a)(c)							6,495,000				5,066,100
US Bancorp, 5.30% to 4/15/27, Series J(a)(b)(c)							6,162,000				5,425,949
Virgin Money UK PLC, 8.25% to 6/17/27 (United Kingdom)(a)(c)(e)(f)							1,000,000				1,124,339
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(c)							32,600,000				29,334,295
Wells Fargo & Co., 5.90% to 6/15/24, Series S(a)(c)							16,000				15,875
Wells Fargo & Co., 7.625% to 9/15/28(a)(c)							36,756,000				37,882,204
											814,949,816
ENERGY			2.6	%
BP Capital Markets PLC, 3.625% to 3/22/29 (United Kingdom)(a)(b)(c)(e)							8,000,000				7,822,407
BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(a)(b)(c)							7,000,000				6,757,800
BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)(a)(b)(c)							14,495,000				13,522,386
											28,102,593
FINANCIAL SERVICES			3.4	%
Aircastle Ltd., 5.25% to 6/15/26, Series A(a)(c)(g)							2,920,000				2,219,200
Ally Financial, Inc., 4.70% to 5/15/28, Series C(a)(c)							7,741,000				5,436,358

 

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						Principal Amount				Value
American Express Co., 3.55% to 9/15/26, Series D(a)(c)						$	3,381,000			$	2,845,227
Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(c)(g)							3,950,000				2,958,648
Discover Financial Services, 5.50% to 10/30/27, Series C(a)(c)							8,776,000				6,793,535
Discover Financial Services, 6.125% to 6/23/25, Series D(a)(c)							13,394,000				12,888,442
ILFC E-Capital Trust II, 7.314% (30 Year CMT + 1.80%), due 12/21/65 (TruPS)(d)(g)							5,352,000				3,852,874
											36,994,284
INSURANCE			17.0	%
Aegon NV, 5.625% to 4/15/29 (Netherlands)(a)(c)(e)(f)							2,000,000				1,978,487
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)(b)(c)(e)							10,900,000				10,339,555
Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)(a)(c)(e)(f)							5,030,000				5,252,945
CNP Assurances, 5.25% to 1/18/33, due 7/18/53, Series EMTN (France)(b)(c)(e)							7,700,000				8,218,516
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(b)(c)							10,695,000				10,452,278
Dai-ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24 (Japan)(a)(b)(c)(g)							2,000,000				1,959,743
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(c)							5,970,000				4,647,053
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(b)(c)							6,300,000				5,516,856
Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)(a)(b)(c)(e)							14,830,000				14,757,704
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(c)(g)							7,910,000				5,707,915
La Mondiale SAM, 5.05% to 12/17/25 (France)(a)(b)(c)(e)							2,000,000				2,170,819
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(c)(e)							8,000,000				6,650,896
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51(c)(g)							2,023,000				1,621,223
Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(b)(c)							3,247,000				3,450,052
Markel Group, Inc., 6.00% to 6/1/25(a)(c)							8,007,000				7,789,403
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(b)(g)							4,800,000				5,032,926
MetLife, Inc., 9.25%, due 4/8/38(b)(g)							2,500,000				2,890,913
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44 (Japan)(b)(c)(g)							6,100,000				6,027,898
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(a)(c)(e)(f)							3,000,000				2,681,499
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(b)(c)							4,500,000				4,104,212

 

7

 

 

---

						Principal Amount				Value
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44(b)(c)						$	7,483,000			$	7,421,003
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(b)(c)							10,284,000				9,881,839
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(b)(c)							4,010,000				4,055,233
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)(b)(c)(e)							2,000,000				1,922,886
QBE Insurance Group Ltd., 5.875% to 5/12/25 (Australia)(a)(b)(c)(g)							8,365,000				8,049,280
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(a)(c)(e)(f)							5,200,000				3,931,252
SBL Holdings, Inc., 6.50% to 11/13/26(a)(c)(g)							8,120,000				4,628,400
SBL Holdings, Inc., 7.00% to 5/13/25(a)(c)(g)							7,813,000				4,902,658
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49 (Switzerland)(b)(c)(g)							2,000,000				1,921,326
UnipolSai Assicurazioni SpA, 5.75% to 6/18/24, Series EMTN (Italy)(a)(c)(e)							5,869,000				6,419,922
Voya Financial, Inc., 6.125% to 9/15/23, Series A(a)(c)							8,300,000				8,108,829
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)(c)(e)							13,600,000				10,748,067
											183,241,588
PIPELINES			6.8	%
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)(b)(c)							1,900,000				1,719,829
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(b)(c)							19,852,000				18,170,746
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b)(c)							2,421,000				2,291,169
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b)(c)							8,605,000				7,978,970
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(b)(c)							4,812,000				4,771,285
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(b)(c)							10,208,000				10,339,694
Energy Transfer LP, 6.50% to 11/15/26, Series H(a)(c)							6,600,000				5,994,826
Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(c)							11,556,000				10,178,538
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(c)							4,052,000				3,461,442
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(c)							10,885,000				9,182,994
											74,089,493

 

8

 

 

---

						Principal Amount				Value
REAL ESTATE			0.9	%
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(b)(c)(g)						$	11,600,000			$	9,790,459
RETAIL & WHOLESALE—STAPLES			0.4	%
Land O’ Lakes, Inc., 7.00%(a)(g)							3,600,000				2,976,066
Land O’ Lakes, Inc., 7.25%(a)(g)							1,600,000				1,271,360
											4,247,426
TELECOMMUNICATIONS			1.3	%
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(c)							5,280,000				4,203,231
Vodafone Group PLC, 6.50% to 5/30/29, due 8/30/84, Series EMTN (United Kingdom)(c)(e)							2,300,000				2,572,789
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(c)							2,875,000				2,957,460
Vodafone Group PLC, 8.00% to 5/30/31, due 8/30/86, Series EMTN (United Kingdom)(c)(e)							3,500,000				4,495,950
											14,229,430
UTILITIES			11.0	%
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(c)							10,622,000				8,580,983
CenterPoint Energy, Inc., 6.125% to 9/1/23, Series A(a)(c)							4,518,000				4,430,004
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(c)							17,640,000				15,230,376
Edison International, 5.00% to 12/15/26, Series B(a)(c)							5,197,000				4,503,052
Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)(a)(b)(c)(e)							6,000,000				6,484,227
Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)(a)(b)(c)(e)							13,400,000				16,013,651
Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)(a)(c)(e)							5,200,000				5,949,929
Electricite de France SA, 9.125% to 3/15/33 (France)(a)(c)(g)							4,600,000				4,847,250
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(c)							19,575,000				19,109,457
Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)(a)(b)(c)(e)							4,600,000				5,201,138
NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82(b)(c)							1,250,000				1,065,854
Sempra, 4.125% to 1/1/27, due 4/1/52(b)(c)							10,750,000				8,844,096
Sempra, 4.875% to 10/15/25(a)(c)							9,555,000				9,053,362

 

9

 

 

---

						Principal Amount				Value
Southern California Edison Co., 9.498% (3 Month US LIBOR + 4.199%), Series E(a)(d)						$	9,175,000			$	9,185,092
											118,498,471
TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER (Identified cost—$1,388,897,453)											1,284,143,560
CORPORATE BONDS			0.4	%
INSURANCE			0.1	%
SBL Holdings, Inc., 5.00%, due 2/18/31(g)							720,000				564,884
UTILITIES			0.3	%
Southern Co./The, 5.113%, due 8/1/27(b)							3,920,000				3,886,598
TOTAL CORPORATE BONDS (Identified cost—$4,538,456)											4,451,482
						Number of Shares
SHORT-TERM INVESTMENTS			4.4	%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.21%(j)							20,458,673				20,458,673
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(j)							27,017,000				27,017,000
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$47,475,673)											47,475,673
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$1,814,945,107)			153.8	%							1,660,531,165
LIABILITIES IN EXCESS OF OTHER ASSETS			(53.8	)							(580,674,869	)
NET ASSETS (Equivalent to $19.54 per share based on 55,273,457 shares of common stock outstanding)			100.0	%						$	1,079,856,296

 

10

 

 

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Centrally Cleared Interest Rate Swap Contracts

 

Notional Amount				Fixed Rate Payable		Fixed Payment Frequency		Floating Rate Receivable (resets monthly)		Floating Payment Frequency		Maturity Date		Value				Upfront Receipts (Payments)				Unrealized Appreciation (Depreciation)
	$ 125,000,000			0.270%		Monthly		5.424%(k)		Monthly		12/20/24		$	8,504,188			$	21,907			$	8,526,095
	35,000,000			0.249%		Monthly		5.424%(k)		Monthly		12/20/24			2,391,214				5,690				2,396,904
	125,000,000			0.360%		Monthly		5.424%(k)		Monthly		12/20/25			12,455,083				27,264				12,482,347
	35,000,000			0.349%		Monthly		5.424%(k)		Monthly		12/20/25			3,496,211				6,320				3,502,531
	160,000,000			0.464%		Monthly		5.424%(k)		Monthly		12/20/26			19,857,131				36,433				19,893,564
	70,000,000			0.930%		Monthly		5.424%(k)		Monthly		9/15/27			8,721,888				15,715				8,737,603
	GBP 28,000,000			0.900%		Monthly		4.931%(l)		Monthly		9/15/27			5,371,316				—				5,371,316
														$	60,797,031			$	113,329			$	60,910,360

Over-the-Counter Total Return Swap Contracts

 

Counterparty		Notional Amount				Fixed Payable Rate		Fixed Payment Frequency				Underlying Reference Entity		Position		Maturity Date				Value				Upfront Receipts (Payments)				Unrealized Appreciation (Depreciation)
BNP Paribas			$ 14,064,094			0.25%			Monthly			BNPXCHY5 Index(m)		Short			5/15/24			$	(146,982	)		$	—			$	(146,982	)
BNP Paribas			EUR 12,956,524			0.30%			Monthly			BNPXCEX5 Index(n)		Short			5/15/24				(137,392	)			—				(137,392	)
																				$	(284,374	)		$	—			$	(284,374	)

Forward Foreign Currency Exchange Contracts

 

Counterparty		Contracts to Deliver						In Exchange For						Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman		CAD			7,974,325			USD			6,026,523			8/2/23		$	(20,903	)
Brown Brothers Harriman		EUR			88,848,015			USD			97,143,754			8/2/23			(544,673	)
Brown Brothers Harriman		GBP			5,015,603			USD			6,452,674			8/2/23			15,902
Brown Brothers Harriman		USD			6,058,965			CAD			7,974,325			8/2/23			(11,540	)
Brown Brothers Harriman		USD			97,949,606			EUR			88,848,015			8/2/23			(261,179	)
Brown Brothers Harriman		USD			1,971,124			GBP			1,511,908			8/2/23			(30,818	)
Brown Brothers Harriman		USD			2,484,503			GBP			1,931,743			8/2/23			(5,402	)
Brown Brothers Harriman		USD			1,997,998			GBP			1,571,952			8/2/23			19,366

 

11

 

 

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Counterparty		Contracts to Deliver						In Exchange For						Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman		CAD			8,086,750			USD			6,146,628			9/5/23		$	11,097
Brown Brothers Harriman		EUR			88,920,809			USD			98,181,911			9/5/23			254,279
Brown Brothers Harriman		USD			7,451,258			GBP			5,791,298			9/5/23			(17,788	)
																$	(591,659	)

Glossary of Portfolio Abbreviations

 

CAD		Canadian Dollar
CMT		Constant Maturity Treasury
EMTN		Euro Medium Term Note
EUR		Euro Currency
GBP		Great British Pound
GCAN5YR		Canadian Government Bonds 5 Year Note
LIBOR		London Interbank Offered Rate
OIS		Overnight Indexed Swap
SOFR		Secured Overnight Financing Rate
SONIA		Sterling Overnight Index Average
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)	All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $867,097,610 in aggregate has been pledged as collateral.

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

(d)	Variable rate. Rate shown is in effect at July 31, 2023.

(e)	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $221,224,374 which represents 20.5% 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 $279,317,683 which represents 25.9% of the net assets of the Fund (16.6% of the managed assets of the Fund).

(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 $173,897,922 which represents 16.1% of the net assets of the Fund, of which 0.0% are illiquid.

(h)	Security is in default.

 

12

 

 

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(i)	Non-income producing security.

(j)	Rate quoted represents the annualized seven-day yield.

(k)	Based on USD-SOFR-OIS. Represents rates in effect at July 31, 2023.

(l)	Based on 1-Month GBP SONIA. Represents rates in effect at July 31, 2023.

(m)	The index intends to track the performance of the CDX.NA HY. The two constituent investments held within the index at July 31, 2023 were as follows:

 

Index Constituents		Receive		Frequency		Payment		Frequency		Maturity Date		Total Weight				7/31/23 Price				7/31/23 Value
Credit Default Swap (CDS) — Markit CDX.NA.HY.40 Index		5.00% per annum		Quarterly		Performance of CDS		Semiannually		6/20/28			98.28%			$	103.53			$	13,966,645
Cash		—		—		—		—		—			1.72%				—				244,430

 

(n)	The index intends to track the performance of the iTraxx Crossover CDS. The two constituent investments held within the Index at July 31, 2023 were as follows:

 

Index Constituents

Receive

Frequency

Payment

Frequency

Maturity Date

Total Weight

7/31/23 Price

7/31/23 Value

Credit Default Swap (CDS) — MARKIT ITRX EUR XOVER Index

5.00% per annum

Quarterly

Performance of CDS

Semiannually

6/20/28

98.57%

EUR 380.38

$

14,177,417

Cash

—

—

—

—

—

1.43%

—

205,678

 

13

 

 

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Country Summary		% of Managed Assets
United States			59.8
United Kingdom			9.1
Canada			7.8
France			7.4
Switzerland			2.5
Germany			1.8
Italy			1.8
Japan			1.3
Australia			1.2
Netherlands			1.1
Spain			1.0
Ireland			0.6
Other (includes short-term investments)			4.6
			100.0

 

14

 

 

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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. 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) options and total return swaps are valued based upon prices provided by a third-party pricing service or counterparty. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse.

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

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

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

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

The Board of Directors 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 Directors. 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 Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

 

 

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COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

 

•

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, 2023 in valuing the Fund’s investments carried at value:

 

		Quoted Prices in Active Markets for Identical Investments (Level  1)				Other Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Preferred Securities—Exchange-Traded		$	324,460,450			$	—			$	—			$	324,460,450
Preferred Securities—Over-the-Counter			—				1,284,143,560				—				1,284,143,560
Corporate Bonds			—				4,451,482				—				4,451,482
Short-Term Investments			—				47,475,673				—				47,475,673
Total Investments in Securities(a)		$	324,460,450			$	1,336,070,715			$	—			$	1,660,531,165
Forward Foreign Currency Exchange Contracts		$	—			$	300,644			$	—			$	300,644
Interest Rate Swap Contracts			—				60,910,360				—				60,910,360
Total Derivative Assets(a)		$	—			$	61,211,004			$	—			$	61,211,004
Forward Foreign Currency Exchange Contracts		$	—			$	(892,303	)		$	—			$	(892,303	)
Total Return Swap Contracts			—				(284,374	)			—				(284,374	)
Total Derivative Liabilities(a)		$	—			$	(1,176,677	)		$	—			$	(1,176,677	)

 

 

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

 

 

 

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COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Note 2. Derivative Investments

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

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

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

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

 

 

 

---

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

At July 31, 2023, the Fund did not have any binary option contracts outstanding

Over-the-Counter Total Return Swap Contracts: In a total return swap, one party receives a periodic payment equal to the total return of a specified security, basket of securities, index, or other reference asset for a specified period of time. In return, the other party receives a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Fund bears the risk of loss in the event of nonperformance by the swap counterparty. Risks may also arise from unanticipated movements in the value of exchange rates, interest rates, securities, index, or other reference asset.

Centrally Cleared Interest Rate Swap Contracts: The Fund may use 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 will agree to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the revolving credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).

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

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

 

 

 

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COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

The following summarizes the volume of the Fund’s option contracts, total return swap contracts, interest rate swap contracts and forward foreign currency exchange contracts activity for the nine months ended July 31, 2023:

 

		Purchased Option Contracts(a)(b)				Interest  Rate Swap Contracts				Total Return Swap Contracts(b)				Forward Foreign Currency Exchange Contracts
Average Notional Amount		$	1,297,000			$	584,396,173			$	20,829,659			$	95,253,916

 

 

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

(b)

Average notional amounts represent the average for the period in which the Fund had option contracts and total return swap contracts outstanding. For purchased option contracts, this represents the one month and for total return swap contracts, this represents the period April 28, 2023 through July 31, 2023.

 

 

 

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