COHEN & STEERS TAX-ADVANTAGED PREFERRED
SECURITIES AND INCOME FUND
SCHEDULE OF INVESTMENTS
July 31, 2024 (Unaudited)
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Shares |
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Value |
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| PREFERRED SECURITIES—EXCHANGE-TRADED |
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32.0 |
% |
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| BANKING |
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10.7 |
% |
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| Bank of America Corp., 5.00%, Series LL(a)(b) |
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288,009 |
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$ |
6,393,800 |
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| Bank of America Corp., 5.375%, Series KK(a)(b) |
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35,839 |
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840,783 |
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| Federal Agricultural Mortgage Corp., 4.875%, Series G(b) |
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410,836 |
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8,389,271 |
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| First Horizon Corp., 6.50%, Series E(a)(b) |
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226,999 |
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5,318,587 |
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| M&T Bank Corp., 7.50%, Series J(a)(b) |
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397,600 |
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10,460,856 |
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| Morgan Stanley, 4.25%, Series O(a)(b) |
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74,599 |
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1,392,017 |
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| Morgan Stanley, 5.85% to 4/15/27, Series K(a)(b)(c) |
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294,081 |
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7,175,576 |
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| Morgan Stanley, 6.375% to 10/15/24, Series I(a)(b)(c) |
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289,449 |
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7,265,170 |
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| Morgan Stanley, 6.50%, Series P(a)(b) |
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120,585 |
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3,099,035 |
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| Morgan Stanley, 6.625%, Series Q(a)(b) |
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856,032 |
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22,192,630 |
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| Morgan Stanley, 6.875% to 10/15/24, Series F(a)(b)(c) |
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680,397 |
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17,166,416 |
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| Morgan Stanley, 7.125% to 10/15/24, Series E(a)(b)(c) |
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350,000 |
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8,876,000 |
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| Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(b)(c) |
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|
88,820 |
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|
2,053,518 |
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| Texas Capital Bancshares, Inc., 5.75%, Series B(a)(b) |
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16,390 |
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323,375 |
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| Wells Fargo & Co., 4.375%, Series CC(a)(b) |
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117,864 |
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2,259,453 |
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| Wells Fargo & Co., 4.70%, Series AA(a)(b) |
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288,351 |
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5,870,826 |
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| Wells Fargo & Co., 4.75%, Series Z(a)(b) |
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268,039 |
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5,467,996 |
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| Wells Fargo & Co., 7.50%, Series L (Convertible)(b) |
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6,750 |
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8,118,562 |
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122,663,871 |
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| CONSUMER STAPLE PRODUCTS |
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0.7 |
% |
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| CHS, Inc., 7.50%, Series 4(b) |
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299,435 |
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7,680,508 |
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| FINANCIAL SERVICES |
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2.9 |
% |
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| Affiliated Managers Group, Inc., 6.75%, due 3/30/64(a) |
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151,751 |
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3,818,055 |
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| Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(a)(c) |
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147,108 |
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3,943,965 |
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| Brookfield Oaktree Holdings LLC, 6.55%, Series B(a)(b) |
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633,858 |
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13,932,199 |
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| Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(b) |
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214,812 |
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4,762,382 |
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| TPG Operating Group II LP, 6.95%, due 3/15/64(a) |
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246,072 |
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6,321,590 |
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32,778,191 |
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| INDUSTRIAL SERVICES |
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1.4 |
% |
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| WESCO International, Inc., 10.625% to 6/22/25, Series A(b)(c) |
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600,807 |
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15,681,063 |
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| INSURANCE |
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8.2 |
% |
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| Allstate Corp., 7.375%, Series J(a)(b) |
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164,459 |
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4,376,254 |
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| Arch Capital Group Ltd., 4.55%, Series G(a)(b) |
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172,499 |
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3,303,356 |
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| Arch Capital Group Ltd., 5.45%, Series F(a)(b) |
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351,086 |
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7,966,141 |
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| Assurant, Inc., 5.25%, due 1/15/61(a) |
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75,306 |
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1,591,216 |
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| Athene Holding Ltd., 4.875%, Series D(a)(b) |
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243,569 |
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4,452,441 |
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| Athene Holding Ltd., 5.625%, Series B(a)(b) |
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1,928 |
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41,182 |
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| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b)(c) |
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473,355 |
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11,478,859 |
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| Athene Holding Ltd., 6.375% to 6/30/25, Series C(a)(b)(c) |
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240,143 |
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5,960,349 |
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| Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(a)(c) |
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242,600 |
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6,113,520 |
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| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b)(c) |
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337,144 |
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8,705,058 |
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| Brighthouse Financial, Inc., 5.375%, Series C(a)(b) |
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145,183 |
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2,722,181 |
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| Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(b)(c) |
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216,095 |
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4,537,995 |
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| Equitable Holdings, Inc., 4.30%, Series C(a)(b) |
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98,173 |
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1,773,005 |
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| Equitable Holdings, Inc., 5.25%, Series A(a)(b) |
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286,202 |
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6,279,272 |
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| F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53(a) |
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331,858 |
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8,661,494 |
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| Lincoln National Corp., 9.00%, Series D(a)(b) |
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|
321,052 |
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8,909,193 |
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1
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Shares |
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Value |
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| MetLife, Inc., 5.625%, Series E(a)(b) |
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|
96,332 |
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$ |
2,334,124 |
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| Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52(a)(c) |
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88,531 |
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|
2,287,641 |
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| RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)(b) |
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|
103,152 |
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1,828,885 |
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93,322,166 |
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| PIPELINES |
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0.6 |
% |
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| Enbridge, Inc., 2.983% to 9/1/25, Series 15 (Canada)(a)(b)(c) |
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300,000 |
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3,874,262 |
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| TC Energy Corp., 3.762% to 10/30/24, Series 9 (Canada)(a)(b)(c) |
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200,000 |
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2,607,467 |
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6,481,729 |
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| REAL ESTATE |
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0.9 |
% |
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| Chatham Lodging Trust, 6.625%, Series A(b) |
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85,000 |
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1,768,000 |
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| DigitalBridge Group, Inc., 7.125%, Series H(b) |
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206,801 |
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4,764,695 |
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| DigitalBridge Group, Inc., 7.125%, Series J(b) |
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|
167,076 |
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3,767,564 |
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10,300,259 |
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| TELECOMMUNICATIONS |
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1.7 |
% |
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| AT&T, Inc., 4.75%, Series C(a)(b) |
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363,285 |
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7,225,739 |
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| AT&T, Inc., 5.00%, Series A(a)(b) |
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268,141 |
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5,553,200 |
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| Telephone & Data Systems, Inc., 6.00%, Series VV(a)(b) |
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43,431 |
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|
749,619 |
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| U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70(a) |
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66,904 |
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1,364,841 |
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| U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(a) |
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|
75,312 |
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1,536,365 |
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| U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69(a) |
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|
163,097 |
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3,576,717 |
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20,006,481 |
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| UTILITIES |
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4.9 |
% |
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| Algonquin Power & Utilities Corp., 9.603% (3 Month USD Term SOFR + 4.01%),
due 7/1/79, Series 19-A (Canada)(a)(d) |
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237,068 |
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5,969,372 |
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| BIP Bermuda Holdings I Ltd., 5.125% (Canada)(a)(b) |
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|
|
47,070 |
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|
823,254 |
|
| Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a)(b) |
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|
|
208,034 |
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|
3,247,411 |
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| Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a)(b) |
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|
168,056 |
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|
2,788,049 |
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| Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)(a) |
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|
214,600 |
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|
3,676,098 |
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| CMS Energy Corp., 5.875%, due 10/15/78(a) |
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|
120,000 |
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|
|
2,878,800 |
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| SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)(a)(b)(c) |
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|
453,764 |
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|
|
10,999,239 |
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| SCE Trust VI, 5.00% (TruPS)(a)(b) |
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|
|
394,659 |
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|
7,723,477 |
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| SCE Trust VII, 7.50%, Series M (TruPS)(a)(b) |
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|
442,665 |
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11,584,543 |
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| SCE Trust VIII, 6.95%, Series N(a)(b) |
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|
253,587 |
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|
6,425,895 |
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56,116,138 |
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| TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified
cost—$387,888,318) |
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365,030,406 |
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Principal
Amount* |
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|
|
| PREFERRED
SECURITIES—OVER-THE-COUNTER |
|
|
118.0 |
% |
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| BANKING |
|
|
71.4 |
% |
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| Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(b)(c)(e)(f) |
|
|
EUR |
4,000,000 |
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|
|
4,264,065 |
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| ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)(b)(c)(e)(f) |
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|
EUR |
3,600,000 |
|
|
|
4,022,723 |
|
| AIB Group PLC, 7.125% to 10/30/29 (Ireland)(b)(c)(e)(f) |
|
|
EUR |
6,400,000 |
|
|
|
7,067,958 |
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| Banco Bilbao Vizcaya Argentaria SA, 6.875% to 12/13/30 (Spain)(b)(c)(e)(f) |
|
|
EUR |
2,400,000 |
|
|
|
2,597,630 |
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| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(b)(c)(e) |
|
|
|
4,900,000 |
|
|
|
5,295,542 |
|
| Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(a)(b)(c)(e)(f) |
|
|
EUR |
1,000,000 |
|
|
|
1,066,592 |
|
| Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(b)(c)(e)(f) |
|
|
EUR |
3,600,000 |
|
|
|
4,307,041 |
|
| Banco Santander SA, 7.00% to 11/20/29 (Spain)(b)(c)(e)(f) |
|
|
EUR |
4,000,000 |
|
|
|
4,430,574 |
|
| Banco Santander SA, 8.00% to 2/1/34 (Spain)(b)(c)(e) |
|
|
|
12,200,000 |
|
|
|
12,341,339 |
|
2
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| |
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|
Principal
Amount* |
|
|
Value |
|
| Banco Santander SA, 9.625% to 11/21/28 (Spain)(b)(c)(e) |
|
|
4,000,000 |
|
|
$ |
4,365,644 |
|
| Banco Santander SA, 9.625% to 5/21/33 (Spain)(b)(c)(e) |
|
|
9,000,000 |
|
|
|
10,294,740 |
|
| Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(b)(c) |
|
|
12,042,000 |
|
|
|
11,889,416 |
|
| Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(b)(c) |
|
|
20,807,000 |
|
|
|
20,795,956 |
|
| Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(b)(c) |
|
|
1,700,000 |
|
|
|
1,707,329 |
|
| Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(b)(c) |
|
|
3,318,000 |
|
|
|
3,338,664 |
|
| Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(b)(c) |
|
|
5,567,000 |
|
|
|
5,566,070 |
|
| Bank of Montreal, 7.30% to 11/26/34, due 11/26/84 (Canada)(a)(c) |
|
|
6,948,000 |
|
|
|
7,033,377 |
|
| Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(a)(c) |
|
|
4,200,000 |
|
|
|
4,409,466 |
|
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(a)(c) |
|
|
10,250,000 |
|
|
|
10,883,460 |
|
| Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(b)(c) |
|
|
4,220,000 |
|
|
|
4,242,240 |
|
| Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a)(b)(c)(e) |
|
|
1,200,000 |
|
|
|
1,186,148 |
|
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(b)(c)(e) |
|
|
2,700,000 |
|
|
|
2,779,780 |
|
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(b)(c)(e)(f) |
|
GBP |
6,400,000 |
|
|
|
8,490,288 |
|
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(b)(c)(e) |
|
|
11,400,000 |
|
|
|
12,478,463 |
|
| BNP Paribas SA, 7.75% to 8/16/29 (France)(b)(c)(e)(g) |
|
|
16,600,000 |
|
|
|
17,139,462 |
|
| BNP Paribas SA, 8.00% to 8/22/31 (France)(b)(c)(e)(g) |
|
|
800,000 |
|
|
|
824,060 |
|
| BNP Paribas SA, 8.50% to 8/14/28 (France)(b)(c)(e)(g) |
|
|
12,800,000 |
|
|
|
13,457,766 |
|
| BNP Paribas SA, 9.25% to 11/17/27 (France)(b)(c)(e)(g) |
|
|
8,800,000 |
|
|
|
9,463,740 |
|
| CaixaBank SA, 7.50% to 1/16/30 (Spain)(b)(c)(e)(f) |
|
EUR |
1,800,000 |
|
|
|
2,054,209 |
|
| CaixaBank SA, 8.25% to 3/13/29 (Spain)(b)(c)(e)(f) |
|
EUR |
8,800,000 |
|
|
|
10,261,346 |
|
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b)(c) |
|
|
26,699,000 |
|
|
|
24,965,963 |
|
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b)(c) |
|
|
10,317,000 |
|
|
|
8,723,001 |
|
| Charles Schwab Corp., 5.00% to 6/1/27, Series K(a)(b)(c) |
|
|
1,973,000 |
|
|
|
1,865,907 |
|
| Charles Schwab Corp., 5.375% to 6/1/25, Series G(a)(b)(c) |
|
|
9,399,000 |
|
|
|
9,312,505 |
|
| Citigroup Capital III, 7.625%, due 12/1/36 (TruPS) |
|
|
1,500,000 |
|
|
|
1,613,585 |
|
| Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(b)(c) |
|
|
4,370,000 |
|
|
|
4,152,553 |
|
| Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(b)(c) |
|
|
12,256,000 |
|
|
|
12,183,621 |
|
| Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(b)(c) |
|
|
10,030,000 |
|
|
|
10,050,211 |
|
| Citigroup, Inc., 7.00% to 8/15/34, Series DD(b)(c) |
|
|
9,040,000 |
|
|
|
9,192,837 |
|
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(b)(c) |
|
|
29,195,000 |
|
|
|
30,435,243 |
|
| Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a)(b)(c) |
|
|
7,053,000 |
|
|
|
6,936,725 |
|
| CoBank ACB, 6.45% to 10/1/27, Series K(a)(b)(c) |
|
|
6,590,000 |
|
|
|
6,559,464 |
|
| Commerzbank AG, 7.875% to 10/9/31, Series EMTN (Germany)(b)(c)(e)(f) |
|
EUR |
3,200,000 |
|
|
|
3,567,248 |
|
| Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(b)(c)(e)(f) |
|
GBP |
2,400,000 |
|
|
|
3,143,695 |
|
| Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)(a)(b)(c)(e)(f) |
|
EUR |
3,100,000 |
|
|
|
3,524,807 |
|
| Credit Agricole SA, 8.125% to 12/23/25 (France)(a)(b)(c)(e)(g) |
|
|
3,260,000 |
|
|
|
3,329,110 |
|
| Credit Suisse Group AG, 6.375%, Claim (Switzerland)(b)(e)(g)(h)(i)(j) |
|
|
2,200,000 |
|
|
|
198,000 |
|
| Credit Suisse Group AG, 7.50%, Claim (Switzerland)(b)(e)(g)(h)(i)(j) |
|
|
7,600,000 |
|
|
|
684,000 |
|
| Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)(a)(b)(c)(e) |
|
|
1,800,000 |
|
|
|
1,729,398 |
|
| Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(b)(c)(e)(f) |
|
EUR |
6,800,000 |
|
|
|
7,505,961 |
|
| Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(b)(c)(e)(f) |
|
EUR |
3,800,000 |
|
|
|
4,497,176 |
|
| Farm Credit Bank of Texas, 7.75% to 6/15/29(a)(b)(c) |
|
|
3,948,000 |
|
|
|
4,029,991 |
|
| Farm Credit Bank of Texas, 9.611% (3 Month USD Term SOFR
+ 4.01%)(b)(d)(g) |
|
|
7,000 |
† |
|
|
710,500 |
|
| Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U(b)(c) |
|
|
3,284,000 |
|
|
|
3,042,549 |
|
| Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(b)(c) |
|
|
17,139,000 |
|
|
|
17,972,709 |
|
| Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(b)(c) |
|
|
26,008,000 |
|
|
|
26,870,451 |
|
| HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2
(United Kingdom)(b)(c)(g) |
|
|
17,435,000 |
|
|
|
21,589,813 |
|
| HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(c)(e) |
|
|
2,200,000 |
|
|
|
2,159,156 |
|
| HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(c)(e) |
|
|
4,000,000 |
|
|
|
4,237,732 |
|
| Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(b)(c) |
|
|
1,820,000 |
|
|
|
1,678,989 |
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(b)(c) |
|
|
|
7,141,000 |
|
|
$ |
6,875,663 |
|
| Huntington Bancshares, Inc., 8.443% (3 Month USD Term SOFR + 3.142%), Series
E(a)(b)(d) |
|
|
|
2,603,000 |
|
|
|
2,560,859 |
|
| ING Groep NV, 4.875% to 5/16/29 (Netherlands)(b)(c)(e)(f) |
|
|
|
1,200,000 |
|
|
|
1,066,464 |
|
| ING Groep NV, 7.50% to 5/16/28 (Netherlands)(b)(c)(e)(f) |
|
|
|
5,000,000 |
|
|
|
5,094,000 |
|
| ING Groep NV, 8.00% to 5/16/30 (Netherlands)(b)(c)(e)(f) |
|
|
|
2,500,000 |
|
|
|
2,623,116 |
|
| Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)(b)(c)(e)(f) |
|
|
EUR |
2,800,000 |
|
|
|
3,058,913 |
|
| Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(a)(b)(c)(e)(g) |
|
|
|
8,000,000 |
|
|
|
8,010,200 |
|
| Intesa Sanpaolo SpA, 9.125% to 9/7/29 (Italy)(b)(c)(e)(f) |
|
|
EUR |
1,400,000 |
|
|
|
1,700,765 |
|
| JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(b)(c) |
|
|
|
3,400,000 |
|
|
|
3,382,656 |
|
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b)(c) |
|
|
|
23,467,000 |
|
|
|
24,306,026 |
|
| Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a)(b)(c)(e) |
|
|
|
5,800,000 |
|
|
|
5,834,910 |
|
| Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)(b)(c)(e) |
|
|
GBP |
2,000,000 |
|
|
|
2,662,696 |
|
| Nationwide Building Society, 10.25%, Series CCDS (United Kingdom)(b)(f) |
|
|
GBP |
11,560,000 |
|
|
|
19,579,316 |
|
| NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a)(b)(c)(e) |
|
|
|
4,400,000 |
|
|
|
4,451,515 |
|
| NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(b)(c)(e) |
|
|
|
1,600,000 |
|
|
|
1,660,741 |
|
| PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b)(c) |
|
|
|
4,081,000 |
|
|
|
4,033,670 |
|
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b)(c) |
|
|
|
13,976,000 |
|
|
|
13,974,659 |
|
| PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(b)(c) |
|
|
|
19,864,000 |
|
|
|
19,414,003 |
|
| Regions Financial Corp., 5.75% to 6/15/25, Series D(a)(b)(c) |
|
|
|
8,429,000 |
|
|
|
8,362,912 |
|
| Skandinaviska Enskilda Banken AB, 6.875% to
6/30/27
(Sweden)(a)(b)(c)(e)(f) |
|
|
|
1,600,000 |
|
|
|
1,600,140 |
|
| Societe Generale SA, 6.75% to 4/6/28 (France)(b)(c)(e)(g) |
|
|
|
2,400,000 |
|
|
|
2,200,868 |
|
| Societe Generale SA, 8.00% to 9/29/25 (France)(a)(b)(c)(e)(g) |
|
|
|
3,200,000 |
|
|
|
3,215,283 |
|
| Societe Generale SA, 9.375% to 11/22/27 (France)(b)(c)(e)(g) |
|
|
|
8,200,000 |
|
|
|
8,430,937 |
|
| Societe Generale SA, 10.00% to 11/14/28 (France)(b)(c)(e)(g) |
|
|
|
7,400,000 |
|
|
|
7,831,531 |
|
| State Street Corp., 6.70% to 3/15/29, Series I(b)(c) |
|
|
|
13,549,000 |
|
|
|
13,597,302 |
|
| State Street Corp., 6.70% to 9/15/29, Series J(b)(c) |
|
|
|
16,943,000 |
|
|
|
16,963,633 |
|
| Stichting AK Rabobank Certificaten, 6.50% (Netherlands)(b)(f) |
|
|
EUR |
26,493,050 |
|
|
|
32,005,233 |
|
| Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a)(b)(c)(e)(f) |
|
|
|
2,600,000 |
|
|
|
2,276,225 |
|
| Swedbank AB, 7.625% to 3/17/28 (Sweden)(b)(c)(e)(f) |
|
|
|
1,800,000 |
|
|
|
1,816,875 |
|
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(b)(c)(e)(f) |
|
|
|
5,400,000 |
|
|
|
5,511,814 |
|
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(c) |
|
|
|
11,305,000 |
|
|
|
11,814,844 |
|
| Truist Financial Corp., 4.95% to 9/1/25, Series P(a)(b)(c) |
|
|
|
4,735,000 |
|
|
|
4,652,726 |
|
| Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(b)(c) |
|
|
|
11,568,000 |
|
|
|
10,862,342 |
|
| Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(b)(c) |
|
|
|
2,239,000 |
|
|
|
2,118,422 |
|
| UBS Group AG, 4.375% to 2/10/31 (Switzerland)(b)(c)(e)(g) |
|
|
|
1,500,000 |
|
|
|
1,256,919 |
|
| UBS Group AG, 6.875% to 8/7/25 (Switzerland)(a)(b)(c)(e)(f) |
|
|
|
4,100,000 |
|
|
|
4,092,312 |
|
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(b)(c)(e)(g) |
|
|
|
8,000,000 |
|
|
|
8,729,760 |
|
| UBS Group AG, 9.25% to 11/13/33 (Switzerland)(b)(c)(e)(g) |
|
|
|
12,600,000 |
|
|
|
14,290,353 |
|
| U.S. Bancorp, 3.70% to 1/15/27, Series N(a)(b)(c) |
|
|
|
5,452,000 |
|
|
|
4,946,184 |
|
| U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(b)(c) |
|
|
|
4,662,000 |
|
|
|
4,533,413 |
|
| Virgin Money U.K. PLC, 11.00% to 12/8/28 (United Kingdom)(b)(c)(e)(f) |
|
|
GBP |
2,820,000 |
|
|
|
4,108,139 |
|
| Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(b)(c) |
|
|
|
11,798,000 |
|
|
|
11,324,328 |
|
| Wells Fargo & Co., 6.85% to 9/15/29(b)(c) |
|
|
|
14,960,000 |
|
|
|
15,177,359 |
|
| Wells Fargo & Co., 7.625% to 9/15/28(b)(c) |
|
|
|
35,256,000 |
|
|
|
37,588,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
814,116,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
| BP Capital Markets PLC, 3.625% to 3/22/29(a)(b)(c)(f) |
|
|
EUR |
4,000,000 |
|
|
|
4,175,536 |
|
| BP Capital Markets PLC, 4.875% to 3/22/30(a)(b)(c) |
|
|
|
5,492,000 |
|
|
|
5,205,712 |
|
| BP Capital Markets PLC, 6.45% to 12/1/33(a)(b)(c) |
|
|
|
8,950,000 |
|
|
|
9,259,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,640,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| FINANCIAL SERVICES |
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95%
to 12/10/29, due 3/10/55 (Ireland)(c) |
|
|
|
5,410,000 |
|
|
$ |
5,472,881 |
|
| American Express Co., 3.55% to 9/15/26, Series D(b)(c) |
|
|
|
3,381,000 |
|
|
|
3,165,375 |
|
| Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50(a)(c)(g) |
|
|
|
5,750,000 |
|
|
|
5,730,642 |
|
| ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(a)(c)(g) |
|
|
|
3,950,000 |
|
|
|
3,709,517 |
|
| Discover Financial Services, 5.50% to 10/30/27, Series C(b)(c) |
|
|
|
6,776,000 |
|
|
|
6,141,804 |
|
| Discover Financial Services, 6.125% to 6/23/25, Series D(a)(b)(c) |
|
|
|
7,145,000 |
|
|
|
7,109,732 |
|
| ILFC E-Capital Trust I, 7.159% (3 Month USD
Term SOFR + 1.812%), due 12/21/65 (TruPS)(d)(g) |
|
|
|
1,219,000 |
|
|
|
1,014,896 |
|
| ILFC E-Capital Trust II, 7.409% (3 Month USD
Term SOFR + 2.062%), due 12/21/65 (TruPS)(d)(g) |
|
|
|
5,352,000 |
|
|
|
4,545,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,890,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
| Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52
(Switzerland)(a)(c)(f) |
|
|
|
5,900,000 |
|
|
|
5,835,967 |
|
| Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)(b)(c)(e)(f) |
|
|
EUR |
3,830,000 |
|
|
|
4,214,545 |
|
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(c) |
|
|
|
7,175,000 |
|
|
|
7,306,640 |
|
| Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(a)(c) |
|
|
|
4,777,000 |
|
|
|
4,276,027 |
|
| Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(a)(c) |
|
|
|
4,450,000 |
|
|
|
4,279,364 |
|
| Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(c)(g) |
|
|
|
7,910,000 |
|
|
|
7,422,098 |
|
| Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(c)(g) |
|
|
|
6,575,000 |
|
|
|
6,688,999 |
|
| La Mondiale SAM, 6.75% to 1/17/34, Series EMTN (France)(b)(c)(e)(f) |
|
|
EUR |
3,800,000 |
|
|
|
4,118,143 |
|
| Lancashire Holdings Ltd., 5.625% to 3/18/31, due
9/18/41
(United Kingdom)(c)(f) |
|
|
|
7,100,000 |
|
|
|
6,538,656 |
|
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51(c)(g) |
|
|
|
2,023,000 |
|
|
|
1,894,079 |
|
| Lincoln National Corp., 9.25% to 12/1/27, Series C(b)(c) |
|
|
|
14,850,000 |
|
|
|
16,063,171 |
|
| MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(a)(g) |
|
|
|
7,800,000 |
|
|
|
8,453,765 |
|
| MetLife, Inc., 9.25%, due 4/8/38(a)(g) |
|
|
|
5,500,000 |
|
|
|
6,452,264 |
|
| Nippon Life Insurance Co., 5.95% to 4/16/34, due 4/16/54 (Japan)(a)(c)(g) |
|
|
|
2,300,000 |
|
|
|
2,332,673 |
|
| Phoenix Group Holdings PLC, 5.625% to
1/29/25
(United Kingdom)(b)(c)(e)(f) |
|
|
|
1,008,000 |
|
|
|
1,002,180 |
|
| Phoenix Group Holdings PLC, 8.50% to
12/12/29
(United Kingdom)(b)(c)(e)(f) |
|
|
|
1,600,000 |
|
|
|
1,604,090 |
|
| Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(a)(c) |
|
|
|
9,405,000 |
|
|
|
9,611,957 |
|
| Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(c) |
|
|
|
5,785,000 |
|
|
|
5,977,398 |
|
| Rothesay Life PLC, 4.875% to 4/13/27, Series
NC6
(United Kingdom)(b)(c)(e)(f) |
|
|
|
5,200,000 |
|
|
|
4,706,962 |
|
| Rothesay Life PLC, 7.00% to 6/11/29, due 9/11/34 (United Kingdom)(a)(c)(f) |
|
|
|
3,600,000 |
|
|
|
3,681,477 |
|
| SBL Holdings, Inc., 6.50% to 11/13/26(a)(b)(c)(g) |
|
|
|
5,190,000 |
|
|
|
4,357,638 |
|
| SBL Holdings, Inc., 7.00% to 5/13/25(a)(b)(c)(g) |
|
|
|
5,013,000 |
|
|
|
4,469,361 |
|
| Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(a)(b)(c)(g) |
|
|
|
11,400,000 |
|
|
|
11,269,725 |
|
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(b)(c) |
|
|
|
9,575,000 |
|
|
|
10,095,669 |
|
| Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31,
due 4/19/51,
Series EMTN (Switzerland)(a)(c)(f) |
|
|
|
4,600,000 |
|
|
|
3,915,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,568,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PIPELINES |
|
|
9.7 |
% |
|
|
|
|
|
|
|
|
| Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series
2017-A (Canada)(c) |
|
|
|
1,900,000 |
|
|
|
1,810,074 |
|
| Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series
20-A (Canada)(c) |
|
|
|
2,772,000 |
|
|
|
2,634,384 |
|
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series
16-A (Canada)(c) |
|
|
|
2,421,000 |
|
|
|
2,362,453 |
|
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(c) |
|
|
|
8,605,000 |
|
|
|
8,282,781 |
|
| Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)(a)(c) |
|
|
|
6,120,000 |
|
|
|
6,243,587 |
|
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(c) |
|
|
|
3,512,000 |
|
|
|
3,541,697 |
|
| Enbridge, Inc., 7.375% to 12/15/29, due 3/15/55 (Canada)(a)(c) |
|
|
|
3,140,000 |
|
|
|
3,189,612 |
|
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(c) |
|
|
|
10,208,000 |
|
|
|
10,632,438 |
|
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(c) |
|
|
|
13,707,000 |
|
|
|
14,409,539 |
|
| Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(c) |
|
|
|
13,710,000 |
|
|
|
15,028,450 |
|
| Energy Transfer LP, 6.50% to 11/15/26, Series H(b)(c) |
|
|
|
5,355,000 |
|
|
|
5,333,432 |
|
| Energy Transfer LP, 6.625% to 2/15/28, Series B(b)(c) |
|
|
|
573,000 |
|
|
|
563,924 |
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| Energy Transfer LP, 7.125% to 5/15/30, Series G(b)(c) |
|
|
|
9,896,000 |
|
|
$ |
9,889,198 |
|
| Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54(c) |
|
|
|
1,680,000 |
|
|
|
1,789,576 |
|
| Enterprise Products Operating LLC, 8.385% (3 Month USD Term SOFR + 3.039%), due
6/1/67(a)(d) |
|
|
|
1,500,000 |
|
|
|
1,486,145 |
|
| Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(c) |
|
|
|
7,972,000 |
|
|
|
7,441,074 |
|
| Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(c) |
|
|
|
16,505,000 |
|
|
|
15,329,195 |
|
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(a)(c) |
|
|
|
1,219,000 |
|
|
|
1,194,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111,161,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
| Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(a)(c)(g) |
|
|
|
7,900,000 |
|
|
|
7,486,231 |
|
| Unibail-Rodamco-Westfield SE, 7.25% to 7/3/28 (France)(b)(c)(f) |
|
|
EUR |
9,400,000 |
|
|
|
10,848,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,334,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL & WHOLESALE—STAPLES |
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
| Land O’ Lakes, Inc., 7.00%(b)(g) |
|
|
|
3,600,000 |
|
|
|
2,808,044 |
|
| Land O’ Lakes, Inc., 7.25%(b)(g) |
|
|
|
1,710,000 |
|
|
|
1,419,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,227,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TELECOMMUNICATIONS |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
| Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(c) |
|
|
|
2,875,000 |
|
|
|
2,980,901 |
|
| Vodafone Group PLC, 8.00% to 5/30/31, due 8/30/86, Series EMTN
(United Kingdom)(c)(f) |
|
|
GBP |
3,500,000 |
|
|
|
4,882,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,862,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
| AES Corp., 7.60% to 10/15/29, due 1/15/55(c) |
|
|
|
9,335,000 |
|
|
|
9,502,750 |
|
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82
(Canada)(c) |
|
|
|
14,372,000 |
|
|
|
13,152,651 |
|
| American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(c) |
|
|
|
8,691,000 |
|
|
|
8,813,143 |
|
| American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54(c) |
|
|
|
8,711,000 |
|
|
|
8,829,095 |
|
| APA Infrastructure Ltd., 7.125% to 11/9/28, due 11/9/83, Series EMTN
(Australia)(c)(f) |
|
|
EUR |
5,200,000 |
|
|
|
6,110,204 |
|
| CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(c) |
|
|
|
2,000,000 |
|
|
|
1,854,369 |
|
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(b)(c) |
|
|
|
23,390,000 |
|
|
|
22,313,407 |
|
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(c) |
|
|
|
7,770,000 |
|
|
|
8,068,986 |
|
| Dominion Energy, Inc., 7.00% to 3/3/34, due 6/1/54, Series B(a)(c) |
|
|
|
5,400,000 |
|
|
|
5,684,568 |
|
| Edison International, 7.875% to 3/15/29, due 6/15/54(c) |
|
|
|
2,020,000 |
|
|
|
2,119,384 |
|
| Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)(a)(b)(c)(f) |
|
|
GBP |
10,400,000 |
|
|
|
13,216,539 |
|
| Electricite de France SA, 9.125% to 3/15/33 (France)(a)(b)(c)(g) |
|
|
|
1,200,000 |
|
|
|
1,332,518 |
|
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series
16-A (Canada)(a)(c) |
|
|
|
13,649,000 |
|
|
|
13,628,544 |
|
| Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)(b)(c)(f) |
|
|
EUR |
4,600,000 |
|
|
|
5,453,409 |
|
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(c) |
|
|
|
9,310,000 |
|
|
|
9,337,539 |
|
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(c)(g) |
|
|
|
4,940,000 |
|
|
|
5,045,399 |
|
| NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(c) |
|
|
|
8,599,000 |
|
|
|
8,760,025 |
|
| NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(a)(c) |
|
|
|
12,470,000 |
|
|
|
12,993,279 |
|
| NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(c) |
|
|
|
4,444,000 |
|
|
|
4,517,688 |
|
| Sempra, 4.125% to 1/1/27, due 4/1/52(a)(c) |
|
|
|
8,553,000 |
|
|
|
7,934,638 |
|
| Sempra, 4.875% to 10/15/25(a)(b)(c) |
|
|
|
3,485,000 |
|
|
|
3,422,540 |
|
| Sempra, 6.875% to 7/1/29, due 10/1/54(a)(c) |
|
|
|
15,465,000 |
|
|
|
15,531,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187,621,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED
SECURITIES—OVER-THE-COUNTER
(Identified cost—$1,334,142,119) |
|
|
|
|
|
|
|
1,345,425,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares |
|
|
Value |
|
| SHORT-TERM INVESTMENTS |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
| MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,
5.26%(k) |
|
|
|
15,443,678 |
|
|
$ |
15,443,678 |
|
| State Street Institutional U.S. Government Money Market Fund, Premier Class,
5.26%(k) |
|
|
|
2,414,971 |
|
|
|
2,414,971 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$17,858,649) |
|
|
|
|
|
|
|
17,858,649 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,739,889,086) |
|
|
151.6 |
% |
|
|
|
|
|
|
1,728,314,214 |
|
| LIABILITIES IN EXCESS OF OTHER ASSETS |
|
|
(51.6 |
) |
|
|
|
|
|
|
(588,151,375 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS (Equivalent to $20.63 per share based on 55,273,457 shares of common stock
outstanding) |
|
|
100.0 |
% |
|
|
|
|
|
$ |
1,140,162,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5.444%(l) |
|
|
Monthly |
|
12/20/24 |
|
$ |
2,602,119 |
|
|
$ |
6,093 |
|
|
$ |
2,608,212 |
|
| |
35,000,000 |
|
|
|
0.249% |
|
|
Monthly |
|
|
5.444%(l) |
|
|
Monthly |
|
12/20/24 |
|
|
731,620 |
|
|
|
1,582 |
|
|
|
733,202 |
|
| |
125,000,000 |
|
|
|
0.360% |
|
|
Monthly |
|
|
5.444%(l) |
|
|
Monthly |
|
12/20/25 |
|
|
7,233,397 |
|
|
|
15,820 |
|
|
|
7,249,217 |
|
| |
35,000,000 |
|
|
|
0.349% |
|
|
Monthly |
|
|
5.444%(l) |
|
|
Monthly |
|
12/20/25 |
|
|
2,030,641 |
|
|
|
3,668 |
|
|
|
2,034,309 |
|
| |
160,000,000 |
|
|
|
0.464% |
|
|
Monthly |
|
|
5.444%(l) |
|
|
Monthly |
|
12/20/26 |
|
|
13,629,937 |
|
|
|
25,653 |
|
|
|
13,655,590 |
|
| |
70,000,000 |
|
|
|
0.930% |
|
|
Monthly |
|
|
5.444%(l) |
|
|
Monthly |
|
9/15/27 |
|
|
6,439,124 |
|
|
|
11,896 |
|
|
|
6,451,020 |
|
| |
GBP 28,000,000 |
|
|
|
0.900% |
|
|
Monthly |
|
|
5.200%(m) |
|
|
Monthly |
|
9/15/27 |
|
|
3,242,767 |
|
|
|
— |
|
|
|
3,242,767 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,909,605 |
|
|
$ |
64,712 |
|
|
$ |
35,974,317 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Contracts
to Deliver |
|
|
In
Exchange For |
|
|
Settlement
Date |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Brown Brothers Harriman |
|
|
CAD |
|
|
|
458,090 |
|
|
|
USD |
|
|
|
332,166 |
|
|
|
8/2/24 |
|
|
$ |
363 |
|
| Brown Brothers Harriman |
|
|
CAD |
|
|
|
429,999 |
|
|
|
USD |
|
|
|
314,848 |
|
|
|
8/2/24 |
|
|
|
3,393 |
|
| Brown Brothers Harriman |
|
|
CAD |
|
|
|
8,234,624 |
|
|
|
USD |
|
|
|
6,021,135 |
|
|
|
8/2/24 |
|
|
|
56,659 |
|
| Brown Brothers Harriman |
|
|
EUR |
|
|
|
148,247,281 |
|
|
|
USD |
|
|
|
159,120,478 |
|
|
|
8/2/24 |
|
|
|
(1,320,129 |
) |
| Brown Brothers Harriman |
|
|
EUR |
|
|
|
2,800,000 |
|
|
|
USD |
|
|
|
3,045,246 |
|
|
|
8/2/24 |
|
|
|
14,947 |
|
| Brown Brothers Harriman |
|
|
GBP |
|
|
|
13,611,577 |
|
|
|
USD |
|
|
|
17,206,449 |
|
|
|
8/2/24 |
|
|
|
(291,918 |
) |
| Brown Brothers Harriman |
|
|
USD |
|
|
|
6,604,392 |
|
|
|
CAD |
|
|
|
9,122,713 |
|
|
|
8/2/24 |
|
|
|
3,341 |
|
| Brown Brothers Harriman |
|
|
USD |
|
|
|
4,548,769 |
|
|
|
EUR |
|
|
|
4,158,057 |
|
|
|
8/2/24 |
|
|
|
(48,712 |
) |
| Brown Brothers Harriman |
|
|
USD |
|
|
|
5,297,546 |
|
|
|
EUR |
|
|
|
4,863,771 |
|
|
|
8/2/24 |
|
|
|
(33,731 |
) |
| Brown Brothers Harriman |
|
|
USD |
|
|
|
3,271,830 |
|
|
|
EUR |
|
|
|
3,000,000 |
|
|
|
8/2/24 |
|
|
|
(25,080 |
) |
| Brown Brothers Harriman |
|
|
USD |
|
|
|
4,496,792 |
|
|
|
EUR |
|
|
|
4,153,823 |
|
|
|
8/2/24 |
|
|
|
(1,317 |
) |
| Brown Brothers Harriman |
|
|
USD |
|
|
|
5,026,245 |
|
|
|
EUR |
|
|
|
4,647,003 |
|
|
|
8/2/24 |
|
|
|
2,974 |
|
| Brown Brothers Harriman |
|
|
USD |
|
|
|
136,456,497 |
|
|
|
EUR |
|
|
|
126,090,590 |
|
|
|
8/2/24 |
|
|
|
5,032 |
|
| Brown Brothers Harriman |
|
|
USD |
|
|
|
4,447,256 |
|
|
|
EUR |
|
|
|
4,134,037 |
|
|
|
8/2/24 |
|
|
|
26,805 |
|
| Brown Brothers Harriman |
|
|
USD |
|
|
|
17,481,621 |
|
|
|
GBP |
|
|
|
13,611,577 |
|
|
|
8/2/24 |
|
|
|
16,746 |
|
| Brown Brothers Harriman |
|
|
CAD |
|
|
|
8,957,000 |
|
|
|
USD |
|
|
|
6,489,921 |
|
|
|
9/4/24 |
|
|
|
(3,794 |
) |
| Brown Brothers Harriman |
|
|
EUR |
|
|
|
124,636,902 |
|
|
|
USD |
|
|
|
135,080,228 |
|
|
|
9/4/24 |
|
|
|
(15,307 |
) |
| Brown Brothers Harriman |
|
|
GBP |
|
|
|
13,706,813 |
|
|
|
USD |
|
|
|
17,608,457 |
|
|
|
9/4/24 |
|
|
|
(17,965 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,627,693 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Glossary of Portfolio Abbreviations
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| CAD |
|
Canada Dollar |
| EMTN |
|
Euro Medium Term Note |
| EUR |
|
Euro Currency |
| GBP |
|
British Pound |
| SOFR |
|
Secured Overnight Financing Rate |
| TruPS |
|
Trust Preferred Securities |
| USD |
|
United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
| * |
Amount denominated in U.S. dollars unless otherwise indicated. |
| (a) |
All or a portion of the security is pledged as collateral in connection with the Fund’s revolving
credit agreement. $873,736,845 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, 2024. |
| (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 $289,935,789 which represents 25.4% of the net assets of the Fund (16.6% 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 $235,638,265 which represents 20.7% of the net assets of the Fund, of which 0.0% are illiquid. |
| (g) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only
be resold to qualified institutional buyers. Aggregate holdings amounted to $207,795,297 which represents 18.2% of the net assets of the Fund, of which 0.2% are illiquid. |
| (h) |
Non–income producing security. |
| (i) |
Security is in default. |
| (j) |
Security value is determined based on significant unobservable inputs (Level 3). |
| (k) |
Rate quoted represents the annualized seven–day yield. |
8
| (l) |
Based on USD-SOFR-OIS.
Represents rates in effect at July 31, 2024. |
| (m) |
Based on 1–Month GBP SONIA. Represents rates in effect at July 31, 2024. |
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| Country Summary |
|
% of
Managed
Assets |
|
| United States |
|
|
61.6 |
|
| Canada |
|
|
10.1 |
|
| United Kingdom |
|
|
7.1 |
|
| France |
|
|
5.7 |
|
| Spain |
|
|
3.5 |
|
| Netherlands |
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|
2.8 |
|
| Switzerland |
|
|
2.3 |
|
| Italy |
|
|
1.0 |
|
| Germany |
|
|
1.0 |
|
| Japan |
|
|
0.8 |
|
| Australia |
|
|
0.8 |
|
| Ireland |
|
|
0.7 |
|
| Sweden |
|
|
0.6 |
|
| Other (includes short-term investments) |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
100.0 |
|
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|
|
|
|
9
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. Over-the-counter (OTC) 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.
| |
• |
|
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) |
COHEN & STEERS TAX-ADVANTAGED PREFERRED
SECURITIES AND INCOME FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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, 2024 in valuing the Fund’s investments carried at value:
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| |
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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: |
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| Banking |
|
$ |
100,471,241 |
|
|
$ |
22,192,630 |
|
|
$ |
— |
|
|
$ |
122,663,871 |
|
| Other Industries |
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242,366,535 |
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|
— |
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|
— |
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|
242,366,535 |
|
| Preferred
Securities—Over-the-Counter: |
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|
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| Banking |
|
|
— |
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|
813,234,951 |
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|
882,000 |
(a) |
|
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814,116,951 |
|
| Other Industries |
|
|
— |
|
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|
531,308,208 |
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|
— |
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|
531,308,208 |
|
| Short-Term Investments |
|
|
— |
|
|
|
17,858,649 |
|
|
|
— |
|
|
|
17,858,649 |
|
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| Total Investments in Securities(b) |
|
$ |
342,837,776 |
|
|
$ |
1,384,594,438 |
|
|
$ |
882,000 |
|
|
$ |
1,728,314,214 |
|
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|
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|
|
|
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|
|
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|
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| Forward Foreign Currency Exchange Contracts |
|
$ |
— |
|
|
$ |
130,260 |
|
|
$ |
— |
|
|
$ |
130,260 |
|
| Interest Rate Swap Contracts |
|
|
— |
|
|
|
35,974,317 |
|
|
|
— |
|
|
|
35,974,317 |
|
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| Total Derivative Assets(b) |
|
$ |
— |
|
|
$ |
36,104,577 |
|
|
$ |
— |
|
|
$ |
36,104,577 |
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Exchange Contracts |
|
$ |
— |
|
|
$ |
(1,757,953 |
) |
|
$ |
— |
|
|
$ |
(1,757,953 |
) |
|
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|
| Total Derivative Liabilities(b) |
|
$ |
— |
|
|
$ |
(1,757,953 |
) |
|
$ |
— |
|
|
$ |
(1,757,953 |
) |
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|
| (a) |
Securities have been fair valued by the Valuation Committee pursuant to the Fund’s fair value
procedures and classified as Level 3 securities. |
| (b) |
Portfolio holdings are disclosed individually on the 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.
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
appreciation and depreciation. 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.
At July 31, 2024, the Fund
did not have any total return swap 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
COHEN & STEERS TAX-ADVANTAGED PREFERRED
SECURITIES AND INCOME FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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 on the Schedule of Investments 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.
The
following summarizes the monthly average volume of the Fund’s interest rate swap contracts, total return swap contracts and forward foreign currency exchange contracts activity for the nine months ended July 31, 2024:
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|
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| |
|
Interest Rate
Swap Contracts |
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|
Total Return Swap
Contracts |
|
|
Forward Foreign
Currency Exchange
Contracts |
|
| Average Notional Amount(a) |
|
$ |
585,329,697 |
|
|
$ |
33,867,942 |
|
|
$ |
167,213,630 |
|
| (a) |
Average notional amounts represent the average for all months in which the Fund had interest rate swap
contracts, total return swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents nine months for interest rate swap contracts, seven months for
total return swap contracts and nine months for forward foreign currency exchange contracts. |
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