SEC Form N-CSRS filed by Cohen & Steers Tax-Advantaged
Six Months Ended April 30, 2023 |
||||
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund at Net Asset Valuea |
–1.03 | % | ||
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund at Market Valuea |
1.59 | % | ||
ICE BofA 7% Constrained DRD Eligible Preferred Securities Indexb |
3.52 | % | ||
Blended Benchmark—50% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index/35% ICE BofA U.S. IG Institutional Capital Securities Index/15% Bloomberg Developed Market USD Contingent Capital Indexb |
3.48 | % | ||
Bloomberg US Aggregate Bond Indexb |
6.91 | % |
a | As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund. |
b | For benchmark descriptions, see page 4. |
WILLIAM F. SCAPELL Portfolio Manager |
ELAINE ZAHARIS-NIKAS Portfolio Manager | |
JERRY DOROST Portfolio Manager |
Leverage (as a % of managed assets) |
36% | |
% Variable Rate Financing |
3% | |
Variable Rate |
5.6% | |
% Fixed Rate Financingc |
97% | |
Weighted Average Rate on Fixed Financing |
1.2% | |
Weighted Average Term on Fixed Financing |
3.0 years |
a | Data as of April 30, 2023. Information is subject to change. |
b | See Note 7 in Notes to Financial Statements. |
c | Represents fixed payer interest rate swap contracts on variable rate borrowing. |
1 Year | 5 Years | 10 Years | Since Inceptiona | |||||||||||||
Fund at NAV |
–8.43 | % | — | — | –3.65 | % | ||||||||||
Fund at Market Value |
–9.31 | % | — | — | –7.62 | % |
a | Commencement of investment operations was October 28, 2020. |
Security | Value | % of Managed Assets |
||||||
JPMorgan Chase & Co., 6.75%, Series S |
$ | 46,048,507 | 2.8 | |||||
Charles Schwab Corp./The, 5.375%, Series G |
44,140,644 | 2.7 | ||||||
Wells Fargo & Co., 5.875%, Series U |
32,152,905 | 1.9 | ||||||
Bank of America Corp., 6.10%, Series AA |
31,971,875 | 1.9 | ||||||
Citigroup, Inc., 6.25%, Series T |
26,033,057 | 1.6 | ||||||
Charles Schwab Corp./The, 4.00%, Series I |
25,744,093 | 1.6 | ||||||
WESCO International, Inc., 10.625%, Series A |
25,620,006 | 1.6 | ||||||
Bank of America Corp., 6.25%, Series X |
25,012,152 | 1.5 | ||||||
Wells Fargo & Co., 3.90%, Series BB |
24,034,563 | 1.5 | ||||||
PNC Financial Services Group, Inc./The, 8.977%, Series O (FRN) |
22,312,346 | 1.4 |
a | Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions. |
b | Excludes derivative instruments. |
Shares | Value | |||||||||||
PREFERRED SECURITIES—EXCHANGE-TRADED |
30.6% | |||||||||||
AGRICULTURE |
0.9% | |||||||||||
CHS, Inc., 7.50%, Series 4c |
|
367,538 | $ | 9,706,679 | ||||||||
|
|
|||||||||||
BANKING |
7.0% | |||||||||||
Citigroup, Inc., 6.875% to 11/15/23, Series Ka,b,c |
|
217,434 | 5,516,301 | |||||||||
Dime Community Bancshares, Inc., 5.50%c |
|
21,921 | 369,369 | |||||||||
Federal Agricultural Mortgage Corp., 4.875%, Series Gc |
|
410,836 | 8,607,014 | |||||||||
First Horizon Corp., 6.50%a,c |
|
330,219 | 7,796,471 | |||||||||
Morgan Stanley, 6.875% to 1/15/24, Series Fa,b,c |
|
615,397 | 15,618,776 | |||||||||
Morgan Stanley, 6.375% to 10/15/24, Series Ia,b,c |
|
289,449 | 7,273,853 | |||||||||
Morgan Stanley, 5.85% to 4/15/27, Series Ka,b,c |
|
99,996 | 2,500,900 | |||||||||
Morgan Stanley, 6.50%, Series Pa,c |
|
193,478 | 5,057,515 | |||||||||
Regions Financial Corp., 5.70% to 5/15/29, Series Ca,b,c |
|
156,304 | 3,616,875 | |||||||||
Texas Capital Bancshares, Inc., 5.75%, Series Ba,c |
|
230,425 | 4,686,844 | |||||||||
Washington Federal, Inc., 4.875%, Series Aa,c |
|
99,329 | 1,559,465 | |||||||||
Wells Fargo & Co., 4.70%, Series AAa,c |
|
85,000 | 1,679,600 | |||||||||
Wells Fargo & Co., 4.375%, Series CCa,c |
|
90,000 | 1,642,500 | |||||||||
Wells Fargo & Co., 6.625% to 3/15/24, Series Ra,b,c |
|
120,000 | 2,977,200 | |||||||||
Wells Fargo & Co., 4.75%, Series Za,c |
|
246,369 | 4,956,944 | |||||||||
|
|
|||||||||||
73,859,627 | ||||||||||||
|
|
|||||||||||
FINANCIAL SERVICES |
3.3% | |||||||||||
Apollo Asset Management, Inc., 6.375%, Series Aa,c |
|
342,205 | 8,455,885 | |||||||||
Apollo Asset Management, Inc., 6.375%, Series Ba,c |
|
136,948 | 3,467,523 | |||||||||
Oaktree Capital Group LLC, 6.625%, Series Aa,c |
|
304,143 | 6,824,969 | |||||||||
Oaktree Capital Group LLC, 6.55%, Series Ba,c |
|
697,421 | 15,601,308 | |||||||||
Synchrony Financial, 5.625%, Series Aa,c |
|
12,189 | 206,604 | |||||||||
|
|
|||||||||||
34,556,289 | ||||||||||||
|
|
|||||||||||
INDUSTRIAL |
2.5% | |||||||||||
WESCO International, Inc., 10.625% to 6/22/25, Series Ab,c |
|
941,912 | 25,620,006 | |||||||||
|
|
|||||||||||
INSURANCE |
7.4% | |||||||||||
Arch Capital Group Ltd., 5.45%, Series Fa,c |
|
125,765 | 2,919,006 | |||||||||
Arch Capital Group Ltd., 4.55%, Series Ga,c |
|
100,000 | 1,918,000 | |||||||||
Assurant, Inc., 5.25%, due 1/15/61a |
|
75,306 | 1,601,759 | |||||||||
Athene Holding Ltd., 6.35% to 6/30/29, Series Aa,b,c |
|
393,502 | 8,535,058 | |||||||||
Athene Holding Ltd., 6.375% to 6/30/25, Series Ca,b,c |
|
378,171 | 8,527,756 | |||||||||
Athene Holding Ltd., 4.875%, Series Da,c |
|
243,569 | 4,070,038 |
Shares | Value | |||||||||||
Athene Holding Ltd., 7.75% to 12/30/27, Series Ea,b,c |
|
337,144 | $ | 8,334,200 | ||||||||
Brighthouse Financial, Inc., 5.375%, Series Ca,c |
|
273,634 | 4,774,913 | |||||||||
CNO Financial Group, Inc., 5.125%, due 11/25/60a |
|
41,901 | 661,617 | |||||||||
Enstar Group Ltd., 7.00% to 9/1/28, Series Da,b,c |
|
347,720 | 7,962,788 | |||||||||
Equitable Holdings, Inc., 5.25%, Series Aa,c |
|
213,915 | 4,592,755 | |||||||||
Kemper Corp., 5.875% to 3/15/27, due 3/15/62a,b |
|
89,171 | 1,721,000 | |||||||||
Lincoln National Corp., 9.00%, Series Da,c |
|
226,466 | 5,971,909 | |||||||||
Prudential Financial, Inc., 5.95%, due 9/1/62a |
|
123,769 | 3,168,486 | |||||||||
Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52a,b |
|
363,200 | 9,534,000 | |||||||||
SiriusPoint Ltd., 8.00% to 2/26/26, Series B (Bermuda)b,c |
|
163,534 | 3,666,432 | |||||||||
|
|
|||||||||||
77,959,717 | ||||||||||||
|
|
|||||||||||
PIPELINES |
2.3% | |||||||||||
Enbridge, Inc., 5.949% to 6/1/23, Series 1 (Canada)a,b,c |
|
100,000 | 2,284,000 | |||||||||
Enbridge, Inc., 2.983% to 9/1/25, Series 15 (Canada)a,b,c |
|
300,000 | 3,210,687 | |||||||||
Enbridge, Inc., 4.449% to 3/1/24, Series 7 (Canada)a,b,c |
|
55,500 | 665,664 | |||||||||
Energy Transfer LP, 7.625% to 8/15/23, Series Da,b,c |
|
159,171 | 3,738,927 | |||||||||
Energy Transfer LP, 7.60% to 5/15/24, Series Ea,b,c |
|
531,349 | 12,284,789 | |||||||||
TC Energy Corp., 3.762% to 10/30/24, Series 9 (Canada)a,b,c |
|
200,000 | 2,251,172 | |||||||||
|
|
|||||||||||
24,435,239 | ||||||||||||
|
|
|||||||||||
REAL ESTATE |
2.2% | |||||||||||
Arbor Realty Trust, Inc., 6.375%, Series Dc |
|
175,000 | 3,136,000 | |||||||||
Brookfield Property Preferred LP, 6.25%, due 7/26/81a |
|
421,085 | 6,324,697 | |||||||||
Chatham Lodging Trust, 6.625%, Series Ac |
|
85,000 | 1,853,850 | |||||||||
DigitalBridge Group, Inc., 7.125%, Series Hc |
|
208,835 | 4,331,238 | |||||||||
DigitalBridge Group, Inc., 7.125%, Series Jc |
|
162,502 | 3,352,416 | |||||||||
Pebblebrook Hotel Trust, 6.375%, Series Gc |
|
162,520 | 3,104,132 | |||||||||
Vornado Realty Trust, 5.25%, Series Na,c |
|
100,000 | 1,217,000 | |||||||||
|
|
|||||||||||
23,319,333 | ||||||||||||
|
|
|||||||||||
TELECOMMUNICATIONS |
1.2% | |||||||||||
Telephone and Data Systems, Inc., 6.625%, Series UUa,c |
|
69,279 | 1,037,107 | |||||||||
Telephone and Data Systems, Inc., 6.00%, Series VVa,c |
|
357,443 | 4,800,459 | |||||||||
United States Cellular Corp., 5.50%, due 3/1/70a |
|
217,168 | 3,285,752 | |||||||||
United States Cellular Corp., 5.50%, due 6/1/70a |
|
178,632 | 2,724,138 | |||||||||
|
|
|||||||||||
11,847,456 | ||||||||||||
|
|
Shares | Value | |||||||||||
UTILITIES |
3.8% | |||||||||||
BIP Bermuda Holdings I Ltd., 5.125% (Canada)a,c |
|
47,070 | $ | 809,604 | ||||||||
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)a,c |
|
208,034 | 3,353,508 | |||||||||
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)a,c |
|
168,056 | 2,720,827 | |||||||||
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)a |
|
214,600 | 3,703,996 | |||||||||
CMS Energy Corp., 5.875%, due 10/15/78a |
|
80,000 | 1,989,600 | |||||||||
NiSource, Inc., 6.50% to 3/15/24, Series Ba,b,c |
|
387,313 | 9,663,459 | |||||||||
SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)a,b,c |
|
462,414 | 10,302,584 | |||||||||
SCE Trust VI, 5.00% (TruPS)a,c |
|
383,601 | 7,591,464 | |||||||||
|
|
|||||||||||
40,135,042 | ||||||||||||
|
|
|||||||||||
TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$378,934,584) |
|
321,439,388 | ||||||||||
|
|
|||||||||||
Principal Amount |
||||||||||||
PREFERRED SECURITIES—OVER‑THE‑COUNTER |
119.8% | |||||||||||
BANKING |
75.9% | |||||||||||
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)b,c,d,e |
|
$ | 4,000,000 | 3,631,780 | ||||||||
Abanca Corp. Bancaria SA, 7.50% to 10/2/23 (Spain)b,c,d,e |
|
3,600,000 | 3,662,406 | |||||||||
Banco BPM SpA, 7.00% to 4/12/27 (Italy)b,c,d,e |
|
1,800,000 | 1,744,111 | |||||||||
Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)b,c,d,e |
|
1,000,000 | 886,962 | |||||||||
Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)b,c,d,e |
|
4,000,000 | 4,099,070 | |||||||||
Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32, 144A (Mexico)b,c,e,f |
|
1,000,000 | 811,000 | |||||||||
Bank of America Corp., 5.875% to 3/15/28, Series FFa,b,c |
|
12,511,000 | 11,338,094 | |||||||||
Bank of America Corp., 6.10% to 3/17/25, Series AAa,b,c |
|
32,500,000 | 31,971,875 | |||||||||
Bank of America Corp., 6.125% to 4/27/27, Series TTa,b,c |
|
3,400,000 | 3,305,012 | |||||||||
Bank of America Corp., 6.25% to 9/5/24, Series Xa,b,c |
|
25,520,000 | 25,012,152 | |||||||||
Bank of America Corp., 6.30% to 3/10/26, Series DDa,b,c |
|
3,585,000 | 3,628,205 | |||||||||
Bank of America Corp., 6.50% to 10/23/24, Series Za,b,c |
|
9,223,000 | 9,217,651 | |||||||||
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)a,b,c,d,e |
|
8,675,000 | 9,371,296 | |||||||||
Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82 (Canada)a,b |
|
10,650,000 | 10,927,453 |
Principal Amount |
Value | |||||||||
Barclays Bank PLC, 6.278% to 12/15/34 (United Kingdom)b,c |
$ | 6,720,000 | $ | 6,439,091 | ||||||
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)a,b,c,e |
2,000,000 | 1,720,300 | ||||||||
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)a,b,c,e |
11,000,000 | 10,173,900 | ||||||||
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)a,b,c,e |
17,600,000 | 15,459,840 | ||||||||
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)b,c,d,e |
8,200,000 | 9,501,906 | ||||||||
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)b,c,e |
2,400,000 | 2,728,024 | ||||||||
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)b,c,e,f |
4,000,000 | 3,855,482 | ||||||||
BNP Paribas SA, 7.375% to 6/11/30 (France)b,c,d,e |
1,600,000 | 1,694,797 | ||||||||
BNP Paribas SA, 7.75% to 8/16/29, 144A (France)b,c,e,f |
23,000,000 | 22,022,500 | ||||||||
BNP Paribas SA, 9.25% to 11/17/27, 144A (France)b,c,e,f |
9,400,000 | 9,690,460 | ||||||||
CaixaBank SA, 8.25% to 3/13/29 (Spain)b,c,d,e |
6,600,000 | 6,983,910 | ||||||||
Capital One Financial Corp., 3.95% to 9/1/26, Series Mb,c |
1,631,000 | 1,207,165 | ||||||||
Charles Schwab Corp./The, 4.00% to 12/1/30, Series Hb,c |
8,735,000 | 6,725,950 | ||||||||
Charles Schwab Corp./The, 4.00% to 6/1/26, Series Ia,b,c |
30,647,000 | 25,744,093 | ||||||||
Charles Schwab Corp./The, 5.375% to 6/1/25, Series Ga,b,c |
46,130,000 | 44,140,644 | ||||||||
Citigroup, Inc., 3.875% to 2/18/26b,c |
4,370,000 | 3,741,812 | ||||||||
Citigroup, Inc., 4.00% to 12/10/25, Series Wb,c |
2,919,000 | 2,550,038 | ||||||||
Citigroup, Inc., 5.95% to 5/15/25, Series Pb,c |
22,150,000 | 20,793,704 | ||||||||
Citigroup, Inc., 6.25% to 8/15/26, Series Tb,c |
26,476,000 | 26,033,057 | ||||||||
Citigroup, Inc., 7.375% to 5/15/28b,c |
9,070,000 | 8,979,300 | ||||||||
Citigroup, Inc., 9.341% (3 Month US LIBOR + 4.068%), Series 0c,g |
20,189,000 | 20,178,905 | ||||||||
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series Fb,c |
10,202,000 | 9,260,369 | ||||||||
CoBank ACB, 6.45% to 10/1/27, Series Ka,b,c |
6,590,000 | 6,227,037 | ||||||||
Comerica, Inc., 5.625% to 7/1/25b,c |
3,741,000 | 3,167,035 | ||||||||
Commerzbank AG, 7.00% to 4/9/25 (Germany)b,c,d,e |
5,000,000 | 4,413,125 | ||||||||
Credit Agricole SA, 4.75% to 3/23/29, 144A (France)b,c,e,f |
1,000,000 | 771,500 | ||||||||
Credit Agricole SA, 6.875% to 9/23/24, 144A (France)a,b,c,e,f |
4,600,000 | 4,425,430 | ||||||||
Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)a,b,c,d,e |
800,000 | 862,847 |
Principal Amount |
Value | |||||||||
Credit Agricole SA, 7.875% to 1/23/24, 144A (France)a,b,c,e,f |
$ | 2,800,000 | $ | 2,759,750 | ||||||
Credit Agricole SA, 8.125% to 12/23/25, 144A (France)a,b,c,e,f |
4,460,000 | 4,439,488 | ||||||||
Credit Suisse Group AG, 6.375% to 8/21/26, 144A Claim (Switzerland)b,c,e,f,h,i |
2,200,000 | 82,500 | ||||||||
Credit Suisse Group AG, 7.25% to 9/12/25, 144A Claim (Switzerland)b,c,e,f,h,i |
5,200,000 | 195,000 | ||||||||
Credit Suisse Group AG, 7.50% to 7/17/23, 144A Claim (Switzerland)b,c,e,f,h,i |
12,400,000 | 465,000 | ||||||||
Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)b,c,e |
4,400,000 | 3,299,560 | ||||||||
Deutsche Bank AG, 7.079% to 11/10/32, due 2/10/34 (Germany)b |
4,600,000 | 4,307,634 | ||||||||
Deutsche Bank AG, 7.50% to 4/30/25 (Germany)b,c,e |
9,400,000 | 7,748,232 | ||||||||
Deutsche Bank AG, 10.00% to 12/1/27 (Germany)b,c,d,e |
7,000,000 | 7,250,150 | ||||||||
Farm Credit Bank of Texas, 6.75% to 9/15/23, 144Ab,c,f |
7,000 | † | 685,125 | |||||||
Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series Ub,c |
3,284,000 | 2,690,827 | ||||||||
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Qb,c |
5,597,000 | 5,421,363 | ||||||||
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A (United Kingdom)b,c,f |
12,910,000 | 15,809,222 | ||||||||
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)a,b,c,e |
7,400,000 | 7,363,000 | ||||||||
Huntington Bancshares, Inc./OH., 5.625% to 7/15/30, Series Fb,c |
7,141,000 | 6,405,649 | ||||||||
ING Groep N.V., 4.875% to 5/16/29 (Netherlands)b,c,d,e |
1,200,000 | 914,411 | ||||||||
ING Groep N.V., 7.50% to 5/16/28 (Netherlands)b,c,d,e |
8,000,000 | 7,315,000 | ||||||||
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)b,c,e,f |
8,800,000 | 8,028,898 | ||||||||
JPMorgan Chase & Co., 6.00% to 8/1/23, Series Ra,b,c |
2,331,000 | 2,315,849 | ||||||||
JPMorgan Chase & Co., 6.10% to 10/1/24, Series Xa,b,c |
6,200,000 | 6,138,589 | ||||||||
JPMorgan Chase & Co., 6.125% to 4/30/24, Series Ua,b,c |
14,592,000 | 14,482,560 | ||||||||
JPMorgan Chase & Co., 6.75% to 2/1/24, Series Sa,b,c |
46,075,000 | 46,048,507 | ||||||||
Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)a,b,c,d,e |
2,400,000 | 2,057,465 | ||||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)b,c,e |
8,600,000 | 8,282,574 | ||||||||
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)b,c,e |
4,000,000 | 3,802,360 | ||||||||
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)b,c,e |
8,000,000 | 7,336,000 |
Principal Amount |
Value | |||||||||
M&T Bank Corp., 6.45% to 2/15/24, Series Eb,c |
$ | 8,864,000 | $ | 8,044,080 | ||||||
Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)b,c,e |
2,000,000 | 1,879,800 | ||||||||
Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)b,c,e |
11,200,000 | 11,101,048 | ||||||||
PNC Financial Services Group, Inc./The, 6.00% to 5/15/27, Series Ua,b,c |
2,502,000 | 2,326,860 | ||||||||
PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series Va,b,c |
8,276,000 | 7,814,262 | ||||||||
PNC Financial Services Group, Inc./The, 6.25% to 3/15/30, Series Wa,b,c |
9,155,000 | 8,413,445 | ||||||||
PNC Financial Services Group, Inc./The, 8.977% (3 Month US LIBOR + 3.678%), Series O (FRN)a,c,g |
22,347,000 | 22,312,346 | ||||||||
Regions Financial Corp., 5.75% to 6/15/25, Series Db,c |
10,429,000 | 9,884,038 | ||||||||
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)a,b,c,d,e |
3,600,000 | 3,339,000 | ||||||||
Societe Generale SA, 5.375% to 11/18/30, 144A (France)b,c,e,f |
1,200,000 | 843,000 | ||||||||
Societe Generale SA, 6.75% to 4/6/28, 144A (France)b,c,e,f |
6,800,000 | 5,336,912 | ||||||||
Societe Generale SA, 7.875% to 12/18/23, 144A (France)b,c,e,f |
1,894,000 | 1,814,263 | ||||||||
Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)b,c,d,e |
1,700,000 | 1,698,378 | ||||||||
Societe Generale SA, 8.00% to 9/29/25, 144A (France)b,c,e,f |
4,400,000 | 4,109,028 | ||||||||
Societe Generale SA, 9.375% to 11/22/27, 144A (France)b,c,e,f |
6,200,000 | 5,901,780 | ||||||||
Swedbank AB, 7.625% to 3/17/28 (Sweden)b,c,d,e |
2,400,000 | 2,245,099 | ||||||||
Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (Canada)a,b |
13,575,000 | 13,860,482 | ||||||||
Truist Financial Corp., 4.80% to 9/1/24, Series Na,b,c |
4,000,000 | 3,485,000 | ||||||||
Truist Financial Corp., 4.95% to 9/1/25, Series Pa,b,c |
7,950,000 | 7,489,695 | ||||||||
Truist Financial Corp., 5.10% to 3/1/30, Series Qa,b,c |
10,787,000 | 9,568,743 | ||||||||
Truist Financial Corp., 5.125% to 12/15/27, Series Ma,b,c |
2,239,000 | 1,845,384 | ||||||||
UBS Group AG, 6.875% to 8/7/25 (Switzerland)b,c,d,e |
6,800,000 | 6,162,500 | ||||||||
UBS Group AG, 7.00% to 2/19/25 (Switzerland)b,c,d,e |
4,400,000 | 4,181,558 |
Principal Amount |
Value | |||||||||||
UBS Group AG, 7.00% to 1/31/24, 144A (Switzerland)b,c,e,f |
|
$ | 2,800,000 | $ | 2,632,000 | |||||||
UniCredit SpA, 8.00% to 6/3/24 (Italy)b,c,d,e |
|
8,570,000 | 8,320,896 | |||||||||
US Bancorp, 3.70% to 1/15/27, Series Nb,c |
|
6,495,000 | 5,017,387 | |||||||||
US Bancorp, 5.30% to 4/15/27, Series Ja,b,c |
|
6,162,000 | 5,237,700 | |||||||||
Virgin Money UK PLC, 8.25% to 6/17/27 (United Kingdom)b,c,d,e |
|
1,600,000 | 1,731,802 | |||||||||
Wells Fargo & Co., 3.90% to 3/15/26, Series BBb,c |
|
27,600,000 | 24,034,563 | |||||||||
Wells Fargo & Co., 5.875% to 6/15/25, Series Ub,c |
|
32,785,000 | 32,152,905 | |||||||||
|
|
|||||||||||
797,527,955 | ||||||||||||
|
|
|||||||||||
ENERGY |
2.4% | |||||||||||
BP Capital Markets PLC, 3.625% to 3/22/29 (United Kingdom)a,b,c,d |
|
8,000,000 | 7,641,821 | |||||||||
BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)a,b,c |
|
4,000,000 | 3,847,246 | |||||||||
BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)a,b,c |
|
14,495,000 | 13,363,013 | |||||||||
|
|
|||||||||||
24,852,080 | ||||||||||||
|
|
|||||||||||
FINANCIAL SERVICES |
3.5% | |||||||||||
Aircastle Ltd., 5.25% to 6/15/26, Series A, 144Ab,c,f |
|
2,920,000 | 2,133,402 | |||||||||
Ally Financial, Inc., 4.70% to 5/15/28, Series Cb,c |
|
8,352,000 | 5,888,160 | |||||||||
American Express Co., 3.55% to 9/15/26b,c |
|
3,381,000 | 2,849,099 | |||||||||
Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51, 144Ab,f |
|
3,950,000 | 3,005,037 | |||||||||
Discover Financial Services, 5.50% to 10/30/27, Series Cb,c |
|
8,776,000 | 6,702,670 | |||||||||
Discover Financial Services, 6.125% to 6/23/25, Series Db,c |
|
13,394,000 | 12,713,334 | |||||||||
ILFC E‑Capital Trust II, 6.798% (30 Year CMT + 1.80%), due 12/21/65, 144A (FRN) (TruPS)f,g |
|
5,352,000 | 3,498,870 | |||||||||
|
|
|||||||||||
36,790,572 | ||||||||||||
|
|
|||||||||||
FOOD PRODUCTS |
0.4% | |||||||||||
Land O’ Lakes, Inc., 7.00%, 144Ac,f |
|
3,600,000 | 3,076,236 | |||||||||
Land O’ Lakes, Inc., 7.25%, 144Ac,f |
|
1,600,000 | 1,384,000 | |||||||||
|
|
|||||||||||
4,460,236 | ||||||||||||
|
|
Principal Amount |
Value | |||||||||||
INSURANCE |
18.4% | |||||||||||
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)a,b,d |
|
$ | 10,900,000 | $ | 10,239,569 | |||||||
Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)b,c,d,e |
|
5,030,000 | 5,279,121 | |||||||||
CNP Assurances, 5.25% to 1/18/33, due 7/18/53, Series EMTN (France)a,b,d |
|
7,700,000 | 8,092,092 | |||||||||
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52, 144Aa,b,f |
|
11,695,000 | 10,610,108 | |||||||||
Dai‑ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24, 144A (Japan)a,b,c,f |
|
2,000,000 | 1,968,230 | |||||||||
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42b |
|
5,970,000 | 4,306,022 | |||||||||
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40b |
|
6,300,000 | 5,289,513 | |||||||||
Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)a,b,c,d |
|
14,830,000 | 14,817,395 | |||||||||
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51, 144Ab,f |
|
7,910,000 | 6,331,311 | |||||||||
La Mondiale SAM, 5.05% to 12/17/25 (France)a,b,c,d |
|
2,000,000 | 2,170,259 | |||||||||
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)b,d |
|
8,000,000 | 6,639,264 | |||||||||
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51, 144Ab,f |
|
2,023,000 | 1,634,008 | |||||||||
Lincoln National Corp., 9.25% to 12/1/27, Series Ca,b,c |
|
2,797,000 | 2,821,474 | |||||||||
Markel Corp., 6.00% to 6/1/25b,c |
|
8,007,000 | 7,789,830 | |||||||||
MetLife Capital Trust IV, 7.875%, due 12/15/67, 144A (TruPS)a,f |
|
4,800,000 | 5,075,141 | |||||||||
MetLife, Inc., 9.25%, due 4/8/38, 144Aa,f |
|
2,500,000 | 2,947,163 | |||||||||
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)a,b,f |
|
6,100,000 | 5,991,664 | |||||||||
Pension Insurance Corp. PLC, 7.375% to 7/25/29 (United Kingdom)b,c,e |
|
6,032,000 | 6,732,777 | |||||||||
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)b,c,d,e |
|
3,400,000 | 2,940,490 | |||||||||
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44a,b |
|
4,583,000 | 4,384,067 | |||||||||
Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43a,b |
|
15,666,000 | 15,661,770 | |||||||||
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52a,b |
|
10,284,000 | 9,898,492 |
Principal Amount |
Value | |||||||||||
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53a,b |
|
$ | 4,010,000 | $ | 4,028,426 | |||||||
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)a,b,d |
|
2,000,000 | 1,923,197 | |||||||||
QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)a,b,c,f |
|
6,365,000 | 6,025,647 | |||||||||
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)b,c,d,e |
|
5,800,000 | 4,385,397 | |||||||||
SBL Holdings, Inc., 6.50% to 11/13/26, 144Ab,c,f |
|
8,120,000 | 4,747,683 | |||||||||
SBL Holdings, Inc., 7.00% to 5/13/25, 144Ab,c,f |
|
7,813,000 | 5,078,450 | |||||||||
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A (Switzerland)a,b,f |
|
2,000,000 | 1,915,330 | |||||||||
UnipolSai Assicurazioni SpA, 5.75% to 6/18/24, Series EMTN (Italy)b,c,d |
|
5,869,000 | 6,374,012 | |||||||||
Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53b |
|
3,000,000 | 3,000,463 | |||||||||
Voya Financial, Inc., 6.125% to 9/15/23, Series Ab,c |
|
5,300,000 | 5,118,104 | |||||||||
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)b,d |
|
11,600,000 | 9,106,000 | |||||||||
|
|
|||||||||||
193,322,469 | ||||||||||||
|
|
|||||||||||
PIPELINES |
6.8% | |||||||||||
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20‑A (Canada)a,b |
|
19,852,000 | 18,206,508 | |||||||||
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16‑A (Canada)a,b |
|
2,421,000 | 2,264,442 | |||||||||
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)a,b |
|
8,605,000 | 7,777,333 | |||||||||
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)a,b |
|
4,812,000 | 4,775,910 | |||||||||
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)a,b |
|
10,208,000 | 10,423,200 | |||||||||
Energy Transfer LP, 6.50% to 11/15/26, Series Hb,c |
|
6,600,000 | 5,857,500 | |||||||||
Energy Transfer LP, 7.125% to 5/15/30, Series Gb,c |
|
13,650,000 | 11,534,250 | |||||||||
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)a,b |
|
4,052,000 | 3,448,445 | |||||||||
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)a,b |
|
8,885,000 | 7,523,726 | |||||||||
|
|
|||||||||||
71,811,314 | ||||||||||||
|
|
Principal Amount |
Value | |||||||||||
REAL ESTATE |
0.9% | |||||||||||
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80, 144A (Australia)a,b,f |
|
$ | 11,600,000 | $ | 9,804,716 | |||||||
|
|
|||||||||||
TELECOMMUNICATIONS |
0.9% | |||||||||||
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)b |
|
5,280,000 | 4,277,117 | |||||||||
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)b |
|
4,875,000 | 5,005,113 | |||||||||
|
|
|||||||||||
9,282,230 | ||||||||||||
|
|
|||||||||||
UTILITIES |
10.6% | |||||||||||
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)b |
|
10,622,000 | 8,602,629 | |||||||||
CenterPoint Energy, Inc., 6.125% to 9/1/23, Series Ab,c |
|
4,518,000 | 4,306,219 | |||||||||
Dominion Energy, Inc., 4.35% to 1/15/27, Series Cb,c |
|
17,640,000 | 14,905,800 | |||||||||
Edison International, 5.00% to 12/15/26, Series Bb,c |
|
5,197,000 | 4,455,468 | |||||||||
Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)b,c,d |
|
6,000,000 | 6,361,425 | |||||||||
Electricite de France SA, 5.625% to 1/22/24, 144A (France)a,b,c,f |
|
2,000,000 | 1,933,372 | |||||||||
Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)b,c,d |
|
13,400,000 | 15,052,672 | |||||||||
Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)b,c,d |
|
5,200,000 | 5,612,420 | |||||||||
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16‑A (Canada)b |
|
19,575,000 | 18,716,887 | |||||||||
Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)a,b,c,d |
|
4,600,000 | 5,100,320 | |||||||||
NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82a,b |
|
1,250,000 | 1,043,356 | |||||||||
Sempra Energy, 4.125% to 1/1/27, due 4/1/52a,b |
|
8,400,000 | 6,817,582 | |||||||||
Sempra Energy, 4.875% to 10/15/25b,c |
|
9,555,000 | 9,009,050 | |||||||||
Southern California Edison Co., 9.498% (3 Month US LIBOR + 4.199%), Series E (FRN)c,g |
|
9,175,000 | 9,083,250 | |||||||||
|
|
|||||||||||
111,000,450 | ||||||||||||
|
|
|||||||||||
TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER (Identified cost—$1,402,026,540) |
|
1,258,852,022 | ||||||||||
|
|
Principal Amount |
Value | |||||||||||
CORPORATE BONDS |
1.1% | |||||||||||
BANKING |
0.3% | |||||||||||
Comerica, Inc., 4.00%, due 2/1/29a |
|
$ | 4,080,000 | $ | 3,492,555 | |||||||
|
|
|||||||||||
INSURANCE |
0.1% | |||||||||||
SBL Holdings, Inc., 5.00%, due 2/18/31, 144Aa,f |
|
720,000 | 599,852 | |||||||||
|
|
|||||||||||
UTILITIES |
0.7% | |||||||||||
Enel Finance America LLC, 7.10%, due 10/14/27, 144A (Italy)a,f |
|
2,000,000 | 2,147,757 | |||||||||
Enel Finance International NV, 7.50%, due 10/14/32, 144A (Italy)a,f |
|
1,600,000 | 1,792,270 | |||||||||
Southern Co./The, 5.113%, due 8/1/27, 5.113%5.113%a |
|
3,920,000 | 3,955,151 | |||||||||
|
|
|||||||||||
7,895,178 | ||||||||||||
|
|
|||||||||||
TOTAL CORPORATE BONDS (Identified cost—$11,351,096) |
|
11,987,585 | ||||||||||
|
|
|||||||||||
Number of Shares |
||||||||||||
SHORT-TERM INVESTMENTS |
3.0% | |||||||||||
MONEY MARKET FUNDS |
||||||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 4.68%j |
|
31,905,711 | 31,905,711 | |||||||||
|
|
|||||||||||
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$31,905,711) |
|
31,905,711 | ||||||||||
|
|
|||||||||||
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$1,824,217,931) |
154.5% | 1,624,184,706 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS |
(54.5) | (572,876,942 | ) | |||||||||
|
|
|
|
|||||||||
NET ASSETS (Equivalent to $19.02 per share based on 55,273,457 shares of common stock outstanding) |
100.0% | $ | 1,051,307,764 | |||||||||
|
|
|
|
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) |
||||||||||||||||||||||||||
$ |
70,000,000 | 0.930 | % | Monthly | 5.010%k | Monthly | 7/15/23 | $ | 744,026 | $ | — | $ | 744,026 | |||||||||||||||||||||
125,000,000 | 0.270 | % | Monthly | 4.948%k | Monthly | 7/20/23 | 1,540,676 | — | 1,540,676 | |||||||||||||||||||||||||
125,000,000 | 0.360 | % | Monthly | 4.591%k | Monthly | 7/20/23 | 1,498,520 | — | 1,498,520 | |||||||||||||||||||||||||
160,000,000 | 0.464 | % | Monthly | 4.840%k | Monthly | 7/20/23 | 1,888,058 | — | 1,888,058 | |||||||||||||||||||||||||
35,000,000 | 0.249 | % | Monthly | 5.010%k | Monthly | 7/20/23 | 414,437 | — | 414,437 | |||||||||||||||||||||||||
35,000,000 | 0.349 | % | Monthly | 5.080%k | Monthly | 7/20/23 | 425,789 | — | 425,789 | |||||||||||||||||||||||||
125,000,000 | 0.270 | % | Monthly | USD‑SOFR‑OIS | I | Monthly | 12/20/24 | 6,800,224 | 26,042 | 6,826,266 | ||||||||||||||||||||||||
35,000,000 | 0.249 | % | Monthly | USD‑SOFR‑OIS | I | Monthly | 12/20/24 | 1,914,009 | 6,761 | 1,920,770 | ||||||||||||||||||||||||
125,000,000 | 0.360 | % | Monthly | USD‑SOFR‑OIS | I | Monthly | 12/20/25 | 9,712,160 | 30,444 | 9,742,604 | ||||||||||||||||||||||||
35,000,000 | 0.349 | % | Monthly | USD‑SOFR‑OIS | I | Monthly | 12/20/25 | 2,728,166 | 7,061 | 2,735,227 | ||||||||||||||||||||||||
160,000,000 | 0.464 | % | Monthly | USD‑SOFR‑OIS | I | Monthly | 12/20/26 | 15,515,351 | 39,906 | 15,555,257 | ||||||||||||||||||||||||
70,000,000 | 0.930 | % | Monthly | USD‑SOFR‑OIS | I | Monthly | 9/15/27 | 6,657,598 | 17,035 | 6,674,633 | ||||||||||||||||||||||||
GBP |
28,000,000 | 0.900 | % | Monthly | 4.179% | m | Monthly | 9/15/27 | 4,396,852 | — | 4,396,852 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
$ | 54,235,866 | $ | 127,249 | $ | 54,363,115 | |||||||||||||||||||||||||||||
|
Counterparty | Notional Amount |
Fixed Payable Rate |
Fixed Payment Frequency |
Underlying Reference Entity |
Position | Maturity Date |
Value | Upfront Receipts (Payments) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||||
BNP Paribas |
$ |
6,808,764 | 0.25 | % | Monthly | BNPXCHY5 Indexn | Short | 5/15/24 | $ | (25,305 | ) | $ | (6,809 | ) | $ | (32,114 | ) | |||||||||||||||||||
BNP Paribas |
EUR |
6,216,070 | 0.30 | % | Monthly | BNPXCEX5 IndexO | Short | 5/15/24 | (20,027 | ) | (7,538 | ) | (27,565 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||
$ | (45,332 | ) | $ | (14,347 | ) | $ | (59,679 | ) | ||||||||||||||||||||||||||||
|
Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
Brown Brothers Harriman |
CAD | 8,097,775 | USD | 5,988,761 | 5/3/23 | $ | 11,676 | |||||||||||||
Brown Brothers Harriman |
EUR | 77,120,950 | USD | 83,963,121 | 5/3/23 | (1,016,489 | ) | |||||||||||||
Brown Brothers Harriman |
EUR | 3,658,374 | USD | 4,029,955 | 5/3/23 | (1,209 | ) | |||||||||||||
Brown Brothers Harriman |
GBP | 1,444,702 | USD | 1,816,525 | 5/3/23 | 895 | ||||||||||||||
Brown Brothers Harriman |
USD | 5,974,057 | CAD | 8,097,775 | 5/3/23 | 3,027 | ||||||||||||||
Brown Brothers Harriman |
USD | 89,086,670 | EUR | 80,779,324 | 5/3/23 | (75,896 | ) | |||||||||||||
Brown Brothers Harriman |
USD | 1,787,487 | GBP | 1,444,702 | 5/3/23 | 28,143 | ||||||||||||||
Brown Brothers Harriman |
CAD | 8,329,875 | USD | 6,148,408 | 6/2/23 | (3,569 | ) | |||||||||||||
Brown Brothers Harriman |
EUR | 82,160,242 | USD | 90,759,133 | 6/2/23 | 70,246 | ||||||||||||||
Brown Brothers Harriman |
USD | 706,337 | GBP | 561,427 | 6/2/23 | (300 | ) | |||||||||||||
$ | (983,476 | ) | ||||||||||||||||||
|
CAD |
Canadian Dollar | |
CME |
Chicago Mercantile Exchange | |
CMT |
Constant Maturity Treasury | |
EMTN |
Euro Medium Term Note | |
EUR |
Euro Currency | |
FRN |
Floating Rate Note | |
GBP |
Great British Pound | |
LIBOR |
London Interbank Offered Rate | |
OIS |
Overnight Indexed Swap | |
SOFR |
Secured Overnight Financing Rate | |
TruPS |
Trust Preferred Securities | |
USD |
United States Dollar |
† | Represents shares. |
a | All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $860,003,082 in aggregate has been pledged as collateral. |
b | Security converts to floating rate after the indicated fixed-rate coupon period. |
c | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
d | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $203,803,923 which represents 19.4% of the net assets of the Fund, of which 0.1% are illiquid. |
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 $270,484,883 which represents 25.7% of the net assets of the Fund (16.4% of the managed assets of the Fund). |
f | 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 $176,378,585 which represents 16.8% of the net assets of the Fund, of which 0.1% are illiquid. |
g | Variable rate. Rate shown is in effect at April 30, 2023. |
h | Security is in default. |
i | Non‑income producing security. |
j | Rate quoted represents the annualized seven‑day yield. |
k | Based on 1‑Month LIBOR. Represents rates in effect at April 30, 2023. |
l | Represents a forward-starting interest rate swap contract with interest receipts and payments commencing on July 15, 2023 and July 20, 2023 (effective dates). |
m | Based on 1‑Month GBP SONIA. Represents rates in effect at April 30, 2023. |
n | The index intends to track the performance of the CDX.NA HY. |
o | The index intends to track the performance of the iTraxx Crossover CDS. |
Country Summary | % of Managed Assets |
|||
United States |
61.0 | |||
United Kingdom |
9.6 | |||
Canada |
7.6 | |||
France |
6.6 | |||
Switzerland |
2.2 | |||
Italy |
2.0 | |||
Germany |
1.6 | |||
Japan |
1.4 | |||
Spain |
1.2 | |||
Australia |
1.1 | |||
Netherlands |
0.8 | |||
Ireland |
0.6 | |||
Other (includes short-term investments) |
4.3 | |||
|
|
|||
100.0 | ||||
|
|
ASSETS: |
||||
Investments in securities, at value (Identified cost—$1,824,217,931) |
$ | 1,624,184,706 | ||
Cash |
437,764 | |||
Cash collateral pledged for interest rate swap contracts |
11,286,243 | |||
Foreign currency, at value (Identified cost—$1,017,015) |
1,032,171 | |||
Receivable for: |
||||
Dividends and interest |
21,363,018 | |||
Investment securities sold |
1,176,045 | |||
Unrealized appreciation on forward foreign currency exchange contracts |
113,987 | |||
Other assets |
178,799 | |||
|
|
|||
Total Assets |
1,659,772,733 | |||
|
|
|||
LIABILITIES: |
||||
Total return swap contracts, at value (Premiums paid—$14,347) |
45,332 | |||
Unrealized depreciation on forward foreign currency exchange contracts |
1,097,463 | |||
Payable for: |
||||
Credit agreement |
601,472,760 | |||
Interest expense |
2,780,870 | |||
Investment management fees |
1,353,853 | |||
Dividends and distributions declared |
964,894 | |||
Variation margin on interest rate swap contracts |
405,572 | |||
Administration fees |
81,231 | |||
Trustees’ fees |
2,539 | |||
Other liabilities |
260,455 | |||
|
|
|||
Total Liabilities |
608,464,969 | |||
|
|
|||
NET ASSETS |
$ | 1,051,307,764 | ||
|
|
|||
NET ASSETS consist of: |
||||
Paid‑in capital |
$ | 1,361,007,115 | ||
Total distributable earnings/(accumulated loss) |
(309,699,351 | ) | ||
|
|
|||
$ | 1,051,307,764 | |||
|
|
|||
NET ASSET VALUE PER SHARE: |
||||
($1,051,307,764 ÷ 55,273,457 shares outstanding) |
$ | 19.02 | ||
|
|
|||
MARKET PRICE PER SHARE |
$ | 17.12 | ||
|
|
|||
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE |
(9.99 | ) | ||
|
|
Investment Income: |
||||
Interest income |
$ | 35,471,692 | ||
Dividend income (net of $54,337 of foreign withholding tax) |
14,422,099 | |||
|
|
|||
Total Investment Income |
49,893,791 | |||
|
|
|||
Expenses: |
||||
Interest expense |
16,957,796 | |||
Investment management fees |
8,855,250 | |||
Administration fees |
601,487 | |||
Professional fees |
56,200 | |||
Shareholder reporting expenses |
43,246 | |||
Trustees’ fees and expenses |
22,351 | |||
Custodian fees and expenses |
18,388 | |||
Transfer agent fees and expenses |
9,540 | |||
Miscellaneous |
37,765 | |||
|
|
|||
Total Expenses |
26,602,023 | |||
|
|
|||
Net Investment Income (Loss) |
23,291,768 | |||
|
|
|||
Net Realized and Unrealized Gain (Loss): |
||||
Net realized gain (loss) on: |
||||
Investments in securities |
(79,264,538 | ) | ||
Swap contracts |
11,111,295 | |||
Forward foreign currency exchange contracts |
(6,063,384 | ) | ||
Foreign currency transactions |
(187,709 | ) | ||
|
|
|||
Net realized gain (loss) |
(74,404,336 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments in securities |
57,719,206 | |||
Swap contracts |
(16,581,397 | ) | ||
Forward foreign currency exchange contracts |
(89,254 | ) | ||
Foreign currency translations |
(3,355,450 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) |
37,693,105 | |||
|
|
|||
Net Realized and Unrealized Gain (Loss) |
(36,711,231 | ) | ||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (13,419,463 | ) | |
|
|
For the Six Months Ended April 30, 2023 |
For the Year Ended October 31, 2022 |
|||||||
Change in Net Assets: |
||||||||
From Operations: |
||||||||
Net investment income (loss) |
$ | 23,291,768 | $ | 57,271,832 | ||||
Net realized gain (loss) |
(74,404,336 | ) | (40,378,416 | ) | ||||
Net change in unrealized appreciation (depreciation) |
37,693,105 | (247,280,096 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
(13,419,463 | ) | (230,386,680 | ) | ||||
|
|
|
|
|||||
Distributions to shareholders |
(43,997,672 | ) | (89,607,854 | ) | ||||
Tax return of capital to shareholders |
— | (4,743,937 | ) | |||||
|
|
|
|
|||||
Total distributions |
(43,997,672 | ) | (94,351,791 | ) | ||||
|
|
|
|
|||||
Total increase (decrease) in net assets |
(57,417,135 | ) | (324,738,471 | ) | ||||
Net Assets: |
||||||||
Beginning of period |
1,108,724,899 | 1,433,463,370 | ||||||
|
|
|
|
|||||
End of period |
$ | 1,051,307,764 | $ | 1,108,724,899 | ||||
|
|
|
|
Increase (Decrease) in Cash: |
||||
Cash Flows from Operating Activities: |
||||
Net increase (decrease) in net assets resulting from operations |
$ | (13,419,463 | ) | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |
||||
Purchases of long-term investments |
(313,316,754 | ) | ||
Proceeds from sales and maturities of long-term investments |
394,678,737 | |||
Net purchases, sales and maturities of short-term investments |
25,967,807 | |||
Net amortization of premium on investments in securities |
8,601,140 | |||
Net increase in dividends and interest receivable and other assets |
(190,380 | ) | ||
Net decrease in payable for cash collateral received for over‑the‑counter option contracts |
(260,000 | ) | ||
Net increase in interest expense payable, accrued expenses and other liabilities |
51,964 | |||
Net increase in payable for variation margin on interest rate swap contracts |
1,506,571 | |||
Net change in unrealized appreciation on investments in securities |
(57,719,206 | ) | ||
Net change in unrealized depreciation on swap contracts |
45,332 | |||
Net change in unrealized depreciation on forward foreign currency exchange contracts |
89,254 | |||
Net realized loss on investments in securities |
79,264,538 | |||
|
|
|||
Cash provided by operating activities |
125,299,540 | |||
|
|
|||
Cash Flows from Financing Activities: |
||||
Net decrease in payable for revolving credit agreement |
(81,371,624 | ) | ||
Dividends and distributions paid |
(44,040,859 | ) | ||
|
|
|||
Cash used for financing activities |
(125,412,483 | ) | ||
|
|
|||
Increase (decrease) in cash and restricted cash |
(112,943 | ) | ||
Cash and restricted cash at beginning of period (including foreign currency) |
12,869,121 | |||
|
|
|||
Cash and restricted cash at end of period (including foreign currency) |
$ | 12,756,178 | ||
|
|
Cash |
$ | 437,764 | ||
Restricted cash |
11,286,243 | |||
Foreign currency |
1,032,171 | |||
|
|
|||
Total cash and restricted cash shown on the Statement of Cash Flows |
$ | 12,756,178 | ||
|
|
For the Six Months Ended April 30, 2023 |
For the Year Ended October 31, |
For the Period October 28, 2020a through October 31, 2020 |
||||||||||||||
Per Share Operating Data: | 2022 | 2021 | ||||||||||||||
Net asset value, beginning of period |
$20.06 | $25.93 | $24.99 | $25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income (loss) from investment operations: |
| |||||||||||||||
Net investment income (loss)b |
0.42 | 1.04 | 1.02 | (0.01 | ) | |||||||||||
Net realized and unrealized gain (loss) |
(0.66 | ) | (5.20 | ) | 1.35 | (0.00 | )c | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total from investment operations |
(0.24 | ) | (4.16 | ) | 2.37 | (0.01 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Less dividends and distributions to shareholders from: |
||||||||||||||||
Net investment income |
(0.80 | ) | (1.51 | ) | (1.42 | ) | — | |||||||||
Net realized gain |
— | (0.11 | ) | (0.01 | ) | — | ||||||||||
Tax return of capital |
— | (0.09 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total dividends and distributions to shareholders |
(0.80 | ) | (1.71 | ) | (1.43 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net asset value |
(1.04 | ) | (5.87 | ) | 0.94 | (0.01 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$19.02 | $20.06 | $25.93 | $24.99 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Market value, end of period |
$17.12 | $17.59 | $24.97 | $25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net asset value returnd |
–1.03 | %e | –16.09 | % | 9.77 | % | –0.04 | %e | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total market value returnd |
1.59 | %e | –23.59 | % | 5.66 | % | 0.00 | %e | ||||||||
|
|
|
|
|
|
|
|
|||||||||
For the Six Months Ended April 30, 2023 |
For the Year Ended October 31, |
For the Period October 28, 2020a through October 31, 2020 |
||||||||||||||
Ratios/Supplemental Data: | 2022 | 2021 | ||||||||||||||
Net assets, end of period (in millions) |
$1,051.3 | $1,108.7 | $1,433.5 | $1,249.6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to average daily net assets: |
||||||||||||||||
Expenses |
4.78 | %f | 2.71 | % | 2.01 | % | 1.24 | %g | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses (excluding interest expense) |
1.73 | %f | 1.67 | % | 1.61 | % | 1.24 | %g | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
4.19 | %f | 4.52 | % | 3.97 | % | (1.22 | )%g | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratio of expenses to average daily managed assetsh |
3.00 | %f | 1.75 | % | 1.40 | % | 1.24 | %g | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate |
18 | %e | 41 | % | 47 | % | 0 | %e | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Revolving Credit Agreement |
||||||||||||||||
Asset coverage ratio for revolving credit agreement |
275 | % | 262 | % | 308 | % | NA | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Asset coverage per $1,000 for revolving credit agreement |
$2,748 | $2,624 | $3,077 | NA | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Amount of loan outstanding (in millions) |
$601.5 | $682.8 | $690.2 | NA | ||||||||||||
|
|
|
|
|
|
|
|
a | Commencement of investment operations. |
b | Calculation based on average shares outstanding. |
c | Amount is less than $0.005. |
d | Total net asset value return measures the change in net asset value per share over the year indicated. Total market value return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. |
e | Not annualized. |
f | Annualized. |
g | Ratios for periods less than one year are annualized. Certain professional, shareholder reporting and non‑recurring expenses incurred by the Fund are not annualized for periods less than one year. |
h | Average daily managed assets represent net assets plus the outstanding balance of the revolving credit agreement. |
• | 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) |
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 |
$ | 321,439,388 | $ | — | $ | — | $ | 321,439,388 | ||||||||
Preferred Securities— |
||||||||||||||||
Over-the-Counter |
— | 1,258,852,022 | — | 1,258,852,022 | ||||||||||||
Corporate Bonds |
— | 11,987,585 | — | 11,987,585 | ||||||||||||
Short-Term Investments |
— | 31,905,711 | — | 31,905,711 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securitiesa |
$ | 321,439,388 | $ | 1,302,745,318 | $ | — | $ | 1,624,184,706 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Forward Foreign Currency Exchange Contracts |
$ | — | $ | 113,987 | $ | — | $ | 113,987 | ||||||||
Interest Rate Swap Contracts |
— | 54,363,115 | — | 54,363,115 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Derivative Assetsa |
$ | — | $ | 54,477,102 | $ | — | $ | 54,477,102 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Forward Foreign Currency Exchange Contracts |
$ | — | $ | (1,097,463 | ) | $ | — | $ | (1,097,463 | ) | ||||||
Total Return Swap Contracts |
— | (45,332 | ) | — | (45,332 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Derivative Liabilitiesa |
$ | — | $ | (1,142,795 | ) | $ | — | $ | (1,142,795 | ) | ||||||
|
|
|
|
|
|
|
|
a | Portfolio holdings are disclosed individually on the Schedule of Investments. |
Ex‑Date |
Record Date |
Payable Date |
Amount | |||
May 09, 2023 | May 10, 2023 |
May 31, 2023 | $0.134 | |||
June 13, 2023 | June 14, 2023 |
June 30, 2023 | $0.134 |
Assets |
Liabilities |
|||||||||||
Derivatives |
Location |
Fair Value | Location |
Fair Value | ||||||||
Interest Rate Risk: |
||||||||||||
Interest Rate Swap Contractsa |
— |
— | Payable for variation margin on interest rate swap contracts | $ | 54,363,115 | b | ||||||
Credit Risk: |
||||||||||||
Total Return Swap Contracts—Over‑the‑Counter |
— | — | Total return swap contracts, at value |
45,332 | ||||||||
Foreign Currency Exchange Risk: |
||||||||||||
Forward Foreign Currency Exchange Contractsc |
Unrealized appreciation | 113,987 | Unrealized depreciation | 1,097,463 |
a | Not subject to a master netting agreement or another similar arrangement. |
b | Amount represents the cumulative appreciation on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities only reflects the current day variation margin payable to the broker. |
c | Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement. |
Derivatives |
Location |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
|||||||
Credit Risk: |
||||||||||
Total Return Swap Contracts |
Net Realized and Unrealized Gain (Loss) | $ | — | $ | (59,679 | ) | ||||
Interest Rate Risk: |
||||||||||
Interest Rate Swap Contracts |
Net Realized and Unrealized Gain (Loss) | 11,111,295 | (16,521,718 | ) | ||||||
Purchased Option Contractsa |
Net Realized and Unrealized Gain (Loss) | (428,588 | ) | — | ||||||
Foreign Currency Exchange Risk: |
||||||||||
Purchased Option Contractsa |
Net Realized and Unrealized Gain (Loss) | (313,760 | ) | (55,872 | ) | |||||
Forward Foreign Currency Exchange Contracts |
Net Realized and Unrealized Gain (Loss) | (6,063,384 | ) | (89,254 | ) |
a | Purchased options are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities. |
Derivative Financial Instruments | Assets | Liabilities | ||||||
Credit Risk: |
||||||||
Total Return Swap Contracts |
$ | — | $ | 45,322 |
Counterparty | Gross Amount of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivative Available for Offset |
Collateral Receiveda |
Net Amount of Derivative Assetsb |
||||||||||||
BNP Paribas |
$ | 45,322 | $ | — | $ | — | $ | 45,322 |
a | Collateral received or pledged is limited to the net derivative asset or net derivative liability amounts. Actual collateral amounts received or pledged may be higher than amounts above. |
b | Net amount represents the net receivable from the counterparty or net payable due to the counterparty in the event of default. |
Purchased Option Contractsa,b |
Interest Rate Swap Contracts |
Total Return Swap Contractsb |
Forward Foreign Currency Exchange Contracts |
|||||||||||||
Average Notional Amount |
$ | 1,297,000 | $ | 662,519,625 | $ | 13,658,254 | $ | 89,387,742 |
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 April 30, 2023. |
Cost of investments in securities for federal income tax purposes |
$ | 1,824,217,931 | ||
|
|
|||
Gross unrealized appreciation on investments |
$ | 60,362,197 | ||
Gross unrealized depreciation on investments |
(204,526,640 | ) | ||
|
|
|||
Net unrealized appreciation (depreciation) on investments |
$ | (144,164,443 | ) | |
|
|
Common Shares | Shares Voted for |
Authority Withheld |
||||||
To elect Trustees: |
||||||||
Michael G. Clark |
46,382,802 | 1,824,169 | ||||||
Dean A. Junkans |
47,025,942 | 1,181,029 | ||||||
Ramona Rogers-Windsor |
46,536,478 | 1,670,493 |
Facts | What Does Cohen & Steers Do With Your Personal Information? | |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions | |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Cohen & Steers share? |
Can you limit this sharing? | ||
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus |
Yes | No | ||
For our marketing purposes— to offer our products and services to you |
Yes | No | ||
For joint marketing with other financial companies— | No | We don’t share | ||
For our affiliates’ everyday business purposes— information about your transactions and experiences |
No | We don’t share | ||
For our affiliates’ everyday business purposes— information about your creditworthiness |
No | We don’t share | ||
For our affiliates to market to you— | No | We don’t share | ||
For non-affiliates to market to you— | No | We don’t share | ||
Questions? Call 800.330.7348 |
Who we are | ||
Who is providing this notice? | Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open and Closed-End Funds (collectively, Cohen & Steers). | |
What we do | ||
How does Cohen & Steers protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information. | |
How does Cohen & Steers collect my personal information? | We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing. | |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates. | |
Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates. | |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market. |
• | Designed for investors seeking total return, investing primarily in U.S. real estate securities |
• | Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX |
• | Designed for investors seeking total return, investing primarily in U.S. real estate securities |
• | Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX |
• | Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities |
• | Symbol: CSRIX |
• | Designed for investors seeking total return, investing primarily in global real estate equity securities |
• | Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX |
• | Designed for investors seeking total return, investing primarily in international (non‑U.S.) real estate securities |
• | Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX |
• | Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets |
• | Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX |
• | Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non‑U.S. companies |
• | Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX |
• | Designed for investors seeking high current income and capital preservation by investing in low‑duration preferred and other income securities issued by U.S. and non‑U.S. companies |
• | Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX |
• | Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks |
• | Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX |
• | Designed for investors seeking total return, investing primarily in global infrastructure securities |
• | Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX |
• | Designed for investors seeking high current income and capital appreciation, investing in equity, preferred and debt securities, focused on real assets and alternative income strategies |
• | Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Included in Item 1 above.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable.
(b) The registrant has not had any change in the portfolio managers identified in response to paragraph (a)(1) of this item in the registrant’s most recent annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. |
(b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) | The Fund did not engage in any securities lending activity during the fiscal year ended October 31, 2022. |
(b) | The Fund did not engage in any securities lending activity and did not engage a securities lending agent during the fiscal year ended October 31, 2022. |
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
(c) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND
By: | /s/ James Giallanza | |||
Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer) | ||||
Date: | July 6, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James Giallanza | |||
Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer) | ||||
By: | /s/ Albert Laskaj | |||
Name: Albert Laskaj Title: Principal Financial Officer (Treasurer and Chief Financial Officer) | ||||
Date: | July 6, 2023 |