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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number:    
811-23493                                
Cohen & Steers
Tax-Advantaged
Preferred Securities and Income Fund
 
(Exact name of registrant as specified in charter)
1166 Avenue of the Americas, 30
th
Floor, New York, NY 10036
 
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30
th
Floor,
New York, NY 10036
 
(Name and address of agent for service)
Registrant’s telephone number, including area code:    
(212)
832-3232                                
Date of fiscal year end:    
October 31                                
Date of reporting period:    
October 31, 2023                                
 
 
 
 

Item 1. Reports to Stockholders.
 
 
 

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To Our Shareholders:
We would like to share with you our report for the year ended October 31, 2023. The total returns for Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (the Fund) and its comparative benchmarks were:
 
   
Six Months Ended
October 31, 2023
   
Year Ended
October 31, 2023
 
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund at Net Asset Value
(a
)
 
 
1.20
 
 
0.15
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund at Market Value
(a)
 
 
2.77
 
 
4.40
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
(b)
 
 
–4.76
 
 
–1.40
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 Index
(b)
 
 
–2.11
 
 
1.29
Bloomberg U.S. Aggregate Bond Index
(b)
 
 
–6.13
 
 
0.36
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.
The Fund expects to make regular monthly distributions at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.
 
 
(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 6.
 
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Market Review
The 12 months ended October 31, 2023 were mostly favorable for financial markets amid better-than-expected economic resilience, although an associated continued rise in interest rates weighed on rate-sensitive investments such as Treasury bonds. Stocks and credit-sensitive fixed income assets had generally positive returns.
While bond yields initially ticked down as inflation rates moderated from high levels, interest rate pressures began to build again as some positive economic data pushed out expectations for an end to the Federal Reserve’s (and other central banks’) rate hikes. The yield on the 10-year Treasury rose from 4.1% to 4.9% at the end of the period, reaching levels not seen since the 2008 financial crisis.
In this environment, preferreds had a modest gain as a group, but with over-the counter (OTC) preferreds faring considerably better than more rate-sensitive exchange-traded issues. Preferred securities outperformed Treasuries but trailed high-yield debt.
Fund Performance
On a NAV basis, the Fund had a slightly positive total return but underperformed its blended benchmark. The Fund outperformed the benchmark based on market price.
In the U.S., the sudden collapse of Silicon Valley Bank, Signature Bank and First Republic Bank in early 2023 raised concerns about funding and contagion risk. In Europe, struggling Credit Suisse was acquired by rival UBS in March. Financial regulators took swift action to mitigate contagion risk; the Fed and other central banks assured that funding would remain readily available in the global banking system.
Concerns around these events eased as the period progressed and fundamentals of the broader banking system remained healthy and resilient. Industry data and individual company comments suggested that the well-publicized U.S. regional bank failures were idiosyncratic and not reflective of systemic risk. Credit Suisse, meanwhile, appeared to be an outlier among European banks. Overall, the banking sector in the U.S. and Europe continued to generate solid profitability and strong capitalization.
Security selection in the banking sector helped the Fund’s relative performance, due in part to our non-investment in certain securities from First Republic Bank that had sizable declines.
The insurance sector performed well during the period. Property & casualty insurance companies experienced significant premium growth due to the recovering economy, while life insurers benefited from the declining impact of the Covid pandemic. Our security selection and underweight in insurance hindered relative performance.
The pipeline sector outperformed as company cash flows improved, supported by recovering demand and high crude oil and refined product prices. The portfolio’s overweight in pipelines contributed to relative performance. Utilities also outperformed; an overweight and security selection benefited the Fund’s performance. Telecommunication services performed well, aided by overall operational health in the sector. Security selection in the sector hindered the Fund’s performance.
 
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Impact of Leverage on Fund Performance
The Fund employs leverage as part of an effort to enhance yield. Leverage can increase total return in rising markets, just as it can have the opposite effect in declining markets. The Fund reduced its use of leverage during the period. Nonetheless, leverage detracted from the Fund’s performance for the 12 months ended October 31, 2023.
Impact of Derivatives on Fund Performance
The Fund used derivatives in the form of forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency exchange contracts did not have a material impact on the Fund’s total return for the 12 months ended October 31, 2023.
The Fund also invested in binary options (currency and European index call options) with the intention of managing volatility in certain European holdings. The binary options did not have a material impact on the Fund’s total return for the 12 months ended October 31, 2023.
In connection with its use of leverage, the Fund pays interest on a portion of its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. In addition, the Fund used total return swap contracts to manage credit risk. The Fund’s use of interest rate swaps significantly contributed to the Fund’s total return for the 12 months ended October 31, 2023, while the total return swaps had an immaterial impact.
Sincerely,
 
LOGO    LOGO
W
ILLIAM
F. S
CAPELL
Portfolio Manager
  
E
LAINE
Z
AHARIS
-N
IKAS
Portfolio Manager
LOGO
J
ERRY
 D
OROST      
Portfolio Manager
 
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The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.
 
Visit Cohen & Steers online at cohenandsteers.com
For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.
Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.
 
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Performance Review (Unaudited)
Growth of a $10,000 Investment
 
LOGO
Average Annual Total Returns—For Periods Ended October 31, 2023
 
     
1 Year
    
5 Years
    
10 Years
    
Since Inception
(b)
 
Fund at NAV
  
 
0.15
  
 
 
  
 
 
  
2.66
Fund at Market Value
  
 
4.40
  
 
 
  
 
 
  
5.53
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month end can be obtained by visiting our website at cohenandsteers.com. Total return assumes the reinvestment of all dividends and distributions at NAV. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the periods presented above, the investment advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower.
 
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Performance Review (Unaudited)—(Continued)
 
(a)
 
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index contains all securities in the ICE BofA Fixed Rate Preferred Securities Index that are DRD (dividends received deduction) eligible, but caps issuer exposure at 7%. The ICE BofA U.S. IG Institutional Capital Securities Index tracks the performance of U.S. dollar denominated investment grade hybrid capital corporate and preferred securities publicly issued in the U.S. domestic market. The Bloomberg Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The Bloomberg U.S. Aggregate Bond Index is a broad-market measure of the U.S. dollar-denominated investment-grade fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.
The comparative indexes are not adjusted to reflect expenses or other fees that the U.S. Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund’s performance assumes dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan.
(b)
 
Commencement of investment operations was October 28, 2020.
 
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Our Leverage Strategy
(Unaudited)
Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of October 31, 2023 leverage represented 37% of the Fund’s managed assets.
Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2027 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.
Leverage Facts
(a),(b
)
 
Leverage (as a % of managed assets)
  
37%
% Variable Rate Financing
  
3%
Variable Rate
  
6.1%
% Fixed Rate Financing
(c
)
  
97%
Weighted Average Rate on Fixed Financing
  
1.3%
Weighted Average Term on Fixed Financing
  
2.5 years
The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
 
 
(a)
Data as of October 31, 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.
 
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October 31, 2023
Top Ten Holdings
(a)
(Unaudited)
 
Security
  
Value
      
% of
Managed
Assets
 
Charles Schwab Corp., 5.375%, Series G
  
$
41,170,091
 
    
 
2.5
 
JPMorgan Chase & Co., 6.75%, Series S
  
 
40,372,585
 
    
 
2.5
 
Wells Fargo & Co., 7.625%
  
 
36,895,561
 
    
 
2.3
 
Bank of America Corp., 6.10%, Series AA
  
 
31,416,898
 
    
 
1.9
 
Wells Fargo & Co., 3.90%, Series BB
  
 
28,257,191
 
    
 
1.7
 
Bank of America Corp., 6.25%, Series X
  
 
24,948,599
 
    
 
1.5
 
WESCO International, Inc., 10.625%, Series A
  
 
24,798,119
 
    
 
1.5
 
PNC Financial Services Group, Inc., 9.312%, Series O
  
 
22,347,000
 
    
 
1.4
 
Citigroup, Inc., 6.25%, Series T
  
 
22,097,039
 
    
 
1.4
 
BNP Paribas SA, 7.75% (France)
  
 
21,382,486
 
    
 
1.3
 
 
(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.
Sector Breakdown
(b)
(Based on Managed Assets)
(Unaudited)
 
LOGO
 
(b)
Excludes derivative instruments.
 
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SCHEDULE OF INVESTMENTS
October 31, 2023
 
           
Shares
    
Value
 
P
REFERRED
S
ECURITIES
—E
XCHANGE
-T
RADED
  
 
29.4%
 
     
B
ANKING
  
 
7.8%
 
     
Citigroup, Inc., 6.875% to 11/15/23, Series K
(a)(b)(c)
 
  
 
217,434
 
  
$
5,516,301
 
Federal Agricultural Mortgage Corp., 4.875%, Series G
(c)
 
  
 
410,836
 
  
 
7,277,960
 
First Horizon Corp., 6.50%
(b)(c)
 
  
 
264,378
 
  
 
4,869,843
 
Morgan Stanley, 4.25%, Series O
(b)(c)
 
  
 
104,002
 
  
 
1,706,673
 
Morgan Stanley, 5.85% to 4/15/27, Series K
(b)(c)(d)
 
  
 
116,651
 
  
 
2,549,991
 
Morgan Stanley, 6.375% to 10/15/24, Series I
(b)(c)(d)
 
  
 
289,449
 
  
 
6,807,840
 
Morgan Stanley, 6.50%, Series P
(b)(c)
 
  
 
193,478
 
  
 
4,771,167
 
Morgan Stanley, 6.875% to 1/15/24, Series F
(b)(c)(d)
 
  
 
700,397
 
  
 
17,124,707
 
Morgan Stanley, 7.125% to 1/15/24, Series E
(b)(c)(d)
 
  
 
300,000
 
  
 
7,530,000
 
Regions Financial Corp., 5.70% to 5/15/29, Series C
(a)(b)(c)
 
  
 
144,909
 
  
 
2,586,626
 
Texas Capital Bancshares, Inc., 5.75%, Series B
(b)(c)
 
  
 
150,425
 
  
 
2,438,389
 
Wells Fargo & Co., 4.375%, Series CC
(b)(c)
 
  
 
117,864
 
  
 
1,908,218
 
Wells Fargo & Co., 4.70%, Series AA
(b)(c)
 
  
 
335,000
 
  
 
5,919,450
 
Wells Fargo & Co., 4.75%, Series Z
(b)(c)
 
  
 
268,039
 
  
 
4,771,094
 
Wells Fargo & Co., 6.625% to 3/15/24, Series R
(b)(c)(d)
 
  
 
120,000
 
  
 
3,022,800
 
  
 
 
 
        
 
78,801,059
 
  
 
 
 
C
ONSUMER
S
TAPLE
P
RODUCTS
  
 
0.7%
 
     
CHS, Inc., 7.50%, Series 4
(c)
 
  
 
299,435
 
  
 
7,545,762
 
  
 
 
 
F
INANCIAL
S
ERVICES
  
 
2.4%
 
     
Apollo Global Management, Inc., 7.625%, due 9/15/53
(a)(b)
 
  
 
286,800
 
  
 
7,502,688
 
Oaktree Capital Group LLC, 6.55%, Series B
(b)(c)
 
  
 
641,880
 
  
 
12,118,694
 
Oaktree Capital Group LLC, 6.625%, Series A
(b)(c)
 
  
 
244,527
 
  
 
4,697,364
 
  
 
 
 
        
 
24,318,746
 
  
 
 
 
I
NDUSTRIAL
S
ERVICES
  
 
2.4%
 
     
WESCO International, Inc., 10.625% to 6/22/25, Series A
(a)(c)
 
  
 
930,162
 
  
 
24,798,119
 
  
 
 
 
I
NSURANCE
  
 
7.3%
 
     
Allstate Corp., 7.375%, Series J
(b)(c)
 
  
 
234,600
 
  
 
6,045,642
 
Arch Capital Group Ltd., 4.55%, Series G
(b)(c)
 
  
 
100,000
 
  
 
1,730,000
 
Arch Capital Group Ltd., 5.45%, Series F
(b)(c)
 
  
 
127,738
 
  
 
2,607,133
 
Assurant, Inc., 5.25%, due 1/15/61
(b)
 
  
 
75,306
 
  
 
1,409,728
 
Athene Holding Ltd., 4.875%, Series D
(b)(c)
 
  
 
243,569
 
  
 
3,940,946
 
Athene Holding Ltd., 6.35% to 6/30/29, Series A
(a)(b)(c)
 
  
 
393,502
 
  
 
8,314,697
 
 
See accompanying notes to financial statements.
 
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SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Shares
    
Value
 
Athene Holding Ltd., 6.375% to 6/30/25, Series C
(a)(b)(c)
 
  
 
378,171
 
  
$
9,178,210
 
Athene Holding Ltd., 7.75% to 12/30/27, Series E
(a)(b)(c)
 
  
 
337,144
 
  
 
8,394,886
 
Brighthouse Financial, Inc., 5.375%, Series C
(b)(c)
 
  
 
190,619
 
  
 
2,962,219
 
Enstar Group Ltd., 7.00% to 9/1/28, Series D
(a)(b)(c)
 
  
 
332,363
 
  
 
7,906,916
 
Equitable Holdings, Inc., 5.25%, Series A
(b)(c)
 
  
 
205,223
 
  
 
3,700,171
 
Lincoln National Corp., 9.00%, Series D
(b)(c)
 
  
 
226,466
 
  
 
6,001,349
 
Prudential Financial, Inc., 5.95%, due 9/1/62
(b)
 
  
 
91,652
 
  
 
2,209,730
 
Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52
(a)(b)
 
  
 
363,200
 
  
 
9,261,600
 
  
 
 
 
        
 
73,663,227
 
  
 
 
 
P
IPELINES
  
 
2.9%
 
     
Enbridge, Inc., 2.983% to 9/1/25, Series 15 (Canada)
(a)(b)(c)
 
  
 
300,000
 
  
 
3,007,031
 
Enbridge, Inc., 4.449% to 3/1/24, Series 7 (Canada)
(a)(b)(c)
 
  
 
55,500
 
  
 
667,161
 
Enbridge, Inc., 6.704% to 6/1/28, Series 1 (Canada)
(a)(b)(c)
 
  
 
100,000
 
  
 
1,858,000
 
Energy Transfer LP, 7.60% to 5/15/24, Series E
(a)(b)(c)
 
  
 
739,908
 
  
 
18,290,526
 
Energy Transfer LP, 10.364% to 11/15/23, Series D
(a)(b)(c)
 
  
 
159,171
 
  
 
3,988,825
 
TC Energy Corp., 3.762% to 10/30/24, Series 9 (Canada)
(a)(b)(c)
 
  
 
200,000
 
  
 
2,098,431
 
  
 
 
 
        
 
29,909,974
 
  
 
 
 
R
EAL
E
STATE
  
 
1.3%
 
     
Arbor Realty Trust, Inc., 6.375%, Series D
(c)
 
  
 
83,997
 
  
 
1,348,152
 
Brookfield Property Preferred LP, 6.25%, due 7/26/81
(b)
 
  
 
152,272
 
  
 
1,827,264
 
Chatham Lodging Trust, 6.625%, Series A
(c)
 
  
 
85,000
 
  
 
1,692,350
 
DigitalBridge Group, Inc., 7.125%, Series J
(c)
 
  
 
167,076
 
  
 
3,485,205
 
DigitalBridge Group, Inc., 7.125%, Series H
(c)
 
  
 
206,801
 
  
 
4,446,222
 
  
 
 
 
        
 
12,799,193
 
  
 
 
 
T
ELECOMMUNICATIONS
  
 
0.5%
 
     
Telephone & Data Systems, Inc., 6.00%, Series VV
(b)(c)
 
  
 
81,437
 
  
 
1,046,465
 
U.S. Cellular Corp., 5.50%, due 3/1/70
(b)
 
  
 
182,910
 
  
 
2,718,043
 
U.S. Cellular Corp., 5.50%, due 6/1/70
(b)
 
  
 
95,662
 
  
 
1,398,578
 
  
 
 
 
        
 
5,163,086
 
  
 
 
 
 
See accompanying notes to financial statements.
 
10

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Shares
    
Value
 
U
TILITIES
  
 
4.1%
 
     
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series
19-A
(Canada)
(a)(b)
 
  
 
140,000
 
  
$
3,442,600
 
Algonquin Power & Utilities Corp., 9.341%, due 10/17/78 (Canada)
(a)(b)
 
  
 
23,930
 
  
 
600,164
 
BIP Bermuda Holdings I Ltd., 5.125% (Canada)
(b)(c)
 
  
 
47,070
 
  
 
720,171
 
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)
(b)(c)
 
  
 
208,034
 
  
 
2,843,825
 
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)
(b)(c)
 
  
 
168,056
 
  
 
2,399,840
 
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)
(b)
 
  
 
214,600
 
  
 
3,281,234
 
CMS Energy Corp., 5.875%, due 10/15/78
(b)
 
  
 
80,000
 
  
 
1,764,000
 
NiSource, Inc., 6.50% to 3/15/24, Series B
(a)(b)(c)
 
  
 
387,503
 
  
 
9,687,575
 
SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)
(a)(b)(c)
 
  
 
462,414
 
  
 
10,196,229
 
SCE Trust VI, 5.00%, (TruPS)
(b)(c)
 
  
 
383,601
 
  
 
6,720,689
 
  
 
 
 
        
 
41,656,327
 
  
 
 
 
T
OTAL
P
REFERRED
S
ECURITIES
—E
XCHANGE
-T
RADED
(Identified cost—$353,949,311)
 
     
 
298,655,493
 
  
 
 
 
           
Principal
Amount
        
P
REFERRED
S
ECURITIES
—O
VER
-
THE
-C
OUNTER
  
 
121.3%
 
     
B
ANKING
  
 
78.4%
 
     
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)
(a)(c)(f)(g)
 
  
$
4,000,000
 
  
 
3,803,595
 
Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)
(a)(b)(c)(f)(g)
 
  
 
1,000,000
 
  
 
926,864
 
Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)
(a)(b)(c)(f)(g)
 
  
 
4,000,000
 
  
 
4,163,024
 
Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32 (Mexico)
(a)(c)(f)(h)
 
  
 
1,000,000
 
  
 
752,974
 
Bank of America Corp., 5.875% to 3/15/28, Series FF
(a)(b)(c)
 
  
 
12,042,000
 
  
 
10,383,214
 
Bank of America Corp., 6.10% to 3/17/25, Series AA
(a)(b)(c)
 
  
 
32,500,000
 
  
 
31,416,898
 
Bank of America Corp., 6.125% to 4/27/27, Series TT
(a)(b)(c)
 
  
 
1,700,000
 
  
 
1,602,624
 
 
See accompanying notes to financial statements.
 
11

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
         
Principal
Amount
    
Value
 
Bank of America Corp., 6.25% to 9/5/24, Series X
(a)(b)(c)
  
$
25,320,000
 
  
$
24,948,599
 
Bank of America Corp., 6.30% to 3/10/26, Series DD
(a)(b)(c)
  
 
3,318,000
 
  
 
3,245,053
 
Bank of America Corp., 6.50% to 10/23/24, Series Z
(a)(b)(c)
  
 
8,567,000
 
  
 
8,476,040
 
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)
(a)(c)(f)(g)
  
 
8,675,000
 
  
 
9,066,247
 
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)
(a)(b)
  
 
10,250,000
 
  
 
10,052,637
 
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)
(a)(c)
  
 
6,720,000
 
  
 
6,279,282
 
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)
(a)(c)(f)
  
 
2,000,000
 
  
 
1,788,940
 
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)
(a)(c)(f)
  
 
800,000
 
  
 
907,980
 
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)
(a)(c)(f)
  
 
8,000,000
 
  
 
7,844,354
 
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)
(a)(c)(f)
  
 
12,000,000
 
  
 
10,644,000
 
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)
(a)(c)(f)(g)
  
 
5,200,000
 
  
 
5,865,007
 
BNP Paribas SA, 7.00% to 8/16/28 (France)
(a)(c)(f)(h)
  
 
2,000,000
 
  
 
1,789,154
 
BNP Paribas SA, 7.375% to 8/19/25 (France)
(a)(c)(f)(h)
  
 
4,400,000
 
  
 
4,297,424
 
BNP Paribas SA, 7.375% to 6/11/30 (France)
(a)(c)(f)(g)
  
 
2,000,000
 
  
 
2,050,196
 
BNP Paribas SA, 7.75% to 8/16/29 (France)
(a)(c)(f)(h)
  
 
23,000,000
 
  
 
21,382,486
 
BNP Paribas SA, 8.50% to 8/14/28 (France)
(a)(c)(f)(h)
  
 
8,600,000
 
  
 
8,261,923
 
BNP Paribas SA, 9.25% to 11/17/27 (France)
(a)(c)(f)(h)
  
 
8,800,000
 
  
 
8,967,103
 
CaixaBank SA, 8.25% to 3/13/29 (Spain)
(a)(c)(f)(g)
  
 
6,800,000
 
  
 
7,023,911
 
Charles Schwab Corp., 4.00% to 6/1/26, Series I
(a)(c)
  
 
26,699,000
 
  
 
21,223,596
 
Charles Schwab Corp., 4.00% to 12/1/30, Series H
(a)(c)
  
 
10,317,000
 
  
 
7,053,402
 
Charles Schwab Corp., 5.375% to 6/1/25, Series G
(a)(b)(c)
  
 
43,130,000
 
  
 
41,170,091
 
Citigroup, Inc., 3.875% to 2/18/26, Series X
(a)(c)
  
 
4,370,000
 
  
 
3,674,800
 
Citigroup, Inc., 4.00% to 12/10/25, Series W
(a)(c)
  
 
2,919,000
 
  
 
2,513,502
 
Citigroup, Inc., 5.95% to 5/15/25, Series P
(a)(c)
  
 
22,150,000
 
  
 
21,086,816
 
Citigroup, Inc., 6.25% to 8/15/26, Series T
(a)(c)
  
 
23,476,000
 
  
 
22,097,039
 
Citigroup, Inc., 7.625% to 11/15/28, Series AA
(a)(c)
  
 
12,361,000
 
  
 
11,933,843
 
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F
(a)(c)
  
 
10,202,000
 
  
 
8,848,992
 
CoBank ACB, 6.45% to 10/1/27, Series K
(a)(b)(c)
  
 
6,590,000
 
  
 
6,138,178
 
Commerzbank AG, 7.00% to 4/9/25 (Germany)
(a)(c)(f)(g)
  
 
5,000,000
 
  
 
4,525,375
 
 
See accompanying notes to financial statements.
 
12

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
         
Principal
Amount
   
Value
 
Credit Agricole SA, 4.75% to 3/23/29 (France)
(a)(c)(f)(h)
  
$
1,000,000
 
 
$
742,707
 
Credit Agricole SA, 6.875% to 9/23/24 (France)
(a)(b)(c)(f)(h)
  
 
4,600,000
 
 
 
4,475,477
 
Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)
(a)(b)(c)(f)(g)
  
 
4,100,000
 
 
 
4,291,207
 
Credit Agricole SA, 7.875% to 1/23/24 (France)
(a)(b)(c)(f)(h)
  
 
2,800,000
 
 
 
2,793,000
 
Credit Agricole SA, 8.125% to 12/23/25 (France)
(a)(b)(c)(f)(h)
  
 
4,460,000
 
 
 
4,418,188
 
Credit Suisse Group AG, 6.375% to 8/21/26, Claim (Switzerland)
(a)(c)(e)(f)(h)(i)
  
 
2,200,000
 
 
 
231,000
 
Credit Suisse Group AG, 7.25% to 9/12/25, Claim (Switzerland)
(a)(c)(e)(f)(h)(i)
  
 
5,200,000
 
 
 
546,000
 
Credit Suisse Group AG, 7.50%, Claim (Switzerland)
(a)(c)(e)(f)(h)(i)
  
 
12,400,000
 
 
 
1,302,000
 
Danske Bank AS, 7.00% to 6/26/25 (Denmark)
(a)(c)(f)(g)
  
 
4,000,000
 
 
 
3,827,860
 
Deutsche Bank AG/New York, 6.00% to 10/30/25, Series 2020 (Germany)
(a)(c)(f)
  
 
5,200,000
 
 
 
4,212,811
 
Deutsche Bank AG/New York, 7.079% to 11/10/32, due 2/10/34 (Germany)
(a)
  
 
4,600,000
 
 
 
4,053,880
 
Deutsche Bank AG/New York, 7.50% to 4/30/25 (Germany)
(a)(c)(f)
  
 
9,400,000
 
 
 
8,352,450
 
Deutsche Bank AG/New York, 10.00% to 12/1/27 (Germany)
(a)(c)(f)(g)
  
 
7,000,000
 
 
 
7,413,205
 
Farm Credit Bank of Texas, 9.681% to 12/15/23
(c)(d)(h)
  
 
7,000
† 
 
 
699,125
 
Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U
(a)(c)
  
 
3,284,000
 
 
 
2,553,150
 
Goldman Sachs Group, Inc., 5.50% to 8/10/24, Series Q
(a)(b)(c)
  
 
5,597,000
 
 
 
5,478,748
 
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W
(a)(b)(c)
  
 
20,357,000
 
 
 
20,016,078
 
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2 (United Kingdom)
(a)(b)(c)(h)
  
 
12,910,000
 
 
 
15,645,126
 
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)
(a)(b)(c)(f)
  
 
2,000,000
 
 
 
1,746,930
 
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)
(a)(b)(c)(f)
  
 
4,200,000
 
 
 
3,965,062
 
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)
(a)(b)(c)(f)
  
 
7,400,000
 
 
 
7,279,750
 
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F
(a)(c)
  
 
7,141,000
 
 
 
5,588,918
 
 
See accompanying notes to financial statements.
 
13

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
         
Principal
Amount
    
Value
 
ING Groep NV, 4.875% to 5/16/29 (Netherlands)
(a)(c)(f)(g)
  
$
1,200,000
 
  
$
876,000
 
ING Groep NV, 5.75% to 11/16/26 (Netherlands)
(a)(b)(c)(f)
  
 
2,200,000
 
  
 
1,936,836
 
ING Groep NV, 7.50% to 5/16/28 (Netherlands)
(a)(c)(f)(g)
  
 
7,000,000
 
  
 
6,290,662
 
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)
(a)(c)(f)(h)
  
 
8,800,000
 
  
 
8,240,047
 
Intesa Sanpaolo SpA, 9.125% (Italy)
(a)(c)(f)(g)
  
 
4,600,000
 
  
 
4,905,956
 
JPMorgan Chase & Co., 3.65% to 6/1/26, Series KK
(a)(b)(c)
  
 
3,676,000
 
  
 
3,198,024
 
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X
(a)(b)(c)
  
 
6,200,000
 
  
 
6,119,399
 
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U
(a)(b)(c)
  
 
14,592,000
 
  
 
14,508,865
 
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S
(a)(b)(c)
  
 
40,378,000
 
  
 
40,372,585
 
JPMorgan Chase & Co., 8.939% (3 Month USD Term SOFR + 3.562%), Series R
(b)(c)(d)
  
 
2,331,000
 
  
 
2,340,058
 
Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)
(a)(b)(c)(f)(g)
  
 
2,400,000
 
  
 
2,081,088
 
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)
(a)(c)(f)
  
 
7,600,000
 
  
 
7,413,356
 
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)
(a)(c)(f)
  
 
5,800,000
 
  
 
5,395,740
 
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)
(a)(c)(f)
  
 
4,500,000
 
  
 
3,962,732
 
NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)
(a)(c)(f)
  
 
2,000,000
 
  
 
1,837,217
 
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)
(a)(c)(f)
  
 
11,200,000
 
  
 
10,885,056
 
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U
(a)(b)(c)
  
 
2,502,000
 
  
 
2,103,582
 
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V
(a)(b)(c)
  
 
8,976,000
 
  
 
8,008,256
 
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W
(a)(b)(c)
  
 
9,155,000
 
  
 
7,557,460
 
PNC Financial Services Group, Inc., 9.312% (3 Month USD Term SOFR + 3.940%), Series O
(b)(c)(d)
  
 
22,347,000
 
  
 
22,347,000
 
Regions Financial Corp., 5.75% to 6/15/25, Series D
(a)(c)
  
 
10,429,000
 
  
 
9,592,557
 
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)
(a)(b)(c)(f)(g)
  
 
1,600,000
 
  
 
1,501,203
 
 
See accompanying notes to financial statements.
 
14

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Principal
Amount
    
Value
 
Societe Generale SA, 5.375% to 11/18/30 (France)
(a)(c)(f)(h)
 
  
$
1,200,000
 
  
$
863,647
 
Societe Generale SA, 6.75% to 4/6/28 (France)
(a)(c)(f)(h)
 
  
 
6,800,000
 
  
 
5,485,074
 
Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)
(a)(c)(f)(g)
 
  
 
1,100,000
 
  
 
1,098,528
 
Societe Generale SA, 8.00% to 9/29/25 (France)
(a)(c)(f)(h)
 
  
 
11,600,000
 
  
 
11,369,224
 
Societe Generale SA, 9.375% to 11/22/27 (France)
(a)(c)(f)(h)
 
  
 
6,200,000
 
  
 
6,000,816
 
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)
(c)(g)
 
  
 
10,000,000
 
  
 
9,543,165
 
Swedbank AB, 7.625% to 3/17/28 (Sweden)
(a)(c)(f)(g)
 
  
 
1,800,000
 
  
 
1,675,571
 
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)
(a)(b)
 
  
 
14,975,000
 
  
 
14,728,842
 
Truist Financial Corp., 4.80% to 9/1/24, Series N
(a)(b)(c)
 
  
 
1,894,000
 
  
 
1,556,891
 
Truist Financial Corp., 4.95% to 9/1/25, Series P
(a)(b)(c)
 
  
 
9,735,000
 
  
 
8,853,391
 
Truist Financial Corp., 5.10% to 3/1/30, Series Q
(a)(b)(c)
 
  
 
9,869,000
 
  
 
7,953,246
 
Truist Financial Corp., 5.125% to 12/15/27, Series M
(a)(c)
 
  
 
2,239,000
 
  
 
1,562,933
 
U.S. Bancorp, 3.70% to 1/15/27, Series N
(a)(c)
 
  
 
6,495,000
 
  
 
4,575,955
 
U.S. Bancorp, 5.30% to 4/15/27, Series J
(a)(c)
 
  
 
6,162,000
 
  
 
4,850,397
 
UBS Group AG, 4.875% to 2/12/27 (Switzerland)
(a)(c)(f)(h)
 
  
 
981,000
 
  
 
809,200
 
UBS Group AG, 6.875% to 8/7/25 (Switzerland)
(a)(b)(c)(f)(g)
 
  
 
10,100,000
 
  
 
9,548,388
 
UBS Group AG, 7.00% to 1/31/24 (Switzerland)
(a)(c)(f)(h)
 
  
 
1,600,000
 
  
 
1,590,536
 
UBS Group AG, 7.00% to 2/19/25 (Switzerland)
(a)(b)(c)(f)(g)
 
  
 
5,400,000
 
  
 
5,251,500
 
UniCredit SpA, 8.00% to 6/3/24 (Italy)
(a)(c)(f)(g)
 
  
 
6,970,000
 
  
 
6,883,921
 
Wells Fargo & Co., 3.90% to 3/15/26, Series BB
(a)(c)
 
  
 
32,600,000
 
  
 
28,257,191
 
Wells Fargo & Co., 5.90% to 6/15/24, Series S
(a)(c)(d)
 
  
 
16,000
 
  
 
15,773
 
Wells Fargo & Co., 7.625% to 9/15/28
(a)(c)
 
  
 
36,756,000
 
  
 
36,895,561
 
  
 
 
 
        
 
796,681,264
 
  
 
 
 
C
ONSUMER
D
ISCRETIONARY
P
RODUCTS
  
 
0.2%
 
     
Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5 (Germany)
(a)(b)(c)(g)
     
 
1,900,000
 
  
 
2,038,033
 
  
 
 
 
E
NERGY
  
 
2.4%
 
     
BP Capital Markets PLC, 3.625% to 3/22/29 (United Kingdom)
(a)(b)(c)(g)
 
  
 
8,000,000
 
  
 
7,455,629
 
BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)
(a)(b)(c)
 
  
 
7,000,000
 
  
 
6,663,224
 
 
See accompanying notes to financial statements.
 
15

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Principal
Amount
    
Value
 
BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)
(a)(b)(c)
 
  
$
11,895,000
 
  
$
10,392,007
 
  
 
 
 
        
 
24,510,860
 
  
 
 
 
F
INANCIAL
S
ERVICES
  
 
3.1%
 
     
Aircastle Ltd., 5.25% to 6/15/26, Series A
(a)(c)(h)
 
  
 
2,920,000
 
  
 
2,304,310
 
American Express Co., 3.55% to 9/15/26, Series D
(a)(c)
 
  
 
3,381,000
 
  
 
2,662,538
 
Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51
(a)(h)
 
  
 
3,950,000
 
  
 
2,961,438
 
Charles Schwab Corp., 5.00% to 6/1/27, Series K
(a)(c)
 
  
 
1,769,000
 
  
 
1,401,560
 
Discover Financial Services, 5.50% to 10/30/27, Series C
(a)(c)
 
  
 
8,776,000
 
  
 
5,885,582
 
Discover Financial Services, 6.125% to 6/23/25, Series D
(a)(b)(c)
 
  
 
13,394,000
 
  
 
12,401,685
 
ILFC
E-Capital
Trust II, 7.459% (3 Month USD Term SOFR + 2.062%), due 12/21/65(TruPS)
(d)(h)
 
  
 
5,352,000
 
  
 
4,006,493
 
  
 
 
 
        
 
31,623,606
 
  
 
 
 
H
EALTH
C
ARE
  
 
0.1%
 
     
Bayer AG, 7.00% (Germany)
(a)(g)
 
  
 
1,300,000
 
  
 
1,369,395
 
  
 
 
 
I
NSURANCE
  
 
15.8%
 
     
Allianz SE, 6.35%, due 9/6/53 (Germany)
(a)(b)(h)
 
  
 
4,400,000
 
  
 
4,207,228
 
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)
(a)(b)(g)
 
  
 
10,900,000
 
  
 
10,211,719
 
Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)
(a)(c)(f)(g)
 
  
 
5,030,000
 
  
 
4,999,983
 
CNP Assurances, 5.25% to 1/18/33, due 7/18/53, Series EMTN (France)
(a)(b)(g)
 
  
 
5,500,000
 
  
 
5,498,336
 
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52
(a)(b)
 
  
 
10,695,000
 
  
 
9,893,452
 
Dai-ichi
Life Insurance Co. Ltd., 5.10% to 10/28/24 (Japan)
(a)(b)(c)(h)
 
  
 
2,000,000
 
  
 
1,957,117
 
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42
(a)(b)
 
  
 
5,970,000
 
  
 
4,768,872
 
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40
(a)(b)
 
  
 
6,300,000
 
  
 
5,569,179
 
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51
(a)(h)
 
  
 
7,910,000
 
  
 
5,517,680
 
La Mondiale SAM, 5.05% to 12/17/25 (France)
(a)(b)(c)(g)
 
  
 
2,000,000
 
  
 
2,090,785
 
 
See accompanying notes to financial statements.
 
16

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Principal
Amount
    
Value
 
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)
(a)(g)
 
  
$
5,900,000
 
  
$
4,752,780
 
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51
(a)(h)
 
  
 
2,023,000
 
  
 
1,609,600
 
Lincoln National Corp., 9.25% to 12/1/27, Series C
(a)(c)
 
  
 
3,247,000
 
  
 
3,276,213
 
Markel Group, Inc., 6.00% to 6/1/25
(a)(c)
 
  
 
8,007,000
 
  
 
7,751,249
 
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)
(b)(h)
 
  
 
4,800,000
 
  
 
4,899,658
 
MetLife, Inc., 9.25%, due 4/8/38
(b)(h)
 
  
 
5,500,000
 
  
 
5,964,887
 
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44 (Japan)
(a)(b)(h)
 
  
 
6,100,000
 
  
 
5,990,833
 
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)
(a)(c)(f)(g)
 
  
 
3,000,000
 
  
 
2,747,745
 
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52
(a)(b)
 
  
 
4,500,000
 
  
 
3,834,570
 
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44
(a)(b)
 
  
 
2,533,000
 
  
 
2,500,542
 
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52
(a)(b)
 
  
 
10,284,000
 
  
 
9,219,850
 
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53
(a)(b)
 
  
 
4,010,000
 
  
 
3,783,800
 
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)
(a)(b)(g)
 
  
 
2,000,000
 
  
 
1,897,419
 
QBE Insurance Group Ltd., 5.875% to 5/12/25 (Australia)
(a)(b)(c)(h)
 
  
 
8,365,000
 
  
 
8,015,515
 
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)
(a)(c)(f)(g)
 
  
 
5,200,000
 
  
 
3,770,000
 
SBL Holdings, Inc., 6.50% to 11/13/26
(a)(c)(h)
 
  
 
8,120,000
 
  
 
4,600,368
 
SBL Holdings, Inc., 7.00% to 5/13/25
(a)(c)(h)
 
  
 
7,813,000
 
  
 
4,786,395
 
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49 (Switzerland)
(a)(b)(h)
 
  
 
800,000
 
  
 
751,000
 
UnipolSai Assicurazioni SpA, 5.75% to 6/18/24, Series EMTN (Italy)
(a)(c)(g)
 
  
 
5,869,000
 
  
 
6,141,085
 
Voya Financial, Inc., 7.748% to 9/15/28, Series A
(a)(c)
 
  
 
9,575,000
 
  
 
9,424,528
 
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)
(a)(g)
 
  
 
13,600,000
 
  
 
10,167,768
 
  
 
 
 
        
 
160,600,156
 
  
 
 
 
 
See accompanying notes to financial statements.
 
17

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Principal
Amount
    
Value
 
P
IPELINES
  
 
7.8%
 
     
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77,
Series 2017-A
(Canada)
(a)(b)
 
  
$
1,900,000
 
  
$
1,619,837
 
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series
20-A
(Canada)
(a)(b)
 
  
 
10,772,000
 
  
 
8,992,029
 
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series
16-A
(Canada)
(a)(b)
 
  
 
2,421,000
 
  
 
2,110,949
 
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)
(a)(b)
 
  
 
8,605,000
 
  
 
7,551,661
 
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)
(a)(b)
 
  
 
3,512,000
 
  
 
3,257,746
 
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)
(a)(b)
 
  
 
10,208,000
 
  
 
9,155,975
 
Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada)
(a)(b)
 
  
 
10,860,000
 
  
 
10,413,987
 
Enbridge, Inc., 8.50%, due 1/15/84 (Canada)
(a)(b)
 
  
 
10,710,000
 
  
 
10,265,246
 
Energy Transfer LP, 6.50% to 11/15/26, Series H
(a)(c)
 
  
 
5,355,000
 
  
 
4,863,303
 
Energy Transfer LP, 7.125% to 5/15/30, Series G
(a)(b)(c)
 
  
 
8,146,000
 
  
 
6,785,030
 
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79
(Canada)
(a)
 
  
 
7,810,000
 
  
 
6,217,183
 
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82
(Canada)
(a)
 
  
 
10,885,000
 
  
 
8,414,890
 
        
 
 
 
        
 
79,647,836
 
        
 
 
 
R
EAL
E
STATE
  
 
1.0%
 
     
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80
(Australia)
(a)(b)(h)
 
  
 
11,600,000
 
  
 
9,578,684
 
        
 
 
 
R
ETAIL
 & W
HOLESALE
—S
TAPLES
  
 
0.4%
 
     
Land O’ Lakes, Inc., 7.00%
(c)(h)
 
  
 
3,600,000
 
  
 
2,646,000
 
Land O’ Lakes, Inc., 7.25%
(c)(h)
 
  
 
1,600,000
 
  
 
1,256,000
 
        
 
 
 
        
 
3,902,000
 
        
 
 
 
T
ELECOMMUNICATIONS
  
 
1.1%
 
     
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)
(a)
 
  
 
5,280,000
 
  
 
4,001,220
 
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)
(a)
 
  
 
2,875,000
 
  
 
2,782,431
 
 
See accompanying notes to financial statements.
 
18

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Principal
Amount
    
Value
 
Vodafone Group PLC, 8.00% to 5/30/31, due 8/30/86, Series EMTN (United Kingdom)
(a)(g)
 
  
$
3,500,000
 
  
$
4,231,645
 
        
 
 
 
        
 
11,015,296
 
        
 
 
 
U
TILITIES
  
 
11.0%
 
     
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)
(a)
 
  
 
10,622,000
 
  
 
8,396,744
 
Dominion Energy, Inc., 4.35% to 1/15/27, Series C
(a)(b)(c)
 
  
 
17,640,000
 
  
 
14,440,994
 
Edison International, 5.00% to 12/15/26, Series B
(a)(c)
 
  
 
5,197,000
 
  
 
4,638,124
 
Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)
(a)(b)(c)(g)
 
  
 
6,000,000
 
  
 
6,221,757
 
Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)
(a)(b)(c)(g)
 
  
 
13,400,000
 
  
 
15,101,424
 
Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)
(a)(b)(c)(g)
 
  
 
5,200,000
 
  
 
5,575,300
 
Electricite de France SA, 9.125% to 3/15/33 (France)
(a)(b)(c)(h)
 
  
 
4,600,000
 
  
 
4,732,797
 
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series
16-A
(Canada)
(a)
 
  
 
18,819,000
 
  
 
17,768,657
 
Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)
(a)(b)(c)(g)
 
  
 
4,600,000
 
  
 
4,824,186
 
NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82
(a)(b)
 
  
 
1,250,000
 
  
 
1,006,238
 
Sempra, 4.125% to 1/1/27, due 4/1/52
(a)
 
  
 
10,750,000
 
  
 
8,293,468
 
Sempra, 4.875% to 10/15/25
(a)(c)
 
  
 
9,555,000
 
  
 
8,946,979
 
Southern California Edison Co., 9.838% (3 Month USD Term SOFR + 4.461%), Series E
(c)(d)
 
  
 
12,175,000
 
  
 
12,157,935
 
        
 
 
 
     
 
112,104,603
 
        
 
 
 
T
OTAL
P
REFERRED
S
ECURITIES
—O
VER
-
THE
-C
OUNTER
(Identified cost—$1,376,934,100)
 
     
 
1,233,071,733
 
        
 
 
 
C
ORPORATE
B
ONDS
  
 
0.0%
 
     
I
NSURANCE
  
 
0.0%
 
     
SBL Holdings, Inc., 5.00%, due 2/18/31
(h)
 
  
 
720,000
 
  
 
544,691
 
        
 
 
 
T
OTAL
C
ORPORATE
B
ONDS
(Identified cost—$607,354)
 
     
 
544,691
 
        
 
 
 
 
See accompanying notes to financial statements.
 
19

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
           
Number of
Shares
    
Value
 
S
HORT
-T
ERM
I
NVESTMENTS
  
 
5.7%
 
     
M
ONEY
M
ARKET
F
UNDS
        
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%
(j)
 
  
 
23,842,000
 
  
$
23,842,000
 
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.30%
(j)
 
  
 
34,386,864
 
  
 
34,386,864
 
        
 
 
 
T
OTAL
S
HORT
-T
ERM
I
NVESTMENTS
(Identified cost—$58,228,864)
 
 
     
 
58,228,864
 
        
 
 
 
T
OTAL
I
NVESTMENTS
IN
S
ECURITIES
(Identified cost—$1,789,719,629)
  
 
156.4%
 
     
 
1,590,500,781
 
L
IABILITIES
IN
E
XCESS
OF
O
THER
A
SSETS
  
 
(56.4)  
 
     
 
(573,823,085
  
 
 
       
 
 
 
N
ET
A
SSETS
(Equivalent to $18.39 per share based on 55,273,457 shares of common stock outstanding)
  
 
100.0%
 
     
$
1,016,677,696
 
  
 
 
       
 
 
 
Centrally Cleared Interest Rate Swap Contracts
 
                   
    
Notional
Amount
 
Fixed
Rate
Payable
   
Fixed
Payment
Frequency
 
Floating
Rate
Receivable
(resets
monthly)
   
Floating
Payment
Frequency
   
Maturity
Date
   
Value
   
Upfront
Receipts
(Payments)
   
Unrealized
Appreciation
(Depreciation)
 
$
 
125,000,000
 
 
0.270%
 
 
Monthly
 
 
5.424%
(k)
 
 
 
Monthly
 
 
 
12/20/24
 
 
$
7,248,586
 
 
$
17,932
 
 
$
7,266,518
 
 
35,000,000
 
 
0.249%
 
 
Monthly
 
 
5.424%
(k)
 
 
 
Monthly
 
 
 
12/20/24
 
 
 
2,037,907
 
 
 
4,658
 
 
 
2,042,565
 
 
125,000,000
 
 
0.360%
 
 
Monthly
 
 
5.424%
(k)
 
 
 
Monthly
 
 
 
12/20/25
 
 
 
11,874,031
 
 
 
24,387
 
 
 
11,898,418
 
 
35,000,000
 
 
0.349%
 
 
Monthly
 
 
5.424%
(k)
 
 
 
Monthly
 
 
 
12/20/25
 
 
 
3,332,635
 
 
 
5,654
 
 
 
3,338,289
 
 
160,000,000
 
 
0.464%
 
 
Monthly
 
 
5.424%
(k)
 
 
 
Monthly
 
 
 
12/20/26
 
 
 
20,156,890
 
 
 
33,723
 
 
 
20,190,613
 
 
70,000,000
 
 
0.930%
 
 
Monthly
 
 
5.424%
(k)
 
 
 
Monthly
 
 
 
9/15/27
 
 
 
9,397,683
 
 
 
14,755
 
 
 
9,412,438
 
GBP
 
28,000,000
 
 
0.900%
 
 
Monthly
 
 
5.187%
(l)
 
 
 
Monthly
 
 
 
9/15/27
 
 
 
4,418,958
 
 
 
 
 
 
4,418,958
 
 
 
             
$
58,466,690
 
 
$
101,109
 
 
$
58,567,799
 
 
 
 
See accompanying notes to financial statements.
 
20

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
Over-the-Counter
Total Return Swap Contracts
 
                   
Counterparty
 
Notional
Amount
   
Fixed
Payable
Rate
   
Fixed
Payment
Frequency
 
Underlying
Reference
Entity
   
Position
   
Maturity
Date
   
Value
   
Upfront
Receipts
(Payments)
   
Unrealized
Appreciation
(Depreciation)
 
BNP Paribas
 
$
 
 
13,986,826
 
 
 
0.25%
 
 
Monthly
 
 
BNPXCHY5
Index
(m)
 
 
 
 
Short
 
 
 
5/15/24
 
 
$
97,826
 
 
$
 
 
$
97,826
 
BNP Paribas
 
EUR
 
 
12,909,711
 
 
 
0.30%
 
 
Monthly
 
 
BNPXCEX5
Index
(n)
 
 
 
 
Short
 
 
 
5/15/24
 
 
 
8,032
 
 
 
 
 
 
8,032
 
 
 
               
$
105,858
 
 
$
 
 
$
105,858
 
 
 
Forward Foreign Currency Exchange Contracts
 
         
Counterparty
  
Contracts to
Deliver
    
In Exchange
For
      
Settlement
Date
      
Unrealized
Appreciation
(Depreciation)
 
Brown Brothers Harriman
  
CAD
  
 
7,851,305
 
  
USD
  
 
5,801,386
 
    
 
11/2/23
 
    
$
139,655
 
Brown Brothers Harriman
  
EUR
  
 
102,181,825
 
  
USD
  
 
108,281,058
 
    
 
11/2/23
 
    
 
162,440
 
Brown Brothers Harriman
  
GBP
  
 
7,460,939
 
  
USD
  
 
9,052,581
 
    
 
11/2/23
 
    
 
(15,812
Brown Brothers Harriman
  
USD
  
 
9,115,007
 
  
GBP
  
 
7,460,939
 
    
 
11/2/23
 
    
 
(46,613
Brown Brothers Harriman
  
USD
  
 
5,654,971
 
  
CAD
  
 
7,851,305
 
    
 
11/2/23
 
    
 
6,759
 
Brown Brothers Harriman
  
USD
  
 
108,017,429
 
  
EUR
  
 
102,181,825
 
    
 
11/2/23
 
    
 
101,189
 
Brown Brothers Harriman
  
CAD
  
 
7,909,750
 
  
USD
  
 
5,699,078
 
    
 
12/4/23
 
    
 
(7,438
Brown Brothers Harriman
  
EUR
  
 
99,717,613
 
  
USD
  
 
105,539,127
 
    
 
12/4/23
 
    
 
(107,225
Brown Brothers Harriman
  
USD
  
 
9,212,325
 
  
GBP
  
 
7,591,783
 
    
 
12/4/23
 
    
 
16,818
 
 
 
                     
$
249,773
 
 
 
Glossary of Portfolio Abbreviations
 
 
CAD
 
Canadian Dollar
EMTN
 
Euro Medium Term Note
EUR
 
Euro Currency
GBP
 
British Pound
OIS
 
Overnight Indexed Swap
SOFR
 
Secured Overnight Financing Rate
TruPS
 
Trust Preferred Securities
USD
 
United States Dollar
 
See accompanying notes to financial statements.
 
21

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
 
Note: Percentages indicated are based on the net assets of the Fund.
 
Represents shares.
(a)
 
Security converts to floating rate after the indicated fixed–rate coupon period.
(b)
 
All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $866,956,414 in aggregate has been pledged as collateral.
(c)
 
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.
(d)
 
Variable rate. Rate shown is in effect at October 31, 2023.
(e)
 
Non–income producing security.
(f)
 
Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $277,078,229 which represents 27.3% of the net assets of the Fund (17.1% of the managed assets of the Fund).
(g)
 
Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $201,707,462 which represents 19.8% of the net assets of the Fund, of which 0.2% are illiquid.
(h)
 
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 $186,992,926 which represents 18.4% of the net assets of the Fund, of which 0.6% are illiquid.
(i)
 
Security is in default.
(j)
 
Rate quoted represents the annualized seven–day yield.
(k)
 
Based on
USD-SOFR-OIS.
Represents rates in effect at October 31, 2023.
(l)
 
Based on 1–Month GBP SONIA. Represents rates in effect at October 31, 2023.
(m)
 
The index intends to track the performance of the CDX.NA HY. The two constituent investments held within the index at October 31, 2023 were as follows:
 
                 
Index
Constituents
 
Receive
 
Frequency
   
Payment
 
Frequency
   
Maturity
Date
    
Total
Weight
   
Price
    
Value
 
Credit Default Swap (CDS) — Markit CDX.NA.HY.40 Index
 
5.00% per annum
 
 
Quarterly
 
 
Performance of CDS
 
 
Semiannually
 
 
 
12/20/28
 
  
 
101.23
 
$
99.35
 
  
$
14,058,163
 
Cash
 
 
 
 
 
 
 
 
 
 
 
  
 
(1.23
)% 
 
 
 
  
 
(170,815
 
See accompanying notes to financial statements.
 
22

C
OHEN
& S
TEERS
T
AX-
A
DVANTAGED
P
REFERRED
S
ECURITIES AND
I
NCOME
F
UND
 
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2023
 
(n)
 
The index intends to track the performance of the iTraxx Crossover CDS. The two constituent investments held within the index at October 31, 2023 were as follows:
 
                 
Index
Constituents
 
Receive
 
Frequency
   
Payment
 
Frequency
   
Maturity
Date
    
Total
Weight
   
Price
    
Value
 
Credit Default Swap (CDS) — MARKIT ITRX EUR XOVER Index.
 
5.00% per annum
 
 
Quarterly
 
 
Performance of CDS
 
 
Semiannually
 
 
 
12/20/28
 
  
 
101.50
 
 
EUR 450.245
 
  
$
13,854,549
 
Cash
 
 
 
 
 
 
 
 
 
 
 
  
 
(1.50
)% 
 
 
 
  
 
(204,747
 
Country Summary
  
% of Managed

Assets
 
United States
  
 
57.2
 
Canada
  
 
8.7
 
United Kingdom
  
 
8.6
 
France
  
 
7.9
 
Switzerland
  
 
2.6
 
Germany
  
 
2.2
 
Italy
  
 
1.9
 
Netherlands
  
 
1.5
 
Australia
  
 
1.2
 
Spain
  
 
1.0
 
Ireland
  
 
0.6
 
Bermuda
  
 
0.5
 
Japan
  
 
0.5
 
Other (includes short-term investments)
  
 
5.6
 
  
 
 
 
  
 
100.0
 
  
 
 
 
 
See accompanying notes to financial statements.
 
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ECURITIES AND
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NCOME
F
UND
 
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2023
 
ASSETS:
  
Investments in securities, at value (Identified cost—$1,789,719,629)
  
$
1,590,500,781
 
Cash collateral pledged for interest rate swap contracts
  
 
9,725,458
 
Foreign currency, at value (Identified cost—$1,350,677)
  
 
1,331,226
 
Receivable for:
  
Dividends and interest
  
 
19,359,397
 
Investment securities sold
  
 
3,890,749
 
Variation margin on interest rate swap contracts
  
 
252,433
 
Total return swap contracts, at value
  
 
105,858
 
Unrealized appreciation on forward foreign currency exchange contracts
  
 
426,861
 
Other assets
  
 
70,131
 
  
 
 
 
Total Assets
  
 
1,625,662,894
 
  
 
 
 
LIABILITIES:
  
Cash collateral received for total return swap contracts
  
 
270,000
 
Unrealized depreciation on forward foreign currency exchange contracts
  
 
177,088
 
Payable for:
  
Credit agreement (See Note 7)
  
 
600,109,828
 
Interest expense
  
 
3,154,106
 
Investment securities purchased
  
 
2,538,450
 
Investment management fees
  
 
1,378,052
 
Dividends and distributions declared
  
 
1,023,412
 
Administration fees
  
 
82,683
 
Trustees’ fees
  
 
3,957
 
Other liabilities
  
 
247,622
 
  
 
 
 
Total Liabilities
  
 
608,985,198
 
  
 
 
 
NET ASSETS
  
$
1,016,677,696
 
  
 
 
 
NET ASSETS consist of:
  
Paid-in
capital
  
$
1,358,462,941
 
Total distributable earnings/(accumulated loss)
  
 
(341,785,245
  
 
 
 
  
$
1,016,677,696
 
  
 
 
 
NET ASSET VALUE PER SHARE:
  
($1,016,677,696 ÷ 55,273,457 shares outstanding)
  
$
18.39
 
  
 
 
 
MARKET PRICE PER SHARE
  
$
16.81
 
  
 
 
 
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE
  
 
(8.59
)% 
  
 
 
 
 
See accompanying notes to financial statements.
 
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STATEMENT OF OPERATIONS
For the Year Ended October 31, 2023
 
Investment Income:
  
Interest income
  
$
70,837,532
 
Dividend income (net of $75,897 of foreign withholding tax)
  
 
26,781,380
 
  
 
 
 
Total Investment Income
  
 
97,618,912
 
  
 
 
 
Expenses:
  
Interest expense
  
 
35,282,685
 
Investment management fees
  
 
17,164,012
 
Administration fees
  
 
1,170,763
 
Professional fees
  
 
115,045
 
Shareholder reporting expenses
  
 
89,101
 
Trustees’ fees and expenses
  
 
47,470
 
Custodian fees and expenses
  
 
37,031
 
Transfer agent fees and expenses
  
 
19,328
 
Miscellaneous
  
 
147,600
 
  
 
 
 
Total Expenses
  
 
54,073,035
 
  
 
 
 
Net Investment Income (Loss)
  
 
43,545,877
 
  
 
 
 
Net Realized and Unrealized Gain (Loss):
  
Net realized gain (loss) on:
  
Investments in securities
  
 
(113,962,410
Interest rate swap contracts
  
 
25,311,718
 
Total return swap contracts
  
 
(457,035
Forward foreign currency exchange contracts
  
 
(3,148,165
Foreign currency transactions
  
 
(161,999
  
 
 
 
Net realized gain (loss)
  
 
(92,417,891
  
 
 
 
Net change in unrealized appreciation (depreciation) on:
  
Investments in securities
  
 
58,533,583
 
Interest rate swap contracts
  
 
(12,317,034
Total return swap contracts
  
 
105,858
 
Forward foreign currency exchange contracts
  
 
1,143,995
 
Foreign currency translations
  
 
(2,204,060
  
 
 
 
Net change in unrealized appreciation (depreciation)
  
 
45,262,342
 
  
 
 
 
Net Realized and Unrealized Gain (Loss)
  
 
(47,155,549
  
 
 
 
Net Increase (Decrease) in Net Assets Resulting from Operations
  
$
(3,609,672
  
 
 
 
 
See accompanying notes to financial statements.
 
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ECURITIES AND
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UND
 
STATEMENT OF CHANGES IN NET ASSETS
 
    
For the

Year Ended
October 31, 2023
      
For the

Year Ended
October 31, 2022
 
Change in Net Assets:
       
From Operations:
       
Net investment income (loss)
  
$
43,545,877
 
    
$
57,271,832
 
Net realized gain (loss)
  
 
(92,417,891
    
 
(40,378,416
Net change in unrealized appreciation (depreciation)
  
 
45,262,342
 
    
 
(247,280,096
  
 
 
      
 
 
 
Net increase (decrease) in net assets resulting from operations
  
 
(3,609,672
    
 
(230,386,680
  
 
 
      
 
 
 
Distributions to shareholders
  
 
(81,766,289
    
 
(89,607,854
Tax return of capital to shareholders
  
 
(6,671,242
    
 
(4,743,937
  
 
 
      
 
 
 
Total distributions
  
 
(88,437,531
    
 
(94,351,791
  
 
 
      
 
 
 
Total increase (decrease) in net assets
  
 
(92,047,203
    
 
(324,738,471
Net Assets:
       
Beginning of year
  
 
1,108,724,899
 
    
 
1,433,463,370
 
  
 
 
      
 
 
 
End of year
  
$
1,016,677,696
 
    
$
1,108,724,899
 
  
 
 
      
 
 
 
 
See accompanying notes to financial statements.
 
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STATEMENT OF CASH FLOWS
For the Year Ended October 31, 2023
 
Increase (Decrease) in Cash:
  
Cash Flows from Operating Activities:
  
Net increase (decrease) in net assets resulting from operations
  
$
(3,609,672
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
  
Purchases of long-term investments
  
 
(589,705,230
Proceeds from sales and maturities of long-term investments
  
 
690,260,298
 
Net purchases, sales and maturities of short-term investments
  
 
(355,346
Net amortization of premium on investments in securities
  
 
15,355,384
 
Net decrease in dividends and interest receivable and other assets
  
 
1,921,909
 
Net increase in payable for collateral received for over-the-counter option contracts and total return swap contracts
  
 
10,000
 
Net increase in interest expense payable, accrued expenses and other liabilities
  
 
439,311
 
Net decrease in receivable for variation margin on interest rate swap contracts
  
 
848,691
 
Net change in unrealized appreciation on investments in securities
  
 
(58,533,583
Net change in unrealized appreciation on total return swap contracts
  
 
(105,858
Net change in unrealized appreciation on forward foreign currency exchange contracts
  
 
(1,143,995
Net realized loss on investments in securities
  
 
113,962,410
 
  
 
 
 
Cash provided by operating activities
  
 
169,344,319
 
  
 
 
 
Cash Flows from Financing Activities:
  
Repayments of credit agreement*
  
 
(82,734,556
Dividends and distributions paid
  
 
(88,422,200
  
 
 
 
Cash used for financing activities
  
 
(171,156,756
  
 
 
 
Increase (decrease) in cash and restricted cash
  
 
(1,812,437
Cash and restricted cash at beginning of year (including foreign currency)
  
 
12,869,121
 
  
 
 
 
Cash and restricted cash at end of year (including foreign currency)
  
$
11,056,684
 
  
 
 
 
Supplemental Disclosure of Cash Flow Information:
Included in net cash provided by operating activities is cash of $34,352,832 paid for interest on borrowings for the year ended October 31, 2023.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.
 
Restricted cash
  
$
9,725,458
 
Foreign currency
  
 
1,331,226
 
  
 
 
 
Total cash and restricted cash shown on the Statement of Cash Flows
  
$
11,056,684
 
  
 
 
 
Restricted cash consists of cash that has been pledged to cover the Fund’s collateral or margin obligations under derivative contracts. It is reported on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts.
 
*
Amount includes $2,265,444 of mark-to-market increase on GBP portion of the credit agreement. Amount repaid was $85 million.
 
See accompanying notes to financial statements.
 
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FINANCIAL HIGHLIGHTS
The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.
 
                                                       
    
For the Year Ended
October 31,
    
For the Period
October 28, 2020
(a)

through

October 31, 2020
 
Per Share Operating Data:
  
2023
    
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)
  
 
0.79
 
  
 
1.04
 
  
 
1.02
 
  
 
(0.01
Net realized and unrealized gain (loss)
  
 
(0.86
  
 
(5.20
  
 
1.35
 
  
 
(0.00
)
(c)
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Total from investment operations
  
 
(0.07
  
 
(4.16
  
 
2.37
 
  
 
(0.01
  
 
 
    
 
 
    
 
 
    
 
 
 
Less dividends and distributions to shareholders from:
 
Net investment income
  
 
(1.48
  
 
(1.51
  
 
(1.42
  
 
 
Net realized gain
  
 
 
  
 
(0.11
  
 
(0.01
  
 
 
Tax return of capital
  
 
(0.12
  
 
(0.09
  
 
 
  
 
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Total dividends and distributions to shareholders
  
 
(1.60
  
 
(1.71
  
 
(1.43
  
 
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Net increase (decrease) in net asset value