COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC.
SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited)
| Shares | Value | |||||||||||
| EXCHANGE-TRADED FUNDS—PREFERRED |
0.5 | % | ||||||||||
| Invesco Financial Preferred ETF |
|
108,744 | $ | 1,754,041 | ||||||||
|
|
|
|||||||||||
| TOTAL EXCHANGE-TRADED FUNDS |
1,754,041 | |||||||||||
|
|
|
|||||||||||
| PREFERRED SECURITIES—$25 PAR VALUE |
6.1 | % | ||||||||||
| BANKS |
3.5 | % | ||||||||||
| Bank of America Corp., 5.00%, Series LL(a) |
|
15,203 | 347,845 | |||||||||
| Bank of America Corp., 4.375%, Series NN(a) |
|
17,134 | 342,680 | |||||||||
| Bank of America Corp., 4.125%, Series PP(a) |
|
51,808 | 983,316 | |||||||||
| Bank of America Corp., 4.25%, Series QQ(a) |
|
37,248 | 720,749 | |||||||||
| Bank of America Corp., 4.75%, Series SS(a) |
|
40,139 | 873,023 | |||||||||
| Dime Community Bancshares, Inc., 5.50%(a) |
|
7,024 | 152,421 | |||||||||
| First Horizon Corp., 6.10% to 5/1/24, Series D(a),(b) |
|
9,979 | 245,982 | |||||||||
| First Republic Bank/CA, 4.125%, Series K(a) |
|
21,429 | 403,722 | |||||||||
| First Republic Bank/CA, 4.25%, Series L(a) |
|
54,782 | 1,038,119 | |||||||||
| First Republic Bank/CA, 4.00%, Series M(a) |
|
56,357 | 1,030,206 | |||||||||
| First Republic Bank/CA, 5.125%, Series H(a) |
|
14,758 | 331,907 | |||||||||
| First Republic Bank/CA, 4.50%, Series N(a) |
|
98,107 | 1,947,424 | |||||||||
| Truist Financial Corp., 4.75%, Series R(a) |
|
66,223 | 1,470,151 | |||||||||
| Wells Fargo & Co., 4.25%, Class DD(a) |
|
18,739 | 365,598 | |||||||||
| Wells Fargo & Co., 4.375%, Series CC(a) |
|
72,019 | 1,446,142 | |||||||||
| Wells Fargo & Co., 4.75%, Series Z(a) |
|
26,331 | 559,007 | |||||||||
|
|
|
|||||||||||
| 12,258,292 | ||||||||||||
|
|
|
|||||||||||
| FINANCE—INVESTMENT BANKERS/BROKERS |
0.1 | % | ||||||||||
| Morgan Stanley, 4.25%, Series O(a) |
|
17,638 | 351,702 | |||||||||
|
|
|
|||||||||||
| FINANCIAL |
0.2 | % | ||||||||||
| KKR Group Finance Co. IX LLC, 4.625%, due 4/1/61 |
|
24,233 | 479,086 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
0.7 | % | ||||||||||
| LIFE/HEALTH INSURANCE |
0.5 | % | ||||||||||
| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a),(b) |
|
6,122 | 161,560 | |||||||||
| Lincoln National Corp., 9.00%, Series D(a) |
|
41,700 | 1,198,875 | |||||||||
| MetLife, Inc., 4.75%, Series F(a) |
|
15,598 | 358,286 | |||||||||
|
|
|
|||||||||||
| 1,718,721 | ||||||||||||
|
|
|
|||||||||||
| MULTI-LINE |
0.2 | % | ||||||||||
| Kemper Corp., 5.875% to 3/15/27, due 3/15/62(b) |
|
33,737 | 771,902 | |||||||||
|
|
|
|||||||||||
| TOTAL INSURANCE |
2,490,623 | |||||||||||
|
|
|
|||||||||||
1
| Shares | Value | |||||||||||
| PIPELINES |
0.4 | % | ||||||||||
| Energy Transfer LP, 7.625% to 8/15/23, Series D(a),(b) |
|
22,323 | $ | 539,993 | ||||||||
| Energy Transfer LP, 7.60% to 5/15/24, Series E(a),(b) |
|
35,016 | 840,384 | |||||||||
|
|
|
|||||||||||
| 1,380,377 | ||||||||||||
|
|
|
|||||||||||
| PIPELINES—FOREIGN |
0.9 | % | ||||||||||
| Enbridge, Inc., 5.949% to 6/1/23, Series 1 (Canada)(a),(b) |
|
39,685 | 891,722 | |||||||||
| Enbridge, Inc., 3.94% to 3/1/25, Series 11 (Canada)(a),(b) |
|
46,275 | 575,242 | |||||||||
| Enbridge, Inc., 3.043% to 6/1/25, Series 13 (Canada)(a),(b) |
|
12,026 | 143,168 | |||||||||
| Enbridge, Inc., 5.858% to 9/1/27, Series L (Canada)(a),(b) |
|
26,534 | 532,537 | |||||||||
| TC Energy Corp., 3.903% to 4/30/24, Series 8 (Canada)(a),(b) |
|
85,000 | 1,044,493 | |||||||||
|
|
|
|||||||||||
| 3,187,162 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE—SELF STORAGE |
0.3 | % | ||||||||||
| Public Storage, 4.625%, Series L(a) |
48,764 | 1,044,037 | ||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
21,191,279 | |||||||||||
|
|
|
|||||||||||
| Principal Amount |
||||||||||||
| PREFERRED SECURITIES—CAPITAL SECURITIES |
91.1 | % | ||||||||||
| BANKS |
17.0 | % | ||||||||||
| Ally Financial, Inc., 4.70% to 5/15/28, Series C(a),(b) |
|
$ | 1,658,000 | 1,276,660 | ||||||||
| Bank of America Corp., 4.375% to 1/27/27, Series RR(a),(b) |
|
329,000 | 299,423 | |||||||||
| Bank of America Corp., 5.875% to 3/15/28, Series FF(a),(b) |
|
2,633,000 | 2,524,389 | |||||||||
| Bank of America Corp., 6.10% to 3/17/25, Series AA(a),(b) |
|
2,943,000 | 2,951,535 | |||||||||
| Bank of America Corp., 6.125% to 4/27/27, Series TT(a),(b) |
|
480,000 | 481,680 | |||||||||
| Bank of America Corp., 6.25% to 9/5/24, Series X(a),(b) |
|
3,724,000 | 3,731,001 | |||||||||
| Bank of America Corp., 6.30% to 3/10/26, Series DD(a),(b) |
|
939,000 | 954,681 | |||||||||
| Bank of New York Mellon Corp./The, 3.75% to 12/20/26, Series I(a),(b) |
|
166,000 | 144,636 | |||||||||
| Bank of New York Mellon Corp./The, 4.625% to 9/20/26, Series F(a),(b) |
|
1,102,000 | 1,024,287 | |||||||||
| Citigroup, Inc., 3.875% to 2/18/26(a),(b) |
|
4,601,000 | 4,211,755 | |||||||||
| Citigroup, Inc., 4.00% to 12/10/25, Series W(a),(b) |
|
1,500,000 | 1,391,462 | |||||||||
| Citigroup, Inc., 5.95% to 5/15/25, Series P(a),(b) |
|
2,412,000 | 2,353,568 | |||||||||
| Citigroup, Inc., 6.25% to 8/15/26, Series T(a),(b) |
|
814,000 | 821,359 | |||||||||
| CoBank ACB, 6.45% to 10/1/27, Series K(a),(b) |
|
1,350,000 | 1,366,397 | |||||||||
| Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A (TruPS)(c) |
|
600,000 | 651,000 | |||||||||
| Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4, 144A(a),(b),(c) |
|
2,575,000 | 2,420,500 | |||||||||
2
| Principal Amount |
Value | |||||||||||
| First Horizon Bank, 5.66% (3 Month US LIBOR + 0.85%, Floor 3.75%), 144A (FRN)(a),(c),(d) |
|
3,500 | † | $ | 2,922,500 | |||||||
| Goldman Sachs Capital I, 6.345%, due 2/15/34 (TruPS) |
|
$ | 679,000 | 732,550 | ||||||||
| Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(a),(b) |
|
2,068,000 | 1,803,503 | |||||||||
| Goldman Sachs Group, Inc./The, 3.80% to 5/10/26, Series T(a),(b) |
|
514,000 | 450,637 | |||||||||
| Goldman Sachs Group, Inc./The, 4.125% to 11/10/26, Series V(a),(b) |
|
366,000 | 326,007 | |||||||||
| Huntington Bancshares, Inc./OH., 5.625% to 7/15/30, Series F(a),(b) |
|
72,000 | 71,078 | |||||||||
| JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a),(b) |
|
2,305,000 | 2,300,678 | |||||||||
| JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a),(b) |
|
2,360,000 | 2,385,264 | |||||||||
| PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series V(a),(b) |
|
865,000 | 867,422 | |||||||||
| SVB Financial Group, 4.00% to 5/15/26, Series C(a),(b) |
|
1,613,000 | 1,293,414 | |||||||||
| SVB Financial Group, 4.25% to 11/15/26, Series D(a),(b) |
|
4,850,000 | 3,884,365 | |||||||||
| SVB Financial Group, 4.70% to 11/15/31, Series E(a),(b) |
|
2,594,000 | 1,997,380 | |||||||||
| Truist Financial Corp., 4.95% to 9/1/25, Series P(a),(b) |
|
685,000 | 679,862 | |||||||||
| Truist Financial Corp., 5.10% to 3/1/30, Series Q(a),(b) |
|
1,508,000 | 1,468,787 | |||||||||
| US Bancorp, 3.70% to 1/15/27, Series N(a),(b) |
|
419,000 | 367,149 | |||||||||
| US Bancorp, 5.30% to 4/15/27, Series J(a),(b) |
|
1,054,000 | 980,918 | |||||||||
| Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a),(b) |
|
7,374,000 | 6,802,515 | |||||||||
| Wells Fargo & Co., 5.875% to 6/15/25, Series U(a),(b) |
|
1,622,000 | 1,618,269 | |||||||||
| Wells Fargo & Co., 5.95%, due 12/1/86 |
|
1,605,000 | 1,692,260 | |||||||||
| Wells Fargo & Co., 7.95%, due 11/15/29, Series B |
|
23,000 | 26,246 | |||||||||
|
|
|
|||||||||||
| 59,275,137 | ||||||||||||
|
|
|
|||||||||||
| BANKS—FOREIGN |
33.6 | % | ||||||||||
| Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(a),(b),(e),(f) |
|
1,200,000 | 1,201,838 | |||||||||
| Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(a),(b),(e) |
|
1,400,000 | 1,373,764 | |||||||||
| Banco BPM SpA, 7.00% to 4/12/27 (Italy)(a),(b),(e),(f) |
|
800,000 | 805,391 | |||||||||
| Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(a),(b),(e),(f) |
|
400,000 | 399,544 | |||||||||
| Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(a),(b),(e),(f) |
|
800,000 | 906,575 | |||||||||
| Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32,
144A |
|
1,000,000 | 884,307 | |||||||||
| Banco Santander SA, 4.75% to 11/12/26 (Spain)(a),(b),(e) |
|
800,000 | 696,135 | |||||||||
| Banco Santander SA, 7.50% to 2/8/24 (Spain)(a),(b),(e),(f) |
|
1,000,000 | 995,940 | |||||||||
| Bank of Ireland Group PLC, 6.00% to 9/1/25 (Ireland)(a),(b),(e),(f) |
|
600,000 | 628,279 | |||||||||
| Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(a),(b),(e),(f) |
|
1,800,000 | 1,957,203 | |||||||||
| Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)(a),(b) |
|
1,745,000 | 1,699,037 | |||||||||
3
| Principal Amount |
Value | |||||||||
| Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82 (Canada)(b) |
$ | 1,400,000 | $ | 1,491,658 | ||||||
| Barclays Bank PLC, 6.278% to 12/15/34 (United Kingdom)(a),(b) |
1,360,000 | 1,356,661 | ||||||||
| Barclays PLC, 4.375% to 3/15/28 (United Kingdom)(a),(b),(e) |
600,000 | 489,197 | ||||||||
| Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a),(b),(e) |
1,800,000 | 1,721,232 | ||||||||
| Barclays PLC, 6.375% to 12/15/25 (United Kingdom)(a),(b),(e),(f) |
1,200,000 | 1,392,503 | ||||||||
| Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(a),(b),(e) |
600,000 | 721,979 | ||||||||
| Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(a),(b),(e) |
1,600,000 | 1,598,000 | ||||||||
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a),(b),(e) |
4,400,000 | 4,429,260 | ||||||||
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a),(b),(e),(f) |
3,400,000 | 4,286,764 | ||||||||
| BNP Paribas SA, 4.625% to 1/12/27, 144A (France)(a),(b),(c),(e) |
2,000,000 | 1,755,000 | ||||||||
| BNP Paribas SA, 6.625% to 3/25/24, 144A (France)(a),(b),(c),(e) |
1,400,000 | 1,386,000 | ||||||||
| BNP Paribas SA, 7.00% to 8/16/28, 144A (France)(a),(b),(c),(e) |
800,000 | 792,500 | ||||||||
| BNP Paribas SA, 7.375% to 6/11/30 (France)(a),(b),(e),(f) |
1,800,000 | 2,006,722 | ||||||||
| BNP Paribas SA, 7.375% to 8/19/25, 144A (France)(a),(b),(c),(e) |
600,000 | 604,053 | ||||||||
| BNP Paribas SA, 7.75% to 8/16/29, 144A (France)(a),(b),(c),(e) |
7,600,000 | 7,885,000 | ||||||||
| BNP Paribas SA, 9.25% to 11/17/27, 144A (France)(a),(b),(c),(e) |
1,600,000 | 1,741,600 | ||||||||
| Commerzbank AG, 7.00% to 4/9/25 (Germany)(a),(b),(e),(f) |
1,000,000 | 987,211 | ||||||||
| Credit Agricole SA, 4.75% to 3/23/29, 144A (France)(a),(b),(c),(e) |
1,800,000 | 1,535,220 | ||||||||
| Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(a),(b),(c),(e) |
2,200,000 | 2,178,703 | ||||||||
| Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(a),(b),(c),(e) |
1,400,000 | 1,402,800 | ||||||||
| Credit Agricole SA, 8.125% to 12/23/25, 144A (France)(a),(b),(c),(e) |
1,600,000 | 1,654,632 | ||||||||
| Credit Suisse Group AG, 5.25% to 2/11/27, 144A (Switzerland)(a),(b),(c),(e) |
400,000 | 301,000 | ||||||||
| Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)(a),(b),(c),(e) |
2,200,000 | 1,787,500 | ||||||||
| Credit Suisse Group AG, 7.25% to 9/12/25, 144A (Switzerland)(a),(b),(c),(e) |
2,000,000 | 1,640,300 | ||||||||
| Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(a),(b),(c),(e) |
2,800,000 | 2,599,120 | ||||||||
| Credit Suisse Group AG, 9.75% to 6/23/27, 144A (Switzerland)(a),(b),(c),(e) |
4,200,000 | 4,084,500 | ||||||||
| Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)(a),(b),(e) |
1,800,000 | 1,642,777 | ||||||||
| Deutsche Bank AG, 7.50% to 4/30/25 (Germany)(a),(b),(e) |
2,000,000 | 1,933,760 | ||||||||
| Deutsche Bank AG, 10.00% to 12/01/27 (Germany)(a),(b),(e),(f) |
2,000,000 | 2,332,205 | ||||||||
| HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a),(b),(e) |
800,000 | 790,700 | ||||||||
| HSBC Holdings PLC, 8.113% to 11/3/32, due 11/3/33 (United Kingdom)(b) |
600,000 | 689,032 | ||||||||
4
| Principal Amount |
Value | |||||||||
| Iccrea Banca SpA, 4.75% to 10/18/26, due 1/18/32, Series EMTN (Italy)(b),(f) |
$ | 600,000 | $ | 577,485 | ||||||
| ING Groep N.V., 4.25% to 5/16/31, Series NC10 (Netherlands)(a),(b),(e) |
1,400,000 | 1,058,669 | ||||||||
| ING Groep N.V., 4.875% to 5/16/29 (Netherlands)(a),(b),(e),(f) |
1,400,000 | 1,174,123 | ||||||||
| ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a),(b),(e) |
2,800,000 | 2,651,782 | ||||||||
| ING Groep N.V., 6.50% to 4/16/25 (Netherlands)(a),(b),(e) |
1,400,000 | 1,370,299 | ||||||||
| ING Groep N.V., 6.75% to 4/16/24 (Netherlands)(a),(b),(e),(f) |
1,200,000 | 1,181,250 | ||||||||
| Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)(a),(b),(c),(e) |
2,200,000 | 2,082,294 | ||||||||
| Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(a),(b),(e) |
2,000,000 | 1,987,840 | ||||||||
| Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a),(b),(e) |
1,200,000 | 1,191,300 | ||||||||
| Nationwide Building Society, 5.75% to 6/20/27 (United Kingdom)(a),(b),(e),(f) |
800,000 | 912,820 | ||||||||
| Natwest Group PLC, 4.60% to 6/28/31 (United Kingdom)(a),(b),(e) |
1,400,000 | 1,076,250 | ||||||||
| Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a),(b),(e) |
2,800,000 | 2,681,000 | ||||||||
| Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a),(b),(e) |
3,000,000 | 3,037,365 | ||||||||
| Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(a),(b),(c),(e) |
1,000,000 | 991,250 | ||||||||
| Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a),(b),(e),(f) |
800,000 | 801,340 | ||||||||
| Societe Generale SA, 5.375% to 11/18/30, 144A (France)(a),(b),(c),(e) |
2,400,000 | 2,069,831 | ||||||||
| Societe Generale SA, 6.75% to 4/6/28, 144A (France)(a),(b),(c),(e) |
2,600,000 | 2,427,636 | ||||||||
| Societe Generale SA, 7.875% to 12/18/23, 144A (France)(a),(b),(c),(e) |
1,600,000 | 1,596,000 | ||||||||
| Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(a),(b),(e),(f) |
700,000 | 789,067 | ||||||||
| Societe Generale SA, 8.00% to 9/29/25, 144A (France)(a),(b),(c),(e) |
1,200,000 | 1,215,750 | ||||||||
| Societe Generale SA, 9.375% to 11/22/27, 144A (France)(a),(b),(c),(e) |
2,800,000 | 3,013,500 | ||||||||
| Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a),(b),(e),(f) |
800,000 | 688,455 | ||||||||
| Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (Canada)(b) |
4,400,000 | 4,680,500 | ||||||||
| UBS Group AG, 4.875% to 2/12/27, 144A (Switzerland)(a),(b),(c),(e) |
800,000 | 721,120 | ||||||||
| UBS Group AG, 6.875% to 8/7/25 (Switzerland)(a),(b),(e),(f) |
2,800,000 | 2,786,910 | ||||||||
| UBS Group AG, 7.00% to 2/19/25 (Switzerland)(a),(b),(e),(f) |
400,000 | 404,250 | ||||||||
| UBS Group AG, 7.00% to 1/31/24, 144A (Switzerland)(a),(b),(c),(e) |
1,000,000 | 996,220 | ||||||||
5
| Principal Amount |
Value | |||||||||||
| UniCredit SpA, 8.00% to 6/3/24 (Italy)(a),(b),(e),(f) |
|
$ | 1,200,000 | $ | 1,188,750 | |||||||
| Virgin Money UK PLC, 8.25% to 6/17/27 (United Kingdom)(a),(b),(e),(f) |
|
1,000,000 | 1,148,952 | |||||||||
|
|
|
|||||||||||
| 117,267,610 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC |
2.0 | % | ||||||||||
| CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(b) |
|
838,000 | 764,223 | |||||||||
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a),(b) |
|
2,632,000 | 2,368,800 | |||||||||
| Duke Energy Corp., 4.875% to 9/16/24(a),(b) |
|
500,000 | 482,992 | |||||||||
| Southern Co./The, 3.75% to 6/15/26, due 9/15/51, Series 21-A(b) |
|
2,854,000 | 2,491,103 | |||||||||
| Southern Co./The, 4.00% to 10/15/25, due 1/15/51, Series B(b) |
|
1,010,000 | 963,368 | |||||||||
|
|
|
|||||||||||
| 7,070,486 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC—FOREIGN |
1.8 | % | ||||||||||
| Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)(a),(b),(f) |
|
2,000,000 | 2,232,833 | |||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b) |
|
4,206,000 | 4,146,625 | |||||||||
|
|
|
|||||||||||
| 6,379,458 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL |
4.6 | % | ||||||||||
| CREDIT CARD |
0.4 | % | ||||||||||
| American Express Co., 3.55% to 9/15/26, Series D(a),(b) |
|
1,521,000 | 1,349,583 | |||||||||
|
|
|
|||||||||||
| DIVERSIFIED FINANCIAL SERVICES |
1.2 | % | ||||||||||
| Aircastle Ltd., 5.25% to 6/15/26, Series A, 144A(a),(b),(c) |
|
1,440,000 | 1,188,000 | |||||||||
| Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144A(b),(c) |
|
450,000 | 387,186 | |||||||||
| Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51, 144A(b),(c) |
|
851,000 | 659,887 | |||||||||
| ILFC E-Capital Trust I, 6.288% (30 Year CMT + 1.55%), due 12/21/65, 144A (FRN) (TruPS)(c),(d) |
|
128,000 | 82,880 | |||||||||
| ILFC E-Capital Trust II, 6.538% (30 Year CMT + 1.80%), due 12/21/65, 144A (FRN) (TruPS)(c),(d) |
|
2,675,000 | 1,789,824 | |||||||||
|
|
|
|||||||||||
| 4,107,777 | ||||||||||||
|
|
|
|||||||||||
| DIVERSIFIED FINANCIAL SERVICES—FOREIGN |
0.3 | % | ||||||||||
| Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a),(b),(e),(f) |
|
1,000,000 | 1,000,002 | |||||||||
|
|
|
|||||||||||
| INVESTMENT BANKER/BROKER |
2.7 | % | ||||||||||
| Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(a),(b) |
|
482,000 | 480,650 | |||||||||
| Charles Schwab Corp./The, 4.00% to 12/1/30, Series H(a),(b) |
|
4,073,000 | 3,508,889 | |||||||||
6
| Principal Amount |
Value | |||||||||||
| Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(a),(b) |
|
$ | 6,121,000 | $ | 5,647,541 | |||||||
|
|
|
|||||||||||
| 9,637,080 | ||||||||||||
|
|
|
|||||||||||
| TOTAL FINANCIAL |
16,094,442 | |||||||||||
|
|
|
|||||||||||
| INSURANCE |
15.4 | % | ||||||||||
| LIFE/HEALTH INSURANCE |
6.3 | % | ||||||||||
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52, 144A(b),(c) |
|
4,750,000 | 4,731,856 | |||||||||
| Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(a),(b) |
|
1,785,000 | 1,735,706 | |||||||||
| Lincoln National Corp., 9.25% to 12/1/27, Series C(a),(b) |
|
1,199,000 | 1,327,892 | |||||||||
| MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)(c) |
|
1,700,000 | 1,874,247 | |||||||||
| MetLife, Inc., 9.25%, due 4/8/38, 144A(c) |
|
1,800,000 | 2,175,957 | |||||||||
| MetLife, Inc., 10.75%, due 8/1/39 |
|
905,000 | 1,245,280 | |||||||||
| Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(b) |
|
1,200,000 | 1,121,070 | |||||||||
| Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(b) |
|
4,570,000 | 4,564,817 | |||||||||
| SBL Holdings, Inc., 6.50% to 11/13/26, 144A(a),(b),(c) |
|
2,200,000 | 1,691,360 | |||||||||
| SBL Holdings, Inc., 7.00% to 5/13/25, 144A(a),(b),(c) |
|
1,940,000 | 1,610,542 | |||||||||
|
|
|
|||||||||||
| 22,078,727 | ||||||||||||
|
|
|
|||||||||||
| LIFE/HEALTH INSURANCE—FOREIGN |
2.3 | % | ||||||||||
| Dai-ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24, 144A (Japan)(a),(b),(c) |
|
900,000 | 890,660 | |||||||||
| Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25 (Japan)(a),(b),(f) |
|
600,000 | 591,000 | |||||||||
| Kyobo Life Insurance Co., Ltd., 5.90% to 6/15/27, due 6/15/52, 144A |
|
1,400,000 | 1,371,650 | |||||||||
| La Mondiale SAM, 5.875% to 1/26/27, due 1/26/47 (France)(b),(f) |
|
600,000 | 575,788 | |||||||||
| Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)(b),(c) |
|
1,400,000 | 1,386,366 | |||||||||
| Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(a),(b),(e),(f) |
|
2,400,000 | 2,036,340 | |||||||||
| Rothesay Life PLC, 6.875% to 9/12/28 (United Kingdom)(a),(b),(e),(f) |
|
1,000,000 | 1,125,394 | |||||||||
|
|
|
|||||||||||
| 7,977,198 | ||||||||||||
|
|
|
|||||||||||
| MULTI-LINE |
0.3 | % | ||||||||||
| Hartford Financial Services Group, Inc./The, 6.731% |
|
1,236,000 | 1,060,179 | |||||||||
|
|
|
|||||||||||
7
| Principal Amount |
Value | |||||||||||
| MULTI-LINE—FOREIGN |
1.3 | % | ||||||||||
| Aegon NV, 5.50% to 4/11/28, due 4/11/48 (Netherlands)(b) |
|
$ | 1,000,000 | $ | 955,179 | |||||||
| Allianz SE, 3.50% to 11/17/25, 144A (Germany)(a),(b),(c),(e) |
|
1,400,000 | 1,224,440 | |||||||||
| AXA SA, 8.60%, due 12/15/30 (France) |
|
1,175,000 | 1,450,769 | |||||||||
| CNP Assurances, 4.875% to 10/7/30 (France)(a),(b),(e),(f) |
|
1,000,000 | 827,581 | |||||||||
|
|
|
|||||||||||
| 4,457,969 | ||||||||||||
|
|
|
|||||||||||
| PROPERTY CASUALTY |
1.6 | % | ||||||||||
| Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(b) |
|
2,700,000 | 2,230,483 | |||||||||
| Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(b) |
|
2,160,000 | 1,938,297 | |||||||||
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51, 144A(b),(c) |
|
1,470,000 | 1,260,143 | |||||||||
| Liberty Mutual Group, Inc., 7.80%, due 3/15/37, 144A(c) |
|
250,000 | 278,658 | |||||||||
|
|
|
|||||||||||
| 5,707,581 | ||||||||||||
|
|
|
|||||||||||
| PROPERTY CASUALTY—FOREIGN |
2.6 | % | ||||||||||
| Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(b),(f) |
|
2,600,000 | 2,166,765 | |||||||||
| QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)(a),(b),(c) |
|
4,300,000 | 4,246,250 | |||||||||
| QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series
EMTN |
|
800,000 | 780,692 | |||||||||
| QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)(b),(f) |
|
800,000 | 799,162 | |||||||||
| Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)(b),(f) |
|
1,400,000 | 1,115,625 | |||||||||
|
|
|
|||||||||||
| 9,108,494 | ||||||||||||
|
|
|
|||||||||||
| REINSURANCE |
0.8 | % | ||||||||||
| Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51, 144A(b),(c) |
|
3,330,000 | 2,871,379 | |||||||||
|
|
|
|||||||||||
| REINSURANCE—FOREIGN |
0.2 | % | ||||||||||
| Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49,
144A |
|
600,000 | 582,349 | |||||||||
|
|
|
|||||||||||
| TOTAL INSURANCE |
53,843,876 | |||||||||||
|
|
|
|||||||||||
| INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN |
0.9 | % | ||||||||||
| Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(a),(b),(f) |
|
1,500,000 | 1,606,473 | |||||||||
| Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(b) |
|
970,000 | 786,573 | |||||||||
8
| Principal Amount |
Value | |||||||||||
| Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (United Kingdom)(b),(f) |
|
$ | 600,000 | $ | 589,626 | |||||||
|
|
|
|||||||||||
| 2,982,672 | ||||||||||||
|
|
|
|||||||||||
| OIL & GAS—FOREIGN |
0.6 | % | ||||||||||
| BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(a),(b) |
|
2,000,000 | 1,934,500 | |||||||||
|
|
|
|||||||||||
| PIPELINES |
1.8 | % | ||||||||||
| Energy Transfer LP, 6.50% to 11/15/26, Series H(a),(b) |
|
2,540,000 | 2,388,565 | |||||||||
| Energy Transfer LP, 7.125% to 5/15/30, Series G(a),(b) |
|
4,222,000 | 3,867,352 | |||||||||
|
|
|
|||||||||||
| 6,255,917 | ||||||||||||
|
|
|
|||||||||||
| PIPELINES—FOREIGN |
5.7 | % | ||||||||||
| Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(b) |
|
3,780,000 | 3,586,426 | |||||||||
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b) |
|
2,362,000 | 2,246,577 | |||||||||
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b) |
|
1,271,000 | 1,210,691 | |||||||||
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(b) |
|
2,238,000 | 2,242,954 | |||||||||
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(b) |
|
3,232,000 | 3,336,372 | |||||||||
| Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(b) |
|
2,549,000 | 2,309,895 | |||||||||
| Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(b) |
|
1,748,000 | 1,566,645 | |||||||||
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(b) |
|
3,282,000 | 3,199,293 | |||||||||
|
|
|
|||||||||||
| 19,698,853 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE—RETAIL—FOREIGN |
1.3 | % | ||||||||||
| Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80, 144A (Australia)(b),(c) |
|
2,500,000 | 2,335,933 | |||||||||
| Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80, 144A (Australia)(b),(c) |
|
2,500,000 | 2,202,707 | |||||||||
|
|
|
|||||||||||
| 4,538,640 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
6.4 | % | ||||||||||
| ELECTRIC |
3.4 | % | ||||||||||
| Edison International, 5.00% to 12/15/26, Series B(a),(b) |
|
1,707,000 | 1,521,944 | |||||||||
| Edison International, 5.375% to 3/15/26, Series A(a),(b) |
|
2,830,000 | 2,650,806 | |||||||||
| NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82(b) |
|
400,000 | 349,680 | |||||||||
9
| Principal Amount |
Value | |||||||||||
| NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(b) |
|
$ | 1,298,000 | $ | 1,240,151 | |||||||
| Sempra Energy, 4.125% to 1/1/27, due 4/1/52(b) |
|
3,640,000 | 3,191,721 | |||||||||
| Sempra Energy, 4.875% to 10/15/25(a),(b) |
|
3,080,000 | 2,964,500 | |||||||||
|
|
|
|||||||||||
| 11,918,802 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC—FOREIGN |
3.0 | % | ||||||||||
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(b) |
|
4,646,000 | 3,931,585 | |||||||||
| BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)(a),(b) |
|
4,788,000 | 4,485,758 | |||||||||
| Enel SpA, 6.375% to 4/16/28, Series EMTN (Italy)(a),(b),(f) |
|
800,000 | 889,265 | |||||||||
| Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)(a),(b),(f) |
|
1,100,000 | 1,220,140 | |||||||||
|
|
|
|||||||||||
| 10,526,748 | ||||||||||||
|
|
|
|||||||||||
| TOTAL UTILITIES |
|
22,445,550 | ||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES |
|
317,787,141 | ||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS |
0.6 | % | ||||||||||
| MONEY MARKET FUNDS |
||||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.18%(g) |
2,096,913 | 2,096,913 | ||||||||||
|
|
|
|||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
2,096,913 | |||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS IN SECURITIES |
98.3 | % | 342,829,374 | |||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES |
1.7 | 5,922,957 | ||||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
100.0 | % | $ | 348,752,331 | ||||||||
|
|
|
|
|
|||||||||
Forward Foreign Currency Exchange Contracts
10
| Counterparty |
Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Brown Brothers Harriman |
CAD | 2,192,335 | USD | 1,618,412 | 2/2/23 | $ | (29,287 | ) | ||||||||||
| Brown Brothers Harriman |
CAD | 121,675 | USD | 90,642 | 2/2/23 | (806 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 9,861,719 | USD | 10,546,615 | 2/2/23 | (174,556 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 1,700,000 | USD | 1,792,973 | 2/2/23 | (55,183 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 1,900,000 | USD | 2,043,241 | 2/2/23 | (22,345 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 289,200 | USD | 313,489 | 2/2/23 | (915 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 286,694 | USD | 311,345 | 2/2/23 | (334 | ) | |||||||||||
| Brown Brothers Harriman |
GBP | 7,792,985 | USD | 9,381,585 | 2/2/23 | (225,993 | ) | |||||||||||
| Brown Brothers Harriman |
USD | 9,605,789 | GBP | 7,792,985 | 2/2/23 | 1,789 | ||||||||||||
| Brown Brothers Harriman |
USD | 1,736,814 | CAD | 2,314,010 | 2/2/23 | 2,333 | ||||||||||||
| Brown Brothers Harriman |
USD | 15,251,024 | EUR | 14,037,613 | 2/2/23 | 9,971 | ||||||||||||
| Brown Brothers Harriman |
CAD | 2,337,489 | USD | 1,754,621 | 3/2/23 | (2,508 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 14,300,928 | USD | 15,564,186 | 3/2/23 | (11,288 | ) | |||||||||||
| Brown Brothers Harriman |
EUR | 2,000,000 | USD | 2,177,508 | 3/2/23 | (739 | ) | |||||||||||
| Brown Brothers Harriman |
GBP | 7,884,609 | USD | 9,723,891 | 3/2/23 | (2,606 | ) | |||||||||||
|
|
|
|||||||||||||||||
| $ | (512,467 | ) | ||||||||||||||||
|
|
|
|||||||||||||||||
Glossary of Portfolio Abbreviations
| CAD | Canadian Dollar | |
| CMT | Constant Maturity Treasury | |
| EMTN | Euro Medium Term Note | |
| ETF | Exchange-Traded Fund | |
| EUR | Euro Currency | |
| FRN | Floating Rate Note | |
| GBP | Great British Pound | |
| LIBOR | London Interbank Offered Rate | |
| TruPS | Trust Preferred Securities | |
| USD | United States Dollar | |
11
Note: Percentages indicated are based on the net assets of the Fund.
| † | Represents shares. |
| (a) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (b) | Security converts to floating rate after the indicated fixed-rate coupon period. |
| (c) | 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 $89,242,289 which represents 25.6% of the net assets of the Fund, of which 0.0% are illiquid. |
| (d) | Variable rate. Rate shown is in effect at January 31, 2023. |
| (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 $112,986,994 or 32.4% of the net assets of the Fund. |
| (f) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $47,110,263 which represents 13.5% of the net assets of the Fund, of which 0.2% are illiquid. |
| (g) | Rate quoted represents the annualized seven-day yield. |
12
| Country Summary |
% of Net Assets |
|||
| United States |
43.3 | |||
| United Kingdom |
12.2 | |||
| France |
11.2 | |||
| Canada |
11.1 | |||
| Switzerland |
5.2 | |||
| Australia |
3.0 | |||
| Netherlands |
2.4 | |||
| Germany |
2.3 | |||
| Spain |
2.1 | |||
| Italy |
1.9 | |||
| Japan |
0.8 | |||
| Ireland |
0.7 | |||
| Other (includes short-term investments) |
3.8 | |||
|
|
|
|||
| 100.0 | ||||
|
|
|
|||
13
Cohen & Steers Preferred Securities and Income SMA Shares, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined.
If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by the investment advisor to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Cohen & Steers Preferred Securities and Income SMA Shares, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
| • | Level 1—quoted prices in active markets for identical investments |
| • | Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
| • | Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the inputs used as of January 31, 2023 in valuing the Fund’s investments carried at value:
Cohen & Steers Preferred Securities and Income SMA Shares, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
| Quoted Prices in Active Markets for Identical Investments (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
| Exchange-Traded Funds |
$ | 1,754,041 | $ | — | $ | — | $ | 1,754,041 | ||||||||
| Preferred Securities—$25 Par Value |
21,191,279 | — | — | 21,191,279 | ||||||||||||
| Preferred Securities—Capital Securities |
317,787,141 | 317,787,141 | ||||||||||||||
| Short-Term Investments |
— | 2,096,913 | — | 2,096,913 | ||||||||||||
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| Total Investments in Securities(a) |
$ | 22,945,320 | $ | 319,884,054 | $ | — | $ | 342,829,374 | ||||||||
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| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 14,093 | $ | — | $ | 14,093 | ||||||||
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| Total Derivative Assets(a) |
$ | — | $ | 14,093 | $ | — | $ | 14,093 | ||||||||
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| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (526,560 | ) | $ | — | $ | (526,560 | ) | ||||||
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| Total Derivative Liabilities(a) |
$ | — | $ | (526,560 | ) | $ | — | $ | (526,560 | ) | ||||||
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| (a) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
Note 2. Derivative Investments
Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.
Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.
The following summarizes the volume of the Fund’s forward foreign currency exchange contracts activity for the three months ended January 31, 2023:
| Forward Foreign Currency Exchange Contracts |
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| Average Notional Amount |
$ | 22,015,155 | ||