Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment (annualized)
Fund	$0^†	0.00%^‡

Top contributors	Top detractors
Banking/Brokerage	Telecommunications
Insurance
Pipeline

Date	Fund	ICE BofA U.S. All Capital Securities Index	Blended Benchmark¹
03/01/2019	10000	10000	10000
04/30/2019	10239	10236	10292
04/30/2020	10552	10525	10737
04/30/2021	12498	11981	12271
04/30/2022	11882	11014	11523
04/30/2023	11126	10780	11140
04/30/2024	12737	11705	12383
04/30/2025	13959	12479	13454
04/30/2026	15504	13557	14735

	1 Year	5 Years	Since inception (3/1/19)
Fund²	11.07%	4.41%	6.31%
ICE BofA U.S. All Capital Securities Index	8.64%	2.50%	4.34%
Blended Benchmark¹	9.52%	3.73%	5.56%

Net assets	$422,791,355
Number of portfolio holdings (excluding derivatives)	249
Portfolio turnover rate³	26%

Top ten holdings^4,5	(%)
Citigroup, Inc., 6.875%, Series GG	1.4%
Bank of America Corp., 6.625%, Series OO	1.4%
Citigroup, Inc., 6.625%, Series HH	1.3%
Citigroup, Inc., 6.95%, Series FF	1.1%
ING Groep NV, 7.00% (Netherlands)	1.0%
Algonquin Power & Utilities Corp., 4.75%, due 1/18/82 (Canada)	1.0%
Enbridge, Inc., 8.50%, due 1/15/84 (Canada)	1.0%
Barclays PLC, 8.875% (United Kingdom)	1.0%
Goldman Sachs Group, Inc., 7.50%, Series X	0.9%
South Bow Canadian Infrastructure Holdings Ltd., 7.625%, due 3/1/55 (Canada)	0.9%

Sector diversification^4,6	(%)
Banking	58.4%
Utilities	13.8%
Insurance	10.0%
Pipelines	7.7%
Telecommunications	3.4%
Financial Services	2.5%
Energy	0.8%
Consumer Discretionary Products	0.8%
Health Care	0.4%
Other (includes short-term investments)	2.2%

Country diversification^4,6	(%)
United States	41.5%
Canada	15.5%
United Kingdom	10.6%
France	9.7%
Switzerland	5.0%
Netherlands	3.5%
Japan	2.8%
Spain	2.8%
Germany	2.5%
Other (includes short-term investments)	6.1%

We would like to share with you our report for the six months ended April 30, 2026. The total returns for the Cohen & Steers Preferred Securities and Income SMA Shares, Inc. (the Fund) and its comparative benchmarks were:


	Six Months Ended April 30, 2026
Cohen & Steers Preferred Securities and Income SMA Shares		2.51	%
ICE BofA U.S. All Capital Securities Index^(a)		1.39	%
Blended Benchmark—75% ICE BofA U.S. IG Institutional Capital Securities Index/25% Bloomberg Developed Market USD Contingent Capital Index^(a)		1.95	%

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 redeemed, 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 net asset value (NAV). Shareholders should be aware that the Fund is managed within the context of separately managed account programs and not with the objective of matching or exceeding the Fund’s stated indexes, which are used for Fund reporting purposes. As such, comparisons of the Fund’s performance to that of the indicated indexes are not likely to be meaningful. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized. Performance figures do not reflect the effect of fees and expenses associated with a separately managed account (SMA) program or fees paid to the investment advisor for SMA advisory services. Such fees are paid directly or indirectly by the SMA program sponsor to the investment advisor. The investment advisor does not charge an advisory fee to the Fund. The investment advisor has contractually agreed to reimburse the Fund so that the total annual Fund operating expenses (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses, and other expenses approved by the Board of Directors) do not exceed 0.00%. This contractual agreement is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund’s Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the Fund and the investment advisor.

^(a)

The ICE BofA U.S. All Capital Securities Index tracks the performance of fixed rate, U.S. dollar-denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market. 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.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)


		Shares		Value
PREFERRED SECURITIES—EXCHANGE-TRADED	1.4%
BANKING	0.9%
Citigroup, Inc., 6.25%, Series II^(a)			44,593	$	1,130,432
First Horizon Corp., 6.75%, Series H^(a)			55,580		1,392,279
Huntington Bancshares, Inc., 5.50%, Series L^(a)			40,658		861,950
Regions Financial Corp., 5.70% to 5/15/29, Series C^(a)(b)			17,537		435,619

					3,820,280

INSURANCE	0.2%
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53			41,135		1,026,318

UTILITIES	0.3%
NextEra Energy Capital Holdings, Inc., 6.50%, due 4/15/86, Series Z			45,540		1,147,153

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$5,933,356)					5,993,751


		Principal Amount*
PREFERRED SECURITIES—OVER-THE-COUNTER	96.2%
BANKING	57.5%
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)^(a)(b)(c)(d)		EUR	800,000		1,014,038
AIB Group PLC, 7.125% to 10/30/29 (Ireland)^(a)(b)(c)(d)		EUR	600,000		750,155
Banco Bilbao Vizcaya Argentaria SA, 7.125% to 5/8/33 (Spain)^(a)(b)(c)			1,600,000		1,602,840
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)^(a)(b)(c)			1,000,000		1,101,528
Banco BPM SpA, 6.25% to 5/27/30 (Italy)^(a)(b)(c)(d)		EUR	800,000		960,217
Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)^(a)(b)(c)(d)		EUR	1,200,000		1,464,318
Banco Santander SA, 6.00% to 1/2/31 (Spain)^(a)(b)(c)(d)		EUR	400,000		479,349
Banco Santander SA, 8.00% to 2/1/34 (Spain)^(a)(b)(c)			3,200,000		3,477,085
Banco Santander SA, 9.625% to 11/21/28 (Spain)^(a)(b)(c)			1,000,000		1,098,704
Banco Santander SA, 9.625% to 5/21/33 (Spain)^(a)(b)(c)			1,800,000		2,143,001
Bank of America Corp., 5.875% to 3/15/28, Series FF^(a)(b)			1,031,000		1,035,162

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
Bank of America Corp., 6.25% to 7/26/30, Series UU^(a)(b)		3,083,000	$	3,117,918
Bank of America Corp., 6.625% to 5/1/30, Series OO^(a)(b)		5,691,000		5,873,305
Bank of Montreal, 6.875% to 11/26/30, due 11/26/85, Series 6 (Canada)^(b)		2,000,000		2,047,790
Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)^(b)		400,000		421,382
Bank of Nova Scotia, 6.875% to 10/27/35, due 10/27/85 (Canada)^(b)		2,800,000		2,834,671
Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)^(b)		1,200,000		1,242,874
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)^(b)		1,200,000		1,273,270
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)^(b)		800,000		840,324
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)^(a)(b)		870,000		908,063
Barclays PLC, 7.625% to 3/15/35 (United Kingdom)^(a)(b)(c)		1,400,000		1,475,278
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)^(a)(b)(c)		1,500,000		1,578,791
Barclays PLC, 8.375% to 9/15/31 (United Kingdom)^(a)(b)(c)(d)	GBP	1,400,000		2,002,250
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)^(a)(b)(c)(d)	GBP	2,900,000		4,083,418
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)^(a)(b)(c)	GBP	800,000		1,155,936
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)^(a)(b)(c)		3,200,000		3,573,168
BNP Paribas SA, 4.625% to 2/25/31 (France)^(a)(b)(c)(e)		2,600,000		2,396,270
BNP Paribas SA, 6.875% to 12/15/33 (France)^(a)(b)(c)(e)		800,000		794,964
BNP Paribas SA, 7.20% to 4/17/36 (France)^(a)(b)(c)(e)		1,800,000		1,811,486
BNP Paribas SA, 7.375% to 9/10/34 (France)^(a)(b)(c)(e)		3,600,000		3,744,126
BNP Paribas SA, 7.75% to 8/16/29 (France)^(a)(b)(c)(e)		3,600,000		3,786,606
BNP Paribas SA, 8.00% to 8/22/31 (France)^(a)(b)(c)(e)		3,600,000		3,861,094
BNP Paribas SA, 8.50% to 8/14/28 (France)^(a)(b)(c)(e)		3,000,000		3,178,965
BNP Paribas SA, 9.25% to 11/17/27 (France)^(a)(b)(c)(e)		800,000		845,657

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
CaixaBank SA, 8.25% to 3/13/29 (Spain)^(a)(b)(c)(d)	EUR	400,000	$	517,401
Canadian Imperial Bank of Commerce, 6.50% to 7/28/31, due 7/28/86 (Canada)^(b)		2,000,000		1,994,540
Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, due 10/28/85 (Canada)^(b)		2,000,000		2,053,434
Charles Schwab Corp., 4.00% to 12/1/30, Series H^(a)(b)		2,057,000		1,918,507
Charles Schwab Corp., 6.10% to 6/1/31, Series L^(a)(b)		1,737,000		1,738,326
Citigroup, Inc., 6.625% to 2/15/31, Series HH^(a)(b)		5,573,000		5,644,595
Citigroup, Inc., 6.875% to 8/15/30, Series GG^(a)(b)		5,906,000		6,000,213
Citigroup, Inc., 6.95% to 2/15/30, Series FF^(a)(b)		4,510,000		4,592,749
Citigroup, Inc., 7.00% to 8/15/34, Series DD^(a)(b)		1,344,000		1,396,869
Citigroup, Inc., 7.625% to 11/15/28, Series AA^(a)(b)		2,034,000		2,116,566
CoBank ACB, 6.45% to 10/1/27, Series K^(a)(b)		1,350,000		1,353,264
CoBank ACB, 7.125% to 1/1/30, Series M^(a)(b)		1,219,000		1,252,329
Commerzbank AG, 7.50% to 10/9/30 (Germany)^(a)(b)(c)(d)		1,600,000		1,671,936
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)^(a)(b)(c)(d)	GBP	1,400,000		1,997,210
Credit Agricole SA, 7.125% to 9/23/35 (France)^(a)(b)(c)(e)		3,000,000		3,119,667
Credit Suisse Group AG, 5.25%, Claim (Switzerland)^{(a)(c)(e)(f)(g)}		400,000		100,000
Credit Suisse Group AG, 6.375%, Claim (Switzerland)^{(a)(c)(e)(f)(g)}		1,600,000		400,000
Credit Suisse Group AG, 7.50%, Claim (Switzerland)^{(a)(c)(e)(f)(g)}		1,200,000		300,000
Deutsche Bank AG, 6.75% to 10/30/34 (Germany)^(a)(b)(c)(d)	EUR	600,000		712,089
Deutsche Bank AG, 7.375% to 10/30/31 (Germany)^(a)(b)(c)(d)	EUR	1,800,000		2,240,866
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)^(a)(b)(c)(d)	EUR	1,600,000		2,013,527
Erste Group Bank AG, 6.375% to 4/15/32 (Austria)^(a)(b)(c)(d)	EUR	800,000		975,333
Erste Group Bank AG, 7.00% to 4/15/31 (Austria)^(a)(b)(c)(d)	EUR	1,400,000		1,756,451
Eurobank SA, 6.25% to 11/10/33 (Greece)^(a)(b)(c)(d)	EUR	400,000		465,646
Eurobank SA, 6.625% to 6/4/31 (Greece)^(a)(b)(c)(d)	EUR	1,400,000		1,698,498

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*			Value
Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6^(a)(b)		1,500,000		$	1,538,007
Farm Credit Bank of Texas, 7.75% to 6/15/29^(a)(b)		2,310,000			2,409,887
First Horizon Bank, 4.79% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)^(a)(e)(h)		3,500	^†		2,651,250
Goldman Sachs Capital I, 6.345%, due 2/15/34		721,000			756,501
Goldman Sachs Group, Inc., 6.85% to 2/10/30, Series Z^(a)(b)		2,181,000			2,248,373
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X^(a)(b)		3,836,000			4,011,509
HSBC Holdings PLC, 4.60% to 12/17/30 (United Kingdom)^(a)(b)(c)		900,000			839,781
HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom)		2,400,000			2,581,066
HSBC Holdings PLC, 6.75% to 3/24/31 (United Kingdom)^(a)(b)(c)		1,800,000			1,823,968
HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)^(a)(b)(c)		1,000,000			1,027,834
HSBC Holdings PLC, 7.00% to 9/24/35 (United Kingdom)^(a)(b)(c)		1,900,000			1,939,453
HSBC Holdings PLC, 7.05% to 6/5/30 (United Kingdom)^(a)(b)(c)		2,600,000			2,676,643
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)^(a)(b)(c)		1,000,000			1,046,181
Huntington Bancshares, Inc., 6.25% to 10/15/30, Series K^(a)(b)		1,780,000			1,783,649
ING Groep NV, 4.875% to 5/16/29 (Netherlands)^(a)(b)(c)(d)		1,200,000			1,161,205
ING Groep NV, 7.00% to 11/16/32 (Netherlands)^(a)(b)(c)		4,200,000			4,355,602
ING Groep NV, 7.25% to 11/16/34 (Netherlands)^(a)(b)(c)(d)		1,800,000			1,893,196
ING Groep NV, 7.50% to 5/16/28 (Netherlands)^(a)(b)(c)(d)		1,400,000			1,450,706
ING Groep NV, 8.00% to 5/16/30 (Netherlands)^(a)(b)(c)(d)		2,600,000			2,779,164
Intesa Sanpaolo SpA, 6.375% to 5/26/33 (Italy)^(a)(b)(c)(d)	EUR	400,000			485,609

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)^(a)(b)(c)(d)	EUR	2,000,000	$	2,521,880
JPMorgan Chase & Co., 6.10% to 7/1/31, Series PP^(a)(b)		2,146,000		2,146,000
JPMorgan Chase & Co., 6.50% to 4/1/30, Series OO^(a)(b)		814,000		836,157
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN^(a)(b)		3,319,000		3,459,742
Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)^(a)(b)(c)(d)		800,000		829,211
KeyCorp Capital III, 7.75%, due 7/15/29		1,000,000		1,057,402
Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany)^(a)(b)(c)(d)	EUR	600,000		734,483
Lloyds Banking Group PLC, 6.625% to 9/27/35 (United Kingdom)^(a)(b)(c)		1,000,000		982,393
Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)^(a)(b)(c)	GBP	1,600,000		2,217,968
Nationwide Building Society, 5.75% to 6/20/27 (United Kingdom)^(a)(b)(c)(d)	GBP	800,000		1,090,097
Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom)^(a)(b)(c)(d)	GBP	1,200,000		1,687,195
Nationwide Building Society, 10.25%, Series CCDS (United Kingdom)^(a)(d)	GBP	300,000		530,692
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)^(a)(b)(c)		1,400,000		1,546,353
Nordea Bank Abp, 6.75% to 11/10/33 (Finland)^(a)(b)(c)(e)		1,600,000		1,635,178
Piraeus Bank SA, 6.75% to 12/30/30 (Greece)^(a)(b)(c)(d)	EUR	1,400,000		1,700,537
PNC Financial Services Group, Inc., 3.40% to 9/15/26, Series T^(a)(b)		2,273,000		2,246,371
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W^(a)(b)		1,035,000		1,052,468
Royal Bank of Canada, 6.50% to 5/24/33, due 5/24/86 (Canada)^(b)		1,000,000		990,718
Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada)^(b)		1,100,000		1,084,885
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)^(b)		3,600,000		3,665,862
Societe Generale SA, 5.375% to 11/18/30 (France)^(a)(b)(c)(e)		1,400,000		1,348,999

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
Societe Generale SA, 6.75% to 4/6/28 (France)^(a)(b)(c)(e)		2,600,000	$	2,619,869
Societe Generale SA, 7.125% to 7/15/35 (France)^(a)(b)(c)(e)		1,500,000		1,485,437
Societe Generale SA, 8.125% to 11/21/29 (France)^(a)(b)(c)(e)		2,400,000		2,534,155
Societe Generale SA, 8.50% to 3/25/34 (France)^(a)(b)(c)(e)		2,600,000		2,859,345
Societe Generale SA, 9.375% to 11/22/27 (France)^(a)(b)(c)(e)		1,400,000		1,477,291
Societe Generale SA, 10.00% to 11/14/28 (France)^(a)(b)(c)(e)		3,000,000		3,288,330
Standard Chartered PLC, 7.625% to 1/16/32 (United Kingdom)^(a)(b)(c)(e)		1,000,000		1,057,596
Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)^(a)(b)(c)(e)		3,200,000		3,381,638
State Street Corp., 6.70% to 3/15/29, Series I^(a)(b)		405,000		417,612
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)^(a)(b)(c)(d)		1,200,000		1,143,419
Swedbank AB, 7.75% to 3/17/30 (Sweden)^(a)(b)(c)(d)		2,000,000		2,127,410
Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85 (Canada)^(b)		2,500,000		2,518,382
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)^(b)		1,200,000		1,247,330
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)^(b)		2,000,000		2,081,630
Truist Financial Corp., 6.669% to 9/1/26, Series N^(a)(b)		1,000,000		1,001,021
UBS Group AG, 4.375% to 2/10/31 (Switzerland)^(a)(b)(c)(e)		1,800,000		1,655,279
UBS Group AG, 6.625% to 1/8/31 (Switzerland)^(a)(b)(c)(e)		3,700,000		3,727,306
UBS Group AG, 6.85% to 9/10/29 (Switzerland)^(a)(b)(c)(e)		1,000,000		1,023,247
UBS Group AG, 7.00% to 2/5/35 (Switzerland)^(a)(b)(c)(e)		3,000,000		3,054,381
UBS Group AG, 7.00% to 1/8/36 (Switzerland)^(a)(b)(c)(e)		2,800,000		2,843,266
UBS Group AG, 7.125% to 8/10/34 (Switzerland)^(a)(b)(c)(e)		400,000		409,578
UBS Group AG, 7.75% to 4/12/31 (Switzerland)^(a)(b)(c)(e)		2,000,000		2,139,362

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
UBS Group AG, 9.25% to 11/13/28 (Switzerland)^(a)(b)(c)(e)			1,200,000	$	1,299,312
UBS Group AG, 9.25% to 11/13/33 (Switzerland)^(a)(b)(c)(e)			2,800,000		3,269,207
UniCredit SpA, 6.50% to 12/3/31 (Italy)^(a)(b)(c)(d)		EUR	800,000		988,357
Wells Fargo & Co., 5.95%, due 12/15/36			778,000		801,752
Wells Fargo & Co., 6.125% to 6/15/31, Series GG^(a)(b)			2,179,000		2,187,250
Wells Fargo & Co., 6.85% to 9/15/29^(a)(b)			810,000		843,111
Wells Fargo & Co., 7.625% to 9/15/28^(a)(b)			820,000		861,573

					243,171,640

CONSUMER DISCRETIONARY PRODUCTS	0.8%
Stellantis NV, 6.25% to 3/16/31^(a)(b)(d)		EUR	700,000		806,698
Stellantis NV, 6.875% to 12/16/33^(a)(b)(d)		EUR	880,000		1,013,865
Stellantis NV, 8.25% to 6/16/32^(a)(b)(d)		GBP	560,000		742,799
Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)^(a)(b)(d)		EUR	500,000		655,418

					3,218,780

ENERGY	0.8%
BP Capital Markets PLC, 6.125% to 3/18/35^(a)(b)			1,372,000		1,403,611
BP Capital Markets PLC, 6.45% to 12/1/33^(a)(b)			1,740,000		1,822,944

					3,226,555

FINANCIAL SERVICES	2.5%
Ally Financial, Inc., 4.70% to 5/15/26, Series B^(a)(b)			1,307,000		1,304,400
Ally Financial, Inc., 4.70% to 5/15/28, Series C^(a)(b)			1,225,000		1,179,242
Ally Financial, Inc., 7.10% to 8/15/31, Series D^(a)(b)			1,159,000		1,158,517
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51^(b)(e)			766,000		763,670
HA Sustainable Infrastructure Capital, Inc., 7.125% to 8/17/31, due 11/15/56^(b)			1,312,000		1,324,890
HA Sustainable Infrastructure Capital, Inc., 8.00% to 3/1/31, due 6/1/56^(b)			1,160,000		1,231,746
ILFC E-Capital Trust II, 6.63% (30 Year CMT + 1.800%), due 12/21/65^(e)(h)			940,000		826,355
Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)^(a)(b)(c)			2,600,000		2,685,847

					10,474,667

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
HEALTH CARE	0.4%
CVS Health Corp., 7.00% to 12/10/29, due 3/10/55^(b)			792,000	$	822,245
Humana, Inc., 6.625% to 6/15/31, due 9/15/56^(b)			1,002,000		987,624

					1,809,869

INSURANCE	9.8%
Allianz SE, 6.50% to 10/30/34 (Germany)^(a)(b)(c)(e)			800,000		800,846
Allianz SE, 6.55% to 10/30/33 (Germany)^(a)(b)(c)(e)			1,600,000		1,619,766
American National Group, Inc., 7.00% to 12/1/30, due 12/1/55^(b)			680,000		665,185
Athene Holding Ltd., 6.875% to 3/28/35, due 6/28/55^(b)			1,465,000		1,422,484
Athora Netherlands NV, 6.75% to 5/18/31 (Netherlands)^(a)(b)(c)(d)		EUR	1,600,000		1,945,826
AXA SA, 5.125% to 9/16/31 (France)^(a)(b)(c)(d)		EUR	500,000		582,101
AXA SA, 8.60%, due 12/15/30 (France)			1,025,000		1,187,857
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52^(b)			800,000		812,497
Corebridge Financial, Inc., 6.875% to 12/1/30^(a)(b)			1,050,000		1,080,613
Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)^(a)(b)(e)			2,200,000		2,249,760
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55^(b)			1,030,000		1,056,864
Global Atlantic Fin Co., 7.25% to 3/1/31, due 3/1/56^(b)(e)			1,550,000		1,528,963
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54^(b)(e)			1,335,000		1,342,049
Hartford Insurance Group, Inc., 6.039% (3 Month USD Term SOFR + 2.387%), due 2/12/47, Series ICON^(e)(h)			1,236,000		1,192,410
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)^(b)(d)			800,000		785,100
Lincoln National Corp., 5.977% (3 Month USD Term SOFR + 2.302%), due 4/20/67^(h)			1,885,000		1,480,650
Lincoln National Corp., 6.272% (3 Month USD Term SOFR + 2.619%), due 5/17/66^(h)			800,000		660,089
Lincoln National Corp., 9.25% to 12/1/27, Series C^(a)(b)			699,000		740,585

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
MetLife Capital Trust IV, 7.875%, due 12/15/37^(e)			1,700,000	$	1,861,741
MetLife, Inc., 9.25%, due 4/8/38^(e)			1,900,000		2,241,341
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52^(b)			620,000		630,257
Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54^(b)			345,000		356,373
Reinsurance Group of America, Inc., 6.375% to 6/15/36, due 9/15/56^(b)			878,000		860,274
Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55^(b)			1,580,000		1,608,393
RLGH Finance Bermuda Ltd., 6.75%, due 7/2/35 (Japan)^(d)			1,900,000		1,961,612
RLGH Finance Bermuda Ltd., 6.875% to 5/19/32 (Japan)^(a)(b)(d)			2,600,000		2,607,823
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)^(a)(b)(c)(d)			2,000,000		1,981,035
Rothesay Life PLC, 7.00% to 6/3/35 (United Kingdom)^(a)(b)(c)(d)			1,000,000		996,993
SBL Holdings, Inc., 6.50% to 11/13/26^(a)(b)(e)			1,710,000		1,547,009
SBL Holdings, Inc., 9.508% to 5/13/30^(a)(b)(e)			1,634,000		1,554,981
Sumitomo Life Insurance Co., 5.875% to 9/10/35, due 9/10/55 (Japan)^(b)(e)			800,000		802,084
Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)^(a)(b)(e)			600,000		601,697
Voya Financial, Inc., 7.758% to 9/15/28, Series A^(a)(b)			493,000		516,060

					41,281,318

PIPELINES	7.7%
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)^(b)			665,000		666,015
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)^(b)			1,271,000		1,277,483
Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)^(b)			2,580,000		2,759,818
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)^(b)			2,232,000		2,424,635
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)^(b)			1,381,000		1,459,427

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)^(b)			3,584,000	$	4,084,222
Energy Transfer LP, 6.625% to 2/15/28, Series B^(a)(b)			2,510,000		2,540,095
Energy Transfer LP, 6.75% to 11/15/35, due 2/15/56^(b)			1,170,000		1,178,952
Energy Transfer LP, 7.125% to 5/15/30, Series G^(a)(b)			2,681,000		2,754,969
Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A^(b)			2,322,000		2,316,106
Phillips 66 Co., 6.20% to 12/15/35, due 3/15/56, Series B^(b)			1,320,000		1,324,999
South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)^(b)			3,725,000		3,889,846
TransCanada PipeLines Ltd., 6.125% to 7/17/31, due 10/17/56 (Canada)^(b)			952,000		956,443
TransCanada PipeLines Ltd., 6.375% to 7/17/36, due 10/17/56 (Canada)^(b)			1,003,000		1,011,088
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)^(b)			1,955,000		1,934,578
Venture Global LNG, Inc., 9.00% to 9/30/29^(a)(b)(e)			2,232,000		2,209,072

					32,787,748

TELECOMMUNICATIONS	3.2%
Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)^(b)			1,630,000		1,673,228
Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)^(b)			1,595,000		1,655,986
Rogers Communications, Inc., 6.875% to 5/2/31, due 7/31/56 (Canada)^(b)			904,000		918,380
Rogers Communications, Inc., 7.00% to 2/14/30, due 4/15/55 (Canada)^(b)			400,000		408,504
Rogers Communications, Inc., 7.125% to 2/14/35, due 4/15/55 (Canada)^(b)			399,000		411,869
SoftBank Group Corp., 7.625% to 1/29/31, due 4/29/61 (Japan)^(b)(d)			200,000		184,793
TELUS Corp., 6.375% to 3/9/31, due 6/9/56 (Canada)^(b)			2,140,000		2,141,046
TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada)^(b)			1,540,000		1,558,189

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
TELUS Corp., 6.625% to 3/9/36, due 6/9/56 (Canada)^(b)			2,140,000	$	2,129,248
TELUS Corp., 7.00% to 7/15/35, due 10/15/55 (Canada)^(b)			2,330,000		2,411,103

					13,492,346

UTILITIES	13.5%
AES Corp., 6.95% to 4/15/30, due 7/15/55^(b)			1,121,000		1,094,402
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)^(b)			4,181,000		4,131,214
Alliant Energy Corp., 5.75% to 1/1/31, due 4/1/56^(b)			1,470,000		1,445,854
AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada)^(b)(e)			3,130,000		3,253,375
American Electric Power Co., Inc., 5.80% to 12/15/30, due 3/15/56, Series C^(b)			710,000		706,491
American Electric Power Co., Inc., 6.05% to 12/15/35, due 3/15/56, Series D^(b)			2,545,000		2,538,111
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54^(b)			821,000		874,988
American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54^(b)			1,946,000		2,037,513
CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B^(b)			608,000		642,384
CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A^(b)			1,185,000		1,227,081
CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50^(b)			716,000		660,415
CMS Energy Corp., 6.50% to 3/1/35, due 6/1/55^(b)			1,580,000		1,619,588
Dominion Energy, Inc., 6.00% to 11/15/30, due 2/15/56^(b)			1,000,000		1,001,194
Dominion Energy, Inc., 6.20% to 11/15/35, due 2/15/56^(b)			2,520,000		2,525,914
Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55^(b)			1,630,000		1,667,901
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A^(b)			1,035,000		1,075,340
Dominion Energy, Inc., 7.00% to 3/3/34, due 6/1/54, Series B^(b)			993,000		1,061,819

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
Emera U.S. Finance LLC, 6.65% to 7/1/31, due 10/1/56, Series A^(b)		874,000	$	876,545
Emera U.S. Finance LLC, 6.85% to 7/1/36, due 10/1/56, Series B^(b)		1,011,000		1,014,504
Entergy Corp., 6.10% to 3/15/36, due 6/15/56^(b)		1,240,000		1,236,337
Entergy Corp., 7.125% to 9/1/29, due 12/1/54^(b)		1,220,000		1,256,738
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54^(b)		1,231,000		1,275,189
Evergy, Inc., 6.65% to 3/2/30, due 6/1/55^(b)		2,960,000		3,012,004
Eversource Energy, 6.10% to 5/15/31, due 8/15/56, Series A^(b)		1,058,000		1,054,113
Eversource Energy, 6.35% to 5/15/36, due 8/15/56, Series B^(b)		1,771,000		1,771,101
Exelon Corp., 6.50% to 12/15/34, due 3/15/55^(b)		850,000		881,729
NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55^(b)		2,370,000		2,471,602
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54^(b)		2,321,000		2,383,635
NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54^(b)		2,786,000		2,918,764
NiSource, Inc., 6.95% to 8/30/29, due 11/30/54^(b)		120,000		124,388
Sempra, 6.375% to 1/1/31, due 4/1/56^(b)		2,030,000		2,054,374
Sempra, 6.40% to 7/1/34, due 10/1/54^(b)		2,312,000		2,331,060
Sempra, 6.875% to 7/1/29, due 10/1/54^(b)		3,005,000		3,060,055
Spire, Inc., 6.25% to 3/1/31, due 6/1/56^(b)		1,230,000		1,226,254
Spire, Inc., 6.45% to 3/1/36, due 6/1/56^(b)		740,000		745,011

				57,256,987

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$394,651,938)				406,719,910

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
CORPORATE BONDS	0.2%
TELECOMMUNICATIONS	0.2%
SoftBank Group Corp., 8.25%, due 10/22/31 (Japan)^(d)			400,000	$	403,952
SoftBank Group Corp., 8.50%, due 4/22/36 (Japan)^(d)			400,000		407,834

					811,786

TOTAL CORPORATE BONDS
(Identified cost—$800,000)					811,786

U.S. TREASURY BONDS	0.1%
U.S. Treasury Bonds, 4.625%, due 11/15/55			530,000		499,898

TOTAL U.S. TREASURY BONDS (Identified cost—$506,936)					499,898


		Shares
SHORT-TERM INVESTMENTS	1.6%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.60%⁽ⁱ⁾			6,713,240		6,713,240

TOTAL SHORT-TERM INVESTMENTS (Identified cost—$6,713,240)					6,713,240

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$408,605,470)	99.5%				420,738,585
OTHER ASSETS IN EXCESS OF LIABILITIES	0.5				2,052,770

NET ASSETS	100.0%			$	422,791,355

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)

Centrally Cleared Interest Rate Swap Contracts



Notional Amount	Fixed Rate	Fixed Rate Pay/ Receive		Fixed Payment Frequency		Floating Rate			Floating Rate Pay/ Receive		Floating Payment Frequency		Maturity Date		Unrealized Appreciation (Depreciation)			Upfront Payments (Receipts)		Value
EUR 8,300,000	2.388%		Pay		Annually		2.170	%^(j)		Receive		Semi-Annually		12/16/30	$	195,562		$	—	$	195,562
5,300,000	2.548%		Pay		Annually		2.127	%^(j)		Receive		Semi-Annually		11/1/32		128,334			—		128,334
4,500,000	2.667%		Pay		Annually		2.141	%^(j)		Receive		Semi-Annually		1/19/33		78,920			—		78,920
$ 10,000,000	3.227%		Receive		Annually		3.660	%^(k)		Pay		Annually		12/16/30		(225,458	)		—		(225,458	)
6,200,000	3.497%		Receive		Annually		3.660	%^(k)		Pay		Annually		11/1/32		(116,234	)		—		(116,234	)
5,200,000	3.621%		Receive		Annually		3.660	%^(k)		Pay		Annually		1/20/33		(59,282	)		—		(59,282	)
															$	1,842		$	—	$	1,842

Forward Foreign Currency Exchange Contracts



Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	EUR	25,640,908	USD	30,246,400		5/20/26		$131,785
Brown Brothers Harriman	GBP	12,292,843	USD	16,649,980		5/20/26		(77,241	)
Brown Brothers Harriman	USD	483,736	EUR	409,949		5/20/26		(2,261	)
Brown Brothers Harriman	USD	589,933	EUR	500,544		5/20/26		(2,057	)
Brown Brothers Harriman	USD	249,271	EUR	212,314		5/20/26		87
Brown Brothers Harriman	USD	241,074	EUR	205,450		5/20/26		223
Brown Brothers Harriman	USD	861,368	EUR	736,184		5/20/26		3,262
Brown Brothers Harriman	USD	278,984	GBP	207,131		5/20/26		2,866
Brown Brothers Harriman	USD	560,122	GBP	413,846		5/20/26		3,010
								$ 59,674

Glossary of Portfolio Abbreviations


CMT		Constant Maturity Treasury
EUR		Euro Currency
EURIBOR		Euro Interbank Offered Rate
GBP		British Pound
ICON		Income Capital Obligation Note
OIS		Overnight Indexed Swap
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Preferred Securities—Exchange-Traded	$	5,993,751	$	—		$	—	$	5,993,751
Preferred Securities—Over-the-Counter		—		406,719,910			—		406,719,910
Corporate Bonds		—		811,786			—		811,786
U.S. Treasury Bonds		—		499,898			—		499,898
Short-Term Investments		—		6,713,240			—		6,713,240

Total Investments in Securities	$	5,993,751	$	414,744,834		$	—	$	420,738,585

Forward Foreign Currency Exchange Contracts	$	—	$	141,233		$	—	$	141,233
Interest Rate Swap Contracts		—		402,816			—		402,816

Total Derivative Assets	$	—	$	544,049		$	—	$	544,049

Forward Foreign Currency Exchange Contracts	$	—	$	(81,559	)	$	—	$	(81,559	)
Interest Rate Swap Contracts		—		(400,974	)		—		(400,974	)

Total Derivative Liabilities	$	—	$	(482,533	)	$	—	$	(482,533	)

Note: Percentages indicated are based on the net assets of the Fund.

*	Amount denominated in U.S. dollars unless otherwise indicated.

^†	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.

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2026 (Unaudited)


ASSETS:
Investments in securities, at value (Identified cost—$408,605,470)	$	420,738,585
Cash		416,258
Cash collateral pledged for interest rate swap contracts		519,983
Foreign currency, at value (Identified cost—$788,976)		793,080
Receivable for:
Dividends and interest		6,077,108
Investment securities sold		1,762,150
Fund shares sold		387,839
Unrealized appreciation on forward foreign currency exchange contracts		141,233
Due from investment advisor		38,817
Other assets		15,288

Total Assets		430,890,341

LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		81,559
Payable for:
Investment securities purchased		5,539,590
Dividends and distributions declared		2,149,014
Fund shares redeemed		191,589
Variation margin on interest rate swap contracts		35,804
Directors’ fees		2,757
Other liabilities		98,673

Total Liabilities		8,098,986

NET ASSETS applicable to 40,538,764 shares of $0.001 par value of common stock outstanding	$	422,791,355

NET ASSET VALUE PER SHARE:
($422,791,355 ÷ 40,538,764 shares outstanding)	$	10.43

NET ASSETS consist of:
Paid-in capital	$	439,787,383
Total distributable earnings/(accumulated loss)		(16,996,028	)

	$	422,791,355

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2026 (Unaudited)


Investment Income:
Interest	$	13,539,271
Dividends		272,671

Total Investment Income		13,811,942

Expenses:
Professional fees		69,271
Administration fees		34,613
Registration and filing fees		25,500
Shareholder reporting expenses		21,385
Transfer agent fees and expenses		18,444
Directors’ fees and expenses		11,145
Custodian fees and expenses		8,746
Litigation expense		8,274
Miscellaneous		20,351

Total Expenses		217,729
Reduction of Expenses (See Note 2)		(209,455	)

Net Expenses		8,274

Net Investment Income (Loss)		13,803,668

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		4,814,464
Interest rate swap contracts		(35,797	)
Forward foreign currency exchange contracts		(534,602	)
Foreign currency transactions		6,441

Net realized gain (loss)		4,250,506

Net change in unrealized appreciation (depreciation) on:
Investments in securities		(7,625,163	)
Interest rate swap contracts		158,149
Forward foreign currency exchange contracts		(370,331	)
Foreign currency translations		19,213

Net change in unrealized appreciation (depreciation)		(7,818,132	)

Net Realized and Unrealized Gain (Loss)		(3,567,626	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,236,042

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)


	For the Six Months Ended April 30, 2026			For the Year Ended October 31, 2025
Change in Net Assets:
From Operations:
Net investment income (loss)	$	13,803,668		$	27,446,239
Net realized gain (loss)		4,250,506			6,844,385
Net change in unrealized appreciation (depreciation)		(7,818,132	)		7,174,063

Net increase (decrease) in net assets resulting from operations		10,236,042			41,464,687

Distributions to shareholders		(13,041,023	)		(26,400,489	)
Tax return of capital to shareholders		—			(468,001	)

Total distributions		(13,041,023	)		(26,868,490	)

Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		(16,984,394	)		4,246,740

Total increase (decrease) in net assets		(19,789,375	)		18,842,937
Net Assets:
Beginning of period		442,580,730			423,737,793

End of period	$	422,791,355		$	442,580,730

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

FINANCIAL HIGHLIGHTS (Unaudited)

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 Six Months Ended April 30, 2026			For the Year Ended October 31,
Per Share Operating Data:	For the Six Months Ended April 30, 2026			2025			2024			2023			2022			2021
Net asset value, beginning of period		$10.49			$10.13			$ 8.89			$ 9.26			$11.38			$10.73

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.34			0.66			0.61			0.57			0.51			0.51
Net realized and unrealized gain (loss)		(0.08	)		0.34			1.21			(0.34	)		(2.04	)		0.65

Total from investment operations		0.26			1.00			1.82			0.23			(1.53	)		1.16

Less dividends and distributions to shareholders from:

Net investment income		(0.32	)		(0.63	)		(0.57	)		(0.60	)		(0.55	)		(0.51	)
Net realized gain		—			—			—			—			(0.04	)		—
Tax return of capital		—			(0.01	)		(0.01	)		—			—			—

Total dividends and distributions to shareholders		(0.32	)		(0.64	)		(0.58	)		(0.60	)		(0.59	)		(0.51	)

Net increase (decrease) in net asset value		(0.06	)		0.36			1.24			(0.37	)		(2.12	)		0.65

Net asset value, end of period		$10.43			$10.49			$10.13			$8.89			$ 9.26			$11.38



Total return^(b)		2.51	%^(c)		10.26	%		20.90	%		2.47	%		-13.90	%		10.93	%



Ratios/Supplemental Data:

Net assets, end of period (in millions)		$422.8			$442.6			$423.7			$330.3			$306.0			$364.3

Ratios to average daily net assets:

Expenses (before expense reduction)		0.10	%^(d)		0.09	%		0.08	%		0.12	%		0.10	%		0.11	%

Expenses (net of expense reduction)^(e)		0.00	%^(d)(f)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Net investment income (loss) (before expense reduction)		6.37	%^(d)		6.35	%		6.21	%		6.02	%		4.88	%		4.36	%

Net investment income (loss) (net of expense reduction)		6.47	%^(d)		6.44	%		6.29	%		6.14	%		4.98	%		4.47	%

Portfolio turnover rate		26	%^(c)		58	%		70	%		58	%		72	%		71	%

^(a)	Calculation based on average shares outstanding.

^(b)	Return assumes the reinvestment of all dividends and distributions at net asset value.

^(c)	Not annualized.

^(d)	Annualized.

^(e)	The Fund’s expenses have been contractually capped at 0.00% (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses, and other expenses approved by the Board of Directors). See Note 2 in Notes to Financial Statements.

^(f)	Amount is less than 0.005%.

See accompanying notes to financial statements.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Preferred Securities and Income SMA Shares, Inc. (the Fund) was incorporated under the laws of the State of Maryland on November 16, 2018 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The Fund’s investment objective is to seek total return (high current income and capital appreciation). Investment operations commenced on March 1, 2019. Shares of the Fund are only offered to participants in separately managed account (SMA) programs and to certain non-program SMA clients that have an agreement with Cohen & Steers Capital Management, Inc. (the investment advisor).

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Centrally cleared interest rate swaps are valued based upon prices provided by a third-party pricing service.

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

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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.

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

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

•

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 levels associated with valuing the Fund’s investments as of April 30, 2026 are disclosed in the Fund’s Schedule of Investments.

Security Transactions and Investment Income: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any), currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

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

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 Statement of Assets and Liabilities. 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.

Centrally Cleared Interest Rate Swap Contracts: The Fund may enter into interest rate swap contracts to manage interest rate risk. An interest rate swap involves the exchange of cash flows based on interest rate specifications and a specified principal amount, often a fixed payment for a floating payment that is linked to an interest rate. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation) in the Statement of Operations.

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

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

Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are paid in cash. Dividends from net investment income are subject to recharacterization for tax purposes.

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities are recorded net of non-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for the current tax year and has concluded that as of April 30, 2026, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the current tax year for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees: Cohen & Steers Capital Management, Inc. serves as the Fund’s investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For its services under the investment advisory agreement, the investment advisor receives no investment advisory or other fees from the Fund. This arrangement recognizes that shares of the Fund are only offered to participants in SMA programs (each, a Program Participant) who pay fees to program sponsors (each, a Sponsor) for the costs and expenses of the programs, including fees for investment advice, custody and portfolio execution, and to certain non-program SMA clients of the investment advisor. When a Program Participant, alone or with his or her Sponsor, elects to allocate assets in an SMA to an investment strategy managed or advised by the investment advisor, the investment advisor typically receives a fee from the Sponsor for providing such advisory services to the SMA, including with respect to assets that may be invested in the Fund. In certain cases, a Program Participant will pay a fee for investment advice directly to the investment advisor in its capacity as advisor to the Program Participant’s SMA. Similarly, non-program SMA clients will pay fees directly to the investment advisor.

The investment advisor has contractually agreed to reimburse the Fund so that the total annual Fund operating expenses (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses, and other expenses approved by the Board of Directors) do not exceed 0.00%. This contractual agreement is currently expected to remain in place for the life of the Fund, can only be terminated by agreement of the Fund’s Board of Directors and the investment advisor,

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

and will terminate automatically in the event of termination of the investment advisory agreement between the Fund and the investment advisor. For the six months ended April 30, 2026, fees waived and/or expenses reimbursed totaled $209,455.

Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund. For its services under the administration agreement, the investment advisor receives no fees from the Fund. The Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $1,281 for the six months ended April 30, 2026.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended April 30, 2026, totaled $107,873,567 and $120,958,514, respectively.

Note 4. Derivative Investments

The following tables present the value of derivatives held at April 30, 2026 and the effect of derivatives held during the six months ended April 30, 2026, if any, along with the respective location in the financial statements.

Statement of Assets and Liabilities

Assets

Liabilities

Derivatives

Location

Fair Value

Location

Fair Value

Foreign Currency Exchange Risk:

Forward Foreign Currency Exchange Contracts^(a)

Unrealized appreciation

141,233

Unrealized depreciation

81,559

Interest Rate Risk:

Interest Rate Swap Contracts^(b)

—

Payable for variation
margin on interest rate swap contracts

1,842

^(c)

^(a)	Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement.

^(b)	Not subject to a master netting agreement or another similar arrangement.

^(c)	Amount represents the cumulative net appreciation (depreciation) on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities reflects the current day variation margin payable to the broker.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Statement of Operations


Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Foreign Currency Exchange Risk:
Forward Foreign Currency Exchange Contracts	Net Realized and Unrealized Gain (Loss)	$	(534,602	)	$	(370,331	)

Interest Rate Risk:
Interest Rate Swap Contracts	Net Realized and Unrealized Gain (Loss)		(35,797	)		158,149

The following summarizes the monthly average volume of the Fund’s interest rate swap contracts and forward foreign currency exchange contracts activity for the for the six months ended April 30, 2026:


	Interest Rate Swap Contracts		Forward Foreign Currency Exchange Contracts
Average Notional Amount^(a)	$	38,091,500	$	51,670,210

^(a)

Average notional amount represents the average for all months in which the Fund had interest rate swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents six months for interest rate swap contracts and forward foreign currency exchange contracts.

Note 5. Income Tax Information

As of April 30, 2026, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:


Cost of investments in securities for federal income tax purposes	$	408,605,470

Gross unrealized appreciation on investments	$	16,078,040
Gross unrealized depreciation on investments		(3,883,409	)

Net unrealized appreciation (depreciation) on investments	$	12,194,631

As of October 31, 2025, the Fund has a net capital loss carryforward of $33,164,052 which may be used to offset future capital gains. These losses are a short-term capital loss carryforward of

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

$9,173,856 and a long-term capital loss carryforward of $23,990,196, which under current federal income tax rules, may offset capital gains recognized in any future period.

Note 6. Capital Stock

The Fund is authorized to issue 100 million shares of capital stock, at a par value of $0.001 per share. The Fund’s Board of Directors may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. Transactions in Fund shares were as follows:


	For the Six Months Ended April 30, 2026						For the Year Ended October 31, 2025
	Shares			Amount			Shares			Amount
Sold		4,853,729		$	50,869,134			11,562,003		$	118,455,803
Redeemed		(6,486,527	)		(67,853,528	)		(11,203,311	)		(114,209,063	)

Net increase (decrease)		(1,632,798	)	$	(16,984,394	)		358,692		$	4,246,740

Note 7. Other Risks

Preferred Securities Risk: Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.

Contingent Capital Securities Risk: Contingent capital securities (sometimes referred to as “CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security, for example, a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

income rate, potentially to zero, and conversion would deepen the subordination of the investor, hence worsening the investor’s standing in a bankruptcy. Some CoCos provide for a reduction in the value or principal amount of the security (potentially to zero) under such circumstances. In March 2023, a Swiss regulator required a write-down of outstanding CoCos to zero notwithstanding the fact that the equity shares continued to exist and have economic value. It is currently unclear whether regulators of issuers in other jurisdictions will take similar actions. Notwithstanding these risks, the Fund intends to continue to invest in CoCos issued by Swiss companies and by companies in other jurisdictions. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below-investment-grade securities. Finally, CoCo issuers can, at their discretion, suspend dividend distributions on their CoCo securities and are more likely to do so in response to negative economic conditions and/or government regulation. Omitted distributions are typically non-cumulative and will not be paid on a future date. Any omitted distribution may negatively impact the returns or distribution rate of the Fund.

Credit and Below-Investment-Grade Securities Risk: Preferred securities may be rated below-investment-grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.

Concentration Risk: Because the Fund invests at least 25% of its net assets in the financials sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition. In addition, the Fund will also be subject to the risks of investing in the individual industries and securities that comprise the financials sector, including the bank, diversified financials, real estate (including REITs) and insurance industries. To the extent that the Fund focuses its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications, the Fund will be subject to the risks associated with these particular sectors and industries. These sectors and industries may be adversely affected by, among others, changes in government regulation, world events and economic conditions.

Liquidity Risk: Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase. The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, dealer inventories of certain securities, which provide an indication of the ability of dealers to engage in “market making,” are at, or near, historic lows in relation to market size, which has the potential to increase price volatility in the fixed income markets in which the Fund invests. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

Liquidity risk also includes the risk that market conditions or large shareholder redemptions may impact the ability of the Fund to meet redemption requests within required time periods. In order to meet such redemption requests, the Fund may be forced to sell securities at inopportune times or prices.

Foreign (Non-U.S.) and Emerging Market Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Currency Risk: Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various investments that are designed to hedge the Fund’s foreign currency risks, and such investments are subject to the risks described under “Derivatives and Hedging Transactions Risk” below.

Derivatives and Hedging Transactions Risk: The Fund’s use of derivatives, including for the purpose of hedging interest rate or foreign currency risks, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

Market Disruption and Geopolitical Risk: Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund’s investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event.

Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund’s investments.

Regulatory Risk: Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.

Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques.

The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

Cybersecurity Risk: With the increased use of technologies such as the Internet and artificial intelligence including machine learning technology and generative artificial intelligence such as ChatGPT (collectively, “AI Technologies”) and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment advisor), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment advisor, or a custodian, transfer agent,

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.

Each of the Fund and the investment advisor may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund’s third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.

This is not a complete list of the risks of investing in the Fund. For additional information concerning the risks of investing in the Fund, please consult the Fund’s prospectus.

Note 8. Operating Segments

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund’s investment advisor and the Fund’s chief executive officer and chief financial officer act as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements.

Note 9. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 10. Subsequent Events

Management has evaluated events and transactions occurring after April 30, 2026 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

Cohen & Steers Privacy Policy



Facts		What Does Cohen & Steers Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?

For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No

For our marketing purposes— to offer our products and services to you	Yes	No

For joint marketing with other financial companies—	No	We don’t share

For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share

For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share

For our affiliates to market to you—	No	We don’t share

For non-affiliates to market to you—	No	We don’t share



Questions? Call (800) 330-7348

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

Cohen & Steers Privacy Policy—(Continued)



Who we are

Who is providing this notice?		Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers).

What we do

How does Cohen & Steers protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.

How does Cohen & Steers collect my personal information?		We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.

Why can’t I limit all sharing?		Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.

Non-affiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates.

Joint marketing		A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

Cohen & Steers Preferred Securities and Income SMA Shares, Inc.

OFFICERS AND DIRECTORS

Joseph M. Harvey

Director and Chair

Adam M. Derechin

Director

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

Ramona Rogers-Windsor

Director

James Giallanza

President and Chief Executive Officer

Albert Laskaj

Chief Financial Officer

Steven Frank

Treasurer

Dana A. DeVivo

Secretary and Chief Legal Officer

Stephen Murphy

Chief Compliance Officer

and Vice President

Nargis Hilal

Deputy Chief Compliance Officer

and Vice President

Elaine Zaharis-Nikas

Vice President

KEY INFORMATION

Investment Advisor and Administrator

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30^th Floor

New York, NY 10036

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

SS&C GIDS, Inc.

1055 Broadway

Kansas City, MO 64105

(800) 437-9912

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Distributor

Cohen & Steers Securities, LLC

1166 Avenue of the Americas, 30^th Floor

New York, NY 10036


NASDAQ Symbol:		PISHX

Website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Preferred Securities and Income SMA Shares, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors implemented after the Registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)	There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a- 2(b) under the Investment Company Act of 1940.


¹	The Blended Benchmark consists of 75% ICE BofA U.S. IG Institutional Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index.
²	This Fund does not impose a sales charge.
³	Not annualized.
⁴	Based on net assets.
⁵	Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.
⁶	Excludes derivative instruments, if any.



		By:		/s/ James Giallanza
				Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer)

		Date:		July 2, 2026



		By:		/s/ James Giallanza
				Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer)

		By:		/s/ Albert Laskaj
				Name: Albert Laskaj Title: Principal Financial Officer (Chief Financial Officer)

		Date:		July 2, 2026

^†	Amount is less than $1.00.
^‡	Amount is less than 0.005%.