COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Shares | Value | |||||||||||
PREFERRED SECURITIES—$25 PAR VALUE | 20.0 | % | ||||||||||
BANKS | 6.1 | % | ||||||||||
Bank of America Corp., 6.00%, Series GG(a) |
| 2,137,224 | $ | 54,819,796 | ||||||||
Bank of America Corp., 5.875%, Series HH(a) |
| 1,330,325 | 33,617,313 | |||||||||
Bank of America Corp., 5.375%, Series KK(a) |
| 319,175 | 7,739,994 | |||||||||
Capital One Financial Corp., 4.80%, Series J(a) |
| 920,694 | 17,309,047 | |||||||||
Citizens Financial Group, Inc., 6.35% to 4/6/24, Series D(a),(b) |
| 213,800 | 5,099,130 | |||||||||
First Republic Bank/CA, 4.70%, Series J(a) |
| 698,030 | 15,691,714 | |||||||||
GMAC Capital Trust I, 7.477% (3 Month US LIBOR + 5.785%), due 2/15/40, Series 2 (TruPS) (FRN)(c) |
| 1,518,568 | 31,145,830 | |||||||||
Huntington Bancshares, Inc., 6.25%, Series D(a) |
| 642,280 | 15,697,323 | |||||||||
JPMorgan Chase & Co., 5.75%, Series DD(a) |
| 550,000 | 13,942,500 | |||||||||
New York Community Bancorp, Inc., 6.375% to 3/17/27, Series A(a),(b) |
| 666,613 | 14,585,492 | |||||||||
Regions Financial Corp., 6.375% to 9/15/24, Series B(a),(b) |
| 246,258 | 5,902,804 | |||||||||
Regions Financial Corp., 5.70% to 5/15/29, Series C(a),(b) |
| 1,948,624 | 45,792,664 | |||||||||
Synovus Financial Corp., 5.875% to 7/1/24, Series E(a),(b) |
| 987,875 | 20,300,831 | |||||||||
Wells Fargo & Co., 5.20%(a) |
| 992,405 | 23,271,897 | |||||||||
Wells Fargo & Co., 5.25%, Series P(a) |
| 137,496 | 3,196,782 | |||||||||
Wells Fargo & Co., 5.85% to 9/15/23, Series Q(a),(b) |
| 678,793 | 16,528,610 | |||||||||
Wells Fargo & Co., 6.00%, Series V(a) |
| 833,601 | 20,881,705 | |||||||||
Wells Fargo & Co., 5.70%, Series W(a) |
| 771,642 | 19,098,140 | |||||||||
Wells Fargo & Co., 5.50%, Series X(a) |
| 157,455 | 3,826,157 | |||||||||
Wells Fargo & Co., 5.625%, Series Y(a) |
| 384,021 | 9,458,437 | |||||||||
Wells Fargo & Co., 4.75%, Series Z(a) |
| 3,319,481 | 69,709,101 | |||||||||
|
| |||||||||||
447,615,267 | ||||||||||||
|
| |||||||||||
BANKS—FOREIGN | 0.0 | % | ||||||||||
HSBC Holdings PLC, 6.20%, Series A (United Kingdom)(a) |
| 129,545 | 3,242,511 | |||||||||
|
| |||||||||||
CONSUMER, CYCLICAL—AUTOMOBILES | 0.2 | % | ||||||||||
Ford Motor Co., 6.00%, due 12/1/59 |
| 818,599 | 12,352,659 | |||||||||
|
| |||||||||||
ELECTRIC | 2.2 | % | ||||||||||
CMS Energy Corp., 5.875%, due 3/1/79 |
| 1,464,688 | 36,983,372 | |||||||||
Duke Energy Corp., 5.75%, Series A(a) |
| 1,167,035 | 30,319,569 | |||||||||
Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73(b) |
| 348,222 | 7,922,051 | |||||||||
Southern Co./The, 4.95%, due 1/30/80 |
| 3,985,000 | 89,224,150 | |||||||||
|
| |||||||||||
164,449,142 | ||||||||||||
|
| |||||||||||
ELECTRIC—FOREIGN | 0.1 | % | ||||||||||
Brookfield Renewable Partners LP, 5.25%, Series 17 (Canada)(a) | 508,000 | 9,895,840 | ||||||||||
|
|
1
Shares | Value | |||||||||||
FINANCIAL | 2.0 | % | ||||||||||
DIVERSIFIED FINANCIAL SERVICES | 0.6 | % | ||||||||||
Apollo Global Management, Inc., 6.375%, Series B(a) |
| 597,996 | $ | 14,058,886 | ||||||||
KKR & Co., Inc., 6.75%, Series A(a) |
| 438,654 | 11,154,971 | |||||||||
Synchrony Financial, 5.625%, Series A(a) |
| 1,040,800 | 17,756,048 | |||||||||
|
| |||||||||||
42,969,905 | ||||||||||||
|
| |||||||||||
INVESTMENT ADVISORY SERVICES | 0.1 | % | ||||||||||
Ares Management Corp., 7.00%, Series A(a) |
| 332,021 | 8,104,632 | |||||||||
|
| |||||||||||
INVESTMENT BANKER/BROKER | 1.3 | % | ||||||||||
Morgan Stanley, 7.125% to 10/15/23, Series E(a),(b) |
| 25,142 | 658,217 | |||||||||
Morgan Stanley, 6.875% to 1/15/24, Series F(a),(b) |
| 869,935 | 22,313,833 | |||||||||
Morgan Stanley, 6.375% to 10/15/24, Series I(a),(b) |
| 1,889,438 | 47,368,211 | |||||||||
Morgan Stanley, 5.85% to 4/15/27, Series K(a),(b) |
| 859,911 | 21,171,009 | |||||||||
|
| |||||||||||
91,511,270 | ||||||||||||
|
| |||||||||||
TOTAL FINANCIAL |
| 142,585,807 | ||||||||||
|
| |||||||||||
INDUSTRIALS—CHEMICALS | 0.7 | % | ||||||||||
CHS, Inc., 7.10% to 3/31/24, Series 2(a),(b) |
| 853,736 | 19,704,227 | |||||||||
CHS, Inc., 6.75% to 9/30/24, Series 3(a),(b) |
| 814,867 | 18,147,088 | |||||||||
CHS, Inc., 7.50%, Series 4(a) |
| 452,176 | 11,286,313 | |||||||||
|
| |||||||||||
49,137,628 | ||||||||||||
|
| |||||||||||
INSURANCE | 4.4 | % | ||||||||||
LIFE/HEALTH INSURANCE | 1.4 | % | ||||||||||
Athene Holding Ltd., 6.35% to 6/30/29, Series A(a),(b) |
| 1,442,359 | 32,770,396 | |||||||||
Athene Holding Ltd., 5.625%, Series B(a) |
| 267,250 | 5,262,152 | |||||||||
Equitable Holdings, Inc., 5.25%, Series A(a) |
| 907,830 | 15,360,484 | |||||||||
MetLife, Inc., 4.75%, Series F(a) |
| 1,193,000 | 25,482,480 | |||||||||
Voya Financial, Inc., 5.35% to 9/15/29, Series B(a),(b) |
| 903,475 | 20,788,960 | |||||||||
|
| |||||||||||
99,664,472 | ||||||||||||
|
| |||||||||||
MULTI-LINE | 1.3 | % | ||||||||||
Allstate Corp./The, 5.10%, Series H(a) |
| 2,141,249 | 49,462,852 | |||||||||
American International Group, Inc., 5.85%, Series A(a) |
| 12,501 | 292,898 | |||||||||
Hanover Insurance Group, Inc./The, 6.35%, due 3/30/53 |
| 120,814 | 2,769,057 | |||||||||
Hartford Financial Services Group, Inc./The, 6.00%, Series G(a) |
| 80,823 | 2,060,986 | |||||||||
WR Berkley Corp., 5.10%, due 12/30/59 |
| 1,075,000 | 23,166,250 | |||||||||
WR Berkley Corp., 5.75%, due 6/1/56 |
| 928,660 | 20,439,807 | |||||||||
|
| |||||||||||
98,191,850 | ||||||||||||
|
|
2
Shares | Value | |||||||||||
MULTI-LINE—FOREIGN | 1.0 | % | ||||||||||
Aegon Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands) | 1,602,315 | $ | 33,360,198 | |||||||||
PartnerRe Ltd., 6.50%, Series G (Bermuda)(a) | 844,136 | 20,748,863 | ||||||||||
PartnerRe Ltd., 5.875%, Series I (Bermuda)(a) | 797,157 | 18,661,446 | ||||||||||
|
| |||||||||||
72,770,507 | ||||||||||||
|
| |||||||||||
PROPERTY CASUALTY—FOREIGN | 0.3 | % | ||||||||||
Enstar Group Ltd., 7.00% to 9/1/28, Series D (Bermuda)(a),(b) | 1,040,000 | 22,796,800 | ||||||||||
|
| |||||||||||
REINSURANCE | 0.4 | % | ||||||||||
Arch Capital Group Ltd., 5.25%, Series E(a) | 500,194 | 11,474,450 | ||||||||||
Arch Capital Group Ltd., 5.45%, Series F(a) | 729,955 | 16,241,499 | ||||||||||
|
| |||||||||||
27,715,949 | ||||||||||||
|
| |||||||||||
TOTAL INSURANCE | 321,139,578 | |||||||||||
|
| |||||||||||
INTEGRATED TELECOMMUNICATIONS SERVICES | 0.5 | % | ||||||||||
AT&T, Inc., 5.625%, due 8/1/67 | 171,643 | 4,376,896 | ||||||||||
AT&T, Inc., 5.00%, Series A(a) | 259,530 | 5,914,689 | ||||||||||
AT&T, Inc., 4.75%, Series C(a) | 1,076,000 | 22,811,200 | ||||||||||
|
| |||||||||||
33,102,785 | ||||||||||||
|
| |||||||||||
PIPELINES | 0.5 | % | ||||||||||
Energy Transfer Operating LP, 7.375% to 5/15/23, Series C(a),(b) | 852,747 | 10,744,612 | ||||||||||
Energy Transfer Operating LP, 7.625% to 8/15/23, Series D(a),(b) | 1,365,571 | 17,342,752 | ||||||||||
Energy Transfer Operating LP, 7.60% to 5/15/24, Series E(a),(b) | 925,935 | 11,509,372 | ||||||||||
|
| |||||||||||
39,596,736 | ||||||||||||
|
| |||||||||||
PIPELINES—FOREIGN | 0.2 | % | ||||||||||
Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78, | 971,350 | 17,727,137 | ||||||||||
|
| |||||||||||
REAL ESTATE | 1.6 | % | ||||||||||
DIVERSIFIED | 0.0 | % | ||||||||||
Colony Capital, Inc., 7.15%, Series I(a) | 118,380 | 1,089,096 | ||||||||||
|
| |||||||||||
HOTEL | 0.1 | % | ||||||||||
Hersha Hospitality Trust, 6.875%, Series C(a) | 199,569 | 1,490,781 | ||||||||||
Summit Hotel Properties, Inc., 6.25%, Series E(a) | 80,000 | 1,052,000 |
3
Shares | Value | |||||||||||
Sunstone Hotel Investors, Inc., 6.95%, Series E(a) |
| 185,763 | $ | 3,715,260 | ||||||||
|
| |||||||||||
6,258,041 | ||||||||||||
|
| |||||||||||
NET LEASE | 0.4 | % | ||||||||||
VEREIT, Inc., 6.70%, Series F(a) |
| 1,326,544 | 29,316,622 | |||||||||
|
| |||||||||||
OFFICE | 0.4 | % | ||||||||||
Brookfield Property Partners LP, 5.75%, Series A(a) |
| 1,235,557 | 17,297,798 | |||||||||
Brookfield Property Partners LP, 6.375%, Series A2(a) |
| 527,135 | 8,402,532 | |||||||||
|
| |||||||||||
25,700,330 | ||||||||||||
|
| |||||||||||
RESIDENTIAL—SINGLE FAMILY | 0.3 | % | ||||||||||
American Homes 4 Rent, 6.50%, Series D(a) |
| 586,918 | 13,886,480 | |||||||||
American Homes 4 Rent, 6.35%, Series E(a) |
| 418,691 | 10,048,584 | |||||||||
|
| |||||||||||
23,935,064 | ||||||||||||
|
| |||||||||||
SHOPPING CENTERS | 0.2 | % | ||||||||||
COMMUNITY CENTER | 0.1 | % | ||||||||||
SITE Centers Corp., 6.375%, Series A(a) |
| 518,799 | 9,670,310 | |||||||||
|
| |||||||||||
REGIONAL MALL | 0.1 | % | ||||||||||
Taubman Centers, Inc., 6.25%, Series K(a) |
| 160,081 | 3,518,580 | |||||||||
Taubman Centers, Inc., 6.50%, Series J(a) |
| 170,050 | 3,707,090 | |||||||||
|
| |||||||||||
7,225,670 | ||||||||||||
|
| |||||||||||
TOTAL SHOPPING CENTERS |
| 16,895,980 | ||||||||||
|
| |||||||||||
SPECIALTY | 0.2 | % | ||||||||||
Digital Realty Trust, Inc., 6.35%, Series I(a) |
| 346,819 | 8,639,261 | |||||||||
Digital Realty Trust, Inc., 5.20%, Series L(a) |
| 169,900 | 3,916,195 | |||||||||
|
| |||||||||||
12,555,456 | ||||||||||||
|
| |||||||||||
TOTAL REAL ESTATE |
| 115,750,589 | ||||||||||
|
| |||||||||||
UTILITIES | 1.0 | % | ||||||||||
NextEra Energy Capital Holdings, Inc., 5.65%, due 3/1/79, Series N |
| 1,016,627 | 25,893,490 | |||||||||
NiSource, Inc., 6.50% to 3/15/24, Series B(a),(b) |
| 681,041 | 17,298,441 | |||||||||
SCE Trust V, 5.45% to 3/15/26, Series K(a),(b) |
| 211,000 | 4,021,660 | |||||||||
Sempra Energy, 5.75%, due 7/1/79 |
| 622,500 | 14,541,600 | |||||||||
Spire, Inc., 5.90%, Series A(a) |
| 340,560 | 8,500,378 | |||||||||
|
| |||||||||||
70,255,569 | ||||||||||||
|
|
4
Shares | Value | |||||||||||
UTILITIES—FOREIGN | 0.5 | % | ||||||||||
Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 |
| 588,872 | $ | 14,551,027 | ||||||||
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79,Series 19-A (Canada)(b) |
| 973,315 | 22,872,903 | |||||||||
|
| |||||||||||
37,423,930 | ||||||||||||
|
| |||||||||||
TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
| 1,464,275,178 | ||||||||||
|
| |||||||||||
Principal Amount | ||||||||||||
PREFERRED SECURITIES—CAPITAL SECURITIES | 73.0 | % | ||||||||||
BANKS | 15.6 | % | ||||||||||
Bank of America Corp., 5.875% to 3/15/28, Series FF(a),(b) |
| $ | 93,015,000 | 94,331,627 | ||||||||
Bank of America Corp., 6.10% to 3/17/25, Series AA(a),(b) |
| 38,088,000 | 38,495,351 | |||||||||
Bank of America Corp., 6.25% to 9/5/24, Series X(a),(b) |
| 68,937,000 | 70,018,966 | |||||||||
Bank of America Corp., 6.50% to 10/23/24, Series Z(a),(b) |
| 46,928,000 | 49,541,655 | |||||||||
Bank of America Corp., 8.05%, due 6/15/27, Series B |
| 3,000,000 | 3,614,459 | |||||||||
Citigroup, Inc., 4.70% to 1/30/25, Series V(a),(b) |
| 24,715,000 | 21,424,816 | |||||||||
Citigroup, Inc., 5.00% to 9/12/24, Series U(a),(b) |
| 42,288,000 | 38,687,388 | |||||||||
Citigroup, Inc., 5.90% to 2/15/23(a),(b) |
| 30,183,000 | 29,141,385 | |||||||||
Citigroup, Inc., 5.95% to 1/30/23(a),(b) |
| 29,957,000 | 28,989,089 | |||||||||
Citigroup, Inc., 5.95% to 5/15/25, Series P(a),(b) |
| 67,949,000 | 65,872,818 | |||||||||
Citigroup, Inc., 6.25% to 8/15/26, Series T(a),(b) |
| 57,031,000 | 58,789,551 | |||||||||
Citizens Financial Group, Inc., 6.375% to 4/6/24, Series C(a),(b) |
| 11,019,000 | 9,594,188 | |||||||||
CoBank ACB, 6.125%, Series G(a) |
| 175,200 | † | 17,304,504 | ||||||||
CoBank ACB, 6.20% to 1/1/25, Series H(a),(b) |
| 103,600 | † | 10,411,800 | ||||||||
CoBank ACB, 6.25% to 10/1/22, Series F(a),(b) |
| 346,400 | † | 34,293,600 | ||||||||
CoBank ACB, 6.25% to 10/1/26, Series I(a),(b) |
| 38,329,000 | 37,945,710 | |||||||||
Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A(d) |
| 41,709,945 | 48,631,293 | |||||||||
Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A(a),(b),(d) |
| 251,700 | † | 24,540,750 | ||||||||
Farm Credit Bank of Texas, 10.00%, Series 1(a) |
| 35,800 | † | 36,140,100 | ||||||||
Goldman Sachs Group, Inc./The, 4.95% to 2/10/25, Series R(a),(b) |
| 23,464,000 | 20,899,268 | |||||||||
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(a),(b) |
| 24,580,000 | 23,641,167 | |||||||||
JPMorgan Chase & Co., 4.60% to 2/1/25, Series HH(a),(b) |
| 24,133,000 | 21,151,368 | |||||||||
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(a),(b) |
| 32,509,000 | 30,499,781 | |||||||||
JPMorgan Chase & Co., 6.00% to 8/1/23, Series R(a),(b) |
| 14,274,000 | 14,283,920 | |||||||||
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a),(b) |
| 53,480,000 | 54,533,289 |
5
Principal Amount | Value | |||||||||||
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a),(b) |
| $ | 10,000,000 | $ | 9,506,950 | |||||||
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a),(b) |
| 67,112,000 | 70,178,683 | |||||||||
Truist Financial Corp., 4.80% to 9/01/24, Series N(a),(b) |
| 48,746,000 | 41,955,439 | |||||||||
Truist Financial Corp., 5.125% to 12/15/27, Series M(a),(b) |
| 42,982,000 | 36,569,730 | |||||||||
Wachovia Capital Trust III, 5.57% (3 Month US LIBOR + 0.930%, Floor 5.57%), (FRN)(a),(c) |
| 8,732,000 | 8,522,257 | |||||||||
Wells Fargo & Co., 5.95%, due 12/1/36 |
| 43,700,000 | 54,956,256 | |||||||||
Wells Fargo & Co., 7.95%, due 11/15/29 |
| 5,055,000 | 6,630,318 | |||||||||
Wells Fargo & Co., 5.875% to 6/15/25, Series U(a),(b) |
| 25,810,000 | 26,215,088 | |||||||||
|
| |||||||||||
1,137,312,564 | ||||||||||||
|
| |||||||||||
BANKS—FOREIGN | 28.1 | % | ||||||||||
Abanca Corp. Bancaria SA, 7.50% to 10/2/23 (Spain)(a),(b),(e),(f) |
| 8,600,000 | 7,825,071 | |||||||||
Australia & New Zealand Banking Group Ltd./United Kingdom, 6.75% to 6/15/26, 144A (Australia)(a),(b),(d),(e) |
| 21,530,000 | 21,171,203 | |||||||||
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (Spain)(a),(b),(e) |
| 9,600,000 | 7,063,824 | |||||||||
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(a),(b),(e) |
| 48,400,000 | 37,543,638 | |||||||||
Banco BPM SpA, 6.125% to 1/21/25 (Italy)(a),(b),(e),(f) |
| 13,790,000 | 9,448,581 | |||||||||
Banco de Sabadell SA, 6.50% , to 5/18/22to 5/18/22 (Spain)(a),(b),(e),(f) |
| 7,800,000 | 6,310,879 | |||||||||
Banco Santander SA, 4.375% to 1/14/26 (Spain)(a),(b),(e),(f) |
| 26,200,000 | 21,754,269 | |||||||||
Banco Santander SA, 7.50% to 2/8/24 (Spain)(a),(b),(e),(f) |
| 18,000,000 | 15,909,336 | |||||||||
Bank of China Hong Kong Ltd., 5.90% to 9/14/23, 144A (Hong Kong)(a),(b),(d) |
| 56,838,000 | 58,824,074 | |||||||||
Barclays PLC, 5.875% to 9/15/24 (United Kingdom)(a),(b),(e),(f) |
| 7,540,000 | 6,658,385 | |||||||||
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(a),(b),(e) |
| 28,400,000 | 30,223,822 | |||||||||
Barclays PLC, 7.875% to 3/15/22 (United Kingdom)(a),(b),(e),(f) |
| 41,172,000 | 37,878,240 | |||||||||
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(a),(b),(e) |
| 26,390,000 | 24,524,359 | |||||||||
BNP Paribas SA, 4.50% to 2/25/30, 144A (France)(a),(b),(d),(e) |
| 45,000,000 | 34,678,125 | |||||||||
BNP Paribas SA, 6.625% to 3/25/24, 144A (France)(a),(b),(d),(e) |
| 51,256,000 | 45,425,630 | |||||||||
BNP Paribas SA, 6.75% to 3/14/22, 144A (France)(a),(b),(d),(e) |
| 6,400,000 | 5,777,984 | |||||||||
BNP Paribas SA, 7.00% to 8/16/28, 144A (France)(a),(b),(d),(e) |
| 20,300,000 | 19,669,584 | |||||||||
BNP Paribas SA, 7.195% to 6/25/37, 144A (France)(a),(b),(d) |
| 33,771,000 | 33,479,387 | |||||||||
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)(a),(b),(d),(e) |
| 64,792,000 | 61,921,390 | |||||||||
BNP Paribas SA, 7.625% to 3/30/21, 144A (France)(a),(b),(d),(e) |
| 46,000,000 | 44,936,250 | |||||||||
Commerzbank AG, 7.00% to 4/9/25 (Germany)(a),(b),(e),(f) |
| 10,600,000 | 8,519,750 | |||||||||
Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(a),(b),(d),(e) |
| 40,200,000 | 36,006,939 | |||||||||
Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(a),(b),(d),(e) |
| 57,030,000 | 55,343,965 | |||||||||
Credit Agricole SA, 8.125% to 12/23/25, 144A (France)(a),(b),(d),(e) |
| 48,500,000 | 50,259,240 |
6
Principal Amount | Value | |||||||||||
Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)(a),(b),(d),(e) |
| $ | 43,900,000 | $ | 38,567,687 | |||||||
Credit Suisse Group AG, 7.125% to 7/29/22 | 78,943,000 | 73,060,957 | ||||||||||
Credit Suisse Group AG, 7.25% to 9/12/25, 144A (Switzerland)(a),(b),(d),(e) |
| 30,200,000 | 27,427,489 | |||||||||
Credit Suisse Group AG, 7.50% to 12/11/23, 144A (Switzerland)(a),(b),(d),(e) |
| 19,624,000 | 19,012,124 | |||||||||
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(a),(b),(d),(e) |
| 113,601,000 | 104,773,634 | |||||||||
Deutsche Bank AG, 6.00% to 10/30/25 (Germany)(a),(b),(e) |
| 3,400,000 | 2,284,800 | |||||||||
Deutsche Pfandbriefbank AG, 5.75% to 4/28/23, Series 3529 |
| 9,000,000 | 8,334,842 | |||||||||
DNB Bank ASA, 6.50% to 3/26/22 (Norway)(a),(b),(e),(f) |
| 21,040,000 | 19,018,561 | |||||||||
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A |
| 30,061,000 | 44,214,170 | |||||||||
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a),(b),(e) |
| 50,634,000 | 47,377,981 | |||||||||
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a),(b),(e) |
| 46,837,000 | 43,830,767 | |||||||||
HSBC Holdings PLC, 6.875% to 6/1/21 (United Kingdom)(a),(b),(e) |
| 39,458,000 | 38,772,812 | |||||||||
ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a),(b),(e) |
| 29,200,000 | 25,300,778 | |||||||||
ING Groep N.V., 6.50% to 4/16/25 (Netherlands)(a),(b),(e) |
| 28,400,000 | 23,769,380 | |||||||||
ING Groep N.V., 6.875% to 4/16/22 (Netherlands)(a),(b),(e),(f) |
| 27,900,000 | 24,460,042 | |||||||||
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)(a),(b),(d),(e) |
| 38,800,000 | 33,006,966 | |||||||||
Itau Unibanco Holding SA, 4.50% to 11/21/24, due 11/21/29, 144A |
| 25,000,000 | 22,812,500 | |||||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(a),(b),(e) |
| 43,561,000 | 37,637,793 | |||||||||
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a),(b),(e) |
| 30,885,000 | 27,780,903 | |||||||||
Nationwide Building Society, 10.25% (United Kingdom)(a),(f) |
| 14,891,000 | 24,229,910 | |||||||||
Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(a),(b),(d),(e) |
| 23,600,000 | 21,377,706 | |||||||||
Royal Bank of Scotland Group PLC, 7.648% to 9/30/31 (United Kingdom)(a),(b) |
| 36,540,000 | 46,783,075 | |||||||||
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (United Kingdom)(a),(b),(e) |
| 41,200,000 | 38,715,846 | |||||||||
Royal Bank of Scotland Group PLC, 8.625% to 8/15/21 |
| 46,709,000 | 45,790,000 | |||||||||
Skandinaviska Enskilda Banken AB, 5.125% to 5/13/25 (Sweden)(a),(b),(e),(f) |
| 13,400,000 | 11,649,022 |
7
Principal Amount | Value | |||||||||||
Societe Generale SA, 6.75% to 4/6/28, 144A (France)(a),(b),(d),(e) |
| $ | 37,211,000 | $ | 31,054,998 | |||||||
Societe Generale SA, 7.375% to 9/13/21, 144A (France)(a),(b),(d),(e) |
| 55,400,000 | 51,243,615 | |||||||||
Societe Generale SA, 7.375% to 10/4/23, 144A (France)(a),(b),(d),(e) |
| 22,000,000 | 19,045,290 | |||||||||
Societe Generale SA, 7.875% to 12/18/23, 144A (France)(a),(b),(d),(e) |
| 37,000,000 | 33,441,525 | |||||||||
Societe Generale SA, 8.00% to 9/29/25, 144A (France)(a),(b),(d),(e) |
| 27,867,000 | 25,517,673 | |||||||||
Standard Chartered PLC, 7.50% to 4/2/22, 144A (United Kingdom)(a),(b),(d),(e) |
| 42,126,000 | 41,532,655 | |||||||||
Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)(a),(b),(d),(e) |
| 48,666,000 | �� | 47,838,191 | ||||||||
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)(a),(f) |
| 44,779,500 | 44,968,604 | |||||||||
Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (Sweden)(a),(b),(e),(f) |
| 31,200,000 | 29,144,700 | |||||||||
UBS Group Funding Switzerland AG, 6.875% to 8/7/25 (Switzerland)(a),(b),(e),(f) |
| 61,850,000 | 59,034,279 | |||||||||
UBS Group Funding Switzerland AG, 6.875% to 3/22/21 |
| 7,276,000 | 7,130,480 | |||||||||
UBS Group Funding Switzerland AG, 7.00% to 2/19/25 (Switzerland)(a),(b),(e),(f) |
| 11,200,000 | 10,864,874 | |||||||||
UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A |
| 55,400,000 | 52,114,503 | |||||||||
UBS Group Funding Switzerland AG, 7.125% to 8/10/21 |
| 26,700,000 | 26,193,181 | |||||||||
UniCredit SpA, 7.50% to 6/3/26 (Italy)(a),(b),(e),(f) |
| 30,700,000 | 30,926,110 | |||||||||
UniCredit SpA, 8.00% to 6/3/24 (Italy)(a),(b),(e),(f) |
| 17,200,000 | 14,841,794 | |||||||||
|
| |||||||||||
2,056,036,142 | ||||||||||||
|
| |||||||||||
ELECTRIC | 1.5 | % | ||||||||||
CenterPoint Energy, Inc., 6.125% to 9/1/23, Series A(a),(b) |
| 14,724,000 | 11,789,433 | |||||||||
Dominion Energy, Inc., 4.65% to 12/15/24, Series B(a),(b) |
| 35,815,000 | 32,208,609 | |||||||||
Duke Energy Corp., 4.875% to 9/16/24(a),(b) |
| 48,139,000 | 40,470,217 | |||||||||
Edison International, 4.95%, due 4/15/25 |
| 3,960,000 | 3,950,852 | |||||||||
Southern California Edison Co., 6.25% to 2/1/22, Series E(a),(b) |
| 19,261,000 | 18,496,531 | |||||||||
|
| |||||||||||
106,915,642 | ||||||||||||
|
| |||||||||||
ELECTRIC—FOREIGN | 0.6 | % | ||||||||||
Electricite de France SA, 5.00% to 1/22/26, Series EMTN (France)(a),(b),(f) |
| 22,200,000 | 24,929,444 | |||||||||
Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)(a),(b),(f) |
| 2,700,000 | 3,054,898 |
8
Principal Amount | Value | |||||||||||
Electricite de France SA, 5.625% to 1/22/24, 144A (France)(a),(b),(d) |
| $ | 15,730,000 | $ | 15,151,057 | |||||||
|
| |||||||||||
43,135,399 | ||||||||||||
|
| |||||||||||
FINANCIAL—DIVERSIFIED FINANCIAL SERVICES | 0.2 | % | ||||||||||
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144A(b),(d) |
| 14,562,000 | 13,137,005 | |||||||||
|
| |||||||||||
FOOD | 0.2 | % | ||||||||||
Land O’ Lakes, Inc., 7.00%, 144A(a),(d) |
| 4,075,000 | 3,486,672 | |||||||||
Land O’ Lakes, Inc., 7.25%, 144A(a),(d) |
| 15,285,000 | 13,608,312 | |||||||||
|
| |||||||||||
17,094,984 | ||||||||||||
|
| |||||||||||
INDUSTRIALS—DIVERSIFIED MANUFACTURING | 0.9 | % | ||||||||||
General Electric Co., 5.00% to 1/21/21, Series D(a),(b) |
| 48,957,000 | 40,481,319 | |||||||||
General Electric Co., 5.875%, due 1/14/38, Series MTN |
| 20,600,000 | 24,250,527 | |||||||||
|
| |||||||||||
64,731,846 | ||||||||||||
|
| |||||||||||
INSURANCE | 18.2 | % | ||||||||||
LIFE/HEALTH INSURANCE | 5.2 | % | ||||||||||
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)(d) |
| 64,699,000 | 75,139,154 | |||||||||
MetLife, Inc., 5.875% to 3/15/28, Series D(a),(b) |
| 18,525,000 | 17,706,473 | |||||||||
MetLife, Inc., 9.25%, due 4/8/38, 144A(d) |
| 69,182,000 | 86,571,933 | |||||||||
MetLife, Inc., 10.75%, due 8/1/39 |
| 12,978,000 | 18,088,419 | |||||||||
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44(b) |
| 45,600,000 | 40,048,428 | |||||||||
Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43(b) |
| 84,950,000 | 80,027,147 | |||||||||
Prudential Financial, Inc., 5.875% to 9/15/22, due 9/15/42(b) |
| 5,000,000 | 4,858,500 | |||||||||
SBL Holdings, Inc., 7.00% to 5/13/25, 144A(a),(b),(d) |
| 19,570,000 | 12,744,963 | |||||||||
Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53(b) |
| 35,118,000 | 32,247,279 | |||||||||
Voya Financial, Inc., 6.125% to 9/15/23, Series A(a),(b) |
| 15,054,000 | 13,634,333 | |||||||||
|
| |||||||||||
381,066,629 | ||||||||||||
|
| |||||||||||
LIFE/HEALTH INSURANCE—FOREIGN | 6.1 | % | ||||||||||
Achmea BV, 4.625% to 3/24/29 (Netherlands)(a),(b),(e),(f) |
| 41,800,000 | 38,285,660 | |||||||||
Aegon NV, 5.625% to 4/15/29 (Netherlands)(a),(b),(e),(f) |
| 16,000,000 | 16,486,493 | |||||||||
Ageas, 3.875% to 12/10/29 (Belgium)(a),(b),(e),(f) |
| 19,000,000 | 16,759,168 | |||||||||
ASR Nederland NV, 4.625% to 10/19/27 (Netherlands)(a),(b),(e),(f) |
| 9,600,000 | 9,074,346 | |||||||||
Dai-ichi Life Insurance Co., Ltd., 5.10% to 10/28/24, 144A (Japan)(a),(b),(d) |
| 26,400,000 | 27,268,428 | |||||||||
Dai-ichi Life Insurance Co., Ltd., 7.25% to 7/25/21, 144A (Japan)(a),(b),(d) |
| 36,533,000 | 38,005,645 |
9
Principal Amount | Value | |||||||||||
Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)(a),(b),(f) |
| $ | 21,419,000 | $ | 22,275,760 | |||||||
Hanwha Life Insurance Co., Ltd., 4.70% to 4/23/23, 144A (South Korea)(a),(b),(d) |
| 27,200,000 | 27,332,626 | |||||||||
Legal & General Group PLC, 3.75% to 11/26/29, due 11/26/49, Series EMTN (United Kingdom)(b),(f) |
| 22,600,000 | 25,527,068 | |||||||||
M&G PLC, 5.625% to 10/20/31, due 10/20/51 (United Kingdom)(b),(f) |
| 18,900,000 | 23,017,312 | |||||||||
Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, due 10/20/45, 144A |
| 43,975,000 | 45,501,096 | |||||||||
Nippon Life Insurance Co., 3.40% to 1/23/30, due 1/23/50, 144A (Japan)(b),(d) |
| 16,800,000 | 16,187,846 | |||||||||
Nippon Life Insurance Co., 4.70% to 1/20/26, due 1/20/46, 144A (Japan)(b),(d) |
| 30,900,000 | 31,726,420 | |||||||||
Nippon Life Insurance Co., 5.00% to 10/18/22, due 10/18/42, 144A (Japan)(b),(d) |
| 24,280,000 | 24,806,876 | |||||||||
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)(b),(d) |
| 32,655,000 | 34,119,267 | |||||||||
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(a),(b),(e),(f) |
| 11,700,000 | 9,787,541 | |||||||||
Sumitomo Life Insurance Co., 6.50% to 9/20/23, due 9/20/73, 144A (Japan)(b),(d) |
| 39,550,000 | 40,805,515 | |||||||||
|
| |||||||||||
446,967,067 | ||||||||||||
|
| |||||||||||
MULTI-LINE | 1.1 | % | ||||||||||
American International Group, Inc., 5.75% to 4/1/28, due 4/1/48, Series A-9(b) |
| 30,568,000 | 26,861,255 | |||||||||
American International Group, Inc., 8.175% to 5/15/38, due 5/15/58(b) |
| 39,759,000 | 46,683,869 | |||||||||
Hartford Financial Services Group, Inc./The, 3.817% (3 Month US LIBOR + 2.125%), due 2/12/47, 144A, Series ICON (FRN)(c),(d) |
| 13,800,000 | 8,945,919 | |||||||||
|
| |||||||||||
82,491,043 | ||||||||||||
|
| |||||||||||
MULTI-LINE—FOREIGN | 0.9 | % | ||||||||||
AXA SA, 6.379% to 12/14/36, 144A (France)(a),(b),(d) |
| 39,722,000 | 47,023,499 | |||||||||
AXA SA, 8.60%, due 12/15/30 (France) |
| 11,370,000 | 15,146,060 | |||||||||
|
| |||||||||||
62,169,559 | ||||||||||||
|
| |||||||||||
PROPERTY CASUALTY | 0.8 | % | ||||||||||
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(b) |
| 32,900,000 | 28,417,719 |
10
Principal Amount | Value | |||||||||||
Liberty Mutual Group, Inc., 3.625% to 5/23/24, due 5/23/59, 144A(b),(d) |
| $ | 31,300,000 | $ | 30,710,627 | |||||||
|
| |||||||||||
59,128,346 | ||||||||||||
|
| |||||||||||
PROPERTY CASUALTY—FOREIGN | 3.6 | % | ||||||||||
Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (Japan)(a),(b),(d) |
| 53,650,000 | 55,839,725 | |||||||||
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)(b),(f) |
| 48,075,000 | 46,392,540 | |||||||||
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)(b),(f) |
| 38,458,000 | 38,140,529 | |||||||||
Sompo Japan Nipponkoa Insurance, Inc., 5.325% to 3/28/23, due 3/28/73, 144A (Japan)(b),(d) |
| 42,640,000 | 43,140,807 | |||||||||
Swiss Re Finance Luxembourg SA, 4.25% to 9/4/24 (Switzerland)(a),(b),(f) |
| 11,800,000 | 10,409,960 | |||||||||
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A (Switzerland)(b),(d) |
| 32,000,000 | 32,729,568 | |||||||||
VIVAT NV, 6.25% to 11/16/22 (Netherlands)(a),(b),(f) |
| 38,647,000 | 36,743,713 | |||||||||
|
| |||||||||||
263,396,842 | ||||||||||||
|
| |||||||||||
REINSURANCE | 0.5 | % | ||||||||||
AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(b) |
| 37,285,000 | 31,655,699 | |||||||||
|
| |||||||||||
TOTAL INSURANCE |
| 1,326,875,185 | ||||||||||
|
| |||||||||||
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN | 0.8 | % | ||||||||||
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(b) |
| 55,902,000 | 59,868,786 | |||||||||
|
| |||||||||||
MATERIAL—METALS & MINING—FOREIGN | 0.9 | % | ||||||||||
BHP Billiton Finance USA Ltd., 6.75% to 10/20/25, due 10/19/75, 144A (Australia)(b),(d) |
| 61,690,000 | 65,515,088 | |||||||||
|
| |||||||||||
PIPELINES | 0.4 | % | ||||||||||
Energy Transfer Operating LP, 7.125% to 5/15/30, Series G(a),(b) |
| 27,157,000 | 16,377,844 | |||||||||
Enterprise Products Operating LLC, 5.25% to 8/16/27, due 8/16/77, Series E(b) |
| 15,744,000 | 10,812,113 | |||||||||
|
| |||||||||||
27,189,957 | ||||||||||||
|
|
11
Principal Amount | Value | |||||||||||
PIPELINES—FOREIGN | 3.2 | % | ||||||||||
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series16-A (Canada)(b) |
| $ | 71,983,000 | $ | 53,393,030 | |||||||
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b) |
| 45,641,000 | 34,310,394 | |||||||||
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(b) |
| 88,920,000 | 68,178,965 | |||||||||
Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (Canada)(b) |
| 22,401,000 | 17,063,850 | |||||||||
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series16-A (Canada)(b) |
| 80,634,000 | 63,236,811 | |||||||||
|
| |||||||||||
236,183,050 | ||||||||||||
|
| |||||||||||
REAL ESTATE | 0.1 | % | ||||||||||
FINANCE | 0.0 | % | ||||||||||
Ventas Realty LP, 4.75%, due 11/15/30 |
| 3,700,000 | 3,641,649 | |||||||||
|
| |||||||||||
SPECIALTY | 0.1 | % | ||||||||||
Brookfield Property REIT, Inc., 5.75%, due 5/15/26, 144A(d) |
| 8,680,000 | 7,091,577 | |||||||||
|
| |||||||||||
TOTAL REAL ESTATE |
| 10,733,226 | ||||||||||
|
| |||||||||||
UTILITIES | 2.3 | % | ||||||||||
ELECTRIC UTILITIES | 0.4 | % | ||||||||||
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(b) |
| 30,894,000 | 28,568,234 | |||||||||
|
| |||||||||||
ELECTRIC UTILITIES—FOREIGN | 1.9 | % | ||||||||||
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series16-A (Canada)(b) |
| 106,453,000 | 98,654,785 | |||||||||
Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)(b),(d) |
| 40,841,000 | 43,405,815 | |||||||||
|
| |||||||||||
142,060,600 | ||||||||||||
|
| |||||||||||
TOTAL UTILITIES |
| 170,628,834 | ||||||||||
|
| |||||||||||
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES |
| 5,335,357,708 | ||||||||||
|
| |||||||||||
CORPORATE BONDS | 0.6 | % | ||||||||||
DIVERSIFIED FINANCIAL SERVICES | 0.1 | % | ||||||||||
GE Capital International Funding Co. Unlimited Co., 4.418%, due 11/15/35 |
| 5,000,000 | 5,423,487 | |||||||||
|
| |||||||||||
INSURANCE—LIFE/HEALTH INSURANCE | 0.5 | % | ||||||||||
Brighthouse Financial, Inc., 4.70%, due 6/22/47 |
| 51,686,000 | 41,674,846 | |||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS | 47,098,333 | |||||||||||
|
|
12
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS | 5.2 | % | ||||||||||
MONEY MARKET FUNDS | ||||||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58%(g) |
| $ | 379,306,999 | $ | 379,306,999 | |||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS | 379,306,999 | |||||||||||
|
| |||||||||||
PURCHASED OPTION CONTRACTS (Premiums Paid—$2,323,338) | 0.0 | % | 3 | |||||||||
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES | 98.8 | % | 7,226,038,221 | |||||||||
WRITTEN OPTION CONTRACTS | (0.0 | ) | (3 | ) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 1.2 | 85,607,635 | ||||||||||
|
|
|
| |||||||||
NET ASSETS | 100.0 | % | $ | 7,311,645,853 | ||||||||
|
|
|
|
Over-the-Counter Option Contracts
Purchased Options Interest Rate Swaptions | ||||||||||||||||||||
Description | Counterparty | Expiration Date | Exercise Rate | Notional Amount(h) | Premiums Paid | Value | ||||||||||||||
Option to receive 3-month LIBOR Quarterly, Pay 1.9575% Semiannually, maturing 4/6/30 | Goldman Sachs International | 4/2/20 | 1.9575% | $ | 304,700,000 | $ | 2,323,338 | $ | 3 |
13
Written Options Interest Rate Swaptions | ||||||||||||||||||||
Description | Counterparty | Expiration Date | Exercise Rate | Notional Amount(h) | Premiums Received | Value | ||||||||||||||
Option to pay 3-month LIBOR Quarterly, Receive 2.2075% Semiannually, maturing 4/6/30 | Goldman Sachs International | 4/2/20 | 2.2075% | $ | (304,700,000 | ) | $ | (548,460 | ) | $ | (3 | ) |
Forward Foreign Currency Exchange Contracts
Counterparty | Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Brown Brothers Harriman | EUR | 447,885,521 | USD | 493,716,751 | 4/2/20 | $ | (255,927 | ) | ||||||||||||||||
Brown Brothers Harriman | GBP | 125,877,486 | USD | 160,985,976 | 4/2/20 | 4,633,520 | ||||||||||||||||||
Brown Brothers Harriman | USD | 289,698,942 | EUR | 263,984,237 | 4/2/20 | 1,449,118 | ||||||||||||||||||
Brown Brothers Harriman | USD | 34,372,336 | EUR | 32,137,585 | 4/2/20 | 1,072,187 | ||||||||||||||||||
Brown Brothers Harriman | USD | 23,786,271 | EUR | 22,287,420 | 4/2/20 | 794,511 | ||||||||||||||||||
Brown Brothers Harriman | USD | 17,357,736 | EUR | 15,984,581 | 4/2/20 | 271,649 | ||||||||||||||||||
Brown Brothers Harriman | USD | 30,500,475 | EUR | 27,704,886 | 4/2/20 | 55,227 | ||||||||||||||||||
Brown Brothers Harriman | USD | 24,080,557 | EUR | 21,709,372 | 4/2/20 | (137,303 | ) | |||||||||||||||||
Brown Brothers Harriman | USD | 26,631,665 | EUR | 23,807,500 | 4/2/20 | (374,387 | ) | |||||||||||||||||
Brown Brothers Harriman | USD | 22,402,605 | EUR | 19,725,065 | 4/2/20 | (647,842 | ) | |||||||||||||||||
Brown Brothers Harriman | USD | 23,594,556 | EUR | 20,544,875 | 4/2/20 | (935,626 | ) | |||||||||||||||||
Brown Brothers Harriman | USD | 6,405,416 | GBP | 5,505,896 | 4/2/20 | 433,459 | ||||||||||||||||||
Brown Brothers Harriman | USD | 6,335,970 | GBP | 5,444,396 | 4/2/20 | 426,515 | ||||||||||||||||||
Brown Brothers Harriman | USD | 10,590,392 | GBP | 8,748,724 | 4/2/20 | 276,401 | ||||||||||||||||||
Brown Brothers Harriman | USD | 102,844,526 | GBP | 82,998,036 | 4/2/20 | 247,354 | ||||||||||||||||||
Brown Brothers Harriman | USD | 12,819,611 | GBP | 10,374,044 | 4/2/20 | 65,992 | ||||||||||||||||||
Brown Brothers Harriman | USD | 8,246,562 | GBP | 6,370,919 | 4/2/20 | (333,242 | ) | |||||||||||||||||
Brown Brothers Harriman | USD | 8,329,610 | GBP | 6,435,471 | 4/2/20 | (336,110 | ) | |||||||||||||||||
Brown Brothers Harriman | GBP | 6,963,981 | USD | 8,694,328 | 5/4/20 | 38,307 | ||||||||||||||||||
Brown Brothers Harriman | GBP | 81,708,865 | USD | 101,306,736 | 5/4/20 | (254,951 | ) | |||||||||||||||||
Brown Brothers Harriman | EUR | 13,680,759 | USD | 15,235,016 | 5/5/20 | 127,325 | ||||||||||||||||||
Brown Brothers Harriman | EUR | 242,780,853 | USD | 266,736,040 | 5/5/20 | (1,367,372 | ) | |||||||||||||||||
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| |||||||||||||||||||||||
$ | 5,248,805 | |||||||||||||||||||||||
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14
Glossary of Portfolio Abbreviations
| ||
EMTN | Euro Medium Term Note | |
EUR | Euro Currency | |
FRN | Floating Rate Note | |
GBP | Great British Pound | |
LIBOR | London Interbank Offered Rate | |
MTN | Medium Term Note | |
REIT | Real Estate Investment Trust | |
TruPS | Trust Preferred Securities | |
USD | United States Dollar |
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) | Variable rate. Rate shown is in effect at March 31, 2020. |
(d) | 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 $1,993,641,983 which represents 27.3% of the net assets of the Fund, of which 0.0% are illiquid. |
(e) | Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $1,893,930,131 or 25.9% 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 $819,046,299 which represents 11.2% of the net assets of the Fund, of which 0.0% are illiquid. |
(g) | Rate quoted represents the annualizedseven-day yield. |
(h) | Notional amount is calculated using the number of contracts multiplied by notional contract size. |
15
Country Summary | % of Net Assets | |||
United States | 45.3 | |||
United Kingdom | 9.6 | |||
France | 8.9 | |||
Switzerland | 6.3 | |||
Canada | 5.5 | |||
Japan | 5.2 | |||
Netherlands | 3.5 | |||
Australia | 2.3 | |||
Italy | 1.8 | |||
Spain | 1.3 | |||
Bernuda | 0.8 | |||
Hong Kong | 0.8 | |||
Sweden | 0.6 | |||
Other | 8.1 | |||
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100.0 | ||||
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16
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, 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 contracts are valued daily at the prevailing forward exchange rate. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close ofbusiness. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (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 OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (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. Investmentsin open-end mutual funds are valued at net asset value (NAV).
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, 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 |
• | 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.
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund’s investments carried at value:
Total | Quoted Prices in Active Markets for Identical Investments (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Preferred Securities—$25 Par Value: | ||||||||||||||||
Electric | $ | 164,449,142 | $ | 156,527,091 | $ | 7,922,051 | $ | — | ||||||||
Other Industries | 1,299,826,036 | 1,299,826,036 | — | — | ||||||||||||
Preferred Securities—Capital Securities | 5,335,357,708 | — | 5,335,357,708 | — | ||||||||||||
Corporate Bonds | 47,098,333 | — | 47,098,333 | — | ||||||||||||
Short-Term Investments | 379,306,999 | — | 379,306,999 | — | ||||||||||||
Purchased Option Contracts | 3 | — | 3 | — | ||||||||||||
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Total Investments in Securities(a) | $ | 7,226,038,221 | $ | 1,456,353,127 | $ | 5,769,685,094 | $ | — | ||||||||
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Forward Foreign Currency Exchange Contracts | $ | 9,891,565 | $ | — | $ | 9,891,565 | $ | — | ||||||||
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Total Derivative Assets(a) | $ | 9,891,565 | $ | — | $ | 9,891,565 | $ | — | ||||||||
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Written Option Contracts | $ | (3 | ) | $ | — | $ | (3 | ) | $ | — | ||||||
Forward Foreign Currency Exchange Contracts | (4,642,760 | ) | — | (4,642,760 | ) | — | ||||||||||
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Total Derivative Liabilities(a) | $ | (4,642,763 | ) | $ | — | $ | (4,642,763 | ) | $ | — | ||||||
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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 itsnon-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.
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Options: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.
When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability issubsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.
Interest Rate Swaptions: The Fund may write or purchase interest rate swaptions which are options to enter into apre-defined swap agreement at a specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises the swaption. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The following summarizes the volume of the Fund’s option contracts and forward foreign currency exchange contracts activity during the three months ended March 31, 2020:
Purchased Option Contracts(a),(b) | Written Option Contracts(a),(b) | Forward Foreign Currency Exchange Contracts | ||||||||||
Average Notional Amount | $ | 304,700,000 | $ | 304,700,000 | $ | 545,953,468 |
(a) | Notional amount is calculated using the number of contracts multiplied by notional contract size. |
(b) | Average notional amounts represent the average for all months in which the Fund had swaption contracts outstanding at month end. |