COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Shares | Value | |||||||||||
PREFERRED SECURITIES—$25 PAR VALUE | 14.3 | % | ||||||||||
BANKS | 2.7 | % | ||||||||||
Bank of America Corp., 5.875%, Series HH(a) | 250,336 | $ | 5,993,044 | |||||||||
Bank of America Corp., 5.375%, Series KK(a) | 150,000 | 3,445,500 | ||||||||||
Bank of America Corp., 5.00%, Series LL(a) | 259,170 | 5,522,913 | ||||||||||
Bank of America Corp., 4.375%, Series NN(a) | 1,533,796 | 28,482,592 | ||||||||||
Bank of America Corp., 4.125%, Series PP(a) | 621,355 | 10,879,926 | ||||||||||
Bank of America Corp., 4.25%, Series QQ(a) | 770,603 | 14,009,562 | ||||||||||
Bank of America Corp., 4.75%, Series SS(a) | 289,244 | 5,993,136 | ||||||||||
JPMorgan Chase & Co., 4.55%, Series JJ(a) | 847,232 | 17,893,540 | ||||||||||
JPMorgan Chase & Co., 4.625%, Series LL(a) | 679,507 | 14,351,188 | ||||||||||
Regions Financial Corp., 5.70% to 5/15/29, Series C(a),(b) | 1,117,147 | 23,929,289 | ||||||||||
Truist Financial Corp., 4.75%, Series R(a) | 217,580 | 4,610,520 | ||||||||||
Wells Fargo & Co., 4.70%, Series AA(a) | 1,186,309 | 22,409,377 | ||||||||||
Wells Fargo & Co., 4.375%, Series CC(a) | 193,605 | 3,405,512 | ||||||||||
Wells Fargo & Co., 4.25%, Series DD(a) | 263,938 | 4,539,733 | ||||||||||
Wells Fargo & Co., 4.75%, Series Z(a) | 1,803,434 | 34,643,967 | ||||||||||
|
| |||||||||||
200,109,799 | ||||||||||||
|
| |||||||||||
ELECTRIC | 1.3 | % | ||||||||||
CMS Energy Corp., 5.875%, due 10/15/78 | 576,419 | 13,908,990 | ||||||||||
CMS Energy Corp., 5.875%, due 3/1/79 | 417,558 | 10,142,484 | ||||||||||
SCE Trust V, 5.45% to 3/15/26, Series K (TruPS)(a),(b) | 787,900 | 17,648,960 | ||||||||||
SCE Trust VI, 5.00% (TruPS)(a) | 1,202,165 | 24,019,257 | ||||||||||
WESCO International, Inc., 10.625% to 6/22/25, Series A(a),(b) | 1,229,584 | 33,334,022 | ||||||||||
|
| |||||||||||
99,053,713 | ||||||||||||
|
| |||||||||||
ELECTRIC—FOREIGN | 0.5 | % | ||||||||||
BIP Bermuda Holdings I Ltd., 5.125% (Canada)(a) | 134,233 | 2,460,491 | ||||||||||
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada) | 778,449 | 14,206,694 | ||||||||||
Brookfield Infrastructure Partners LP, 5.125%, Series 13 (Canada)(a) | 693,931 | 12,983,449 | ||||||||||
Brookfield Renewable Partners LP, 5.25%, Series 17 (Canada)(a) | 305,812 | 6,036,729 | ||||||||||
|
| |||||||||||
35,687,363 | ||||||||||||
|
| |||||||||||
FINANCIAL | 1.4 | % | ||||||||||
DIVERSIFIED FINANCIAL SERVICES | 0.4 | % | ||||||||||
Apollo Asset Management, Inc., 6.375%, Series B(a) | 623,216 | 13,960,038 | ||||||||||
Carlyle Finance LLC, 4.625%, due 5/15/61 | 616,067 | 11,335,633 | ||||||||||
KKR Group Finance Co. IX LLC, 4.625%, due 4/1/61 | 283,506 | 5,244,861 | ||||||||||
Synchrony Financial, 5.625%, Series A(a) | 25,768 | 439,087 | ||||||||||
|
| |||||||||||
30,979,619 | ||||||||||||
|
|
1
Shares | Value | |||||||||||
INVESTMENT ADVISORY SERVICES—FOREIGN | 0.2 | % | ||||||||||
Brookfield Finance, Inc., 4.625%, due 10/16/80, Series 50 (Canada) | 1,177,946 | $ | 18,128,589 | |||||||||
|
| |||||||||||
INVESTMENT BANKER/BROKER | 0.8 | % | ||||||||||
Charles Schwab Corp./The, 5.95%, Series D(a) | 177,404 | 4,085,614 | ||||||||||
Morgan Stanley, 6.375% to 10/15/24, Series I(a),(b) | 922,502 | 22,721,224 | ||||||||||
Morgan Stanley, 5.85% to 4/15/27, Series K(a),(b) | 452,760 | 11,219,393 | ||||||||||
Morgan Stanley, 4.25%, Series O(a) | 420,842 | 7,974,956 | ||||||||||
Morgan Stanley, 6.50%, Series P(a) | 541,545 | 13,749,827 | ||||||||||
|
| |||||||||||
59,751,014 | ||||||||||||
|
| |||||||||||
TOTAL FINANCIAL | 108,859,222 | |||||||||||
|
| |||||||||||
INDUSTRIALS—CHEMICALS | 0.6 | % | ||||||||||
CHS, Inc., 7.10% to 3/31/24, Series 2(a),(b) | 453,736 | 11,375,162 | ||||||||||
CHS, Inc., 6.75% to 9/30/24, Series 3(a),(b) | 394,867 | 9,871,675 | ||||||||||
CHS, Inc., 7.50%, Series 4(a) | 768,072 | 20,177,251 | ||||||||||
|
| |||||||||||
41,424,088 | ||||||||||||
|
| |||||||||||
INSURANCE | 3.9 | % | ||||||||||
LIFE/HEALTH INSURANCE | 2.2 | % | ||||||||||
Athene Holding Ltd., 6.35% to 6/30/29, Series A(a),(b) | 760,490 | 16,540,658 | ||||||||||
Athene Holding Ltd., 6.375% to 6/30/25, Series C(a),(b) | 1,012,959 | 24,402,182 | ||||||||||
Athene Holding Ltd., 4.875%, Series D(a) | 1,138,678 | 17,922,792 | ||||||||||
Athene Holding Ltd., 7.75% to 12/30/27, Series E(a),(b) | 1,403,944 | 33,540,222 | ||||||||||
Brighthouse Financial, Inc., 5.375%, Series C(a) | 816,068 | 13,669,139 | ||||||||||
Equitable Holdings, Inc., 5.25%, Series A(a) | 969,704 | 21,226,821 | ||||||||||
Equitable Holdings, Inc., 4.30%, Series C(a) | 189,724 | 3,528,866 | ||||||||||
Lincoln National Corp., 9.00%, Series D(a) | 1,095,353 | 27,931,501 | ||||||||||
Prudential Financial, Inc., 5.95%, due 9/1/62 | 394,132 | 9,991,246 | ||||||||||
|
| |||||||||||
168,753,427 | ||||||||||||
|
| |||||||||||
MULTI-LINE | 0.1 | % | ||||||||||
American International Group, Inc., 5.85%, Series A(a) | 14,380 | 335,917 | ||||||||||
Kemper Corp., 5.875% to 3/15/27, due 3/15/62(b) | 381,800 | 7,345,832 | ||||||||||
|
| |||||||||||
7,681,749 | ||||||||||||
|
| |||||||||||
MULTI-LINE—FOREIGN | 0.2 | % | ||||||||||
AEGON Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands) | 661,943 | 14,291,349 | ||||||||||
|
|
2
Shares | Value | |||||||||||
PROPERTY CASUALTY | 0.4 | % | ||||||||||
Axis Capital Holdings Ltd., 5.50%, Series E(a) | 203,051 | $ | 4,302,651 | |||||||||
Enstar Group Ltd., 7.00% to 9/1/28, Series D(a),(b) | 1,036,960 | 23,124,208 | ||||||||||
|
| |||||||||||
27,426,859 | ||||||||||||
|
| |||||||||||
REINSURANCE | 0.9 | % | ||||||||||
Arch Capital Group Ltd., 5.45%, Series F(a) | 782,639 | 18,008,523 | ||||||||||
Arch Capital Group Ltd., 4.55%, Series G(a) | 769,267 | 14,808,390 | ||||||||||
Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52(b) |
| 1,382,200 | 36,351,860 | |||||||||
|
| |||||||||||
69,168,773 | ||||||||||||
|
| |||||||||||
REINSURANCE—FOREIGN | 0.1 | % | ||||||||||
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)(a) | 545,141 | 9,414,585 | ||||||||||
|
| |||||||||||
TOTAL INSURANCE | 296,736,742 | |||||||||||
|
| |||||||||||
INTEGRATED TELECOMMUNICATIONS SERVICES | 1.1 | % | ||||||||||
AT&T, Inc., 5.35%, due 11/1/66 | 120,000 | 2,818,800 | ||||||||||
Telephone and Data Systems, Inc., 6.00%, Series VV(a) | 1,494,783 | 20,941,910 | ||||||||||
United States Cellular Corp., 5.50%, due 3/1/70 | 719,503 | 12,087,650 | ||||||||||
United States Cellular Corp., 5.50%, due 6/1/70 | 868,707 | 14,828,828 | ||||||||||
United States Cellular Corp., 6.25%, due 9/1/69 | 1,533,236 | 29,453,464 | ||||||||||
|
| |||||||||||
80,130,652 | ||||||||||||
|
| |||||||||||
PIPELINES | 0.7 | % | ||||||||||
Energy Transfer LP, 7.625% to 8/15/23, Series D(a),(b) | 1,018,858 | 23,769,957 | ||||||||||
Energy Transfer LP, 7.60% to 5/15/24, Series E(a),(b) | 1,302,766 | 31,500,882 | ||||||||||
|
| |||||||||||
55,270,839 | ||||||||||||
|
| |||||||||||
REAL ESTATE | 1.0 | % | ||||||||||
DATA CENTERS | 0.1 | % | ||||||||||
DigitalBridge Group, Inc., 7.15%, Series I(a) | 379,517 | 7,279,136 | ||||||||||
|
| |||||||||||
HOTEL | 0.1 | % | ||||||||||
Summit Hotel Properties, Inc., 6.25%, Series E(a) | 80,000 | 1,515,200 | ||||||||||
Sunstone Hotel Investors, Inc., 6.125%, Series H(a) | 161,792 | 3,274,670 | ||||||||||
|
| |||||||||||
4,789,870 | ||||||||||||
|
| |||||||||||
OFFICE | 0.6 | % | ||||||||||
Brookfield Property Partners LP, 5.75%, Series A(a) | 1,147,096 | 14,281,346 | ||||||||||
Brookfield Property Partners LP, 6.375%, Series A2(a) | 527,135 | 7,949,196 | ||||||||||
Brookfield Property Preferred LP, 6.25%, due 7/26/81 | 771,911 | 12,504,958 | ||||||||||
Hudson Pacific Properties, Inc., 4.75%, Series C(a) | 600,590 | 6,005,900 | ||||||||||
Vornado Realty Trust, 5.25%, Series N(a) | 330,000 | 4,290,000 | ||||||||||
|
| |||||||||||
45,031,400 | ||||||||||||
|
|
3
Shares | Value | |||||||||||
SELF STORAGE | 0.1 | % | ||||||||||
Public Storage, 4.625%, Series L(a) | 400,658 | $ | 8,373,752 | |||||||||
|
| |||||||||||
SHOPPING CENTERS | 0.1 | % | ||||||||||
SITE Centers Corp., 6.375%, Class A(a) | 517,573 | 12,131,911 | ||||||||||
|
| |||||||||||
TOTAL REAL ESTATE |
| 77,606,069 | ||||||||||
|
| |||||||||||
UTILITIES | 0.4 | % | ||||||||||
NiSource, Inc., 6.50% to 3/15/24, Series B(a),(b) | 843,697 | 20,248,728 | ||||||||||
Sempra Energy, 5.75%, due 7/1/79 | 354,763 | 8,776,837 | ||||||||||
|
| |||||||||||
29,025,565 | ||||||||||||
|
| |||||||||||
UTILITIES—FOREIGN | 0.7 | % | ||||||||||
Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 (Canada)(b) |
| 543,826 | 12,486,245 | |||||||||
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (Canada)(b) |
| 888,939 | 20,641,164 | |||||||||
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a) |
| 780,677 | 11,983,392 | |||||||||
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a) |
| 319,319 | 4,757,853 | |||||||||
|
| |||||||||||
49,868,654 | ||||||||||||
|
| |||||||||||
TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
| 1,073,772,706 | ||||||||||
|
| |||||||||||
Principal Amount | ||||||||||||
PREFERRED SECURITIES—CAPITAL SECURITIES | 82.8 | % | ||||||||||
BANKS | 18.8 | % | ||||||||||
Ally Financial, Inc., 4.70% to 5/15/28, Series C(a),(b) |
| $ | 37,696,000 | 25,237,472 | ||||||||
Bank of America Corp., 4.375% to 1/27/27, Series RR(a),(b) |
| 8,821,000 | 7,521,118 | |||||||||
Bank of America Corp., 5.875% to 3/15/28, Series FF(a),(b) |
| 44,102,000 | 39,735,902 | |||||||||
Bank of America Corp., 6.10% to 3/17/25, Series AA(a),(b) |
| 117,440,000 | 115,423,555 | |||||||||
Bank of America Corp., 6.125% to 4/27/27, Series TT(a),(b) |
| 16,303,000 | 16,078,834 | |||||||||
Bank of America Corp., 6.25% to 9/5/24, Series X(a),(b) |
| 85,264,000 | 83,452,140 | |||||||||
Bank of America Corp., 6.50% to 10/23/24, Series Z(a),(b) |
| 29,443,000 | 29,443,000 | |||||||||
Bank of America Corp., 8.05%, due 6/15/27, Series B | 3,000,000 | 3,272,276 | ||||||||||
Bank of New York Mellon Corp./The, 3.75% to 12/20/26, Series I(a),(b) |
| 7,540,000 | 6,236,334 |
4
Principal Amount | Value | |||||||||
Bank of New York Mellon Corp./The, 4.625% to 9/20/26, Series F(a),(b) | $ | 7,503,000 | $ | 6,729,019 | ||||||
Capital One Financial Corp., 3.95% to 9/1/26, Series M(a),(b) | 3,503,000 | 2,631,629 | ||||||||
Citigroup Capital III, 7.625%, due 12/1/36 (TruPS)(c) | 4,800,000 | 5,200,531 | ||||||||
Citigroup, Inc., 3.875% to 2/18/26, Series X(a),(b) | 110,365,000 | 93,479,155 | ||||||||
Citigroup, Inc., 4.00% to 12/10/25, Series W(a),(b) | 30,634,000 | 27,149,382 | ||||||||
Citigroup, Inc., 5.00% to 9/12/24, Series U(a),(b) | 13,426,000 | 12,586,875 | ||||||||
Citigroup, Inc., 5.95% to 5/15/25, Series P(a),(b) | 69,907,000 | 65,236,903 | ||||||||
Citigroup, Inc., 6.25% to 8/15/26, Series T(a),(b) | 34,282,000 | 32,910,720 | ||||||||
Citigroup, Inc., 7.375% to 5/15/28, Series Z(a),(b) | 41,290,000 | 40,739,191 | ||||||||
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a),(b) | 10,141,000 | 8,776,346 | ||||||||
Citizens Financial Group, Inc., 6.375% to 4/6/24, Series C(a),(b) | 2,262,000 | 1,956,630 | ||||||||
CoBank ACB, 6.20% to 1/1/25, Series H(a),(b) | 53,600 | † | 5,165,700 | |||||||
CoBank ACB, 6.25% to 10/1/26, Series I(a),(b) | 38,329,000 | 36,226,150 | ||||||||
CoBank ACB, 6.45% to 10/1/27, Series K(a),(b) | 30,070,000 | 28,359,992 | ||||||||
Comerica, Inc., 5.625% to 7/1/25, Series A(a),(b) | 16,957,000 | 14,257,446 | ||||||||
Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A (TruPS)(d) | 16,213,945 | 16,619,294 | ||||||||
Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4, 144A(a),(b),(d) | 38,550,000 | 35,466,000 | ||||||||
Goldman Sachs Capital I, 6.345%, due 2/15/34 (TruPS) | 34,831,000 | 35,473,550 | ||||||||
Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(a),(b) | 16,883,000 | 13,822,956 | ||||||||
Goldman Sachs Group, Inc./The, 4.125% to 11/10/26, Series V(a),(b) | 7,862,000 | 6,525,509 | ||||||||
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(a),(b) | 14,098,000 | 13,654,194 | ||||||||
Huntington Bancshares, Inc./OH., 4.45% to 10/15/27, Series G(a),(b) | 36,466,000 | 30,403,527 | ||||||||
Huntington Bancshares, Inc./OH., 5.625% to 7/15/30, Series F(a),(b) | 8,409,000 | 7,189,695 | ||||||||
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a),(b) | 64,950,000 | 63,488,625 | ||||||||
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a),(b) | 6,019,000 | 5,889,592 | ||||||||
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a),(b) | 38,920,000 | 39,079,767 | ||||||||
PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series V(a),(b) | 32,745,000 | 30,889,996 | ||||||||
PNC Financial Services Group, Inc./The, 6.25% to 3/15/30, Series W(a),(b) | 47,530,000 | 44,321,725 | ||||||||
Truist Financial Corp., 4.80% to 9/1/24, Series N(a),(b) | 18,982,000 | 16,656,705 | ||||||||
Truist Financial Corp., 4.95% to 9/1/25, Series P(a),(b) | 10,453,000 | 9,687,648 | ||||||||
Truist Financial Corp., 5.10% to 3/1/30, Series Q(a),(b) | 24,175,000 | 21,287,407 | ||||||||
Truist Financial Corp., 5.125% to 12/15/27, Series H(a),(b) | 26,197,000 | 22,267,450 |
5
Principal Amount | Value | |||||||||||
US Bancorp, 3.70% to 1/15/27, Series N(a),(b) |
| $ | 9,621,000 | $ | 7,528,433 | |||||||
US Bancorp, 5.30% to 4/15/27, Series J(a),(b) |
| 34,895,000 | 29,782,960 | |||||||||
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a),(b) |
| 183,875,000 | 162,423,223 | |||||||||
Wells Fargo & Co., 5.875% to 6/15/25, Series U(a),(b) |
| 46,761,000 | 46,059,585 | |||||||||
Wells Fargo & Co., 5.95%, due 12/15/36 |
| 41,433,000 | 42,581,911 | |||||||||
Wells Fargo & Co., 7.95%, due 11/15/29, Series B |
| 5,055,000 | 5,624,015 | |||||||||
|
| |||||||||||
1,414,530,067 | ||||||||||||
|
| |||||||||||
BANKS—FOREIGN | 28.1 | % | ||||||||||
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(a),(b),(e),(f) |
| 23,000,000 | 20,487,092 | |||||||||
AIB Group PLC, 6.25% to 6/23/25 (Ireland)(a),(b),(e),(f) |
| 8,800,000 | 8,789,645 | |||||||||
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(a),(b),(f) |
| 40,000,000 | 36,400,000 | |||||||||
Banco BPM SpA, 7.00% to 4/12/27 (Italy)(a),(b),(e),(f) |
| 8,400,000 | 7,647,312 | |||||||||
Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(a),(b),(e),(f) |
| 4,200,000 | 3,539,913 | |||||||||
Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(a),(b),(e),(f) |
| 25,400,000 | 24,523,973 | |||||||||
Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32, 144A |
| 25,190,000 | 20,340,925 | |||||||||
Banco Santander SA, 4.75% to 11/12/26 (Spain)(a),(b),(f) |
| 20,400,000 | 15,886,500 | |||||||||
Banco Santander SA, 7.50% to 2/8/24 (Spain)(a),(b),(e),(f) |
| 2,000,000 | 1,912,772 | |||||||||
Bank of Ireland Group PLC, 6.00% to 9/1/25 (Ireland)(a),(b),(e),(f) |
| 21,340,000 | 21,202,900 | |||||||||
Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(a),(b),(e),(f) |
| 31,200,000 | 32,903,866 | |||||||||
Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)(a),(b) |
| 49,695,000 | 45,346,688 | |||||||||
Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82 (Canada)(b) |
| 22,450,000 | 22,881,815 | |||||||||
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(a),(b) |
| 25,730,000 | 24,164,855 | |||||||||
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a),(b),(f) |
| 51,870,000 | 44,103,325 | |||||||||
Barclays PLC, 6.375% to 12/15/25 (United Kingdom)(a),(b),(e),(f) |
| 3,800,000 | 4,136,875 | |||||||||
Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(a),(b),(f) |
| 7,600,000 | 8,221,999 | |||||||||
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(a),(b),(f) |
| 42,990,000 | 38,798,475 | |||||||||
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a),(b),(f) |
| 89,367,000 | 76,520,494 | |||||||||
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a),(b),(e),(f) |
| 44,715,000 | 49,920,155 | |||||||||
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(a),(b),(f) |
| 11,200,000 | 12,531,823 | |||||||||
BNP Paribas SA, 4.625% to 2/25/31, 144A (France)(a),(b),(d),(f) |
| 10,800,000 | 8,098,488 | |||||||||
BNP Paribas SA, 4.625% to 1/12/27, 144A (France)(a),(b),(d),(f) |
| 40,100,000 | 31,237,900 | |||||||||
BNP Paribas SA, 7.00% to 8/16/28, 144A (France)(a),(b),(d),(f) |
| 27,300,000 | 24,952,746 | |||||||||
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)(a),(b),(d),(f) |
| 29,192,000 | 27,778,815 | |||||||||
BNP Paribas SA, 7.375% to 6/11/30 (France)(a),(b),(e),(f) |
| 16,000,000 | 16,608,344 | |||||||||
BNP Paribas SA, 7.75% to 8/16/29, 144A (France)(a),(b),(d),(f) |
| 112,800,000 | 108,254,160 | |||||||||
BNP Paribas SA, 9.25% to 11/17/27, 144A (France)(a),(b),(d),(f) |
| 34,600,000 | 35,222,889 | |||||||||
CaixaBank SA, 8.25% to 3/13/29 (Spain)(a),(b),(e),(f) |
| 28,800,000 | 29,104,340 |
6
Principal Amount | Value | |||||||||
Commerzbank AG, 7.00% to 4/9/25 (Germany)(a),(b),(e),(f) | $ | 25,600,000 | $ | 21,413,120 | ||||||
Credit Agricole SA, 4.75% to 3/23/29, 144A (France)(a),(b),(d),(f) | 39,337,000 | 29,636,496 | ||||||||
Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(a),(b),(d),(f) | 31,437,000 | 29,301,934 | ||||||||
Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)(a),(b),(e),(f) | 8,200,000 | 8,687,375 | ||||||||
Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(a),(b),(d),(f) | 10,230,000 | 10,066,207 | ||||||||
Credit Agricole SA, 8.125% to 12/23/25, 144A (France)(a),(b),(d),(f) | 17,700,000 | 17,158,451 | ||||||||
Credit Suisse Group AG, 5.25% to 2/11/27, 144A (Switzerland)(a),(b),(d),(f),(g) | 7,740,000 | 445,050 | ||||||||
Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)(a),(b),(d),(f),(g) | 37,700,000 | 2,167,750 | ||||||||
Credit Suisse Group AG, 7.25% to 9/12/25, 144A (Switzerland)(a),(b),(d),(f),(g) | 23,912,000 | 1,374,940 | ||||||||
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(a),(b),(d),(f),(g) | 70,101,000 | 4,030,808 | ||||||||
Danske Bank A/S, 7.00% to 6/26/25 (Denmark)(a),(b),(e),(f) | 15,600,000 | 14,500,200 | ||||||||
Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)(a),(b),(f) | 45,200,000 | 33,638,278 | ||||||||
Deutsche Bank AG, 7.079% to 11/10/32, due 2/10/34 (Germany)(b) | 8,400,000 | 7,797,437 | ||||||||
Deutsche Bank AG, 7.50% to 4/30/25 (Germany)(a),(b),(f) | 37,000,000 | 30,194,590 | ||||||||
Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(a),(b),(e),(f) | 32,800,000 | 33,152,728 | ||||||||
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A | 40,650,000 | 48,938,973 | ||||||||
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a),(b),(f) | 9,334,000 | 8,590,348 | ||||||||
HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom) | 8,000,000 | 8,220,605 | ||||||||
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a),(b),(f) | 20,237,000 | 17,756,212 | ||||||||
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a),(b),(f) | 28,200,000 | 28,197,180 | ||||||||
Iccrea Banca SpA, 4.75% to 10/18/26, due 1/18/32, Series EMTN (Italy)(b),(e) | 11,300,000 | 10,441,744 | ||||||||
ING Groep N.V., 4.25% to 5/16/31, Series NC10 (Netherlands)(a),(b),(f) | 29,092,000 | 19,301,669 | ||||||||
ING Groep N.V., 4.875% to 5/16/29 (Netherlands)(a),(b),(e),(f) | 29,700,000 | 22,332,945 | ||||||||
ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a),(b),(f) | 69,500,000 | 60,186,652 | ||||||||
ING Groep N.V., 6.50% to 4/16/25 (Netherlands)(a),(b),(f) | 38,996,000 | 35,175,533 | ||||||||
ING Groep NV, 7.50% to 5/16/28 (Netherlands)(a),(b),(e),(f) | 35,800,000 | 32,483,595 | ||||||||
Intesa Sanpaolo SpA, 5.50% to 3/1/28, Series EMTN (Italy)(a),(b),(e),(f) | 2,000,000 | 2,155,509 |
7
Principal Amount | Value | |||||||||
Intesa Sanpaolo SpA, 5.875% to 9/1/31, Series EMTN (Italy)(a),(b),(e),(f) | $ | 13,600,000 | $ | 11,662,339 | ||||||
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)(a),(b),(d),(f) | 59,130,000 | 54,399,600 | ||||||||
Lloyds Banking Group PLC, 6.75% to 6/27/26 (United Kingdom)(a),(b),(f) | 7,526,000 | 6,820,301 | ||||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(a),(b),(f) | 26,761,000 | 25,318,850 | ||||||||
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a),(b),(f) | 67,560,000 | 62,852,419 | ||||||||
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a),(b),(f) | 69,000,000 | 63,738,750 | ||||||||
Natwest Group PLC, 4.60% to 6/28/31 (United Kingdom)(a),(b),(f) | 9,450,000 | 6,675,008 | ||||||||
Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a),(b),(f) | 70,300,000 | 64,296,380 | ||||||||
Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a),(b),(f) | 44,900,000 | 44,428,550 | ||||||||
Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(a),(b),(d),(f) | 25,000,000 | 23,555,250 | ||||||||
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a),(b),(e),(f) | 14,600,000 | 13,624,486 | ||||||||
Societe Generale SA, 5.375% to 11/18/30, 144A (France)(a),(b),(d),(f) | 53,000,000 | 38,289,056 | ||||||||
Societe Generale SA, 6.75% to 4/6/28, 144A (France)(a),(b),(d),(f) | 66,371,000 | 53,104,686 | ||||||||
Societe Generale SA, 7.875% to 12/18/23, 144A (France)(a),(b),(d),(f) | 12,200,000 | 11,454,580 | ||||||||
Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(a),(b),(e),(f) | 15,400,000 | 15,271,584 | ||||||||
Societe Generale SA, 8.00% to 9/29/25, 144A (France)(a),(b),(d),(f) | 52,267,000 | 48,902,312 | ||||||||
Societe Generale SA, 9.375% to 11/22/27, 144A (France)(a),(b),(d),(f) | 47,000,000 | 44,591,250 | ||||||||
Standard Chartered PLC, 4.75% to 1/14/31, 144A (United Kingdom)(a),(b),(d),(f) | 3,698,000 | 2,623,268 | ||||||||
Standard Chartered PLC, 7.75% to 8/15/27, 144A (United Kingdom)(a),(b),(d),(f) | 1,623,000 | 1,530,078 | ||||||||
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a),(b),(e),(f) | 9,600,000 | 7,745,491 | ||||||||
Swedbank AB, 7.625% to 3/17/28 (Sweden)(a),(b),(e),(f) | 9,400,000 | 8,919,754 | ||||||||
Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (Canada)(b) | 47,200,000 | 48,026,000 | ||||||||
UBS Group AG, 4.875% to 2/12/27, 144A (Switzerland)(a),(b),(d),(f) | 18,600,000 | 14,533,482 | ||||||||
UBS Group AG, 6.875% to 8/7/25 (Switzerland)(a),(b),(e),(f) | 35,622,000 | 32,237,910 | ||||||||
UBS Group AG, 7.00% to 2/19/25 (Switzerland)(a),(b),(e),(f) | 15,000,000 | 14,212,620 |
8
Principal Amount | Value | |||||||||||
UBS Group AG, 7.00% to 1/31/24, 144A (Switzerland)(a),(b),(d),(f) |
| $ | 13,500,000 | $ | 12,841,335 | |||||||
UniCredit SpA, 8.00% to 6/3/24 (Italy)(a),(b),(e),(f) |
| 31,803,000 | 30,248,628 | |||||||||
Virgin Money UK PLC, 8.25% to 6/17/27 (United Kingdom)(a),(b),(e),(f) |
| 7,800,000 | 8,133,058 | |||||||||
|
| |||||||||||
2,108,902,438 | ||||||||||||
|
| |||||||||||
ELECTRIC | 2.8 | % | ||||||||||
American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(b) |
| 32,961,000 | 26,423,548 | |||||||||
CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50(b) |
| 8,504,000 | 6,394,076 | |||||||||
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(b) |
| 21,773,000 | 18,865,869 | |||||||||
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a),(b) |
| 60,458,000 | 50,316,276 | |||||||||
Dominion Energy, Inc., 4.65% to 12/15/24, Series B(a),(b) |
| 18,847,000 | 16,652,078 | |||||||||
Southern California Edison Co., 9.013% (3 Month US LIBOR + 4.199%), |
| 16,991,000 | 16,651,180 | |||||||||
Southern Co./The, 3.75% to 6/15/26, due 9/15/51, Series 21-A(b) |
| 43,110,000 | 36,270,167 | |||||||||
Southern Co./The, 4.00% to 10/15/25, due 1/15/51, Series B(b) |
| 45,070,000 | 41,461,576 | |||||||||
|
| |||||||||||
213,034,770 | ||||||||||||
|
| |||||||||||
ELECTRIC—FOREIGN | 1.7 | % | ||||||||||
Electricite de France SA, 2.625% to 12/1/27 (France)(a),(b),(e) |
| 11,800,000 | 10,194,809 | |||||||||
Electricite de France SA, 2.875% to 12/15/26 (France)(a),(b),(e) |
| 3,000,000 | 2,734,508 | |||||||||
Electricite de France SA, 5.00% to 1/22/26, Series EMTN (France)(a),(b),(e) |
| 4,800,000 | 4,818,922 | |||||||||
Electricite de France SA, 5.625% to 1/22/24, 144A (France)(a),(b),(d) |
| 13,052,000 | 12,602,041 | |||||||||
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b) |
| 106,612,000 | 99,739,194 | |||||||||
|
| |||||||||||
130,089,474 | ||||||||||||
|
| |||||||||||
FINANCIAL | 4.2 | % | ||||||||||
CREDIT CARD | 0.3 | % | ||||||||||
American Express Co., 3.55% to 9/15/26, Series D(a),(b) |
| 21,084,000 | 17,872,907 | |||||||||
Discover Financial Services, 6.125% to 6/23/25, Series D(a),(b) |
| 6,495,000 | 6,011,341 | |||||||||
|
| |||||||||||
23,884,248 | ||||||||||||
|
| |||||||||||
DIVERSIFIED FINANCIAL SERVICES | 0.9 | % | ||||||||||
Aircastle Ltd., 5.25% to 6/15/26, Series A, 144A(a),(b),(d) |
| 19,860,000 | 14,589,156 | |||||||||
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144A(b),(d) |
| 18,444,000 | 15,164,329 |
9
Principal Amount | Value | |||||||||||
Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51, 144A(b),(d) |
| $ | 23,035,000 | $ | 18,000,843 | |||||||
ILFC E-Capital Trust II, 6.798% (30 Year CMT + 1.80%), due 12/21/65, 144A (FRN) (TruPS)(d),(h) |
| 28,635,000 | 19,084,998 | |||||||||
|
| |||||||||||
66,839,326 | ||||||||||||
|
| |||||||||||
DIVERSIFIED FINANCIAL SERVICES—FOREIGN | 0.3 | % | ||||||||||
Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a),(b),(e),(f) |
| 22,400,000 | 19,361,216 | |||||||||
|
| |||||||||||
INVESTMENT BANKER/BROKER | 2.7 | % | ||||||||||
Charles Schwab Corp./The, 4.00% to 12/1/30, Series H(a),(b) |
| 83,389,000 | 65,773,074 | |||||||||
Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(a),(b) |
| 123,288,000 | 100,667,118 | |||||||||
Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(a),(b) |
| 41,824,000 | 39,837,360 | |||||||||
|
| |||||||||||
206,277,552 | ||||||||||||
|
| |||||||||||
TOTAL FINANCIAL |
| 316,362,342 | ||||||||||
|
| |||||||||||
FOOD | 0.2 | % | ||||||||||
Land O’ Lakes, Inc., 7.00%, 144A(a),(d) |
| 4,075,000 | 3,483,351 | |||||||||
Land O’ Lakes, Inc., 7.25%, 144A(a),(d) |
| 15,285,000 | 13,183,312 | |||||||||
|
| |||||||||||
16,666,663 | ||||||||||||
|
| |||||||||||
INSURANCE | 13.0 | % | ||||||||||
FINANCE | 0.3 | % | ||||||||||
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51, 144A(b),(d) |
| 28,483,000 | 22,908,023 | |||||||||
|
| |||||||||||
LIFE/HEALTH INSURANCE | 5.1 | % | ||||||||||
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52, 144A(b),(d) |
| 50,505,000 | 45,121,291 | |||||||||
Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(a),(b) |
| 27,776,000 | 25,385,413 | |||||||||
Lincoln National Corp., 9.25% to 12/1/27, Series C(a),(b) |
| 13,342,000 | 13,342,000 | |||||||||
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)(d) |
| 65,180,000 | 68,263,202 | |||||||||
MetLife, Inc., 9.25%, due 4/8/38, 144A(d) |
| 35,302,000 | 41,702,696 | |||||||||
MetLife, Inc., 10.75%, due 8/1/39 |
| 14,568,000 | 18,929,538 | |||||||||
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(b) |
| 22,607,000 | 19,976,472 | |||||||||
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44(b) |
| 25,909,000 | 24,684,152 | |||||||||
Prudential Financial, Inc., 5.375% to 5/15/25, due 5/15/45(b) |
| 24,465,000 | 23,049,577 | |||||||||
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(b) |
| 28,549,000 | 26,773,252 | |||||||||
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(b) |
| 19,050,000 | 18,564,606 | |||||||||
SBL Holdings, Inc., 6.50% to 11/13/26, 144A(a),(b),(d) |
| 45,500,000 | 32,191,250 | |||||||||
SBL Holdings, Inc., 7.00% to 5/13/25, 144A(a),(b),(d) |
| 35,055,000 | 26,720,028 | |||||||||
|
| |||||||||||
384,703,477 | ||||||||||||
|
|
10
Principal Amount | Value | |||||||||||
LIFE/HEALTH INSURANCE—FOREIGN | 1.9 | % | ||||||||||
Dai-ichi Life Insurance Co., Ltd./The, 4.00% to 7/24/26, 144A (Japan)(a),(b),(d) |
| $ | 40,544,000 | $ | 37,592,458 | |||||||
Dai-ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24, 144A (Japan)(a),(b),(d) |
| 22,173,000 | 21,618,373 | |||||||||
Nippon Life Insurance Co., 4.70% to 1/20/26, due 1/20/46, 144A (Japan)(b),(d) |
| 10,200,000 | 9,694,030 | |||||||||
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)(b),(d) |
| 39,415,000 | 37,991,133 | |||||||||
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(a),(b),(e),(f) |
| 19,906,000 | 16,816,390 | |||||||||
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(a),(b),(e),(f) |
| 23,830,000 | 17,744,247 | |||||||||
|
| |||||||||||
141,456,631 | ||||||||||||
|
| |||||||||||
MULTI-LINE | 0.3 | % | ||||||||||
Hartford Financial Services Group, Inc./The, 6.989% (3 Month US LIBOR + 2.125%), due 2/12/47, 144A (FRN)(d),(h) |
| 25,318,000 | 20,477,850 | |||||||||
|
| |||||||||||
MULTI-LINE—FOREIGN | 1.4 | % | ||||||||||
Aegon NV, 5.50% to 4/11/28, due 4/11/48 (Netherlands)(b) |
| 17,390,000 | 16,482,329 | |||||||||
Aegon NV, 5.625% to 4/15/29 (Netherlands)(a),(b),(e),(f) |
| 19,909,000 | 18,878,900 | |||||||||
Allianz SE, 3.50% to 11/17/25, 144A (Germany)(a),(b),(d),(f) |
| 38,800,000 | 31,191,656 | |||||||||
AXA SA, 8.60%, due 12/15/30 (France) |
| 11,367,000 | 13,696,735 | |||||||||
Beazley Insurance DAC, 5.50%, due 9/10/29 (United Kingdom)(e) |
| 14,373,000 | 13,086,617 | |||||||||
CNP Assurances, 4.875% to 10/7/30 (France)(a),(b),(e),(f) |
| 16,200,000 | 11,846,007 | |||||||||
|
| |||||||||||
105,182,244 | ||||||||||||
|
| |||||||||||
PROPERTY CASUALTY | 1.4 | % | ||||||||||
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(b) |
| 36,644,000 | 34,406,064 | |||||||||
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(b) |
| 41,780,000 | 30,211,270 | |||||||||
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(b) |
| 36,612,000 | 31,390,397 | |||||||||
Markel Corp., 6.00% to 6/1/25(a),(b) | 8,377,000 | 8,046,484 | ||||||||||
|
| |||||||||||
104,054,215 | ||||||||||||
|
| |||||||||||
PROPERTY CASUALTY—FOREIGN | 1.9 | % | ||||||||||
Athora Netherlands NV, 7.00% to 6/19/25 (Netherlands)(a),(b),(e),(f) |
| 18,970,000 | 19,454,205 | |||||||||
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(b),(e) |
| 25,050,000 | 20,610,213 |
11
Principal Amount | Value | |||||||||||
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN |
| $ | 40,195,000 | $ | 38,004,172 | |||||||
QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)(a),(b),(d) |
| 52,675,000 | 49,247,794 | |||||||||
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, |
| 23,200,000 | 17,712,736 | |||||||||
|
| |||||||||||
145,029,120 | ||||||||||||
|
| |||||||||||
REINSURANCE | 0.5% | |||||||||||
AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(b) |
| 8,782,000 | 7,130,803 | |||||||||
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51, 144A(b),(d) |
| 38,454,000 | 30,920,611 | |||||||||
|
| |||||||||||
38,051,414 | ||||||||||||
|
| |||||||||||
REINSURANCE—FOREIGN | 0.2% | |||||||||||
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A |
| 18,200,000 | 17,131,515 | |||||||||
|
| |||||||||||
TOTAL INSURANCE |
| 978,994,489 | ||||||||||
|
| |||||||||||
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN | 0.3% | |||||||||||
Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(a),(b),(e) |
| 3,200,000 | 3,364,889 | |||||||||
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(b) |
| 21,641,000 | 17,112,621 | |||||||||
|
| |||||||||||
20,477,510 | ||||||||||||
|
| |||||||||||
OIL & GAS—FOREIGN | 2.3% | |||||||||||
BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(a),(b) |
| 60,695,000 | 57,958,488 | |||||||||
BP Capital Markets PLC, 4.875% to 3/22/30 (United Kingdom)(a),(b) |
| 127,223,000 | 116,011,473 | |||||||||
|
| |||||||||||
173,969,961 | ||||||||||||
|
| |||||||||||
PIPELINES | 1.1% | |||||||||||
Energy Transfer LP, 6.50% to 11/15/26, Series H(a),(b) |
| 36,640,000 | 32,334,800 | |||||||||
Energy Transfer LP, 7.125% to 5/15/30, Series G(a),(b) |
| 53,770,000 | 45,354,995 | |||||||||
Enterprise Products Operating LLC, 7.858% (3 Month US LIBOR + 2.986%), |
| 5,226,000 | 4,914,981 | |||||||||
|
| |||||||||||
82,604,776 | ||||||||||||
|
|
12
Principal Amount | Value | |||||||||||
PIPELINES—FOREIGN | 5.3 | % | ||||||||||
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(b) |
| $ | 73,862,000 | $ | 65,889,921 | |||||||
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b) |
| 59,229,000 | 54,739,520 | |||||||||
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b) |
| 65,789,000 | 59,878,314 | |||||||||
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(b) |
| 24,342,000 | 23,332,537 | |||||||||
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(b) |
| 37,590,000 | 36,762,538 | |||||||||
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(b) |
| 80,613,000 | 67,548,208 | |||||||||
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(b) |
| 37,127,000 | 31,102,734 | |||||||||
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(b) |
| 64,956,000 | 60,637,071 | |||||||||
|
| |||||||||||
399,890,843 | ||||||||||||
|
| |||||||||||
REAL ESTATE—RETAIL—FOREIGN | 1.5 | % | ||||||||||
Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80, 144A (Australia)(b),(d) |
| 73,500,000 | 66,262,146 | |||||||||
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80, 144A (Australia)(b),(d) |
| 49,400,000 | 41,757,463 | |||||||||
|
| |||||||||||
108,019,609 | ||||||||||||
|
| |||||||||||
UTILITIES | 3.5 | % | ||||||||||
ELECTRIC | 2.7 | % | ||||||||||
Edison International, 5.00% to 12/15/26, Series B(a),(b) |
| 35,790,000 | 29,741,316 | |||||||||
Edison International, 5.375% to 3/15/26, Series A(a),(b) |
| 50,926,000 | 45,162,755 | |||||||||
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(b) |
| 17,277,000 | 15,291,291 | |||||||||
Sempra Energy, 4.125% to 1/1/27, due 4/1/52(b) |
| 54,669,000 | 44,200,987 | |||||||||
Sempra Energy, 4.875% to 10/15/25(a),(b) |
| 76,821,000 | 72,139,816 | |||||||||
|
| |||||||||||
206,536,165 | ||||||||||||
|
| |||||||||||
ELECTRIC—FOREIGN | 0.8 | % | ||||||||||
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(b) |
| 72,906,000 | 58,427,597 | |||||||||
|
| |||||||||||
TOTAL UTILITIES |
| 264,963,762 | ||||||||||
|
| |||||||||||
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES |
| 6,228,506,704 | ||||||||||
|
|
13
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS | 1.6 | % | ||||||||||
MONEY MARKET FUNDS | ||||||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 4.53%(i) |
| 124,392,801 | $ | 124,392,801 | ||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS | 124,392,801 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES | 98.7 | % | 7,426,672,211 | |||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 1.3 | 94,892,564 | ||||||||||
|
|
|
| |||||||||
NET ASSETS | 100.0 | % | $ | 7,521,564,775 | ||||||||
|
|
|
|
Centrally Cleared Interest Rate Swap Contracts
Notional Amount | Fixed Rate Receivable | Fixed Payment Frequency | Floating Rate Payable (j) | Floating Payment Frequency | Maturity Date | Value | Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
$ 110,000,000 | 3.224% | Monthly | 4.820% | Monthly | 12/1/32 | $ | 366,054 | $ | — | $ | 366,054 | |||||||||||||||||
110,000,000 | 3.344% | Monthly | 4.820% | Monthly | 12/1/32 | 1,480,605 | — | 1,480,605 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 1,846,659 | $ | — | $ | 1,846,659 | |||||||||||||||||||||||
|
|
|
|
|
|
The total amount of all interest rate swap contracts as presented in the table above is representative of the volume of activity for this derivative type during the three month ended March 31, 2023.
Forward Foreign Currency Exchange Contracts
Counterparty | Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
Brown Brothers Harriman | EUR | 374,136,167 | USD | 396,724,638 | 4/4/23 | $ | (9,025,995 | ) | ||||||||||
Brown Brothers Harriman | EUR | 19,070,263 | USD | 20,236,352 | 4/4/23 | (445,346 | ) | |||||||||||
Brown Brothers Harriman | GBP | 85,122,522 | USD | 102,683,298 | 4/4/23 | (2,323,785 | ) | |||||||||||
Brown Brothers Harriman | GBP | 13,056,091 | USD | 15,676,553 | 4/4/23 | (429,432 | ) | |||||||||||
Brown Brothers Harriman | USD | 281,562,206 | EUR | 259,017,337 | 4/4/23 | (657,932 | ) | |||||||||||
Brown Brothers Harriman | USD | 18,516,804 | EUR | 17,142,602 | 4/4/23 | 74,346 | ||||||||||||
Brown Brothers Harriman | USD | 13,362,360 | EUR | 12,398,144 | 4/4/23 | 83,426 | ||||||||||||
Brown Brothers Harriman | USD | 50,559,486 | EUR | 47,008,292 | 4/4/23 | 421,001 | ||||||||||||
Brown Brothers Harriman | USD | 22,504,784 | EUR | 21,290,602 | 4/4/23 | 584,872 | ||||||||||||
Brown Brothers Harriman | USD | 38,618,677 | EUR | 36,349,453 | 4/4/23 | 802,301 |
14
Forward Foreign Currency Exchange Contracts - (Continued)
Counterparty | Contracts to Deliver | In Exchange For | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
Brown Brothers Harriman | USD | 78,921,631 | GBP | 63,819,923 | 4/4/23 | $ | (193,419 | ) | ||||||||||
Brown Brothers Harriman | USD | 4,465,482 | GBP | 3,629,482 | 4/4/23 | 11,844 | ||||||||||||
Brown Brothers Harriman | USD | 2,529,124 | GBP | 2,069,006 | 4/4/23 | 23,200 | ||||||||||||
Brown Brothers Harriman | USD | 8,065,547 | GBP | 6,562,637 | 4/4/23 | 30,118 | ||||||||||||
Brown Brothers Harriman | USD | 6,764,824 | GBP | 5,577,893 | 4/4/23 | 116,061 | ||||||||||||
Brown Brothers Harriman | USD | 11,166,575 | GBP | 9,150,230 | 4/4/23 | 121,143 | ||||||||||||
Brown Brothers Harriman | USD | 8,813,248 | GBP | 7,369,442 | 4/4/23 | 277,690 | ||||||||||||
Brown Brothers Harriman | EUR | 281,501,599 | USD | 306,476,421 | 5/3/23 | 691,799 | ||||||||||||
Brown Brothers Harriman | GBP | 65,798,006 | USD | 81,409,899 | 5/3/23 | 192,492 | ||||||||||||
|
| |||||||||||||||||
$ | (9,645,616 | ) | ||||||||||||||||
|
|
Glossary of Portfolio Abbreviations
CMT | Constant Maturity Treasury | |
EMTN | Euro Medium Term Note | |
EUR | Euro Currency | |
FRN | Floating Rate Note | |
GBP | Great British Pound | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
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) | Security value is determined based on significant unobservable inputs (Level 3). |
(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 $1,453,816,272 which represents 19.3% of the net assets of the Fund, of which 0.1% are illiquid. |
(e) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $722,628,104 which represents 9.6% of the net assets of the Fund, of which 0.2% are illiquid. |
15
(f) | Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $2,028,376,942 or 27.0% of the net assets of the Fund. |
(g) | Security is in default. |
(h) | Variable rate. Rate shown is in effect at March 31, 2023. |
(i) | Rate quoted represents the annualized seven-day yield. |
(j) | Based on 1-Month SOFR. Represents rates in effect at March 31, 2023. |
16
Country Summary | % of Net Assets | |||
United States | 49.8 | |||
United Kingdom | 12.2 | |||
Canada | 10.3 | |||
France | 8.2 | |||
Netherlands | 3.2 | |||
Australia | 2.6 | |||
Germany | 2.1 | |||
Switzerland | 1.8 | |||
Spain | 1.8 | |||
Italy | 1.5 | |||
Japan | 1.4 | |||
Ireland | 0.8 | |||
Other (includes short-term investments) | 4.3 | |||
|
| |||
100.0 | ||||
|
|
17
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 based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse.
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. 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
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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, 2023 in valuing the Fund’s investments carried at value:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Preferred Securities— $25 Par Value | $ | 1,073,772,706 | $ | — | $ | — | $ | 1,073,772,706 | ||||||||
Preferred Securities— Capital Securities: | ||||||||||||||||
Banks | — | 1,409,329,536 | 5,200,531 | (a) | 1,414,530,067 | |||||||||||
Other Industries | — | 4,813,976,637 | — | 4,813,976,637 | ||||||||||||
Short-Term Investments | — | 124,392,801 | — | 124,392,801 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities(b) | $ | 1,073,772,706 | $ | 6,347,698,974 | $ | 5,200,531 | $ | 7,426,672,211 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 3,430,293 | $ | — | $ | 3,430,293 | ||||||||
Interest Rate Swap Contracts | — | 1,846,659 | — | 1,846,659 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Assets(b) | $ | — | $ | 5,276,952 | $ | — | $ | 5,276,952 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (13,075,909 | ) | $ | — | $ | (13,075,909 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Derivative Liabilities(b) | $ | — | $ | (13,075,909 | ) | $ | — | $ | (13,075,909 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Level 3 investments are values by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated.A change in the significant unobservable inputs could result in a significantly lower or higher value in such level 3 investments. |
(b) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
Preferred Securities— Capital Securities— Banks | ||||
Balance as of December 31, 2022 | $ | — | ||
Transfer into Level 3(a) | 5,200,531 | |||
|
| |||
Balance as of March 31, 2023 | $ | 5,200,531 | ||
|
|
(a) | Transfers from Level 2 to Level 3 are due to a decrease in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine prices. |
COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Note 2. Derivative Investments
Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.
Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.
Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices 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 is subsequently 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 Swaption Contracts: The Fund may write or purchase interest rate swaptions, which are options to enter into a pre-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)
Centrally Cleared Interest Rate Swap Contracts: The Fund may enter into interest rate swaps which are intended to reduce interest rate risk. When entering into interest rate swaps, the Fund agrees to pay or receive from the other party to the interest rate swap (which is known as the counterparty) a variable rate payment in exchange for the counterparty’s agreement to pay or receive from the Fund a fixed rate payment. The payment obligation is based on the notional amount of the swap. 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).
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.
The following summarizes the volume of the Fund’s forward foreign currency exchange contracts activity for the three months ended March 31, 2023:
Forward Foreign Currency Exchange Contracts | ||||
Average Notional Amount | $ | 441,506,323 |