Cohen & Steers Preferred Securities & Income SMA Shares NPORT-P Preferred Securities and Income SMA Shares (Jan 2020 report)

COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC.

SCHEDULE OF INVESTMENTS

January 31, 2020 (Unaudited)

			Shares		Value
PREFERRED SECURITIES—$25 PAR VALUE	11.1	%
BANKS	3.1	%
Capital One Financial Corp., 4.80%, Series J(a)				6,350	$	159,239
Dime Community Bancshares, Inc., 5.50%, Series A(a)				32,300		825,588
First Republic Bank/CA, 4.70%, Series J(a)				13,661		349,175
Synovus Financial Corp., 5.875% to 7/1/24, Series E(a),(b)				15,700		422,016
Wells Fargo & Co., 5.25%, Series P(a)				81,067		2,060,723
Wells Fargo & Co., 4.75%, Series Z(a)				28,250		710,205
						4,526,946
CONSUMER, CYCLICAL—AUTOMOBILES	0.4	%
Ford Motor Co., 6.20%, due 6/1/59				21,375		568,148
ELECTRIC—REGULATED ELECTRIC	2.1	%
Southern Co./The, 4.95%, due 1/30/80, Series 2020				121,600		3,099,584
FINANCIAL—DIVERSIFIED FINANCIAL SERVICES	0.6	%
Apollo Global Management, Inc., 6.375%, Series A(a)				10,309		278,137
Apollo Global Management, Inc., 6.375%, Series B(a)				9,575		260,344
Oaktree Capital Group LLC, 6.625%, Series A(a)				13,336		364,206
						902,687
INSURANCE—MULTI-LINE	1.0	%
WR Berkley Corp., 5.10%, due 12/30/59				54,609		1,417,650
PIPELINES	1.4	%
Energy Transfer Operating LP, 7.625% to 8/15/23, Series D(a),(b)				81,609		2,027,984
Energy Transfer Operating LP, 7.60% to 5/15/24, Series E(a),(b)				3,870		97,524
						2,125,508
REAL ESTATE—OFFICE	0.4	%
Brookfield Property Partners LP, 6.50%, SeriesA-1(a)				23,690		630,154
UTILITIES	2.1	%
NiSource, Inc., 6.50% to 3/15/24, Series B(a),(b)				27,425		767,351
SCE Trust V, 5.45% to 3/15/26, Series K(a),(b)				26,000		644,020
South Jersey Industries, Inc., 5.625%, due 9/16/79				44,725		1,183,423
Spire, Inc., 5.90%, Series A(a)				20,750		562,948
						3,157,742
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$16,134,609)						16,428,419

1

			Principal Amount			Value
PREFERRED SECURITIES—CAPITAL SECURITIES	84.1	%
BANKS	18.4	%
Bank of America Corp., 4.30% to 1/28/25, Series MM(a),(b)			$	141,000		$	140,880
Bank of America Corp., 5.875% to 3/15/28, Series FF(a),(b)				2,801,000			3,135,902
Bank of America Corp., 6.10% to 3/17/25, Series AA(a),(b)				701,000			786,315
Bank of America Corp., 6.25% to 9/5/24, Series X(a),(b)				495,000			551,650
Citigroup, Inc., 4.70% to 1/30/25, Series V(a),(b)				860,000			877,479
Citigroup, Inc., 5.00% to 9/12/24, Series U(a),(b)				975,000			1,021,854
Citigroup, Inc., 5.90% to 2/15/23(a),(b)				395,000			421,963
Citigroup, Inc., 5.95% to 5/15/25, Series P(a),(b)				2,010,000			2,197,322
Citigroup, Inc., 6.25% to 8/15/26, Series T(a),(b)				200,000			228,443
Corestates Capital III, 2.48% (3 Month US LIBOR + 0.57%), due 2/15/27, 144A (TruPS) (FRN)(c),(d)				1,055,000			1,017,194
Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A(c)				1,300,000			1,782,137
First Horizon Bank, 3.75% (3 Month US LIBOR + 0.85%), 144Aa,(c),(d)				1,500	†		1,207,500
First Union Capital II, 7.95%, due 11/15/29, Series A				23,000			32,119
Goldman Sachs Group, Inc./The, 4.95% to 2/10/25, Series R(a),(b)				400,000			418,278
Goldman Sachs Group, Inc./The, 5.30% to 11/10/26, Series O(a),(b)				350,000			380,917
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(a),(b)				515,000			554,555
Goldman Sachs Group, Inc./The, 5.785% (3 Month US LIBOR + 3.884%), Series L (FRN)(a),(d)				236,000			236,590
JPMorgan Chase & Co., 4.60% to 2/1/25, Series HH(a),(b)				2,100,000			2,146,515
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(a),(b)				440,000			460,546
JPMorgan Chase & Co., 5.24% (3 Month US LIBOR + 3.47%), Series I (FRN)(a),(d)				1,395,000			1,405,818
JPMorgan Chase & Co., 6.00% to 8/1/23, Series R(a),(b)				400,000			431,478
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a),(b)				1,435,000			1,584,391
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a),(b)				225,000			253,812
M&T Bank Corp., 5.00% to 8/1/24, Series G(a),(b)				125,000			132,697
Truist Financial Corp., 4.80% to 9/01/24, Series N(a),(b)				375,000			386,949
Truist Financial Corp., 5.125% to 12/15/27, Series M(a),(b)				2,418,000			2,546,916
Wells Fargo & Co., 5.664% (3 Month US LIBOR + 3.77%), Series K (FRN)(a),(d)				326,000			328,461
Wells Fargo & Co., 7.50%, Series L(a)				480	†		741,869
Wells Fargo Capital X, 5.95%, due 12/15/36, (TruPS)				1,405,000			1,814,844
							27,225,394

2

			Principal Amount		Value
BANKS—FOREIGN	30.7	%
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(a),(b),(e)			$	600,000	$	639,417
Banco BPM SpA, 6.125% to 1/21/25 (Italy)(a),(b),(e),(f)				600,000		673,748
Banco de Sabadell SA, 6.50% to 5/18/22 (Spain)(a),(b),(e),(f)				1,000,000		1,174,733
Banco Santander SA, 4.375% to 1/14/26 (Spain)(a),(b),(e),(f)				1,000,000		1,151,616
Banco Santander SA, 7.50% to 2/8/24 (Spain)(a),(b),(e),(f)				800,000		892,481
Bank of China Hong Kong Ltd., 5.90% to 9/14/23, 144A (Hong Kong)(a),(b),(c)				400,000		435,116
Barclays PLC, 5.875% to 9/15/24 (United Kingdom)(a),(b),(e),(f)				200,000		282,917
Barclays PLC, 7.875% to 3/15/22 (United Kingdom)(a),(b),(e),(f)				400,000		433,993
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(a),(b),(e)				800,000		903,444
BNP Paribas SA, 6.625% to 3/25/24, 144A (France)(a),(b),(c),(e)				1,200,000		1,308,834
BNP Paribas SA, 7.00% to 8/16/28, 144A (France)(a),(b),(c),(e)				600,000		709,989
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)(a),(b),(c),(e)				600,000		697,557
BNP Paribas SA, 7.625% to 3/30/21, 144A (France)(a),(b),(c),(e)				200,000		210,527
Commerzbank AG, 7.00% to 4/9/25 (Germany)(a),(b),(e),(f)				1,000,000		1,083,753
Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(a),(b),(c),(e)				1,400,000		1,546,223
Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(a),(b),(c),(e)				1,000,000		1,139,707
Credit Agricole SA, 8.125% to 12/23/25, 144A (France)(a),(b),(c),(e)				200,000		243,142
Credit Suisse Group AG, 6.375% to 8/21/26, 144A (Switzerland)(a),(b),(c),(e)				200,000		221,917
Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)(a),(b),(e),(f)				800,000		863,392
Credit Suisse Group AG, 7.25% to 9/12/25, 144A (Switzerland)(a),(b),(c),(e)				1,200,000		1,361,334
Credit Suisse Group AG, 7.50% to 12/11/23, 144A (Switzerland)(a),(b),(c),(e)				400,000		454,479
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(a),(b),(c),(e)				2,200,000		2,425,599
DNB Bank ASA, 4.875% to 11/12/24 (Norway)(a),(b),(e),(f)				800,000		817,995
DNB Bank ASA, 6.50% to 3/26/22 (Norway)(a),(b),(e),(f)				400,000		426,500
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a),(b),(e)				600,000		656,289
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a),(b),(e)				1,400,000		1,560,391
ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a),(b),(e)				200,000		214,267
ING Groep N.V., 6.50% to 4/16/25 (Netherlands)(a),(b),(e)				600,000		662,970
ING Groep N.V., 6.875% to 4/16/22 (Netherlands)(a),(b),(e),(f)				400,000		429,000
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (Italy)(a),(b),(c),(e)				800,000		897,556
Itau Unibanco Holding SA, 4.50% to 11/21/24, due 11/21/29, 144A (Brazil)(b),(c),(e)				600,000		616,800

3

	Principal Amount		Value
Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(a),(b),(e)	$	600,000	$	673,455
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a),(b),(e)		400,000		457,778
Nationwide Building Society, 5.875% to 12/20/24 (United Kingdom)(a),(b),(e),(f)		200,000		289,189
Nationwide Building Society, 10.25% (United Kingdom)(a),(f)		375,000		836,867
Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(a),(b),(c),(e)		400,000		451,578
Royal Bank of Scotland Group PLC, 7.648% to 9/30/31 (United Kingdom)(a),(b)		1,625,000		2,352,553
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (United Kingdom)(a),(b),(e)		800,000		934,924
Skandinaviska Enskilda Banken AB, 5.125% to 5/13/25 (Sweden)(a),(b),(e),(f)		400,000		411,640
Societe Generale SA, 6.75% to 4/6/28, 144A (France)(a),(b),(c),(e)		400,000		449,826
Societe Generale SA, 7.375% to 9/13/21, 144A (France)(a),(b),(c),(e)		600,000		639,945
Societe Generale SA, 7.375% to 10/4/23, 144A (France)(a),(b),(c),(e)		400,000		441,642
Societe Generale SA, 7.875% to 12/18/23, 144A (France)(a),(b),(c),(e)		2,000,000		2,261,390
Standard Chartered PLC, 7.50% to 4/2/22, 144A (United Kingdom)(a),(b),(c),(e)		400,000		428,874
Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)(a),(b),(c),(e)		400,000		442,196
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)(a),(f)		1,275,000		1,877,136
Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (Sweden)(a),(b),(e),(f)		600,000		654,000
UBS Group Funding Switzerland AG, 6.875% to 8/7/25 (Switzerland)(a),(b),(e),(f)		1,200,000		1,348,124
UBS Group Funding Switzerland AG, 7.00% to 2/19/25 (Switzerland)(a),(b),(e),(f)		400,000		456,826
UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A (Switzerland)(a),(b),(c),(e)		2,200,000		2,423,971
UBS Group Funding Switzerland AG, 7.125% to 8/10/21 (Switzerland)(a),(b),(e),(f)		200,000		211,892
UniCredit SpA, 5.375% to 6/3/25 (Italy)(a),(b),(e),(f)		400,000		462,766
UniCredit SpA, 7.50% to 6/3/26 (Italy)(a),(b),(e),(f)		200,000		263,678
Unione di Banche Italiane SpA, 5.875% to 1/20/25, Series EMTN (Italy)(a),(b),(e),(f)		1,200,000		1,394,075
				45,300,011

4

		Principal Amount		Value
ELECTRIC	2.7%
Dominion Energy, Inc., 4.65% to 12/15/24, Series B(a),(b)		$	2,284,000	$	2,370,941
Duke Energy Corp., 4.875% to 9/16/24(a),(b)			1,000,000		1,062,105
Southern California Edison Co., 6.25% to 2/1/22, Series E(a),(b)			612,000		634,148
					4,067,194
ELECTRIC—FOREIGN	1.6%
Electricite de France SA, 4.00% to 7/4/24 (France)(a),(b),(f)			200,000		243,221
Electricite de France SA, 5.00% to 1/22/26, Series EMTN (France)(a),(b),(f)			600,000		772,948
Electricite de France SA, 5.25% to 1/29/23, 144A (France)(a),(b),(c)			600,000		631,494
Electricite de France SA, 5.375% to 1/29/25, Series EMTN (France)(a),(b),(f)			300,000		387,372
Electricite de France SA, 5.625% to 1/22/24, 144A (France)(a),(b),(c)			300,000		315,626
					2,350,661
FINANCIAL	1.0%
DIVERSIFIED FINANCIAL SERVICES	0.3%
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144A(b),(c)			450,000		462,316
INVESTMENT BANKER/BROKER	0.7%
Charles Schwab Corp./The, 5.00% to 12/1/27, Series F(a),(b)			545,000		574,057
Morgan Stanley, 5.55% to 7/15/20, Series J(a),(b)			450,000		456,516
					1,030,573
TOTAL FINANCIAL					1,492,889
INDUSTRIALS—DIVERSIFIED MANUFACTURING	1.9%
General Electric Co., 5.00% to 1/21/21, Series D(a),(b)			2,829,000		2,802,846
INSURANCE	17.0%
LIFE/HEALTH INSURANCE	3.9%
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)(c)			900,000		1,225,229
MetLife, Inc., 5.875% to 3/15/28, Series D(a),(b)			110,000		124,467
MetLife, Inc., 9.25%, due 4/8/38, 144A(c)			600,000		903,819
MetLife, Inc., 10.75%, due 8/1/39			425,000		712,491
Provident Financing Trust I, 7.405%, due 3/15/38			145,000		180,723
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44(b)			455,000		486,056
Prudential Financial, Inc., 5.375% to 5/15/25, due 5/15/45(b)			60,000		65,325
Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43(b)			600,000		649,902
Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53(b)			760,000		808,826
Voya Financial, Inc., 6.125% to 9/15/23, Series A(a),(b)			625,000		677,778
					5,834,616

5

		Principal Amount		Value
LIFE/HEALTH INSURANCE—FOREIGN	4.7%
Achmea BV, 4.625% to 3/24/29 (Netherlands)(a),(b),(e),(f)		$	400,000	$	473,287
Aegon NV, 5.625% to 4/15/29 (Netherlands)(a),(b),(e),(f)			400,000		528,694
Ageas, 3.875% to 12/10/29 (Belgium)(a),(b),(e),(f)			400,000		464,335
ASR Nederland NV, 4.625% to 10/19/27 (Netherlands)(a),(b),(e),(f)			200,000		240,262
Dai-ichi Life Insurance Co., Ltd., 5.10% to 10/28/24, 144A (Japan)(a),(b),(c)			200,000		219,421
Dai-ichi Life Insurance Co., Ltd., 7.25% to 7/25/21, 144A (Japan)(a),(b),(c)			650,000		693,836
Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25 (Japan)(a),(b),(f)			600,000		654,000
La Mondiale SAM, 4.375% to 4/24/29 (France)(a),(b),(e),(f)			300,000		359,840
Legal & General Group PLC, 3.75% to 11/26/29, Series EMTN (United Kingdom)(b),(f)			1,100,000		1,512,354
M&G PLC, 5.625% to 10/20/31, due 10/20/51 (United Kingdom)(b),(f)			700,000		1,094,176
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (Japan)(b),(c)			200,000		219,849
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(a),(b),(e),(f)			400,000		417,060
					6,877,114
MULTI-LINE	2.9%
American International Group, Inc., 5.75% to 4/1/28, due 4/1/48, SeriesA-9b			1,435,000		1,624,198
American International Group, Inc., 8.175% to 5/15/38, due 5/15/58b			1,555,000		2,171,938
Hartford Financial Services Group, Inc./The, 4.035% (3 Month US LIBOR + 2.125%), due 2/12/47, 144A, Series ICON (FRN)(c),(d)			500,000		482,122
					4,278,258
MULTI-LINE—FOREIGN	2.3%
Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48 (Switzerland)(b),(f)			1,000,000		1,116,895
AXA SA, 6.379% to 12/14/36, 144A (France)(a),(b),(c)			1,400,000		1,856,911
AXA SA, 8.60%, due 12/15/30 (France)			75,000		111,238
Beazley Insurance DAC, 5.50%, due 9/10/29 (United Kingdom)(f)			300,000		324,746
					3,409,790

6

		Principal Amount		Value
PROPERTY CASUALTY	1.2%
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(b)		$	230,000	$	260,633
Liberty Mutual Group, Inc., 3.625% to 5/23/24, due 5/23/59, 144A (United States)(b),(c)			1,000,000		1,159,422
Liberty Mutual Group, Inc., 7.80%, due 3/15/37, 144A(c)			250,000		331,591
					1,751,646
PROPERTY CASUALTY—FOREIGN	1.4%
Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (Japan)(a),(b),(c)			400,000		450,074
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)(b),(f)			200,000		222,786
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)(b),(f)			200,000		224,839
Swiss Re Finance Luxembourg SA, 4.25% to 9/4/24 (Switzerland)(a),(b),(f)			200,000		206,160
VIVAT NV, 6.25% to 11/16/22 (Netherlands)(a),(b),(f)			1,000,000		1,026,240
					2,130,099
REINSURANCE	0.6%
AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(b)			800,000		829,152
TOTAL INSURANCE					25,110,675
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN	0.1%
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(b)			110,000		129,794
MATERIAL—METALS & MINING—FOREIGN	0.9%
BHP Billiton Finance USA Ltd., 6.75% to 10/20/25, due 10/19/75, 144A (Australia)(b),(c)			1,100,000		1,294,420
PIPELINES	2.0%
Energy Transfer Operating LP, 7.125% to 5/15/30, Series G(a),(b)			1,480,000		1,515,150
Enterprise Products Operating LLC, 5.25% to 8/16/27, due 8/16/77, Series E(b)			1,415,000		1,464,164
					2,979,314

7

		Principal Amount		Value
PIPELINES—FOREIGN	5.3%
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series16-A (Canada)(b)		$	2,005,000	$	2,148,849
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b)			1,245,000		1,361,103
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(b)			2,255,000		2,436,516
Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (Canada)(b)			1,589,000		1,675,195
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series16-A (Canada)(b)			220,000		239,084
					7,860,747
UTILITIES	2.5%
ELECTRIC UTILITIES	0.8%
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(b)			1,110,000		1,243,920
ELECTRIC UTILITIES—FOREIGN	1.6%
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series16-A (Canada)(b)			1,585,000		1,825,833
Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)(b,c)			400,000		473,040
					2,298,873
MULTI-UTILITIES	0.1%
NiSource, Inc., 5.65% to 6/15/23(a,b)			135,000		141,141
TOTAL UTILITIES					3,683,934
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$120,489,187)					124,297,879
CORPORATE BONDS	2.4%
DIVERSIFIED FINANCIAL SERVICES	0.8%
GE Capital International Funding Co. Unlimited Co., 4.418%, due 11/15/35			1,000,000		1,127,837
INDUSTRIALS	1.0%
General Electric Co., 5.875%, due 1/14/38, Series MTN			1,140,000		1,468,370
INSURANCE—LIFE/HEALTH INSURANCE	0.6%
Brighthouse Financial, Inc., 4.70%, due 6/22/47			925,000		890,954
TOTAL CORPORATE BONDS (Identified cost—$3,236,589)					3,487,161

8

		Shares		Value
SHORT-TERM INVESTMENTS	4.1%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 1.52%(g)			6,024,840	$	6,024,840
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$6,024,840)					6,024,840
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$145,885,225)	101.7%				150,238,299
LIABILITIES IN EXCESS OF OTHER ASSETS	(1.7)				(2,472,447	)
NET ASSETS	100.0%			$	147,765,852

Forward Foreign Currency Exchange Contracts

Counterparty	Contracts to Deliver			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman		EUR	825,001		USD	918,738		2/4/20	$	3,771
Brown Brothers Harriman		EUR	1,014,690		USD	1,131,026		2/4/20		5,685
Brown Brothers Harriman		EUR	1,000,000		USD	1,116,392		2/4/20		7,342
Brown Brothers Harriman		EUR	1,440,223		USD	1,608,640		2/4/20		11,361
Brown Brothers Harriman		EUR	4,488,925		USD	5,048,874		2/4/20		70,433
Brown Brothers Harriman		GBP	2,773,811		USD	3,677,338		2/4/20		14,521
Brown Brothers Harriman		USD	3,659,683		GBP	2,773,811		2/4/20		3,134
Brown Brothers Harriman		USD	9,717,715		EUR	8,768,839		2/4/20		7,362
Brown Brothers Harriman		EUR	9,480,526		USD	10,523,668		3/3/20		(8,734	)
Brown Brothers Harriman		GBP	3,067,783		USD	4,050,210		3/3/20		(3,817	)
									$	111,058

9

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
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) 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 $34,534,203 which represents 23.4% of the net assets of the Fund, of which 0.0% are illiquid.

(d) Variable rate. Rate shown is in effect at January 31, 2020.

(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 $42,281,817 or 28.6% 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 $26,705,536 which represents 18.1% of the net assets of the Fund, of which 0.0% are illiquid.

(g) Rate quoted represents the annualizedseven-day yield.

10

Country Summary	% of Net Assets
United States		49.1
France		9.7
United Kingdom		9.3
Switzerland		7.5
Canada		6.6
Netherlands		3.7
Italy		2.8
Spain		2.6
Japan		1.5
Australia		1.2
Norway		0.9
Germany		0.7
Sweden		0.7
Other		3.7
		100.0

11

COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate.

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

Readily marketable securities traded in theover-the-counter (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 market 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 inopen-end mutual funds are valued at net asset value (NAV).

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.

COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

• Level 1 — quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

The following is a summary of the inputs used as of January 31, 2020 in valuing the Fund’s investments carried at value:

	Total			Quoted Prices in Active Markets for Identical Investments		Other Significant Observable Inputs			Significant Unobservable Inputs
				(Level 1)		(Level 2)			(Level 3)
Preferred Securities—$25 Par Value:
Banks	$	825,588		$	—	$	825,588		$	—
Other Industries		15,602,831			15,602,831		—			—
Preferred Securities—Capital Securities:
Banks		1,949,369			1,949,369		—			—
Other Industries		122,348,510			—		122,348,510			—
Corporate Bonds		3,487,161			—		3,487,161			—
Short-Term Investments		6,024,840			—		6,024,840			—
Total Investments in Securities(a)	$	150,238,299			17,552,200	$	132,686,099		$	—
Forward Foreign Currency Exchange Contracts	$	123,609		$	—	$	123,609		$	—
Total Derivative Assets(a)	$	123,609		$	—	$	123,609		$	—
Forward Foreign Currency Exchange Contracts	$	(12,551	)	$	—	$	(12,551	)	$	—
Total Derivative Liabilities(a)	$	(12,551	)	$	—	$	(12,551	)	$	—

(a) Portfolio holdings are disclosed individually on the Schedule of Investments.

Note 2. Derivative Instruments

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 SMA SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

The following summarizes the volume of the Fund’s forward foreign currency exchange contracts activity during the three months ended January 31, 2020:

	Forward Foreign Currency Exchange Contracts
Average Notional Amount	$	8,270,458