COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC.
SCHEDULE OF INVESTMENTS
July 31, 2024 (Unaudited)
| | | | | | | | | | | | |
| | | | | | Shares | | | Value | |
PREFERRED SECURITIES—EXCHANGE-TRADED | | | 2.4 | % | | | | | | | | |
BANKING | | | 1.3 | % | | | | | | | | |
Morgan Stanley, 6.625%, Series Q(a) | | | | 198,894 | | | $ | 5,156,327 | |
| | | | | | | | | |
FINANCIAL SERVICES | | | 0.2 | % | | | | | | | | |
Carlyle Finance LLC, 4.625%, due 5/15/61 | | | | 53,802 | | | | 985,652 | |
| | | | | | | | | |
INSURANCE | | | 0.8 | % | | | | | | | | |
Athene Holding Ltd., 4.875%, Series D(a) | | | | 39,827 | | | | 728,038 | |
Equitable Holdings, Inc., 4.30%, Series C(a) | | | | 32,009 | | | | 578,082 | |
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53 | | | | 63,447 | | | | 1,655,967 | |
| | | | | | | | | |
| | | | | | | | | | | 2,962,087 | |
| | | | | | | | | | | | |
REAL ESTATE | | | 0.1 | % | | | | | | | | |
Public Storage, 4.70%, Series J(a) | | | | 15,829 | | | | 326,869 | |
| | | | | | | | | |
TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$9,193,530) | | | | | | | | 9,430,935 | |
| | | | | | | | | |
| | | |
| | | | | | Principal
Amount* | | | | |
PREFERRED SECURITIES—OVER-THE-COUNTER | | | 94.0 | % | | | | | | | | |
BANKING | | | 56.3 | % | | | | | | | | |
Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(a)(b)(c)(d) | | | EUR | 1,200,000 | | | | 1,279,219 | |
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)(a)(b)(c)(d) | | | EUR | 2,400,000 | | | | 2,681,815 | |
AIB Group PLC, 7.125% to 10/30/29 (Ireland)(a)(b)(c)(d) | | | EUR | 3,200,000 | | | | 3,533,979 | |
Banco Bilbao Vizcaya Argentaria SA, 6.875% to 12/13/30 (Spain)(a)(b)(c)(d) | | | EUR | 1,200,000 | | | | 1,298,815 | |
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(a)(b)(c) | | | | 1,000,000 | | | | 1,080,723 | |
Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(a)(b)(c)(d) | | | EUR | 1,000,000 | | | | 1,066,592 | |
Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(a)(b)(c)(d) | | | EUR | 1,400,000 | | | | 1,674,960 | |
Banco Santander SA, 7.00% to 11/20/29 (Spain)(a)(b)(c)(d) | | | EUR | 2,400,000 | | | | 2,658,345 | |
Banco Santander SA, 8.00% to 2/1/34 (Spain)(a)(b)(c) | | | | 3,200,000 | | | | 3,237,072 | |
Banco Santander SA, 9.625% to 11/21/28 (Spain)(a)(b)(c) | | | | 1,200,000 | | | | 1,309,693 | |
Banco Santander SA, 9.625% to 5/21/33 (Spain)(a)(b)(c) | | | | 3,400,000 | | | | 3,889,124 | |
Bank of America Corp., 4.375% to 1/27/27, Series RR(a)(c) | | | | 2,451,000 | | | | 2,321,000 | |
Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(c) | | | | 1,199,000 | | | | 1,183,808 | |
Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(c) | | | | 835,000 | | | | 838,600 | |
Bank of Ireland Group PLC, 6.00% to 9/1/25 (Ireland)(a)(b)(c)(d) | | | EUR | 600,000 | | | | 651,245 | |
Bank of Montreal, 7.30% to 11/26/34, due 11/26/84 (Canada)(c) | | | | 1,970,000 | | | | 1,994,207 | |
Bank of New York Mellon Corp., 3.75% to 12/20/26, Series I(a)(c) | | | | 852,000 | | | | 788,335 | |
Bank of Nova Scotia, 4.90% to 6/4/25 (Canada)(a)(c) | | | | 1,645,000 | | | | 1,619,340 | |
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(c) | | | | 2,200,000 | | | | 2,309,720 | |
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(c) | | | | 1,200,000 | | | | 1,274,161 | |
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(a)(c) | | | | 730,000 | | | | 733,847 | |
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a)(b)(c) | | | | 1,000,000 | | | | 988,457 | |
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(b)(c) | | | | 1,900,000 | | | | 1,956,141 | |
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a)(b)(c)(d) | | | GBP | 2,400,000 | | | | 3,183,858 | |
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(a)(b)(c) | | | GBP | 600,000 | | | | 806,449 | |
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(b)(c) | | | | 3,400,000 | | | | 3,721,647 | |
BNP Paribas SA, 4.625% to 1/12/27 (France)(a)(b)(c)(e) | | | | 2,079,000 | | | | 1,917,522 | |
BNP Paribas SA, 4.625% to 2/25/31 (France)(a)(b)(c)(e) | | | | 1,800,000 | | | | 1,512,093 | |
BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(b)(c)(e) | | | | 3,200,000 | | | | 3,303,993 | |
BNP Paribas SA, 8.00% to 8/22/31 (France)(a)(b)(c)(e) | | | | 200,000 | | | | 206,015 | |
1
| | | | | | | | | | |
| | | | | Principal
Amount* | | | Value | |
BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(b)(c)(e) | | | 3,400,000 | | | $ | 3,574,719 | |
BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(b)(c)(e) | | | 1,600,000 | | | | 1,720,680 | |
CaixaBank SA, 7.50% to 1/16/30 (Spain)(a)(b)(c)(d) | | EUR | 1,200,000 | | | | 1,369,473 | |
CaixaBank SA, 8.25% to 3/13/29 (Spain)(a)(b)(c)(d) | | EUR | 3,200,000 | | | | 3,731,399 | |
Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(c) | | | 5,216,000 | | | | 4,877,428 | |
Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(c) | | | 4,815,000 | | | | 4,071,072 | |
Charles Schwab Corp., 5.00% to 6/1/27, Series K(a)(c) | | | 2,070,000 | | | | 1,957,642 | |
Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(c) | | | 3,227,000 | | | | 3,066,428 | |
Citigroup, Inc., 7.00% to 8/15/34, Series DD(a)(c) | | | 2,730,000 | | | | 2,776,156 | |
Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(c) | | | 1,832,000 | | | | 1,909,826 | |
CoBank ACB, 6.45% to 10/1/27, Series K(a)(c) | | | 1,350,000 | | | | 1,343,745 | |
Commerzbank AG, 7.875% to 10/9/31, Series EMTN (Germany)(a)(b)(c)(d) | | EUR | 600,000 | | | | 668,859 | |
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(a)(b)(c)(d) | | GBP | 1,400,000 | | | | 1,833,822 | |
Credit Agricole SA, 4.75% to 3/23/29 (France)(a)(b)(c)(e) | | | 1,400,000 | | | | 1,251,989 | |
Credit Suisse Group AG, 5.25%, Claim (Switzerland)(a)(b)(e)(f)(g)(h) | | | 400,000 | | | | 36,000 | |
Credit Suisse Group AG, 6.375%, Claim (Switzerland)(a)(b)(e)(f)(g)(h) | | | 1,600,000 | | | | 144,000 | |
Credit Suisse Group AG, 7.50%, Claim (Switzerland)(a)(b)(e)(f)(g)(h) | | | 1,200,000 | | | | 108,000 | |
Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)(a)(b)(c) | | | 800,000 | | | | 768,621 | |
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(a)(b)(c)(d) | | EUR | 2,400,000 | | | | 2,649,163 | |
Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(a)(b)(c)(d) | | EUR | 800,000 | | | | 946,774 | |
Erste Group Bank AG, 7.00% to 4/15/31 (Austria)(a)(b)(c)(d) | | EUR | 1,400,000 | | | | 1,533,622 | |
Farm Credit Bank of Texas, 7.75% to 6/15/29(a)(c) | | | 2,310,000 | | | | 2,357,974 | |
First Horizon Bank, 6.416% (3 Month USD Term SOFR + 1.112%,
Floor 3.75%)(a)(e)(i) | | | 3,500 | † | | | 2,336,250 | |
Goldman Sachs Capital I, 6.345%, due 2/15/34 (TruPS) | | | 721,000 | | | | 760,734 | |
Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U(a)(c) | | | 786,000 | | | | 728,210 | |
Goldman Sachs Group, Inc., 3.80% to 5/10/26, Series T(a)(c) | | | 620,000 | | | | 582,940 | |
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(c) | | | 5,951,000 | | | | 6,148,341 | |
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2 (United Kingdom)(a)(c)(e) | | | 845,000 | | | | 1,046,366 | |
HSBC Holdings PLC, 4.00% to 3/9/26 (United Kingdom)(a)(b)(c) | | | 800,000 | | | | 765,301 | |
HSBC Holdings PLC, 4.60% to 12/17/30 (United Kingdom)(a)(b)(c) | | | 3,000,000 | | | | 2,608,150 | |
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(c) | | | 2,200,000 | | | | 2,159,156 | |
HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom) | | | 800,000 | | | | 856,811 | |
HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom) | | | 300,000 | | | | 317,390 | |
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a)(b)(c) | | | 1,000,000 | | | | 991,998 | |
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(c) | | | 1,000,000 | | | | 1,059,433 | |
Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(a)(c) | | | 1,674,000 | | | | 1,544,300 | |
Huntington Bancshares, Inc., 8.443% (3 Month USD Term SOFR + 3.142%), Series E(a)(i) | | | 976,000 | | | | 960,199 | |
ING Groep NV, 4.25% to 5/16/31, Series NC10 (Netherlands)(a)(b)(c) | | | 800,000 | | | | 636,247 | |
ING Groep NV, 4.875% to 5/16/29 (Netherlands)(a)(b)(c)(d) | | | 1,400,000 | | | | 1,244,208 | |
ING Groep NV, 5.75% to 11/16/26 (Netherlands)(a)(b)(c) | | | 3,000,000 | | | | 2,910,446 | |
ING Groep NV, 7.50% to 5/16/28 (Netherlands)(a)(b)(c)(d) | | | 1,800,000 | | | | 1,833,840 | |
ING Groep NV, 8.00% to 5/16/30 (Netherlands)(a)(b)(c)(d) | | | 1,000,000 | | | | 1,049,246 | |
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)(a)(b)(c)(d) | | EUR | 2,000,000 | | | | 2,184,938 | |
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(a)(b)(c)(e) | | | 1,800,000 | | | | 1,802,295 | |
Intesa Sanpaolo SpA, 9.125% to 9/7/29 (Italy)(a)(b)(c)(d) | | EUR | 400,000 | | | | 485,933 | |
JPMorgan Chase & Co., 3.65% to 6/1/26, Series KK(a)(c) | | | 1,433,000 | | | | 1,364,350 | |
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(c) | | | 4,668,000 | | | | 4,834,897 | |
KeyCorp Capital III, 7.75%, due 7/15/29 (TruPS) | | | 1,000,000 | | | | 1,042,512 | |
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a)(b)(c) | | | 1,800,000 | | | | 1,810,834 | |
Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)(a)(b)(c) | | GBP | 1,500,000 | | | | 1,997,022 | |
M&T Bank Corp., 3.50% to 9/1/26, Series I(a)(c) | | | 247,000 | | | | 213,548 | |
2
| | | | | | | | | | | | |
| | | | | | Principal
Amount* | | | Value | |
Nationwide Building Society, 5.75% to 6/20/27 (United Kingdom)(a)(b)(c)(d) | | | GBP | 800,000 | | | $ | 980,232 | |
NatWest Group PLC, 5.125% to 5/12/27 (United Kingdom)(a)(b)(c) | | | GBP | 800,000 | | | | 966,430 | |
NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a)(b)(c) | | | | 2,200,000 | | | | 2,177,106 | |
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a)(b)(c) | | | | 1,600,000 | | | | 1,618,733 | |
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(a)(b)(c) | | | | 800,000 | | | | 830,370 | |
Nordea Bank Abp, 6.625% to 3/26/26 (Finland)(a)(b)(c)(e) | | | | 1,200,000 | | | | 1,198,651 | |
PNC Financial Services Group, Inc., 3.40% to 9/15/26, Series T(a)(c) | | | | 3,215,000 | | | | 2,882,513 | |
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(c) | | | | 1,528,000 | | | | 1,510,279 | |
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(c) | | | | 1,341,000 | | | | 1,340,871 | |
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(c) | | | | 3,058,000 | | | | 2,988,724 | |
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a)(b)(c)(d) | | | | 600,000 | | | | 600,053 | |
Societe Generale SA, 5.375% to 11/18/30 (France)(a)(b)(c)(e) | | | | 1,400,000 | | | | 1,168,885 | |
Societe Generale SA, 6.75% to 4/6/28 (France)(a)(b)(c)(e) | | | | 1,800,000 | | | | 1,650,651 | |
Societe Generale SA, 8.00% to 9/29/25 (France)(a)(b)(c)(e) | | | | 800,000 | | | | 803,821 | |
Societe Generale SA, 9.375% to 11/22/27 (France)(a)(b)(c)(e) | | | | 2,800,000 | | | | 2,878,856 | |
Societe Generale SA, 10.00% to 11/14/28 (France)(a)(b)(c)(e) | | | | 2,600,000 | | | | 2,751,619 | |
Standard Chartered PLC, 4.75% to 1/14/31 (United Kingdom)(a)(b)(c)(e) | | | | 1,600,000 | | | | 1,346,636 | |
Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)(a)(b)(c)(e) | | | | 1,800,000 | | | | 1,828,717 | |
State Street Corp., 6.70% to 3/15/29, Series I(a)(c) | | | | 2,207,000 | | | | 2,214,868 | |
State Street Corp., 6.70% to 9/15/29, Series J(a)(c) | | | | 2,704,000 | | | | 2,707,293 | |
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)(a)(d) | | | EUR | 2,109,975 | | | | 2,548,979 | |
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a)(b)(c)(d) | | | | 1,200,000 | | | | 1,050,566 | |
Swedbank AB, 7.625% to 3/17/28 (Sweden)(a)(b)(c)(d) | | | | 600,000 | | | | 605,625 | |
Swedbank AB, 7.75% to 3/17/30 (Sweden)(a)(b)(c)(d) | | | | 3,000,000 | | | | 3,062,119 | |
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(c) | | | | 4,400,000 | | | | 4,598,436 | |
Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(c) | | | | 2,505,000 | | | | 2,352,193 | |
UBS Group AG, 4.375% to 2/10/31 (Switzerland)(a)(b)(c)(e) | | | | 800,000 | | | | 670,357 | |
UBS Group AG, 4.875% to 2/12/27 (Switzerland)(a)(b)(c)(e) | | | | 2,200,000 | | | | 2,077,406 | |
UBS Group AG, 5.125% to 7/29/26 (Switzerland)(a)(b)(c)(d) | | | | 400,000 | | | | 385,260 | |
UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(b)(c)(e) | | | | 2,400,000 | | | | 2,618,928 | |
UBS Group AG, 9.25% to 11/13/33 (Switzerland)(a)(b)(c)(e) | | | | 3,200,000 | | | | 3,629,296 | |
U.S. Bancorp, 3.70% to 1/15/27, Series N(a)(c) | | | | 535,000 | | | | 485,365 | |
U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(c) | | | | 1,010,000 | | | | 982,142 | |
Virgin Money U.K. PLC, 8.25% to 6/17/27 (United Kingdom)(a)(b)(c)(d) | | | GBP | 1,000,000 | | | | 1,303,444 | |
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(c) | | | | 3,999,000 | | | | 3,838,446 | |
Wells Fargo & Co., 5.95%, due 12/15/36 | | | | 1,478,000 | | | | 1,528,789 | |
Wells Fargo & Co., 6.85% to 9/15/29(a)(c) | | | | 6,195,000 | | | | 6,285,009 | |
Wells Fargo & Co., 7.625% to 9/15/28(a)(c) | | | | 4,200,000 | | | | 4,477,920 | |
| | | | | | | | | |
| | | | | | | | | | | 220,939,650 | |
| | | | | | | | | | | | |
ENERGY | | | 1.1 | % | | | | | | | | |
BP Capital Markets PLC, 4.375% to 6/22/25(a)(c) | | | | 175,000 | | | | 172,194 | |
BP Capital Markets PLC, 4.875% to 3/22/30(a)(c) | | | | 1,988,000 | | | | 1,884,369 | |
BP Capital Markets PLC, 6.45% to 12/1/33(a)(c) | | | | 2,260,000 | | | | 2,338,060 | |
| | | | | | | | | |
| | | | | | | | | | | 4,394,623 | |
| | | | | | | | | | | | |
FINANCIAL SERVICES | | | 1.8 | % | | | | | | | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)(c) | | | | 1,480,000 | | | | 1,497,202 | |
American Express Co., 3.55% to 9/15/26, Series D(a)(c) | | | | 3,023,000 | | | | 2,830,206 | |
Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50(c)(e) | | | | 825,000 | | | | 822,223 | |
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(c)(e) | | | | 851,000 | | | | 799,190 | |
Discover Financial Services, 6.125% to 6/23/25, Series D(a)(c) | | | | 110,000 | | | | 109,457 | |
ILFC E-Capital Trust II, 7.409% (3 Month USD Term SOFR + 2.062%), due 12/21/65 (TruPS)(e)(i) | | | | 940,000 | | | | 798,415 | |
| | | | | | | | | |
| | | | | | | | | | | 6,856,693 | |
| | | | | | | | | | | | |
3
| | | | | | | | | | | | |
| | | | | | Principal
Amount* | | | Value | |
INSURANCE | | | 12.7 | % | | | | | | | | |
Aegon Ltd., 5.625% to 4/15/29 (Netherlands)(a)(b)(c)(d) | | | EUR | 1,800,000 | | | $ | 1,915,177 | |
Allianz SE, 3.50% to 11/17/25 (Germany)(a)(b)(c)(e) | | | | 2,000,000 | | | | 1,898,139 | |
AXA SA, 8.60%, due 12/15/30 (France) | | | | 1,025,000 | | | | 1,226,901 | |
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(c) | | | | 1,550,000 | | | | 1,578,438 | |
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(c) | | | | 2,340,000 | | | | 2,094,600 | |
Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(c) | | | | 1,195,000 | | | | 1,149,177 | |
Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(a)(c) | | | | 1,155,000 | | | | 1,136,551 | |
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(c)(e) | | | | 2,832,000 | | | | 2,657,318 | |
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(c)(e) | | | | 3,380,000 | | | | 3,438,603 | |
Hartford Financial Services Group, Inc., 7.709% (3 Month USD Term SOFR + 2.387%), due 2/12/47, Series ICON(e)(i) | | | | 1,236,000 | | | | 1,113,903 | |
La Mondiale SAM, 6.75% to 1/17/34, Series EMTN (France)(a)(b)(c)(d) | | | EUR | 1,100,000 | | | | 1,192,094 | |
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41
(United Kingdom)(c)(d) | | | | 1,200,000 | | | | 1,105,125 | |
Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51(c)(e) | | | | 1,470,000 | | | | 1,376,320 | |
Liberty Mutual Group, Inc., 7.80%, due 3/15/37(e) | | | | 250,000 | | | | 268,278 | |
Lincoln National Corp., 7.584% (3 Month USD Term SOFR + 2.302%), due 4/20/67(i) | | | | 885,000 | | | | 690,731 | |
Lincoln National Corp., 7.948% (3 Month USD Term SOFR + 2.619%), due 5/17/66(i) | | | | 800,000 | | | | 649,334 | |
Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(c) | | | | 699,000 | | | | 756,105 | |
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(e) | | | | 1,700,000 | | | | 1,842,487 | |
MetLife, Inc., 9.25%, due 4/8/38(e) | | | | 2,000,000 | | | | 2,346,278 | |
Nippon Life Insurance Co., 5.95% to 4/16/34, due 4/16/54 (Japan)(c)(e) | | | | 2,200,000 | | | | 2,231,252 | |
Phoenix Group Holdings PLC, 8.50% to 12/12/29
(United Kingdom)(a)(b)(c)(d) | | | | 600,000 | | | | 601,534 | |
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(c) | | | | 920,000 | | | | 923,181 | |
Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(c) | | | | 3,040,000 | | | | 3,106,895 | |
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(c) | | | | 1,670,000 | | | | 1,725,541 | |
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)(c)(d) | | | | 600,000 | | | | 597,643 | |
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6
(United Kingdom)(a)(b)(c)(d) | | | | 2,000,000 | | | | 1,810,370 | |
Rothesay Life PLC, 7.00% to 6/11/29, due 9/11/34 (United Kingdom)(c)(d) | | | | 1,600,000 | | | | 1,636,212 | |
SBL Holdings, Inc., 6.50% to 11/13/26(a)(c)(e) | | | | 2,200,000 | | | | 1,847,168 | |
SBL Holdings, Inc., 7.00% to 5/13/25(a)(c)(e) | | | | 1,940,000 | | | | 1,729,615 | |
Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(a)(c)(e) | | | | 3,200,000 | | | | 3,163,432 | |
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)(c)(d) | | | | 2,400,000 | | | | 2,042,784 | |
| | | | | | | | | |
| | | | | | | | | | | 49,851,186 | |
| | | | | | | | | | | | |
PIPELINES | | | 7.9 | % | | | | | | | | |
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)(c) | | | | 385,000 | | | | 366,778 | |
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(c) | | | | 995,000 | | | | 945,603 | |
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(c) | | | | 2,362,000 | | | | 2,304,880 | |
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(c) | | | | 1,271,000 | | | | 1,223,407 | |
Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)(c) | | | | 1,670,000 | | | | 1,703,724 | |
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(c) | | | | 1,838,000 | | | | 1,853,542 | |
Enbridge, Inc., 7.375% to 12/15/29, due 3/15/55 (Canada)(c) | | | | 860,000 | | | | 873,588 | |
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(c) | | | | 2,232,000 | | | | 2,324,804 | |
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(c) | | | | 2,381,000 | | | | 2,503,036 | |
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(c) | | | | 3,460,000 | | | | 3,792,738 | |
Energy Transfer LP, 6.50% to 11/15/26, Series H(a)(c) | | | | 2,040,000 | | | | 2,031,784 | |
Energy Transfer LP, 6.625% to 2/15/28, Series B(a)(c) | | | | 624,000 | | | | 614,116 | |
Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(c) | | | | 1,926,000 | | | | 1,924,676 | |
4
| | | | | | | | | | | | |
| | | | | | Principal
Amount* | | | Value | |
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(c) | | | | 3,269,000 | | | $ | 3,051,288 | |
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(c) | | | | 2,398,000 | | | | 2,227,168 | |
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(c) | | | | 3,451,000 | | | | 3,381,447 | |
| | | | | | | | | |
| | | | | | | | | | | 31,122,579 | |
| | | | | | | | | | | | |
REAL ESTATE | | | 1.2 | % | | | | | | | | |
Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80 (Australia)(c)(e) | | | | 2,500,000 | | | | 2,435,647 | |
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(c)(e) | | | | 1,500,000 | | | | 1,421,436 | |
Unibail-Rodamco-Westfield SE, 7.25% to 7/3/28 (France)(a)(c)(d) | | | EUR | 800,000 | | | | 923,281 | |
| | | | | | | | | |
| | | | | | | | | | | 4,780,364 | |
| | | | | | | | | | | | |
TELECOMMUNICATIONS | | | 0.1 | % | | | | | | | | |
Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(a)(c)(d) | | | EUR | 400,000 | | | | 458,330 | |
| | | | | | | | | |
UTILITIES | | | 12.9 | % | | | | | | | | |
AES Corp., 7.60% to 10/15/29, due 1/15/55(c) | | | | 2,355,000 | | | | 2,397,319 | |
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(c) | | | | 4,646,000 | | | | 4,251,824 | |
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(c) | | | | 2,664,000 | | | | 2,701,440 | |
American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54(c) | | | | 2,230,000 | | | | 2,260,232 | |
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(c) | | | | 1,388,000 | | | | 1,286,932 | |
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(c) | | | | 1,632,000 | | | | 1,556,882 | |
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(c) | | | | 1,035,000 | | | | 1,074,826 | |
Dominion Energy, Inc., 7.00% to 3/3/34, due 6/1/54, Series B(c) | | | | 2,400,000 | | | | 2,526,475 | |
Edison International, 5.375% to 3/15/26, Series A(a)(c) | | | | 2,634,000 | | | | 2,580,389 | |
Edison International, 7.875% to 3/15/29, due 6/15/54(c) | | | | 2,530,000 | | | | 2,654,476 | |
Electricite de France SA, 9.125% to 3/15/33 (France)(a)(c)(e) | | | | 1,000,000 | | | | 1,110,432 | |
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(c) | | | | 1,537,000 | | | | 1,534,697 | |
Entergy Corp., 7.125% to 9/1/29, due 12/1/54(c) | | | | 2,575,000 | | | | 2,582,617 | |
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(c)(e) | | | | 1,550,000 | | | | 1,583,070 | |
NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82(c) | | | | 400,000 | | | | 374,412 | |
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(c) | | | | 1,298,000 | | | | 1,258,775 | |
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(c) | | | | 3,811,000 | | | | 3,882,365 | |
NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(c) | | | | 3,795,000 | | | | 3,954,250 | |
NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(c) | | | | 1,160,000 | | | | 1,179,235 | |
Sempra, 4.125% to 1/1/27, due 4/1/52(c) | | | | 3,377,000 | | | | 3,132,851 | |
Sempra, 6.875% to 7/1/29, due 10/1/54(c) | | | | 3,420,000 | | | | 3,434,642 | |
Southern Co., 3.75% to 6/15/26, due 9/15/51, Series 21-A(c) | | | | 2,250,000 | | | | 2,125,355 | |
Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(c) | | | | 1,010,000 | | | | 982,952 | |
| | | | | | | | | |
| | | | | | | | | | | 50,426,448 | |
| | | | | | | | | | | | |
TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$362,886,120) | | | | | | | | 368,829,873 | |
| | | | | | | | | |
| | | |
| | | | | | Shares | | | | |
SHORT-TERM INVESTMENTS | | | 3.0 | % | | | | | | | | |
MONEY MARKET FUNDS | | | | | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund,
Premier Class, 5.26%(j) | | | | 10,721,459 | | | | 10,721,459 | |
State Street Institutional U.S. Government Money Market Fund,
Premier Class, 5.26%(j) | | | | 876,340 | | | | 876,340 | |
| | | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$11,597,799) | | | | | | | | 11,597,799 | |
| | | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$383,677,449) | | | 99.4 | % | | | | | | | 389,858,607 | |
OTHER ASSETS IN EXCESS OF LIABILITIES | | | 0.6 | | | | | | | | 2,334,809 | |
| | | | | | | | | | | | |
NET ASSETS (Equivalent to $9.94 per share based on 39,447,354 shares of common stock outstanding) | | | 100.0 | % | | | | | | $ | 392,193,416 | |
| | | | | | | | | | | | |
5
Forward Foreign Currency Exchange Contracts
| | | | | | | | | | | | | | | | | | |
| Counterparty | | Contracts to Deliver | | | In Exchange For | | | Settlement Date | | Unrealized Appreciation (Depreciation) | |
Brown Brothers Harriman | | EUR | | | 37,837,967 | | | USD | | | 40,613,193 | | | 8/2/24 | | $ | (336,944 | ) |
Brown Brothers Harriman | | EUR | | | 1,100,000 | | | USD | | | 1,196,347 | | | 8/2/24 | | | 5,872 | |
Brown Brothers Harriman | | GBP | | | 8,564,983 | | | USD | | | 10,827,029 | | | 8/2/24 | | | (183,687 | ) |
Brown Brothers Harriman | | USD | | | 1,370,487 | | | EUR | | | 1,252,770 | | | 8/2/24 | | | (14,676 | ) |
Brown Brothers Harriman | | USD | | | 1,016,313 | | | EUR | | | 933,095 | | | 8/2/24 | | | (6,471 | ) |
Brown Brothers Harriman | | USD | | | 867,243 | | | EUR | | | 798,299 | | | 8/2/24 | | | (3,284 | ) |
Brown Brothers Harriman | | USD | | | 36,698,645 | | | EUR | | | 33,910,835 | | | 8/2/24 | | | 1,353 | |
Brown Brothers Harriman | | USD | | | 2,209,286 | | | EUR | | | 2,042,968 | | | 8/2/24 | | | 1,716 | |
Brown Brothers Harriman | | USD | | | 11,000,179 | | | GBP | | | 8,564,983 | | | 8/2/24 | | | 10,537 | |
Brown Brothers Harriman | | EUR | | | 33,375,157 | | | USD | | | 36,171,661 | | | 9/4/24 | | | (4,099 | ) |
Brown Brothers Harriman | | GBP | | | 8,691,142 | | | USD | | | 11,165,076 | | | 9/4/24 | | | (11,391 | ) |
| | |
| | | | | | | | | | | | | | | | $ | (541,074 | ) |
| | |
Glossary of Portfolio Abbreviations
| | |
| EMTN | | Euro Medium Term Note |
| EUR | | Euro Currency |
| GBP | | British Pound |
| ICON | | Income Capital Obligation Note |
| 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.
| * | Amount denominated in U.S. dollars unless otherwise indicated. |
| (a) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (b) | 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 $129,455,000 or 33.0% of the net assets of the Fund. |
| (c) | Security converts to floating rate after the indicated fixed–rate coupon period. |
| (d) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $60,378,933 which represents 15.4% of the net assets of the Fund, of which 0.0% are illiquid. |
| (e) | 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 $74,466,951 which represents 19.0% of the net assets of the Fund, of which 0.7% are illiquid. |
| (f) | Non–income producing security. |
| (g) | Security is in default. |
| (h) | Security value is determined based on significant unobservable inputs (Level 3). |
| (i) | Variable rate. Rate shown is in effect at July 31, 2024. |
| (j) | Rate quoted represents the annualized seven–day yield. |
6
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. Over-the-counter (OTC) total return swap contracts are valued based upon prices provided by a third-party pricing service or counterparty. 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 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 the investment advisor to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
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 July 31, 2024 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—Exchange-Traded: | | | | | | | | | | | | | | | | |
Banking | | $ | — | | | $ | 5,156,327 | | | $ | — | | | $ | 5,156,327 | |
Other Industries | | | 4,274,608 | | | | — | | | | — | | | | 4,274,608 | |
Preferred Securities—Over-the-Counter: | | | | | | | | | | | | | | | | |
Banking | | | — | | | | 220,651,650 | | | | 288,000 | (a) | | | 220,939,650 | |
Other Industries | | | — | | | | 147,890,223 | | | | — | | | | 147,890,223 | |
Short-Term Investments | | | — | | | | 11,597,799 | | | | — | | | | 11,597,799 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities(b) | | $ | 4,274,608 | | | $ | 385,295,999 | | | $ | 288,000 | | | $ | 389,858,607 | |
| | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 19,478 | | | $ | — | | | $ | 19,478 | |
| | | | | | | | | | | | | | | | |
Total Derivative Assets(b) | | $ | — | | | $ | 19,478 | | | $ | — | | | $ | 19,478 | |
| | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (560,552 | ) | | $ | — | | | $ | (560,552 | ) |
| | | | | | | | | | | | | | | | |
Total Derivative Liabilities(b) | | $ | — | | | $ | (560,552 | ) | | $ | — | | | $ | (560,552 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Securities have been fair valued by the Valuation Committee pursuant to the Fund’s fair value procedures and classified as Level 3 securities. |
| (b) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
Note 2. Derivative Investments
Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.
Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.
Over-the-Counter Total Return Swap Contracts: In a total return swap, one party receives a periodic payment equal to the total return of a specified security, basket of securities, index, or other reference asset for a specified period of time. In return, the other party receives a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the value of the swap are recorded as unrealized appreciation/depreciation. Periodic payments received or made are recorded as realized gains or losses. The Fund bears the risk of loss in the event of nonperformance by the swap counterparty. Risks may also arise from unanticipated movements in the value of exchange rates, interest rates, securities, index, or other reference asset.
At July 31, 2024, the Fund did not have any total return swap contracts outstanding.
The following summarizes the monthly average volume of the Fund’s total return swaps contracts and forward foreign currency exchange contracts activity for the nine months ended July 31, 2024:
| | | | | | | | |
| | | Total Return Swap
Contracts | | | Forward Foreign
Currency Exchange
Contracts | |
Average Notional Amount(a) | | $ | 14,429,116 | | | $ | 38,470,461 | |
| (a) | Average notional amounts represent the average for all months in which the Fund had total return swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents one month for total return swap contracts and nine months for forward foreign currency exchange contracts. |
