Cohen & Steers Tax-Advantage Preferred Securities and Income Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N‑CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811‑23493

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

(Exact name of Registrant as specified in charter)

1166 Avenue of the Americas, 30th Floor, New York, NY 10036

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30th Floor

New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 832‑3232

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1. Reports to Stockholders.

(a)

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

To Our Shareholders:

We would like to share with you our report for the six months ended April 30, 2025. The total returns for the Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund (the Fund) and its comparative benchmarks were:


	Six Months Ended April 30, 2025
Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund:
Net Asset Value Total Return^(a)		–1.66	%
Market Price Total Return^(a)		–3.39	%
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index^(b)		–1.62	%
Blended Benchmark—50% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index/35% ICE BofA U.S. IG Institutional Capital Securities Index/15% Bloomberg Developed Market USD Contingent Capital Index^(b)		–0.05	%
ICE BofA U.S. All Capital Securities Index^(b)		–1.30	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund expects to make regular monthly distributions at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

^(a)	As a closed‑end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.

^(b)

ICE BofA 7% Constrained DRD Eligible Preferred Securities Index contains all securities in the ICE BofA Fixed Rate Preferred Securities Index that are DRD (dividends received deduction) eligible, but caps issuer exposure at 7%. The ICE BofA U.S. IG Institutional Capital Securities Index tracks the performance of U.S. dollar-denominated investment grade hybrid capital corporate and preferred securities publicly issued in the U.S. domestic market. The Bloomberg Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The ICE BofA U.S. All Capital Securities Index tracks the performance of fixed rate, U.S. dollar-denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

Market Review

Preferred securities were largely unchanged in the six months ended April 30, 2025, against a backdrop of considerable crosscurrents.

The 10-year U.S. Treasury note yield fluctuated considerably during the period. Yields initially rose, with the 10-year Treasury climbing from 4.3% to approximately 4.8%, as inflation persisted above the Federal Reserve’s 2% target and expectations for both the number and magnitude of Fed rate cuts diminished substantially as economic performance surpassed forecasts. However, Donald Trump and the Republican Party’s congressional sweep in the U.S. election raised uncertainties around fiscal, trade and immigration policies. The bellwether Treasury yield declined to 4% in the spring when recession concerns emerged following the President’s sweeping tariff initiative and subsequent retaliatory tariffs from U.S. trading partners. The yield later partially reversed to settle below 4.2% after President Trump announced a 90-day suspension on reciprocal tariffs to allow time for trade agreement negotiations.

Given the uncertain outlook for growth and inflation, credit spreads—which had contracted to historically tight levels in 2024—widened across the capital stack and quality spectrum. Subordination premiums (the credit spread differential between preferreds and senior debt) increased, and higher-quality securities outperformed their lower-quality counterparts. As a result, preferred securities collectively underperformed longer-term U.S. Treasuries, investment-grade bonds and high-yield debt.

Within the preferred market, over-the-counter securities—primarily comprising duration-lowering fixed-to-reset structures—produced positive returns. In contrast, the exchange-traded $25 par market, dominated by fixed-rate perpetual issues, generated negative total returns in the period.

Fund Performance

The Fund had a negative total return in the period and underperformed its blended benchmark on both a market price and net asset value basis.

Companies in the U.S. banking sector reported solid results, and their asset quality generally remained sound. Their healthy profitability and historically high capital position them well to endure a potential economic deterioration. However, U.S. bank preferreds overall traded modestly lower with the exchange-listed market showing particular weakness and aligning more closely with equity trends. The Fund’s security selection and underweight allocation to U.S. bank preferreds contributed to relative performance.

European banks also reported healthy results and strong capital positions, benefiting from lessening inflationary pressures and European Central Bank interest rate cuts. Additionally, fiscal stimulus measures under consideration by the EU, particularly those announced by Germany, in late March, offer potential for improved future growth. Consequently, contingent capital securities (primarily issued by European banks) were the top-performing preferred category during the period. The Fund’s overweight allocation to non-U.S. banks contributed to relative returns.

The finance sector generated solid returns, supported by the same factors that drove U.S. banks, including surprising strong consumer sentiment. However, the portfolio’s security selection in the finance sector detracted from relative performance, partly due to out-of-index positions in a pair of fixed-rate securities from Oaktree Capital Group that lagged after exceptional performance in fiscal 2024.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

The insurance industry maintained healthy cash flows and asset quality, yet issues in the sector modestly underperformed the broader preferreds market. The Fund’s underweight allocation in the insurance sector aided relative performance in the period.

The utilities sector experienced meaningful new issuance following Moody’s 2024 methodology change. Companies replaced perpetual preferred stocks with hybrid preferreds featuring 30-year maturities. The securities gained favorable reception, as issuers have incentives to redeem the preferreds when coupons reset in 10 years. Despite the popularity of the new issues, the utilities sector delivered negative total returns, partly due to potential liabilities for California utilities following devastating wildfires and uncertainty regarding the future size and replenishment of the state’s Wildfire Recovery Fund. The Fund’s overweight allocation to the utilities sector detracted from relative performance. However, the adverse effect of the overweight was partially offset by favorable security selection in the sector.

The pipeline sector outperformed, led by defensively structured over-the-counter issues from investment-grade-rated issuers. The Fund’s security selection in the sector detracted from relative returns due to an out-of-index position in a security from Venture Global; the company’s disappointing initial public stock offering weighed on the high-coupon preferred. However, a favorable overweight allocation to the sector largely counterbalanced this negative selection effect.

Impact of Leverage on Fund Performance

The Fund employs leverage as part of an effort to enhance yield. Leverage can increase total return in rising markets, just as it can have the opposite effect in declining markets. The leverage detracted significantly from the Fund’s performance for the six months ended April 30, 2025.

Impact of Derivatives on Fund Performance

The Fund used forward foreign currency exchange contracts to help manage currency risk on certain foreign-denominated positions. While these contracts slightly detracted from total return during the period, overall currency movements had no material impact on performance.

In connection with its use of leverage, the Fund pays interest on its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. The Fund’s use of interest rate swaps detracted from overall performance, as the short end of the U.S. Treasury curve declined in response to market expectations for additional Federal Reserve rate cuts over the next two years.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

Sincerely,

ELAINE ZAHARIS-NIKAS

Portfolio Manager




JERRY DOROST		ROBERT KASTOFF
Portfolio Manager		Portfolio Manager

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended April 30, 2025


	1 Year			5 Years		10 Years		Since Inception^(a)
Fund at NAV		6.77	%		—		—		2.79	%
Fund at Market Price		9.36	%		—		—		1.33	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

^(a)	Commencement of investment operations was October 28, 2020.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

Our Leverage Strategy

(Unaudited)

Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of April 30, 2025, leverage represented 35% of the Fund’s managed assets.

Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2028 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.

Leverage Facts^(a)(b)


Leverage (as a % of managed assets)		35%
% Variable Rate Financing		29%
Variable Rate		5.1%
% Fixed Rate Financing^(c)		71%
Weighted Average Rate on Fixed Financing		1.1%
Weighted Average Term on Fixed Financing^(d)		2.5 years
Weighted Average Cost of All Financing		2.3%

The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

^(a)	Data as of April 30, 2025. Information is subject to change.

^(b)	See Note 7 in Notes to Financial Statements.

^(c)	Represents fixed payer interest rate swap contracts on variable rate borrowing.

^(d)	The Fund entered into a forward-starting interest rate swap contract with interest receipts and payments commencing on September 15, 2025 (effective date).

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

April 30, 2025

Top Ten Holdings^(a)

(Unaudited)


Security	Value		% of Managed Assets

Wells Fargo & Co., 7.625%	$	37,202,660		2.2
Citigroup, Inc., 7.625%, Series AA		29,284,467		1.7
Charles Schwab Corp., 4.00%, Series I		28,629,546		1.7
PNC Financial Services Group, Inc., 6.25%, Series W		23,044,967		1.3
Goldman Sachs Group, Inc., 7.50%, Series W		21,847,431		1.3
Goldman Sachs Group, Inc., 7.50%, Series X		21,532,948		1.3
Citigroup, Inc., 6.95%, Series FF		20,640,284		1.2
BNP Paribas SA, 7.75% (France)		20,195,624		1.2
JPMorgan Chase & Co., 6.875%, Series NN		18,335,791		1.1
Morgan Stanley, 6.625%, Series Q		18,310,618		1.1

^(a)

Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.

Sector Breakdown^(b)(Based on Managed Assets) (Unaudited)

^(b)	Excludes derivative instruments.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS

April 30, 2025 (Unaudited)


		Shares		Value
EXCHANGE-TRADED FUNDS—CORPORATE BONDS	0.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)			48,829	$	5,272,555

TOTAL EXCHANGE-TRADED FUNDS (Identified cost—$5,110,036)					5,272,555

PREFERRED SECURITIES—EXCHANGE-TRADED	29.8%
BANKING	10.0%
Bank of America Corp., 4.25%, Series QQ^(a)(b)			45,242		778,162
Bank of America Corp., 4.375%, Series NN^(a)(b)			125,000		2,196,250
Bank of America Corp., 5.00%, Series LL^(a)(b)			487,866		9,908,558
Bank of America Corp., 5.375%, Series KK^(a)(b)			35,839		785,949
Federal Agricultural Mortgage Corp., 4.875%, Series G^(b)			407,795		7,780,729
First Horizon Corp., 6.50%, Series E^(a)(b)			216,107		5,011,521
M&T Bank Corp., 7.50%, Series J^(a)(b)			397,600		10,611,944
Morgan Stanley, 5.85%, Series K^(a)(b)			262,900		5,967,830
Morgan Stanley, 6.375%, Series I^(a)(b)			62,560		1,518,957
Morgan Stanley, 6.50%, Series P^(a)(b)			210,180		5,273,416
Morgan Stanley, 6.625%, Series Q^(a)(b)			728,346		18,310,618
Morgan Stanley, 6.875%, Series F^(a)(b)			580,397		14,567,965
Morgan Stanley, 7.125%, Series E^(a)(b)			350,000		8,820,000
Regions Financial Corp., 5.70% to 5/15/29, Series C^(a)(b)(c)			88,820		2,044,636
Wells Fargo & Co., 4.375%, Series CC^(a)(b)			167,799		2,936,483
Wells Fargo & Co., 4.70%, Series AA^(a)(b)			169,413		3,161,247
Wells Fargo & Co., 4.75%, Series Z^(a)(b)			403,986		7,659,575
Wells Fargo & Co., 7.50%, Series L (Convertible)^(b)			3,155		3,666,110

					110,999,950

CONSUMER STAPLE PRODUCTS	0.9%
CHS, Inc., 7.50%, Series 4^(b)			393,503		10,079,579

FINANCIAL SERVICES	2.7%
Affiliated Managers Group, Inc., 6.75%, due 3/30/64^(a)			151,751		3,594,981
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53^(a)(c)			147,108		3,905,717
Brookfield Oaktree Holdings LLC, 6.55%, Series B^(a)(b)			633,858		12,899,010
Brookfield Oaktree Holdings LLC, 6.625%, Series A^(a)(b)			214,812		4,420,831
TPG Operating Group II LP, 6.95%, due 3/15/64^(a)			232,042		5,555,086

					30,375,625

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


		Shares		Value
INDUSTRIAL SERVICES	1.2%
WESCO International, Inc., 10.625% to 6/22/25, Series A^(b)(c)			502,669	$	12,782,873

INSURANCE	7.4%
Allstate Corp., 5.10%, Series H^(a)(b)			304,000		6,301,920
Allstate Corp., 7.375%, Series J^(a)(b)			127,236		3,374,299
Arch Capital Group Ltd., 4.55%, Series G^(a)(b)			172,499		2,930,758
Arch Capital Group Ltd., 5.45%, Series F^(a)(b)			351,086		7,214,817
Assurant, Inc., 5.25%, due 1/15/61^(a)			75,306		1,468,467
Athene Holding Ltd., 4.875%, Series D^(a)(b)			243,569		4,065,167
Athene Holding Ltd., 6.35% to 6/30/29, Series A^(a)(b)(c)			497,843		11,669,440
Athene Holding Ltd., 6.375% to 6/30/25, Series C^(a)(b)(c)			180,649		4,525,257
Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64^(a)(c)			242,600		6,004,350
Athene Holding Ltd., 7.75% to 12/30/27, Series E^(a)(b)(c)			337,144		8,465,686
Equitable Holdings, Inc., 4.30%, Series C^(a)(b)			98,173		1,613,964
Equitable Holdings, Inc., 5.25%, Series A^(a)(b)			286,202		5,724,040
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53^(a)			247,092		6,318,142
Lincoln National Corp., 9.00%, Series D^(a)(b)			299,871		8,132,502
MetLife, Inc., 4.75%, Series F^(a)(b)			32,000		626,560
MetLife, Inc., 5.625%, Series E^(a)(b)			74,832		1,751,817
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)^(b)			103,152		1,612,266

					81,799,452

REAL ESTATE	0.9%
Chatham Lodging Trust, 6.625%, Series A^(b)			85,000		1,677,050
DigitalBridge Group, Inc., 7.125%, Series H^(b)			206,801		4,442,086
DigitalBridge Group, Inc., 7.125%, Series J^(b)			170,626		3,624,096

					9,743,232

TELECOMMUNICATIONS	2.9%
AT&T, Inc., 4.75%, Series C^(a)(b)			646,405		12,320,479
AT&T, Inc., 5.00%, Series A^(a)(b)			493,265		9,899,829
Telephone & Data Systems, Inc., 6.00%, Series VV^(a)(b)			97,841		1,816,907
U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70^(a)			96,904		2,128,012
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70^(a)			91,356		2,026,276
U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69^(a)			163,097		3,849,089

					32,040,592

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


		Shares		Value
UTILITIES	3.8%
Algonquin Power & Utilities Corp., 8.864% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19‑A (Canada)^(a)(d)			237,068	$	5,962,260
BIP Bermuda Holdings I Ltd., 5.125% (Canada)^(a)(b)			47,070		763,475
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)^(a)(b)			208,034		2,997,770
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)^(a)(b)			168,056		2,532,604
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)^(a)			192,889		3,111,300
CMS Energy Corp., 5.875%, due 10/15/78^(a)			120,000		2,641,200
SCE Trust V, 5.45% to 3/15/26, Series K^(a)(b)(c)			219,093		4,988,748
SCE Trust VI, 5.00%^(a)(b)			298,808		4,891,487
SCE Trust VII, 7.50%, Series M^(a)(b)			380,663		8,774,282
SCE Trust VIII, 6.95%, Series N^(a)(b)			230,478		5,054,382

					41,717,508

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$363,142,167)					329,538,811


		Principal Amount*
PREFERRED SECURITIES—OVER‑THE‑COUNTER	119.7%
BANKING	72.2%
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)^(b)(c)(e)(f)		EUR	4,000,000		4,731,081
AIB Group PLC, 7.125% to 10/30/29 (Ireland)^(b)(c)(e)(f)		EUR	6,400,000		7,529,051
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)^(b)(c)(e)			4,900,000		5,289,565
Banco Santander SA, 7.00% to 11/20/29 (Spain)^(b)(c)(e)(f)		EUR	1,000,000		1,190,153
Banco Santander SA, 8.00% to 2/1/34 (Spain)^(b)(c)(e)			11,400,000		11,662,590
Banco Santander SA, 9.625% to 11/21/28 (Spain)^(b)(c)(e)			5,600,000		6,114,377
Banco Santander SA, 9.625% to 5/21/33 (Spain)^(b)(c)(e)			9,000,000		10,189,719
Bank of America Corp., 5.875% to 3/15/28, Series FF^(a)(b)(c)			5,162,000		5,114,743

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


	Principal Amount*		Value
Bank of America Corp., 6.125% to 4/27/27, Series TT^(a)(b)(c)		718,000	$	718,011
Bank of America Corp., 6.625% to 5/1/30, Series OO^(b)(c)		5,330,000		5,345,780
Bank of Montreal, 7.30% to 11/26/34, due 11/26/84 (Canada)^(a)(c)		5,048,000		4,973,421
Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)^(a)(c)		6,000,000		5,951,809
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)^(a)(c)		4,600,000		4,718,257
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)^(a)(c)		10,250,000		10,622,478
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)^(b)(c)		4,220,000		4,341,325
Barclays PLC, 7.625% to 3/15/35 (United Kingdom)^(b)(c)(e)		8,400,000		8,056,841
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)^(b)(c)(e)		2,100,000		2,150,650
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)^(b)(c)(e)(f)	GBP	4,500,000		6,256,538
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)^(b)(c)(e)	GBP	2,700,000		3,793,409
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)^(a)(b)(c)(e)		13,800,000		15,099,408
BNP Paribas SA, 4.625% to 2/25/31 (France)^(b)(c)(e)(g)		5,000,000		4,230,783
BNP Paribas SA, 7.375% to 9/10/34 (France)^(b)(c)(e)(g)		6,600,000		6,539,600
BNP Paribas SA, 7.75% to 8/16/29 (France)^{(a)(b)(c)(e)(g)}		19,600,000		20,195,624
BNP Paribas SA, 8.00% to 8/22/31 (France)^(b)(c)(e)(g)		5,800,000		6,003,052
BNP Paribas SA, 8.50% to 8/14/28 (France)^{(a)(b)(c)(e)(g)}		15,700,000		16,403,093
BNP Paribas SA, 9.25% to 11/17/27 (France)^(b)(c)(e)(g)		6,600,000		6,960,631
BPER Banca SpA, 6.50% to 3/20/30 (Italy)^(b)(c)(e)(f)	EUR	1,400,000		1,601,851
CaixaBank SA, 6.25% to 7/24/32 (Spain)^(b)(c)(e)(f)	EUR	8,400,000		9,495,723
CaixaBank SA, 7.50% to 1/16/30 (Spain)^(b)(c)(e)(f)	EUR	1,800,000		2,202,058
CaixaBank SA, 8.25% to 3/13/29 (Spain)^(b)(c)(e)(f)	EUR	1,400,000		1,745,119
Charles Schwab Corp., 4.00% to 6/1/26, Series I^(a)(b)(c)		29,526,000		28,629,546
Charles Schwab Corp., 4.00% to 12/1/30, Series H^(a)(b)(c)		11,846,000		10,351,516

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


	Principal Amount*		Value
Citigroup Capital III, 7.625%, due 12/1/36^(a)		1,500,000	$	1,635,990
Citigroup, Inc., 3.875% to 2/18/26, Series X^(b)(c)		2,948,000		2,874,469
Citigroup, Inc., 6.25% to 8/15/26, Series T^(b)(c)		10,030,000		10,085,200
Citigroup, Inc., 6.95% to 2/15/30, Series FF^(a)(b)(c)		21,016,000		20,640,284
Citigroup, Inc., 7.00% to 8/15/34, Series DD^(b)(c)		11,844,000		11,780,558
Citigroup, Inc., 7.625% to 11/15/28, Series AA^(a)(b)(c)		28,450,000		29,284,467
CoBank ACB, 6.45% to 10/1/27, Series K^(b)(c)		6,590,000		6,571,911
CoBank ACB, 7.125% to 1/1/30, Series M^(b)(c)		5,500,000		5,620,797
Commerzbank AG, 7.50% to 10/9/30 (Germany)^(b)(c)(e)(f)		6,400,000		6,346,310
Commerzbank AG, 7.875% to 10/9/31 (Germany)^(b)^(c)(e)(f)	EUR	1,800,000		2,200,635
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)^(b)(c)(e)(f)	GBP	4,000,000		5,461,421
Credit Agricole SA, 7.25% to 9/23/28 (France)^{(a)(b)(c)(e)(f)}	EUR	1,900,000		2,291,521
Credit Suisse Group AG, 6.375%, Claim (Switzerland)^{(b)(e)(g)(h)(i)}		2,200,000		165,000
Credit Suisse Group AG, 7.50%, Claim (Switzerland)^{(b)(e)(g)(h)(i)}		7,600,000		570,000
Deutsche Bank AG, 7.375% to 10/30/31 (Germany)^(b)(c)(e)(f)	EUR	7,800,000		8,761,656
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)^(b)(c)(e)(f)	EUR	5,800,000		6,804,189
Farm Credit Bank of Texas, 7.75% to 6/15/29^(b)(c)		3,698,000		3,841,046
Goldman Sachs Group, Inc., 7.379% to 8/10/25, Series Q^(b)(c)		2,000,000		2,008,062
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W^(a)(b)(c)		21,049,000		21,847,431
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X^(a)(b)(c)		21,064,000		21,532,948
HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)^(a)(b)(c)(e)		3,800,000		3,778,024
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)^(a)(b)(c)(e)		4,000,000		4,164,424
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F^(b)(c)		5,141,000		5,069,904

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


	Principal Amount*		Value
ING Groep NV, 4.875% to 5/16/29 (Netherlands)^(b)(c)(e)(f)		1,800,000	$	1,625,661
ING Groep NV, 7.25% to 11/16/34 (Netherlands)^(b)(c)(e)(f)		7,400,000		7,360,410
ING Groep NV, 7.50% to 5/16/28 (Netherlands)^(b)(c)(e)(f)		5,000,000		5,075,000
ING Groep NV, 8.00% to 5/16/30 (Netherlands)^(b)(c)(e)(f)		10,300,000		10,699,125
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)^(b)(c)(e)(f)	EUR	3,400,000		4,003,280
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)^(b)(c)(e)(g)		1,800,000		1,810,102
JPMorgan Chase & Co., 6.50% to 4/1/30, Series OO^(a)(b)(c)		4,240,000		4,247,436
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN^(a)(b)(c)		17,757,000		18,335,791
Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)^(b)(c)(e)(f)		4,400,000		4,266,543
KBC Group NV, 6.25% to 9/17/31 (Belgium)^(b)(c)(e)(f)	EUR	1,400,000		1,596,546
Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany)^{(a)(b)(c)(e)(f)}	EUR	2,200,000		2,420,466
Lloyds Banking Group PLC, 6.75% to 9/27/31 (United Kingdom)^(b)(c)(e)		7,700,000		7,233,220
Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)^(a)^(b)(c)(e)	GBP	5,200,000		6,717,950
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)^(b)(c)(e)		7,600,000		7,810,216
Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)^(b)(c)(e)	GBP	2,000,000		2,742,072
Nationwide Building Society, 7.50% to 12/20/30 (United Kingdom)^(b)(c)(e)(f)	GBP	2,800,000		3,664,267
Nationwide Building Society, 10.25%, Series CCDS (United Kingdom)^(b)(f)	GBP	6,060,000		10,620,159
NatWest Group PLC, 7.50% to 2/28/32 (United Kingdom)^(a)(b)(c)(e)	GBP	4,000,000		5,127,513
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)^(b)(c)(e)		4,400,000		4,415,514
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)^(b)(c)(e)		5,000,000		5,176,195

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


	Principal Amount*		Value
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U^(a)(b)(c)		5,481,000	$	5,434,730
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V^(a)(b)(c)		13,976,000		14,001,731
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W^(a)(b)(c)		23,364,000		23,044,967
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)^{(a)(b)(c)(e)(f)}		1,600,000		1,623,000
Societe Generale SA, 6.75% to 4/6/28 (France)^(b)(c)(e)(g)		8,400,000		8,055,209
Societe Generale SA, 8.125% to 11/21/29 (France)^(b)(c)(e)(g)		4,200,000		4,156,416
Societe Generale SA, 8.50% to 3/25/34 (France)^(b)(c)(e)(g)		2,200,000		2,225,450
Societe Generale SA, 9.375% to 11/22/27 (France)^(b)(c)(e)(g)		8,200,000		8,597,993
Societe Generale SA, 10.00% to 11/14/28 (France)^(b)(c)(e)(g)		9,400,000		10,131,442
State Street Corp., 6.70% to 3/15/29, Series I^(b)(c)		13,549,000		13,630,700
State Street Corp., 6.70% to 9/15/29, Series J^(b)(c)		17,410,000		17,525,620
Stichting AK Rabobank Certificaten, 6.50% (Netherlands)^(b)(f)	EUR	8,859,050		11,291,832
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)^{(a)(b)(c)(e)(f)}		2,600,000		2,307,588
Swedbank AB, 7.625% to 3/17/28 (Sweden)^{(a)(b)(c)(e)(f)}		1,800,000		1,848,132
Swedbank AB, 7.75% to 3/17/30 (Sweden)^{(a)(b)(c)(e)(f)}		8,200,000		8,425,500
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)^(a)(c)		4,200,000		4,182,812
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)^(a)(c)		7,305,000		7,568,601
Truist Financial Corp., 5.10% to 3/1/30, Series Q^(a)(b)(c)		5,668,000		5,441,000
Truist Financial Corp., 5.125% to 12/15/27, Series M^(a)(b)(c)		2,239,000		2,144,787
Truist Financial Corp., 6.669% to 9/1/25, Series N^(a)(b)(c)		13,158,000		12,956,844
UBS Group AG, 4.375% to 2/10/31 (Switzerland)^(b)(c)(e)(g)		2,100,000		1,803,563

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


		Principal Amount*		Value
UBS Group AG, 6.85% to 9/10/29 (Switzerland)^(b)(c)(e)(g)			3,400,000	$	3,345,296
UBS Group AG, 7.75% to 4/12/31 (Switzerland)^(b)(c)(e)(g)			5,400,000		5,537,927
UBS Group AG, 9.25% to 11/13/28 (Switzerland)^(b)(c)(e)(g)			12,200,000		13,212,502
UBS Group AG, 9.25% to 11/13/33 (Switzerland)^{(a)(b)(c)(e)(g)}			15,400,000		17,252,466
Virgin Money U.K. PLC, 11.00% to 12/8/28 (United Kingdom)^{(a)(b)(c)(e)(f)}		GBP	2,820,000		4,197,343
Wells Fargo & Co., 6.85% to 9/15/29^(a)(b)(c)			12,960,000		13,133,768
Wells Fargo & Co., 7.625% to 9/15/28^(a)(b)(c)			35,256,000		37,202,660

					796,771,394

CONSUMER DISCRETIONARY PRODUCTS	0.4%
Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5 (Germany)^(a)(b)(c)(f)		EUR	700,000		849,506
Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)^(a)(b)(c)(f)		EUR	2,500,000		3,162,808

					4,012,314

ENERGY	1.1%
BP Capital Markets PLC, 6.125% to 3/18/35^(a)(b)(c)			4,419,000		4,276,548
BP Capital Markets PLC, 6.45% to 12/1/33^(a)(b)(c)			8,230,000		8,215,261

					12,491,809

FINANCIAL SERVICES	2.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)^(a)(c)			3,410,000		3,426,511
Ally Financial, Inc., 4.70% to 5/15/26, Series B^(b)(c)			4,467,000		4,117,771
Ally Financial, Inc., 4.70% to 5/15/28, Series C^(b)(c)			9,752,000		8,275,940
Apollo Global Management, Inc., 6.00% to 9/15/34, due 12/15/54^(a)(c)			852,000		800,136
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51^(a)(c)(g)			2,881,000		2,774,423
Discover Financial Services, 6.125% to 6/23/25, Series D^(b)(c)			4,145,000		4,147,854

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


		Principal Amount*		Value
ILFC E‑Capital Trust I, 6.117% (3 Month USD Term SOFR + 1.812%), due 12/21/65^(d)(g)			1,219,000	$	986,218
ILFC E‑Capital Trust II, 6.367% (3 Month USD Term SOFR + 2.062%), due 12/21/65^(d)(g)			5,352,000		4,452,634

					28,981,487

HEALTH CARE	1.3%
CVS Health Corp., 7.00% to 12/10/29, due 3/10/55^(a)(c)			14,473,000		14,676,323

INSURANCE	11.4%
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (Switzerland)^(a)(c)(f)			5,900,000		5,885,250
ASR Nederland NV, 6.50% to 4/2/35 (Netherlands)^(b)(c)(e)(f)		EUR	5,400,000		6,049,589
Athene Holding Ltd., 6.625% to 7/15/34, due 10/15/54^(a)(c)			1,836,000		1,768,683
Athora Netherlands NV, 6.75% to 5/18/31 (Netherlands)^(b)(c)(e)(f)		EUR	2,800,000		3,227,202
Dai‑ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)^(a)(b)(c)(g)			6,000,000		5,966,237
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42^(a)(c)			2,627,000		2,522,128
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55^(a)(c)			3,020,000		2,989,044
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51^(c)(g)			7,910,000		7,520,211
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54^(c)(g)			7,506,000		7,641,251
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)^(c)(f)			3,500,000		3,230,398
Lincoln National Corp., 9.25% to 12/1/27, Series C^(a)(b)(c)			14,850,000		15,746,792
Meiji Yasuda Life Insurance Co., 6.10% to 6/11/35, due 6/11/55 (Japan)^(a)(c)(g)			11,400,000		11,271,284
MetLife Capital Trust IV, 7.875%, due 12/15/37^(a)(g)			7,800,000		8,429,109
MetLife, Inc., 9.25%, due 4/8/38^(a)(g)			5,500,000		6,384,070
Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54^(a)(c)			3,315,000		3,333,694

See accompanying notes to financial statements.

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025 (Unaudited)


		Principal Amount*		Value
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53^(a)(c)			4,210,000	$	4,324,411
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)^(b)(c)(e)(f)			5,200,000		4,840,017
SBL Holdings, Inc., 6.50% to 11/13/26^(b)(c)(g)			6,300,000		5,528,884
SBL Holdings, Inc., 7.00% to 5/13/30^(b)(c)(g)			4,013,000		3,810,704
Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)^(a)(b)(c)(g)			3,600,000		3,521,443
Voya Financial, Inc., 7.758% to 9/15/28, Series A^(b)(c)			11,285,000		11,471,823

					125,462,224

PIPELINES	12.3%
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017‑A (Canada)^(c)			560,000		536,699
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16‑A (Canada)^(c)			2,421,000		2,376,620
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)^(c)			10,550,000		10,353,508
Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)^(a)(c)			6,120,000		6,098,198
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)^(c)			3,512,000		3,530,859
Enbridge, Inc., 7.375% to 12/15/29, due 3/15/55 (Canada)^(a)(c)			1,405,000		1,415,070
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)^(c)			10,208,000		10,437,476
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)^(a)(c)			13,707,000

SEC Form N-CSRS filed by Cohen & Steers Tax-Advantaged