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, 2026

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, 2026. 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, 2026
Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund:
Net Asset Value Total Return^(a)		2.08	%
Market Price Total Return^(a)		2.79	%
ICE BofA U.S. All Capital Securities Index^(b)		1.39	%
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index^(b)		0.93	%
Blended Benchmark—40% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index/35% ICE BofA U.S. IG Institutional Capital Securities Index/25% Bloomberg Developed Market USD Contingent Capital Index^(b)		1.67	%

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)

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. The 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.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

Market Review

Preferred securities generated a positive total return in the six months ended April 30, 2026, despite a market backdrop that shifted repeatedly as investors navigated a series of competing macro narratives.

The period began with a constructive economic backdrop. Prior to the late-February onset of the U.S.–Iran war, economic activity was generally supportive of credit, with easing inflation reinforcing expectations that the Federal Reserve would resume cutting rates in 2026. This dynamic shifted following the conflict’s disruption to seaborne energy flows. Fixed income and equities alike were pressured as investors struggled to gauge the likely duration of the conflict, its economic severity and the scope of any resulting monetary policy adjustments. By April, however, sentiment improved as markets began to price in a quick resolution to the conflict and as the global economy proved more resilient than feared, restoring confidence that credit fundamentals would remain intact.

Across the period, the U.S. Treasury yield curve steepened, with shorter-maturity yields declining while the long end rose. Supported by economic strength and investors’ search for income, credit spreads remained range-bound over the period, ultimately finishing in line with where they began. In addition to the supportive credit environment, preferreds also benefited from limited new supply, which bolstered demand for existing issues. Consequently, preferred securities outperformed U.S. Treasuries and investment-grade corporate bonds. Within preferreds, performance dispersion reflected not only sector and credit quality but also instrument structure, with floating-rate, fixed‑to‑reset, and nearer-reset securities generally proving more resilient than long-duration, fixed-rate issues.

Fund Performance

The Fund had a positive total return over the period and outperformed its blended benchmark on both a market price and net asset value basis.

Results in the banking sector, the dominant issuer of preferreds, remained supportive. Companies largely met or beat analysts’ earnings estimates and forward guidance, and while capital ratios for global systemically important banks (G‑SIBs) declined to fund business investment and loan growth, they remained well above regulatory minimums on average. Security selection in the banking sector was an important contributor to relative performance, led by overweight allocation to European bank contingent capital securities (CoCos)—the strongest performing segment of the preferred market. Security selection among U.S. banks also contributed, as the Fund limited its holdings of low‑coupon, long-duration issues, which were pressured in the rising-yield environment.

Idiosyncratic risks affected certain segments of the fixed income markets, including select preferred issuers in the insurance sector with greater exposure to private credit. However, we do not believe this reflects broader systemic credit stress. Insurer portfolios participating in higher-risk private credit is generally more limited than headline figures suggest. In particular, software-related lending—the area most directly associated with AI disruption—represents only a very small portion of insurer investment portfolios and is typically held within senior secured structures. The Fund’s underweight allocation and security selection in the insurance sector contributed to relative performance.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

Pipelines was the top‑performing sector, partially due to the sharp rise in energy prices. An overweight allocation and security selection in pipelines contributed to relative performance, led by an overweight position in an issue from U.S. liquefied natural gas exporter Venture Global, which rose meaningfully given the company’s leverage to spot LNG prices.

New issuance by utilities continued to add diversification to the preferreds market. This issuance is often directly tied to rising capital needs driven by Artificial Intelligence (AI) adoption, data‑center expansion, and the growing importance of reliable energy infrastructure. While AI increases investment demands and near‑term costs, the sectors benefit from scale, regulation, and embedded infrastructure that helps protect their earnings durability. Security selection in the utilities sector modestly aided relative performance. This included an out‑of‑benchmark position in a floating-rate issue from Canadian issuer Algonquin Power & Utility, as well as overweight positions in certain higher-coupon issues that outperformed as the higher-interest-rate environment was structurally supportive for the securities.

The real estate sector was little changed in the period, and the Fund’s security selection modestly detracted from relative performance, reflecting out‑of‑index investments in issues from data center-focused DigitalBridge Group that were pressured along with AI‑ and software-related investments generally. An out‑of‑benchmark allocation to the telecommunications services sector also modestly hindered relative performance.

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. Leverage contributed to the Fund’s performance for the six months ended April 30, 2026.

Impact of Derivatives on Fund Performance

The Fund used derivatives in the form of forward foreign currency exchange contracts and non‑U.S. dollar interest rate swaps to manage currency risk and interest rate risk on certain Fund positions denominated in foreign currencies. The currency exchange contracts and interest rate swaps did not have a material impact on the Fund’s total return for the six months ended April 30, 2026.

In connection with its use of leverage, the Fund pays interest on a portion of 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 uses interest rate swaps to exchange a portion of the floating rate for a fixed rate. The Fund’s use of interest rate swaps contributed to overall performance.

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, 2026


	1 Year			5 Years			10 Years		Since Inception^(a)
Fund at NAV		12.62	%		3.75	%		—		4.51	%
Fund at Market Price		13.94	%		2.97	%		—		3.51	%

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, 2026, 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		4.4%
% Fixed Rate Financing^(c)		71%
Weighted Average Rate on Fixed Financing		2.4%
Weighted Average Term on Fixed Financing		1.5 years
Weighted Average Cost of All Financing		3.0%

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, 2026. 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.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

April 30, 2026

Top Ten Holdings^(a)

(Unaudited)


Security	Value		% of Managed Assets

Citigroup, Inc., 6.875%, Series GG	$	22,942,228		1.3
BNP Paribas SA, 7.75% (France)		20,300,415		1.2
Morgan Stanley, 6.625%, Series Q		18,616,524		1.1
Citigroup, Inc., 6.95%, Series FF		18,295,640		1.1
Bank of America Corp., 6.625%, Series OO		18,284,546		1.0
Citigroup, Inc., 7.625%, Series AA		18,158,348		1.0
Goldman Sachs Group, Inc., 7.50%, Series W		16,882,055		1.0
Royal Bank of Canada, 6.75%, due 8/24/85 (Canada)		16,445,464		0.9
BNP Paribas SA, 8.00% (France)		15,873,385		0.9
Nomura Holdings, Inc., 7.00% (Japan)		15,701,874		0.9

^(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

(Based on Managed Assets)^(b)

(Unaudited)

^(b)	Excludes derivative instruments.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)


		Shares		Value
EXCHANGE-TRADED FUNDS—CORPORATE BONDS	0.3%
Invesco Preferred ETF^(a)			250,000	$	2,787,500

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$2,821,000)					2,787,500

PREFERRED SECURITIES—EXCHANGE-TRADED	27.6%
BANKING	11.9%
Bank of America Corp., 4.25%, Series QQ^(a)(b)			195,242		3,381,591
Bank of America Corp., 4.375%, Series NN^(a)(b)			251,020		4,422,972
Bank of America Corp., 4.75%, Series SS^(a)(b)			17,214		335,329
Bank of America Corp., 5.00%, Series LL^(a)(b)			487,866		10,015,889
Bank of America Corp., 5.375%, Series KK^(a)(b)			35,839		789,892
Citigroup, Inc., 6.25%, Series II^(a)(b)			182,151		4,617,528
Federal Agricultural Mortgage Corp., 4.875%, Series G^(b)			407,795		7,185,348
Fifth Third Bancorp, 6.875% to 10/1/30^(a)^(b)(c)			410,229		10,588,010
First Horizon Corp., 6.50%, Series E^(a)(b)			200,801		4,951,753
First Horizon Corp., 6.75%, Series H^(a)(b)			228,780		5,730,939
M&T Bank Corp., 6.35%, Series K^(a)(b)			350,800		8,794,556
M&T Bank Corp., 7.50%, Series J^(a)(b)			379,337		10,086,571
Morgan Stanley, 5.85%, Series K^(a)(b)			34,041		823,792
Morgan Stanley, 6.375%, Series I^(a)(b)			62,560		1,570,882
Morgan Stanley, 6.50%, Series P^(a)(b)			80,811		2,042,094
Morgan Stanley, 6.625%, Series Q^(a)(b)			728,346		18,616,524
Morgan Stanley, 6.875%, Series F^(a)(b)			580,397		14,655,024
Morgan Stanley, 7.125%, Series E^(a)(b)			350,000		8,883,000
Regions Financial Corp., 5.70% to 5/15/29, Series C^(a)(b)(c)			88,820		2,206,289
Wells Fargo & Co., 4.375%, Series CC^(a)(b)			167,799		2,959,974
Wells Fargo & Co., 4.70%, Series AA^(a)(b)			209,413		3,987,223
Wells Fargo & Co., 4.75%, Series Z^(a)(b)			403,986		7,695,933
Wells Fargo & Co., 7.50%, Series L (Convertible)^(b)			2,033		2,420,917

					136,762,030

CONSUMER STAPLE PRODUCTS	0.9%
CHS, Inc., 7.50%, Series 4^(b)			393,503		10,113,027

FINANCIAL SERVICES	2.8%
Affiliated Managers Group, Inc., 6.75%, due 3/30/64^(a)			151,751		3,635,954
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53^(a)(c)			147,108		3,780,675
Brookfield Oaktree Holdings LLC, 6.55%, Series B^(a)(b)			633,858		13,025,782

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Shares		Value
Brookfield Oaktree Holdings LLC, 6.625%, Series A^(a)(b)			212,311	$	4,427,746
KKR & Co., Inc., 6.875%, due 6/1/65, Series T^(a)			71,365		1,790,548
TPG Operating Group II LP, 6.95%, due 3/15/64^(a)			232,042		5,789,448

					32,450,153

INSURANCE	6.1%
Allstate Corp., 5.10%, Series H^(a)(b)			304,000		6,338,400
Arch Capital Group Ltd., 4.55%, Series G^(a)(b)			172,499		2,979,058
Arch Capital Group Ltd., 5.45%, Series F^(a)(b)			351,086		7,165,665
Aspen Insurance Holdings Ltd., 7.00% (Bermuda)^(b)			281,000		6,943,510
Assurant, Inc., 5.25%, due 1/15/61^(a)			60,964		1,193,675
Athene Holding Ltd., 4.875%, Series D^(a)(b)			193,695		3,238,580
Athene Holding Ltd., 6.35% to 6/30/29, Series A^(a)(b)(c)			497,843		12,122,477
Athene Holding Ltd., 7.75% to 12/30/27, Series E^(a)(b)(c)			300,468		7,676,957
Equitable Holdings, Inc., 5.25%, Series A^(a)(b)			286,202		5,658,214
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53^(a)			251,943		6,285,978
Lincoln National Corp., 9.00%, Series D^(a)(b)			299,871		7,937,585
MetLife, Inc., 4.75%, Series F^(a)(b)			32,000		614,080
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)^(b)			103,152		1,606,077

					69,760,256

REAL ESTATE	0.6%
Chatham Lodging Trust, 6.625%, Series A^(b)			85,000		1,729,742
DigitalBridge Group, Inc., 7.125%, Series J^(b)			170,626		2,974,011
DigitalBridge Group, Inc., 7.125%, Series H^(b)			87,752		1,525,130

					6,228,883

TELECOMMUNICATIONS	2.7%
Array Digital Infrastructure, Inc., Senior Debt, 6.25%, due 9/1/69^(a)			6,927		138,956
AT&T, Inc., 4.75%, Series C^(a)(b)			646,405		12,126,558
AT&T, Inc., 5.00%, Series A^(a)(b)			493,265		9,830,771
Telephone & Data Systems, Inc., 6.00%, Series VV^(a)(b)			97,841		1,926,489
T‑Mobile USA, Inc., Senior Debt, 5.50%, due 3/1/70^(a)			96,904		2,151,269
T‑Mobile USA, Inc., Senior Debt, 5.50%, due 6/1/70^(a)			91,356		2,027,190
T‑Mobile USA, Inc., Senior Debt, 6.25%, due 9/1/69^(a)			121,623		3,034,494

					31,235,727

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Shares		Value
UTILITIES	2.6%
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	$	6,194,587
BIP Bermuda Holdings I Ltd., 5.125% (Canada)^(a)(b)			47,070		769,595
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)^(a)(b)			208,034		3,147,554
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)^(a)(b)			168,056		2,596,465
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)^(a)			192,889		3,171,095
CMS Energy Corp., 5.875%, due 10/15/78^(a)			140,000		3,194,800
DTE Energy Co., 6.25%, due 10/1/85, Series H^(a)			145,084		3,592,280
NextEra Energy Capital Holdings, Inc., 6.50%, due 4/15/86, Series Z^(a)			188,080		4,737,735
Xcel Energy, Inc., 6.25%, due 10/15/85^(a)			106,447		2,599,436

					30,003,547

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$342,469,578)					316,553,623


		Principal Amount*
PREFERRED SECURITIES—OVER‑THE‑COUNTER	123.0%
BANKING	79.4%
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)^(b)(c)(e)(f)		EUR	2,600,000		3,295,624
Banco Bilbao Vizcaya Argentaria SA, 7.125% to 5/8/33 (Spain)^(b)(c)(e)			6,600,000		6,611,715
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)^(b)(c)(e)			4,300,000		4,736,570
Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)^(b)(c)(e)(f)		EUR	5,200,000		6,345,380
Banco Santander SA, 8.00% to 2/1/34 (Spain)^(b)(c)(e)			12,000,000		13,039,068
Banco Santander SA, 9.625% to 11/21/28 (Spain)^(b)(c)(e)			7,000,000		7,690,928
Banco Santander SA, 9.625% to 5/21/33 (Spain)^(b)(c)(e)			7,200,000		8,572,003

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
Bank of America Corp., 6.25% to 7/26/30, Series UU^(a)(b)(c)		4,190,000	$	4,237,456
Bank of America Corp., 6.625% to 5/1/30, Series OO^(a)(b)(c)		17,717,000		18,284,546
Bank of Montreal, 6.875% to 11/26/30, due 11/26/85, Series 6 (Canada)^(a)(c)		4,000,000		4,095,580
Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)^(a)(c)		8,800,000		9,270,404
Bank of Nova Scotia, 6.875% to 10/27/35, due 10/27/85 (Canada)^(a)(c)		12,800,000		12,958,497
Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)^(a)(c)		6,000,000		6,214,368
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)^(b)(c)		3,900,000		4,070,625
Barclays PLC, 7.625% to 3/15/35 (United Kingdom)^(b)(c)(e)		5,200,000		5,479,604
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)^(b)(c)(e)		2,100,000		2,210,307
Barclays PLC, 8.375% to 9/15/31 (United Kingdom)^(b)(c)(e)(f)	GBP	8,600,000		12,299,539
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)^(b)(c)(e)(f)	GBP	6,500,000		9,152,489
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)^(b)(c)(e)	GBP	2,700,000		3,901,283
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)^(b)(c)(e)		13,200,000		14,739,318
BNP Paribas SA, 4.625% to 2/25/31 (France)^(b)(c)(e)(g)		3,600,000		3,317,913
BNP Paribas SA, 6.875% to 12/15/33 (France)^(b)(c)(e)(g)		3,600,000		3,577,337
BNP Paribas SA, 7.20% to 4/17/36 (France)^(b)(c)(e)(g)		8,900,000		8,956,791
BNP Paribas SA, 7.375% to 9/10/34 (France)^(b)(c)(e)(g)		11,200,000		11,648,392
BNP Paribas SA, 7.75% to 8/16/29 (France)^{(a)(b)(c)(e)(g)}		19,300,000		20,300,415
BNP Paribas SA, 8.00% to 8/22/31 (France)^(b)(c)(e)(g)		14,800,000		15,873,385
BNP Paribas SA, 8.50% to 8/14/28 (France)^(b)(c)(e)(g)		14,700,000		15,576,928

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
BNP Paribas SA, 9.25% to 11/17/27 (France)^(b)(c)(e)(g)		6,200,000	$	6,553,840
BPER Banca SpA, 6.50% to 3/20/30 (Italy)^(b)(c)(e)(f)	EUR	1,400,000		1,699,567
CaixaBank SA, 6.25% to 7/24/32 (Spain)^(b)(c)(e)(f)	EUR	2,800,000		3,420,767
Canadian Imperial Bank of Commerce, 6.50% to 7/28/31, due 7/28/86 (Canada)^(a)(c)		8,400,000		8,377,066
Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, due 10/28/85 (Canada)^(a)(c)		7,200,000		7,392,362
Charles Schwab Corp., 4.00% to 12/1/30, Series H^(a)(b)(c)		9,024,000		8,416,434
Charles Schwab Corp., 6.10% to 6/1/31, Series L^(a)(b)(c)		10,540,000		10,548,046
Citigroup Capital III, 7.625%, due 12/1/36^(a)		1,500,000		1,676,858
Citigroup, Inc., 6.625% to 2/15/31, Series HH^(b)(c)		14,840,000		15,030,647
Citigroup, Inc., 6.875% to 8/15/30, Series GG^(a)(b)(c)		22,582,000		22,942,228
Citigroup, Inc., 6.95% to 2/15/30, Series FF^(a)(b)(c)		17,966,000		18,295,640
Citigroup, Inc., 7.00% to 8/15/34, Series DD^(b)(c)		5,344,000		5,554,217
Citigroup, Inc., 7.625% to 11/15/28, Series AA^(a)(b)(c)		17,450,000		18,158,348
CoBank ACB, 6.45% to 10/1/27, Series K^(b)(c)		6,590,000		6,605,935
CoBank ACB, 7.125% to 1/1/30, Series M^(b)(c)		5,500,000		5,650,375
Commerzbank AG, 6.625% to 10/9/32 (Germany)^(b)(c)(e)(f)	EUR	3,200,000		3,923,250
Commerzbank AG, 7.50% to 10/9/30 (Germany)^(b)(c)(e)(f)		7,200,000		7,523,713
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)^(b)(c)(e)(f)	GBP	5,300,000		7,560,867
Credit Agricole SA, 7.125% to 9/23/35 (France)^{(a)(b)(c)(e)(g)}		12,400,000		12,894,624
Credit Agricole SA, 7.25% to 9/23/28 (France)^{(a)(b)(c)(e)(f)}	EUR	1,900,000		2,368,522
Credit Suisse Group AG, 6.375%, Claim (Switzerland)^{(b)(e)(g)(h)(i)}		2,200,000		550,000
Credit Suisse Group AG, 7.50%, Claim (Switzerland)^{(b)(e)(g)(h)(i)}		7,600,000		1,900,000

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
Deutsche Bank AG, 6.75% to 10/30/34 (Germany)^(b)(c)(e)(f)	EUR	2,800,000	$	3,323,084
Deutsche Bank AG, 7.375% to 10/30/31 (Germany)^(b)(c)(e)(f)	EUR	7,400,000		9,212,448
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)^(b)(c)(e)(f)	EUR	7,400,000		9,312,565
Erste Group Bank AG, 6.375% to 4/15/32 (Austria)^{(a)(b)(c)(e)(f)}	EUR	2,800,000		3,413,667
Eurobank SA, 6.25% to 11/10/33 (Greece)^(b)(c)(e)(f)	EUR	1,800,000		2,095,405
Eurobank SA, 6.625% to 6/4/31 (Greece)^(b)(c)(e)(f)	EUR	6,000,000		7,279,277
Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6^(b)(c)		2,100,000		2,153,210
Farm Credit Bank of Texas, 7.75% to 6/15/29^(b)(c)		3,698,000		3,857,906
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W^(b)(c)		16,049,000		16,882,055
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X^(b)(c)		10,064,000		10,524,458
HSBC Holdings PLC, 6.75% to 3/24/31 (United Kingdom)^(a)(b)(c)(e)		6,800,000		6,890,548
HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)^(a)(b)(c)(e)		3,800,000		3,905,769
HSBC Holdings PLC, 7.00% to 9/24/35 (United Kingdom)^(a)(b)(c)(e)		7,800,000		7,961,967
HSBC Holdings PLC, 7.05% to 6/5/30 (United Kingdom)^(a)(b)(c)(e)		13,300,000		13,692,057
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)^(a)(b)(c)(e)		4,000,000		4,184,724
Huntington Bancshares, Inc., 6.25% to 10/15/30, Series K^(b)(c)		5,980,000		5,992,259
ING Groep NV, 4.875% to 5/16/29 (Netherlands)^(b)(c)(e)(f)		800,000		774,137
ING Groep NV, 7.00% to 11/16/32 (Netherlands)^(b)(c)(e)		14,700,000		15,244,606

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
ING Groep NV, 7.25% to 11/16/34 (Netherlands)^(b)(c)(e)(f)		7,000,000	$	7,362,428
ING Groep NV, 7.50% to 5/16/28 (Netherlands)^(b)(c)(e)(f)		3,200,000		3,315,899
ING Groep NV, 8.00% to 5/16/30 (Netherlands)^(b)(c)(e)(f)		9,500,000		10,154,636
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)^(b)(c)(e)(f)	EUR	3,400,000		4,287,196
JPMorgan Chase & Co., 6.10% to 7/1/31, Series PP^(b)(c)		11,101,000		11,101,000
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN^(a)(b)(c)		7,574,000		7,895,175
Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)^(b)(c)(e)(f)		3,200,000		3,316,846
Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany)^{(a)(b)(c)(e)(f)}	EUR	2,200,000		2,693,103
Lloyds Banking Group PLC, 6.625% to 9/27/35 (United Kingdom)^(a)(b)(c)(e)		3,200,000		3,143,658
Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)^(a)(b)(c)(e)	GBP	5,800,000		8,040,133
Lloyds Banking Group PLC, 7.875% to 6/27/29 (United Kingdom)^{(a)(b)(c)(e)(f)}	GBP	1,000,000		1,408,532
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)^(a)(b)(c)(e)		5,400,000		5,777,914
Nationwide Building Society, 7.50% to 12/20/30 (United Kingdom)^(b)(c)(e)(f)	GBP	2,200,000		3,050,755
Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom)^{(a)(b)(c)(e)(f)}	GBP	5,400,000		7,592,378
Nationwide Building Society, 10.25%, Series CCDS (United Kingdom)^(a)(b)(f)	GBP	3,560,000		6,297,550
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)^(a)(b)(c)(e)		5,600,000		6,185,413
Nordea Bank Abp, 6.75% to 11/10/33 (Finland)^{(a)(b)(c)(e)(g)}		6,400,000		6,540,710
Piraeus Bank SA, 6.75% to 12/30/30 (Greece)^(b)(c)(e)(f)	EUR	4,800,000		5,830,413
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U^(a)(b)(c)		5,481,000		5,485,412

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


	Principal Amount*		Value
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W^(a)(b)(c)		15,364,000	$	15,623,298
Royal Bank of Canada, 6.50% to 5/24/33, due 5/24/86 (Canada)^(a)(c)		3,500,000		3,467,512
Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada)^(a)(c)		5,000,000		4,931,293
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)^(a)(c)		16,150,000		16,445,464
Societe Generale SA, 6.75% to 4/6/28 (France)^(b)(c)(e)(g)		9,100,000		9,169,542
Societe Generale SA, 7.125% to 7/15/35 (France)^(b)(c)(e)(g)		5,600,000		5,545,632
Societe Generale SA, 8.125% to 11/21/29 (France)^(b)(c)(e)(g)		11,600,000		12,248,417
Societe Generale SA, 8.50% to 3/25/34 (France)^(b)(c)(e)(g)		8,200,000		9,017,934
Societe Generale SA, 9.375% to 11/22/27 (France)^(b)(c)(e)(g)		8,200,000		8,652,706
Societe Generale SA, 10.00% to 11/14/28 (France)^(b)(c)(e)(g)		9,400,000		10,303,434
Standard Chartered PLC, 7.00% to 11/14/35 (United Kingdom)^(b)(c)(e)(g)		2,400,000		2,451,862
Standard Chartered PLC, 7.625% to 1/16/32 (United Kingdom)^(b)(c)(e)(g)		1,400,000		1,480,634
Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)^(b)(c)(e)(g)		2,000,000		2,113,524
State Street Corp., 6.70% to 3/15/29, Series I^(b)(c)		4,343,000		4,478,241
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)^{(a)(b)(c)(e)(f)}		2,600,000		2,477,407
Swedbank AB, 7.75% to 3/17/30 (Sweden)^{(a)(b)(c)(e)(f)}		8,200,000		8,722,381
Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85 (Canada)^(a)(c)		10,000,000		10,073,530
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)^(a)(c)		9,300,000		9,666,811
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)^(a)(c)		7,305,000		7,603,154
Truist Financial Corp., 6.669% to 9/1/26, Series N^(a)(b)(c)		13,158,000		13,171,434
UBS Group AG, 4.375% to 2/10/31 (Switzerland)^{(a)(b)(c)(e)(g)}		1,700,000		1,563,319

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
UBS Group AG, 6.625% to 1/8/31 (Switzerland)^{(a)(b)(c)(e)(g)}			14,800,000	$	14,909,224
UBS Group AG, 6.85% to 9/10/29 (Switzerland)^{(a)(b)(c)(e)(g)}			3,000,000		3,069,741
UBS Group AG, 7.00% to 2/5/35 (Switzerland)^{(a)(b)(c)(e)(g)}			9,400,000		9,570,394
UBS Group AG, 7.00% to 1/8/36 (Switzerland)^{(a)(b)(c)(e)(g)}			14,800,000		15,028,690
UBS Group AG, 7.125% to 8/10/34 (Switzerland)^(b)(c)(e)(g)			800,000		819,155
UBS Group AG, 7.75% to 4/12/31 (Switzerland)^{(a)(b)(c)(e)(g)}			8,900,000		9,520,161
UBS Group AG, 9.25% to 11/13/28 (Switzerland)^{(a)(b)(c)(e)(g)}			6,600,000		7,146,216
UBS Group AG, 9.25% to 11/13/33 (Switzerland)^{(a)(b)(c)(e)(g)}			11,600,000		13,543,858
Wells Fargo & Co., 6.125% to 6/15/31, Series GG^(b)(c)			8,964,000		8,997,938
Wells Fargo & Co., 6.85% to 9/15/29^(b)(c)			2,885,000		3,002,933
Wells Fargo & Co., 7.625% to 9/15/28^(b)(c)			14,156,000		14,873,695

					909,368,598

CONSUMER DISCRETIONARY PRODUCTS	1.2%
Stellantis NV, 6.25% to 3/16/31^(b)(c)(f)		EUR	2,100,000		2,420,094
Stellantis NV, 6.875% to 12/16/33^(b)(c)(f)		EUR	3,600,000		4,147,629
Stellantis NV, 8.25% to 6/16/32^(b)(c)(f)		GBP	3,100,000		4,111,925
Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)^(a)(b)(c)(f)		EUR	2,500,000		3,277,091

					13,956,739

CONSUMER STAPLE PRODUCTS	0.4%
Land O’ Lakes, Inc., 7.00%^(a)(b)(g)			3,600,000		3,184,753
Land O’ Lakes, Inc., 7.25%^(a)(b)(g)			1,710,000		1,577,475

					4,762,228

ENERGY	0.8%
BP Capital Markets PLC, 6.125% to 3/18/35^(a)(b)(c)			2,419,000		2,474,734
BP Capital Markets PLC, 6.45% to 12/1/33^(a)(b)(c)			4,480,000		4,693,557
Sunoco LP, 7.875% to 9/18/30^(a)(b)(c)(g)			2,590,000		2,683,618

					9,851,909

See accompanying notes to financial statements.

Cohen & Steers Tax‑Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2026 (Unaudited)


		Principal Amount*		Value
FINANCIAL SERVICES	4.5%
Ally Financial, Inc., 4.70% to 5/15/26, Series B^(b)(c)			4,467,000	$	4,458,113
Ally Financial, Inc., 4.70% to 5/15/28, Series C^(b)(c)			9,752,000		9,387,729
Ally Financial, Inc., 7.10% to 8/15/31, Series D^(b)(c)			4,817,000		4,814,991
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51^(a)(c)(g)			2,881,000		2,872,236
HA Sustainable Infrastructure Capital, Inc., 7.125% to 8/17/31, due 11/15/56^(c)			3,170,000		3,201,145
HA Sustainable Infrastructure Capital, Inc., 8.00% to 3/1/31, due 6/1/56^(c)			4,660,000		4,948,221
ILFC E‑Capital Trust I, 6.38% (30 Year CMT + 1.550%), due 12/21/65^(d)(g)			1,219,000		1,045,814
ILFC E‑Capital Trust II, 6.63% (30 Year CMT + 1.800%), due 12/21/65^(d)(g)			5,352,000		4,704,951
Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)^(b)(c)(e)			15,200,000		15,701,874

					51,135,074

HEALTH CARE	1.2%
CVS Health Corp., 7.00% to 12/10/29, due 3/10/55^(c)			5,473,000		5,681,999
Humana, Inc., 6.625% to 6/15/31, due 9/15/56^(c)			8,234,000		8,115,866

					13,797,865

INSURANCE	10.4%
Allianz SE, 6.50% to 10/30/34 (Germany)^{(a)(b)(c)(e)(g)}			3,800,000		3,804,020
Allianz SE, 6.55% to 10/30/33 (Germany)^{(a)(b)(c)(e)(g)}			5,400,000