Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

To Our Shareholders:

We would like to share with you our report for the year ended October 31, 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 October 31, 2025			Year Ended October 31, 2025
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund:
Net Asset Value Total Return (a)		10.32	%		8.49	%
Market Price Total Return (a)		10.85	%		7.10	%
ICE BofA U.S. All Capital Securities Index (b)		7.15	%		5.76	%
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index (b)		6.23	%		4.51	%
Linked Blended Benchmark (b)		6.98	%		6.93	%

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)	For benchmark descriptions, see page 6.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Market Review

Preferred securities generated a healthy total return in the 12 months ended October 31, 2025, supported by high income and a modest decline in bond yields. The first half of the fiscal year saw relatively flat returns for preferreds due to concerns about growth and inflation amid uncertainties around the U.S. government’s fiscal, trade and immigration policies. Credit spreads—which had contracted to historically tight levels in 2024—widened across the capital structure and quality spectrum. In the second half of the fiscal year, investors had a decidedly more positive view, as greater clarity on tariffs and better-than-expected economic activity resulted in broad credit spread compression in both the U.S. and European markets.

Although inflation remained stubbornly above the Federal Reserve’s 2% target, the central bank lowered its key lending rate by a quarter point in September in what was a widely anticipated move. It marked the Fed’s first rate cut in a year, prompted by a significant weakening in the labor market, as revisions halved the estimated pace of hiring in July and August. However, other economic data released during the period pointed to continued growth, albeit at a slower pace than the prior above-trend trajectory. Meanwhile, the European Central Bank (ECB) cut its benchmark lending rate significantly in the first half of the fiscal year before pausing given its progress on combating inflation and supported by positive economic conditions.

Preferred securities outperformed U.S. Treasuries and investment-grade corporate bonds, but trailed high-yield bonds, which benefited more from the improved growth outlook. Within the preferreds market, contingent capital securities (CoCos), issued primarily by European financial institutions, had the strongest returns. Non-CoCo over-the-counter (OTC) preferreds produced somewhat more modest positive returns. The exchange-traded $25 par market, dominated by fixed-rate perpetual issues meaningfully lagged in the period, as investors favored duration lowering fixed-to-reset structures in the OTC market.

Fund Performance

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

The banking sector delivered strong performance, supported by favorable industry fundamentals and strong balance sheets. European bank CoCos were among the top performers, benefiting from better-than-anticipated economic growth, lower euro-area inflation, and investor preference for bank securities with attractive income. Additionally, fiscal stimulus measures under consideration by the EU, particularly those announced by Germany offer potential for improved future growth. Significant euro-denominated CoCo issuance was met with strong investor demand, given attractive prices (and with sidelined cash helping to support valuations). U.S. bank preferreds posted more modest returns. Redemptions were elevated as banks redeemed shares ahead of coupon resets from historically low levels set five years ago. Net redemptions reflected excess common equity, less binding capital requirements, and the potential for easing future bank regulation. The Fund’s security selection in Europe and U.S. bank preferreds was the primary driver of relative performance, led by out-of-index investments in certain European bank CoCos.

The finance sector was supported by the same factors that drove U.S. banks, including surprisingly resilient consumer sentiment. However, the portfolio’s security selection in the finance

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

sector weighed on relative returns, partly due to overweight investments in a pair of fixed-rate securities from Oaktree Capital Group that lagged following exceptional fiscal 2024 performance.

The brokerage sector produced more modest returns. Companies enjoyed strong top-line growth, driven by investment banking and wealth management, but net interest income declined due to rate pressures. The Fund’s security selection in the brokerage sector contributed to relative performance, largely due to underweight investments in certain long-duration issues from Morgan Stanley.

The insurance industry maintained healthy cash flows and asset quality, yet securities in the sector modestly underperformed the broader preferreds market. The Fund’s underweight position and security selection in the insurance sector contributed positively to relative performance, partly due to underweight investments in long-duration, fixed-rate issues that trailed in the year. Additionally, the portfolio held out-of-index investments in a pair of deeply discounted issues from a U.S.-based annuity provider that rose materially after selling off last year.

Utility sector performance was mixed. Most utility securities performed well, supported partly by a healthy fundamental backdrop and optimism around power demand from AI-driven data center growth. In contrast, securities issued by California-based companies generally struggled due to concerns over potential liabilities in the wake of severe wildfires, as well as uncertainty surrounding the future scale and funding of the state’s Wildfire Recovery Fund. As a whole, utilities saw a notable wave of new issuance following Moody’s 2024 methodology update. In response, companies transitioned from perpetual preferred stocks to hybrid securities with 30-year maturities. Investors responded positively to these new securities, which offered enhanced structural features, including coupon floors and incentives for issuers to call the preferreds after 10 years. The Fund’s favorable security selection in utilities contributed to relative performance, but was largely offset by an adverse overweight allocation to the sector.

The pipeline sector outperformed, buoyed by defensively structured over-the-counter issues from investment-grade-rated issuers. The Fund’s overweight allocation to the pipeline sector contributed to relative performance.

Real estate, represented in the benchmark by a pair of issues from an Australian mall operator, also outperformed amid healthy tenant fundamentals. However, the Fund’s security selection in the sector hindered relative performance, due to out-of-index investments in a pair of $25 par fixed-rate securities from DigitalBridge Group. These holdings underperformed as investor sentiment shifted amid concerns that the company could be taken private.

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 contributed significantly to the Fund’s performance for the 12 months ended October 31, 2025.

Impact of Derivatives on Fund Performance

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

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

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 did not have a material impact on the Fund’s total return for the 12 months ended October 31, 2025.

The Fund used derivatives in the form of forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The Fund also used interest rate swaps to manage interest rate risk on certain Fund positions. The currency exchange contracts and interest rate swaps did not have a material impact on the Fund’s total return for the 12 months ended October 31, 2025.

Sincerely,

LAINE

AHARIS

-N

IKAS

Portfolio Manager




J ERRY D OROST		R OBERT K ASTOFF
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)

Growth of a $10,000 Investment

Average Annual Total Returns—For Periods Ended October 31, 2025


	1 Year			5 Years			10 Years		Since Inception (b)
Fund at NAV		8.49	%		4.55	%		—		4.54	%
Fund at Market Value		7.10	%		3.30	%		—		3.30	%

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.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Performance Review (Unaudited)—(Continued)

(a)

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 Linked Blended Benchmark is represented by the performance of the blended benchmark consisting of 50% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index, 35% ICE BofA U.S. IG Institutional Capital Securities Index and 15% Bloomberg Developed Market USD Contingent Capital Index through June 30, 2025; and the blended benchmark consisting of 40% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index, 35% ICE BofA U.S. IG Institutional Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index thereafter.

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.

The comparative indexes are not adjusted to reflect expenses or other fees that the U.S. Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund’s performance assumes dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(b)	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 October 31, 2025, leverage represented 34% 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)		34%
% Variable Rate Financing		29%
Variable Rate		4.9%
% Fixed Rate Financing (c)		71%
Weighted Average Rate on Fixed Financing		2.4%
Weighted Average Term on Fixed Financing		2.0 years
Weighted Average Cost of All Financing		3.1%

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 October 31, 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.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

October 31, 2025

Top Ten Holdings

(a)

(Unaudited)


Security	Value		% of Managed Assets

Citigroup, Inc., 7.625%, Series AA	$	29,808,061		1.7
Wells Fargo & Co., 7.625%		26,353,294		1.5
PNC Financial Services Group, Inc., 6.25%, Series W		24,005,879		1.4
Goldman Sachs Group, Inc., 7.50%, Series W		22,385,359		1.3
Citigroup, Inc., 6.95%, Series FF		21,646,711		1.2
BNP Paribas SA, 7.75% (France)		20,366,769		1.1
Morgan Stanley, 6.625%, Series Q		19,053,532		1.1
JPMorgan Chase & Co., 6.875%, Series NN		18,733,457		1.1
Bank of America Corp., 6.625%, Series OO		18,468,289		1.0
Citigroup, Inc., 6.875%, Series GG		16,607,280		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

(b)

(Based on Managed Assets)

(Unaudited)

(b)	Excludes derivative instruments.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS

October 31, 2025


		Shares		Value
EXCHANGE-TRADED FUNDS—CORPORATE BONDS	0.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF (a)			24,348	$	2,708,228

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$2,561,153)					2,708,228

PREFERRED SECURITIES—EXCHANGE-TRADED	28.5%
BANKING	11.5%
Bank of America Corp., 4.25%, Series QQ (a)(b)			195,242		3,490,927
Bank of America Corp., 4.375%, Series NN (a)(b)			185,682		3,410,978
Bank of America Corp., 5.00%, Series LL (a)(b)			487,866		10,415,939
Bank of America Corp., 5.375%, Series KK (a)(b)			35,839		820,713
Comerica, Inc., 6.875% to 10/1/30, Series B (a)(b)(c)			328,229		8,422,356
Federal Agricultural Mortgage Corp., 4.875%, Series G (b)			407,795		7,646,156
First Horizon Corp., 6.50%, Series E (a)(b)			216,107		5,348,648
M&T Bank Corp., 6.35%, Series K (a)(b)			350,800		8,980,480
M&T Bank Corp., 7.50%, Series J (a)(b)			379,337		10,090,364
Morgan Stanley, 5.85%, Series K (a)(b)			272,177		6,638,397
Morgan Stanley, 6.375%, Series I (a)(b)			62,560		1,573,384
Morgan Stanley, 6.50%, Series P (a)(b)			210,180		5,382,710
Morgan Stanley, 6.625%, Series Q (a)(b)			728,346		19,053,532
Morgan Stanley, 6.875%, Series F (a)(b)			580,397		14,637,612
Morgan Stanley, 7.125%, Series E (a)(b)			350,000		8,953,000
Regions Financial Corp., 5.70% to 5/15/29, Series C (a)(b)(c)			88,820		2,191,190
Wells Fargo & Co., 4.375%, Series CC (a)(b)			167,799		3,080,790
Wells Fargo & Co., 4.70%, Series AA (a)(b)			209,413		4,135,907
Wells Fargo & Co., 4.75%, Series Z (a)(b)			403,986		8,035,282
Wells Fargo & Co., 7.50%, Series L (Convertible) (b)			2,033		2,515,329

					134,823,694

CONSUMER STAPLE PRODUCTS	0.9%
CHS, Inc., 7.50%, Series 4 (b)			393,503		10,054,002

FINANCIAL SERVICES	3.0%
Affiliated Managers Group, Inc., 6.75%, due 3/30/64 (a)			151,751		3,705,760
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53 (a)(c)			147,108		3,854,230
Brookfield Oaktree Holdings LLC, 6.55%, Series B (a)(b)			633,858		13,608,931
Brookfield Oaktree Holdings LLC, 6.625%, Series A (a)(b)			212,311		4,628,380
KKR & Co., Inc., 6.875%, due 6/1/65, Series T (a)			106,881		2,738,291
TPG Operating Group II LP, 6.95%, due 3/15/64 (a)			232,042		5,968,120

					34,503,712

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Shares		Value
INSURANCE	6.7%
Allstate Corp., 5.10%, Series H (a)(b)			304,000	$	6,624,160
Arch Capital Group Ltd., 4.55%, Series G (a)(b)			172,499		3,035,982
Arch Capital Group Ltd., 5.45%, Series F (a)(b)			351,086		7,488,664
Aspen Insurance Holdings Ltd., 7.00% (Bermuda) (b)			281,000		7,072,770
Assurant, Inc., 5.25%, due 1/15/61 (a)			60,964		1,228,425
Athene Holding Ltd., 4.875%, Series D (a)(b)			205,040		3,623,057
Athene Holding Ltd., 6.35% to 6/30/29, Series A (a)(b)(c)			497,843		12,421,183
Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64 (a)(c)			208,199		5,257,025
Athene Holding Ltd., 7.75% to 12/30/27, Series E (a)(b)(c)			337,144		8,654,487
Equitable Holdings, Inc., 5.25%, Series A (a)(b)			286,202		6,030,276
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53 (a)			251,943		6,580,751
Lincoln National Corp., 9.00%, Series D (a)(b)			299,871		8,123,505
MetLife, Inc., 4.75%, Series F (a)(b)			32,000		663,040
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda) (b)			103,152		1,724,701

					78,528,026

REAL ESTATE	0.7%
Chatham Lodging Trust, 6.625%, Series A (b)			85,000		1,708,500
DigitalBridge Group, Inc., 7.125%, Series H (b)			116,493		2,497,610
DigitalBridge Group, Inc., 7.125%, Series J (b)			170,626		3,589,971

					7,796,081

TELECOMMUNICATIONS	2.7%
Array Digital Infrastructure, Inc., Senior Debt, 6.25%, due 9/1/69 (a)			6,927		148,723
AT&T, Inc., 4.75%, Series C (a)(b)			646,405		12,637,218
AT&T, Inc., 5.00%, Series A (a)(b)			493,265		10,180,989
Telephone & Data Systems, Inc., 6.00%, Series VV (a)(b)			97,841		1,791,469
T-Mobile USA, Inc., Senior Debt, 5.50%, due 3/1/70 (a)			96,904		2,249,142
T-Mobile USA, Inc., Senior Debt, 5.50%, due 6/1/70 (a)			91,356		2,106,669
T-Mobile USA, Inc., Senior Debt, 6.25%, due 9/1/69 (a)			121,623		3,036,926

					32,151,136

UTILITIES	3.0%
Algonquin Power & Utilities Corp., 8.659% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada) (a)(d)			237,068		6,071,311

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Shares		Value
BIP Bermuda Holdings I Ltd., 5.125% (Canada) (a)(b)			47,070	$	812,899
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada) (a)(b)			208,034		3,205,804
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada) (a)(b)			168,056		2,724,188
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada) (a)			192,889		3,259,824
CMS Energy Corp., 5.875%, due 10/15/78 (a)			140,000		3,325,000
DTE Energy Co., 6.25%, due 10/1/85, Series H (a)			289,141		7,269,005
SCE Trust VII, 7.50%, Series M (a)(b)			135,417		3,164,695
SCE Trust VIII, 6.95%, Series N (a)(b)			40,452		889,944
Xcel Energy, Inc., 6.25%, due 10/15/85 (a)			178,078		4,451,950

					35,174,620

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$351,231,449)					333,031,271


		Principal Amount*
PREFERRED SECURITIES—OVER-THE-COUNTER	119.9%
BANKING	77.0%
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands) (b)(c)(e)(f)		EUR	2,600,000		3,301,782
AIB Group PLC, 7.125% to 10/30/29 (Ireland) (b)(c)(e)(f)		EUR	5,800,000		7,210,907
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain) (b)(c)(e)			4,300,000		4,812,401
Banco BPM SpA, 6.25% to 5/27/30 (Italy) (b)(c)(e)(f)		EUR	3,000,000		3,595,466
Banco de Sabadell SA, 6.50% to 5/20/31 (Spain) (b)(c)(e)(f)		EUR	9,600,000		11,631,272
Banco Santander SA, 6.00% to 1/2/31 (Spain) (b)(c)(e)(f)		EUR	1,400,000		1,674,232
Banco Santander SA, 8.00% to 2/1/34 (Spain) (b)(c)(e)			11,400,000		12,666,677
Banco Santander SA, 9.625% to 11/21/28 (Spain) (b)(c)(e)			5,000,000		5,591,040
Banco Santander SA, 9.625% to 5/21/33 (Spain) (b)(c)(e)			9,000,000		10,981,818
Bank of America Corp., 5.875% to 3/15/28, Series FF (a)(b)(c)			2,162,000		2,188,208
Bank of America Corp., 6.125% to 4/27/27, Series TT (a)(b)(c)			718,000		727,459

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


	Principal Amount*		Value
Bank of America Corp., 6.25% to 7/26/30, Series UU (a)(b)(c)		6,190,000	$	6,302,998
Bank of America Corp., 6.625% to 5/1/30, Series OO (a)(b)(c)		17,717,000		18,468,289
Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada) (a)(c)		8,600,000		9,126,836
Bank of Nova Scotia, 6.875% to 10/27/35, due 10/27/85 (Canada) (a)(c)		10,200,000		10,300,415
Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada) (a)(c)		6,000,000		6,277,146
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada) (a)(c)		4,600,000		4,912,883
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada) (a)(c)		10,250,000		10,871,314
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom) (b)(c)		4,220,000		4,510,125
Barclays PLC, 7.625% to 3/15/35 (United Kingdom) (b)(c)(e)		5,600,000		5,927,124
Barclays PLC, 8.00% to 3/15/29 (United Kingdom) (b)(c)(e)		2,100,000		2,242,426
Barclays PLC, 8.375% to 9/15/31 (United Kingdom)(b) (c)(e)(f)	GBP	8,600,000		12,106,746
Barclays PLC, 8.875% to 9/15/27 (United Kingdom) (b)(c)(e)(f)	GBP	4,500,000		6,236,796
Barclays PLC, 9.25% to 9/15/28 (United Kingdom) (b)(c)(e)	GBP	2,700,000		3,855,400
Barclays PLC, 9.625% to 12/15/29 (United Kingdom) (b)(c)(e)		13,200,000		14,996,692
BNP Paribas SA, 4.625% to 2/25/31 (France) (b)(c)(e)(g)		5,000,000		4,521,552
BNP Paribas SA, 7.375% to 9/10/34 (France) (b)(c)(e)(g)		7,200,000		7,451,762
BNP Paribas SA, 7.75% to 8/16/29 (France) (a)(b)(c)(e)(g)		19,300,000		20,366,769
BNP Paribas SA, 8.00% to 8/22/31 (France) (b)(c)(e)(g)		14,800,000		15,828,659
BNP Paribas SA, 8.50% to 8/14/28 (France) (b)(c)(e)(g)		14,700,000		15,579,883
BNP Paribas SA, 9.25% to 11/17/27 (France) (b)(c)(e)(g)		6,600,000		7,046,365
BPER Banca SpA, 6.50% to 3/20/30 (Italy) (b)(c)(e)(f)	EUR	1,400,000		1,690,444
CaixaBank SA, 6.25% to 7/24/32 (Spain) (b)(c)(e)(f)	EUR	4,600,000		5,618,771
CaixaBank SA, 8.25% to 3/13/29 (Spain) (b)(c)(e)(f)	EUR	1,400,000		1,814,409

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


	Principal Amount*		Value
Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, due 10/28/85 (Canada) (a)(c)		5,200,000	$	5,365,438
Charles Schwab Corp., 4.00% to 6/1/26, Series I (a)(b)(c)		3,582,000		3,553,670
Charles Schwab Corp., 4.00% to 12/1/30, Series H (a)(b)(c)		11,846,000		11,121,949
Citigroup Capital III, 7.625%, due 12/1/36 (a)		1,500,000		1,685,593
Citigroup, Inc., 6.25% to 8/15/26, Series T (b)(c)		2,645,000		2,670,614
Citigroup, Inc., 6.875% to 8/15/30, Series GG (a)(b)(c)		16,101,000		16,607,280
Citigroup, Inc., 6.95% to 2/15/30, Series FF (a)(b)(c)		21,016,000		21,646,711
Citigroup, Inc., 7.00% to 8/15/34, Series DD (b)(c)		11,844,000		12,667,099
Citigroup, Inc., 7.625% to 11/15/28, Series AA (a)(b)(c)		28,450,000		29,808,061
CoBank ACB, 6.45% to 10/1/27, Series K (b)(c)		6,590,000		6,639,043
CoBank ACB, 7.125% to 1/1/30, Series M (b)(c)		5,500,000		5,735,097
Commerzbank AG, 6.625% to 10/9/32 (Germany) (b)(c)(e)(f)	EUR	3,200,000		3,904,573
Commerzbank AG, 7.50% to 10/9/30 (Germany) (b)(c)(e)(f)		6,400,000		6,724,320
Cooperatieve Rabobank UA, 6.50% (Netherlands) (b)(f)	EUR	3,319,050		4,409,486
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom) (b)(c)(e)(f)	GBP	5,300,000		7,464,452
Credit Agricole SA, 7.125% to 9/23/35 (France) (a)(b)(c)(e)(g)		12,000,000		12,377,409
Credit Agricole SA, 7.25% to 9/23/28 (France) (a)(b)(c)(e)(f)	EUR	1,900,000		2,362,689
Credit Suisse Group AG, 6.375%, Claim (Switzerland) (b)(e)(g)(h)(i)		2,200,000		649,000
Credit Suisse Group AG, 7.50%, Claim (Switzerland) (b)(e)(g)(h)(i)		7,600,000		2,242,000
Deutsche Bank AG, 7.375% to 10/30/31 (Germany) (b)(c)(e)(f)	EUR	5,800,000		7,260,854
Deutsche Bank AG, 8.125% to 10/30/29 (Germany) (b)(c)(e)(f)	EUR	7,400,000		9,340,158
Erste Group Bank AG, 6.375% to 4/15/32 (Austria) (a)(b)(c)(e)(f)	EUR	3,200,000		3,872,821
Eurobank Ergasias Services & Holdings SA, 6.625% to 6/4/31 (Greece) (b)(c)(e)(f)	EUR	6,000,000		7,205,300

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


	Principal Amount*		Value
Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6 (b)(c)		2,100,000	$	2,190,145
Farm Credit Bank of Texas, 7.75% to 6/15/29 (b)(c)		3,698,000		3,881,388
Goldman Sachs Group, Inc., 7.379% to 2/10/26, Series Q (b)(c)		2,000,000		2,012,178
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W (a)(b)(c)		21,049,000		22,385,359
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X (b)(c)		14,064,000		14,925,378
HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom) (a)(b)(c)(e)		3,800,000		3,934,934
HSBC Holdings PLC, 7.05% to 6/5/30 (United Kingdom) (a)(b)(c)(e)		4,400,000		4,582,024
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom) (a)(b)(c)(e)		4,000,000		4,245,488
Huntington Bancshares, Inc., 6.25% to 10/15/30, Series K (b)(c)		5,980,000		5,931,933
ING Groep NV, 4.875% to 5/16/29 (Netherlands) (b)(c)(e)(f)		1,800,000		1,741,675
ING Groep NV, 7.00% to 11/16/32 (Netherlands) (b)(c)(e)		11,600,000		12,039,420
ING Groep NV, 7.25% to 11/16/34 (Netherlands) (b)(c)(e)(f)		7,800,000		8,282,664
ING Groep NV, 7.50% to 5/16/28 (Netherlands) (b)(c)(e)(f)		5,000,000		5,230,238
ING Groep NV, 8.00% to 5/16/30 (Netherlands) (b)(c)(e)(f)		10,300,000		11,165,803
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy) (b)(c)(e)(f)	EUR	3,400,000		4,296,519
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN (a)(b)(c)		17,757,000		18,733,457
Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland) (b)(c)(e)(f)		3,200,000		3,314,376
Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany) (a)(b)(c)(e)(f)	EUR	2,200,000		2,680,580
Lloyds Banking Group PLC, 6.625% to 9/27/35 (United Kingdom) (b)(c)(e)		5,800,000		5,769,873
Lloyds Banking Group PLC, 6.75% to 9/27/31 (United Kingdom) (b)(c)(e)		2,900,000		2,990,619

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


	Principal Amount*		Value
Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom) (a)(b)(c)(e)	GBP	5,200,000	$	7,105,239
Lloyds Banking Group PLC, 7.875% to 6/27/29 (United Kingdom) (b)(c)(e)(f)	GBP	1,000,000		1,398,285
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom) (b)(c)(e)		7,800,000		8,458,068
Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom) (b)(c)(e)	GBP	2,000,000		2,764,352
Nationwide Building Society, 7.50% to 12/20/30 (United Kingdom) (b)(c)(e)(f)	GBP	2,200,000		3,003,404
Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom) (a)(b)(c)(e)(f)	GBP	5,400,000		7,451,862
Nationwide Building Society, 10.25%, Series CCDS (United Kingdom) (a)(b)(f)	GBP	3,560,000		6,138,262
NatWest Group PLC, 7.625% to 9/30/35 (United Kingdom) (b)(c)(e)(f)	GBP	3,400,000		4,628,780
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom) (b)(c)(e)		5,600,000		6,311,850
Nordea Bank Abp, 6.75% to 11/10/33 (Finland) (a)(b)(c)(e)(g)		6,400,000		6,612,954
Piraeus Financial Holdings SA, 6.75% to 12/30/30 (Greece) (b)(c)(e)(f)	EUR	4,800,000		5,779,675
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U (a)(b)(c)		5,481,000		5,532,225
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V (a)(b)(c)		13,976,000		14,220,356
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W (a)(b)(c)		23,364,000		24,005,879
Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada) (a)(c)		11,200,000		11,187,826
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada) (a)(c)		8,400,000		8,740,612
Societe Generale SA, 6.75% to 4/6/28 (France) (b)(c)(e)(g)		9,100,000		9,172,855
Societe Generale SA, 8.125% to 11/21/29 (France) (b)(c)(e)(g)		8,200,000		8,604,859
Societe Generale SA, 8.50% to 3/25/34 (France) (b)(c)(e)(g)		2,200,000		2,392,009

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Principal Amount*		Value
Societe Generale SA, 9.375% to 11/22/27 (France) (b)(c)(e)(g)			8,200,000	$	8,810,252
Societe Generale SA, 10.00% to 11/14/28 (France) (b)(c)(e)(g)			9,400,000		10,437,017
State Street Corp., 6.70% to 3/15/29, Series I (b)(c)			10,549,000		11,007,470
State Street Corp., 6.70% to 9/15/29, Series J (b)(c)			7,791,000		8,188,684
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden) (a)(b)(c)(e)(f)			2,600,000		2,471,994
Swedbank AB, 7.75% to 3/17/30 (Sweden) (a)(b)(c)(e)(f)			8,200,000		8,817,616
Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85 (Canada) (a)(c)			12,800,000		12,959,046
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada) (a)(c)			4,200,000		4,443,015
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada) (a)(c)			7,305,000		7,724,913
Truist Financial Corp., 5.125% to 12/15/27, Series M (a)(b)(c)			2,239,000		2,216,024
Truist Financial Corp., 6.669% to 3/1/26, Series N (a)(b)(c)			13,158,000		13,230,514
UBS Group AG, 4.375% to 2/10/31 (Switzerland) (b)(c)(e)(g)			1,700,000		1,543,287
UBS Group AG, 6.85% to 9/10/29 (Switzerland) (b)(c)(e)(g)			3,000,000		3,074,811
UBS Group AG, 7.00% to 2/5/35 (Switzerland) (b)(c)(e)(g)			8,600,000		8,694,110
UBS Group AG, 7.75% to 4/12/31 (Switzerland) (b)(c)(e)(g)			8,300,000		8,843,907
UBS Group AG, 9.25% to 11/13/28 (Switzerland) (b)(c)(e)(g)			10,200,000		11,129,475
UBS Group AG, 9.25% to 11/13/33 (Switzerland) (b)(c)(e)(g)			11,600,000		13,594,956
Wells Fargo & Co., 6.85% to 9/15/29 (b)(c)			6,960,000		7,319,679
Wells Fargo & Co., 7.625% to 9/15/28 (a)(b)(c)			24,656,000		26,353,294

					900,452,150

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		885,382

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Principal Amount*		Value
Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany) (a)(b)(c)(f)		EUR	2,500,000	$	3,337,166

					4,222,548

ENERGY	1.1%
BP Capital Markets PLC, 6.125% to 3/18/35 (a)(b)(c)			4,419,000		4,624,550
BP Capital Markets PLC, 6.45% to 12/1/33 (a)(b)(c)			5,830,000		6,232,317
Sunoco LP, 7.875% to 9/18/30 (a)(b)(c)(g)			2,590,000		2,632,126

					13,488,993

FINANCIAL SERVICES	3.2%
Ally Financial, Inc., 4.70% to 5/15/26, Series B (b)(c)			4,467,000		4,381,213
Ally Financial, Inc., 4.70% to 5/15/28, Series C (b)(c)			9,752,000		9,085,091
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51 (a)(c)(g)			2,881,000		2,834,335
ILFC E-Capital Trust I, 6.27% (3 Month USD Term SOFR + 1.812%), due 12/21/65 (d)(g)			1,219,000		1,017,618
ILFC E-Capital Trust II, 6.52% (3 Month USD Term SOFR + 2.062%), due 12/21/65 (d)(g)			5,352,000		4,578,859
Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan) (a)(b)(c)(e)			15,200,000		15,750,635

					37,647,751

HEALTH CARE	1.1%
CVS Health Corp., 7.00% to 12/10/29, due 3/10/55 (c)			12,473,000		13,124,415

INSURANCE	10.0%
Allianz SE, 6.55% to 10/30/33 (Germany) (a)(b)(c)(e)(g)			5,400,000		5,609,407
American National Group, Inc., 7.00% to 12/1/30, due 12/1/55 (c)			2,740,000		2,809,440
Athene Holding Ltd., 6.875% to 3/28/35, due 6/28/55 (a)(c)			3,625,000		3,650,820
Athora Netherlands NV, 6.75% to 5/18/31 (Netherlands) (b)(c)(e)(f)		EUR	3,800,000		4,613,278
AXA SA, 5.125% to 9/16/31 (France) (a)(b)(c)(e)(f)		EUR	4,600,000		5,290,658
AXA SA, 5.75% to 6/2/30 (France) (a)(b)(c)(e)(f)		EUR	2,100,000		2,518,961
AXA SA, 6.375% to 7/16/33 (France) (a)(b)(c)(e)(f)		EUR	1,600,000		1,997,802
Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan) (a)(b)(c)(g)			4,400,000		4,623,692

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Principal Amount*		Value
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42 (a)(c)			2,627,000	$	2,599,631
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55 (a)(c)			1,020,000		1,070,266
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51 (c)(g)			7,910,000		7,705,063
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54 (c)(g)			3,715,000		3,889,620
Lincoln National Corp., 9.25% to 12/1/27, Series C (b)(c)			12,850,000		13,840,439
MetLife Capital Trust IV, 7.875%, due 12/15/37 (a)(g)			7,800,000		8,778,533
MetLife, Inc., 9.25%, due 4/8/38 (a)(g)			5,500,000		6,655,275
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53 (a)(c)			3,210,000		3,439,974
Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55 (a)(c)			1,836,000		1,918,326
RLGH Finance Bermuda Ltd., 6.75%, due 7/2/35 (Japan) (f)			4,600,000		4,946,693
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom) (b)(c)(e)(f)			5,200,000		5,099,507
SBL Holdings, Inc., 6.50% to 11/13/26 (b)(c)(g)			6,300,000		6,082,203
SBL Holdings, Inc., 9.508% to 5/13/30 (b)(c)(g)			4,118,000		4,277,852
Voya Financial, Inc., 7.758% to 9/15/28, Series A (b)(c)			11,285,000		11,932,104
Zurich Finance Ireland II DAC, 6.25% to 5/22/35, due 11/22/55 (Ireland) (a)(c)(f)			3,300,000		3,526,260

					116,875,804

PIPELINES	11.8%
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada) (c)			560,000		558,791
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada) (c)			10,550,000		10,673,815
Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada) (a)(c)			6,120,000		6,556,332
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada) (c)			3,512,000		3,627,889
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada) (c)			10,208,000		11,085,786
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada) (c)			12,607,000		13,546,650
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada) (a)(c)			13,710,000		15,774,671

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Principal Amount*		Value
Energy Transfer LP, 6.50% to 11/15/26, Series H (b)(c)			4,425,000	$	4,449,665
Energy Transfer LP, 6.625% to 2/15/28, Series B (b)(c)			10,718,000		10,716,790
Energy Transfer LP, 7.125% to 5/15/30, Series G (b)(c)			11,066,000		11,400,362
Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54 (c)			2,680,000		2,863,481
Enterprise Products Operating LLC, 7.21% (3 Month USD Term SOFR + 3.039%), due 6/1/67 (a)(d)			1,500,000		1,503,501
Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A (a)(c)			5,890,000		5,859,691
Phillips 66 Co., 6.20% to 12/15/35, due 3/15/56, Series B (a)(c)			7,100,000		7,175,203
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada) (c)			6,500,000		6,959,264
South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada) (c)			6,630,000		6,908,387
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada) (c)			9,534,000		9,436,485
Venture Global LNG, Inc., 9.00% to 9/30/29 (a)(b)(c)(g)			9,740,000		9,112,995

					138,209,758

RETAIL & WHOLESALE—STAPLES	0.4%
Land O’ Lakes, Inc., 7.00% (a)(b)(g)			3,600,000		3,133,641
Land O’ Lakes, Inc., 7.25% (a)(b)(g)			1,710,000		1,556,100

					4,689,741

TELECOMMUNICATIONS	2.7%
Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada) (c)			4,170,000		4,357,274
Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada) (c)			6,790,000		7,142,109
SoftBank Group Corp., 7.625% to 1/29/31, due 4/29/61 (Japan) (a)(c)(f)			9,000,000		8,953,723
TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada) (c)			6,090,000		6,284,731
TELUS Corp., 7.00% to 7/15/35, due 10/15/55 (Canada) (c)			5,060,000		5,401,449

					32,139,286

UTILITIES	12.2%
AES Corp., 6.95% to 4/15/30, due 7/15/55 (c)			4,273,000		4,144,762
AES Corp., 7.60% to 10/15/29, due 1/15/55 (c)			5,505,000		5,645,934
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada) (c)			13,572,000		13,334,258

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


	Principal Amount*		Value
AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada) (c)(g)		6,160,000	$	6,320,290
American Electric Power Co., Inc., 5.80% to 12/15/30, due 3/15/56, Series C (c)		5,290,000		5,304,421
American Electric Power Co., Inc., 6.05% to 12/15/35, due 3/15/56, Series D (c)		7,520,000		7,621,708
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54 (c)		1,592,000		1,745,448
American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54 (c)		4,905,000		5,157,009
CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B (c)		3,345,000		3,585,927
CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A (c)		5,240,000		5,500,889
CMS Energy Corp., 6.50% to 3/1/35, due 6/1/55 (c)		5,420,000		5,643,060
Dominion Energy, Inc., 4.35% to 1/15/27, Series C (b)(c)		6,054,000		5,969,529
Dominion Energy, Inc., 6.20% to 11/15/35, due 2/15/56 (a)(c)		6,065,000		6,136,765
Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55 (a)(c)		3,760,000		3,923,365
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A (a)(c)		2,470,000		2,597,411
Entergy Corp., 7.125% to 9/1/29, due 12/1/54 (a)(c)		4,293,000		4,524,878
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54 (c)		4,358,000		4,588,534
Evergy, Inc., 6.65% to 3/1/30, due 6/1/55 (a)(c)		5,300,000		5,476,522
NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55 (a)(c)		7,220,000		7,728,165
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54 (a)(c)		2,289,000		2,383,739
NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54 (a)(c)		6,830,000		7,392,935
Sempra, 4.125% to 1/1/27, due 4/1/52 (a)(c)		8,553,000		8,363,206
Sempra, 6.375% to 1/1/31, due 4/1/56 (a)(c)		4,290,000		4,409,741
Sempra, 6.40% to 7/1/34, due 10/1/54 (a)(c)		6,341,000		6,517,178
Sempra, 6.875% to 7/1/29, due 10/1/54 (a)(c)		7,890,000		8,175,437

				142,191,111

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$1,346,323,268)				1,403,041,557

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


		Principal Amount*		Value
CORPORATE BONDS—REAL ESTATE	0.2%
Hudson Pacific Properties LP, 3.25%, due 1/15/30 (a)			3,000,000	$	2,564,639

TOTAL CORPORATE BONDS
(Identified cost—$2,513,340)					2,564,639


		Shares
SHORT-TERM INVESTMENTS	1.0%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.99% (j)			11,730,547		11,730,547

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$11,730,547)					11,730,547

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,714,359,757)	149.8%				1,753,076,242
LIABILITIES IN EXCESS OF OTHER ASSETS	(49.8)				(583,157,857	)

NET ASSETS	100.0%			$	1,169,918,385

Centrally Cleared Interest Rate Swap Contracts



Notional Amount		Fixed Rate		Fixed Rate Pay/ Receive		Fixed Payment Frequency	Floating Rate (resets daily)	Floating Rate Pay/ Receive	Floating Payment Frequency		Maturity Date	Value			Upfront Payments (Receipts)			Unrealized Appreciation (Depreciation)
EUR	25,700,000		2.388%		Pay	Annually	2.138% (k)	Receive		Semi-Annually	12/16/30	$	(55,172	)	$	—		$	(55,172	)
	19,100,000		2.548%		Pay	Annually	2.138% (k)	Receive		Semi-Annually	11/1/32		(95,975	)		—			(95,975	)
GBP	28,000,000		0.900%		Pay	Monthly	3.969% (l)	Receive		Monthly	9/15/27		1,774,370			—			1,774,370
	$ 125,000,000		0.360%		Pay	Monthly	4.334% (m)	Receive		Monthly	12/20/25		809,571			(1,532	)		811,103
	35,000,000		0.349%		Pay	Monthly	4.334% (m)	Receive		Monthly	12/20/25		227,340			(355	)		227,695
	160,000,000		0.464%		Pay	Monthly	4.334% (m)	Receive		Monthly	12/20/26		5,925,421			(12,194	)		5,937,615
	70,000,000		0.930%		Pay	Monthly	4.334% (m)	Receive		Monthly	9/15/27		3,394,529			(7,127	)		3,401,656
	80,000,000		3.655%		Pay	Monthly	4.220% (m)	Receive		Monthly	9/15/28		(754,538	)		—			(754,538	)
	80,000,000		3.588%		Pay	Monthly	4.220% (m)	Receive		Monthly	9/15/28		(602,443	)		—			(602,443	)
	31,000,000		3.227%		Receive	Annually	4.220% (m)	Pay		Annually	12/16/30		(311,596	)		—			(311,596	)
	22,300,000		3.497%		Receive	Annually	4.220% (m)	Pay		Annually	11/1/32		(40,810	)		—			(40,810	)

												$	10,270,697		$	(21,208	)	$	10,291,905

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025

Forward Foreign Currency Exchange Contracts



Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	EUR	97,553,546	USD	113,235,279		11/28/25	$	637,985
Brown Brothers Harriman	GBP	15,860,980	USD	21,152,997		11/28/25		315,329
Brown Brothers Harriman	USD	2,931,681	EUR	2,523,013		11/28/25		(19,593	)
Brown Brothers Harriman	USD	1,038,183	EUR	889,373		11/28/25		(11,660	)

							$	922,061

Glossary of Portfolio Abbreviations


ETF		Exchange-Traded Fund
EUR		Euro Currency
EURIBOR		Euro Interbank Offered Rate
GBP		British Pound
OIS		Overnight Indexed Swap
SOFR		Secured Overnight Financing Rate
SONIA		Sterling Overnight Indexed Average
USD		United States Dollar

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Funds	$	2,708,228	$	—		$	—	$	2,708,228
Preferred Securities—
Exchange-Traded		333,031,271		—			—		333,031,271
Preferred Securities—
Over-the-Counter		—		1,403,041,557			—		1,403,041,557
Corporate Bonds		—		2,564,639			—		2,564,639
Short-Term Investments		—		11,730,547			—		11,730,547

Total Investments in Securities (n)	$	335,739,499	$	1,417,336,743		$	—	$	1,753,076,242

Forward Foreign Currency Exchange Contracts	$	—	$	953,314		$	—	$	953,314
Interest Rate Swap Contracts		—		12,152,439			—		12,152,439

Total Derivative Assets (n)	$	—	$	13,105,753		$	—	$	13,105,753

Forward Foreign Currency Exchange Contracts	$	—	$	(31,253	)	$	—	$	(31,253	)
Interest Rate Swap Contracts		—		(1,860,534	)		—		(1,860,534	)

Total Derivative Liabilities (n)	$	—	$	(1,891,787	)	$	—	$	(1,891,787	)

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025

Note: Percentages indicated are based on the net assets of the Fund.

*	Amount denominated in U.S. dollars unless otherwise indicated.

(a)	All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $875,433,071 in aggregate has been pledged as collateral.

(b)	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

(c)	Security converts to floating rate after the indicated fixed–rate coupon period.

(d)	Variable rate. Rate shown is in effect at October 31, 2025.

(e)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $512,409,047 which represents 43.8% of the net assets of the Fund (28.9% of the managed assets of the Fund).

(f)	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $224,996,641 which represents 19.2% of the net assets of the Fund, of which 0.0% are illiquid.

(g)	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 $257,781,500 which represents 22.0% of the net assets of the Fund, of which 0.4% are illiquid.

(h)	Non-income producing security.

(i)	Security is in default.

(j)	Rate quoted represents the annualized seven-day yield.

(k)	Based on EURIBOR. Represents rates in effect at October 31, 2025.

(l)	Based on 1-Month GBP SONIA. Represents rates in effect at October 31, 2025.

(m)	Based on USD-SOFR-OIS. Represents rates in effect at October 31, 2025.

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

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2025


Country Summary	% of Managed Assets
United States		53.2
Canada		13.3
France		7.6
United Kingdom		7.4
Spain		3.1
Switzerland		3.0
Netherlands		2.9
Germany		2.3
Japan		1.9
Greece		0.7
Sweden		0.6
Ireland		0.6
Italy		0.5
Bermuda		0.5
Other (includes short-term investments)		2.4

		100.0

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2025


ASSETS:
Investments in securities, at value (Identified cost—$1,714,359,757)	$	1,753,076,242
Cash		224,508
Cash collateral pledged for interest rate swap contracts		5,088,182
Foreign currency, at value (Identified cost—$695,199)		690,485
Receivable for:
Dividends and interest		21,359,127
Investment securities sold		2,928,913
Unrealized appreciation on forward foreign currency exchange contracts		953,314
Other assets		64,649

Total Assets		1,784,385,420

LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		31,253
Payable for:
Credit agreement (See Note 7)		603,352,089
Investment securities purchased		5,800,000
Interest expense		2,541,885
Investment management fees		1,507,629
Dividends and distributions declared		899,242
Administration fees		90,458
Variation margin on interest rate swap contracts		28,439
Other liabilities		216,040

Total Liabilities		614,467,035

NET ASSETS	$	1,169,918,385

NET ASSETS consist of:
Paid-in capital	$	1,353,329,155
Total distributable earnings/(accumulated loss)		(183,410,770	)

	$	1,169,918,385

NET ASSET VALUE PER SHARE:
($1,169,918,385 ÷ 55,273,457 shares outstanding)	$	21.17

MARKET PRICE PER SHARE	$	19.94

MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE		(5.81	)%

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2025


Investment Income:
Interest income	$	89,789,951
Dividend income (net of $18,400 of foreign withholding tax)		23,749,674

Total Investment Income		113,539,625

Expenses:
Interest expense		30,956,932
Investment management fees		17,511,255
Administration fees		1,161,465
Professional fees		100,125
Shareholder reporting expenses		96,057
Trustees’ fees and expenses		44,214
Custodian fees and expenses		42,996
Transfer agent fees and expenses		18,991
Miscellaneous		63,395

Total Expenses		49,995,430

Net Investment Income (Loss)		63,544,195

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		16,831,488
Written option contracts		(183,335	)
Interest rate swap contracts		18,389,792
Forward foreign currency exchange contracts		2,238
Foreign currency transactions		154,545

Net realized gain (loss)		35,194,728

Net change in unrealized appreciation (depreciation) on:
Investments in securities		13,536,869
Written option contracts		204,617
Interest rate swap contracts		(19,088,763	)
Forward foreign currency exchange contracts		(3,092,280	)
Foreign currency translations		(756,367	)

Net change in unrealized appreciation (depreciation)		(9,195,924	)

Net Realized and Unrealized Gain (Loss)		25,998,804

Net Increase (Decrease) in Net Assets Resulting from Operations	$	89,542,999

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

STATEMENT OF CHANGES IN NET ASSETS


	For the Year Ended October 31, 2025			For the Year Ended October 31, 2024
Change in Net Assets:
From Operations:
Net investment income (loss)	$	63,544,195		$	49,808,887
Net realized gain (loss)		35,194,728			(4,697,823	)
Net change in unrealized appreciation (depreciation)		(9,195,924	)		196,346,064

Net increase (decrease) in net assets resulting from operations		89,542,999			241,457,128

Distributions to shareholders		(80,733,301	)		(78,063,516	)
Tax return of capital to shareholders		(8,146,418	)		(10,816,203	)

Total distributions		(88,879,719	)		(88,879,719	)

Total increase (decrease) in net assets		663,280			152,577,409
Net Assets:
Beginning of year		1,169,255,105			1,016,677,696

End of year	$	1,169,918,385		$	1,169,255,105

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

STATEMENT OF CASH FLOWS

For the Year Ended October 31, 2025


Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	89,542,999
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(924,612,072	)
Proceeds from sales and maturities of long-term investments		898,014,669
Net purchases, sales and maturities of short-term investments		50,999,028
Net amortization of premium (accretion of discount) on investments in securities		3,149,693
Net (increase) decrease in dividends and interest receivable and other assets		(1,840,026	)
Net increase (decrease) in payable for collateral on option contracts		(350,000	)
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities		(464,189	)
Net increase (decrease) in payable for variation margin on interest rate swap contracts		212,058
Net increase (decrease) in premiums received from written option contracts		(202,651	)
Net change in unrealized (appreciation) depreciation on written option contracts		(204,617	)
Net change in unrealized (appreciation) depreciation on investments in securities		(13,536,869	)
Net change in unrealized (appreciation) depreciation on forward foreign currency exchange contracts		3,092,280
Net realized (gain) loss on investments in securities		(16,831,488	)

Cash provided by (used for) operating activities		86,968,815

Cash Flows from Financing Activities:
Net increase (decrease) in payable for revolving credit agreement*		800,214
Dividends and distributions paid		(89,016,999	)

Cash provided by (used for) financing activities		(88,216,785	)

Increase (decrease) in cash and restricted cash		(1,247,970	)
Cash and restricted cash at beginning of year (including foreign currency)		7,251,145

Cash and restricted cash at end of year (including foreign currency)	$	6,003,175

Supplemental Disclosure of Cash Flow Information:

For the year ended October 31, 2025, interest paid was $31,299,424.

*	Amount represents mark-to-market increase on GBP portion of the credit agreement.

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

STATEMENT OF CASH FLOWS—(Continued)

For the Year Ended October 31, 2025

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.


Cash	$	224,508
Restricted cash		5,088,182
Foreign currency		690,485

Total cash and restricted cash shown on the Statement of Cash Flows	$	6,003,175

Restricted cash consists of cash that has been pledged to cover the Fund’s collateral or margin obligations under derivative contracts. It is reported on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts.

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

FINANCIAL HIGHLIGHTS

The following table includes selected data for a share outstanding throughout each year and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.


	For the Year Ended October 31,
Per Share Operating Data:	2025			2024			2023			2022			2021
Net asset value, beginning of year		$21.15			$18.39			$20.06			$25.93			$24.99

Income (loss) from investment operations:

Net investment income (loss) (a)		1.15			0.90			0.79			1.04			1.02
Net realized and unrealized gain (loss)		0.48			3.47			(0.86	)		(5.20	)		1.35

Total from investment operations		1.63			4.37			(0.07	)		(4.16	)		2.37

Less dividends and distributions to shareholders from:

Net investment income		(1.46	)		(1.41	)		(1.48	)		(1.51	)		(1.42	)
Net realized gain		—			—			—			(0.11	)		(0.01	)
Tax return of capital		(0.15	)		(0.20	)		(0.12	)		(0.09	)		—

Total dividends and distributions to shareholders		(1.61	)		(1.61	)		(1.60	)		(1.71	)		(1.43	)


Net increase (decrease) in net asset value		0.02			2.76			(1.67	)		(5.87	)		0.94

Net asset value, end of year		$21.17			$21.15			$18.39			$20.06			$25.93

Market price, end of year		$19.94			$20.18			$16.81			$17.59			$24.97



Net asset value total return (b)		8.49	%		24.85	%		0.15	%		–16.09	%		9.77	%

Market price total return (b)		7.10	%		30.32	%		4.40	%		–23.59	%		5.66	%

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

FINANCIAL HIGHLIGHTS—(Continued)


	For the Year Ended October 31,
Ratios/Supplemental Data:	2025			2024			2023			2022			2021
Net assets, end of year (in millions)		$1,169.9			$1,169.3			$1,016.7			$1,108.7			$1,433.5

Ratios to average daily net assets:
Expenses		4.36	%		4.92	%		4.99	%		2.71	%		2.01	%

Expenses (excluding interest expense)		1.66	%		1.68	%		1.73	%		1.67	%		1.61	%

Net investment income (loss)		5.54	%		4.42	%		4.02	%		4.52	%		3.97	%

Portfolio turnover rate		51	%		63	%		35	%		41	%		47	%

Revolving Credit Agreement:

Asset coverage ratio for revolving credit agreement		294	%		294	%		269	%		262	%		308	%


Asset coverage per $1,000 for revolving credit agreement		$ 2,939			$ 2,941			$ 2,694			$ 2,624			$ 3,077


Amount of loan outstanding (in millions)		$ 603.4			$ 602.6			$ 600.1			$ 682.8			$ 690.2

(a)	Calculation based on average shares outstanding.

(b)

Net asset value total return measures the change in net asset value per share over the period indicated. Market price total return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

See accompanying notes to financial statements.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS

Note 1. Organization and Significant Accounting Policies

Cohen & Steers

Tax-Advantaged

Preferred Securities and Income Fund, a Maryland statutory trust (the Fund), was organized on November 14, 2019, and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified,

closed-end

management statutory trust. The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is capital appreciation.

The Fund has a limited term and intends to terminate as of the first business day following the twelfth anniversary of the effective date of the Fund’s initial registration statement, which the Fund expects to occur on or about October 27, 2032 (the Dissolution Date); provided that the Fund’s Board of Trustees may, by a vote of the majority of the Board of Trustees and seventy-five percent (75%) of the members of the Board of Trustees of who either (i) have been a member of the Board of Trustees for a period of at least

thirty-six

months (or since the commencement of the Fund’s operations, if less than

thirty-six

months) or (ii) were nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees (a Board Action Vote), without shareholder approval, extend the Dissolution Date (i) once for up to one year, and (ii) once for up to an additional one year, to a date up to and including two years after the initial Dissolution Date, which later date shall then become the Dissolution Date.

As of a date within twelve months preceding the Dissolution Date, the Board of Trustees may, by a Board Action Vote, cause the Fund to conduct a tender offer to common shareholders to purchase 100% of the then outstanding common shares of the Fund at a price equal to the net asset value (NAV) per common share on the expiration date of the tender offer (an Eligible Tender Offer). In an Eligible Tender Offer, the Fund will offer to purchase all common shares held by each common shareholder; provided that if the number of properly tendered common shares would result in the Fund having aggregate net assets below $200 million (the Dissolution Threshold), the Eligible Tender Offer will be canceled, no common shares will be repurchased pursuant to the Eligible Tender Offer, and the Fund will terminate as otherwise scheduled. Following the completion of an Eligible Tender Offer, the Board of Trustees may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and cause the Fund to have a perpetual existence.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service.

Over-the-counter

(OTC) option and total return swap contracts are valued based upon prices provided by a third-party pricing service or counterparty.

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 Trustees.

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by the investment manager 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 manager, pursuant to delegation by the Board of Trustees, 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 manager, pursuant to delegation by the Board of Trustees, 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 NAV.

The Board of Trustees has designated the investment manager as the Fund’s “Valuation Designee” under Rule

2a-5

under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Trustees. The investment manager 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 Trustees. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

Securities for which market prices are unavailable, or securities for which the investment manager 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 Trustees. 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.

The levels associated with valuing the Fund’s investments as of October 31, 2025 are disclosed in the Fund’s Schedule of Investments.

Security Transactions and Investment Income:

Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the

ex-dividend

date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the

ex-dividend

date. Distributions from real estate investment trusts (REITs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

Cash:

For the purposes of the Statement of Cash Flows, the Fund defines cash as cash, including foreign currency and restricted cash.

Foreign Currency Translation:

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any), currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

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 Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

Option Contracts

: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently

marked-to-market

to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

At October 31, 2025, the Fund did not have any option contracts outstanding.

Centrally Cleared Interest Rate Swap Contracts

: The Fund uses interest rate swaps in connection with borrowing under its revolving credit agreement. The Fund may also enter into interest rate swap contracts to manage interest rate risk. Interest rate swaps that are intended to reduce interest rate risk under the credit agreement seek to do so by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the revolving credit agreement. When entering into such interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the revolving credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are

marked-to-market

daily and changes in the value are recorded as unrealized appreciation (depreciation) in the Statement of Operations.

Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

deposited is recorded on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts in the Statement of Assets and Liabilities. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, in the Statement of Assets and Liabilities, and amortized or accreted over the life of the swap and recorded as realized gain (loss) in the Statement of Operations. Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss) in the Statement of Operations.

Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Dividends and Distributions to Shareholders:

The Fund makes regular monthly distributions pursuant to the Policy. Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are typically declared quarterly and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the

ex-dividend

date and are automatically reinvested in full and fractional shares of the Fund in accordance with the Fund’s dividend reinvestment plan, unless the shareholder has elected to have them paid in cash.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended October 31, 2025, a portion of the dividends has been reclassified to distributions from tax return of capital.

Distributions Subsequent to October 31, 2025:

The following distributions have been declared by the Fund’s Board of Trustees and are payable subsequent to the period end of this report.


Ex-Date/ Record Date	Payable Date	Amount
11/12/25	11/28/25	$0.134
12/9/25	12/31/25	$0.134
1/13/26	1/30/26	$0.134
2/10/26	2/27/26	$0.134
3/10/26	3/31/26	$0.134

Income Taxes:

It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains. Accordingly, no provision for federal income or excise tax is necessary. Dividends

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

and interest income from holdings in

non-U.S.

securities are recorded net of

non-U.S.

taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions in

non-U.S.

jurisdictions in which it trades for the current tax year and has concluded that as of October 31, 2025, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the current tax year for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates

Investment Management Fees:

Cohen & Steers Capital Management, Inc. serves as the Fund’s investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager provides the Fund with

day-to-day

investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Trustees.

For the services provided to the Fund, the investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 1.00% of the average daily managed assets of the Fund. Managed assets are equal to the Fund’s net assets, plus the principal amount of loans from financial institutions or debt securities issued by the Fund, the liquidation preference of preferred shares issued by the Fund, if any, and the proceeds of any reverse repurchase agreements entered into by the Fund, if any.

Administration Fees:

The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily managed assets of the Fund. For the year ended October 31, 2025, the Fund incurred $1,050,675 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as

co-administrator

under a fund accounting and administration agreement.

Trustees’ and Officers’ Fees:

Certain trustees and officers of the Fund are also directors, officers and/or employees of the investment manager. The Fund does not pay compensation to interested trustees and officers, except for the Chief Compliance Officer who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $10,272 for the year ended October 31, 2025.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the year ended October 31, 2025, totaled $897,466,349 and $870,355,821, respectively.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 4. Derivative Investments

The following tables present the value of derivatives held at October 31, 2025 and the effect of derivatives held during the year ended October 31, 2025, if any, along with the respective location in the financial statements.

Statement of Assets and Liabilities

Assets

Liabilities

Derivatives

Location

Fair Value

Location

Fair Value

Foreign Currency

Exchange Risk:

Forward Foreign Currency Exchange Contracts

(a)

Unrealized appreciation

953,314

Unrealized depreciation

31,253

Interest Rate Risk:

Interest Rate Swap Contracts

(b)

—

Payable for variation
margin on interest rate swap contracts

10,291,905

(c)

(a)	Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement.

(b)	Not subject to a master netting agreement or another similar arrangement.

(c)	Amount represents the cumulative net appreciation (depreciation) on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities only reflects the current day variation margin payable to the broker.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

Statement of Operations


Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Credit Risk:
Purchased Option Contracts (a)	Net Realized and Unrealized Gain (Loss)	$	73,713		$	(681,204	)
Written Option Contracts	Net Realized and Unrealized Gain (Loss)		(64,202	)		236,493
Foreign Currency Exchange Risk:
Forward Foreign Currency Exchange Contracts	Net Realized and Unrealized Gain (Loss)		2,238			(3,092,280	)
Purchased Option Contracts (a)	Net Realized and Unrealized Gain (Loss)		441,203			108,345
Written Option Contracts	Net Realized and Unrealized Gain (Loss)		(119,133	)		(31,876	)

Interest Rate Risk:
Interest Rate Swap Contracts	Net Realized and Unrealized Gain (Loss)		18,389,792			(19,088,763	)

(a)	Purchased option contracts are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities.

The following summarizes the monthly average volume of the Fund’s option contracts, interest rate swap contracts and forward foreign currency exchange contracts activity for the year ended October 31, 2025:


	Purchased Option Contracts (b)		Written Option Contracts (b)		Interest Rate Swap Contracts		Forward Foreign Currency Exchange Contracts
Average Notional Amount (a)	$	107,097,330	$	105,542,894	$	562,446,550	$	135,459,593

(a)

Average notional amount represents the average for all months in which the Fund had option contracts, interest rate swap contracts and forward foreign currency exchange contracts outstanding at

month-end. For

the period, this represents November 1, 2024 through November 14, 2024 for purchased and written option contracts, twelve months for interest rate swap contracts and twelve months for forward foreign currency exchange contracts.

(b)	Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 5. Income Tax Information

The tax character of dividends and distributions paid was as follows:


	For the Year Ended October 31, 2025		For the Year Ended October 31, 2024
Ordinary income	$	80,733,301	$	78,063,516
Tax return of capital		8,146,418		10,816,203

Total dividends and distributions	$	88,879,719	$	88,879,719

As of October 31, 2025, the

tax-basis

components of accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:


Cost of investments in securities for federal income tax purposes	$	1,709,509,483

Gross unrealized appreciation on investments	$	87,341,253
Gross unrealized depreciation on investments		(32,947,190	)

Net unrealized appreciation (depreciation) on investments	$	54,394,063

During the year ended October 31, 2025, the Fund utilized net capital loss carryforwards of $6,038,653.

As of October 31, 2025, the Fund has a net capital loss carryforward of $236,486,141 which may be used to offset future capital gains. These losses are a short-term capital loss carryforward of $5,141,559 and a long-term capital loss carryforward of $231,344,582, which under current federal income tax rules, may offset capital gains recognized in any future period.

As of October 31, 2025, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities, unrealized loss on swap contracts and certain fixed income securities and permanent book/ tax differences primarily attributable to certain fixed income securities. To reflect reclassifications arising from the permanent differences,

paid-in

capital was credited $6,140,969 and total distributable earnings/(accumulated loss) was charged $6,140,969. Net assets were not affected by this reclassification.

Note 6. Capital Stock

Under the Amended and Restated Declaration of Trust, the Fund is authorized to issue an unlimited number of shares of beneficial interest.

During the years ended October 31, 2025 and October 31, 2024, the Fund did not issue shares of common stock for the reinvestment of dividends.

On December 10, 2024, the Board of Trustees approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management’s discretion and subject to market conditions and investment considerations, of up to 10% of the Fund’s common shares outstanding (Share Repurchase Program) as of January 1, 2025 through December 31, 2025.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

On December 9, 2025, the Board of Trustees approved the continuation of the Share Repurchase Program, which allows the Fund to repurchase up to 10% of the Fund’s common shares outstanding as of January 1, 2026 through December 31, 2026. There is no assurance that the Fund will repurchase shares in any particular amounts or at all.

During the years ended October 31, 2025 and October 31, 2024, the Fund did not effect any repurchases.

Note 7. Borrowings

The Fund has entered into a $650,000,000 revolving credit agreement (the credit agreement) with State Street Bank and Trust Company (State Street) whereby funds may be drawn in U.S. dollars, Euros and British Pounds (GBP), subject to certain limitations. Borrowings under the credit agreement, which are secured by certain assets of the Fund, bear interest based on currency-specific variable rates plus a margin. The Fund pays a monthly financing charge which is calculated based on the utilized portion of the credit agreement and a Secured Overnight Financing Rate (SOFR)-based rate. The Fund also pays a fee of 0.15% per annum for each day in which the aggregate loans outstanding under the credit agreement total less than 80% of the credit agreement amount of $650,000,000. The credit agreement has a

360-day

evergreen provision whereby State Street may terminate this agreement upon 360 days’ notice, but the Fund may terminate on three business days’ notice to State Street. Securities held by the Fund are subject to a lien, granted to State Street, to the extent of the borrowing outstanding in connection with the Fund’s revolving credit agreement. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, necessitating the sale of portfolio securities at potentially inopportune times.

As of October 31, 2025, the Fund had outstanding borrowings of $603,352,089 at a current rate of 4.9% on $560,000,000 and 4.7% on GBP 33,000,000 (which equates to USD 43,352,089). The carrying value of the borrowings approximates fair value. The borrowings are classified as Level 2 within the fair value hierarchy. During the year ended October 31, 2025, the Fund borrowed an average daily balance of $603,193,874 ($560,000,000 and $43,193,874 drawn in USD and GBP, respectively) at a weighted average borrowing cost of 5.1%. During the year ended October 31, 2025, the Fund had no outstanding borrowing in EUR.

Note 8. Operating Segments

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund’s investment manager and the Fund’s chief executive officer and chief financial officer act as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

NOTES TO FINANCIAL STATEMENTS—(Continued)

operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is

pre-determined

in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements.

Note 9. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 10. New Accounting Pronouncement

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09). ASU 2023-09 is intended to enhance income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Adoption of the new standard will impact financial statement disclosures only and will not affect any Fund’s financial position or the results of its operations.

Note 11. Subsequent Events

Management has evaluated events and transactions occurring after October 31, 2025 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (the “Fund”) as of October 31, 2025, the related statements of operations and cash flows for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 18, 2025

We have served as the auditor of one or more investment companies in the Cohen & Steers family of funds since 1991.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

(The following pages are unaudited)

TAX INFORMATION—2025

For the fiscal year ended October 31, 2025, for individual taxpayers, the Fund designates $76,056,531 as qualified dividend income eligible for reduced tax rates, $148,882 as qualified business income eligible for the 20% deduction and interest related dividends of $9,863,344. In addition, for corporate taxpayers, 51.38% of the ordinary dividends paid qualified for the dividends received deduction (DRD).

REINVESTMENT PLAN

The Fund has a dividend reinvestment plan commonly referred to as an

“opt-out”

plan (the Reinvestment Plan). Each common shareholder who participates in the Reinvestment Plan will have all distributions of dividends and capital gains (Dividends) automatically reinvested in additional common shares by Computershare as agent (the Plan Agent). Shareholders who elect not to participate in the Reinvestment Plan will receive all Dividends in cash paid by check mailed directly to the shareholder of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent. Shareholders whose common shares are held in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Reinvestment Plan.

The Plan Agent serves as agent for the shareholders in administering the Reinvestment Plan. After the Fund declares a Dividend, the Plan Agent will, as agent for the shareholders, either: (i) receive the cash payment and use it to buy common shares in the open market, on the NYSE or elsewhere, for the participants’ accounts or (ii) distribute newly issued common shares of the Fund on behalf of the participants. The Plan Agent will receive cash from the Fund with which to buy common shares in the open market if, on the Dividend payment date, the NAV per share exceeds the market price per share plus estimated brokerage commissions on that date. The Plan Agent will receive the Dividend in newly issued common shares of the Fund if, on the Dividend payment date, the market price per share plus estimated brokerage commissions equals or exceeds the NAV per share of the Fund on that date. The number of shares to be issued will be computed at a per share rate equal to the greater of (i) the NAV or (ii) 95% of the closing market price per share on the payment date.

If the market price per share is less than the NAV on a Dividend payment date, the Plan Agent will have until the last business day before the next

ex-dividend

date for the common stock, but in no event more than 30 days after the Dividend payment date (as the case may be, the Purchase Period), to invest the Dividend amount in shares acquired in open market purchases. If at the close of business on any day during the Purchase Period on which NAV is calculated the NAV equals or is less than the market price per share plus estimated brokerage commissions, the Plan Agent will cease making open market purchases and the uninvested portion of such Dividends shall be filled through the issuance of new shares of common stock from the Fund at the price set forth in the immediately preceding paragraph. Participants in the Reinvestment Plan may withdraw from the Reinvestment Plan upon notice to the Plan Agent. Such withdrawal will be effective immediately if received not less than ten days prior to a Dividend record date; otherwise, it will be effective for all subsequent Dividends. If any participant elects to have the Plan Agent sell all or part of his or her shares and remit the proceeds, the Plan Agent is authorized to deduct a $15.00 fee plus $0.10 per share brokerage commissions.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

The Plan Agent’s fees for the handling of reinvestment of Dividends will be paid by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of Dividends. The automatic reinvestment of Dividends will not relieve participants of any income tax that may be payable or required to be withheld on such Dividends. The Fund reserves the right to amend or terminate the Reinvestment Plan. All correspondence concerning the Reinvestment Plan should be directed to the Plan Agent at

866-227-0757.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling

866-227-0757,

(ii) on our website at cohenandsteers.com or (iii) on the SEC’s website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent

12-month

period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling

866-227-0757

or (ii) on the SEC’s website at http://www.sec.gov.

Disclosures of the Fund’s complete holdings are required to be made monthly on

Form N-PORT,

with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. The Fund’s Form

N-PORT

is available (i) without charge, upon request, by calling

866-227-0757

or (ii) on the SEC’s website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders 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. Distributions in excess of the Fund’s investment company taxable income and net realized gains are a return of capital distributed from the Fund’s assets. To the extent this occurs, the Fund’s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their

1099-DIV

forms, which are mailed after the close of each calendar year. 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.

Notice is hereby given in accordance with Rule

23c-1

under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.

Benchmark Change

The Board of Trustees approved a change to the Fund’s blended benchmark at its March 11, 2025 meeting. Effective close of business June 30, 2025, the blended benchmark was updated from 50% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index, 35% ICE BofA U.S. IG Institutional Capital Securities Index and 15% Bloomberg Developed Market USD Contingent Capital Index to the blended benchmark of 40% ICE BofA 7% Constrained DRD Eligible Preferred Securities Index, 35% ICE BofA U.S. IG Institutional Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

The following information in this annual shareholder report is a summary of certain information about the Fund. This information may not reflect all of the changes that have occurred since you purchased the Fund.

CURRENT INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT POLICIES

AND PRINCIPAL RISKS OF THE FUND

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares.

Investment Objectives

The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is capital appreciation. In pursuing its investment objectives, the Fund seeks to achieve favorable

after-tax

returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives. Unless otherwise indicated below, the Fund’s investment objectives and investment policies are considered

non-fundamental

and may be changed by the Fund’s Board of Trustees without shareholder approval. However, the Fund’s investment objectives and its policy of investing at least 80% of its Managed Assets (defined below) in preferred and other income securities may only be changed upon 60 days’ prior written notice to the Fund’s shareholders.

Investment Strategies

The Fund pursues its investment objectives primarily by investing in issues of preferred and other income securities the investment manager believes to be undervalued relative to credit quality and other investment characteristics. In making this determination, the investment manager evaluates the fundamental characteristics of an issuer, including, among other characteristics, an issuer’s creditworthiness, and also takes into account prevailing market factors. In analyzing credit quality, the investment manager considers not only fundamental analysis but also an issuer’s corporate and capital structure and the placement of the preferred or income securities within that structure. The investment manager may rely primarily on its own analysis of the credit quality and risks associated with individual securities considered for the Fund, rather than relying exclusively on nationally recognized statistical rating organizations (NRSROs) or third-party research. This aspect of the investment manager’s capabilities will be particularly important to the extent that the Fund invests in below investment grade or unrated securities and in securities of

non-U.S.

issuers. In evaluating relative value, the investment manager also takes into account call, conversion and other structural security features, in addition to such factors as the likely directions of credit ratings and relative value versus other income security classes. The Fund will not seek to achieve specific ESG outcomes through its portfolio of investments, nor will it pursue an overall impact or sustainable investment strategy. However, the investment manager will incorporate consideration of relevant ESG factors into its investment decision-making. For example, although the investment manager does not generally exclude investments based on ESG factors alone, when considering an investment opportunity with material exposure to carbon emissions regulation, this risk may be considered as one factor in the investment manager’s holistic review process.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Under normal market conditions, the Fund invests at least 80% of its Managed Assets in a portfolio of preferred and other income securities issued by U.S. and

non-U.S.

companies, which may be either exchange-traded or available

over-the-counter

(OTC). Such securities may include traditional preferred securities; hybrid-preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating-rate and

fixed-to-floating-rate

preferred securities; fixed-and floating-rate corporate debt securities; convertible securities; contingent capital securities (CoCos); and securities of other

closed-end,

open-end

or exchange-traded funds (ETFs) that invest primarily in preferred and/or debt securities. These securities may be across a wide range of sectors, industries and countries. To the extent the Fund invests in securities of other

closed-end,

open-end,

or ETFs, the Fund will consider the investments of these funds, to the extent known by the Fund, in determining compliance with this policy. The Fund may also invest in restricted securities, including securities that are issued in private placements, securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (the Securities Act) (referred to as Rule 144A Securities) and securities of U.S. and

non-U.S.

issuers that are issued without registration with the Securities and Exchange Commission (the SEC) pursuant to Regulation S under the Securities Act. In addition to purchasing securities in the secondary market, the Fund may seek investment opportunities in new issues and follow-on or secondary offerings of preferred and debt securities. “Managed Assets” are the Fund’s net assets, plus the principal amount of loans from financial institutions or debt securities issued by the Fund, the liquidation preference of preferred shares issued by the Fund, if any, and the proceeds of any reverse repurchase agreements entered into by the Fund (Reverse Repurchase Agreements).

The Fund will invest 25% or more of its total assets in the financials sector, which is comprised of the banking, diversified financials, real estate (including real estate investment trusts (REITs)) and insurance industries. From time to time, the Fund may have 25% or more of its total assets invested in any one or more of these industries that make up the financials sector. In addition, the Fund also may focus its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications. The investment manager retains broad discretion to allocate the Fund’s investments across various sectors and industries. The Fund may invest without limit in securities of

non-U.S.

companies, which may be

non-U.S.

dollar denominated, including up to 15% of Managed Assets in securities issued by companies domiciled in emerging market countries. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries. Many foreign companies issue both foreign currency and U.S. dollar-denominated preferred and debt securities. Those securities that are traded in the United States have characteristics that are similar to traditional and hybrid preferred securities. The Fund may also invest in securities of foreign companies in the form of American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). The investment manager may hedge some or all of the Fund’s foreign currency exposure.

The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. Although not required to do so, the Fund will generally seek to maintain a minimum weighted average senior debt rating of companies in which it invests of

BBB-,

which the Fund considers to be investment grade. Although a company’s senior debt rating may be

BBB-,

an underlying security issued by such company in which the Fund invests may have a lower rating than

BBB-.

If the Fund cannot access a

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

company’s average senior debt rating, the Fund may look to the rating of the underlying security issued by such company. The determination of whether a security is deemed investment grade or below investment grade will be determined at the time of investment. A security will be considered to be investment grade if it is rated as such by one NRSRO (for example minimum Baa3 or BBB-by Moody’s or S&P, respectively) or, if unrated, is judged to be investment grade by the investment manager. Below investment grade securities are also known as “high yield” or “junk” securities and are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. The Fund may invest a significant portion of its assets in below investment grade securities or securities that are unrated but judged, at the time of investment, to be below investment grade by the investment manager.

The Fund may invest in both OTC and exchange-traded preferred securities. There are two basic types of preferred securities, traditional preferred securities and hybrid-preferred securities. Traditional preferred securities are perpetual and equity-like in nature. They may be issued by an entity taxable as a corporation and pay fixed or floating rate dividends. “Preference” means that a company must pay dividends on its preferred securities before paying any dividends on its common stock, and the claims of preferred securities holders are ahead of common stockholders’ claims on assets in a corporate liquidation or bankruptcy. However, these claims are subordinated to more senior creditors, including senior debt holders. Holders of preferred securities usually have no right to vote for corporate directors or on other matters. Preferred securities share many investment characteristics with both common stock and bonds; therefore, the risks and potential rewards of investing in the Fund may at times be similar to the risks of investing in both equity funds and bond funds. Hybrid-preferred securities are debt instruments that have characteristics similar to those of traditional preferred securities. Hybrid preferred securities may be issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or by an affiliated trust or partnership of the corporation, generally in the form of preferred interests in subordinated debentures or similarly structured securities. The hybrid-preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates. Hybrid preferred holders generally have claims to assets in a corporate liquidation that are senior to those of traditional preferred securities but subordinate to those of senior debt holders. Certain subordinated debt and senior debt issues that have preferred characteristics are also considered to be part of the broader preferred securities market.

Debt securities in which the Fund may invest include fixed- and floating-rate corporate debt securities issued by U.S. and non-U.S. corporations, including U.S. dollar denominated debt obligations issued or guaranteed by U.S. corporations, U.S. dollar-denominated obligations of foreign issuers and debt obligations denominated in foreign currencies. Such debt obligations may include, among others, bonds, notes, debentures and variable rate demand notes, with the primary difference being their maturities and secured or unsecured status. Such corporate debt securities are fixed or floating-rate securities issued by businesses to finance their operations. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity.

The Fund may invest without limit in CoCos. CoCos are debt or preferred securities with loss absorption characteristics that provide for an automatic write-down of the principal amount or value of securities or the mandatory conversion into common shares of the issuer under certain

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

circumstances. A mandatory conversion might be automatically triggered, for instance, if a company fails to meet the capital minimum described in the security, the company’s regulator makes a determination that the security should convert, or the company receives specified levels of extraordinary public support. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero, and conversion would deepen the subordination of the investor (worsening the Fund’s standing in a bankruptcy). In addition, some CoCos provide for an automatic write-down of capital under such circumstances.

The Fund is authorized to purchase, sell or enter into any derivative contract or option on a derivative contract, transaction or instrument, without limitation, including various interest rate transactions such as swaps, caps, floors or collars, and foreign currency transactions such as foreign currency forward contracts, futures contracts, options, swaps and other similar strategic transactions in connection with its investments in securities of

non-U.S.

companies. The Fund’s primary use of derivative contracts will be to enter into interest rate and currency hedging transactions in order to reduce the interest rate and foreign currency risk inherent in the Fund’s investments. To the extent any derivatives would be deemed to be illiquid, they will be included in the Fund’s maximum limitation of 25% of net assets invested in illiquid securities.

The Fund may also invest up to 20% of its Managed Assets in common stocks, up to 20% of its Managed Assets in government securities (not including mortgage- or asset-backed securities issued or guaranteed by the U.S. Government or one of its sponsored entities), up to 20% of its Managed Assets in municipal securities, up to 25% of its Managed Assets in illiquid securities and up to 15% of its Managed Assets in securities denominated in the currencies of emerging market countries; however, under normal circumstances the Fund will not invest more than 10% of its Managed Assets in mortgage-backed, mortgage-related and other asset-backed securities (including mortgage- or asset-backed securities issued or guaranteed by the U.S. Government or one of its sponsored entities).

The Fund may invest in Rule 144A Securities. Rule 144A Securities are considered restricted securities because they are not registered for sale to the general public and may only be resold to certain qualified institutional buyers. The Fund may invest in the securities of U.S. and non-U.S. issuers that are issued through non-U.S. offerings without registration with the SEC pursuant to Regulation S under the Securities Act. Offerings of Regulation S securities may be conducted outside of the United States. Because Regulation S securities are subject to legal or contractual restrictions on resale, certain Regulation S securities may be considered illiquid.

The Fund may enter into short sales, provided the dollar amount of short sales at any time would not exceed 25% of the Managed Assets of the Fund. The Fund must designate collateral consisting of cash or liquid portfolio securities with a value equal to the current market value of the shorted securities, which is marked-to-market daily. If the Fund owns an equal amount of such securities or securities convertible into or exchangeable for, without payment of any further consideration, securities of the same issuer as, and equal in amount to, the securities sold short (which sales are commonly referred to as short sales against the box), the above requirements are not applicable.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

The Fund may invest in securities of other investment companies, including open-end funds, closed-end funds or ETFs, that invest primarily in preferred and/or debt securities, to the extent permitted under Section 12(d)(1) of the 1940 Act, and the rules promulgated thereunder, or any exemption granted to the Fund under the 1940 Act. The Fund also may invest in other funds either during periods when it has large amounts of uninvested cash, such as the period shortly after the Fund receives the proceeds of an offering of its common shares, or during periods when there is a shortage of attractive opportunities in the market.

On an overall basis, the Fund seeks to implement an investment strategy designed to minimize the U.S. federal income tax consequences on income generated by the Fund. The Fund seeks to accomplish this primarily by (i) investing in dividend-paying securities that are eligible to pay dividends that qualify for U.S. federal income taxation at rates applicable to long-term capital gain

(tax-advantaged

dividends), and complying with the holding period and other requirements for such favorable tax treatment; and (ii) offsetting any ordinary income with Fund expenses and realized short-term capital gain against realized short-term capital loss and net realized long-term capital loss.

The Fund may invest up to 25% of its Managed Assets in investments that may be illiquid (

i.e.

, securities that may be difficult to sell at a desirable time or price). The investment manager will be responsible for the

day-to-day

determination of the illiquidity of any security held by the Fund. The Investment Manager will consider factors such as (i) the nature of the market for a security (including the institutional private resale market; the frequency of trades and quotes for the security; the number of dealers willing to purchase or sell the security; the amount of time normally needed to dispose of the security; and the method of soliciting offers and the mechanics of transfer), (ii) the terms of certain securities or other instruments allowing for the disposition to a third party or the issuer thereof (

e.g.

, certain repurchase obligations and demand instruments) and (iii) other permissible relevant factors.

Temporary Defensive Positions

. For temporary defensive purposes or to keep cash on hand fully invested, and following the offering of Fund shares pending investment in securities that meet the Fund’s investment objectives, the Fund may invest up to 100% of its total assets in cash, cash equivalents, government securities and short-term fixed-income securities. When and to the extent the Fund assumes a temporary defensive position, the Fund may not pursue or achieve its investment objectives.

Use of Leverage

The Fund currently seeks to enhance the level of its distributions and total return through the use of leverage. The Fund may utilize leverage in an amount up to 33 1/3% (measured immediately after such borrowings) of its managed assets through borrowings, including loans from certain financial institutions and/or the issuance of debt securities (collectively, Borrowings). Under the 1940 Act, the Fund may utilize leverage through (i) Borrowings in an aggregate amount of up to 33 1/3% of the Fund’s total assets immediately after such Borrowings and (ii) the issuance of preferred stock (Preferred Shares) in an aggregate amount of up to 50% of the Fund’s total assets immediately after such issuance. In addition, the Fund may utilize leverage through reverse repurchase agreements (Reverse Repurchase Agreements), in an aggregate amount up to 50% of

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

the Fund’s total assets. The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions. The Fund may borrow in both U.S. and foreign (non-U.S.) currencies, and may use derivatives and other transactions to manage any interest rate risk or currency exposure associated with its use of leverage. Borrowing in non-U.S. currencies will expose the Fund to foreign currency risk. See “Foreign Currency and Currency Hedging Risk” below.

The Fund may also engage in various derivatives transactions to seek to generate return, facilitate portfolio management and mitigate risks. Certain derivatives transactions effect a form of economic leverage on the Fund’s portfolio and may be subject to the risks associated with the use of leverage. There is no assurance that the Fund will utilize leverage or, if leverage is utilized, that it will be successful. The net asset value of the Fund’s common shares may be reduced by the issuance or incurrence costs of any leverage. See “Leverage Risk.”

Effects of Leverage.

Assuming that leverage in the form of Borrowings represents 34% of the Fund’s Managed Assets at an annual interest rate of 4.9%, the income generated by the Fund’s portfolio (net of estimated expenses) must exceed 1.67% in order to cover such interest payments or payment rates and other expenses specifically related to leverage. Of course, these numbers are merely estimates, used for illustration. Actual interest, or payment rates may vary frequently and may be significantly higher or lower than the rate estimated above.

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund’s portfolio) of –10%, –5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Fund. The table assumes leverage in an aggregate amount equal to 34% of the Fund’s Managed Assets. See “Leverage Risk” below.


Assumed Portfolio Total Return	–10	%	–5	%	0	%	5	%	10	%
Common Share Total Return	–17.7	%	–10.1	%	–2.5	%	5.1	%	12.6	%

Common share total return is comprised of two elements – the net investment income of the Fund after paying expenses, including interest expenses on the Fund’s Borrowings as described above and dividend payments on any preferred shares issued by the Fund and gain and losses on the value of the securities the Fund owns. As required by the rules of the SEC, the table assumes the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those securities.

Principal Risks of the Fund

The Fund is a diversified,

closed-end

management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Risk of Market Price Discount from Net Asset Value.

Shares of

closed-end

investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities and may be greater for investors expecting to sell their shares in a relatively short period following completion of this offering. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, Fund shares may trade at, above or below NAV, or at below or above the initial public offering price.

Investment Risk

. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Market Risk

. Your investment in the Fund represents an indirect investment in the preferred securities, debt securities and other investments owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. The Fund may utilize leverage, which magnifies this risk. Your shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. See “Leverage Risk” below.

Limited Term and Tender Offer Risks

. Unless the limited term provision of the Fund’s Amended and Restated Declaration of Trust (the Declaration of Trust) is amended by shareholders in accordance with the Declaration of Trust, or unless the Fund completes an Eligible Tender Offer and converts to perpetual existence, the Fund will terminate on or about the Dissolution Date (subject to possible extension). The Fund is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a “target term” fund as its investment objective is not to return its original NAV on the Dissolution Date or in an Eligible Tender Offer. The Fund’s investment objectives and policies are not designed to seek to return to investors their initial investment on the Dissolution Date or in an Eligible Tender Offer, and such investors and investors that purchase shares after the completion of this offering may receive more or less than their original investment upon dissolution or in an Eligible Tender Offer.

Because the assets of the Fund will be liquidated in connection with the dissolution, the Fund will incur transaction costs in connection with dispositions of portfolio securities. The Fund does not limit its investments to securities having a maturity date prior to the Dissolution Date and may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money. In particular, the Fund’s portfolio may still have large exposures to illiquid securities as the Dissolution Date approaches, and losses due to portfolio liquidation may be significant. Beginning one year before the Dissolution Date (the Wind-Down Period), the Fund may begin liquidating all or a portion of the Fund’s portfolio, and the Fund may deviate from its investment strategy and may not achieve its investment objective. As a result, during the Wind-Down Period, the Fund’s distributions may decrease, and such distributions may include a return of capital. It is expected that common shareholders will receive cash in any liquidating distribution from the Fund regardless of their participation in the

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Fund’s automatic dividend reinvestment plan. However, if on the Dissolution Date the Fund owns securities for which no market exists or securities that are trading at depressed prices, such securities may be placed in a liquidating trust. The Fund cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust. The Fund may receive proceeds from the disposition of portfolio investments that are less than the valuations of such investments by the Fund and, in particular, losses from the disposition of illiquid securities may be significant. The disposition of portfolio investments by the Fund could also cause market prices of such instruments, and hence the NAV and market price of the common shares, to decline. In addition, disposition of portfolio investments will cause the Fund to incur increased brokerage and related transaction expenses.

Moreover, in conducting such portfolio transactions, the Fund may need to deviate from its investment policies and may not achieve its investment objective. The Fund’s portfolio composition may change as its portfolio holdings mature or are called or sold in anticipation of an Eligible Tender Offer or the Dissolution Date. During such period(s), it is possible that the Fund will hold a greater percentage of its total assets in shorter term and lower yielding securities and cash and cash equivalents than it would otherwise, which may impede the Fund’s ability to achieve its investment objective and adversely impact the Fund’s performance and distributions to common shareholders, which may in turn adversely impact the market value of the common shares. In addition, the Fund may be required to reduce its leverage, which could also adversely impact its performance. The additional cash or cash equivalents held by the Fund could be obtained through reducing the Fund’s distributions to common shareholders and/or holding cash in lieu of reinvesting, which could limit the ability of the Fund to participate in new investment opportunities. The Fund does not limit its investments to securities having a maturity date prior to or around the Dissolution Date, which may exacerbate the foregoing risks and considerations. A common shareholder may be subject to the foregoing risks over an extended period of time, particularly if the Fund conducts an Eligible Tender Offer and is also subsequently terminated by or around the Dissolution Date.

If the Fund conducts an Eligible Tender Offer, the Fund anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Fund. In addition, the Fund may be required to dispose of portfolio investments in connection with any reduction in the Fund’s outstanding leverage necessary in order to maintain the Fund’s desired leverage ratios following a tender offer. The risks related to the disposition of securities in connection with the Fund’s dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Fund’s ability to achieve its investment objective and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Fund in the investments. Any capital gains recognized on such dispositions, as reduced by any capital losses the Fund realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends (to the extent of net short-term capital gains over net long-term capital

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. If the Fund’s tax basis for the investments sold is less than the sale proceeds, the Fund will recognize capital gains, which the Fund will be required to distribute to common shareholders. In addition, the Fund’s purchase of tendered common shares pursuant to a tender offer will have tax consequences for tendering common shareholders and may have tax consequences for

non-tendering

common shareholders.

The purchase of common shares by the Fund pursuant to a tender offer will have the effect of increasing the proportionate interest in the Fund of

non-tendering

common shareholders. All common shareholders remaining after a tender offer may be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered common shares. Such reduction in the Fund’s total assets may result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance. Such reduction in the Fund’s total assets may also cause common shares to become thinly traded or otherwise negatively impact secondary trading of common shares. A reduction in net assets, and the corresponding increase in the Fund’s expense ratio, could result in lower returns and put the Fund at a disadvantage relative to its peers and potentially cause the Fund’s common shares to trade at a wider discount to NAV than it otherwise would. Furthermore, the portfolio of the Fund following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Fund could be subject to greater risk. For example, the Fund may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Fund following an Eligible Tender Offer.

The Fund is not required to conduct an Eligible Tender Offer. If the Fund conducts an Eligible Tender Offer, there can be no assurance that the number of tendered common shares would not result in the Fund having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will dissolve on the Dissolution Date (subject to possible extensions). Following the completion of an Eligible Tender Offer in which the number of tendered common shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, the Board of Trustees may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval. Thereafter, the Fund will have a perpetual term. The investment manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated because the investment manager would continue to receive management fees on the remaining assets of the Fund while it remains in existence. The Fund is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer. Shares of

closed-end

management investment companies frequently trade at a discount from their NAV, and as a result remaining common shareholders may only be able to sell their Shares at a discount to NAV.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Preferred Securities Risk

. Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in a portfolio of preferred and other income securities. There are various risks associated with investing in preferred securities, including those described below.

•

Deferral and Omission Risk

. Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. In certain cases, deferring or omitting distributions may be mandatory. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent changes in bank regulations may increase the likelihood for issuers to defer or omit distributions.

•

Credit and Subordination Risk

. Credit risk is the risk that a preferred security in the Fund’s portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status. Preferred securities are generally subordinated to bonds and other debt instruments in a company’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

•

Interest Rate Risk

. Interest rate risk is the risk that preferred securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall, and therefore the Fund may underperform during periods of rising interest rates. Interest rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that domestic or global economic policies will change). Preferred securities without maturities or with longer periods before maturity may be more sensitive to interest rate changes.

•

Prepayment and Extension Risk

. Prepayment risk is the risk that changes in interest rates, credit spreads or other factors will result in the call (repayment) of a preferred security more quickly than expected, such that the Fund may have to invest the proceeds in lower yielding securities, or that expectations of such early call will negatively impact the market price of the security. Extension risk is the risk that changes in the interest rates or credit spreads may result in diminishing call expectations, which can cause prices to fall.

•

Floating-Rate and

Fixed-to-Floating-Rate

Securities Risk

. The market value of floating-rate securities is a reflection of discounted expected cash flows based on expectations for future interest rate resets. The market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. This risk may also be present with respect to

fixed-to-floating-rate

securities in which the Fund may invest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on floating-rate and

fixed-to-floating-rate

securities will decline due to lower coupon payments on floating-rate securities.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

•

Call, Reinvestment and Income Risk

. During periods of declining interest rates, an issuer may be able to exercise an option to redeem its issue at par earlier than scheduled which is generally known as call risk. Recent regulatory changes may increase call risk with respect to certain types of preferred securities. If this occurs, the Fund may be forced to reinvest in lower yielding securities. This is known as reinvestment risk. Preferred securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem preferred securities if the issuer can refinance the preferred securities at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer, or in the event of regulatory changes affecting the capital treatment of a security. Another risk associated with a declining interest rate environment is that the income from the Fund’s portfolio may decline over time when the Fund invests the proceeds from new share sales at market rates that are below the portfolio’s current earnings rate.

•

Liquidity Risk

. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the securities on its books.

•

Limited Voting Rights Risk

. Generally, traditional preferred securities offer no voting rights with respect to the issuer unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board of directors. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Hybrid-preferred security holders generally have no voting rights.

•

Special Redemption Rights

. In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities laws. As with call provisions, a redemption by the issuer may have a negative impact on the return of the security held by the Fund. See “Call, Reinvestment and Income Risk” above and “Regulatory Risk” below.

•

New Types of Securities

. From time to time, preferred securities, including hybrid-preferred securities and contingent capital securities, have been, and may in the future be, offered having features other than those described herein. The Fund reserves the right to invest in these securities if the investment manager believes that doing so would be consistent with the Fund’s investment objectives and policies. Since the market for these instruments would be new, the Fund may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility.

Debt Securities Risk.

Debt securities generally present two primary types of risk—credit risk, which refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due, and interest rate risk, which is the risk that debt securities will decline in value because of changes in market interest rates. Debt securities also are subject to other similar risks as preferred securities, including call risk, extension risk and

liquidity

risk.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Risk of Concentration in the Financials Sector

. Because the Fund invests 25% or more of its total assets in the financials sector (and may invest a substantial portion of its assets in the financial sector, including in one or more industries in the financial sector), it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration, regulation and competition. In many countries, companies in the financials sector are regulated by governmental entities, which can increase costs for new services or products and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of financial companies has resulted in increased competition and reduced profitability for certain companies. The profitability of many types of financial companies may be adversely affected in certain market cycles, including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because many types of financial companies are vulnerable to these economic cycles, the Fund’s investments in these companies may lose significant value during such periods.

Below Investment Grade and Unrated Securities Risk.

The Fund may invest a significant portion of its assets in below investment grade securities or securities that are unrated but judged to be below investment grade by the investment manager. Lower-rated securities, or equivalent unrated securities, which are commonly known as “high yield” securities or “junk” securities generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.

NRSROs are private services that provide ratings of the credit quality of debt obligations, including convertible securities. Ratings assigned by an NRSRO are not absolute standards of credit quality and do not evaluate market risks or the liquidity of securities. NRSROs may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates.

In addition, the Fund may invest a significant portion of its assets in unrated securities (securities which are not rated by an NRSRO) if the investment manager determines that purchase of the securities is consistent with the Fund’s investment objectives and policies. Unrated securities may be less liquid than comparable rated securities and involve the risk that the investment manager may not accurately evaluate the security’s comparative credit rating. If a security is unrated, the investment manager will assign a rating using its own analysis of issuer quality.

Contingent Capital Securities Risk

. CoCos, sometimes referred to as contingent convertible securities, are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example, an automatic write-down of principal or a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. CoCos may be subject to an automatic write-down (

i.e

., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security’s par value. If a CoCo provides for mandatory conversion of the security into common shares of the issuer under certain circumstances, such as an adverse event, the Fund could experience a reduced income rate, potentially to zero, as a result of the issuer’s common shares not paying a dividend. In addition, a conversion event would likely be the result of or related to the deterioration of the issuer’s financial condition (

e.g

., such as a decrease in the issuer’s capital ratio) and status as a going concern, so the market price of the issuer’s common shares received by the Fund may have declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund’s NAV. Further, the issuer’s common shares would be subordinate to the issuer’s other security classes and therefore worsen the Fund’s standing in a bankruptcy proceeding. In March 2023, a Swiss regulator required a write-down of outstanding CoCos to zero notwithstanding the fact that the equity shares continued to exist and have economic value. It is currently unclear whether regulators of issuers in other jurisdictions will take similar actions. Notwithstanding these risks, the Fund intends to continue to invest in CoCos issued by Swiss companies and by companies in other jurisdictions. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below investment grade securities. See below “Below Investment Grade and Unrated Securities Risk” below.

Foreign

(Non-U.S.)

and Emerging

Market

Securities Risk.

Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding or other taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers.

The Fund may hold foreign securities of developed market issuers and emerging market issuers. Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation, nationalization, confiscation, trade sanctions or embargoes or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. Emerging securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets. The limited size of emerging securities markets and limited trading value compared to the volume of trading in U.S. securities could cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited market size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors’ perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially in these markets. Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates and corresponding currency devaluations have had and may continue to have negative effects on the economies and securities markets of certain emerging market countries.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Foreign Currency and Currency Hedging Risk

. Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make interest and dividend payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These fluctuations may have a significant adverse impact on the value of the Fund’s portfolio and/or the level of Fund distributions made to shareholders. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

The Fund may (but is not required to) engage in investments that are designed to hedge the Fund’s foreign currency risks, including foreign currency forward contracts, foreign currency futures contracts, put and call option on foreign currencies and foreign currency swaps. Such transactions may reduce returns or increase volatility, perhaps substantially. While these practices will be entered into to seek to manage these risks, these practices may not prove to be successful or may have the effect of limiting the gains from favorable market movements.

Foreign currency forward contracts, foreign currency futures contracts, OTC options on foreign currencies and foreign currency swaps are subject to the risk of default by the counterparty and can be illiquid. These currency hedging transactions, as well as the futures contracts and exchange-listed options in which the Fund may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currency or other reference asset. As such, a small investment could have a potentially large impact on the Fund’s performance. Whether or not the Fund engages in currency hedging transactions, the Fund may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Use of currency hedging transactions may cause the Fund to experience losses greater than if the Fund had not engaged in such transactions.

The Fund’s transactions in foreign currencies may increase or accelerate the Fund’s recognition of ordinary income and may affect the timing or character of the Fund’s distributions.

Convertible Securities Risk

. Although to a lesser extent than with nonconvertible fixed income securities, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock. A unique feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock. While no securities investments are without risk, investments in

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

convertible securities generally entail less risk than investments in common stock of the

same

issuer.

Derivatives Risk

. Derivatives transactions can be highly volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative, including the imperfect correlation between the value of such instruments and the underlying assets, the possible default of the other party to the transaction and illiquidity of the derivative instruments. Derivatives transactions may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large potential impact on the Fund’s performance, effecting a form of investment leverage on the Fund’s portfolio. In certain types of derivatives transactions the Fund could lose the entire amount of its investment; in other types of derivatives transactions the potential loss is theoretically unlimited.

The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives transactions. The Fund could experience losses if it were unable to liquidate a derivative position because of an illiquid secondary market. Although both OTC and exchange-traded derivatives markets may experience lack of liquidity, OTC

non-standardized

derivatives transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to make cash payments of variation (or

mark-to-market)

margin in the event of adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell portfolio securities to meet variation margin requirements at a time when it may be disadvantageous to do so. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The inability to close derivatives transactions positions also could have an adverse impact on the Fund’s ability to effectively hedge its portfolio.

Successful use of derivatives transactions also is subject to the ability of the investment manager to predict correctly movements in the direction of the relevant market and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the transaction being hedged and the price movements of the derivatives. Derivatives transactions entered into to seek to manage the risks of the Fund’s portfolio of securities may have the effect of limiting gains from otherwise favorable market movements. The use of derivatives transactions may result in losses greater than if they had not been used (and a loss on a derivatives transaction position may be larger than the gain in a portfolio position being hedged), may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell. Amounts paid by the Fund as

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

premiums and cash or other assets held as collateral with respect to derivatives transactions may not otherwise be available to the Fund for investment purposes. The use of currency transactions can result in the Fund incurring losses as a result of the imposition of exchange controls, political developments, government intervention or failure to intervene, suspension of settlements or the inability of the Fund to deliver or receive a specified currency.

The Fund may enter into swap, cap or other transactions to attempt to protect itself from increasing interest or dividend expenses resulting from increasing short-term interest rates on any leverage it incurs or increasing interest rates on securities held in its portfolio. A decline in interest rates may result in a decline in the value of the transaction, which may result in a decline in the NAV of the Fund. A sudden and dramatic decline in interest rates may result in a significant decline in the NAV of the Fund. Depending on the state of interest rates in general, the use of interest rate hedging transactions could enhance or harm the overall performance of the Fund.

In the event the Fund enters into forward currency contracts for hedging purposes, the Fund will be subject to currency exchange rates risk. Currency exchange rates may fluctuate significantly over short periods of time and also can be affected unpredictably by intervention of U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad. The Fund’s success in these transactions will depend principally on the ability of the investment manager to predict accurately future foreign currency exchange rates. Additional risks associated with derivatives trading include counterparty risk, liquidity risk and tracking/correlation risk.

The Fund’s investments in forward currency contracts and interest rate swaps would subject the Fund to risks specific to derivatives transactions, including: the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund’s portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. Furthermore, the ability to successfully use derivative instruments depends on the ability of the investment manager to predict pertinent market movements, which cannot be assured. Thus, the use of derivative instruments for hedging, currency or interest rate management, or other purposes may result in losses greater than if they had not been used.

Structured notes and other related instruments carry risks similar to those of more traditional derivatives such as futures, forward and option contracts. However, structured instruments may entail a greater degree of market risk and volatility than other types of debt obligations.

The Fund will be subject to credit risk with respect to the counterparties to certain derivatives transactions entered into by the Fund. Derivatives may be purchased on established exchanges or through privately negotiated OTC transactions. Each party to an OTC derivative bears the risk that the counterparty will default.

If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

circumstances. The counterparty risk for cleared derivatives transactions is generally lower than for uncleared OTC derivatives transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy their obligations to the Fund.

Rule 144A Securities Risk

. Rule 144A Securities are considered restricted securities because they are not registered for sale to the general public and may only be resold to certain qualified institutional buyers. Institutional markets for Rule 144A Securities that exist or may develop may provide both readily ascertainable values for such securities and the ability to promptly sell such securities. However, if there are an insufficient number of qualified institutional buyers interested in purchasing Rule 144A Securities held by the Fund, the Fund will be subject to liquidity risk and thus may not be able to sell the Rule 144A Securities at a desirable time or price.

Regulation S Securities Risk

. Regulation S securities are offered through

non-U.S.

offerings without registration with the SEC pursuant to Regulation S of the Securities Act. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. Because Regulation S securities are generally less liquid than registered securities, the Fund may take longer to liquidate these positions than publicly traded securities or may not be able to sell them at the price desired. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that would be applicable if their securities were publicly traded or otherwise offered in the United States. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in losses to the Fund.

Other Investment Companies Risk

. To the extent the Fund invests a portion of its assets in investment companies, including

open-end

funds,

closed-end

funds, ETFs and other types of pooled investment funds, those assets will be subject to the risks of the purchased investment companies’ portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the Fund’s expenses, but also indirectly the expenses of the purchased investment companies. Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. Risks associated with investments in

closed-end

funds also generally include the risks associated with the Fund’s structure as a

closed-end

investment company, including market risk, leverage risk, risk of market price discount from NAV, risk of anti-takeover provisions and

non-diversification.

In addition, investments in

closed-end

funds may be subject to dilution risk, which is the risk that strategies employed by a

closed-end

fund, such as rights offerings, may, under certain circumstances, have the effect of reducing its share price and the Fund’s proportionate interest. In addition, restrictions under the 1940 Act may limit the Fund’s ability to invest in other investment companies to the extent desired.

Rule 12d1-4 under the 1940 Act and other applicable rules under Section 12(d)(1) permit an investment company to invest in other investment companies beyond the statutory limits, subject to certain conditions. Reliance on these conditions could affect the Fund’s ability to redeem its investments in other investment companies, make such investments less attractive, cause the

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Fund to incur losses, realize taxable gains distributable to shareholders, incur greater or unexpected expenses or experience other adverse consequences.

Common Stock Risk

. The Fund may invest in common stocks. Common stocks are subject to special risks. Although common stocks have historically generated higher average returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in returns. Common stocks may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks held by the Fund. Common stock prices fluctuate for many reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in which the Fund has invested; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the common stocks held by the Fund. Also, common stock of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. The common stocks in which the Fund will invest are typically subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and assets, and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs increase.

Government Securities Risk

. Not all obligations of the U.S. Government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. Government or its agencies or instrumentalities of a security held by the Fund does not apply to the market value of such security or to Fund shares. In addition, a security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices of such securities are not guaranteed and will fluctuate. In addition, because many types of U.S. Government securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities.

Municipal Securities Risk

. Municipal securities are debt obligations issued by states or by political subdivisions or authorities of states. Municipal securities are typically designated as general obligation bonds, which are general obligations of a governmental entity that are backed by the taxing power of such entity, or revenue bonds, which are payable from the income of a specific project or authority and are not supported by the issuer’s power to levy taxes. Municipal securities are long-term fixed rate debt obligations that generally decline in value with increases in interest rates, when an issuer’s financial condition worsens or when the rating on a bond is decreased. Many municipal securities may be called or redeemed prior to their stated maturity. Lower-quality revenue bonds and other credit-sensitive municipal securities carry higher risks of default than general obligation bonds. In addition, the amount of public information available about municipal

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, local and business developments, and public perception, may adversely affect the yield and/or value of the Fund’s investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue.

In the past, a number of municipal issuers have defaulted on obligations, were downgraded or commenced insolvency proceedings during economic or market turmoil or a recession. The effects of this outbreak could affect the ability of state and local governments to make payments on debt obligations when due and could adversely impact the value of their bonds, which could negatively impact the performance of the Fund.

Restricted and Illiquid Securities Risk

. The Fund may invest in investments that may be illiquid (

i.e.

, securities that may be difficult to sell at a desirable time or price). Illiquid securities are securities that are not readily marketable and may include some restricted securities, which are securities that may not be resold to the public without an effective registration statement under the Securities Act or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. Illiquid investments involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the securities on its books. Restricted securities and illiquid securities are often more difficult to value and the sale of such securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of liquid securities trading on national securities exchanges or in the OTC markets. Contractual restrictions on the resale of securities result from negotiations between the issuer and purchaser of such securities and therefore vary substantially in length and scope. To dispose of a restricted security that the Fund has a contractual right to sell, the Fund may first be required to cause the security to be registered. A considerable period may elapse between a decision to sell the securities and the time when the Fund would be permitted to sell, during which time the Fund would bear market risks.

Leverage Risk

. 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 the 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. The use of leverage also results in the investment management fees payable to the investment manager being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. In some

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

market conditions, the Fund may not be able to employ leverage to the extent or at the cost desired. This could prevent the Fund from executing its portfolio strategies or could otherwise depress shareholder returns. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Additional Risk Considerations

Tax Risk.

No assurance can be given as to what percentage of the distributions paid on the common shares of the Fund, if any, will consist of

tax-advantaged

qualified dividend income or

long-term

capital gain or what the tax rates on various types of income will be in future years. The maximum long-term capital gain tax rate applicable to qualified dividend income is currently 20%, 15%, or 0% for individuals depending on the amount of their taxable income for the year. An additional 3.8% Medicare tax will also apply in the case of some individuals. In addition, it may be difficult to obtain information regarding whether distributions by

non-U.S.

entities in which the Fund invests should be regarded as qualified dividend income. Furthermore, to receive qualified dividend income treatment, the Fund must meet holding period and other requirements with respect to the dividend-paying securities in its portfolio, and the shareholder must meet holding period and other requirements with respect to the Fund’s common shares. Holding periods may be affected by certain of the Fund’s transactions in options and other derivatives. There can be no guarantee that U.S. federal tax laws will not change in the future.

Active Management Risk

. As an actively managed portfolio, the value of the Fund’s investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, or the investment manager’s investment techniques could fail to achieve the Fund’s investment objectives or negatively affect the Fund’s investment performance.

Portfolio Turnover Risk

. The Fund may engage in portfolio trading when considered appropriate, but short-term trading will not be used as the primary means of achieving the Fund’s investment objectives. There are no limits on portfolio turnover, and investments may be sold without regard to length of time held when, in the opinion of the investment manager, investment considerations warrant such action. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund that, when distributed to shareholders, would be taxable to such shareholders as ordinary income.

Anti-Takeover Provisions

. Certain provisions of the Fund’s Declaration of Trust and Bylaws could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to modify the Fund’s structure. The provisions may have the effect of depriving you of an opportunity to sell your shares at a premium over prevailing market prices and may have the effect of inhibiting conversion of the Fund to an

open-end

investment company.

Market Disruption and Geopolitical Risk:

Geopolitical events, such as war (including ongoing conflicts in Ukraine and the Middle East), terrorist attacks, natural or environmental disasters (including hurricanes, wildfires, and flooding), country instability, public health emergencies (including epidemics and pandemics), market instability, debt crises and downgrades, embargoes,

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, have led and may in the future lead to market volatility and may have long-lasting impacts on U.S. and global economies and financial markets. Supply chain disruptions or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, sectors, companies or industries. Events occurring in one region of the world may negatively impact industries and regions that are not otherwise directly impacted by the events. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

Russia’s military invasion of Ukraine significantly amplified already existing geopolitical tensions. The U.S. and many other countries have instituted various economic sanctions against Russia, Russian individuals and entities and Belarus. The extent and duration of the military action, sanctions imposed and other punitive actions taken (including any Russian retaliatory responses to such sanctions and actions), and resulting disruptions in Europe and globally cannot be predicted, but could be significant and have a severe adverse effect on the global economy, securities markets and commodities markets globally, including through global supply chain disruptions, increased inflationary pressures and reduced economic activity.

Ongoing conflicts in the Middle East could have similar negative impacts. The possibility of a prolonged conflict, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets.

Systemic risk events in the financial sectors and/or resulting government actions can negatively impact investments held by the Fund. For example, issues with certain regional U.S. banks and other financial institutions in March 2023 raised economic concerns over disruption in the U.S. banking system. These risks also may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Fund interacts. There can be no certainty that any actions taken by the U.S. government to strengthen public confidence in the U.S. banking system or financial markets will be effective in mitigating the effects of financial institution failures on the economy and restoring or maintaining public confidence. In addition, raising the U.S. Government debt ceiling has become increasingly politicized. Any failure to increase the total amount that the U.S. Government is authorized to borrow could lead to a default on U.S. Government obligations. A default or a threat of default by the U.S. Government would be highly disruptive to the U.S. and global securities markets and could significantly reduce the value of the Fund’s investments.

The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

The rapid development and increasingly widespread use and regulation of artificial intelligence, including machine learning technology and generative artificial intelligence such as

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

ChatGPT (collectively, AI Technologies), may pose risks to the Fund. For instance, the rapid advanced development of AI Technologies and efforts to regulate or control its use and advancement may have significant positive or negative impacts on a wide range of different industries and the global economy. It is not possible to predict which companies, sectors, or economies may benefit or be disadvantaged by such developments, nor is it possible to determine the full extent of current or future risks related thereto.

Some political leaders around the world (including in the U.S. and certain European nations) have been and may be elected on protectionist platforms, raising questions about the future of global free trade. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments.

Real Estate Risk.

To the extent that the Fund invests in real estate related investments, including REITs or real-estate linked derivative instruments, it will be subject to the risks associated with owning real estate and with the real estate industry generally. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower’s or a lessee’s ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

Cyber Security Risk.

With the increased use of technologies such as the Internet and AI Technologies, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment manager), and their own service providers, may be prone to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber-attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment manager or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders. For instance, cyber-attacks may interfere with the processing of shareholder transactions, affect the Fund’s ability to calculate its NAV, cause the

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Furthermore, as a result of breaches in cyber security or other operational and technology disruptions or failures, an exchange or market may close or issue trading halts on specific securities or an entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price its investments. While the Fund has established business continuity plans and systems designed to detect and prevent cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Similar types of cyber security risks also are present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund’s investment in such securities to lose value.

Each of the Fund and the investment manager may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting each Fund’s third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.

Regulatory Risk:

Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.

Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques.

The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

Mortgage- and Asset-Backed Securities Risk.

The risks associated with mortgage-related securities include: (1) credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; (2) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on mortgage-related securities

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

secured by loans on certain types of commercial properties than on those secured by loans on residential properties; (3) prepayment risk, which can lead to significant fluctuations in value of the mortgage-related security; (4) loss of all or part of the premium, if any, paid; and (5) decline in the market value of the security, whether resulting from changes in interest rates or prepayments on the underlying mortgage collateral.

Asset-backed securities involve certain risks in addition to those presented by mortgage-related securities: (1) primarily, these securities do not have the benefit of the same security interest in the underlying collateral as mortgage-related securities and are more dependent on the borrower’s ability to pay; (2) credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and Federal consumer credit laws, many of which give debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due; and (3) most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If these obligations are sold to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have an effective security interest in all of the obligations backing such receivables. There is a possibility that recoveries on repossessed collateral may not, in some cases, be able to support payments on these securities.

Investment Restrictions

The Fund has adopted certain investment limitations that are fundamental and may not be changed without the approval of the holders of a majority of the outstanding common shares and, if issued, preferred shares voting as a single class, and the approval of the holders of a majority of the preferred shares voting as a separate class. Under these limitations, the Fund may not: (1) issue senior securities (including borrowing money for other than temporary purposes) except in conformity with the limits set forth in the 1940 Act or pursuant to exemptive relief therefrom, or pledge, mortgage or hypothecate its assets other than to secure such issuances or borrowings or in connection with permitted investment strategies; provided that, notwithstanding the foregoing, the Fund may borrow up to an additional 5% of its total assets for temporary purposes; (2) act as an underwriter of securities issued by other persons, except insofar as the Fund may be deemed an underwriter in connection with the disposition of securities; (3) Purchase or sell real estate, except that the Fund may invest in securities of companies that deal in real estate or are engaged in the real estate business, including REITs, and loans and other securities secured by real estate or interests therein, and the Fund may hold and sell real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result of the Fund’s ownership of such securities and loans; (4) make loans to other persons except through the lending of securities held by it (but not to exceed a value of

one-third

of total assets), through the use of repurchase agreements, and by the purchase of debt securities; or (5) invest more than 25% of its total assets in securities of issuers in any one industry, except that the Fund will invest 25% or more of its total assets in the financials sector, which is comprised of the banking, diversified financials, real estate (including REITs) and insurance industries. The Fund may purchase and sell commodities or commodity contracts, including futures contracts, to the maximum extent permitted by law. When

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

used with respect to particular shares of the Fund, a “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy, or (ii) more than 50% of the shares, whichever is less. With respect to investment restriction number 5, the Fund will invest 25% or more of its total assets in the financial sector, which is comprised of the banking, diversified financials, real estate (including REITs) and insurance industries. From time to time, the Fund may have 25% or more of its total assets invested in any one or more of those industries that make up the financials sector.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

The Board of Trustees of the Fund (the Board), including a majority of the trustees who are not parties to the Fund’s investment management agreement (the Management Agreement), or interested persons of any such party (the Independent Trustees), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Management Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board called for the purpose of voting on the approval or continuation. The Management Agreement was discussed at a meeting of the Independent Trustees, in their capacity as the Contract Review Committee, held on June 3, 2025, and at a meeting of the full Board held on June 17, 2025. The Independent Trustees, in their capacity as the Contract Review Committee, also discussed the Management Agreement in executive sessions on June 16 and 17, 2025. At the meeting of the full Board on June 17, 2025, the Management Agreement was unanimously continued for a term ending June 30, 2026, by the Board, including the Independent Trustees. The Independent Trustees were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Management Agreement, the Board reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds and, collectively with the Fund, the Peer Group) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment manager (the Investment Manager); and a memorandum from counsel to the Independent Trustees outlining the legal duties of the Board. The Board also considered a supplemental peer group compiled by the Investment Manager when evaluating the Fund’s performance and fees and expenses. The Board took into account that the Investment Manager believes the supplemental peer group, which consists of a mix of recently launched fixed-income closed-end funds, is more representative of the Fund’s expense structure. The Board also spoke directly with a representative of the independent data provider and met with investment management personnel. In addition, the Board considered information provided from time to time by the Investment Manager throughout the year at meetings of the Board, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund’s objective. The Board also considered information provided by the Investment Manager in response to a request for information submitted by counsel to the Independent Trustees, on behalf of the Independent Trustees, as well as information provided by the Investment Manager in response to a supplemental request. In particular, the Board considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Manager:

The Board reviewed the services that the Investment Manager provides to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board regarding the Fund’s portfolio, providing individuals to serve as Fund officers, managing the Fund’s debt leverage level, and generally managing the Fund’s investments in accordance with the stated policies of the Fund. The Board also discussed with officers and portfolio managers of the Fund the types of transactions conducted on behalf of the Fund. Additionally, the Board took into account the services provided by the Investment Manager to its other funds and accounts, including those that have investment

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

objectives and strategies similar to those of the Fund. The Board also considered the education, background and experience of the Investment Manager’s personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board further noted the Investment Manager’s ability to attract qualified and experienced personnel. The Board also considered the administrative services provided by the Investment Manager, including compliance and accounting services. After consideration of the above factors, among others, the Board concluded that the nature, extent and quality of services provided by the Investment Manager are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Manager:

The Board considered the investment performance of the Fund compared to Peer Funds and compared to a relevant benchmark and a relevant blended benchmark. The Board considered that, on a net asset value (NAV) basis, the Fund represented the Peer Group median for the three-year period and underperformed the Peer Group median for the one-year period ended March 31, 2025, ranking three out of five peers and five out of five peers, respectively. The Board further considered that the Fund outperformed the relevant benchmark for the one- and three-year periods ended March 31, 2025, and that the Fund outperformed the relevant blended benchmark for the one-year period ended March 31, 2025 and underperformed for the three-year period ended March 31, 2025. The Board also considered the Fund’s performance as compared to a supplemental peer group compiled by the Investment Manager and noted that, on a NAV basis, the Fund outperformed the supplemental peer group medians for the one- and three-year periods ended March 31, 2025, ranking six out of twelve peers and four out of twelve peers, respectively. The Board engaged in discussions with the Investment Manager regarding the contributors to and detractors from the Fund’s performance as well as the impact of leverage on the Fund’s performance. The Board also considered supplemental information provided by the Investment Manager, including a narrative summary of various factors affecting performance and the Investment Manager’s performance in managing similarly managed funds and accounts. The Board determined that Fund and Investment Manager performance, in light of all the considerations noted above, supported the continuation of the Management Agreement.

(iii) Cost of the services to be provided and profits to be realized by the Investment Manager from the relationship with the Fund:

The Board considered the contractual and actual management fees paid by the Fund as well as the Fund’s total expense ratios. As part of its analysis, the Board gave consideration to the fee and expense analyses provided by the independent data provider. The Board considered that the Fund’s actual management fees at managed and common asset levels were higher than the Peer Group medians, ranking five out of five peers, for each. The Board considered the Fund’s fees and expenses versus the supplemental peer group compiled by the Investment Manager and noted that the Fund’s actual management fees at managed and common asset levels versus the supplemental peer group were lower than the supplemental peer group medians, ranking five out of twelve peers and six out of twelve peers, respectively. The Board noted that the Fund’s total expense ratio including investment-related expenses at managed asset levels was in-line with the Peer Group median, ranking four out of five peers, and that the Fund’s total expense ratio including investment-related expenses at common asset levels represented the Peer Group median, ranking three out of five peers. The Board also noted that the Fund’s total expense ratios excluding investment-related expenses at both managed and

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

common asset levels were higher than the Peer Group medians, ranking five out of five peers for each. The Board noted that the Fund’s total expense ratio including investment-related expenses at managed and common assets levels versus the supplemental peer group were higher than the peer group median, ranking ten out of twelve peers and seven out of twelve peers, respectively. The Fund’s total expense ratios excluding investment-related expenses at both managed and common asset levels versus the supplemental peer group were lower than the supplemental peer group median, ranking four out of twelve peers for each. The Board considered the impact of leverage levels on the Fund’s fees and expenses at managed and common asset levels. In light of the considerations above, the Board concluded that the Fund’s current expense structure was satisfactory.

The Board also reviewed information regarding the profitability to the Investment Manager of its relationship with the Fund. The Board considered the level of the Investment Manager’s profits and whether the profits were reasonable for the Investment Manager. The Board took into consideration other benefits to be derived by the Investment Manager in connection with the Management Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Manager receives by allocating the Fund’s brokerage transactions. The Board further considered that the Investment Manager continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board also considered the administrative services provided by the Investment Manager and the associated administration fee paid to the Investment Manager for such services under the Administration Agreement. The Board determined that the services received under the Administration Agreement are beneficial to the Fund. The Board concluded that the profits realized by the Investment Manager from its relationship with the Fund were reasonable and consistent with the Investment Manager’s fiduciary duties.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale:

The Board noted that, as a closed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale. The Board determined that, given the Fund’s closed-end structure, there were no significant economies of scale that were not already being shared with shareholders. In considering economies of scale, the Board also noted, as discussed above in (iii), that the Investment Manager continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment management contracts, such as contracts of the same and other investment advisors or other clients:

As discussed above in (iii), the Board compared the fees paid under the Management Agreement to those under other investment management contracts of other investment advisors managing Peer Funds. The Board also compared the services rendered and fees paid under the Management Agreement to fees paid, including the ranges of such fees, under the Investment Manager’s other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates, noting that the Investment Manager provides more services to the Fund than it does for institutional or subadvised accounts. The Board also considered the entrepreneurial risk and financial exposure assumed by the Investment Manager in developing and

managing the Fund that the Investment Manager does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board determined that on a comparative basis the fees under the Management Agreement were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board, and each Trustee may have assigned different weights to the various factors. Rather, after weighing all of the considerations and conclusions discussed above, the Board, including the Independent Trustees, unanimously approved the continuation of the Management Agreement.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

MANAGEMENT OF THE FUND

The business and affairs of the Fund are managed under the direction of the Board of Trustees. The Board of Trustees approves all significant agreements between the Fund and persons or companies furnishing services to it, including the Fund’s agreements with its investment manager, administrator,

co-administrator,

custodian and transfer agent. The management of the Fund’s

day-to-day

operations is delegated to its officers, the investment manager, administrator and

co-administrator,

subject always to the investment objective and policies of the Fund and to the general supervision of the Board of Trustees.

The Board of Trustees and officers of the Fund and their principal occupations during at least the past five years are set forth below.

Name, Address and

Year of Birth

(1)

Position(s) Held

With Funds

Term of

Office

(2)

Principal Occupation

During At Least

The Past Five Years

(Including Other

Directorships Held)

Number of

Funds Within

Fund

Complex

Overseen by

Trustee

(Including

the Funds)

Length

of Time

Served

(3)

Interested Trustees

(4)

Joseph M. Harvey

1963

Trustee, Chairman

Until Next Election of Trustees

Chief Executive Officer since 2022 and President since 2003 of the Advisor, and Chief Executive Officer since 2022 and President since 2004 of Cohen & Steers, Inc. (CNS). Chief Investment Officer of the Advisor from 2003 to 2019. Prior to that, Senior Vice President and Director of Investment Research of the Advisor.

Since 2014

Adam M. Derechin

1964

Trustee

Until Next Election of Trustees

CFA; Chief Operating Officer of the Advisor since 2003 and CNS since 2004. President and Chief Executive Officer of the Funds from 2005 to 2021.

Since 2021

Independent Trustees

Michael G. Clark

1965

Trustee

Until Next Election of Trustees

CFA; From 2006 to 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management.

Since 2011

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Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

(table continued from previous page)


Name, Address and Year of Birth (1)	Position(s) Held With Funds	Term of Office (2)	Principal Occupation During At Least The Past Five Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Trustee (Including the Funds)	Length of Time Served (3)

George Grossman 1953	Trustee	Until Next Election of Trustees	Attorney-at-law.	25	Since 1993

Dean A. Junkans 1959	Trustee	Until Next Election of Trustees	CFA; Advisor to SigFig (a registered investment advisor) from July 2018 to July 2022; Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014 and Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo & Company from 2011 to 2014; former Member and Chair, Claritas Advisory Committee at the CFA Institute from 2013 to 2015; former Adjunct Professor and Executive-In-Residence, Bethel University, 2015 to 2022; former Board Member and Investment Committee Member, Bethel University Foundation, 2010 to 2022; former Corporate Executive Board Member of the National Chief Investment Officers Circle, 2010 to 2015; former Member of the Board of Governors of the University of Wisconsin Foundation, River Falls, 1996 to 2004; U.S. Army Veteran, Gulf War.	25	Since 2015

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Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

(table continued from previous page)


Name, Address and Year of Birth (1)	Position(s) Held With Funds	Term of Office (2)	Principal Occupation During At Least The Past Five Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Trustee (Including the Funds)	Length of Time Served (3)

Gerald J. Maginnis 1955	Trustee	Until Next Election of Trustees	Philadelphia Office Managing Partner, KPMG LLP from 2006 to 2015; Partner in Charge, KPMG Pennsylvania Audit Practice from 2002 to 2008; President, Pennsylvania Institute of Certified Public Accountants (PICPA) from 2014 to 2015; Member, PICPA Board of Directors from 2012 to 2016; Member, Council of the American Institute of Certified Public Accountants (AICPA) from 2013 to 2017; Member, Board of Trustees of AICPA Foundation from 2015 to 2020; Board Member and Audit Committee Chairman of inTEST Corporation since 2020; Chairman of the Advisory Board of Centri Consulting LLC since 2022.	25	Since 2015

Jane F. Magpiong 1960	Trustee	Until Next Election of Trustees	President, Untap Potential since 2013; Senior Managing Director, TIAA-CREF, from 2011 to 2013; National Head of Wealth Management, TIAA- CREF, from 2008 to 2011; President, Bank of America Private Bank from 2005 to 2008; Executive Vice President, Fleet Private Clients Group, from 2003 to 2004.	25	Since 2015

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Name, Address and Year of Birth (1)	Position(s) Held With Funds	Term of Office (2)	Principal Occupation During At Least The Past Five Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Trustee (Including the Funds)	Length of Time Served (3)

Daphne L. Richards 1966	Trustee	Until Next Election of Trustees	President and CIO of Ledge Harbor Management since 2016; Investment Committee Member of the Berkshire Taconic Community Foundation since 2015; Member of the Advisory Board of Northeast Dutchess Fund since 2016; former Independent Director of Cartica Management, LLC, 2015 to 2022; formerly worked at Bessemer Trust Company from 1999 to 2014; Frank Russell Company from 1996 to 1999; Union Bank of Switzerland from 1993 to 1996; Credit Suisse from 1990 to 1993; and Hambros International Venture Capital Fund from 1988 to 1989.	25	Since 2017

(table continued on next page)

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

(table continued from previous page)


Name, Address and Year of Birth (1)	Position(s) Held With Funds	Term of Office (2)	Principal Occupation During At Least The Past Five Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Trustee (Including the Funds)	Length of Time Served (3)

Ramona Rogers-Windsor 1960	Trustee	Until Next Election of Trustees	CFA; Member, Capital Southwest Board of Directors since 2021; Member, Thomas Jefferson University Board of Trustees from 2020 to 2025 and its insurance subsidiary board, Partners Insurance Company, Inc., since 2023; Managing Director, Public Investments Department, Northwestern Mutual Investment Management Company, LLC from 2012 to 2019; former Member, Milwaukee Film, LLC Board of Directors from 2016 to 2019.	25	Since 2021

(1 )	The address for each Trustee is 1166 Avenue of the Americas, 30 th Floor, New York, NY 10036.

(2)	On March 12, 2008, the Board of Trustees adopted a mandatory retirement policy stating a Trustee must retire from the Board on December 31 st of the year in which he or she turns 75 years of age.

(3)	The length of time served represents the year in which the Trustee was first elected or appointed to any fund in the Cohen & Steers Fund Complex.

(4)	“Interested persons,” as defined in the 1940 Act, on the basis of their affiliation with the investment manager (Interested Trustees).

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

The officers of the Fund (other than Mr. Harvey, whose biography is provided above), their address, their year of birth and their principal occupations for at least the past five years are set forth below.


Name, Address and Year of Birth (1)	Position(s) Held With Fund	Principal Occupation During At Least the Past 5 Years	Length of Time Served (2)

James Giallanza 1966	President and Chief Executive Officer	Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2006.	Since 2006

Albert Laskaj 1977	Chief Financial Officer	Senior Vice President of CSCM since 2019. Prior to that, Vice President of CSCM since 2015.	Since 2015

Steven Frank 1967	Treasurer	Vice President of CSCM since 2020.	Since 2025

Dana A. DeVivo 1981	Secretary and Chief Legal Officer	Senior Vice President of CSCM since 2019. Prior to that, Vice President of CSCM since 2013.	Since 2015

Stephen Murphy 1966	Chief Compliance Officer and Vice President	Senior Vice President of CSCM since 2019. Prior to that, Managing Director at Mirae Asset Securities (USA) Inc. since 2017.	Since 2019

Nargis Hilal 1984	Deputy Chief Compliance Officer and Vice President	Senior Vice President, Global CCO and Associate General Counsel of CSCM since 2025. Prior to that, Global Chief Compliance Officer and Counsel of Lazard Asset Management LLC from April 2022 to May 2025, Chief Compliance Officer of Lazard Asset Management Securities LLC from February 2019 to May 2025, and Chief Compliance Officer of Lazard Funds from 2020 to May 2025.	Since 2025

Elaine Zaharis-Nikas 1973	Vice President	Executive Vice President of CSCM since 2025. Prior to that, Senior Vice President of CSCM since 2014.	Since 2015

(1 )	The address of each officer is 1166 Avenue of the Americas, 30 th Floor, New York, NY 10036.

(2)	Officers serve one-year terms. The length of time served represents the year in which the officer was first elected as an officer of any fund in the Cohen & Steers fund complex. All of the officers listed above are officers of one or more of the other funds in the complex.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Cohen & Steers Privacy Policy



Facts		What Does Cohen & Steers Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?

For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No

For our marketing purposes— to offer our products and services to you	Yes	No

For joint marketing with other financial companies—	No	We don’t share

For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share

For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share

For our affiliates to market to you—	No	We don’t share

For non-affiliates to market to you—	No	We don’t share



Questions? Call 800.330.7348

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Cohen & Steers Privacy Policy—(Continued)



Who we are

Who is providing this notice?		Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers).

What we do

How does Cohen & Steers protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.

How does Cohen & Steers collect my personal information?		We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.

Why can’t I limit all sharing?		Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.

Non-affiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates.

Joint marketing		A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS

REAL ESTATE SECURITIES FUND

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS

INSTITUTIONAL REALTY SHARES

•

Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

•

Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

•

Designed for investors seeking total return, investing primarily in global real estate equity securities

•

Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS

INTERNATIONAL REALTY FUND

•

Designed for investors seeking total return, investing primarily in international

(non-U.S.)

real estate securities

•

Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

•

Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

•

Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

•

Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and

non-U.S.

companies

•

Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

•

Designed for investors seeking high current income and capital preservation by investing in

low-duration

preferred and other income securities issued by U.S. and

non-U.S.

companies

•

Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX

COHEN & STEERS FUTURE OF ENERGY FUND

•

Designed for investors seeking total return, investing primarily in securities of traditional and alternative energy companies

•

Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS

GLOBAL INFRASTRUCTURE FUND

•

Designed for investors seeking total return, investing primarily in global infrastructure securities

•

Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered

open-end

fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by

calling 800-330-7348

or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund

OFFICERS AND TRUSTEES

Joseph M. Harvey

Trustee and Chair

Adam M. Derechin

Trustee

Michael G. Clark

Trustee

George Grossman

Trustee

Dean A. Junkans

Trustee

Gerald J. Maginnis

Trustee

Jane F. Magpiong

Trustee

Daphne L. Richards

Trustee

Ramona Rogers-Windsor

Trustee

James Giallanza

President and Chief Executive Officer

Albert Laskaj

Chief Financial Officer

Steven Frank

Treasurer

Dana A. DeVivo

Secretary and Chief Legal Officer

Stephen Murphy

Chief Compliance Officer

and Vice President

Nargis Hilal

Deputy Chief Compliance Officer

and Vice President

Elaine Zaharis-Nikas

Vice President

KEY INFORMATION

Investment Manager and Administrator

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30

Floor

New York, NY 10036

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

Computershare

150 Royall Street

Canton, MA 02021

(866) 227-0757

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

New York Stock Exchange Symbol: PTA

Website: cohenandsteers.com

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

eDelivery

AVAILABLE

Stop traditional mail delivery;

receive your shareholder reports

and prospectus online.

Annual Financial Statements

October 31, 2025

Cohen & Steers

Tax-Advantaged

Preferred

Securities and

Income Fund

(PTA)

PTAAR

(b)

LOGO

Notice of Internet Availability of Shareholder Report(s) Learn about the upcoming change to Tailored Shareholder Reports: www.shareholdereducations.com/tsr

LOGO

COHEN & STEERS ID: XXXXX XXXXX XXXXX XXXXX Important Fund Report(s) Now Available Online and In Print by Request. Annual and Semi-Annual Reports contain important information about the fund, including its holdings and financials. we encourage you to review the report(s) at the website below: https://www.cohenandsteers.com/funds/fund-literature Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund Request a printed/email report at no charge and/or elect to receive paper reports in the future, by calling or visiting (otherwise you will not receive a paper/email report): 1-866-345-5954 www.FundReports.com