Tax-Advantaged Preferred Securities and Income Fund
The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is capital appreciation.
High tax-advantaged monthly income
Securities of high-quality and historically stable companies with attractive relative values
A large, institutional investment universe
Tax-Advantaged Preferred Securities and Income Fund
Managed Assets
$1.77 B
Leverage ratio
34.00%
Monthly Distribution Per Share
$0.134
Distribution Rate
7.96%
No. of Holdings
253
Managed Assets Expense Ratio
3.25%
Common assets expense ratio
5.03%
Inception Date
10/28/20
(At 10/31/24)
Top Holdings
September 30, 2024
| Name | Sectors | % of Market Value |
|---|---|---|
| Wells Fargo & Company 7.625% Flt Perp | Banking | 2.2% |
| Interest Rate Swap Usd 07.20.23 .00249 | Derivatives | 2% |
| Rabobank 6.5% EURO MC | Banking | 1.9% |
| Citigroup Inc 7.625% Flt Perp | Banking | 1.7% |
| Charles Schwab Corp Flt Perp Sr:I | Banking | 1.4% |
| HSBC Capital Funding 10.2% 12/29/49 144A | Banking | 1.3% |
| Pnc Financial Services 6.250% Flt Perp Sr:W | Banking | 1.3% |
| Jpmorgan Chase & Co 6.875% Flt Perp | Banking | 1.2% |
| Nationwide Building Society 10.25% GBP RegS | Banking | 1.1% |
| State Street Corp 6.700% Flt Perp Sr:J | Banking | 1.1% |
PORTFOLIO MANAGERS
LITERATURE
Total Returns (Single Share Class)
| Period | PTA Mkt Price | PTA NAV | Blended Benchmark | ICE BofA 7% Constrained DRD Eligible Preferred Securities Index | Bloomberg U.S. Aggregate Bond Index |
|---|---|---|---|---|---|
| YTD | 20.50% | 14.02% | 10.48% | 10.63% | 2.93% |
| 1 Year | 19.01% | 18.49% | 14.16% | 14.00% | 6.88% |
| 3 Year | 2.92% | 2.45% | 1.70% | 0.92% | -1.95% |
| Since Inception (10/28/20) | 2.45% | 3.62% | 2.50% | 1.70% | -1.56% |
YTD
PTA Mkt Price
20.50%PTA NAV
14.02%Blended Benchmark
10.48%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
10.63%Bloomberg U.S. Aggregate Bond Index
2.93%1 Year
PTA Mkt Price
19.01%PTA NAV
18.49%Blended Benchmark
14.16%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
14.00%Bloomberg U.S. Aggregate Bond Index
6.88%3 Year
PTA Mkt Price
2.92%PTA NAV
2.45%Blended Benchmark
1.70%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
0.92%Bloomberg U.S. Aggregate Bond Index
-1.95%Since Inception (10/28/20)
PTA Mkt Price
2.45%PTA NAV
3.62%Blended Benchmark
2.50%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
1.70%Bloomberg U.S. Aggregate Bond Index
-1.56%Total Returns (Single Share Class)
| Period | PTA Mkt Price | PTA NAV | Blended Benchmark | ICE BofA 7% Constrained DRD Eligible Preferred Securities Index | Bloomberg U.S. Aggregate Bond Index |
|---|---|---|---|---|---|
| YTD | 24.17% | 14.29% | 10.91% | 11.34% | 4.45% |
| QTD | 8.09% | 6.39% | 5.30% | 5.45% | 5.20% |
| 1 Year | 30.90% | 22.90% | 18.39% | 18.75% | 11.57% |
| 3 Year | 2.60% | 1.87% | 1.20% | 0.34% | -1.39% |
| Since Inception (10/28/20) | 3.34% | 3.84% | 2.71% | 1.94% | -1.26% |
YTD
PTA Mkt Price
24.17%PTA NAV
14.29%Blended Benchmark
10.91%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
11.34%Bloomberg U.S. Aggregate Bond Index
4.45%QTD
PTA Mkt Price
8.09%PTA NAV
6.39%Blended Benchmark
5.30%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
5.45%Bloomberg U.S. Aggregate Bond Index
5.20%1 Year
PTA Mkt Price
30.90%PTA NAV
22.90%Blended Benchmark
18.39%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
18.75%Bloomberg U.S. Aggregate Bond Index
11.57%3 Year
PTA Mkt Price
2.60%PTA NAV
1.87%Blended Benchmark
1.20%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
0.34%Bloomberg U.S. Aggregate Bond Index
-1.39%Since Inception (10/28/20)
PTA Mkt Price
3.34%PTA NAV
3.84%Blended Benchmark
2.71%ICE BofA 7% Constrained DRD Eligible Preferred Securities Index
1.94%Bloomberg U.S. Aggregate Bond Index
-1.26%View: Sector Diversification Geographic Diversification
Sector Diversification
As of September 30, 2024
| Sector | % of Fund | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Banking | 48.84% | 59.71% | -10.87% |
| Utilities | 14.53% | 8.72% | +5.81% |
| Insurance | 12.1% | 19% | -6.9% |
| Pipeline | 7.55% | 3.52% | +4.03% |
| Brokerage | 5.81% | 3.85% | +1.96% |
| Finance | 3.13% | 3.5% | -0.37% |
| Real Estate | 2.45% | 0.49% | +1.96% |
| Telecommunication Svcs. | 1.95% | - | +1.95% |
| Derivatives | 1.48% | - | +1.48% |
| Other Assets | 0.93% | 0.26% | +0.67% |
| Energy | 0.82% | 0.95% | -0.13% |
| Cash | 0.3% | - | +0.3% |
| Capital Goods | 0.11% | - | +0.11% |
Banking
% of Fund
48.84%% of Benchmark
59.71%% Underweight/Overweight
-10.87%Utilities
% of Fund
14.53%% of Benchmark
8.72%% Underweight/Overweight
5.81%Insurance
% of Fund
12.1%% of Benchmark
19%% Underweight/Overweight
-6.9%Pipeline
% of Fund
7.55%% of Benchmark
3.52%% Underweight/Overweight
4.03%Brokerage
% of Fund
5.81%% of Benchmark
3.85%% Underweight/Overweight
1.96%Finance
% of Fund
3.13%% of Benchmark
3.5%% Underweight/Overweight
-0.37%Real Estate
% of Fund
2.45%% of Benchmark
0.49%% Underweight/Overweight
1.96%Telecommunication Svcs.
% of Fund
1.95%% of Benchmark
0%% Underweight/Overweight
1.95%Derivatives
% of Fund
1.48%% of Benchmark
0%% Underweight/Overweight
1.48%Other Assets
% of Fund
0.93%% of Benchmark
0.26%% Underweight/Overweight
0.67%Energy
% of Fund
0.82%% of Benchmark
0.95%% Underweight/Overweight
-0.13%Cash
% of Fund
0.3%% of Benchmark
0%% Underweight/Overweight
0.3%Capital Goods
% of Fund
0.11%% of Benchmark
0%% Underweight/Overweight
0.11%Geographic Diversification
As of September 30, 2024
| Sector | % of Fund | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| United States | 59.57% | 73.43% | -13.86% |
| Canada | 10.58% | 3.11% | 7.47% |
| United Kingdom | 8.44% | 5.53% | 2.91% |
| France | 5.69% | 4.14% | 1.55% |
| Netherlands | 3.45% | 1.3% | 2.15% |
| Spain | 3.16% | 1.12% | 2.04% |
| Switzerland | 2% | 2.03% | -0.03% |
| North America | 1.96% | - | 1.96% |
| Italy | 0.95% | - | 0.95% |
| Japan | 0.82% | 5.02% | -4.2% |
| Australia | 0.79% | 0.94% | -0.15% |
| Sweden | 0.67% | 0.46% | 0.21% |
| Germany | 0.62% | 1.43% | -0.81% |
| Ireland | 0.61% | 0.19% | 0.42% |
| Cash | 0.3% | - | 0.3% |
| Belgium | 0.27% | - | 0.27% |
| Bermuda | 0.11% | - | 0.11% |
United States
% of Fund
59.57%% of Benchmark
73.43%% Underweight/Overweight
-13.86%Canada
% of Fund
10.58%% of Benchmark
3.11%% Underweight/Overweight
7.47%United Kingdom
% of Fund
8.44%% of Benchmark
5.53%% Underweight/Overweight
2.91%France
% of Fund
5.69%% of Benchmark
4.14%% Underweight/Overweight
1.55%Netherlands
% of Fund
3.45%% of Benchmark
1.3%% Underweight/Overweight
2.15%Spain
% of Fund
3.16%% of Benchmark
1.12%% Underweight/Overweight
2.04%Switzerland
% of Fund
2%% of Benchmark
2.03%% Underweight/Overweight
-0.03%North America
% of Fund
1.96%% of Benchmark
0%% Underweight/Overweight
1.96%Italy
% of Fund
0.95%% of Benchmark
0%% Underweight/Overweight
0.95%Japan
% of Fund
0.82%% of Benchmark
5.02%% Underweight/Overweight
-4.2%Australia
% of Fund
0.79%% of Benchmark
0.94%% Underweight/Overweight
-0.15%Sweden
% of Fund
0.67%% of Benchmark
0.46%% Underweight/Overweight
0.21%Germany
% of Fund
0.62%% of Benchmark
1.43%% Underweight/Overweight
-0.81%Ireland
% of Fund
0.61%% of Benchmark
0.19%% Underweight/Overweight
0.42%Cash
% of Fund
0.3%% of Benchmark
0%% Underweight/Overweight
0.3%Belgium
% of Fund
0.27%% of Benchmark
0%% Underweight/Overweight
0.27%Bermuda
% of Fund
0.11%% of Benchmark
0%% Underweight/Overweight
0.11%Distribution Information
This fund intends to make monthly distributions.
| Pay Date | Record Date | Ex-Dividend Date | Type | Amount/Share |
|---|---|---|---|---|
| 11/29/24 | 11/12/24 | 11/12/24 | Regular | $0.134 |
| 10/31/24 | 10/15/24 | 10/15/24 | Regular | $0.134 |
| 8/30/24 | 8/13/24 | 8/13/24 | Regular | $0.134 |
| 6/28/24 | 6/11/24 | 6/11/24 | Regular | $0.134 |
| 5/31/24 | 5/15/24 | 5/14/24 | Regular | $0.134 |
| 4/30/24 | 4/10/24 | 4/9/24 | Regular | $0.134 |
| 3/28/24 | 3/13/24 | 3/12/24 | Regular | $0.134 |
| 2/29/24 | 2/14/24 | 2/13/24 | Regular | $0.134 |
| 1/31/24 | 1/17/24 | 1/16/24 | Regular | $0.134 |
| 12/29/23 | 12/13/23 | 12/12/23 | Regular | $0.134 |
| 11/30/23 | 11/15/23 | 11/14/23 | Regular | $0.134 |
| 10/31/23 | 10/11/23 | 10/10/23 | Regular | $0.134 |
| 9/29/23 | 9/13/23 | 9/12/23 | Regular | $0.134 |
| 8/31/23 | 8/15/23 | 8/16/23 | Regular | $0.134 |
| 7/31/23 | 7/12/23 | 7/11/23 | Regular | $0.134 |
| 6/30/23 | 6/14/23 | 6/13/23 | Regular | $0.134 |
| 5/31/23 | 5/10/23 | 5/9/23 | Regular | $0.134 |
| 4/28/23 | 4/12/23 | 4/11/23 | Regular | $0.134 |
| 3/31/23 | 3/15/23 | 3/14/23 | Regular | $0.134 |
| 2/28/23 | 2/15/23 | 2/14/23 | Regular | $0.134 |
| 1/31/23 | 1/18/23 | 1/17/23 | Regular | $0.134 |
| 12/30/22 | 12/14/22 | 12/13/22 | Regular | $0.13 |
| 11/30/22 | 11/16/22 | 11/15/22 | Regular | $0.13 |
| 10/31/22 | 10/12/22 | 10/11/22 | Regular | $0.13 |
| 9/30/22 | 9/14/22 | 9/13/22 | Regular | $0.13 |
| 8/31/22 | 8/17/22 | 8/16/22 | Regular | $0.13 |
| 7/29/22 | 7/13/22 | 7/12/22 | Regular | $0.13 |
| 6/30/22 | 6/15/22 | 6/14/22 | Regular | $0.13 |
| 5/31/22 | 5/11/22 | 5/10/22 | Regular | $0.13 |
| 4/29/22 | 4/13/22 | 4/12/22 | Regular | $0.13 |
| 3/31/22 | 3/16/22 | 3/15/22 | Regular | $0.13 |
| 2/28/22 | 2/16/22 | 2/15/22 | Regular | $0.13 |
| 1/31/22 | 1/12/22 | 1/11/22 | Regular | $0.13 |
| 12/31/21 | 12/15/21 | 12/14/21 | Regular | $0.13 |
| 12/27/21 | 12/28/21 | 1/6/22 | Special | $0.147 |
| 11/30/21 | 11/17/21 | 11/16/21 | Regular | $0.13 |
| 10/29/21 | 10/13/21 | 10/12/21 | Regular | $0.13 |
| 9/30/21 | 9/15/21 | 9/14/21 | Regular | $0.13 |
| 8/31/21 | 8/18/21 | 8/17/21 | Regular | $0.13 |
| 7/30/21 | 7/14/21 | 7/13/21 | Regular | $0.13 |
| 6/30/21 | 6/16/21 | 6/15/21 | Regular | $0.13 |
| 5/28/21 | 5/12/21 | 5/11/21 | Regular | $0.13 |
| 4/30/21 | 4/14/21 | 4/13/21 | Regular | $0.13 |
| 3/31/21 | 3/17/21 | 3/16/21 | Regular | $0.13 |
| 2/26/21 | 2/10/21 | 2/9/21 | Regular | $0.13 |
| 1/29/21 | 1/13/21 | 1/12/21 | Regular | $0.13 |
| 12/31/20 | 12/24/20 | 12/23/20 | Regular | $0.13 |
| Pay Date | Record Date | Ex-Dividend Date |
|---|---|---|
| 11/29/24 | 11/12/24 | 11/12/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 10/31/24 | 10/15/24 | 10/15/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 8/30/24 | 8/13/24 | 8/13/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 6/28/24 | 6/11/24 | 6/11/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 5/31/24 | 5/15/24 | 5/14/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 4/30/24 | 4/10/24 | 4/9/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 3/28/24 | 3/13/24 | 3/12/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 2/29/24 | 2/14/24 | 2/13/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 1/31/24 | 1/17/24 | 1/16/24 |
|
Type Regular |
Amount/Share 0.134 |
|
| 12/29/23 | 12/13/23 | 12/12/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 11/30/23 | 11/15/23 | 11/14/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 10/31/23 | 10/11/23 | 10/10/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 9/29/23 | 9/13/23 | 9/12/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 8/31/23 | 8/15/23 | 8/16/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 7/31/23 | 7/12/23 | 7/11/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 6/30/23 | 6/14/23 | 6/13/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 5/31/23 | 5/10/23 | 5/9/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 4/28/23 | 4/12/23 | 4/11/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 3/31/23 | 3/15/23 | 3/14/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 2/28/23 | 2/15/23 | 2/14/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 1/31/23 | 1/18/23 | 1/17/23 |
|
Type Regular |
Amount/Share 0.134 |
|
| 12/30/22 | 12/14/22 | 12/13/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 11/30/22 | 11/16/22 | 11/15/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 10/31/22 | 10/12/22 | 10/11/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 9/30/22 | 9/14/22 | 9/13/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 8/31/22 | 8/17/22 | 8/16/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 7/29/22 | 7/13/22 | 7/12/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 6/30/22 | 6/15/22 | 6/14/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 5/31/22 | 5/11/22 | 5/10/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 4/29/22 | 4/13/22 | 4/12/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 3/31/22 | 3/16/22 | 3/15/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 2/28/22 | 2/16/22 | 2/15/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 1/31/22 | 1/12/22 | 1/11/22 |
|
Type Regular |
Amount/Share 0.13 |
|
| 12/31/21 | 12/15/21 | 12/14/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 12/27/21 | 12/28/21 | 1/6/22 |
|
Type Special |
Amount/Share 0.147 |
|
| 11/30/21 | 11/17/21 | 11/16/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 10/29/21 | 10/13/21 | 10/12/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 9/30/21 | 9/15/21 | 9/14/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 8/31/21 | 8/18/21 | 8/17/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 7/30/21 | 7/14/21 | 7/13/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 6/30/21 | 6/16/21 | 6/15/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 5/28/21 | 5/12/21 | 5/11/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 4/30/21 | 4/14/21 | 4/13/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 3/31/21 | 3/17/21 | 3/16/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 2/26/21 | 2/10/21 | 2/9/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 1/29/21 | 1/13/21 | 1/12/21 |
|
Type Regular |
Amount/Share 0.13 |
|
| 12/31/20 | 12/24/20 | 12/23/20 |
|
Type Regular |
Amount/Share 0.13 |
Estimated Sources of Distribution
| Pay Date | Class | Per Share Distribution | Net Investment Income | Return Of Capital | Long Term Gain | Short Term Gain |
|---|---|---|---|---|---|---|
| 11/29/24 | Single | $0.134 | $0.111 | $0.023 | $0 | $0 |
| 10/31/24 | Single | $0.134 | $0.128 | $0.006 | $0 | $0 |
| 8/30/24 | Single | $0.134 | $0.117 | $0.017 | $0 | $0 |
| 6/28/24 | Single | $0.134 | $0.134 | $0 | $0 | $0 |
| 5/31/24 | Single | $0.134 | $0.045 | $0.089 | $0 | $0 |
| 4/30/24 | Single | $0.134 | $0.112 | $0.022 | $0 | $0 |
| 3/28/24 | Single | $0.134 | $0.134 | $0 | $0 | $0 |
| 2/29/24 | Single | $0.134 | $0.107 | $0.027 | $0 | $0 |
| 1/31/24 | Single | $0.134 | $0.079 | $0.055 | $0 | $0 |
| 12/29/23 | Single | $0.134 | $0.131 | $0.003 | $0 | $0 |
| 11/30/23 | Single | $0.134 | $0.092 | $0.042 | $0 | $0 |
| 10/31/23 | Single | $0.134 | $0.075 | $0.059 | $0 | $0 |
| 9/29/23 | Single | $0.134 | $0.127 | $0.007 | $0 | $0 |
| 8/31/23 | Single | $0.134 | $0.102 | $0.032 | $0 | $0 |
| 7/31/23 | Single | $0.134 | $0.072 | $0.062 | $0 | $0 |
| 6/30/23 | Single | $0.134 | $0.127 | $0.007 | $0 | $0 |
| 5/31/23 | Single | $0.134 | $0.102 | $0.032 | $0 | $0 |
| 4/28/23 | Single | $0.134 | $0.082 | $0.052 | $0 | $0 |
| 3/31/23 | Single | $0.134 | $0.134 | $0 | $0 | $0 |
| 2/28/23 | Single | $0.134 | $0.103 | $0.031 | $0 | $0 |
| 1/31/23 | Single | $0.134 | $0.061 | $0.073 | $0 | $0 |
| 12/30/22 | Single | $0.13 | $0.129 | $0.001 | $0 | $0 |
| 11/30/22 | Single | $0.13 | $0.062 | $0.068 | $0 | $0 |
| 10/31/22 | Single | $0.13 | $0.069 | $0.061 | $0 | $0 |
| 9/30/22 | Single | $0.13 | $0.117 | $0.013 | $0 | $0 |
| 8/31/22 | Single | $0.13 | $0.085 | $0.045 | $0 | $0 |
| 7/29/22 | Single | $0.13 | $0.063 | $0.067 | $0 | $0 |
| 6/30/22 | Single | $0.13 | $0.124 | $0.006 | $0 | $0 |
| 5/31/22 | Single | $0.13 | $0.087 | $0.043 | $0 | $0 |
| 4/29/22 | Single | $0.13 | $0.06 | $0.07 | $0 | $0 |
| 3/31/22 | Single | $0.13 | $0.12 | $0.01 | $0 | $0 |
| 2/28/22 | Single | $0.13 | $0.13 | $0 | $0 | $0 |
| 1/31/22 | Single | $0.13 | $0.061 | $0.069 | $0 | $0 |
| 12/31/21 | Single | $0.13 | $0.081 | $0.049 | $0 | $0 |
| 12/27/21 | Single | $0.147 | $0.04 | $0 | $0.026 | $0.081 |
| 11/30/21 | Single | $0.13 | $0.073 | $0.057 | $0 | $0 |
| 10/29/21 | Single | $0.13 | $0.053 | $0.077 | $0 | $0 |
| 9/30/21 | Single | $0.13 | $0.112 | $0.018 | $0 | $0 |
| 8/31/21 | Single | $0.13 | $0.081 | $0.049 | $0 | $0 |
| 7/30/21 | Single | $0.13 | $0.051 | $0.079 | $0 | $0 |
| 6/30/21 | Single | $0.13 | $0.119 | $0.011 | $0 | $0 |
| 5/28/21 | Single | $0.13 | $0.0827 | $0.0473 | $0 | $0 |
| 4/30/21 | Single | $0.13 | $0.035 | $0.095 | $0 | $0 |
| 3/31/21 | Single | $0.13 | $0.107 | $0.023 | $0 | $0 |
| 2/26/21 | Single | $0.13 | $0.084 | $0.046 | $0 | $0 |
| 1/29/21 | Single | $0.13 | $0.067 | $0.063 | $0 | $0 |
| 12/31/20 | Single | $0.13 | $0.13 | $0 | $0 | $0 |
Pay Date
11/29/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.111Return Of Capital
0.023Long Term Gain
0Short Term Gain
0Pay Date
10/31/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.128Return Of Capital
0.006Long Term Gain
0Short Term Gain
0Pay Date
8/30/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.117Return Of Capital
0.017Long Term Gain
0Short Term Gain
0Pay Date
6/28/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.134Return Of Capital
0Long Term Gain
0Short Term Gain
0Pay Date
5/31/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.045Return Of Capital
0.089Long Term Gain
0Short Term Gain
0Pay Date
4/30/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.112Return Of Capital
0.022Long Term Gain
0Short Term Gain
0Pay Date
3/28/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.134Return Of Capital
0Long Term Gain
0Short Term Gain
0Pay Date
2/29/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.107Return Of Capital
0.027Long Term Gain
0Short Term Gain
0Pay Date
1/31/24Class
SinglePer Share Distribution
0.134Net Investment Income
0.079Return Of Capital
0.055Long Term Gain
0Short Term Gain
0Pay Date
12/29/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.131Return Of Capital
0.003Long Term Gain
0Short Term Gain
0Pay Date
11/30/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.092Return Of Capital
0.042Long Term Gain
0Short Term Gain
0Pay Date
10/31/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.075Return Of Capital
0.059Long Term Gain
0Short Term Gain
0Pay Date
9/29/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.127Return Of Capital
0.007Long Term Gain
0Short Term Gain
0Pay Date
8/31/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.102Return Of Capital
0.032Long Term Gain
0Short Term Gain
0Pay Date
7/31/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.072Return Of Capital
0.062Long Term Gain
0Short Term Gain
0Pay Date
6/30/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.127Return Of Capital
0.007Long Term Gain
0Short Term Gain
0Pay Date
5/31/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.102Return Of Capital
0.032Long Term Gain
0Short Term Gain
0Pay Date
4/28/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.082Return Of Capital
0.052Long Term Gain
0Short Term Gain
0Pay Date
3/31/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.134Return Of Capital
0Long Term Gain
0Short Term Gain
0Pay Date
2/28/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.103Return Of Capital
0.031Long Term Gain
0Short Term Gain
0Pay Date
1/31/23Class
SinglePer Share Distribution
0.134Net Investment Income
0.061Return Of Capital
0.073Long Term Gain
0Short Term Gain
0Pay Date
12/30/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.129Return Of Capital
0.001Long Term Gain
0Short Term Gain
0Pay Date
11/30/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.062Return Of Capital
0.068Long Term Gain
0Short Term Gain
0Pay Date
10/31/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.069Return Of Capital
0.061Long Term Gain
0Short Term Gain
0Pay Date
9/30/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.117Return Of Capital
0.013Long Term Gain
0Short Term Gain
0Pay Date
8/31/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.085Return Of Capital
0.045Long Term Gain
0Short Term Gain
0Pay Date
7/29/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.063Return Of Capital
0.067Long Term Gain
0Short Term Gain
0Pay Date
6/30/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.124Return Of Capital
0.006Long Term Gain
0Short Term Gain
0Pay Date
5/31/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.087Return Of Capital
0.043Long Term Gain
0Short Term Gain
0Pay Date
4/29/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.06Return Of Capital
0.07Long Term Gain
0Short Term Gain
0Pay Date
3/31/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.12Return Of Capital
0.01Long Term Gain
0Short Term Gain
0Pay Date
2/28/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.13Return Of Capital
0Long Term Gain
0Short Term Gain
0Pay Date
1/31/22Class
SinglePer Share Distribution
0.13Net Investment Income
0.061Return Of Capital
0.069Long Term Gain
0Short Term Gain
0Pay Date
12/31/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.081Return Of Capital
0.049Long Term Gain
0Short Term Gain
0Pay Date
12/27/21Class
SinglePer Share Distribution
0.147Net Investment Income
0.04Return Of Capital
0Long Term Gain
0.026Short Term Gain
0.081Pay Date
11/30/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.073Return Of Capital
0.057Long Term Gain
0Short Term Gain
0Pay Date
10/29/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.053Return Of Capital
0.077Long Term Gain
0Short Term Gain
0Pay Date
9/30/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.112Return Of Capital
0.018Long Term Gain
0Short Term Gain
0Pay Date
8/31/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.081Return Of Capital
0.049Long Term Gain
0Short Term Gain
0Pay Date
7/30/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.051Return Of Capital
0.079Long Term Gain
0Short Term Gain
0Pay Date
6/30/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.119Return Of Capital
0.011Long Term Gain
0Short Term Gain
0Pay Date
5/28/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.0827Return Of Capital
0.0473Long Term Gain
0Short Term Gain
0Pay Date
4/30/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.035Return Of Capital
0.095Long Term Gain
0Short Term Gain
0Pay Date
3/31/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.107Return Of Capital
0.023Long Term Gain
0Short Term Gain
0Pay Date
2/26/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.084Return Of Capital
0.046Long Term Gain
0Short Term Gain
0Pay Date
1/29/21Class
SinglePer Share Distribution
0.13Net Investment Income
0.067Return Of Capital
0.063Long Term Gain
0Short Term Gain
0Pay Date
12/31/20Class
SinglePer Share Distribution
0.13Net Investment Income
0.13Return Of Capital
0Long Term Gain
0Short Term Gain
0Risks
Shares of many closed-end funds frequently trade at a discount from their net asset value. The funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund.
The use of leverage is speculative and there are special risks and costs associated with leverage. The use of leverage increases the volatility of the Fund’s net asset value in both up and down markets.
In general, the risks of investing in preferred securities are similar to those of investing in bonds, including credit risk and interest-rate risk. As nearly all preferred securities have issuer call options, call risk and reinvestment risk are also important considerations. In addition, investors face equity-like risks, such as deferral or omission of distributions, subordination to bonds and other more senior debt, and higher corporate governance risks with limited voting rights.
Special risks of investing in foreign securities include (i) currency fluctuations, (ii) lower liquidity, (iii) political and economic uncertainties, and (iv) differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquid than larger companies.
The Fund may invest in below-investment grade securities and unrated securities judged to be below investment-grade by the Advisor. Below-investment grade securities or equivalent unrated 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. The Funds’ benchmarks do no contain below investment-grade securities.
Contingent capital securities (sometimes referred to as “CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security, for example a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. 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, hence worsening the investor’s standing in a bankruptcy. Some CoCos provide for a reduction in the value or principal amount of the security under such circumstances. 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.
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RELATED INSIGHT
Preferred securities have characteristics that can potentially help mitigate the effects of rising interest rates.
ADDITIONAL INVESTMENT OPPORTUNITIES
RLTY
Real Estate Opportunities and Income FundThe primary investment objective of the Fund is high current income through investment in preferred and other income securities. The secondary investment objective is capital appreciation.
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Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. You can obtain the fund’s most recent periodic reports, when available, and other regulatory filings by contacting your financial professional or visiting the Fund Literature section of this website. These reports and other filings can also be found on the Securities and Exchange Commission’s EDGAR Database. You should read these reports and other filings carefully before investing.
Investing involves risk, including possible loss of principal. Income from investments is not guaranteed.
This material should not be relied upon as investment advice, does not constitute a recommendation to buy or sell a security or other investment and is not intended to predict performance of any investment. This material is not being provided in a fiduciary capacity and is not intended to recommend any investment policy or investment strategy or take into account the specific investment objectives or circumstances of any investor. Please consult with your investment, tax and/or legal professional regarding your individual circumstances prior to investing.
Cohen & Steers Capital Management, Inc. (Cohen & Steers) is a registered investment advisory firm that provides investment management services to corporate retirement, public and union retirement plans, endowments, foundations and mutual funds.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE