Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund: management transactions · United States · SEC (Form 4)

About Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund

Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund (ticker: PTA) is a closed-end fund listed in the United States on the NYSE. For international investors, PTA should be understood primarily as an income-oriented hybrid credit vehicle rather than a conventional equity company. The fund was formed on October 26, 2020 and sits within the broader Cohen & Steers platform, a well-known investment manager focused on real assets and alternative income. Cohen & Steers describes itself as a leading global investment manager specializing in real assets and alternative income, which provides the fund with a specialized institutional backdrop. ([stockanalysis.com](https://stockanalysis.com/stocks/pta/company/?utm_source=openai)) PTA’s core mandate is high current income, with capital appreciation as a secondary objective. According to the fund’s materials, it invests primarily in preferred securities and may also use corporate debt, floating-rate and fixed-to-floating-rate instruments, convertible securities, and contingent capital securities depending on market conditions. In practical terms, this means PTA is designed to harvest yield from the preferred and hybrid capital markets while maintaining flexibility across credit structures. The trade-off is clear: investors gain access to income potential, but they also take on interest-rate sensitivity, credit risk, call risk, reinvestment risk, and the equity-like volatility that can affect preferred securities. ([resources.cohenandsteers.com](https://resources.cohenandsteers.com/Reports/Factsheet_PTA.pdf)) From a competitive standpoint, the key differentiator is the Cohen & Steers franchise. The firm’s long-standing specialization in income and real-asset related strategies gives PTA a credibility advantage in a niche segment where security selection, issuer diversification, and risk management matter materially. The fund also benefits from the manager’s ability to operate across U.S. and non-U.S. issuers and to employ derivatives when appropriate. That said, PTA competes in a crowded preferred-income closed-end fund universe, so performance and investor appeal will remain highly dependent on the rate backdrop, spread levels, and the health of financial-sector and hybrid-capital issuers. ([cohenandsteers.com](https://www.cohenandsteers.com/funds/tax-advantaged-preferred-securities-and-income-fund/)) Geographically, PTA is domiciled in the United States and has a predominantly U.S.-centric portfolio, although it is not purely domestic. As of October 31, 2025, the United States accounted for 53.2% of managed assets, followed by Canada, France, the United Kingdom, Spain, and Switzerland. This mix indicates a diversified preferred and hybrid credit exposure across North America and Europe, which can broaden the opportunity set but also introduces cross-border issuer and currency considerations. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001793882/000119312525334473/d843384dncsr.htm)) Recent fund disclosures highlight several relevant points for investors. The 2025 annual report shows active portfolio turnover, derivative usage, and a board-approved share repurchase program, although no repurchases were executed in fiscal 2025 or fiscal 2024. The fund also reported distributions that included a return-of-capital component, which is important for after-tax analysis and for understanding distribution sustainability. Overall, PTA remains a specialized income fund aimed at investors seeking tax-advantaged cash flow, but its risk profile is higher than that of a plain-vanilla bond fund and should be assessed accordingly. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001793882/000119312525334473/d843384dncsr.htm))