NPORT-EX 2 NPORT_1163955134730782.htm Low Duration Preferred and Income Fund (LPX)

COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS

July 31, 2020 (Unaudited)

 

                                                                       
                          Shares      Value  

PREFERRED SECURITIES—$25 PAR VALUE

      5.2 %      

BANKS

      1.9 %      

GMAC Capital Trust I, 6.177% (3 Month US LIBOR + 5.785%), due 2/15/40,
Series 2 (TruPS) (FRN)(a)

 

     391,808      $ 9,430,819  

PNC Financial Services Group, Inc./The, 6.125% to 5/1/22, Series P(b),(c)

 

     435,657        11,823,731  

Wells Fargo & Co., 5.85% to 9/15/23, Series Q(b),(c)

 

     287,675        7,258,040  

Wells Fargo & Co., 6.625% to 3/15/24, Series R(b),(c)

 

     137,051        3,671,596  
    

 

 

  
       32,184,186  
    

 

 

  

ELECTRIC

      0.5 %      

Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73(b)

 

     337,491        8,665,200  
    

 

 

  

FINANCIAL—INVESTMENT BANKER/BROKER

      0.7 %      

Morgan Stanley, 6.375% to 10/15/24, Series I(b),(c)

 

     452,251        12,771,569  
    

 

 

  

INSURANCE—REINSURANCE

      0.3 %      

Reinsurance Group of America, Inc., 6.20% to 9/15/22, due 9/15/42(b)

 

     182,696        4,923,657  
    

 

 

  

PIPELINES

      1.1 %      

Energy Transfer Operating LP, 7.625% to 8/15/23, Series D(b),(c)

 

     729,945        13,452,886  

Energy Transfer Operating LP, 7.60% to 5/15/24, Series E(b),(c)

 

     265,171        5,043,553  
    

 

 

  
       18,496,439  
    

 

 

  

UTILITIES

      0.2 %      

NiSource, Inc., 6.50% to 3/15/24, Series B(b),(c)

 

     147,751        4,055,765  
    

 

 

  

UTILITIES—FOREIGN

      0.5 %      

Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 (Canada)(b)

 

     124,700        3,410,545  

Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (Canada)(b)

 

     193,487        5,235,758  
    

 

 

  
       8,646,303  
    

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$96,533,927)

 

        89,743,119  
    

 

 

  

 

1

 

 

                                                                       
    

                

     Principal
Amount		     Value  

PREFERRED SECURITIES—CAPITAL SECURITIES

      65.1 %     

BANKS

      18.9 %     

Bank of America Corp., 6.10% to 3/17/25, Series AA(b),(c)

 

   $ 16,971,000     $ 18,637,467  

Bank of America Corp., 6.25% to 9/5/24, Series X(b),(c)

 

     21,507,000       23,380,399  

Bank of America Corp., 6.50% to 10/23/24, Series Z(b),(c)

 

     4,000,000       4,478,888  

Bank of New York Mellon Corp./The, 4.70% to 9/20/25, Series G(b),(c)

 

     9,428,000       10,232,020  

Citigroup, Inc., 5.90% to 2/15/23(b),(c)

 

     15,388,000       16,172,942  

Citigroup, Inc., 5.95% to 1/30/23(b),(c)

 

     30,855,000       32,084,852  

Citigroup, Inc., 5.95% to 5/15/25, Series P(b),(c)

 

     7,951,000       8,504,339  

Citigroup, Inc., 6.125% to 11/15/20, Series R(b),(c)

 

     9,828,000       9,869,362  

Citigroup, Inc., 6.25% to 8/15/26, Series T(b),(c)

 

     3,000,000       3,325,005  

Citigroup, Inc., 5.00% to 9/12/24, Series U(b),(c)

 

     5,614,000       5,639,382  

CoBank ACB, 6.25% to 10/1/22, Series F(b),(c)

 

     29,100 †       3,011,850  

CoBank ACB, 6.25% to 10/1/26, Series I(b),(c)

 

     1,300,000       1,339,000  

Corestates Capital II, 0.925% (3 Month US LIBOR + 0.65%), due 1/15/27, 144A (FRN)(a),(d)

 

     9,000,000       8,051,791  

Corestates Capital III, 0.962% (3 Month US LIBOR + 0.57%), due 2/15/27, 144A (TruPS) (FRN)(a),(d)

 

     12,281,000       11,045,514  

Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A(d)

 

     4,000,000       5,638,944  

Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A(b),(c),(d)

 

     8,000 †       848,000  

Farm Credit Bank of Texas, 10.00%, Series 1(c)

 

     32,850 †       33,014,250  

Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4, 144A(b),(c),(d),(e)

 

     7,175,000       7,565,862  

Fifth Third Bancorp, 4.50% to 9/30/25, Series L(b),(c)

 

     3,050,000       3,111,000  

Goldman Sachs Group, Inc./The, 4.37% (3 Month US LIBOR + 3.922%), Series M (FRN)(a),(c)

 

     6,310,000       6,198,646  

Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(b),(c)

 

     5,520,000       5,932,452  

JPMorgan Chase & Co., 3.738% (3 Month US LIBOR + 3.47%),
Series I (FRN)(a),(c)

 

     8,482,000       8,143,791  

JPMorgan Chase & Co., 6.00% to 8/1/23, Series R(b),(c)

 

     5,766,000       6,016,140  

JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(b),(c)

 

     15,360,000       17,029,285  

JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(b),(c)

 

     16,170,000       17,054,379  

JPMorgan Chase & Co., 4.051% to 11/1/20, Series Z(a),(c)

 

     9,536,000       9,416,657  

KeyCorp Capital I, 1.036% (3 Month US LIBOR + 0.74%), due 7/1/28, (TruPS) (FRN)(a)

 

     3,700,000       3,223,153  

PNC Financial Services Group, Inc./The, 6.75% to 8/1/21, Series O(b),(c)

 

     12,046,000       12,258,556  

Truist Bank, 4.00% (3 Month US LIBOR + 0.645%, Floor 4.00%),
Series J (FRN)(a),(c)

 

     1,366,000       1,227,003  

 

2

 

 

                                                                       
    

                

     Principal
Amount		      Value  

Truist Bank, 0.963% (3 Month US LIBOR + 0.650%), due 3/15/28 (FRN)(a)

 

   $ 6,550,000      $ 5,950,650  

Truist Financial Corp., 4.80% to 9/1/24, Series N(b),(c)

 

     4,889,000        4,933,308  

Truist Financial Corp., 4.95% to 9/1/25, Series P(b),(c)

 

     16,590,000        17,751,300  

Wachovia Capital Trust II, 0.775% (3 Month US LIBOR + 0.50%), due 1/15/27 (FRN)(a)

 

     3,500,000        3,135,439  
       

 

 

  
       324,221,626  
       

 

 

  

BANKS—FOREIGN

      19.1 %      

Australia & New Zealand Banking Group Ltd., 2.95% to 7/22/25 5-Year Treasury Constant Maturity Rate +1.288%, due 7/22/30, 144A (Australia)(b),(d)

 

     9,400,000        9,757,853  

Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(b),(c),(f)

 

     1,200,000        1,148,829  

Banco Bilbao Vizcaya Argentaria SA, 8.875% to 4/14/21 (Spain)(b),(c),(f),(g)

 

     5,600,000        6,818,820  

Banco Santander SA, 7.50% to 2/8/24 (Spain)(b),(c),(f),(g)

 

     1,800,000        1,862,777  

Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)(b),(c)

 

     8,360,000        8,609,630  

Barclays PLC, 7.875% to 3/15/22 (United Kingdom)(b),(c),(f),(g)

 

     6,950,000        7,152,106  

Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(b),(c),(f)

 

     1,600,000        1,694,846  

BNP Paribas SA, 6.625% to 3/25/24, 144A (France)(b),(c),(d),(f)

 

     1,300,000        1,352,000  

BNP Paribas SA, 6.75% to 3/14/22, 144A (France)(b),(c),(d),(f)

 

     8,600,000        8,785,416  

BNP Paribas SA, 7.625% to 3/30/21, 144A (France)(b),(c),(d),(f)

 

     35,950,000        36,790,331  

Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(b),(c),(d),(f)

 

     3,800,000        4,011,641  

Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(b),(c),(d),(f)

 

     11,000,000        12,112,760  

Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)(b),(c),(f),(g)

 

     16,800,000        17,501,232  

Credit Suisse Group AG, 7.50% to 12/11/23, 144A (Switzerland)(b),(c),(d),(f)

 

     5,000,000        5,503,125  

Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(b),(c),(d),(f)

 

     25,010,000        26,391,427  

DNB Bank ASA, 6.50% to 3/26/22 (Norway)(b),(c),(f),(g)

 

     9,100,000        9,432,004  

HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(b),(c),(f)

 

     2,200,000        2,207,742  

HSBC Holdings PLC, 6.875% to 6/1/21 (United Kingdom)(b),(c),(f)

 

     18,900,000        19,271,135  

ING Groep N.V., 6.875% to 4/16/22 (Netherlands)(b),(c),(f),(g)

 

     8,400,000        8,815,195  

Natwest Group PLC, 7.50% to 8/10/20 (United Kingdom)(b),(c),(f)

 

     10,750,000        10,752,258  

Natwest Group PLC, 7.648% to 9/30/31 (United Kingdom)(b),(c)

 

     3,200,000        4,784,704  

 

3

 

 

                                                                       
    

                

     Principal
Amount		      Value  

Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(b),(c),(f)

 

   $ 2,523,000      $ 2,850,284  

Natwest Group PLC, 8.625% to 8/15/21 (United Kingdom)(b),(c),(f)

 

     16,500,000        17,275,665  

Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(b),(c),(d),(f)

 

     4,200,000        4,555,257  

Royal Bank of Canada, 4.50% to 10/24/25, due 11/24/80, Series 1 (Canada)(b)

 

     5,800,000        4,410,156  

Societe Generale SA, 7.375% to 9/13/21, 144A (France)(b),(c),(d),(f)

 

     15,850,000        16,231,985  

Societe Generale SA, 7.875% to 12/18/23, 144A (France)(b),(c),(d),(f)

 

     6,600,000        7,025,337  

Standard Chartered PLC, 7.50% to 4/2/22, 144A (United Kingdom)(b),(c),(d),(f)

 

     12,800,000        13,301,696  

Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)(b),(c),(d),(f)

 

     5,200,000        5,488,548  

Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (Sweden)(b),(c),(f),(g)

 

     4,200,000        4,520,250  

UBS Group AG, 6.875% to 3/22/21 (Switzerland)(b),(c),(f),(g)

 

     15,200,000        15,467,064  

UBS Group AG, 7.00% to 1/31/24, 144A (Switzerland)(b),(c),(d),(f)

 

     10,050,000        10,671,140  

UBS Group AG, 7.125% to 8/10/21 (Switzerland)(b),(c),(f),(g)

 

     20,000,000        20,709,060  
    

 

 

  
       327,262,273  
    

 

 

  

ELECTRIC

      1.4 %      

Dominion Energy, Inc., 4.65% to 12/15/24, Series B(b),(c)

 

     1,227,000        1,250,558  

Duke Energy Corp., 4.875% to 9/16/24(b),(c)

 

     6,600,000        6,823,362  

Southern Co./The, 5.50% to 3/15/22, due 3/15/57, Series B(b)

 

     15,433,000        15,868,987  
    

 

 

  
       23,942,907  
    

 

 

  

ELECTRIC—FOREIGN

      0.9 %      

Electricite de France SA, 4.00% to 7/4/24 (France)(b),(c),(g)

 

     5,000,000        6,176,572  

Electricite de France SA, 5.25% to 1/29/23, 144A (France)(b),(c),(d)

 

     8,650,000        9,000,239  
    

 

 

  
       15,176,811  
    

 

 

  

FINANCIAL

      4.0 %      

DIVERSIFIED FINANCIAL SERVICES

      0.3 %      

Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144A(b),(d)

 

     5,035,000        4,665,470  
    

 

 

  

INVESTMENT BANKER/BROKER

      3.7 %      

Charles Schwab Corp./The, 7.00% to 2/1/22(b),(c)

 

     13,650,000        14,541,482  

Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(b),(c)

 

     31,935,000        35,048,662  

 

4

 

 

                                                                       
    

                

     Principal
Amount		     Value  

Morgan Stanley, 4.085% to 10/15/20, Series J(a),(c)

 

   $ 14,483,000     $ 14,185,982  
      

 

 

  
      63,776,126  
      

 

 

  

TOTAL FINANCIAL

 

       68,441,596  
      

 

 

  

FOOD

      0.1 %     

Dairy Farmers of America, Inc., 7.875%, 144A(c),(d),(e)

 

     15,000 †       1,335,000  
      

 

 

  

INSURANCE

      15.1 %     

LIFE/HEALTH INSURANCE

      4.6 %     

MetLife, Inc., 3.888% (3 Month US LIBOR + 3.575%), Series C (FRN)(a),(c)

 

     13,422,000       12,994,174  

Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43(b)

 

     27,257,000       29,563,760  

Prudential Financial, Inc., 5.875% to 9/15/22, due 9/15/42(b)

 

     22,599,000       24,255,506  

Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53(b)

 

     11,564,000       12,035,291  
      

 

 

  
      78,848,731  
      

 

 

  

LIFE/HEALTH INSURANCE—FOREIGN

      4.6 %     

Dai-ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24, 144A (Japan)(b),(c),(d)

 

     3,250,000       3,650,384  

Dai-ichi Life Insurance Co., Ltd./The, 7.25% to 7/25/21, 144A (Japan)(b),(c),(d)

 

     36,007,000       37,967,221  

Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)(b),(c),(g)

 

     11,200,000       12,740,000  

Hanwha Life Insurance Co., Ltd., 4.70% to 4/23/23, 144A (South Korea)(b),(c),(d)

 

     4,000,000       4,115,155  

Nippon Life Insurance Co., 5.00% to 10/18/22, due 10/18/42, 144A (Japan)(b),(d)

 

     8,600,000       9,216,620  

Sumitomo Life Insurance Co., 6.50% to 9/20/23, due 9/20/73, 144A (Japan)(b),(d)

 

     10,200,000       11,607,549  
      

 

 

  
      79,296,929  
      

 

 

  

MULTI-LINE

      0.8 %     

Hartford Financial Services Group, Inc./The, 2.517% (3 Month US LIBOR + 2.125%), due 2/12/47, 144A, Series ICON (FRN)(a),(d)

 

     16,544,000       13,264,069  
      

 

 

  

PROPERTY CASUALTY

      0.6 %     

Liberty Mutual Group, Inc., 3.625% to 5/23/24, due 5/23/59, 144A(b),(d)

 

     8,400,000       9,784,261  
      

 

 

  

PROPERTY CASUALTY—FOREIGN

      4.5 %     

Mitsui Sumitomo Insurance Co., Ltd., 7.00% to 3/15/22, due 3/15/72, 144A (Japan)(b),(d)

 

     31,090,000       33,631,452  

 

5

 

 

                                                                       
                          Principal
Amount		      Value  

QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)(b),(g)

 

   $ 13,600,000      $ 15,055,268  

QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)(b),(c),(d)

 

     5,200,000        5,460,000  

QBE Insurance Group Ltd., 7.50% to 11/24/23, due 11/24/43, 144A
(Australia)(b),(d)

 

     6,690,000        7,468,917  

Sompo Japan Insurance, Inc., 5.325% to 3/28/23, due 3/28/73, 144A (Japan)(b),(d)

 

     7,050,000        7,670,365  

VIVAT NV, 6.25% to 11/16/22 (Netherlands)(b),(c),(g)

 

     8,100,000        8,140,500  
       

 

 

  
       77,426,502  
       

 

 

  

TOTAL INSURANCE

 

        258,620,492  
       

 

 

  

MATERIAL—METALS & MINING—FOREIGN

      0.7 %      

BHP Billiton Finance USA Ltd., 6.25% to 10/19/20, due 10/19/75, 144A (Australia)(b),(d)

 

     12,600,000        12,699,729  
       

 

 

  

OIL & GAS—FOREIGN

      0.9 %      

BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(b),(c)

 

     14,487,000        15,189,619  
       

 

 

  

PIPELINES—FOREIGN

      1.0 %      

Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b)

 

     3,500,000        3,469,006  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(b)

 

     8,000,000        8,375,720  

Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(b)

 

     5,095,000        5,488,348  
       

 

 

  
       17,333,074  
       

 

 

  

UTILITIES

      3.0 %      

ELECTRIC UTILITIES

      1.1 %      

Sempra Energy, 4.875% to 10/15/25(b),(c)

 

     18,035,000        18,716,723  
       

 

 

  

ELECTRIC UTILITIES—FOREIGN

      1.9 %      

Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b)

 

     9,750,000        10,854,139  

Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)(b),(d)

 

     18,310,000        21,299,107  
       

 

 

  
       32,153,246  
       

 

 

  

TOTAL UTILITIES

 

        50,869,969  
       

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$1,101,183,815)

 

      1,115,093,096  
       

 

 

  

 

6

 

 

                                                                       
                          Principal
Amount		      Value  

CORPORATE BONDS

      26.6 %   

COMMUNICATIONS

      0.9 %   

SBA Communications Corp., 3.875%, due 2/15/27, 144A(d)

 

   $ 14,700,000      $ 15,239,196  
       

 

 

  

ELECTRIC

      3.2 %   

Dominion Energy, Inc., 2.715%, due 8/15/21

 

     7,000,000        7,150,764  

Dominion Energy, Inc., 3.071%, due 8/15/24

 

     6,478,000        7,040,319  

DTE Energy Co., 2.529%, due 10/1/24, Series C

 

     5,900,000        6,294,946  

Georgia Power Co., 2.10%, due 7/30/23, Series A

 

     2,500,000        2,610,980  

Georgia Power Co., 2.20%, due 9/15/24, Series A

 

     7,000,000        7,415,947  

NextEra Energy Capital Holdings, Inc., 2.75%, due 5/1/25

 

     11,720,000        12,861,129  

WEC Energy Group, Inc., 3.10%, due 3/8/22

 

     3,350,000        3,488,281  

WEC Energy Group, Inc., 3.375%, due 6/15/21

 

     8,260,000        8,476,699  
    

 

 

  
       55,339,065  
    

 

 

  

ENERGY

      0.3 %   

East Ohio Gas Co./The, 1.30%, due 6/15/25, 1.30%, 144A(d)

 

     4,270,000        4,395,225  
    

 

 

  

FINANCIAL—DIVERSIFIED FINANCIAL SERVICES

      3.3 %   

BGC Partners, Inc., 3.75%, due 10/1/24

 

     7,000,000        6,970,161  

BGC Partners, Inc., 4.375%, due 12/15/25, 144A(d)

 

     4,000,000        4,003,050  

Caterpillar Financial Services Corp., 0.65%, due 7/7/23

 

     8,000,000        8,048,534  

Ford Motor Credit Co. LLC, 1.114% (3 Month US LIBOR + 0.81%), due 4/5/21 (FRN)(a)

 

     6,100,000        5,947,934  

GE Capital International Funding Co. Unlimited Co., 3.373%, due 11/15/25

 

     21,650,000        22,924,542  

General Motors Financial Co., Inc., 1.294% (3 Month US LIBOR + 0.99%), due 1/5/23 (FRN)(a)

 

     3,875,000        3,781,321  

General Motors Financial Co., Inc., 1.618% (3 Month US LIBOR + 1.31%), due 6/30/22 (FRN)(a)

 

     4,461,000        4,459,284  
    

 

 

  
       56,134,826  
    

 

 

  

INDUSTRIALS—DIVERSIFIED MANUFACTURING

      0.3 %   

General Electric Co., 3.45%, due 5/1/27

 

     4,950,000        5,207,112  
    

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      2.8 %   

AT&T, Inc., 1.65%, due 2/1/28

 

     4,500,000        4,590,051  

AT&T, Inc., 3.40%, due 5/15/25

 

     2,925,000        3,255,126  

T-Mobile USA, Inc., 3.50%, due 4/15/25, 144A(d)

 

     7,000,000        7,740,670  

 

7

 

 

                                                                       
                          Principal
Amount		      Value  

AT&T, Inc., 2.30%, due 6/1/27

 

   $ 8,848,000      $ 9,385,124  

Verizon Communications, Inc., 3.45%, due 3/15/21

 

     7,810,000        7,963,419  

Verizon Communications, Inc., 5.15%, due 9/15/23

 

     6,438,000        7,359,962  

Verizon Communications, Inc., 1.492%, due 5/15/25 (FRN) (3 Month US LIBOR + 1.10%)(a)

 

     6,800,000        6,963,922  
       

 

 

  
       47,258,274  
       

 

 

  

REAL ESTATE

      15.4 %      

DIVERSIFIED

      0.2 %      

National Retail Properties, Inc., 3.90%, due 6/15/24

 

     3,760,000        4,085,103  
       

 

 

  

FINANCE

      1.8 %      

CyrusOne LP/CyrusOne Finance Corp., 2.90%, due 11/15/24

 

     6,675,000        7,202,959  

Newmark Group, Inc., 6.125%, due 11/15/23

 

     9,060,000        9,306,241  

VEREIT Operating Partnership LP, 3.40%, due 1/15/28

 

     3,000,000        3,116,586  

VEREIT Operating Partnership LP, 4.875%, due 6/1/26

 

     10,201,000        11,391,344  
       

 

 

  
       31,017,130  
       

 

 

  

HEALTH CARE

      3.9 %      

Diversified Healthcare Trust, 6.75%, due 12/15/21

 

     9,035,000        9,133,666  

Diversified Healthcare Trust, 9.75%, due 6/15/25

 

     8,200,000        9,061,902  

Healthcare Trust of America Holdings LP, 3.70%, due 4/15/23

 

     4,765,000        5,015,536  

Healthpeak Properties, Inc., 4.20%, due 3/1/24

 

     2,731,000        3,007,423  

Healthpeak Properties, Inc., 4.25%, due 11/15/23

 

     97,000        106,391  

Sabra Health Care LP, 4.80%, due 6/1/24

 

     8,250,000        8,374,922  

Welltower, Inc., 3.625%, due 3/15/24

 

     10,060,000        10,911,169  

Welltower, Inc., 4.00%, due 6/1/25

 

     11,344,000        12,723,628  

Welltower, Inc., 4.50%, due 1/15/24

 

     8,289,000        9,174,117  
       

 

 

  
       67,508,754  
       

 

 

  

HOTEL

      0.3 %      

Service Properties Trust, 7.50%, due 9/15/25

 

     4,050,000        4,298,341  
       

 

 

  

NET LEASE

      2.0 %      

Highwoods Realty LP, 3.625%, due 1/15/23

 

     5,000,000        5,208,525  

Realty Income Corp., 3.25%, due 10/15/22

 

     5,138,000        5,401,061  

Realty Income Corp., 4.65%, due 8/1/23

 

     6,143,000        6,828,155  

VEREIT, Inc., 3.75%, due 12/15/20

 

     6,850,000        6,861,748  

VICI Properties LP/VICI Note Co., Inc., 3.50%, due 2/15/25, 144A(d)

 

     3,749,000        3,804,654  

WP Carey, Inc., 4.60%, due 4/1/24

 

     6,325,000        6,894,867  
       

 

 

  
       34,999,010  
       

 

 

  

 

8

 

 

                                                                       
                          Principal
Amount		      Value  

OFFICE

      3.4 %      

Alexandria Real Estate Equities, Inc., 3.90%, due 6/15/23

 

   $ 7,620,000      $ 8,311,491  

Alexandria Real Estate Equities, Inc., 4.00%, due 1/15/24

 

     3,900,000        4,332,751  

Brandywine Operating Partnership LP, 3.95%, due 2/15/23

 

     1,000,000        1,035,490  

Corporate Office Properties LP, 3.60%, due 5/15/23

 

     15,375,000        15,946,361  

Corporate Office Properties LP, 3.70%, due 6/15/21

 

     8,000,000        8,110,783  

Corporate Office Properties LP, 5.00%, due 7/1/25

 

     2,524,000        2,769,338  

Corporate Office Properties LP, 5.25%, due 2/15/24

 

     2,254,000        2,447,951  

Kilroy Realty LP, 3.80%, due 1/15/23

 

     7,004,000        7,264,798  

SL Green Operating Partnership LP, 3.25%, due 10/15/22

 

     8,190,000        8,338,983  
       

 

 

  
       58,557,946  
       

 

 

  

RESIDENTIAL

      0.1 %      

ERP Operating LP, 4.625%, due 12/15/21

 

     2,200,000        2,301,754  
       

 

 

  

RETAIL

      0.2 %      

Retail Opportunity Investments Partnership LP, 5.00%, due 12/15/23

 

     3,000,000        3,105,814  
       

 

 

  

SELF STORAGE

      0.3 %      

CubeSmart LP, 4.00%, due 11/15/25

 

     4,179,000        4,687,065  
       

 

 

  

SHOPPING CENTERS—COMMUNITY CENTER

      1.0 %      

Weingarten Realty Investors, 3.375%, due 10/15/22

 

     5,300,000        5,432,795  

Weingarten Realty Investors, 3.50%, due 4/15/23

 

     8,635,000        8,902,345  

Weingarten Realty Investors, 4.45%, due 1/15/24

 

     2,362,000        2,515,301  
       

 

 

  
       16,850,441  
       

 

 

  

SPECIALTY

      2.2 %      

Brookfield Property REIT, Inc., 5.75%, due 5/15/26, 144A(d)

 

     6,426,000        5,328,632  

 

9

 

 

                                                                       
                          Principal
Amount		      Value  

Equinix, Inc., 1.80%, due 7/15/27

 

   $ 5,800,000      $ 5,957,586  

Equinix, Inc., 2.625%, due 11/18/24

 

     9,300,000        9,983,643  

Equinix, Inc., 2.875%, due 2/1/26

 

     13,000,000        15,685,136  
       

 

 

  
       36,954,997  
       

 

 

  

TOTAL REAL ESTATE

 

        264,366,355  
       

 

 

  

TELECOMMUNICATION—COMMUNICATIONS—FOREIGN

      0.2 %      

Vodafone Group PLC, 3.75%, due 1/16/24 (United Kingdom)

 

     2,300,000        2,526,903  
       

 

 

  

UTILITIES—ELECTRIC UTILITIES—FOREIGN

      0.2 %      

Enel Finance International NV, 2.875%, due 5/25/22, 144A (Italy)(d)

 

     4,000,000        4,134,575  
       

 

 

  

TOTAL CORPORATE BONDS
(Identified cost—$438,336,914)

 

        454,601,531  
       

 

 

  
      Shares         

SHORT-TERM INVESTMENTS

      2.3 %      

MONEY MARKET FUNDS

 

     

State Street Institutional Treasury Money Market Fund, Premier Class, 0.08%(h)

 

     39,149,157        39,149,157  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$39,149,157)

 

        39,149,157  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,675,203,813)

      99.2 %         1,698,586,903  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.8          14,329,229  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 1,712,916,132  
  

 

 

       

 

 

  

 

10

 

 

Forward Foreign Currency Exchange Contracts

 

Counterparty   

Contracts

to Deliver

     

In Exchange

For

     

Settlement

Date

   

Unrealized

Appreciation

(Depreciation)

  

Brown Brothers Harriman

    EUR      32,705,971      USD      36,782,280      8/4/20    $ (1,743,740 ) 

Brown Brothers Harriman

    USD      38,644,721      EUR      32,705,971      8/4/20      (118,701 ) 

Brown Brothers Harriman

    CAD      5,868,150      USD      4,388,632      8/5/20      7,604  

Brown Brothers Harriman

    USD      4,383,371      CAD      5,868,150      8/5/20      (2,342 ) 

Brown Brothers Harriman

    CAD      5,882,121      USD      4,393,725      9/2/20      2,001  

Brown Brothers Harriman

    EUR      33,093,541      USD      39,123,515      9/2/20      117,130  
                 

 

 

  
                  $         (1,738,048 ) 
                 

 

 

  

Glossary of Portfolio Abbreviations

 

CAD    Canadian Dollar
EMTN    Euro Medium Term Note
EUR    Euro Currency
FRN    Floating Rate Note
LIBOR    London Interbank Offered Rate
REIT    Real Estate Investment Trust
TruPS    Trust Preferred Securities
USD    United States Dollar

 

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

†

Represents shares.

(a)

Variable rate. Rate shown is in effect at July 31, 2020.

(b)

Security converts to floating rate after the indicated fixed-rate coupon period.

(c)

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

(d)

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 $432,610,167 which represents 25.3% of the net assets of the Fund, of which 0.1% are illiquid.

(e)

Security value is determined based on significant unobservable inputs (Level 3).

(f)

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 $299,699,930 or 17.5% of the net assets of the Fund.

(g)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $134,390,848 which represents 7.8% of the net assets of the Fund, of which 0.0% are illiquid.

(h)

Rate quoted represents the annualized seven-day yield.

 

11

 

 

COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. 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 price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) 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 Directors.

Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) 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 advisor, pursuant to delegation by the Board of Directors, 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 advisor, pursuant to delegation by the Board of Directors, 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 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 net asset value (NAV).

The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and

 

 

 

COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

procedures approved annually by the Board of Directors. 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.

Securities for which market prices are unavailable, or securities for which the investment advisor 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 Directors. 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.

 

 

 

COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

The following is a summary of the inputs used as of July 31, 2020 in valuing the Fund’s investments carried at value:

 

                                                                                   
     Total     Quoted Prices in
Active  Markets
for Identical
Investments
(Level  1)		      Other
Significant
Observable
Inputs
(Level 2)		     Significant
Unobservable
Inputs
(Level 3)		  

Preferred Securities—$25 Par Value:

          

Electric

    $ 8,665,200     $ —      $ 8,665,200     $ —  

Other Industries

      81,077,919       81,077,919        —       —  

Preferred Securities—Capital Securities:

          

Banks

      324,221,626       —        316,655,764       7,565,862  

Food

      1,335,000       —        —       1,335,000  

Other Industries

      789,536,470       —        789,536,470       —  

Corporate Bonds

      454,601,531       —        454,601,531       —  

Short-Term Investments

      39,149,157       —        39,149,157       —  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Investments in Securities(a)

    $ 1,698,586,903     $ 81,077,919      $ 1,608,608,122     $ 8,900,862 (b)
  

 

 

    

 

 

     

 

 

    

 

 

  

Forward Foreign Currency Exchange Contracts

    $ 126,735     $ —      $ 126,735     $ —  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative Assets(a)

    $ 126,735     $ —      $ 126,735     $ —  
  

 

 

    

 

 

     

 

 

    

 

 

  

Forward Foreign Currency Exchange Contracts

    $ (1,864,783 )    $ —      $ (1,864,783 )    $ —  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Derivative Liabilities(a)

    $ (1,864,783 )    $ —      $ (1,864,783 )    $ —  
  

 

 

    

 

 

     

 

 

    

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

(b)

Level 3 investments are valued by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated. A change in the significant unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

 

                           
     Preferred
Securities—
Capital Securities		  

Balance as of April 30, 2020

    $ 1,290,000  

Purchases

      7,190,625  

Accrued discounts (premiums)

      (71 ) 

Change in unrealized appreciation (depreciation)

      420,308  
  

 

 

  

Balance as of July 31, 2020

    $ 8,900,862  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on July 31, 2020 which were valued using significant unobservable inputs (Level 3) amounted to $420,308.

Note 2. Derivative Investments

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

 

 

 

COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 Schedule of Investments. 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.

The following summarizes the volume of the Fund’s forward foreign currency exchange contracts activity during the three months ended July 31, 2020:

 

                           
     Forward
Foreign Currency
Exchange Contracts		  

Average Notional Amount

    $ 38,182,905