COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
July 31, 2021 (Unaudited)
| Shares | Value | |||||||||||
| PREFERRED SECURITIES—$25 PAR VALUE |
3.6 | % | ||||||||||
| BANKS |
1.7 | % | ||||||||||
| GMAC Capital Trust I, 5.941% (3 Month US LIBOR + 5.785%), due 2/15/40, |
|
56,837 | $ | 1,513,569 | ||||||||
| PNC Financial Services Group, Inc./The, 6.125% to 5/1/22, Series P(b),(c) |
|
300,657 | 7,862,181 | |||||||||
| US Bancorp, 6.50% to 1/15/22, Series F(b),(c) |
1,323,000 | 34,252,470 | ||||||||||
| Wells Fargo & Co., 5.85% to 9/15/23, Series Q(b),(c) |
126,121 | 3,417,879 | ||||||||||
|
|
|
|||||||||||
| 47,046,099 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC |
0.6 | % | ||||||||||
| Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73(b) |
636,109 | 16,767,833 | ||||||||||
|
|
|
|||||||||||
| FINANCIAL—INVESTMENT BANKER/BROKER |
0.4 | % | ||||||||||
| Morgan Stanley, 6.375% to 10/15/24, Series I(b),(c) |
342,251 | 9,781,534 | ||||||||||
|
|
|
|||||||||||
| INSURANCE—MULTI-LINE |
0.0 | % | ||||||||||
| Hartford Financial Services Group, Inc./The, 7.875% to 4/15/22, due 4/15/42(b) |
|
46,931 | 1,241,325 | |||||||||
|
|
|
|||||||||||
| PIPELINES |
0.4 | % | ||||||||||
| Energy Transfer LP, 7.625% to 8/15/23, Series D(b),(c) |
451,068 | 11,439,085 | ||||||||||
|
|
|
|||||||||||
| UTILITIES—GAS |
0.2 | % | ||||||||||
| NiSource, Inc., 6.50% to 3/15/24, Series B(b),(c) |
147,751 | 4,187,263 | ||||||||||
|
|
|
|||||||||||
| UTILITIES—ELECTRIC—FOREIGN |
0.3 | % | ||||||||||
| Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (Canada)(b) |
|
193,487 | 5,411,831 | |||||||||
| Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 (Canada)(b) |
|
97,245 | 2,703,411 | |||||||||
|
|
|
|||||||||||
| 8,115,242 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
|
98,578,381 | ||||||||||
|
|
|
|||||||||||
| Principal Amount |
||||||||||||
| PREFERRED SECURITIES—CAPITAL SECURITIES |
75.2 | % | ||||||||||
| BANKS |
24.8 | % | ||||||||||
| Ally Financial, Inc., 4.70% to 5/15/26, Series B(b),(c) |
$ | 13,690,000 | 14,353,965 | |||||||||
| Bank of America Corp., 6.10% to 3/17/25, Series AA(b),(c) |
21,971,000 | 24,687,165 | ||||||||||
| Bank of America Corp., 6.25% to 9/5/24, Series X(b),(c) |
28,507,000 | 31,518,052 | ||||||||||
| Bank of America Corp., 6.30% to 3/10/26, Series DD(b),(c) |
6,692,000 | 7,817,093 | ||||||||||
| Bank of America Corp., 6.50% to 10/23/24, Series Z(b),(c) |
33,353,000 | 37,688,890 | ||||||||||
1
| Principal Amount |
Value | |||||||||
| Bank of New York Mellon Corp./The, 3.70% to 3/20/26, Series H(b),(c) |
$ | 10,930,000 | $ | 11,475,953 | ||||||
| Bank of New York Mellon Corp./The, 4.70% to 9/20/25, Series G(b),(c) |
9,428,000 | 10,453,955 | ||||||||
| Capital One Financial Corp., 3.935% (3 Month US LIBOR + 3.80%), Series E (FRN)(a),(c) |
10,000,000 | 10,024,201 | ||||||||
| Capital One Financial Corp., 3.95% to 9/1/26, Series M(b),(c) |
10,773,000 | 11,123,122 | ||||||||
| Citigroup, Inc., 3.875% to 2/18/26(b),(c) |
18,360,000 | 18,837,360 | ||||||||
| Citigroup, Inc., 4.00% to 12/10/25, Series W(b),(c) |
4,130,000 | 4,277,854 | ||||||||
| Citigroup, Inc., 5.00% to 9/12/24, Series U(b),(c) |
8,504,000 | 8,964,492 | ||||||||
| Citigroup, Inc., 5.90% to 2/15/23(b),(c) |
22,388,000 | 23,549,937 | ||||||||
| Citigroup, Inc., 5.95% to 1/30/23(b),(c) |
35,190,000 | 37,002,109 | ||||||||
| Citigroup, Inc., 5.95% to 5/15/25, Series P(b),(c) |
8,951,000 | 9,868,478 | ||||||||
| Citigroup, Inc., 6.30% to 5/15/24, Series M(b),(c) |
5,000,000 | 5,397,500 | ||||||||
| Citizens Financial Group, Inc., 4.00% to 10/6/26, Series G(b),(c) |
7,500,000 | 7,650,000 | ||||||||
| CoBank ACB, 6.25% to 10/1/22, Series F(b),(c) |
48,100 | † | 5,146,700 | |||||||
| CoBank ACB, 6.25% to 10/1/26, Series I(b),(c) |
1,300,000 | 1,462,500 | ||||||||
| Comerica, Inc., 5.625% to 7/1/25(b),(c) |
8,562,000 | 9,546,630 | ||||||||
| Corestates Capital II, 0.776% (3 Month US LIBOR + 0.65%), due 1/15/27, 144A (FRN)(a),(d) |
15,000,000 | 14,621,170 | ||||||||
| Corestates Capital III, 0.726% (3 Month US LIBOR + 0.57%), due 2/15/27, 144A (TruPS) (FRN)(a),(d) |
12,281,000 | 11,977,786 | ||||||||
| Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4, 144A(b),(c),(d) |
7,425,000 | 8,130,375 | ||||||||
| Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A(b),(c),(d) |
8,000 | † | 864,000 | |||||||
| First Maryland Capital II, 0.976% (3 Month US LIBOR + 0.85%), due 2/1/27, (FRN)(a) |
10,000,000 | 9,747,295 | ||||||||
| Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(b),(c) |
21,274,000 | 21,422,918 | ||||||||
| Goldman Sachs Group, Inc./The, 3.80% to 5/10/26, Series T(b),(c) |
9,130,000 | 9,335,425 | ||||||||
| Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(b),(c) |
3,520,000 | 3,875,168 | ||||||||
| Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(b),(c) |
7,752,000 | 8,343,090 | ||||||||
| JPMorgan Chase & Co., 3.599% (3 Month US LIBOR + 3.47%), |
8,482,000 | 8,524,596 | ||||||||
| JPMorgan Chase & Co., 3.65% to 6/1/26, Series KK(b),(c) |
24,060,000 | 24,315,637 | ||||||||
| JPMorgan Chase & Co., 3.926% (3 Month US LIBOR + 3.80%), |
19,886,000 | 19,983,299 | ||||||||
| JPMorgan Chase & Co., 6.00% to 8/1/23, Series R(b),(c) |
5,766,000 | 6,101,149 | ||||||||
| JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(b),(c) |
16,170,000 | 17,615,194 | ||||||||
| JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(b),(c) |
42,085,000 | 46,504,977 | ||||||||
2
| Principal Amount |
Value | |||||||||||
| KeyCorp Capital I, 0.885% (3 Month US LIBOR + 0.74%), due 7/1/28, (TruPS) (FRN)(a) |
|
$ | 14,390,000 | $ | 13,689,458 | |||||||
| PNC Financial Services Group, Inc./The, 3.804% (3 Month US LIBOR + 3.678%), Series O (FRN)(a),(c) |
|
20,046,000 | 20,139,815 | |||||||||
| SVB Financial Group, 4.00% to 5/15/26, Series C(b),(c) |
16,710,000 | 17,399,287 | ||||||||||
| Truist Bank, 0.769% (3 Month US LIBOR + 0.650%), due 3/15/28 (FRN)(a) |
|
20,003,000 | 19,531,865 | |||||||||
| Truist Bank, 4.00% (3 Month US LIBOR + 0.645%, Floor 4.00%), |
|
1,366,000 | 1,386,858 | |||||||||
| Truist Financial Corp., 4.95% to 9/1/25, Series P(b),(c) |
28,294,000 | 30,981,930 | ||||||||||
| Wells Fargo & Co., 0.626% (3 Month US LIBOR + 0.500%), due 1/15/27 (FRN)(a) |
|
12,920,000 | 12,477,056 | |||||||||
| Wells Fargo & Co., 3.90% to 3/15/26, Series BB(b),(c) |
56,098,000 | 58,272,639 | ||||||||||
| Wells Fargo & Co., 5.875% to 6/15/25, Series U(b),(c) |
5,000,000 | 5,675,000 | ||||||||||
|
|
|
|||||||||||
| 681,761,943 | ||||||||||||
|
|
|
|||||||||||
| BANKS—FOREIGN |
21.0 | % | ||||||||||
| Banco Santander SA, 4.75% to 11/12/26 (Spain)(b),(c),(e) |
7,000,000 | 7,157,500 | ||||||||||
| Banco Santander SA, 7.50% to 2/8/24 (Spain)(b),(c),(e),(f) |
6,600,000 | 7,264,587 | ||||||||||
| Bank of Montreal, 4.30% to 10/26/25, due 11/26/80 (Canada)(b) |
|
19,300,000 | 16,328,734 | |||||||||
| Bank of Montreal, 4.80% to 8/25/24 (Canada)(b),(c) |
6,000,000 | 6,413,370 | ||||||||||
| Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)(b),(c) |
10,660,000 | 11,712,675 | ||||||||||
| Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(b),(c),(e) |
|
7,200,000 | 8,025,336 | |||||||||
| Barclays PLC, 7.875% to 3/15/22 (United Kingdom)(b),(c),(e),(f) |
|
23,225,000 | 24,107,434 | |||||||||
| Barclays PLC, 7.875% to 9/15/22 (United Kingdom)(b),(c),(e),(f) |
|
4,000,000 | 5,946,591 | |||||||||
| Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(b),(c),(e) |
8,800,000 | 9,982,500 | ||||||||||
| BNP Paribas SA, 6.625% to 3/25/24, 144A (France)(b),(c),(d),(e) |
|
5,100,000 | 5,564,967 | |||||||||
| BNP Paribas SA, 6.75% to 3/14/22, 144A (France)(b),(c),(d),(e) |
|
13,200,000 | 13,600,092 | |||||||||
| BNP Paribas SA, 7.375% to 8/19/25, 144A (France)(b),(c),(d),(e) |
|
9,000,000 | 10,537,785 | |||||||||
| Credit Agricole SA, 6.875% to 9/23/24, 144A (France)(b),(c),(d),(e) |
|
17,400,000 | 19,478,343 | |||||||||
| Credit Agricole SA, 7.875% to 1/23/24, 144A (France)(b),(c),(d),(e) |
|
17,000,000 | 19,210,170 | |||||||||
| Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)(b),(c),(e),(f) |
|
29,400,000 | 30,655,968 | |||||||||
| Credit Suisse Group AG, 7.50% to 7/17/23, 144A (Switzerland)(b),(c),(d),(e) |
|
31,610,000 | 34,296,850 | |||||||||
| Credit Suisse Group AG, 7.50% to 12/11/23, 144A (Switzerland)(b),(c),(d),(e) |
|
5,000,000 | 5,531,530 | |||||||||
| Danske Bank A/S, 4.375% to 5/18/26 (Denmark)(b),(c),(e),(f) |
|
6,400,000 | 6,534,432 | |||||||||
| DNB Bank ASA, 6.50% to 3/26/22 (Norway)(b),(c),(e),(f) |
12,500,000 | 12,933,750 | ||||||||||
| HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(b),(c),(e) |
|
9,600,000 | 10,640,880 | |||||||||
3
| Principal Amount |
Value | |||||||||||
| ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(b),(c),(e) |
|
$ | 7,000,000 | $ | 7,740,845 | |||||||
| ING Groep N.V., 6.50% to 4/16/25 (Netherlands)(b),(c),(e) |
|
7,400,000 | 8,282,450 | |||||||||
| ING Groep N.V., 6.75% to 4/16/24 (Netherlands)(b),(c),(e),(f) |
|
4,800,000 | 5,298,000 | |||||||||
| ING Groep N.V., 6.875% to 4/16/22 (Netherlands)(b),(c),(e),(f) |
|
18,800,000 | 19,498,495 | |||||||||
| Lloyds Banking Group PLC, 7.50% to 6/27/24 (United Kingdom)(b),(c),(e) |
|
5,000,000 | 5,648,700 | |||||||||
| Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(b),(c),(e) |
|
5,600,000 | 6,523,238 | |||||||||
| Natwest Group PLC, 4.60% to 6/28/31 (United Kingdom)(b),(c),(e) |
|
8,200,000 | 8,415,250 | |||||||||
| Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(b),(c),(e) |
|
8,000,000 | 8,910,000 | |||||||||
| Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(b),(c),(e) |
|
7,551,000 | 8,939,818 | |||||||||
| Natwest Group PLC, 8.625% to 8/15/21 (United Kingdom)(b),(c),(e) |
|
29,500,000 | 29,595,137 | |||||||||
| Nordea Bank Abp, 6.625% to 3/26/26, 144A (Finland)(b),(c),(d),(e) |
|
7,400,000 | 8,520,767 | |||||||||
| Royal Bank of Canada, 3.65% to 10/24/26, due 11/24/81 (Canada)(b) |
|
25,000,000 | 20,057,711 | |||||||||
| Royal Bank of Canada, 4.50% to 10/24/25, due 11/24/80, Series 1 (Canada)(b) |
|
21,150,000 | 18,059,042 | |||||||||
| Societe Generale SA, 4.75% to 5/26/26, 144A (France)(b),(c),(d),(e) |
|
5,800,000 | 6,003,000 | |||||||||
| Societe Generale SA, 7.375% to 9/13/21, 144A (France)(b),(c),(d),(e) |
|
25,750,000 | 25,908,491 | |||||||||
| Societe Generale SA, 7.875% to 12/18/23, 144A (France)(b),(c),(d),(e) |
|
24,000,000 | 26,762,400 | |||||||||
| Societe Generale SA, 8.00% to 9/29/25, 144A (France)(b),(c),(d),(e) |
|
7,200,000 | 8,509,500 | |||||||||
| Standard Chartered PLC, 7.50% to 4/2/22, 144A (United Kingdom)(b),(c),(d),(e) |
|
19,400,000 | 20,131,283 | |||||||||
| Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)(b),(c),(d),(e) |
|
17,800,000 | 19,388,472 | |||||||||
| Svenska Handelsbanken AB, 4.375% to 3/1/27 (Sweden)(b),(c),(e),(f) |
|
3,000,000 | 3,194,655 | |||||||||
| Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (Sweden)(b),(c),(e),(f) |
|
4,600,000 | 5,075,433 | |||||||||
| UBS Group AG, 3.875% to 6/2/26, 144A (Switzerland)(b),(c),(d),(e) |
|
7,000,000 | 7,072,800 | |||||||||
| UBS Group AG, 7.00% to 1/31/24, 144A (Switzerland)(b),(c),(d),(e) |
|
11,050,000 | 12,148,867 | |||||||||
| UBS Group AG, 7.125% to 8/10/21 (Switzerland)(b),(c),(e),(f) |
|
20,000,000 | 20,034,600 | |||||||||
|
|
|
|||||||||||
| 575,642,448 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC |
1.7 | % | ||||||||||
| Dominion Energy, Inc., 4.65% to 12/15/24, Series B(b),(c) |
|
1,227,000 | 1,315,037 | |||||||||
4
| Principal Amount |
Value | |||||||||||
| Duke Energy Corp., 4.875% to 9/16/24(b),(c) |
$ | 8,790,000 | $ | 9,387,720 | ||||||||
| Southern Co./The, 3.75% to 6/15/26, due 9/15/51, Series 21-A(b) |
|
11,198,000 | 11,424,759 | |||||||||
| Southern Co./The, 4.00% to 10/15/25, due 1/15/51, Series B(b) |
|
8,140,000 | 8,608,050 | |||||||||
| Southern Co./The, 5.50% to 3/15/22, due 3/15/57, Series B(b) |
15,433,000 | 15,751,964 | ||||||||||
|
|
|
|||||||||||
| 46,487,530 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC—FOREIGN |
1.7 | % | ||||||||||
| Electricite de France SA, 4.00% to 7/4/24 (France)(b),(c),(f) |
5,000,000 | 6,377,840 | ||||||||||
| Electricite de France SA, 5.25% to 1/29/23, 144A (France)(b),(c),(d) |
|
8,650,000 | 9,099,800 | |||||||||
| Electricite de France SA, 6.00% to 1/29/26, Series EMTN (France)(b),(c),(f) |
|
8,000,000 | 12,549,540 | |||||||||
| Emera US Finance LP, 0.833%, due 6/15/24, 144A (Canada)(d) |
|
6,450,000 | 6,437,014 | |||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b) |
|
11,070,000 | 12,984,944 | |||||||||
|
|
|
|||||||||||
| 47,449,138 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL |
6.5 | % | ||||||||||
| CREDIT CARD |
0.8 | % | ||||||||||
| American Express Co., 3.55% to 9/15/26(b),(c) |
17,210,000 | 17,339,075 | ||||||||||
| American Express Co., 3.584% (3 Month US LIBOR + 3.428%), |
|
5,590,000 | 5,630,609 | |||||||||
|
|
|
|||||||||||
| 22,969,684 | ||||||||||||
|
|
|
|||||||||||
| DIVERSIFIED FINANCIAL SERVICES |
0.7 | % | ||||||||||
| Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50, 144A(b),(d) |
|
5,035,000 | 5,241,458 | |||||||||
| Ares Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51, 144A(b),(d) |
|
6,270,000 | 6,311,887 | |||||||||
| Depository Trust & Clearing Corp./The, 3.375% to 6/20/26, Series D, 144A(b),(c),(d) |
|
6,500,000 | 6,625,937 | |||||||||
|
|
|
|||||||||||
| 18,179,282 | ||||||||||||
|
|
|
|||||||||||
| INVESTMENT BANKER/BROKER |
5.0 | % | ||||||||||
| Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(b),(c) |
43,280,000 | 45,281,700 | ||||||||||
| Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(b),(c) |
|
52,274,000 | 58,505,061 | |||||||||
| Charles Schwab Corp./The, 7.00% to 2/1/22(b),(c) |
13,650,000 | 14,025,375 | ||||||||||
5
| Principal Amount |
Value | |||||||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, due 2/1/27, 144A(d) |
|
$ | 3,000,000 | $ | 2,998,780 | |||||||
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, due 6/15/29, 144A(d) |
|
5,000,000 | 4,987,500 | |||||||||
| Morgan Stanley, 3.736% (3 Month US LIBOR + 3.61%), Series H (FRN)(a),(c) |
|
12,000,000 | 12,048,243 | |||||||||
|
|
|
|||||||||||
| 137,846,659 | ||||||||||||
|
|
|
|||||||||||
| TOTAL FINANCIAL |
178,995,625 | |||||||||||
|
|
|
|||||||||||
| FOOD |
0.1 | % | ||||||||||
| Dairy Farmers of America, Inc., 7.875%, 144A(c),(d),(g) |
15,000 | † | 1,514,430 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
12.7 | % | ||||||||||
| LIFE/HEALTH INSURANCE |
4.5 | % | ||||||||||
| Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(b),(c) |
8,810,000 | 9,580,875 | ||||||||||
| Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44(b) |
18,477,000 | 19,967,431 | ||||||||||
| Prudential Financial, Inc., 5.375% to 5/15/25, due 5/15/45(b) |
6,062,000 | 6,699,531 | ||||||||||
| Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43(b) |
37,419,000 | 40,102,932 | ||||||||||
| Prudential Financial, Inc., 5.875% to 9/15/22, due 9/15/42(b) |
22,599,000 | 23,825,279 | ||||||||||
| SBL Holdings, Inc., 6.50% to 11/13/26, 144A(b),(c),(d) |
9,770,000 | 9,721,150 | ||||||||||
| Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53(b) |
12,564,000 | 13,307,349 | ||||||||||
|
|
|
|||||||||||
| 123,204,547 | ||||||||||||
|
|
|
|||||||||||
| LIFE/HEALTH INSURANCE—FOREIGN |
3.4 | % | ||||||||||
| Dai-ichi Life Insurance Co., Ltd., 5.10% to 10/28/24, 144A (Japan)(b),(c),(d) |
|
17,450,000 | 19,282,250 | |||||||||
| Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)(b),(c),(f) |
|
11,200,000 | 12,406,408 | |||||||||
| Hanwha Life Insurance Co., Ltd., 4.70% to 4/23/23, 144A (South Korea)(b),(c),(d) |
|
4,000,000 | 4,184,893 | |||||||||
| Nippon Life Insurance Co., 5.00% to 10/18/22, due 10/18/42, 144A (Japan)(b),(d) |
|
33,550,000 | 35,101,687 | |||||||||
| Prudential PLC, 4.875%, Series EMTN (United Kingdom)(c),(f) |
|
3,800,000 | 3,957,126 | |||||||||
| Sumitomo Life Insurance Co., 6.50% to 9/20/23, due 9/20/73, 144A (Japan)(b),(d) |
|
15,300,000 | 16,933,199 | |||||||||
|
|
|
|||||||||||
| 91,865,563 | ||||||||||||
|
|
|
|||||||||||
| MULTI-LINE |
0.8 | % | ||||||||||
| Hartford Financial Services Group, Inc./The, 2.281% (3 Month US LIBOR + 2.125%), due 2/12/47, 144A, Series ICON (FRN)(a),(d) |
|
22,221,000 | 21,525,723 | |||||||||
|
|
|
|||||||||||
6
| Principal Amount |
Value | |||||||||||
| PROPERTY CASUALTY |
0.2 | % | ||||||||||
| Liberty Mutual Group, Inc., 3.625% to 5/23/24, due 5/23/59, 144A(b),(d) |
|
$ | 4,400,000 | $ | 5,453,070 | |||||||
|
|
|
|||||||||||
| PROPERTY CASUALTY—FOREIGN |
3.4 | % | ||||||||||
| Athora Netherlands NV, 6.25% to 11/16/22 (Netherlands)(b),(c),(f) |
|
8,100,000 | 8,582,760 | |||||||||
| Mitsui Sumitomo Insurance Co., Ltd., 7.00% to 3/15/22, due 3/15/72,
144A |
|
39,390,000 | 40,886,623 | |||||||||
| QBE Insurance Group Ltd., 5.875% to 5/12/25, 144A (Australia)(b),(c),(d) |
|
8,700,000 | 9,570,000 | |||||||||
| QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (Australia)(b),(f) |
|
13,600,000 | 15,528,820 | |||||||||
| QBE Insurance Group Ltd., 7.50% to 11/24/23, due 11/24/43, 144A (Australia)(b),(d) |
|
7,690,000 | 8,670,475 | |||||||||
| Sompo Japan Insurance, Inc., 5.325% to 3/28/23, due 3/28/73, 144A (Japan)(b),(d) |
|
8,650,000 | 9,227,344 | |||||||||
|
|
|
|||||||||||
| 92,466,022 | ||||||||||||
|
|
|
|||||||||||
| REINSURANCE |
0.4 | % | ||||||||||
| Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51, 144A(b),(d) |
|
11,622,000 | 11,840,944 | |||||||||
|
|
|
|||||||||||
| TOTAL INSURANCE |
346,355,869 | |||||||||||
|
|
|
|||||||||||
| OIL & GAS—FOREIGN |
1.0 | % | ||||||||||
| BP Capital Markets PLC, 4.25% to 3/22/27 (United Kingdom)(b),(c),(f) |
|
6,000,000 | 8,956,415 | |||||||||
| BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(b),(c) |
|
18,387,000 | 19,674,090 | |||||||||
|
|
|
|||||||||||
| 28,630,505 | ||||||||||||
|
|
|
|||||||||||
| PIPELINES—FOREIGN |
1.6 | % | ||||||||||
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b) |
|
3,500,000 | 3,888,642 | |||||||||
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b) |
|
2,645,000 | 2,948,570 | |||||||||
| Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(b) |
|
8,000,000 | 8,914,000 | |||||||||
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(b) |
|
25,019,000 | 28,052,554 | |||||||||
|
|
|
|||||||||||
| 43,803,766 | ||||||||||||
|
|
|
|||||||||||
7
| Principal Amount |
Value | |||||||||||
| REAL ESTATE—RETAIL—FOREIGN |
0.4 | % | ||||||||||
| Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80, 144A (Australia)(b),(d) |
|
$ | 11,500,000 | $ | 12,294,009 | |||||||
|
|
|
|||||||||||
| TELECOMMUNICATION—COMMUNICATIONS— FOREIGN |
0.4 | % | ||||||||||
| Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (United Kingdom)(b),(f) |
|
10,200,000 | 11,322,714 | |||||||||
|
|
|
|||||||||||
| UTILITIES |
3.3 | % | ||||||||||
| ELECTRIC |
1.4 | % | ||||||||||
| Edison International, 5.375% to 3/15/26, Series A(b),(c) |
|
11,020,000 | 11,192,187 | |||||||||
| Sempra Energy, 4.875% to 10/15/25(b),(c) |
26,205,000 | 28,661,719 | ||||||||||
|
|
|
|||||||||||
| 39,853,906 | ||||||||||||
|
|
|
|||||||||||
| ELECTRIC—FOREIGN |
1.9 | % | ||||||||||
| Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)(b),(d) |
|
40,860,000 | 47,262,967 | |||||||||
| Iberdrola International BV, 1.874% to 1/28/26, Series NC5 (Spain)(b),(c),(f) |
|
3,100,000 | 3,819,761 | |||||||||
|
|
|
|||||||||||
| 51,082,728 | ||||||||||||
|
|
|
|||||||||||
| TOTAL UTILITIES |
90,936,634 | |||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES |
|
2,065,194,611 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS |
18.2 | % | ||||||||||
| COMMUNICATIONS—TOWERS |
1.2 | % | ||||||||||
| SBA Communications Corp., 3.875%, due 2/15/27 |
|
19,700,000 | 20,341,629 | |||||||||
| SBA Communications Corp., 4.875%, due 9/1/24 |
|
12,376,000 | 12,544,066 | |||||||||
|
|
|
|||||||||||
| 32,885,695 | ||||||||||||
|
|
|
|||||||||||
| CONSUMER STAPLES |
0.2 | % | ||||||||||
| 7-Eleven, Inc., 0.80%, due 2/10/24, 144A(d) |
|
5,580,000 | 5,581,483 | |||||||||
|
|
|
|||||||||||
| ELECTRIC |
3.2 | % | ||||||||||
| Dominion Energy, Inc., 1.45%, due 4/15/26, Series A |
|
7,000,000 | 7,075,123 | |||||||||
| Dominion Energy, Inc., 2.715%, due 8/15/21 |
|
7,000,000 | 7,003,080 | |||||||||
| Dominion Energy, Inc., 3.071%, due 8/15/24 |
|
6,478,000 | 6,899,541 | |||||||||
| DTE Energy Co., 2.529%, due 10/1/24, Series C |
|
5,900,000 | 6,195,112 | |||||||||
| Georgia Power Co., 2.20%, due 9/15/24, Series A |
|
7,000,000 | 7,326,493 | |||||||||
| NextEra Energy Capital Holdings, Inc., 0.65%, due 3/1/23 |
|
13,000,000 | 13,049,845 | |||||||||
| NextEra Energy Capital Holdings, Inc., 2.75%, due 5/1/25 |
|
10,320,000 | 11,001,929 | |||||||||
8
| Principal Amount |
Value | |||||||||||
| Southern California Edison Co., 0.70%, due 4/3/23 |
|
$ | 12,390,000 | $ | 12,436,912 | |||||||
| Southern California Edison Co., 1.10%, due 4/1/24 |
|
15,250,000 | 15,373,106 | |||||||||
|
|
|
|||||||||||
| 86,361,141 | ||||||||||||
|
|
|
|||||||||||
| ENERGY |
0.2 | % | ||||||||||
| East Ohio Gas Co./The, 1.30%, due 6/15/25, 144A(d) |
|
4,270,000 | 4,323,268 | |||||||||
|
|
|
|||||||||||
| FINANCIAL—DIVERSIFIED FINANCIAL SERVICES |
2.3 | % | ||||||||||
| BGC Partners, Inc., 3.75%, due 10/1/24 |
|
7,000,000 | 7,458,895 | |||||||||
| BGC Partners, Inc., 4.375%, due 12/15/25 |
|
4,000,000 | 4,356,845 | |||||||||
| Ford Motor Credit Co. LLC, 3.37%, due 11/17/23 |
|
5,635,000 | 5,846,313 | |||||||||
| Ford Motor Credit Co. LLC, 3.375%, due 11/13/25 |
|
7,000,000 | 7,316,705 | |||||||||
| GE Capital International Funding Co. Unlimited Co., 3.373%, due 11/15/25 |
|
21,650,000 | 23,775,240 | |||||||||
| General Motors Financial Co., Inc., 1.25%, due 1/8/26 |
|
6,650,000 | 6,651,746 | |||||||||
| General Motors Financial Co., Inc., 1.135% (3 Month US LIBOR + 0.99%), due 1/5/23 (FRN)(a) |
|
3,875,000 | 3,916,192 | |||||||||
| General Motors Financial Co., Inc., 1.457% (3 Month US LIBOR + 1.31%), due 6/30/22 (FRN)(a) |
|
4,461,000 | 4,502,402 | |||||||||
|
|
|
|||||||||||
| 63,824,338 | ||||||||||||
|
|
|
|||||||||||
| INDUSTRIALS—DIVERSIFIED MANUFACTURING |
0.2 | % | ||||||||||
| General Electric Co., 3.45%, due 5/1/27 |
|
4,950,000 | 5,492,055 | |||||||||
|
|
|
|||||||||||
| INSURANCE—LIFE/HEALTH INSURANCE |
0.2 | % | ||||||||||
| SBL Holdings, Inc., 5.125%, due 11/13/26, 144A(d) |
|
5,800,000 | 6,451,655 | |||||||||
|
|
|
|||||||||||
| INTEGRATED TELECOMMUNICATIONS SERVICES |
2.6 | % | ||||||||||
| AT&T, Inc., 0.90%, due 3/25/24 |
|
23,000,000 | 23,065,663 | |||||||||
| T-Mobile USA, Inc., 2.25%, due 2/15/26 |
|
6,420,000 | 6,501,020 | |||||||||
| T-Mobile USA, Inc., 2.625%, due 4/15/26 |
|
10,000,000 | 10,250,950 | |||||||||
| T-Mobile USA, Inc., 3.50%, due 4/15/25 |
|
5,000,000 | 5,443,475 | |||||||||
| Verizon Communications, Inc., 0.75%, due 3/22/24 |
|
10,200,000 | 10,251,632 | |||||||||
| Verizon Communications, Inc., 1.256% (3 Month US LIBOR + 1.10%), due 5/15/25 (FRN)(a) |
|
16,525,000 | 17,018,257 | |||||||||
|
|
|
|||||||||||
| 72,530,997 | ||||||||||||
|
|
|
|||||||||||
9
| Principal Amount |
Value | |||||||||||
| REAL ESTATE |
7.5 | % | ||||||||||
| DIVERSIFIED |
0.4 | % | ||||||||||
| CTR Partnership LP/CareTrust Capital Corp., 3.875%, due 6/30/28, 144A(d) |
$ | 5,350,000 | $ | 5,495,333 | ||||||||
| National Retail Properties, Inc., 3.90%, due 6/15/24 |
|
3,760,000 | 4,064,746 | |||||||||
|
|
|
|||||||||||
| 9,560,079 | ||||||||||||
|
|
|
|||||||||||
| FINANCE |
1.0 | % | ||||||||||
| CyrusOne LP/CyrusOne Finance Corp., 2.90%, due 11/15/24 |
|
5,000,000 | 5,283,225 | |||||||||
| Newmark Group, Inc., 6.125%, due 11/15/23 |
|
10,560,000 | 11,478,245 | |||||||||
| VEREIT Operating Partnership LP, 2.20%, due 6/15/28 |
|
2,725,000 | 2,815,677 | |||||||||
| VEREIT Operating Partnership LP, 4.875%, due 6/1/26 |
|
6,996,000 | 8,126,151 | |||||||||
|
|
|
|||||||||||
| 27,703,298 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
1.7 | % | ||||||||||
| MPT Operating Partnership LP/MPT Finance Corp., 5.25%, due 8/1/26 |
|
1,600,000 | 1,644,488 | |||||||||
| Sabra Health Care LP, 4.80%, due 6/1/24 |
|
8,250,000 | 9,058,898 | |||||||||
| Sabra Health Care LP, 5.125%, due 8/15/26 |
|
8,433,000 | 9,592,903 | |||||||||
| Welltower, Inc., 3.625%, due 3/15/24 |
|
10,060,000 | 10,798,777 | |||||||||
| Welltower, Inc., 4.00%, due 6/1/25 |
|
6,344,000 | 7,032,280 | |||||||||
| Welltower, Inc., 4.50%, due 1/15/24 |
|
8,289,000 | 9,001,148 | |||||||||
|
|
|
|||||||||||
| 47,128,494 | ||||||||||||
|
|
|
|||||||||||
| HOTEL |
0.1 | % | ||||||||||
| RLJ Lodging Trust LP, 3.75%, due 7/1/26, 144A(d) |
|
3,150,000 | 3,197,628 | |||||||||
|
|
|
|||||||||||
| NET LEASE |
1.2 | % | ||||||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, due 12/15/27, 144A(d) |
|
5,000,000 | 4,977,229 | |||||||||
| Highwoods Realty LP, 3.625%, due 1/15/23 |
|
5,000,000 | 5,159,817 | |||||||||
| Realty Income Corp., 4.65%, due 8/1/23 |
|
6,143,000 | 6,596,135 | |||||||||
| VEREIT Operating Partnership LP, 3.40%, due 1/15/28 |
|
3,000,000 | 3,314,004 | |||||||||
10
| Principal Amount |
Value | |||||||||||
| VICI Properties LP/VICI Note Co., Inc., 3.50%, due 2/15/25, 144A(d) |
|
$ | 6,249,000 | $ | 6,377,761 | |||||||
| WP Carey, Inc., 4.60%, due 4/1/24 |
|
6,860,000 | 7,487,990 | |||||||||
|
|
|
|||||||||||
| 33,912,936 | ||||||||||||
|
|
|
|||||||||||
| OFFICE |
0.8 | % | ||||||||||
| Brandywine Operating Partnership LP, 3.95%, due 2/15/23 |
|
1,000,000 | 1,045,132 | |||||||||
| Corporate Office Properties LP, 5.00%, due 7/1/25 |
|
3,468,000 | 3,925,216 | |||||||||
| Kilroy Realty LP, 3.80%, due 1/15/23 |
|
7,004,000 | 7,277,022 | |||||||||
| SL Green Operating Partnership LP, 3.25%, due 10/15/22 |
|
8,190,000 | 8,433,197 | |||||||||
|
|
|
|||||||||||
| 20,680,567 | ||||||||||||
|
|
|
|||||||||||
| RESIDENTIAL |
0.1 | % | ||||||||||
| ERP Operating LP, 4.625%, due 12/15/21 |
|
2,200,000 | 2,211,220 | |||||||||
|
|
|
|||||||||||
| RETAIL |
0.1 | % | ||||||||||
| Retail Opportunity Investments Partnership LP, 5.00%, due 12/15/23 |
|
3,000,000 | 3,245,700 | |||||||||
|
|
|
|||||||||||
| SELF STORAGE |
0.3 | % | ||||||||||
| CubeSmart LP, 4.00%, due 11/15/25 |
|
7,789,000 | 8,624,316 | |||||||||
|
|
|
|||||||||||
| SHOPPING CENTERS |
1.1 | % | ||||||||||
| COMMUNITY CENTER |
0.8 | % | ||||||||||
| Weingarten Realty Investors, 3.375%, due 10/15/22 |
|
5,300,000 | 5,444,425 | |||||||||
| Weingarten Realty Investors, 3.50%, due 4/15/23 |
|
8,635,000 | 8,992,668 | |||||||||
| Weingarten Realty Investors, 3.85%, due 6/1/25 |
|
5,550,000 | 6,025,028 | |||||||||
| Weingarten Realty Investors, 4.45%, due 1/15/24 |
|
2,362,000 | 2,543,870 | |||||||||
|
|
|
|||||||||||
| 23,005,991 | ||||||||||||
|
|
|
|||||||||||
| REGIONAL MALL |
0.3 | % | ||||||||||
| Brookfield Property REIT, Inc., 5.75%, due 5/15/26, 144A(d) |
|
6,426,000 | 6,675,650 | |||||||||
|
|
|
|||||||||||
| TOTAL SHOPPING CENTERS |
|
29,681,641 | ||||||||||
|
|
|
|||||||||||
| SPECIALTY |
0.7 | % | ||||||||||
| Equinix, Inc., 1.00%, due 9/15/25 |
6,000,000 | 6,000,705 | ||||||||||
11
| Principal Amount |
Value | |||||||||||
| Equinix, Inc., 2.625%, due 11/18/24 |
$ | 12,046,000 | $ | 12,702,968 | ||||||||
|
|
|
|||||||||||
| 18,703,673 | ||||||||||||
|
|
|
|||||||||||
| TOTAL REAL ESTATE |
204,649,552 | |||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATION |
0.6 | % | ||||||||||
| COMMUNICATIONS |
0.1 | % | ||||||||||
| QualityTech LP/QTS Finance Corp., 3.875%, due 10/1/28, 144A(d) |
2,500,000 | 2,681,150 | ||||||||||
|
|
|
|||||||||||
| COMMUNICATIONS—FOREIGN |
0.5 | % | ||||||||||
| Vodafone Group PLC, 2.625% to 5/27/26, due 8/27/80 (United Kingdom)(b),(f) |
10,900,000 | 13,515,311 | ||||||||||
|
|
|
|||||||||||
| TOTAL TELECOMMUNICATION |
16,196,461 | |||||||||||
|
|
|
|||||||||||
| TOTAL CORPORATE BONDS |
498,296,645 | |||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS |
2.5 | % | ||||||||||
| MONEY MARKET FUNDS |
||||||||||||
| State Street Institutional Treasury Money Market Fund, |
69,997,466 | 69,997,466 | ||||||||||
|
|
|
|||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
69,997,466 | |||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS IN SECURITIES |
99.5 | % | 2,732,067,103 | |||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES |
0.5 | 12,396,255 | ||||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
100.0 | % | $ | 2,744,463,358 | ||||||||
|
|
|
|
|
|||||||||
12
Forward Foreign Currency Exchange Contracts
| Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Brown Brothers Harriman |
EUR | 24,877,995 | USD | 29,493,236 | 8/3/21 | $ | (18,272 | ) | ||||||||||
| Brown Brothers Harriman |
GBP | 16,413,262 | USD | 22,654,980 | 8/3/21 | (159,469 | ) | |||||||||||
| Brown Brothers Harriman |
GBP | 3,551,654 | USD | 4,920,341 | 8/3/21 | (16,461 | ) | |||||||||||
| Brown Brothers Harriman |
USD | 29,508,536 | EUR | 24,877,995 | 8/3/21 | 2,972 | ||||||||||||
| Brown Brothers Harriman |
USD | 27,776,988 | GBP | 19,964,916 | 8/3/21 | (25,737 | ) | |||||||||||
| Brown Brothers Harriman |
CAD | 6,590,282 | USD | 5,265,208 | 8/4/21 | (17,154 | ) | |||||||||||
| Brown Brothers Harriman |
CAD | 61,698,061 | USD | 49,730,833 | 8/4/21 | 277,491 | ||||||||||||
| Brown Brothers Harriman |
USD | 54,780,554 | CAD | 68,288,343 | 8/4/21 | (44,850 | ) | |||||||||||
| Brown Brothers Harriman |
CAD | 68,396,275 | USD | 54,861,195 | 9/2/21 | 40,619 | ||||||||||||
| Brown Brothers Harriman |
EUR | 25,059,410 | USD | 29,738,628 | 9/2/21 | (5,301 | ) | |||||||||||
| Brown Brothers Harriman |
GBP | 19,823,691 | USD | 27,580,305 | 9/2/21 | 23,440 | ||||||||||||
|
|
|
|||||||||||||||||
| $ | 57,278 | |||||||||||||||||
|
|
|
|||||||||||||||||
Glossary of Portfolio Abbreviations
| CAD | Canadian Dollar | |
| EMTN | Euro Medium Term Note | |
| EUR | Euro Currency | |
| FRN | Floating Rate Note | |
| GBP | Great British Pound | |
| 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, 2021. |
| (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 $619,190,945 which represents 22.6% of the net assets of the Fund, of which 0.1% are illiquid. |
| (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 $503,070,916 or 18.3% of the net assets of the Fund. |
13
| (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 $237,560,640 which represents 8.7% of the net assets of the Fund, of which 0.0% are illiquid. |
| (g) | Security value is determined based on significant unobservable inputs (Level 3). |
| (h) | Rate quoted represents the annualized seven-day yield. |
| Country Summary |
% of Net Assets |
|||
| United States |
61.4 | |||
| United Kingdom |
8.1 | |||
| France |
6.0 | |||
| Canada |
5.2 | |||
| Japan |
4.9 | |||
| Switzerland |
4.0 | |||
| Netherlands |
1.8 | |||
| Italy |
1.7 | |||
| Australia |
1.7 | |||
| Spain |
0.7 | |||
| Norway |
0.5 | |||
| Other |
4.0 | |||
|
|
|
|||
| 100.0 | ||||
|
|
|
|||
14
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 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 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 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 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.
COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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, 2021 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) |
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| Preferred Securities—$25 Par Value: |
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| Electric |
$ | 16,767,833 | $ | — | $ | 16,767,833 | $ | — | ||||||||
| Other Industries |
81,810,548 | 81,810,548 | — | — | ||||||||||||
| Preferred Securities—Capital Securities: |
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| Food |
1,514,430 | — | — | 1,514,430 | ||||||||||||
| Other Industries |
2,063,680,181 | — | 2,063,680,181 | — | ||||||||||||
| Corporate Bonds |
498,296,645 | — | 498,296,645 | — | ||||||||||||
| Short-Term Investments |
69,997,466 | — | 69,997,466 | — | ||||||||||||
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| Total Investments in Securities(a) |
$ | 2,732,067,103 | $ | 81,810,548 | $ | 2,648,742,125 | $ | 1,514,430 | (b) | |||||||
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| Forward Foreign Currency Exchange Contracts |
$ | 344,522 | $ | — | $ | 344,522 | $ | — | ||||||||
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| Total Derivative Assets(a) |
$ | 344,522 | $ | — | $ | 344,522 | $ | — | ||||||||
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| Forward Foreign Currency Exchange Contracts |
$ | (287,244 | ) | $ | — | $ | (287,244 | ) | $ | — | ||||||
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| Total Derivative Liabilities(a) |
$ | (287,244 | ) | $ | — | $ | (287,244 | ) | $ | — | ||||||
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| (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— Food |
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| Balance as of April 30, 2021 |
$ | 1,507,500 | ||
| Change in unrealized appreciation (depreciation) |
6,930 | |||
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| Balance as of July 31, 2021 |
$ | 1,514,430 | ||
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The change in unrealized appreciation (depreciation) attributable to securities owned on July 31, 2021 which were valued using significant unobservable inputs (Level 3) amounted to $6,930.
COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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 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, 2021:
| Forward Foreign Currency Exchange Contracts |
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| Average Notional Amount |
$ | 89,281,123 | ||