COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
January 31, 2026 (Unaudited)
| Shares | Value | |||||||||||
| PREFERRED SECURITIES—EXCHANGE-TRADED |
3.8 | % | ||||||||||
| BANKING |
1.6 | % | ||||||||||
| Citigroup, Inc., 6.25%, Series II(a) |
|
138,661 | $ | 3,544,175 | ||||||||
| Comerica, Inc., 6.875% to 10/1/30, Series B(a)(b) |
|
332,055 | 8,550,416 | |||||||||
| M&T Bank Corp., 6.35%, Series K(a) |
|
178,000 | 4,526,540 | |||||||||
| Morgan Stanley, 6.625%, Series Q(a) |
|
280,908 | 7,365,408 | |||||||||
| Morgan Stanley, 6.875%, Series F(a) |
|
190,161 | 4,801,565 | |||||||||
| Morgan Stanley, 7.125%, Series E(a) |
|
84,773 | 2,165,103 | |||||||||
|
|
|
|||||||||||
| 30,953,207 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
0.5 | % | ||||||||||
| Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(b) |
|
267,083 | 7,040,308 | |||||||||
| KKR & Co., Inc., 6.875%, due 6/1/65, Series T |
|
117,491 | 3,011,294 | |||||||||
|
|
|
|||||||||||
| 10,051,602 | ||||||||||||
|
|
|
|||||||||||
| INSURANCE |
0.7 | % | ||||||||||
| Aspen Insurance Holdings Ltd., 7.00% (Bermuda)(a) |
|
50,144 | 1,237,053 | |||||||||
| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b) |
|
954 | 23,640 | |||||||||
| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b) |
|
120,185 | 3,107,984 | |||||||||
| Lincoln National Corp., 9.00%, Series D(a) |
|
183,245 | 4,912,798 | |||||||||
| Reinsurance Group of America, Inc., 5.75% to 6/15/26, due 6/15/56(b) |
|
130,000 | 3,252,600 | |||||||||
|
|
|
|||||||||||
| 12,534,075 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
1.0 | % | ||||||||||
| Algonquin Power & Utilities Corp., 8.532% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada)(c) |
|
586,737 | 15,173,019 | |||||||||
| Xcel Energy, Inc., 6.25%, due 10/15/85 |
|
112,849 | 2,809,940 | |||||||||
|
|
|
|||||||||||
| 17,982,959 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED |
|
71,521,843 | ||||||||||
|
|
|
|||||||||||
| Principal Amount* |
||||||||||||
| PREFERRED SECURITIES—OVER-THE-COUNTER |
85.1 | % | ||||||||||
| BANKING |
47.0 | % | ||||||||||
| AIB Group PLC, 7.125% to 10/30/29 (Ireland)(a)(b)(d)(e) |
|
EUR | 6,000,000 | 7,729,321 | ||||||||
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(a)(b)(d) |
|
2,900,000 | 3,253,150 | |||||||||
| Banco BPM SpA, 6.25% to 5/27/30 (Italy)(a)(b)(d)(e) |
|
EUR | 2,800,000 | 3,464,362 | ||||||||
| Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)(a)(b)(d)(e) |
|
EUR | 6,000,000 | 7,555,928 | ||||||||
| Banco Santander SA, 4.125% to 11/12/27 (Spain)(a)(b)(d) |
|
EUR | 1,000,000 | 1,190,799 | ||||||||
| Banco Santander SA, 4.75% to 11/12/26 (Spain)(a)(b)(d) |
|
8,800,000 | 8,771,291 | |||||||||
| Banco Santander SA, 6.00% to 1/2/31 (Spain)(a)(b)(d)(e) |
|
EUR | 3,000,000 | 3,718,293 | ||||||||
| Banco Santander SA, 9.625% to 11/21/28 (Spain)(a)(b)(d) |
|
5,800,000 | 6,441,416 | |||||||||
| Bank of America Corp., 6.25% to 7/26/30, Series UU(a)(b) |
|
3,590,000 | 3,656,346 | |||||||||
| Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(b) |
|
11,729,000 | 11,768,128 | |||||||||
| Bank of America Corp., 6.625% to 5/1/30, Series OO(a)(b) |
|
18,618,000 | 19,356,129 | |||||||||
| Bank of Montreal, 6.875% to 11/26/30, due 11/26/85, Series 6 (Canada)(b) |
|
5,000,000 | 5,152,160 | |||||||||
| Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)(b) |
|
9,800,000 | 10,426,975 | |||||||||
| Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)(b) |
|
6,000,000 | 6,289,536 | |||||||||
1
| Principal Amount* |
Value | |||||||||
| Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(b) |
4,000,000 | $ | 4,285,916 | |||||||
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(b) |
11,541,000 | 12,227,170 | ||||||||
| Barclays PLC, 7.625% to 3/15/35 (United Kingdom)(a)(b)(d) |
2,600,000 | 2,803,333 | ||||||||
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(b)(d) |
1,450,000 | 1,550,911 | ||||||||
| Barclays PLC, 8.375% to 9/15/31 (United Kingdom)(a)(b)(d)(e) |
GBP | 8,600,000 | 12,782,734 | |||||||
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a)(b)(d)(e) |
GBP | 9,000,000 | 13,020,180 | |||||||
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(b)(d) |
13,800,000 | 15,701,750 | ||||||||
| BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(b)(d)(f) |
18,400,000 | 19,553,551 | ||||||||
| BNP Paribas SA, 8.00% to 8/22/31 (France)(a)(b)(d)(f) |
14,100,000 | 15,405,674 | ||||||||
| BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(b)(d)(f) |
15,450,000 | 16,552,960 | ||||||||
| BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(b)(d)(f) |
7,300,000 | 7,801,072 | ||||||||
| Canadian Imperial Bank of Commerce, 6.50% to 7/28/31, due 7/28/86 (Canada)(b) |
14,900,000 | 14,946,915 | ||||||||
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, due 10/28/85 (Canada)(b) |
5,200,000 | 5,406,071 | ||||||||
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b) |
22,452,000 | 22,372,848 | ||||||||
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b) |
5,771,000 | 5,417,759 | ||||||||
| Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(b) |
4,018,000 | 4,013,191 | ||||||||
| Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(b) |
3,000,000 | 3,019,254 | ||||||||
| Citigroup, Inc., 6.625% to 2/15/31, Series HH(a)(b) |
14,195,000 | 14,459,368 | ||||||||
| Citigroup, Inc., 6.875% to 8/15/30, Series GG(a)(b) |
18,203,000 | 18,607,948 | ||||||||
| Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(b) |
19,535,000 | 20,134,490 | ||||||||
| Citigroup, Inc., 7.375% to 5/15/28, Series Z(a)(b) |
2,000,000 | 2,072,075 | ||||||||
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(b) |
21,855,000 | 22,927,534 | ||||||||
| CoBank ACB, 6.25% to 10/1/26, Series I(a)(b) |
11,300,000 | 11,394,875 | ||||||||
| CoBank ACB, 6.45% to 10/1/27, Series K(a)(b) |
9,540,000 | 9,622,931 | ||||||||
| CoBank ACB, 7.125% to 1/1/30, Series M(a)(b) |
2,500,000 | 2,587,580 | ||||||||
| Commerzbank AG, 7.50% to 10/9/30 (Germany)(a)(b)(d)(e) |
4,800,000 | 5,077,397 | ||||||||
| Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(a)(b)(d)(e) |
GBP | 5,000,000 | 7,391,172 | |||||||
| Credit Agricole SA, 7.25% to 9/23/28 (France)(a)(b)(d)(e) |
EUR | 5,000,000 | 6,397,278 | |||||||
| Credit Suisse Group AG, 7.50%, Claim (Switzerland)(a)(d)(f)(g)(h) |
5,710,000 | 1,427,500 | ||||||||
| Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(a)(b)(d)(e) |
EUR | 6,000,000 | 7,840,927 | |||||||
| Erste Group Bank AG, 6.375% to 4/15/32 (Austria)(a)(b)(d)(e) |
EUR | 3,200,000 | 4,020,801 | |||||||
| Erste Group Bank AG, 7.00% to 4/15/31 (Austria)(a)(b)(d)(e) |
EUR | 2,800,000 | 3,637,738 | |||||||
| Eurobank SA, 6.625% to 6/4/31 (Greece)(a)(b)(d)(e) |
EUR | 3,800,000 | 4,745,380 | |||||||
| Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6(a)(b) |
4,500,000 | 4,684,770 | ||||||||
| First Horizon Bank, 4.761% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)(a)(c)(f) |
2,100 | † | 1,554,000 | |||||||
| First Maryland Capital II, 4.965% (3 Month USD Term SOFR + 1.112%), due 2/1/27(c) |
5,000,000 | 4,961,392 | ||||||||
| Goldman Sachs Group, Inc., 7.379% to 2/10/26, Series Q(a)(b) |
4,129,000 | 4,132,146 | ||||||||
| Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(a)(b) |
24,170,000 | 25,585,460 | ||||||||
| Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(b) |
4,964,000 | 5,243,031 | ||||||||
| HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(d) |
6,800,000 | 6,893,908 | ||||||||
| HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a)(b)(d) |
2,000,000 | 2,046,680 | ||||||||
| HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)(a)(b)(d) |
5,600,000 | 5,788,614 | ||||||||
| HSBC Holdings PLC, 7.05% to 6/5/30 (United Kingdom)(a)(b)(d) |
23,000,000 | 23,988,862 | ||||||||
| HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(d) |
5,500,000 | 5,790,983 | ||||||||
| Huntington Bancshares, Inc., 6.25% to 10/15/30, Series K(a)(b) |
6,030,000 | 6,033,020 | ||||||||
| ING Groep NV, 5.75% to 11/16/26 (Netherlands)(a)(b)(d) |
5,850,000 | 5,888,548 | ||||||||
| ING Groep NV, 7.00% to 11/16/32 (Netherlands)(a)(b)(d) |
9,400,000 | 9,838,745 | ||||||||
| ING Groep NV, 8.00% to 5/16/30 (Netherlands)(a)(b)(d)(e) |
11,400,000 | 12,392,725 | ||||||||
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b) |
15,832,000 | 16,732,097 | ||||||||
| Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a)(b)(d)(e) |
3,200,000 | 3,253,475 | ||||||||
2
| Principal Amount* |
Value | |||||||||||
| Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)(a)(b)(d)(e) |
|
2,600,000 | $ | 2,725,190 | ||||||||
| KeyCorp Capital I, 4.662% (3 Month USD Term SOFR + 1.002%), due 7/1/28(c) |
|
12,865,000 | 12,676,391 | |||||||||
| Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 |
|
EUR | 2,200,000 | 2,759,426 | ||||||||
| Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)(a)(b)(d) |
|
GBP | 4,000,000 | 5,750,903 | ||||||||
| Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a)(b)(d) |
|
6,470,000 | 7,027,611 | |||||||||
| Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)(a)(b)(d) |
|
GBP | 2,800,000 | 4,037,423 | ||||||||
| M&T Bank Corp., 5.40% to 7/30/30, due 7/30/35(b) |
|
8,180,000 | 8,267,084 | |||||||||
| Nationwide Building Society, 7.50% to 12/20/30 |
|
GBP | 2,200,000 | 3,173,756 | ||||||||
| Nationwide Building Society, 7.875% to 12/20/31 |
|
GBP | 3,600,000 | 5,278,619 | ||||||||
| NatWest Group PLC, 5.125% to 5/12/27 (United Kingdom)(a)(b)(d) |
|
GBP | 4,600,000 | 6,291,151 | ||||||||
| Nordea Bank Abp, 6.625% to 3/26/26 (Finland)(a)(b)(d)(f) |
|
8,800,000 | 8,823,329 | |||||||||
| Piraeus Bank SA, 6.75% to 12/30/30 (Greece)(a)(b)(d)(e) |
|
EUR | 3,800,000 | 4,725,410 | ||||||||
| PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b) |
|
6,500,000 | 6,545,650 | |||||||||
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b) |
|
4,000,000 | 4,064,300 | |||||||||
| PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(b) |
|
6,292,000 | 6,503,826 | |||||||||
| Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(b) |
|
18,355,000 | 18,989,955 | |||||||||
| Societe Generale SA, 6.75% to 4/6/28 (France)(a)(b)(d)(f) |
|
9,900,000 | 10,083,902 | |||||||||
| Societe Generale SA, 8.125% to 11/21/29 (France)(a)(b)(d)(f) |
|
10,500,000 | 11,209,506 | |||||||||
| Societe Generale SA, 9.375% to 11/22/27 (France)(a)(b)(d)(f) |
|
6,550,000 | 6,999,454 | |||||||||
| Societe Generale SA, 10.00% to 11/14/28 (France)(a)(b)(d)(f) |
|
6,400,000 | 7,126,221 | |||||||||
| State Street Corp., 6.70% to 3/15/29, Series I(a)(b) |
|
8,916,000 | 9,253,408 | |||||||||
| State Street Corp., 6.70% to 9/15/29, Series J(a)(b) |
|
7,449,000 | 7,808,414 | |||||||||
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(a)(b)(d)(e) |
|
12,600,000 | 13,645,800 | |||||||||
| Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85 (Canada)(b) |
|
16,600,000 | 16,880,839 | |||||||||
| Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(b) |
|
5,000,000 | 5,237,516 | |||||||||
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(b) |
|
20,200,000 | 21,174,125 | |||||||||
| Truist Financial Corp., 4.635% (3 Month USD Term SOFR + 0.912%), due 3/15/28(c) |
|
12,218,000 | 11,979,187 | |||||||||
| Truist Financial Corp., 4.783% (3 Month USD Term SOFR + 0.932%), due 5/15/27, Series A(c) |
|
4,150,000 | 4,119,652 | |||||||||
| Truist Financial Corp., 6.669% to 3/1/26, Series N(a)(b) |
|
30,565,000 | 30,633,191 | |||||||||
| UBS Group AG, 6.625% to 1/8/31, Series .14A (Switzerland)(a)(b)(d)(f) |
|
18,900,000 | 19,010,523 | |||||||||
| UBS Group AG, 6.85% to 9/10/29 (Switzerland)(a)(b)(d)(f) |
|
7,900,000 | 8,072,441 | |||||||||
| UBS Group AG, 7.75% to 4/12/31 (Switzerland)(a)(b)(d)(f) |
|
1,600,000 | 1,721,354 | |||||||||
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(b)(d)(f) |
|
17,000,000 | 18,569,635 | |||||||||
| Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(b) |
|
12,073,000 | 12,065,779 | |||||||||
| Wells Fargo & Co., 7.625% to 9/15/28(a)(b) |
|
10,860,000 | 11,572,351 | |||||||||
|
|
|
|||||||||||
| 897,591,895 | ||||||||||||
|
|
|
|||||||||||
| CONSUMER DISCRETIONARY PRODUCTS |
0.5 | % | ||||||||||
| Volkswagen International Finance NV, 5.493% to 11/15/30 |
|
EUR | 4,900,000 | 6,090,173 | ||||||||
| Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5 (Germany)(a)(b)(e) |
|
EUR | 3,600,000 | 4,670,107 | ||||||||
|
|
|
|||||||||||
| 10,760,280 | ||||||||||||
|
|
|
|||||||||||
| ENERGY |
0.7 | % | ||||||||||
| OMV AG, 4.37% to 10/1/30 (Austria)(a)(b)(e) |
|
EUR | 3,700,000 | 4,443,340 | ||||||||
| Repsol Europe Finance SARL, 4.50% to 3/26/31 (Spain)(a)(b)(e) |
|
EUR | 5,000,000 | 6,055,734 | ||||||||
| Sunoco LP, 7.875% to 9/18/30(a)(b)(f) |
|
2,620,000 | 2,700,277 | |||||||||
|
|
|
|||||||||||
| 13,199,351 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
2.0 | % | ||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)(b) |
|
2,490,000 | 2,607,664 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/26, Series B(a)(b) |
|
5,428,000 | 5,397,875 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/28, Series C(a)(b) |
|
5,000,000 | 4,795,672 | |||||||||
3
| Principal Amount* |
Value | |||||||||||
| HA Sustainable Infrastructure Capital, Inc., 8.00% to 3/1/31, due 6/1/56(b) |
|
4,870,000 | $ | 5,109,604 | ||||||||
| ILFC E-Capital Trust I, 6.35% (30 Year CMT + 1.55%), due 12/21/65(c)(f) |
|
3,000,000 | 2,584,502 | |||||||||
| Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)(a)(b)(d) |
|
16,500,000 | 17,154,043 | |||||||||
|
|
|
|||||||||||
| 37,649,360 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
0.7 | % | ||||||||||
| CVS Health Corp., 7.00% to 12/10/29, due 3/10/55(b) |
|
12,514,000 | 13,103,297 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
8.3 | % | ||||||||||
| Allianz SE, 6.55% to 10/30/33 (Germany)(a)(b)(d)(f) |
|
5,400,000 | 5,623,987 | |||||||||
| Allstate Corp., 7.051% (3 Month USD Term SOFR + 3.200%), due 8/15/53, Series B(c) |
|
4,429,000 | 4,444,785 | |||||||||
| American National Group, Inc., 7.00% to 12/1/30, due 12/1/55(b) |
|
2,610,000 | 2,637,783 | |||||||||
| Argentum Netherlands BV for Swiss Re Ltd., 5.524% to 8/15/27 (Switzerland)(a)(b)(e) |
|
14,473,000 | 14,627,877 | |||||||||
| AXA SA, 5.125% to 1/17/27, due 1/17/47 (France)(b)(e) |
|
5,300,000 | 5,329,718 | |||||||||
| AXA SA, 5.125% to 9/16/31 (France)(a)(b)(d)(e) |
|
EUR | 7,000,000 | 8,393,396 | ||||||||
| AXA SA, 5.75% to 6/2/30 (France)(a)(b)(d)(e) |
|
EUR | 6,900,000 | 8,551,799 | ||||||||
| Cloverie PLC for Zurich Insurance Co. Ltd., 5.625% to 6/24/26, due 6/24/46 (Switzerland)(b)(e) |
|
4,050,000 | 4,067,410 | |||||||||
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(b) |
|
20,621,000 | 21,185,948 | |||||||||
| Corebridge Financial, Inc., 6.875% to 12/1/30(a)(b) |
|
4,080,000 | 4,241,907 | |||||||||
| Dai-ichi Life Insurance Co. Ltd., 4.00% to 7/24/26 (Japan)(a)(b)(f) |
|
4,650,000 | 4,639,226 | |||||||||
| Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(b) |
|
4,890,000 | 4,863,281 | |||||||||
| Global Atlantic Fin Co., 7.25% to 3/1/31, due 3/1/56(b)(f) |
|
5,470,000 | 5,516,577 | |||||||||
| Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(b)(f) |
|
2,701,000 | 2,793,966 | |||||||||
| Hartford Insurance Group, Inc., 6.238% (3 Month USD Term SOFR + 2.387%), due 2/12/47, Series ICON(c)(f) |
|
14,781,000 | 14,103,720 | |||||||||
| Lincoln National Corp., 5.969% (3 Month USD Term SOFR + 2.302%), due 4/20/67(c) |
|
1,070,000 | 866,167 | |||||||||
| Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(b) |
|
1,775,000 | 1,907,271 | |||||||||
| Meiji Yasuda Life Insurance Co., 5.10% to 4/26/28, due 4/26/48 (Japan)(b)(f) |
|
8,200,000 | 8,330,815 | |||||||||
| MetLife, Inc., 6.40%, due 12/15/36 |
|
2,030,000 | 2,131,064 | |||||||||
| Prudential Financial, Inc., 5.70% to 9/15/28, due 9/15/48(b) |
|
4,280,000 | 4,341,444 | |||||||||
| RLGH Finance Bermuda Ltd., 6.875% to 5/19/32 (Japan)(a)(b)(e) |
|
12,950,000 | 13,205,676 | |||||||||
| Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 |
|
4,100,000 | 4,056,205 | |||||||||
| SBL Holdings, Inc., 6.50% to 11/13/26(a)(b)(f) |
|
9,540,000 | 9,161,852 | |||||||||
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(b) |
|
2,801,000 | 2,965,746 | |||||||||
|
|
|
|||||||||||
| 157,987,620 | ||||||||||||
|
|
|
|||||||||||
| MATERIALS |
0.1 | % | ||||||||||
| FMC Corp., 8.45% to 8/1/30(b) |
|
2,575,000 | 2,067,220 | |||||||||
|
|
|
|||||||||||
| PIPELINES |
7.3 | % | ||||||||||
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b) |
|
5,950,000 | 5,991,733 | |||||||||
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b) |
|
11,374,000 | 11,567,631 | |||||||||
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(b) |
|
7,893,000 | 8,133,719 | |||||||||
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(b) |
|
22,608,000 | 24,234,578 | |||||||||
| Energy Transfer LP, 6.625% to 2/15/28, Series B(a)(b) |
|
5,125,000 | 5,197,837 | |||||||||
| Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(b) |
|
4,203,000 | 4,353,501 | |||||||||
| Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54(b) |
|
10,389,000 | 11,107,721 | |||||||||
| Enterprise Products Operating LLC, 6.832% (3 Month USD Term SOFR + 3.039%), due 6/1/67(c) |
|
1,500,000 | 1,491,109 | |||||||||
| Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(b) |
|
20,955,000 | 20,880,962 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)(b) |
|
14,010,000 | 14,614,504 | |||||||||
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(b) |
|
24,125,000 | 24,196,169 | |||||||||
| Venture Global LNG, Inc., 9.00% to 9/30/29(a)(b)(f) |
|
8,391,000 | 7,386,960 | |||||||||
|
|
|
|||||||||||
| 139,156,424 | ||||||||||||
|
|
|
|||||||||||
4
| Principal Amount* |
Value | |||||||||||
| REAL ESTATE |
0.9 | % | ||||||||||
| Unibail-Rodamco-Westfield SE, 4.75% to 6/11/31 (France)(a)(b)(e) |
|
EUR | 6,500,000 | $ | 7,885,774 | |||||||
| Unibail-Rodamco-Westfield SE, 4.875% to 7/4/30 (France)(a)(b)(e) |
|
EUR | 8,600,000 | 10,512,703 | ||||||||
|
|
|
|||||||||||
| 18,398,477 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
4.2 | % | ||||||||||
| Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)(b) |
|
12,775,000 | 13,244,136 | |||||||||
| Rogers Communications, Inc., 5.25% to 3/15/27, due 3/15/82 (Canada)(b)(f) |
|
8,010,000 | 8,005,989 | |||||||||
| Rogers Communications, Inc., 7.00% to 2/14/30, due 4/15/55 (Canada)(b) |
|
3,465,000 | 3,595,707 | |||||||||
| SoftBank Group Corp., 7.625% to 1/29/31, due 4/29/61 (Japan)(b)(e) |
|
8,475,000 | 7,890,959 | |||||||||
| TELUS Corp., 6.375% to 3/9/31, due 6/9/56 (Canada)(b) |
|
13,900,000 | 14,048,660 | |||||||||
| TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada)(b) |
|
13,570,000 | 13,884,892 | |||||||||
| TELUS Corp., 6.625% to 3/9/36, due 6/9/56 (Canada)(b) |
|
3,620,000 | 3,637,354 | |||||||||
| Verizon Communications, Inc., 5.742% to 3/17/31, due 6/15/56(b) |
|
GBP | 7,900,000 | 10,911,311 | ||||||||
| Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(b) |
|
5,000,000 | 5,275,230 | |||||||||
|
|
|
|||||||||||
| 80,494,238 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
13.4 | % | ||||||||||
| AES Corp., 6.95% to 4/15/30, due 7/15/55(b) |
|
3,738,000 | 3,657,079 | |||||||||
| AES Corp., 7.60% to 10/15/29, due 1/15/55(b) |
|
2,232,000 | 2,264,507 | |||||||||
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(b) |
|
17,516,000 | 17,399,893 | |||||||||
| Alliant Energy Corp., 5.75% to 1/1/31, due 4/1/56(b) |
|
7,960,000 | 7,904,732 | |||||||||
| American Electric Power Co., Inc., 5.80% to 12/15/30, due 3/15/56, Series C(b) |
|
26,200,000 | 26,210,847 | |||||||||
| American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54(b) |
|
8,944,000 | 9,370,378 | |||||||||
| APA Infrastructure Ltd., 7.125% to 11/9/28, due 11/9/83 (Australia)(b)(e) |
|
EUR | 2,300,000 | 2,974,483 | ||||||||
| CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(b) |
|
5,260,000 | 5,517,893 | |||||||||
| CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50(b) |
|
3,632,000 | 3,352,887 | |||||||||
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(b) |
|
18,645,000 | 18,520,946 | |||||||||
| Dominion Energy, Inc., 6.00% to 11/15/30, due 2/15/56(b) |
|
18,035,000 | 18,236,782 | |||||||||
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(b) |
|
15,332,000 | 15,973,214 | |||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b) |
|
21,165,000 | 21,319,632 | |||||||||
| Enel SpA, 6.375% to 4/16/28 (Italy)(a)(b)(e) |
|
EUR | 1,400,000 | 1,768,706 | ||||||||
| Entergy Corp., 5.875% to 3/15/31, due 6/15/56(b) |
|
8,000,000 | 8,010,668 | |||||||||
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(b) |
|
6,232,000 | 6,528,132 | |||||||||
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(b) |
|
5,373,000 | 5,654,556 | |||||||||
| Evergy, Inc., 6.65% to 3/1/30, due 6/1/55(b) |
|
13,009,000 | 13,394,131 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, due 8/15/55(b) |
|
7,970,000 | 8,235,337 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(b) |
|
4,850,000 | 5,010,603 | |||||||||
| NiSource, Inc., 5.75% to 4/15/31, due 7/15/56(b) |
|
4,490,000 | 4,516,844 | |||||||||
| Sempra, 4.125% to 1/1/27, due 4/1/52(b) |
|
13,894,000 | 13,774,616 | |||||||||
| Sempra, 6.375% to 1/1/31, due 4/1/56(b) |
|
6,010,000 | 6,151,271 | |||||||||
| Sempra, 6.875% to 7/1/29, due 10/1/54(b) |
|
13,076,000 | 13,410,811 | |||||||||
| Spire, Inc., 6.25% to 3/1/31, due 6/1/56(b) |
|
12,710,000 | 12,671,342 | |||||||||
| WEC Energy Group, Inc., 5.625% to 2/15/31, due 5/15/56(b) |
|
4,475,000 | 4,500,496 | |||||||||
|
|
|
|||||||||||
| 256,330,786 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED
SECURITIES—OVER-THE-COUNTER |
|
1,626,738,948 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS |
9.6 | % | ||||||||||
| CONSUMER STAPLE PRODUCTS |
0.3 | % | ||||||||||
| Mars, Inc., 4.60%, due 3/1/28(f) |
|
5,640,000 | 5,716,114 | |||||||||
|
|
|
|||||||||||
5
| Principal Amount* |
Value | |||||||||||
| HEALTH CARE |
0.6 | % | ||||||||||
| AbbVie, Inc., 4.65%, due 3/15/28 |
|
3,990,000 | $ | 4,057,536 | ||||||||
| Eli Lilly & Co., 4.00%, due 10/15/28 |
|
6,800,000 | 6,852,118 | |||||||||
|
|
|
|||||||||||
| 10,909,654 | ||||||||||||
|
|
|
|||||||||||
| OIL & GAS |
0.2 | % | ||||||||||
| Repsol E&P Capital Markets U.S. LLC, 5.204%, due 9/16/30 (Spain)(f) |
|
3,950,000 | 4,011,969 | |||||||||
|
|
|
|||||||||||
| PIPELINES |
0.6 | % | ||||||||||
| South Bow USA Infrastructure Holdings LLC, 4.911%, due 9/1/27 (Canada) |
|
7,130,000 | 7,208,321 | |||||||||
| South Bow USA Infrastructure Holdings LLC, 5.026%, due 10/1/29 (Canada) |
|
4,000,000 | 4,062,395 | |||||||||
|
|
|
|||||||||||
| 11,270,716 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE |
6.0 | % | ||||||||||
| American Homes 4 Rent LP, 4.25%, due 2/15/28 |
|
13,144,000 | 13,152,041 | |||||||||
| American Homes 4 Rent LP, 4.95%, due 6/15/30 |
|
1,500,000 | 1,519,806 | |||||||||
| American Tower Corp., 4.90%, due 3/15/30 |
|
5,000,000 | 5,109,531 | |||||||||
| American Tower Corp., 5.80%, due 11/15/28 |
|
4,850,000 | 5,066,045 | |||||||||
| Brixmor Operating Partnership LP, 4.125%, due 6/15/26 |
|
2,000,000 | 2,000,325 | |||||||||
| Crown Castle, Inc., 4.80%, due 9/1/28 |
|
2,000,000 | 2,030,840 | |||||||||
| Crown Castle, Inc., 5.00%, due 1/11/28 |
|
3,000,000 | 3,047,626 | |||||||||
| Crown Castle, Inc., 5.60%, due 6/1/29 |
|
4,125,000 | 4,285,105 | |||||||||
| Equinix, Inc., 1.55%, due 3/15/28 |
|
3,000,000 | 2,855,545 | |||||||||
| ERP Operating LP, 3.25%, due 8/1/27 |
|
1,090,000 | 1,080,922 | |||||||||
| Federal Realty OP LP, 3.25%, due 7/15/27 |
|
7,026,000 | 6,952,792 | |||||||||
| Global Net Lease, Inc., 4.50%, due 9/30/28(f) |
|
3,395,000 | 3,327,170 | |||||||||
| Hudson Pacific Properties LP, 3.25%, due 1/15/30 |
|
5,640,000 | 4,789,449 | |||||||||
| Hudson Pacific Properties LP, 4.65%, due 4/1/29 |
|
1,250,000 | 1,146,772 | |||||||||
| Hudson Pacific Properties LP, 5.95%, due 2/15/28 |
|
2,975,000 | 2,928,200 | |||||||||
| Lineage OP LP, 5.25%, due 7/15/30(f) |
|
4,400,000 | 4,439,121 | |||||||||
| Newmark Group, Inc., 7.50%, due 1/12/29 |
|
3,050,000 | 3,247,533 | |||||||||
| Prologis Targeted U.S. Logistics Fund LP, 5.25%, due 4/1/29(f) |
|
5,000,000 | 5,149,651 | |||||||||
| Realty Income Corp., 4.75%, due 2/15/29 |
|
4,000,000 | 4,076,651 | |||||||||
| Realty Income Corp., 4.875%, due 6/1/26 |
|
6,996,000 | 7,002,684 | |||||||||
| Tanger Properties LP, 3.875%, due 7/15/27 |
|
4,825,000 | 4,804,895 | |||||||||
| UDR, Inc., 3.50%, due 7/1/27 |
|
2,085,000 | 2,072,574 | |||||||||
| UDR, Inc., 3.50%, due 1/15/28 |
|
1,411,000 | 1,398,548 | |||||||||
| VICI Properties LP, 4.75%, due 4/1/28 |
|
3,395,000 | 3,430,644 | |||||||||
| VICI Properties LP/VICI Note Co., Inc., 4.125%, due 8/15/30(f) |
|
5,467,000 | 5,307,601 | |||||||||
| VICI Properties LP/VICI Note Co., Inc., 4.25%, due 12/1/26(f) |
|
2,650,000 | 2,649,381 | |||||||||
| VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(f) |
|
7,000,000 | 7,075,386 | |||||||||
| Welltower OP LLC, 4.25%, due 4/1/26 |
|
5,000,000 | 4,998,989 | |||||||||
| Welltower OP LLC, 4.25%, due 4/15/28 |
|
1,000,000 | 1,007,434 | |||||||||
|
|
|
|||||||||||
| 115,953,261 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
1.9 | % | ||||||||||
| Algonquin Power & Utilities Corp., 5.365%, due 6/15/26 (Canada) |
|
12,485,000 | 12,542,117 | |||||||||
| Dominion Energy, Inc., 4.60%, due 5/15/28 |
|
2,485,000 | 2,517,155 | |||||||||
| DTE Energy Co., 4.95%, due 7/1/27 |
|
5,000,000 | 5,063,963 | |||||||||
| Enel Finance International NV, 4.625%, due 6/15/27 (Italy)(f) |
|
12,000,000 | 12,081,285 | |||||||||
6
| Principal Amount* |
Value | |||||||||||
| Southern Co., 5.113%, due 8/1/27 |
|
3,900,000 | $ | 3,962,403 | ||||||||
|
|
|
|||||||||||
| 36,166,923 | ||||||||||||
|
|
|
|||||||||||
| TOTAL CORPORATE BONDS |
|
184,028,637 | ||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS |
0.3 | % | ||||||||||
| MONEY MARKET FUNDS |
||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.64%(i) |
|
5,960,966 | 5,960,966 | |||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%(i) |
|
53,273 | 53,273 | |||||||||
|
|
|
|||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
|
6,014,239 | ||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS IN SECURITIES |
98.8 | % | 1,888,303,667 | |||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES |
1.2 | 22,444,893 | ||||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
100.0 | % | $ | 1,910,748,560 | ||||||||
|
|
|
|
|
|||||||||
Centrally Cleared Interest Rate Swap Contracts
| Notional Amount |
Fixed Rate |
Fixed Rate Pay/Receive |
Fixed Payment Frequency |
Floating Rate |
Floating Rate Pay/Receive |
Floating Payment Frequency |
Maturity Date |
Unrealized Appreciation (Depreciation) |
Upfront Payments (Receipts) |
Value | ||||||||||||||||||||||||||||||||
| EUR 26,600,000 | 2.388 | % | Pay | Annually | 2.170 | %(j) | Receive | Semi-Annually | 12/16/30 | $ | 168,145 | $ | — | $ | 168,145 | |||||||||||||||||||||||||||
| 14,000,000 | 2.547 | % | Pay | Annually | 2.143 | %(j) | Receive | Semi-Annually | 1/20/31 | (26,185 | ) | — | (26,185 | ) | ||||||||||||||||||||||||||||
| 11,700,000 | 2.548 | % | Pay | Annually | 2.127 | %(j) | Receive | Semi-Annually | 11/1/32 | 82,639 | — | 82,639 | ||||||||||||||||||||||||||||||
| $ 32,000,000 | 3.227 | % | Receive | Annually | 3.680 | %(k) | Pay | Annually | 12/16/30 | (440,040 | ) | — | (440,040 | ) | ||||||||||||||||||||||||||||
| 16,300,000 | 3.541 | % | Receive | Annually | 3.680 | %(k) | Pay | Annually | 1/21/31 | 9,819 | — | 9,819 | ||||||||||||||||||||||||||||||
| 13,600,000 | 3.497 | % | Receive | Annually | 3.680 | %(k) | Pay | Annually | 11/1/32 | (142,101 | ) | — | (142,101 | ) | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
| $ | (347,723 | ) | $ | — | $ | (347,723 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts
| Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Brown Brothers Harriman |
EUR | 101,386,140 | USD | 119,060,786 | 2/23/26 | $ | (1,230,538 | ) | ||||||||||
| Brown Brothers Harriman |
GBP | 49,796,416 | USD | 66,963,233 | 2/23/26 | (1,174,173 | ) | |||||||||||
|
|
||||||||||||||||||
| $ | (2,404,711 | ) | ||||||||||||||||
|
|
||||||||||||||||||
Glossary of Portfolio Abbreviations
| CMT | Constant Maturity Treasury | |
| EUR | Euro Currency | |
| EURIBOR | Euro Interbank Offered Rate | |
| GBP | British Pound | |
| ICON | Income Capital Obligation Note | |
| OIS | Overnight Indexed Swap | |
| SOFR | Secured Overnight Financing Rate | |
| USD | United States Dollar |
7
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Schedule of Investments.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Quoted Prices in Active Markets for Identical Investments (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
| Preferred Securities—Exchange-Traded: |
||||||||||||||||
| Banking |
$ | 27,409,032 | $ | 3,544,175 | $ | — | $ | 30,953,207 | ||||||||
| Other Industries |
40,568,636 | — | — | 40,568,636 | ||||||||||||
| Preferred Securities—Over-the-Counter |
— | 1,626,738,948 | — | 1,626,738,948 | ||||||||||||
| Corporate Bonds |
— | 184,028,637 | — | 184,028,637 | ||||||||||||
| Short-Term Investments |
— | 6,014,239 | — | 6,014,239 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | 67,977,668 | $ | 1,820,325,999 | $ | — | $ | 1,888,303,667 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Interest Rate Swap Contracts |
$ | — | $ | 260,603 | $ | — | $ | 260,603 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Assets |
$ | — | $ | 260,603 | $ | — | $ | 260,603 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (2,404,711 | ) | $ | — | $ | (2,404,711 | ) | ||||||
| Interest Rate Swap Contracts |
— | (608,326 | ) | — | (608,326 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Liabilities |
$ | — | $ | (3,013,037 | ) | $ | — | $ | (3,013,037 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
Note: Percentages indicated are based on the net assets of the Fund.
| * | Amount denominated in U.S. dollars unless otherwise indicated. |
| † | Represents shares. |
| (a) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (b) |
Security converts to floating rate after the indicated fixed–rate coupon period. |
| (c) | Variable rate. Rate shown is in effect at January 31, 2026. |
| (d) | 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 $454,528,542 or 23.8% of the net assets of the Fund. |
| (e) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $245,859,972 which represents 12.9% of the net assets of the Fund, of which 0.0% are illiquid. |
| (f) | 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 $274,516,671 which represents 14.4% of the net assets of the Fund, of which 0.2% are illiquid. |
| (g) | Non–income producing security. |
| (h) | Security is in default. |
| (i) | Rate quoted represents the annualized seven–day yield. |
| (j) | Based on 6-Month EURIBOR. Represents rates in effect at January 31, 2026. |
| (k) | Based on 1-Day USD-SOFR-OIS. Represents rates in effect at January 31, 2026. |
8
| Country Summary |
% of Net Assets |
|||
| United States |
50.0 | |||
| Canada |
18.0 | |||
| France |
7.4 | |||
| United Kingdom |
7.3 | |||
| Switzerland |
3.8 | |||
| Japan |
2.7 | |||
| Spain |
2.1 | |||
| Germany |
1.7 | |||
| Netherlands |
1.5 | |||
| Italy |
0.9 | |||
| Sweden |
0.7 | |||
| Austria |
0.6 | |||
| Ireland |
0.5 | |||
| Greece |
0.5 | |||
| Finland |
0.5 | |||
| Other (includes short-term investments) |
1.8 | |||
|
|
|
|||
| 100.0 | ||||
|
|
|
|||
9
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. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse. Over-the-counter (OTC) total return swap contracts are valued based upon prices provided by a third-party pricing service or counterparty.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the 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 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 Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, 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.
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) |
COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The levels associated with valuing the Fund’s investments as of January 31, 2026 are disclosed in the Fund’s Schedule of Investments.
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.
Centrally Cleared Interest Rate Swap Contracts: The Fund may enter into interest rate swap contracts to manage interest rate risk. An interest rate swap involves the exchange of cash flows based on interest rate specifications and a specified principal amount, often a fixed payment for a floating payment that is linked to an interest rate. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).
Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).
Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.
Over-the-Counter Total Return Swap Contracts: In a total return swap, one party receives a periodic payment equal to the total return of a specified security, basket of securities, index, or other reference asset for a specified period of time. In return, the other party receives a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the value of the swap are recorded as unrealized appreciation and depreciation. Periodic payments received or made are recorded as realized gains or losses. The Fund bears the risk of loss in the event of nonperformance by the swap counterparty. Risks may also arise from unanticipated movements in the value of exchange rates, interest rates, securities, index, or other reference asset.
At January 31, 2026, the Fund did not have any total return swap contracts outstanding.