COHEN & STEERS LIMITED DURATION PREFERRED AND INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
March 31, 2025 (Unaudited)
| Shares | Value | |||||||||||
| PREFERRED SECURITIES—EXCHANGE-TRADED |
8.0 | % | ||||||||||
| BANKING |
2.5 | % | ||||||||||
| Bank of New York Mellon Corp., 6.15% to 3/20/30, Series K(a)(b)(c) |
|
132,400 | $ | 3,376,200 | ||||||||
| M&T Bank Corp., 7.50%, Series J(b)(c) |
|
171,172 | 4,467,589 | |||||||||
| Morgan Stanley, 6.625%, Series Q(b)(c) |
|
112,834 | 2,877,267 | |||||||||
| Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(b)(c) |
|
81,018 | 1,914,455 | |||||||||
| U.S. Bancorp, 5.164% (3 Month USD Term SOFR + 0.862%, Floor 3.50%), Series B(b)(c)(d) |
|
83,844 | 1,807,677 | |||||||||
| U.S. Bancorp, 5.584% (3 Month USD Term SOFR + 1.282%, Floor 3.50%), Series A(b)(c)(d) |
|
1,511 | 1,300,971 | |||||||||
|
|
|
|||||||||||
| 15,744,159 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
0.9 | % | ||||||||||
| Brookfield Oaktree Holdings LLC, 6.55%, Series B(b)(c) |
|
99,985 | 2,076,689 | |||||||||
| Brookfield Oaktree Holdings LLC, 6.625%, Series A(b)(c) |
|
39,252 | 846,273 | |||||||||
| TPG Operating Group II LP, 6.95%, due 3/15/64(b) |
|
113,258 | 2,831,450 | |||||||||
|
|
|
|||||||||||
| 5,754,412 | ||||||||||||
|
|
|
|||||||||||
| INDUSTRIAL SERVICES |
1.0 | % | ||||||||||
| WESCO International, Inc., 10.625% to 6/22/25, Series A(a)(c) |
|
252,106 | 6,368,198 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
1.7 | % | ||||||||||
| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b)(c) |
|
69,846 | 1,699,353 | |||||||||
| Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(a)(b) |
|
127,655 | 3,218,183 | |||||||||
| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b)(c) |
|
81,970 | 2,143,515 | |||||||||
| F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53(b) |
|
68,732 | 1,758,165 | |||||||||
| Lincoln National Corp., 9.00%, Series D(b)(c) |
|
74,292 | 1,976,167 | |||||||||
|
|
|
|||||||||||
| 10,795,383 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
0.3 | % | ||||||||||
| U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70(b) |
|
37,357 | 824,469 | |||||||||
| U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(b) |
|
40,539 | 896,723 | |||||||||
| U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69(b) |
|
4,834 | 115,242 | |||||||||
|
|
|
|||||||||||
| 1,836,434 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
1.6 | % | ||||||||||
| Algonquin Power & Utilities Corp., 8.864% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada)(b)(d) |
|
46,926 | 1,182,535 | |||||||||
| SCE Trust V, 5.45% to 3/15/26, Series K(a)(b)(c) |
|
44,876 | 1,028,109 | |||||||||
| SCE Trust VII, 7.50%, Series M(b)(c) |
|
201,086 | 4,624,978 | |||||||||
| SCE Trust VIII, 6.95%, Series N(b)(c) |
|
126,253 | 2,867,206 | |||||||||
|
|
|
|||||||||||
| 9,702,828 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED
SECURITIES—EXCHANGE-TRADED |
|
50,201,414 | ||||||||||
|
|
|
|||||||||||
| Principal Amount* |
||||||||||||
| PREFERRED SECURITIES—OVER-THE-COUNTER |
138.3 | % | ||||||||||
| BANKING |
83.2 | % | ||||||||||
| ABN AMRO Bank NV, 6.375% to 9/22/34 (Netherlands)(a)(c)(e)(f) |
|
EUR | 600,000 | 653,240 | ||||||||
| ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)(a)(c)(e)(f) |
|
EUR | 2,200,000 | 2,488,882 | ||||||||
| AIB Group PLC, 6.00% to 7/14/31 (Ireland)(a)(c)(e)(f) |
|
EUR | 2,000,000 | 2,109,994 | ||||||||
1
| Principal Amount* |
Value | |||||||||
| AIB Group PLC, 7.125% to 10/30/29 (Ireland)(a)(c)(e)(f) |
EUR | 3,200,000 | $ | 3,625,572 | ||||||
| Alpha Services & Holdings SA, 7.50% to 6/10/30 (Greece)(a)(c)(e)(f) |
EUR | 1,800,000 | 2,043,087 | |||||||
| Alpha Services & Holdings SA, 11.875% to 2/8/28 (Greece)(a)(c)(e)(f) |
EUR | 800,000 | 1,007,776 | |||||||
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(a)(c)(e) |
3,041,000 | 3,309,441 | ||||||||
| Banco Santander SA, 7.00% to 11/20/29 (Spain)(a)(c)(e)(f) |
EUR | 1,200,000 | 1,362,687 | |||||||
| Banco Santander SA, 8.00% to 2/1/34 (Spain)(a)(c)(e) |
6,000,000 | 6,246,810 | ||||||||
| Banco Santander SA, 9.625% to 11/21/28 (Spain)(a)(c)(e) |
3,000,000 | 3,301,059 | ||||||||
| Banco Santander SA, 9.625% to 5/21/33 (Spain)(a)(c)(e) |
6,400,000 | 7,367,565 | ||||||||
| Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(b)(c) |
2,812,000 | 2,837,458 | ||||||||
| Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(b)(c) |
1,329,000 | 1,348,866 | ||||||||
| Bank of Ireland Group PLC, 6.375% to 3/10/30 (Ireland)(a)(c)(e)(f) |
EUR | 1,000,000 | 1,093,479 | |||||||
| Bank of Montreal, 7.30% to 11/26/34, due 11/26/84 (Canada)(a)(b) |
3,730,000 | 3,723,352 | ||||||||
| Bank of New York Mellon Corp., 3.75% to 12/20/26, Series I(a)(b)(c) |
1,032,000 | 989,031 | ||||||||
| Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)(a)(b) |
3,200,000 | 3,178,348 | ||||||||
| Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(a)(b) |
2,200,000 | 2,277,730 | ||||||||
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(a)(b) |
5,200,000 | 5,450,968 | ||||||||
| Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(a)(c) |
1,820,000 | 1,946,672 | ||||||||
| Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(a)(c)(e) |
800,000 | 800,382 | ||||||||
| Barclays PLC, 7.625% to 3/15/35 (United Kingdom)(a)(c)(e) |
5,000,000 | 4,902,229 | ||||||||
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(c)(e) |
2,600,000 | 2,687,004 | ||||||||
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a)(c)(e)(f) |
GBP | 4,000,000 | 5,387,292 | |||||||
| Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(a)(c)(e) |
GBP | 2,000,000 | 2,738,552 | |||||||
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(c)(e) |
8,400,000 | 9,234,548 | ||||||||
| BNP Paribas SA, 4.625% to 1/12/27 (France)(a)(c)(e)(g) |
3,000,000 | 2,885,471 | ||||||||
| BNP Paribas SA, 4.625% to 2/25/31 (France)(a)(c)(e)(g) |
7,400,000 | 6,388,407 | ||||||||
| BNP Paribas SA, 7.00% to 8/16/28 (France)(a)(c)(e)(g) |
2,000,000 | 2,025,392 | ||||||||
| BNP Paribas SA, 7.375% to 8/19/25 (France)(a)(c)(e)(g) |
2,800,000 | 2,812,704 | ||||||||
| BNP Paribas SA, 7.375% to 9/10/34 (France)(a)(c)(e)(g) |
3,600,000 | 3,608,511 | ||||||||
| BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(b)(c)(e)(g) |
9,800,000 | 10,118,559 | ||||||||
| BNP Paribas SA, 8.00% to 8/22/31 (France)(a)(c)(e)(g) |
2,600,000 | 2,707,830 | ||||||||
| BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(c)(e)(g) |
7,000,000 | 7,338,275 | ||||||||
| BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(c)(e)(g) |
2,600,000 | 2,785,317 | ||||||||
| BPER Banca SpA, 6.50% to 3/20/30 (Italy)(a)(c)(e)(f) |
EUR | 800,000 | 882,384 | |||||||
| CaixaBank SA, 6.25% to 7/24/32 (Spain)(a)(c)(e)(f) |
EUR | 5,200,000 | 5,636,815 | |||||||
| CaixaBank SA, 7.50% to 1/16/30 (Spain)(a)(c)(e)(f) |
EUR | 1,600,000 | 1,866,323 | |||||||
| CaixaBank SA, 8.25% to 3/13/29 (Spain)(a)(c)(e)(f) |
EUR | 800,000 | 950,824 | |||||||
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b)(c) |
11,808,000 | 11,524,439 | ||||||||
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b)(c) |
10,076,000 | 8,942,439 | ||||||||
| Charles Schwab Corp., 5.00% to 6/1/27, Series K(a)(b)(c) |
712,000 | 705,796 | ||||||||
| Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(c) |
2,667,000 | 2,612,005 | ||||||||
| Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(c) |
808,000 | 814,824 | ||||||||
| Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(b)(c) |
11,814,000 | 11,809,485 | ||||||||
| Citigroup, Inc., 7.00% to 8/15/34, Series DD(a)(c) |
7,328,000 | 7,615,734 | ||||||||
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(b)(c) |
11,738,000 | 12,241,126 | ||||||||
| CoBank ACB, 6.25% to 10/1/26, Series I(a)(b)(c) |
5,755,000 | 5,764,675 | ||||||||
| CoBank ACB, 6.45% to 10/1/27, Series K(a)(c) |
2,300,000 | 2,302,649 | ||||||||
| CoBank ACB, 7.125% to 1/1/30, Series M(a)(c) |
2,250,000 | 2,290,790 | ||||||||
| Commerzbank AG, 7.50% to 10/9/30 (Germany)(a)(c)(e)(f) |
3,600,000 | 3,611,347 | ||||||||
| Commerzbank AG, 7.875% to 10/9/31 (Germany)(a)(c)(e)(f) |
EUR | 1,000,000 | 1,176,389 | |||||||
| Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(a)(c)(e)(f) |
GBP | 2,200,000 | 2,942,711 | |||||||
2
| Principal Amount* |
Value | |||||||||
| Credit Suisse Group AG, 5.25%, Claim (Switzerland)(c)(e)(g)(h)(i) |
1,400,000 | $ | 112,000 | |||||||
| Credit Suisse Group AG, 6.375%, Claim (Switzerland)(c)(e)(g)(h)(i) |
4,300,000 | 344,000 | ||||||||
| Credit Suisse Group AG, 7.50%, Claim (Switzerland)(c)(e)(g)(h)(i) |
2,400,000 | 192,000 | ||||||||
| Deutsche Bank AG, 7.375% to 10/30/31 (Germany)(a)(c)(e)(f) |
EUR | 4,200,000 | 4,598,254 | |||||||
| Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(a)(c)(e)(f) |
EUR | 3,200,000 | 3,644,257 | |||||||
| Erste Group Bank AG, 7.00% to 4/15/31 (Austria)(a)(b)(c)(e)(f) |
EUR | 2,200,000 | 2,482,685 | |||||||
| Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4(a)(c)(g) |
3,725,000 | 3,725,000 | ||||||||
| Farm Credit Bank of Texas, 7.75% to 6/15/29(a)(c) |
2,260,000 | 2,361,698 | ||||||||
| First Citizens BancShares, Inc., 8.533% (3 Month USD Term SOFR + 4.234%), Series B(c)(d) |
4,674,000 | 4,818,141 | ||||||||
| First Horizon Bank, 5.401% (3 Month USD Term SOFR +
1.112%, |
14,750 | † | 10,620,000 | |||||||
| Goldman Sachs Capital I, 6.345%, due 2/15/34(b) |
1,326,000 | 1,401,029 | ||||||||
| Goldman Sachs Group, Inc., 6.85% to 2/10/30(a)(c) |
1,395,000 | 1,415,921 | ||||||||
| Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(b)(c) |
14,494,000 | 15,238,644 | ||||||||
| HSBC Holdings PLC, 4.60% to 12/17/30 (United Kingdom)(a)(b)(c)(e) |
2,900,000 | 2,571,353 | ||||||||
| HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(c)(e) |
5,800,000 | 5,776,247 | ||||||||
| HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom)(b) |
1,900,000 | 2,025,262 | ||||||||
| HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a)(b)(c)(e) |
2,000,000 | 2,008,714 | ||||||||
| HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)(a)(b)(c)(e) |
2,000,000 | 2,005,968 | ||||||||
| HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(c)(e) |
2,600,000 | 2,742,839 | ||||||||
| Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(a)(c) |
1,085,000 | 1,046,804 | ||||||||
| Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(a)(c) |
2,553,000 | 2,544,666 | ||||||||
| ING Groep NV, 4.25% to 5/16/31, Series NC10 (Netherlands)(a)(c)(e) |
600,000 | 502,899 | ||||||||
| ING Groep NV, 4.875% to 5/16/29 (Netherlands)(a)(c)(e)(f) |
5,000,000 | 4,596,900 | ||||||||
| ING Groep NV, 5.75% to 11/16/26 (Netherlands)(a)(c)(e) |
3,600,000 | 3,574,684 | ||||||||
| ING Groep NV, 7.25% to 11/16/34 (Netherlands)(a)(c)(e)(f) |
5,700,000 | 5,778,375 | ||||||||
| ING Groep NV, 7.50% to 5/16/28 (Netherlands)(a)(c)(e)(f) |
2,300,000 | 2,362,606 | ||||||||
| ING Groep NV, 8.00% to 5/16/30 (Netherlands)(a)(c)(e)(f) |
6,800,000 | 7,151,050 | ||||||||
| Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)(a)(c)(e)(f) |
EUR | 2,400,000 | 2,717,881 | |||||||
| Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(a)(c)(e)(g) |
3,400,000 | 3,404,442 | ||||||||
| JPMorgan Chase & Co., 4.00% to 7/1/25, Series II(a)(b)(c) |
4,110,000 | 4,132,605 | ||||||||
| JPMorgan Chase & Co., 6.50% to 4/1/30, Series OO(a)(b)(c) |
3,105,000 | 3,185,553 | ||||||||
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b)(c) |
7,049,000 | 7,421,180 | ||||||||
| Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)(a)(c)(e)(f) |
2,400,000 | 2,386,164 | ||||||||
| KBC Group NV, 6.25% to 9/17/31 (Belgium)(a)(c)(e)(f) |
EUR | 800,000 | 880,781 | |||||||
| KeyCorp Capital III, 7.75%, due 7/15/29 |
2,000,000 | 2,125,707 | ||||||||
| Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany)(a)(b)(c)(e)(f) |
EUR | 1,200,000 | 1,274,147 | |||||||
| Lloyds Banking Group PLC, 6.75% to 9/27/31 (United Kingdom)(a)(c)(e) |
4,200,000 | 4,002,847 | ||||||||
| Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(a)(c)(e) |
1,800,000 | 1,810,606 | ||||||||
| Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)(a)(b)(c)(e) |
GBP | 2,800,000 | 3,530,997 | |||||||
| Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a)(c)(e) |
1,600,000 | 1,664,438 | ||||||||
| Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)(a)(c)(e) |
GBP | 1,200,000 | 1,601,637 | |||||||
| M&T Bank Corp., 3.50% to 9/1/26, Series I(a)(c) |
626,000 | 595,338 | ||||||||
| Mellon Capital IV, 5.131% (3 Month USD Term SOFR + 0.827%, Floor 4.00%), Series 1(b)(c)(d) |
2,967,000 | 2,524,724 | ||||||||
| Nationwide Building Society, 7.50% to 12/20/30 (United Kingdom)(a)(c)(e)(f) |
GBP | 1,200,000 | 1,541,380 | |||||||
| NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a)(c)(e) |
2,400,000 | 2,402,152 | ||||||||
| NatWest Group PLC, 7.50% to 2/28/32 (United Kingdom)(a)(b)(c)(e) |
GBP | 2,000,000 | 2,514,822 | |||||||
| NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(a)(c)(e) |
3,600,000 | 3,788,561 | ||||||||
| Nordea Bank Abp, 6.625% to 3/26/26 (Finland)(a)(b)(c)(e)(g) |
2,000,000 | 2,011,090 | ||||||||
| Piraeus Financial Holdings SA, 8.75% to 6/16/26 (Greece)(a)(c)(e)(f) |
EUR | 1,200,000 | 1,352,496 | |||||||
| PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b)(c) |
3,809,000 | 3,832,989 | ||||||||
3
| Principal Amount* |
Value | |||||||||||
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b)(c) |
|
4,850,000 | $ | 4,929,525 | ||||||||
| PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(b)(c) |
|
6,579,000 | 6,629,132 | |||||||||
| Regions Financial Corp., 5.75% to 6/15/25, Series D(a)(c) |
|
1,416,000 | 1,411,725 | |||||||||
| Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a)(b)(c)(e)(f) |
|
800,000 | 812,500 | |||||||||
| Societe Generale SA, 5.375% to 11/18/30 (France)(a)(c)(e)(g) |
|
3,800,000 | 3,340,059 | |||||||||
| Societe Generale SA, 6.75% to 4/6/28 (France)(a)(c)(e)(g) |
|
5,400,000 | 5,268,896 | |||||||||
| Societe Generale SA, 8.00% to 9/29/25 (France)(a)(c)(e)(g) |
|
500,000 | 503,172 | |||||||||
| Societe Generale SA, 8.125% to 11/21/29 (France)(a)(c)(e)(g) |
|
3,800,000 | 3,794,906 | |||||||||
| Societe Generale SA, 8.50% to 3/25/34 (France)(a)(c)(e)(g) |
|
2,000,000 | 2,065,986 | |||||||||
| Societe Generale SA, 9.375% to 11/22/27 (France)(a)(c)(e)(g) |
|
6,200,000 | 6,552,197 | |||||||||
| Societe Generale SA, 10.00% to 11/14/28 (France)(a)(c)(e)(g) |
|
6,600,000 | 7,153,562 | |||||||||
| Standard Chartered PLC, 4.75% to 1/14/31 (United Kingdom)(a)(c)(e)(g) |
|
3,000,000 | 2,656,603 | |||||||||
| Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)(a)(c)(e)(g) |
|
5,000,000 | 5,164,520 | |||||||||
| State Street Corp., 6.45% to 9/15/30, Series K(a)(c) |
|
475,000 | 475,768 | |||||||||
| State Street Corp., 6.70% to 3/15/29, Series I(a)(c) |
|
5,067,000 | 5,207,695 | |||||||||
| State Street Corp., 6.70% to 9/15/29, Series J(a)(c) |
|
4,755,000 | 4,880,194 | |||||||||
| Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a)(b)(c)(e)(f) |
|
1,400,000 | 1,260,886 | |||||||||
| Swedbank AB, 7.625% to 3/17/28 (Sweden)(a)(c)(e)(f) |
|
1,000,000 | 1,033,125 | |||||||||
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(a)(c)(e)(f) |
|
5,200,000 | 5,378,750 | |||||||||
| Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(a)(b) |
|
2,300,000 | 2,317,377 | |||||||||
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(b) |
|
7,000,000 | 7,258,335 | |||||||||
| Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(b)(c) |
|
2,403,000 | 2,336,431 | |||||||||
| Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(b)(c) |
|
2,400,000 | 2,360,668 | |||||||||
| Truist Financial Corp., 6.669% to 9/1/25, Series N(a)(b)(c) |
|
8,821,000 | 8,806,433 | |||||||||
| UBS Group AG, 4.375% to 2/10/31 (Switzerland)(a)(c)(e)(g) |
|
6,000,000 | 5,152,802 | |||||||||
| UBS Group AG, 4.875% to 2/12/27 (Switzerland)(a)(c)(e)(g) |
|
2,900,000 | 2,820,302 | |||||||||
| UBS Group AG, 6.85% to 9/10/29 (Switzerland)(a)(c)(e)(g) |
|
5,000,000 | 4,983,467 | |||||||||
| UBS Group AG, 7.75% to 4/12/31 (Switzerland)(a)(c)(e)(g) |
|
1,900,000 | 1,981,605 | |||||||||
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(c)(e)(g) |
|
6,800,000 | 7,402,072 | |||||||||
| UBS Group AG, 9.25% to 11/13/33 (Switzerland)(a)(b)(c)(e)(g) |
|
9,200,000 | 10,522,058 | |||||||||
| UniCredit SpA, 6.50% to 12/3/31 (Italy)(a)(c)(e)(f) |
|
EUR | 2,000,000 | 2,216,154 | ||||||||
| USB Capital IX, 5.584% (3 Month USD Term SOFR + 1.282%, |
|
5,943,000 | 5,146,734 | |||||||||
| USB Realty Corp., 5.711% (3 Month USD Term SOFR + 1.409%)(b)(c)(d)(g) |
|
3,000,000 | 2,443,363 | |||||||||
| U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(b)(c) |
|
943,000 | 934,896 | |||||||||
| Virgin Money U.K. PLC, 8.25% to 6/17/27 (United Kingdom)(a)(c)(e)(f) |
|
GBP | 2,200,000 | 2,927,104 | ||||||||
| Virgin Money U.K. PLC, 11.00% to 12/8/28 (United Kingdom)(a)(b)(c)(e)(f) |
|
GBP | 500,000 | 731,600 | ||||||||
| Wells Fargo & Co., 5.95%, due 12/15/36(b) |
|
1,832,000 | 1,852,295 | |||||||||
| Wells Fargo & Co., 6.85% to 9/15/29(a)(b)(c) |
|
10,453,000 | 10,873,326 | |||||||||
| Wells Fargo & Co., 7.625% to 9/15/28(a)(b)(c) |
|
9,810,000 | 10,503,891 | |||||||||
| Wells Fargo & Co., 7.95%, due 11/15/29, Series B(b) |
|
445,000 | 503,273 | |||||||||
|
|
|
|||||||||||
| 525,411,165 | ||||||||||||
|
|
|
|||||||||||
| CONSUMER DISCRETIONARY PRODUCTS |
0.3 | % | ||||||||||
| Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5 (Germany)(a)(b)(c)(f) |
|
EUR | 400,000 | 466,306 | ||||||||
| Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)(a)(b)(c)(f) |
|
EUR | 1,300,000 | 1,569,637 | ||||||||
|
|
|
|||||||||||
| 2,035,943 | ||||||||||||
|
|
|
|||||||||||
| ENERGY |
0.9 | % | ||||||||||
| BP Capital Markets PLC, 6.125% to 3/18/35(a)(b)(c) |
|
2,396,000 | 2,363,891 | |||||||||
| BP Capital Markets PLC, 6.45% to 12/1/33(a)(b)(c) |
|
3,415,000 | 3,492,862 | |||||||||
|
|
|
|||||||||||
| 5,856,753 | ||||||||||||
|
|
|
|||||||||||
4
| Principal Amount* |
Value | |||||||||||
| FINANCIAL SERVICES |
3.4 | % | ||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)(a)(b) |
|
2,410,000 | $ | 2,467,628 | ||||||||
| Air Lease Corp., 6.00% to 9/24/29, Series D(a)(c) |
|
1,080,000 | 1,056,790 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/26, Series B(a)(c) |
|
2,983,000 | 2,785,432 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/28, Series C(a)(c) |
|
4,314,000 | 3,720,803 | |||||||||
| Apollo Global Management, Inc., 6.00% to 9/15/34, due 12/15/54(a)(b) |
|
568,000 | 550,054 | |||||||||
| ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(a)(b)(g) |
|
2,503,000 | 2,420,463 | |||||||||
| Discover Financial Services, 6.125% to 6/23/25, Series D(a)(c) |
|
733,000 | 733,393 | |||||||||
| ILFC E-Capital Trust I, 6.117% (3 Month USD Term SOFR + 1.812%), due 12/21/65(d)(g) |
|
4,585,000 | 3,829,885 | |||||||||
| ILFC E-Capital Trust II, 6.367% (3 Month USD Term SOFR + 2.062%), due 12/21/65(d)(g) |
|
4,250,000 | 3,592,427 | |||||||||
|
|
|
|||||||||||
| 21,156,875 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
1.3 | % | ||||||||||
| CVS Health Corp., 7.00% to 12/10/29, due 3/10/55(a) |
|
7,836,000 | 7,917,411 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
17.2 | % | ||||||||||
| Aegon Ltd., 5.625% to 4/15/29 (Netherlands)(a)(c)(e)(f) |
|
EUR | 1,600,000 | 1,728,077 | ||||||||
| Allianz SE, 3.50% to 11/17/25 (Germany)(a)(b)(c)(e)(g) |
|
3,600,000 | 3,483,296 | |||||||||
| Allstate Corp., 7.523% (3 Month USD Term SOFR + 3.200%), due 8/15/53, Series B(d) |
|
3,400,000 | 3,408,231 | |||||||||
| ASR Nederland NV, 6.50% to 4/2/35 (Netherlands)(a)(c)(e)(f) |
|
EUR | 2,800,000 | 3,014,299 | ||||||||
| Athene Holding Ltd., 6.625% to 7/15/34, due 10/15/54(a)(b) |
|
2,624,000 | 2,604,953 | |||||||||
| Athora Netherlands NV, 6.75% to 5/18/31 (Netherlands)(a)(c)(e)(f) |
|
EUR | 1,400,000 | 1,549,828 | ||||||||
| AXA SA, 8.60%, due 12/15/30 (France)(b) |
|
1,290,000 | 1,524,211 | |||||||||
| Corebridge Financial, Inc., 6.375% to 9/15/34, due 9/15/54(a)(b) |
|
1,660,000 | 1,653,339 | |||||||||
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(b) |
|
4,830,000 | 4,937,239 | |||||||||
| Credit Agricole Assurances SA, 6.25% to 6/17/35 (France)(a)(c)(e)(f) |
|
EUR | 1,600,000 | 1,732,502 | ||||||||
| Credit Agricole SA, 5.875% to 3/23/35 (France)(a)(b)(c)(e)(f) |
|
EUR | 900,000 | 938,345 | ||||||||
| Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)(a)(b)(c)(g) |
|
2,400,000 | 2,413,550 | |||||||||
| Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(a)(b) |
|
3,155,000 | 3,081,849 | |||||||||
| Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(a)(b) |
|
2,740,000 | 2,725,686 | |||||||||
| Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(a)(g) |
|
3,230,000 | 3,113,443 | |||||||||
| Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(a)(g) |
|
3,200,000 | 3,328,634 | |||||||||
| Hartford Insurance Group, Inc., 6.71% (3 Month USD Term SOFR + 2.387%), due 2/12/47, Series ICON(b)(d)(g) |
|
9,885,000 | 9,124,294 | |||||||||
| Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(a)(f) |
|
1,979,000 | 1,856,710 | |||||||||
| Lincoln National Corp., 6.595% (3 Month USD Term SOFR + 2.302%), due 4/20/67(b)(d) |
|
6,100,000 | 5,016,132 | |||||||||
| Lincoln National Corp., 6.942% (3 Month USD Term SOFR + 2.619%), due 5/17/66(b)(d) |
|
4,000,000 | 3,292,868 | |||||||||
| Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(c) |
|
2,134,000 | 2,298,512 | |||||||||
| Meiji Yasuda Life Insurance Co., 6.10% to 6/11/35, due 6/11/55 (Japan)(a)(b)(g) |
|
7,800,000 | 7,792,074 | |||||||||
| MetLife Capital Trust IV, 7.875%, due 12/15/37(b)(g) |
|
7,080,000 | 7,774,498 | |||||||||
| MetLife, Inc., 6.35% to 3/15/35, due 3/15/55, Series G(a)(b) |
|
2,990,000 | 3,000,166 | |||||||||
| MetLife, Inc., 9.25%, due 4/8/38(b)(g) |
|
6,150,000 | 7,272,129 | |||||||||
| Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(a)(b) |
|
1,795,000 | 1,832,580 | |||||||||
| QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46 (Australia)(a)(b)(f) |
|
2,500,000 | 2,514,635 | |||||||||
| QBE Insurance Group Ltd., 5.875% to 5/12/25 (Australia)(a)(b)(c)(g) |
|
2,400,000 | 2,398,851 | |||||||||
| Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55(a)(b) |
|
2,380,000 | 2,349,417 | |||||||||
| Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(a)(c)(e)(f) |
|
1,000,000 | 943,112 | |||||||||
| SBL Holdings, Inc., 6.50% to 11/13/26(a)(c)(g) |
|
3,515,000 | 3,260,162 | |||||||||
| SBL Holdings, Inc., 7.00% to 5/13/25(a)(c)(g) |
|
2,075,000 | 2,049,232 | |||||||||
| Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(a)(b)(c)(g) |
|
3,400,000 | 3,380,185 | |||||||||
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(c) |
|
1,109,000 | 1,153,069 | |||||||||
|
|
|
|||||||||||
| 108,546,108 | ||||||||||||
|
|
|
|||||||||||
5
| Principal Amount* |
Value | |||||||||||
| PIPELINES |
13.6 | % | ||||||||||
| Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(a) |
|
1,924,000 | $ | 1,863,567 | ||||||||
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(a) |
|
4,534,000 | 4,480,985 | |||||||||
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(a) |
|
7,464,000 | 7,392,733 | |||||||||
| Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)(a)(b) |
|
3,280,000 | 3,317,976 | |||||||||
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(a) |
|
2,022,000 | 2,061,167 | |||||||||
| Enbridge, Inc., 7.375% to 12/15/29, due 3/15/55 (Canada)(a)(b) |
|
825,000 | 849,043 | |||||||||
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(a) |
|
2,148,000 | 2,255,215 | |||||||||
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(a) |
|
4,579,000 | 4,833,624 | |||||||||
| Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(a) |
|
7,940,000 | 8,764,982 | |||||||||
| Energy Transfer LP, 6.50% to 11/15/26, Series H(a)(c) |
|
3,020,000 | 3,023,989 | |||||||||
| Energy Transfer LP, 6.625% to 2/15/28, Series B(a)(c) |
|
6,559,000 | 6,495,184 | |||||||||
| Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(c) |
|
5,991,000 | 6,077,101 | |||||||||
| Enterprise Products Operating LLC, 7.358% (3 Month USD Term SOFR + 3.039%), due 6/1/67(b)(d) |
|
2,000,000 | 1,999,697 | |||||||||
| Enterprise Products Operating LLC, 7.571% (3 Month USD Term SOFR + 3.248%), due 8/16/77, Series D(b)(d) |
|
4,592,000 | 4,578,144 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(a)(g) |
|
3,490,000 | 3,535,433 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)(a)(g) |
|
3,760,000 | 3,818,393 | |||||||||
| Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(a) |
|
7,491,000 | 7,252,801 | |||||||||
| Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(a) |
|
4,404,000 | 4,120,752 | |||||||||
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(a) |
|
4,773,000 | 4,751,760 | |||||||||
| Venture Global LNG, Inc., 9.00% to 9/30/29(a)(b)(c)(g) |
|
4,859,000 | 4,614,975 | |||||||||
|
|
|
|||||||||||
| 86,087,521 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE |
1.3 | % | ||||||||||
| Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(a)(b)(g) |
|
3,100,000 | 3,043,795 | |||||||||
| Unibail-Rodamco-Westfield SE, 4.875% to 7/4/30 (France)(a)(c)(f) |
|
EUR | 1,800,000 | 1,928,063 | ||||||||
| Unibail-Rodamco-Westfield SE, 7.25% to 7/3/28 (France)(a)(c)(f) |
|
EUR | 2,700,000 | 3,179,163 | ||||||||
|
|
|
|||||||||||
| 8,151,021 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
1.2 | % | ||||||||||
| Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)(a) |
|
2,670,000 | 2,681,963 | |||||||||
| Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)(a) |
|
3,300,000 | 3,305,567 | |||||||||
| Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(a)(c)(f) |
|
EUR | 1,600,000 | 1,836,004 | ||||||||
|
|
|
|||||||||||
| 7,823,534 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
15.9 | % | ||||||||||
| AES Corp., 6.95% to 4/15/30, due 7/15/55(a) |
|
2,306,000 | 2,203,229 | |||||||||
| AES Corp., 7.60% to 10/15/29, due 1/15/55(a) |
|
4,603,000 | 4,656,436 | |||||||||
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due
1/18/82 |
|
5,322,000 | 5,073,612 | |||||||||
| AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada)(a)(g) |
|
3,220,000 | 3,184,538 | |||||||||
| American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(a) |
|
3,428,000 | 3,505,298 | |||||||||
| American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54(a) |
|
5,617,000 | 5,722,044 | |||||||||
| Brookfield Infrastructure Finance ULC, 6.75% to 12/15/29,
due 3/15/55 |
|
1,140,000 | 1,126,181 | |||||||||
| CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(a) |
|
1,092,000 | 1,096,706 | |||||||||
| CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(a) |
|
2,750,000 | 2,798,972 | |||||||||
| CMS Energy Corp., 6.50% to 3/1/35, due 6/1/55(a) |
|
2,940,000 | 2,872,320 | |||||||||
| Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55(a)(b) |
|
1,955,000 | 1,946,154 | |||||||||
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(b) |
|
2,760,000 | 2,858,437 | |||||||||
| Dominion Energy, Inc., 7.00% to 3/3/34, due 6/1/54, Series B(a)(b) |
|
1,340,000 | 1,411,764 | |||||||||
| Edison International, 7.875% to 3/15/29, due 6/15/54(a) |
|
5,730,000 | 5,529,086 | |||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(a) |
|
3,871,000 | 3,893,039 | |||||||||
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(b) |
|
4,590,000 | 4,657,661 | |||||||||
6
| Principal Amount* |
Value | |||||||||||
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(a) |
|
2,695,000 | $ | 2,810,928 | ||||||||
| Evergy, Inc., 6.65% to 3/1/30, due 6/1/55(a)(b) |
|
2,640,000 | 2,603,346 | |||||||||
| Exelon Corp., 6.50% to 12/15/34, due 3/15/55(a)(b) |
|
1,420,000 | 1,414,598 | |||||||||
| NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(b) |
|
1,698,000 | 1,666,704 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, due 8/15/55(a)(b) |
|
2,860,000 | 2,870,230 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55(a)(b) |
|
4,520,000 | 4,619,160 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(b) |
|
4,694,000 | 4,764,025 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(a)(b) |
|
8,623,000 | 8,823,459 | |||||||||
| NiSource, Inc., 6.375% to 12/31/34, due 3/31/55(a) |
|
2,300,000 | 2,278,454 | |||||||||
| NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(a) |
|
1,390,000 | 1,412,777 | |||||||||
| Sempra, 4.125% to 1/1/27, due 4/1/52(a)(b) |
|
3,040,000 | 2,864,193 | |||||||||
| Sempra, 6.40% to 7/1/34, due 10/1/54(a)(b) |
|
5,274,000 | 5,015,529 | |||||||||
| Sempra, 6.875% to 7/1/29, due 10/1/54(a)(b) |
|
4,652,000 | 4,617,971 | |||||||||
| Southern Co., 3.75% to 6/15/26, due 9/15/51, Series 21-A(a)(b) |
|
1,945,000 | 1,893,553 | |||||||||
|
|
|
|||||||||||
| 100,190,404 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED
SECURITIES—OVER-THE-COUNTER |
|
873,176,735 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS |
0.3 | % | ||||||||||
| INSURANCE |
0.2 | % | ||||||||||
| SBL Holdings, Inc., 5.00%, due 2/18/31(b)(g) |
|
1,324,000 | 1,190,002 | |||||||||
|
|
|
|||||||||||
| UTILITIES |
0.1 | % | ||||||||||
| Enel Finance International NV, 7.50%, due 10/14/32 (Italy)(b)(g) |
|
800,000 | 905,770 | |||||||||
|
|
|
|||||||||||
| TOTAL CORPORATE BONDS |
|
2,095,772 | ||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS |
1.5 | % | ||||||||||
| MONEY MARKET FUNDS |
||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28%(j) |
|
3,017,084 | 3,017,084 | |||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%(j) |
|
6,687,252 | 6,687,252 | |||||||||
|
|
|
|||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
|
9,704,336 | ||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS IN SECURITIES |
148.1 | % | 935,178,257 | |||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS |
(48.1 | ) | (303,887,619 | ) | ||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
100.0 | % | $ | 631,290,638 | ||||||||
|
|
|
|
|
|||||||||
7
Centrally Cleared Interest Rate Swap Contracts
|
|
| |||||||||||||||||||||||
| Notional Amount |
Fixed Rate Payable |
Fixed Payment Frequency |
Floating Rate Receivable (resets daily) |
Floating Payment Frequency |
Maturity Date | Value | Upfront Payments (Receipts) |
Unrealized Appreciation (Depreciation) | ||||||||||||||||
|
|
| |||||||||||||||||||||||
| $85,000,000 | 0.548% | Monthly | 4.524%(k) | Monthly | 9/15/25 | $ | 1,616,779 | $ | (3,663 | ) | $ 1,620,442 | |||||||||||||
| 94,000,000 | 1.181% | Monthly | 4.524%(k) | Monthly | 9/15/26 | 3,814,673 | (9,665 | ) | 3,824,338 | |||||||||||||||
| 90,000,000 | 0.930% | Monthly | 4.524%(k) | Monthly | 9/15/27 | 6,203,573 | (12,034 | ) | 6,215,607 | |||||||||||||||
| 40,000,000 | 3.655% | Monthly | USD-SOFR-OIS(l) | Monthly | 9/15/28 | (161,593 | ) | — | (161,593) | |||||||||||||||
| 40,000,000 | 3.588% | Monthly | USD-SOFR-OIS(l) | Monthly | 9/15/28 | (85,285 | ) | — | (85,285) | |||||||||||||||
|
|
| |||||||||||||||||||||||
| $ | 11,388,147 | $ | (25,362 | ) | $11,413,509 | |||||||||||||||||||
|
|
| |||||||||||||||||||||||
The total amount of all interest rate swap contracts as presented in the table above is representative of the volume of activity for this derivative type during the period ended March 31, 2025.
Forward Foreign Currency Exchange Contracts
|
| ||||||||||||||||
| Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||||||||||||
|
| ||||||||||||||||
| Brown Brothers Harriman |
EUR | 2,800,000 | USD | 3,026,677 | 4/28/25 | $ (5,202) | ||||||||||
| Brown Brothers Harriman |
EUR | 1,789,920 | USD | 1,934,825 | 4/28/25 | (3,325) | ||||||||||
| Brown Brothers Harriman |
EUR | 57,662,323 | USD | 62,478,049 | 4/28/25 | 40,491 | ||||||||||
| Brown Brothers Harriman |
GBP | 18,692,924 | USD | 24,195,840 | 4/28/25 | 50,687 | ||||||||||
| Brown Brothers Harriman |
USD | 2,435,169 | EUR | 2,260,920 | 4/28/25 | 12,986 | ||||||||||
|
| ||||||||||||||||
| $ 95,637 | ||||||||||||||||
|
| ||||||||||||||||
Glossary of Portfolio Abbreviations
| EUR | Euro Currency | |||
| GBP | British Pound | |||
| ICON | Income Capital Obligation Note | |||
| OIS | Overnight Indexed Swap | |||
| SOFR | Secured Overnight Financing Rate | |||
| USD | United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
| * | Amount denominated in U.S. dollars unless otherwise indicated. |
| † | Represents shares. |
| (a) |
Security converts to floating rate after the indicated fixed–rate coupon period. |
| (b) | All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $417,074,989 in aggregate has been pledged as collateral. |
| (c) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (d) | Variable rate. Rate shown is in effect at March 31, 2025. |
| (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 $302,537,915 which represents 47.9% of the net assets of the Fund (32.0% of the managed assets of the Fund). |
| (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 $115,222,578 which represents 18.3% of the net assets of the Fund, of which 0.0% are illiquid. |
| (g) | 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 $218,410,597 which represents 34.6% of the net assets of the Fund, of which 1.8% are illiquid. |
8
| (h) | Non–income producing security. |
| (i) | Security is in default. |
| (j) | Rate quoted represents the annualized seven–day yield. |
| (k) | Based on USD-SOFR-OIS. Represents rates in effect at March 31, 2025. |
| (l) | Represents a forward–starting interest rate swap contract with interest receipts and payments commencing on September 15, 2025 (effective date). |
| Country Summary |
% of Managed Assets |
|||
| United States |
50.5 | |||
| Canada |
11.0 | |||
| United Kingdom |
9.0 | |||
| France |
8.3 | |||
| Switzerland |
3.8 | |||
| Netherlands |
3.5 | |||
| Spain |
3.4 | |||
| Germany |
2.1 | |||
| Japan |
1.4 | |||
| Italy |
1.1 | |||
| Ireland |
1.0 | |||
| Sweden |
0.9 | |||
| Australia |
0.8 | |||
| Greece |
0.5 | |||
| Other (includes short-term investments) |
2.7 | |||
|
|
|
|||
| 100.0 | ||||
|
|
|
|||
9
COHEN & STEERS LIMITED 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. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options and total return swap are valued based upon prices provided by a third-party pricing service or counterparty. 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.
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 manager) 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 manager, 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 Investment Company Act of 1940. As Valuation Designee, the investment manager 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.
COHEN & STEERS LIMITED DURATION PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
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.
The following is a summary of the inputs used as of March 31, 2025 in valuing the Fund’s investments carried at value:
| 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 |
$ | 50,201,414 | $ | — | $ | — | $ | 50,201,414 | ||||||||
| Preferred Securities—Over-the-Counter |
— | 873,176,735 | — | 873,176,735 | ||||||||||||
| Corporate Bonds |
— | 2,095,772 | — | 2,095,772 | ||||||||||||
| Short-Term Investments |
— | 9,704,336 | — | 9,704,336 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities(a) |
$ | 50,201,414 | $ | 884,976,843 | $ | — | $ | 935,178,257 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 104,164 | $ | — | $ | 104,164 | ||||||||
| Interest Rate Swap Contracts |
— | 11,660,387 | — | 11,660,387 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Assets(a) |
$ | — | $ | 11,764,551 | $ | — | $ | 11,764,551 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (8,527 | ) | $ | — | $ | (8,527 | ) | ||||||
| Interest Rate Swap Contracts |
— | (246,878 | ) | — | (246,878 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Liabilities(a) |
$ | — | $ | (255,405 | ) | $ | — | $ | (255,405 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Portfolio holdings are disclosed individually on the 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 uses interest rate swaps in connection with borrowing under its revolving credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the revolving credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the revolving credit agreement. The payment obligation is based on the notional amount of the swap. 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).
COHEN & STEERS LIMITED DURATION PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
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 on the Schedule of Investments 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.