Cohen & Steers Low Duration Preferred Income Fund registers shares

By Toni Weeks

San Diego, May 2 - The Cohen & Steers Low Duration Preferred Income Fund, Inc. registered common shares in an N-2 filing with the Securities and Exchange Commission.

The newly organized, non-diversified, closed-end management investment company expects to trade on the New York Stock Exchange. The ticker symbol has not yet been determined.

The fund will seek high current income with capital appreciation as a secondary objective by investing at least 80% of its managed assets in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies. The securities will include traditional preferred securities, hybrid-preferred securities with investment and economic characteristics of both preferred stock and debt securities, floating-rate and fixed-to-floating-rate preferred securities, fixed- and floating-rate corporate debt securities, convertible securities and securities of other open-end, closed-end or exchange-traded funds that invest primarily in preferred and/or debt securities.

The fund intends to maintain, under normal market conditions, a portfolio duration of six years or less.

The initial registration was for 40,000 shares at $25 per share for proceeds of $1 million. There will be a greenshoe.

Joseph M. Harvey, William F. Scapell and Elaine Zaharis-Nikas will be the portfolio managers.

Management fees have not yet been disclosed.

New York-based Cohen & Steers Capital Management, Inc. will act as the investment manager.

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