497

COHEN & STEERS PREFERRED SECURITIES AND INCOME SMA SHARES, INC. (PISHX)

Supplement Dated May 1, 2024 to

Statement Of Additional Information Dated May 1, 2024

COHEN & STEERS REAL ASSETS FUND, INC.

CLASS A (RAPAX), CLASS C (RAPCX), CLASS F (RAPFX), CLASS I (RAPIX),

CLASS R (RAPRX) AND CLASS Z (RAPZX) SHARES

Supplement Dated May 1, 2024 to

Statement Of Additional Information Dated May 1, 2024

COHEN & STEERS PREFERRED SECURITIES AND INCOME FUND, INC.

CLASS A (CPXAX), CLASS C (CPXCX), CLASS F (CPXFX), CLASS I (CPXIX),

CLASS R (CPRRX) AND CLASS Z (CPXZX) SHARES

Supplement Dated May 1, 2024 to

Statement Of Additional Information Dated May 1, 2024

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

CLASS A (LPXAX), CLASS C (LPXCX), CLASS F (LPXFX), CLASS I (LPXIX),

CLASS R (LPXRX), CLASS Z (LPXZX) SHARES

Supplement Dated May 1, 2024 to

Statement Of Additional Information Dated May 1, 2024

William F. Scapell has announced his intention to retire from Cohen & Steers Capital Management, Inc. on August 1, 2024. Effective August 1, 2024, William F. Scapell will no longer serve as a portfolio manager to Cohen & Steers Preferred Securities and Income SMA Shares, Inc., Cohen & Steers Preferred Securities and Income Fund, Inc. and Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the “Preferred Funds”) and Elaine Zaharis-Nikas will assume lead portfolio manager responsibilities for the Funds. Also effective August 1, 2024, Mr. Scapell will retire as an officer of the Preferred Funds and Cohen & Steers Real Assets Fund, Inc.

Prior to August 1, 2024, the following is considered to be part of the “Management of the Funds—Officers of the Funds” section on pg. 60 of the Statement of Additional Information:

LOW DURATION PREFERRED AND INCOME FUND, PREFERRED SECURITIES AND INCOME SMA SHARES AND PREFERRED SECURITIES AND INCOME FUND

Name, Address

and Year of Birth

Position(s)

Held with Fund

Principal Occupation During Past Five Years

Length of

Time Served

William F. Scapell
1967

Vice President

Executive Vice President of the Advisor since 2014 and prior to that, Senior Vice President of the Advisor since 2003.

2003

REAL ASSETS FUND

Name, Address

and Year of Birth

Position(s)

Held with Fund

Principal Occupation During Past Five Years

Length of

Time Served

William F. Scapell
1967

Vice President

Executive Vice President of the Advisor since 2014 and prior to that, Senior Vice President of the Advisor since 2003.

2003

Prior to August 1, 2024, the following is considered to be part of the “Portfolio Managers – Accounts Managed” table on pg. 94 of the Statement of Additional Information:


	Number of Other Accounts Managed and Assets ($mm) by Account Type
	Registered Investment Companies				Other Pooled Vehicles				Other Accounts
	Number of Accounts		Total Assets		Number of Accounts		Total Assets		Number of Accounts		Total Assets
Low Duration Preferred and Income Fund
William F. Scapell		13	$	18,613		16	$	3,233		23	$	2,934
Preferred Securities and Income SMA Shares
William F. Scapell		13	$	18,431		17	$	2,856		23	$	2,819
Preferred Securities and Income Fund
William F. Scapell		13	$	12,869		16	$	3,022		23	$	3,059

Prior to August 1, 2024, the following is considered to be part of the “Portfolio Managers – Share Ownership” table on pg. 95 of the Statement of Additional Information:

Portfolio Manager

Low Duration
Preferred and
Income
Fund

Preferred
Securities and
Income SMA
Shares

Global
Infrastructure
Fund

Global
Realty
Shares

Institutional
Realty
Shares

International
Realty
Fund

Future of
Energy
Fund

Preferred
Securities
and
Income
Fund

Real
Assets
Fund

Real
Estate
Securities
Fund

Realty
Shares

William F. Scapell

N/A

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR RECORDS

Multi-SAI-5.1.2024