annual shareholder report as of April 30, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-23097
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
(Exact name of Registrant as specified in charter)
1166 Avenue of the Americas, 30th Floor, New York, NY 10036
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, New York 10036
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 832-3232
Date of fiscal year end: April 30
Date of reporting period: April 30, 2026
Item 1. Reports to Stockholders.
(a)
| annual shareholder report as of April 30, 2026 |
|
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
| Class A | $ |
The share class had a 7.27% total return in the 12 months ended April 30, 2026, compared with the ICE BofA 1-3 Year U.S. Corporate Index, which returned 4.33%, and the ICE BofA U.S. All Capital Securities Index, which returned 8.64%.
The Fund's benchmark, the ICE BofA 1–3 Year U.S. Corporate Index, focuses on investment-grade corporate bonds with maturities of one to three years. The Fund's primary objective is to seek to provide high current income, and its secondary objective is to provide capital preservation; we believe this is consistent with the benchmark over time. However, to meet its objectives, the Fund invests in low-duration preferred securities as well as shorter-term corporate bonds.
The Fund's allocations to over-the-counter fixed-to-reset preferred securities with six months to five years of call protection contributed to relative performance versus the ICE BofA 1–3 Year U.S. Corporate Index. Allocations to contingent capital securities (CoCos) with two to five years of call protection also contributed to relative performance.
The Fund's allocations to interest rate swaps and total return swaps, used to hedge and manage interest rate and credit risk modestly detracted from relative performance. While these hedges modestly detracted from performance, the portfolio's securities' returns more than offset the associated hedging costs. Allocations to exchange-traded fixed-to-float preferreds with more than five years of call protection also modestly detracted from relative performance.
By sector, the Fund's allocations to preferred securities in the banking, utilities and insurance sectors contributed the most to relative performance. No sectors detracted from relative performance.
Top contributors |
Top detractors |
|---|---|
Banking |
Total Return Swaps |
Utilities |
Interest Rate Swaps |
Insurance |
The chart below shows the performance of a hypothetical $10,000 investment in the share class over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class A | ICE BofA 1-3 Year U.S. Corporate Index | ||
| |
ICE BofA U.S. All Capital Securities Index | |
Blended Benchmark1 |
| 1 Year | 5 Years | 10 Years | |
|---|---|---|---|
| With sales charge2 | |
|
|
| Without sales charge | |
|
|
| ICE BofA U.S. All Capital Securities Index | |
|
|
| ICE BofA 1-3 Year U.S. Corporate Index | |
|
|
| Blended Benchmark1 | |
|
|
*
| Net assets | $ |
|---|---|
| Number of portfolio holdings (excluding derivatives) | |
| Portfolio turnover rate | |
| Net advisory fees paid | $ |
| Top ten holdings3,4 | (%) |
|---|---|
| Truist Financial Corp., 6.669%, Series N | |
| Citigroup, Inc., 6.875%, Series GG | |
| UBS Group AG, 6.625%, (Switzerland) | |
| Royal Bank of Canada, 6.75%, due 8/24/85 (Canada) |
|
| Transcanada Trust, 5.875%, due 8/15/76, Series 16-A (Canada) |
|
| Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada) |
|
| HSBC Holdings PLC, 7.05% (United Kingdom) | |
| Citigroup, Inc., 7.625%, Series AA | |
| BNP Paribas SA, 8.00% (France) | |
| Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada) |
| Sector diversification3,5 | (%) |
|---|---|
| Banking | |
| Utilities | |
| Pipelines | |
| Insurance | |
| Real Estate | |
| Telecommunications | |
| Financial Services | |
| Health Care | |
| Consumer Discretionary Products | |
| Other (includes short-term investments) |
| Country diversification3,5 | (%) |
|---|---|
| United States | |
| Canada | |
| United Kingdom | |
| France | |
| Switzerland | |
| Spain | |
| Japan | |
| Germany | |
| Netherlands | |
| Other (includes short-term investments) |
How will the Fund change?
Fund name change
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
1 |
The Blended Benchmark consists of 65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index. |
2 |
Reflects a 2.00% front-end sales charge. |
3 |
Based on net assets. |
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
5 |
Excludes derivative instruments, if any. |
| annual shareholder report as of April 30, 2026 |
|
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
| Class C | $ |
The share class had a 6.65% total return in the 12 months ended April 30, 2026, compared with the ICE BofA 1-3 Year U.S. Corporate Index, which returned 4.33%, and the ICE BofA U.S. All Capital Securities Index, which returned 8.64%.
The Fund's benchmark, the ICE BofA 1–3 Year U.S. Corporate Index, focuses on investment-grade corporate bonds with maturities of one to three years. The Fund's primary objective is to seek to provide high current income, and its secondary objective is to provide capital preservation; we believe this is consistent with the benchmark over time. However, to meet its objectives, the Fund invests in low-duration preferred securities as well as shorter-term corporate bonds.
The Fund's allocations to over-the-counter fixed-to-reset preferred securities with six months to five years of call protection contributed to relative performance versus the ICE BofA 1–3 Year U.S. Corporate Index. Allocations to contingent capital securities (CoCos) with two to five years of call protection also contributed to relative performance.
The Fund's allocations to interest rate swaps and total return swaps, used to hedge and manage interest rate and credit risk modestly detracted from relative performance. While these hedges modestly detracted from performance, the portfolio's securities' returns more than offset the associated hedging costs. Allocations to exchange-traded fixed-to-float preferreds with more than five years of call protection also modestly detracted from relative performance.
By sector, the Fund's allocations to preferred securities in the banking, utilities and insurance sectors contributed the most to relative performance. No sectors detracted from relative performance.
Top contributors |
Top detractors |
|---|---|
Banking |
Total Return Swaps |
Utilities |
Interest Rate Swaps |
Insurance |
The chart below shows the performance of a hypothetical $10,000 investment in the share class over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class C | ICE BofA 1-3 Year U.S. Corporate Index | ||
| |
ICE BofA U.S. All Capital Securities Index | |
Blended Benchmark1 |
| 1 Year | 5 Years | 10 Years | |
|---|---|---|---|
| With sales charge | |
|
|
| Without sales charge | |
|
|
| ICE BofA U.S. All Capital Securities Index | |
|
|
| ICE BofA 1-3 Year U.S. Corporate Index | |
|
|
| Blended Benchmark1 | |
|
|
*
| Net assets | $ |
|---|---|
| Number of portfolio holdings (excluding derivatives) | |
| Portfolio turnover rate | |
| Net advisory fees paid | $ |
| Top ten holdings3,4 | (%) |
|---|---|
| Truist Financial Corp., 6.669%, Series N | |
| Citigroup, Inc., 6.875%, Series GG | |
| UBS Group AG, 6.625%, (Switzerland) | |
| Royal Bank of Canada, 6.75%, due 8/24/85 (Canada) |
|
| Transcanada Trust, 5.875%, due 8/15/76, Series 16-A (Canada) |
|
| Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada) |
|
| HSBC Holdings PLC, 7.05% (United Kingdom) | |
| Citigroup, Inc., 7.625%, Series AA | |
| BNP Paribas SA, 8.00% (France) | |
| Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada) |
| Sector diversification3,5 | (%) |
|---|---|
| Banking | |
| Utilities | |
| Pipelines | |
| Insurance | |
| Real Estate | |
| Telecommunications | |
| Financial Services | |
| Health Care | |
| Consumer Discretionary Products | |
| Other (includes short-term investments) |
| Country diversification3,5 | (%) |
|---|---|
| United States | |
| Canada | |
| United Kingdom | |
| France | |
| Switzerland | |
| Spain | |
| Japan | |
| Germany | |
| Netherlands | |
| Other (includes short-term investments) |
How will the Fund change?
Fund name change
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
1 |
The Blended Benchmark consists of 65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index. |
2 |
Reflects a contingent deferred sales charge of 1.00%. |
3 |
Based on net assets. |
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
5 |
Excludes derivative instruments, if any. |
| annual shareholder report as of April 30, 2026 |
|
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
| Class F | $ |
The share class had a 7.60% total return in the 12 months ended April 30, 2026, compared with the ICE BofA 1-3 Year U.S. Corporate Index, which returned 4.33%, and the ICE BofA U.S. All Capital Securities Index, which returned 8.64%.
The Fund's benchmark, the ICE BofA 1–3 Year U.S. Corporate Index, focuses on investment-grade corporate bonds with maturities of one to three years. The Fund's primary objective is to seek to provide high current income, and its secondary objective is to provide capital preservation; we believe this is consistent with the benchmark over time. However, to meet its objectives, the Fund invests in low-duration preferred securities as well as shorter-term corporate bonds.
The Fund's allocations to over-the-counter fixed-to-reset preferred securities with six months to five years of call protection contributed to relative performance versus the ICE BofA 1–3 Year U.S. Corporate Index. Allocations to contingent capital securities (CoCos) with two to five years of call protection also contributed to relative performance.
The Fund's allocations to interest rate swaps and total return swaps, used to hedge and manage interest rate and credit risk modestly detracted from relative performance. While these hedges modestly detracted from performance, the portfolio's securities' returns more than offset the associated hedging costs. Allocations to exchange-traded fixed-to-float preferreds with more than five years of call protection also modestly detracted from relative performance.
By sector, the Fund's allocations to preferred securities in the banking, utilities and insurance sectors contributed the most to relative performance. No sectors detracted from relative performance.
Top contributors |
Top detractors |
|---|---|
Banking |
Total Return Swaps |
Utilities |
Interest Rate Swaps |
Insurance |
The chart below shows the performance of a hypothetical $10,000 investment in the share class over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class F | ICE BofA 1-3 Year U.S. Corporate Index | ||
| |
ICE BofA U.S. All Capital Securities Index | |
Blended Benchmark1 |
| 1 Year | 5 Years | Since inception ( | |
|---|---|---|---|
| Class F2 | |
|
|
| ICE BofA U.S. All Capital Securities Index | |
|
|
| ICE BofA 1-3 Year U.S. Corporate Index | |
|
|
| Blended Benchmark1 | |
|
|
*
| Net assets | $ |
|---|---|
| Number of portfolio holdings (excluding derivatives) | |
| Portfolio turnover rate | |
| Net advisory fees paid | $ |
| Top ten holdings3,4 | (%) |
|---|---|
| Truist Financial Corp., 6.669%, Series N | |
| Citigroup, Inc., 6.875%, Series GG | |
| UBS Group AG, 6.625%, (Switzerland) | |
| Royal Bank of Canada, 6.75%, due 8/24/85 (Canada) |
|
| Transcanada Trust, 5.875%, due 8/15/76, Series 16-A (Canada) |
|
| Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada) |
|
| HSBC Holdings PLC, 7.05% (United Kingdom) | |
| Citigroup, Inc., 7.625%, Series AA | |
| BNP Paribas SA, 8.00% (France) | |
| Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada) |
| Sector diversification3,5 | (%) |
|---|---|
| Banking | |
| Utilities | |
| Pipelines | |
| Insurance | |
| Real Estate | |
| Telecommunications | |
| Financial Services | |
| Health Care | |
| Consumer Discretionary Products | |
| Other (includes short-term investments) |
| Country diversification3,5 | (%) |
|---|---|
| United States | |
| Canada | |
| United Kingdom | |
| France | |
| Switzerland | |
| Spain | |
| Japan | |
| Germany | |
| Netherlands | |
| Other (includes short-term investments) |
How will the Fund change?
Fund name change
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
1 |
The Blended Benchmark consists of 65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index. |
2 |
This share class does not impose a sales charge. |
3 |
Based on net assets. |
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
5 |
Excludes derivative instruments, if any. |
| annual shareholder report as of April 30, 2026 |
|
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
| Class I | $ |
The share class had a 7.71% total return in the 12 months ended April 30, 2026, compared with the ICE BofA 1-3 Year U.S. Corporate Index, which returned 4.33%, and the ICE BofA U.S. All Capital Securities Index, which returned 8.64%.
The Fund's benchmark, the ICE BofA 1–3 Year U.S. Corporate Index, focuses on investment-grade corporate bonds with maturities of one to three years. The Fund's primary objective is to seek to provide high current income, and its secondary objective is to provide capital preservation; we believe this is consistent with the benchmark over time. However, to meet its objectives, the Fund invests in low-duration preferred securities as well as shorter-term corporate bonds.
The Fund's allocations to over-the-counter fixed-to-reset preferred securities with six months to five years of call protection contributed to relative performance versus the ICE BofA 1–3 Year U.S. Corporate Index. Allocations to contingent capital securities (CoCos) with two to five years of call protection also contributed to relative performance.
The Fund's allocations to interest rate swaps and total return swaps, used to hedge and manage interest rate and credit risk modestly detracted from relative performance. While these hedges modestly detracted from performance, the portfolio's securities' returns more than offset the associated hedging costs. Allocations to exchange-traded fixed-to-float preferreds with more than five years of call protection also modestly detracted from relative performance.
By sector, the Fund's allocations to preferred securities in the banking, utilities and insurance sectors contributed the most to relative performance. No sectors detracted from relative performance.
Top contributors |
Top detractors |
|---|---|
Banking |
Total Return Swaps |
Utilities |
Interest Rate Swaps |
Insurance |
The chart below shows the performance of a hypothetical $100,000 investment in the share class over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class I | ICE BofA 1-3 Year U.S. Corporate Index | ||
| |
ICE BofA U.S. All Capital Securities Index | |
Blended Benchmark1 |
| 1 Year | 5 Years | 10 Years | |
|---|---|---|---|
| Class I2 | |
|
|
| ICE BofA U.S. All Capital Securities Index | |
|
|
| ICE BofA 1-3 Year U.S. Corporate Index | |
|
|
| Blended Benchmark1 | |
|
|
*
| Net assets | $ |
|---|---|
| Number of portfolio holdings (excluding derivatives) | |
| Portfolio turnover rate | |
| Net advisory fees paid | $ |
| Top ten holdings3,4 | (%) |
|---|---|
| Truist Financial Corp., 6.669%, Series N | |
| Citigroup, Inc., 6.875%, Series GG | |
| UBS Group AG, 6.625%, (Switzerland) | |
| Royal Bank of Canada, 6.75%, due 8/24/85 (Canada) |
|
| Transcanada Trust, 5.875%, due 8/15/76, Series 16-A (Canada) |
|
| Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada) |
|
| HSBC Holdings PLC, 7.05% (United Kingdom) | |
| Citigroup, Inc., 7.625%, Series AA | |
| BNP Paribas SA, 8.00% (France) | |
| Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada) |
| Sector diversification3,5 | (%) |
|---|---|
| Banking | |
| Utilities | |
| Pipelines | |
| Insurance | |
| Real Estate | |
| Telecommunications | |
| Financial Services | |
| Health Care | |
| Consumer Discretionary Products | |
| Other (includes short-term investments) |
| Country diversification3,5 | (%) |
|---|---|
| United States | |
| Canada | |
| United Kingdom | |
| France | |
| Switzerland | |
| Spain | |
| Japan | |
| Germany | |
| Netherlands | |
| Other (includes short-term investments) |
How will the Fund change?
Fund name change
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
1 |
The Blended Benchmark consists of 65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index. |
2 |
This share class does not impose a sales charge. |
3 |
Based on net assets. |
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
5 |
Excludes derivative instruments, if any. |
| annual shareholder report as of April 30, 2026 |
|
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
| Class R | $ |
The share class had a 7.17% total return in the 12 months ended April 30, 2026, compared with the ICE BofA 1-3 Year U.S. Corporate Index, which returned 4.33%, and the ICE BofA U.S. All Capital Securities Index, which returned 8.64%.
The Fund's benchmark, the ICE BofA 1–3 Year U.S. Corporate Index, focuses on investment-grade corporate bonds with maturities of one to three years. The Fund's primary objective is to seek to provide high current income, and its secondary objective is to provide capital preservation; we believe this is consistent with the benchmark over time. However, to meet its objectives, the Fund invests in low-duration preferred securities as well as shorter-term corporate bonds.
The Fund's allocations to over-the-counter fixed-to-reset preferred securities with six months to five years of call protection contributed to relative performance versus the ICE BofA 1–3 Year U.S. Corporate Index. Allocations to contingent capital securities (CoCos) with two to five years of call protection also contributed to relative performance.
The Fund's allocations to interest rate swaps and total return swaps, used to hedge and manage interest rate and credit risk modestly detracted from relative performance. While these hedges modestly detracted from performance, the portfolio's securities' returns more than offset the associated hedging costs. Allocations to exchange-traded fixed-to-float preferreds with more than five years of call protection also modestly detracted from relative performance.
By sector, the Fund's allocations to preferred securities in the banking, utilities and insurance sectors contributed the most to relative performance. No sectors detracted from relative performance.
Top contributors |
Top detractors |
|---|---|
Banking |
Total Return Swaps |
Utilities |
Interest Rate Swaps |
Insurance |
The chart below shows the performance of a hypothetical $10,000 investment in the share class over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class R | ICE BofA 1-3 Year U.S. Corporate Index | ||
| |
ICE BofA U.S. All Capital Securities Index | |
Blended Benchmark1 |
| 1 Year | 5 Years | 10 Years | |
|---|---|---|---|
| Class R2 | |
|
|
| ICE BofA U.S. All Capital Securities Index | |
|
|
| ICE BofA 1-3 Year U.S. Corporate Index | |
|
|
| Blended Benchmark1 | |
|
|
*
| Net assets | $ |
|---|---|
| Number of portfolio holdings (excluding derivatives) | |
| Portfolio turnover rate | |
| Net advisory fees paid | $ |
| Top ten holdings3,4 | (%) |
|---|---|
| Truist Financial Corp., 6.669%, Series N | |
| Citigroup, Inc., 6.875%, Series GG | |
| UBS Group AG, 6.625%, (Switzerland) | |
| Royal Bank of Canada, 6.75%, due 8/24/85 (Canada) |
|
| Transcanada Trust, 5.875%, due 8/15/76, Series 16-A (Canada) |
|
| Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada) |
|
| HSBC Holdings PLC, 7.05% (United Kingdom) | |
| Citigroup, Inc., 7.625%, Series AA | |
| BNP Paribas SA, 8.00% (France) | |
| Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada) |
| Sector diversification3,5 | (%) |
|---|---|
| Banking | |
| Utilities | |
| Pipelines | |
| Insurance | |
| Real Estate | |
| Telecommunications | |
| Financial Services | |
| Health Care | |
| Consumer Discretionary Products | |
| Other (includes short-term investments) |
| Country diversification3,5 | (%) |
|---|---|
| United States | |
| Canada | |
| United Kingdom | |
| France | |
| Switzerland | |
| Spain | |
| Japan | |
| Germany | |
| Netherlands | |
| Other (includes short-term investments) |
How will the Fund change?
Fund name change
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
1 |
The Blended Benchmark consists of 65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index. |
2 |
This share class does not impose a sales charge. |
3 |
Based on net assets. |
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
5 |
Excludes derivative instruments, if any. |
| annual shareholder report as of April 30, 2026 |
|
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
| Class Z | $ |
The share class had a 7.73% total return in the 12 months ended April 30, 2026, compared with the ICE BofA 1-3 Year U.S. Corporate Index, which returned 4.33%, and the ICE BofA U.S. All Capital Securities Index, which returned 8.64%.
The Fund's benchmark, the ICE BofA 1–3 Year U.S. Corporate Index, focuses on investment-grade corporate bonds with maturities of one to three years. The Fund's primary objective is to seek to provide high current income, and its secondary objective is to provide capital preservation; we believe this is consistent with the benchmark over time. However, to meet its objectives, the Fund invests in low-duration preferred securities as well as shorter-term corporate bonds.
The Fund's allocations to over-the-counter fixed-to-reset preferred securities with six months to five years of call protection contributed to relative performance versus the ICE BofA 1–3 Year U.S. Corporate Index. Allocations to contingent capital securities (CoCos) with two to five years of call protection also contributed to relative performance.
The Fund's allocations to interest rate swaps and total return swaps, used to hedge and manage interest rate and credit risk modestly detracted from relative performance. While these hedges modestly detracted from performance, the portfolio's securities' returns more than offset the associated hedging costs. Allocations to exchange-traded fixed-to-float preferreds with more than five years of call protection also modestly detracted from relative performance.
By sector, the Fund's allocations to preferred securities in the banking, utilities and insurance sectors contributed the most to relative performance. No sectors detracted from relative performance.
Top contributors |
Top detractors |
|---|---|
Banking |
Total Return Swaps |
Utilities |
Interest Rate Swaps |
Insurance |
The chart below shows the performance of a hypothetical $10,000 investment in the share class over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class Z | ICE BofA 1-3 Year U.S. Corporate Index | ||
| |
ICE BofA U.S. All Capital Securities Index | |
Blended Benchmark1 |
| 1 Year | 5 Years | 10 Years | |
|---|---|---|---|
| Class Z2 | |
|
|
| ICE BofA U.S. All Capital Securities Index | |
|
|
| ICE BofA 1-3 Year U.S. Corporate Index | |
|
|
| Blended Benchmark1 | |
|
|
*
| Net assets | $ |
|---|---|
| Number of portfolio holdings (excluding derivatives) | |
| Portfolio turnover rate | |
| Net advisory fees paid | $ |
| Top ten holdings3,4 | (%) |
|---|---|
| Truist Financial Corp., 6.669%, Series N | |
| Citigroup, Inc., 6.875%, Series GG | |
| UBS Group AG, 6.625%, (Switzerland) | |
| Royal Bank of Canada, 6.75%, due 8/24/85 (Canada) |
|
| Transcanada Trust, 5.875%, due 8/15/76, Series 16-A (Canada) |
|
| Enbridge, Inc., 8.25%, due 1/15/84, Series NC5 (Canada) |
|
| HSBC Holdings PLC, 7.05% (United Kingdom) | |
| Citigroup, Inc., 7.625%, Series AA | |
| BNP Paribas SA, 8.00% (France) | |
| Emera, Inc., 6.75%, due 6/15/76, Series 16-A (Canada) |
| Sector diversification3,5 | (%) |
|---|---|
| Banking | |
| Utilities | |
| Pipelines | |
| Insurance | |
| Real Estate | |
| Telecommunications | |
| Financial Services | |
| Health Care | |
| Consumer Discretionary Products | |
| Other (includes short-term investments) |
| Country diversification3,5 | (%) |
|---|---|
| United States | |
| Canada | |
| United Kingdom | |
| France | |
| Switzerland | |
| Spain | |
| Japan | |
| Germany | |
| Netherlands | |
| Other (includes short-term investments) |
How will the Fund change?
Fund name change
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
1 |
The Blended Benchmark consists of 65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index. |
2 |
This share class does not impose a sales charge. |
3 |
Based on net assets. |
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
5 |
Excludes derivative instruments, if any. |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR (“Code of Ethics”) that applies to its Principal Executive Officer and Principal Financial Officer. The Code of Ethics was in effect during the reporting period. The registrant has not amended the Code of Ethics as described in Form N-CSR during the reporting period. The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the reporting period. Upon request, a copy of the Code of Ethics can be obtained free of charge by calling 800-330-7348 or writing to the Secretary of the Registrant, 1166 Avenue of the Americas, 30th Floor, New York, NY 10036.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Directors (the “Board”) has determined that Gerald J. Maginnis qualifies as an audit committee financial expert based on his years of experience in the public accounting profession. The Registrant’s Board has determined that Michael G. Clark qualifies as an audit committee financial expert based on his years of experience in the public accounting profession and the investment management and financial services industry. The Registrant’s Board has determined that Ramona Rogers-Windsor qualifies as an audit committee financial expert based on her years of experience in the investment management and financial services industry. Each of Messrs. Clark and Maginnis and Ms. Rogers-Windsor are members of the Board’s audit committee, and each is independent as such term is defined in Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the Registrant for the last two fiscal years ended April 30, 2026 and April 30, 2025 for professional services rendered by the Registrant’s principal accountant were as follows:
| 2026 | 2025 | |||
| Audit Fees |
$48,984 | $48,023 | ||
| Audit-Related Fees |
$0 | $0 | ||
| Tax Fees |
$0 | $6,427 | ||
| All Other Fees |
$0 | $0 |
Tax fees were billed in connection with tax compliance services, including the preparation and review of federal and state tax returns.
(e)(1) The audit committee is required to pre-approve audit and non-audit services performed for the Registrant by the principal accountant. The audit committee also is required to pre-approve non-audit services performed by the Registrant’s principal accountant for the Registrant’s investment advisor and any sub-advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant’s investment advisor that provides ongoing services to the Registrant, if the engagement for services relates directly to the operations and financial reporting of the Registrant.
The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the Board of the Registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting.
The audit committee may not delegate its responsibility to pre-approve services to be performed by the Registrant’s principal accountant to the investment advisor.
(e)(2) No services included in (b) – (d) above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) For the fiscal years ended April 30, 2026 and April 30, 2025, the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to the Registrant and for non-audit services rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant’s investment advisor that provides ongoing services to the Registrant were:
| 2026 | 2025 | |||
| Registrant |
$0 | $6,427 | ||
| Investment Advisor |
$0 | $0 |
(h) The Registrant’s audit committee considered whether the provision of non-audit services that were rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant’s investment advisor that provides ongoing services to the Registrant that were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X was compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Included in Item 7 below. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a)
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
We would like to share with you our report for the year ended April 30, 2026. The total returns for the Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the Fund) and its comparative benchmarks were:
| Six Months Ended April 30, 2026 |
Year Ended April 30, 2026 |
|||||||
| Cohen & Steers Low Duration Preferred and Income Fund: |
||||||||
| Class A |
2.01 | % | 7.27 | % | ||||
| Class C |
1.67 | % | 6.65 | % | ||||
| Class F |
2.11 | % | 7.60 | % | ||||
| Class I |
2.22 | % | 7.71 | % | ||||
| Class R |
1.92 | % | 7.17 | % | ||||
| Class Z |
2.22 | % | 7.73 | % | ||||
| ICE BofA U.S. All Capital Securities Index(a) |
1.39 | % | 8.64 | % | ||||
| ICE BofA 1-3 Year U.S. Corporate Index(a) |
1.57 | % | 4.33 | % | ||||
| Blended Benchmark—65% ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofA 1-5 Year U.S. Corporate Index(a) |
1.98 | % | 7.21 | % | ||||
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at net asset value (NAV). Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 2.00% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.
| (a) | The ICE BofA U.S. All Capital Securities Index tracks the performance of fixed rate, U.S. dollar-denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market. The ICE BofA 1-3 Year U.S. Corporate Index tracks the performance of U.S. dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market, with a remaining term to final maturity of less than three years. The ICE BofA 8% Constrained Developed Markets Low Duration Capital Securities Custom Index tracks the performance of select U.S. dollar-denominated fixed and floating-rate preferred, corporate and contingent capital securities, with issuer exposure capped at 8%, and with a remaining term to final maturity of one year or more, but less than five years. The ICE BofA 1-5 Year U.S. Corporate Index tracks the performance of U.S. dollar denominated investment-grade corporate debt publicly issued in the U.S. domestic market with a remaining term to final maturity of less than five years. |
1
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
The Fund makes regular monthly distributions at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.
2
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS
April 30, 2026
| Shares | Value | |||||||||||
| PREFERRED SECURITIES—EXCHANGE-TRADED |
3.8% | |||||||||||
| BANKING |
1.9% | |||||||||||
| Citigroup, Inc., 6.25%, Series II(a) |
|
138,661 | $ | 3,515,056 | ||||||||
| Fifth Third Bancorp, 6.875% to 10/1/30(a)(b) |
|
332,055 | 8,570,340 | |||||||||
| First Horizon Corp., 6.75%, Series H(a) |
|
246,340 | 6,170,817 | |||||||||
| M&T Bank Corp., 6.35%, Series K(a) |
|
178,000 | 4,462,460 | |||||||||
| M&T Bank Corp., 7.50%, Series J(a) |
|
34,533 | 918,232 | |||||||||
| Morgan Stanley, 6.625%, Series Q(a) |
|
280,908 | 7,180,009 | |||||||||
| Morgan Stanley, 6.875%, Series F(a) |
|
190,161 | 4,801,565 | |||||||||
| Morgan Stanley, 7.125%, Series E(a) |
|
84,773 | 2,151,539 | |||||||||
|
|
|
|||||||||||
| 37,770,018 | ||||||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
0.5% | |||||||||||
| Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(b) |
|
267,083 | 6,864,033 | |||||||||
| KKR & Co., Inc., 6.875%, due 6/1/65, Series T |
|
117,491 | 2,947,849 | |||||||||
|
|
|
|||||||||||
| 9,811,882 | ||||||||||||
|
|
|
|||||||||||
| INSURANCE |
0.5% | |||||||||||
| Aspen Insurance Holdings Ltd., 7.00% (Bermuda)(a) |
|
50,144 | 1,239,058 | |||||||||
| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b) |
|
954 | 23,230 | |||||||||
| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b) |
|
120,185 | 3,070,727 | |||||||||
| Lincoln National Corp., 9.00%, Series D(a) |
|
183,245 | 4,850,495 | |||||||||
|
|
|
|||||||||||
| 9,183,510 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
0.9% | |||||||||||
| Algonquin Power & Utilities Corp., 8.864% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada)(c) |
|
586,737 | 15,331,438 | |||||||||
| Xcel Energy, Inc., 6.25%, due 10/15/85 |
|
112,849 | 2,755,773 | |||||||||
|
|
|
|||||||||||
| 18,087,211 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES— EXCHANGE-TRADED |
|
|||||||||||
| (Identified cost—$74,089,342) |
|
74,852,621 | ||||||||||
|
|
|
|||||||||||
See accompanying notes to financial statements.
3
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| PREFERRED SECURITIES—OVER-THE-COUNTER |
86.2% | |||||||||||
| BANKING |
48.5% | |||||||||||
| AIB Group PLC, 7.125% to 10/30/29 (Ireland)(a)(b)(d)(e) |
|
EUR | 6,000,000 | $ | 7,501,551 | |||||||
| Banco Bilbao Vizcaya Argentaria SA, 7.125% |
|
7,200,000 | 7,212,780 | |||||||||
| Banco Bilbao Vizcaya Argentaria SA, 9.375% |
|
2,900,000 | 3,194,431 | |||||||||
| Banco BPM SpA, 6.25% to 5/27/30 (Italy)(a)(b)(d)(e) |
|
EUR | 2,400,000 | 2,880,650 | ||||||||
| Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)(a)(b)(d)(e) |
|
EUR | 5,000,000 | 6,101,326 | ||||||||
| Banco Santander SA, 4.75% to 11/12/26 (Spain)(a)(b)(d) |
|
8,800,000 | 8,764,608 | |||||||||
| Banco Santander SA, 6.00% to 1/2/31 (Spain)(a)(b)(d)(e) |
|
EUR | 3,000,000 | 3,595,115 | ||||||||
| Banco Santander SA, 9.625% to 11/21/28 (Spain)(a)(b)(d) |
|
17,400,000 | 19,117,450 | |||||||||
| Bank of America Corp., 6.25% to 7/26/30, Series UU(a)(b) |
|
3,590,000 | 3,630,660 | |||||||||
| Bank of America Corp., 6.625% to 5/1/30, Series OO(a)(b) |
|
18,618,000 | 19,214,409 | |||||||||
| Bank of Montreal, 6.875% to 11/26/30, due 11/26/85, Series 6 (Canada)(b) |
|
10,000,000 | 10,238,950 | |||||||||
| Bank of Montreal, 7.70% to 5/26/29, due 5/26/84 (Canada)(b) |
|
9,800,000 | 10,323,859 | |||||||||
| Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)(b) |
|
6,000,000 | 6,214,368 | |||||||||
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(b) |
|
11,541,000 | 12,122,720 | |||||||||
| Barclays PLC, 7.625% to 3/15/35 (United Kingdom)(a)(b)(d) |
|
2,600,000 | 2,739,802 | |||||||||
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(b)(d) |
|
1,450,000 | 1,526,164 | |||||||||
| Barclays PLC, 8.375% to 9/15/31 (United Kingdom)(a)(b)(d)(e) |
|
GBP | 8,600,000 | 12,299,539 | ||||||||
| Barclays PLC, 8.50% to 6/15/30 (United Kingdom)(a)(b)(d) |
|
GBP | 1,300,000 | 1,856,185 | ||||||||
See accompanying notes to financial statements.
4
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(a)(b)(d)(e) |
GBP | 11,800,000 | $ | 16,615,288 | ||||||
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(b)(d) |
13,800,000 | 15,409,287 | ||||||||
| BNP Paribas SA, 7.20% to 4/17/36 (France)(a)(b)(d)(f) |
4,000,000 | 4,025,524 | ||||||||
| BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(b)(d)(f) |
18,400,000 | 19,353,764 | ||||||||
| BNP Paribas SA, 8.00% to 8/22/31 (France)(a)(b)(d)(f) |
19,780,000 | 21,214,564 | ||||||||
| BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(b)(d)(f) |
15,450,000 | 16,371,670 | ||||||||
| BNP Paribas SA, 9.25% to 11/17/27 (France)(a)(b)(d)(f) |
7,300,000 | 7,716,618 | ||||||||
| Canadian Imperial Bank of Commerce, 6.50% |
8,900,000 | 8,875,701 | ||||||||
| Canadian Imperial Bank of Commerce, 7.00% |
12,200,000 | 12,525,947 | ||||||||
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b) |
18,952,000 | 18,933,002 | ||||||||
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b) |
4,271,000 | 3,983,443 | ||||||||
| Charles Schwab Corp., 6.10% to 6/1/31, Series L(a)(b) |
8,102,000 | 8,108,185 | ||||||||
| Citigroup, Inc., 6.625% to 2/15/31, Series HH(a)(b) |
17,595,000 | 17,821,040 | ||||||||
| Citigroup, Inc., 6.875% to 8/15/30, Series GG(a)(b) |
25,872,000 | 26,284,710 | ||||||||
| Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(b) |
19,535,000 | 19,893,428 | ||||||||
| Citigroup, Inc., 7.375% to 5/15/28, Series Z(a)(b) |
2,000,000 | 2,056,090 | ||||||||
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(b) |
21,855,000 | 22,742,160 | ||||||||
| CoBank ACB, 6.25% to 10/1/26, Series I(a)(b) |
11,300,000 | 11,325,903 | ||||||||
| CoBank ACB, 6.45% to 10/1/27, Series K(a)(b) |
9,540,000 | 9,563,068 | ||||||||
| CoBank ACB, 7.125% to 1/1/30, Series M(a)(b) |
2,500,000 | 2,568,353 | ||||||||
| Commerzbank AG, 7.50% to 10/9/30 (Germany)(a)(b)(d)(e) |
6,200,000 | 6,478,753 | ||||||||
| Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)(a)(b)(d)(e) |
GBP | 5,000,000 | 7,132,894 | |||||||
See accompanying notes to financial statements.
5
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||
| Credit Agricole SA, 7.25% to 9/23/28 (France)(a)(b)(d)(e) |
EUR | 5,000,000 | $ | 6,232,953 | ||||||
| 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 | 6,600,000 | 8,305,801 | |||||||
| Erste Group Bank AG, 6.375% to 4/15/32 (Austria)(a)(b)(d)(e) |
EUR | 3,200,000 | 3,901,334 | |||||||
| Erste Group Bank AG, 7.00% to 4/15/31 (Austria)(a)(b)(d)(e) |
EUR | 2,800,000 | 3,512,903 | |||||||
| Eurobank SA, 6.625% to 6/4/31 (Greece)(a)(b)(d)(e) |
EUR | 3,800,000 | 4,610,209 | |||||||
| Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6(a)(b) |
4,500,000 | 4,614,021 | ||||||||
| First Horizon Bank, 4.79% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)(a)(c)(f) |
2,100 | † | 1,590,750 | |||||||
| First Maryland Capital II, 4.775% (3 Month USD Term SOFR + 1.112%), due 2/1/27(c) |
5,000,000 | 4,965,920 | ||||||||
| Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(a)(b) |
19,384,000 | 20,390,165 | ||||||||
| Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(b) |
9,684,000 | 10,127,072 | ||||||||
| HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(d) |
6,800,000 | 6,847,967 | ||||||||
| HSBC Holdings PLC, 6.75% to 3/24/31 (United Kingdom)(a)(b)(d) |
13,700,000 | 13,882,427 | ||||||||
| HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)(a)(b)(d) |
5,600,000 | 5,755,870 | ||||||||
| HSBC Holdings PLC, 7.05% to 6/5/30 (United Kingdom)(a)(b)(d) |
23,000,000 | 23,677,994 | ||||||||
| HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(d) |
5,500,000 | 5,753,996 | ||||||||
| Huntington Bancshares, Inc., 6.25% to 10/15/30, Series K(a)(b) |
6,030,000 | 6,042,362 | ||||||||
| ING Groep NV, 7.00% to 11/16/32 (Netherlands)(a)(b)(d) |
9,400,000 | 9,748,251 | ||||||||
| ING Groep NV, 8.00% to 5/16/30 (Netherlands)(a)(b)(d)(e) |
17,000,000 | 18,171,454 | ||||||||
| JPMorgan Chase & Co., 6.10% to 7/1/31, Series PP(a)(b) |
9,970,000 | 9,970,000 | ||||||||
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b) |
15,832,000 | 16,503,356 | ||||||||
See accompanying notes to financial statements.
6
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||
| Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a)(b)(d)(e) |
3,200,000 | $ | 3,213,814 | |||||||
| Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)(a)(b)(d)(e) |
2,600,000 | 2,694,937 | ||||||||
| KeyCorp Capital I, 4.693% (3 Month USD Term SOFR + 1.002%), due 7/1/28(c) |
12,865,000 | 12,640,916 | ||||||||
| Landesbank Baden-Wuerttemberg, 6.75% |
EUR | 2,200,000 | 2,693,103 | |||||||
| Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)(a)(b)(d) |
GBP | 4,000,000 | 5,544,919 | |||||||
| Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a)(b)(d) |
6,470,000 | 6,922,797 | ||||||||
| M&T Bank Corp., 5.40% to 7/30/30, due 7/30/35(b) |
8,180,000 | 8,189,658 | ||||||||
| Nationwide Building Society, 7.50% to 12/20/30 (United Kingdom)(a)(b)(d)(e) |
GBP | 2,200,000 | 3,050,755 | |||||||
| Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom)(a)(b)(d)(e) |
GBP | 3,600,000 | 5,061,586 | |||||||
| Piraeus Bank SA, 6.75% to 12/30/30 (Greece)(a)(b)(d)(e) |
EUR | 3,800,000 | 4,615,743 | |||||||
| PNC Financial Services Group, Inc., 6.00% |
6,500,000 | 6,505,233 | ||||||||
| PNC Financial Services Group, Inc., 6.20% |
4,000,000 | 4,028,804 | ||||||||
| PNC Financial Services Group, Inc., 6.25% |
6,292,000 | 6,398,190 | ||||||||
| Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(b) |
24,035,000 | 24,474,720 | ||||||||
| Societe Generale SA, 6.75% to 4/6/28 (France)(a)(b)(d)(f) |
9,900,000 | 9,975,656 | ||||||||
| Societe Generale SA, 8.125% to 11/21/29 (France)(a)(b)(d)(f) |
10,500,000 | 11,086,929 | ||||||||
| Societe Generale SA, 9.375% to 11/22/27 (France)(a)(b)(d)(f) |
6,550,000 | 6,911,612 | ||||||||
| Societe Generale SA, 10.00% to 11/14/28 (France)(a)(b)(d)(f) |
6,400,000 | 7,015,104 | ||||||||
| Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)(a)(b)(d)(f) |
3,050,000 | 3,223,124 | ||||||||
See accompanying notes to financial statements.
7
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| State Street Corp., 6.70% to 3/15/29, Series I(a)(b) |
|
6,916,000 | $ | 7,131,364 | ||||||||
| State Street Corp., 6.70% to 9/15/29, Series J(a)(b) |
|
7,449,000 | 7,724,293 | |||||||||
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(a)(b)(d)(e) |
|
12,600,000 | 13,402,683 | |||||||||
| Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85 (Canada)(b) |
|
11,700,000 | 11,786,030 | |||||||||
| Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(b) |
|
9,000,000 | 9,354,978 | |||||||||
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(b) |
|
20,200,000 | 21,024,463 | |||||||||
| Truist Financial Corp., 4.584% (3 Month USD Term SOFR + 0.932%), due 5/15/27, Series A(c) |
|
4,150,000 | 4,117,531 | |||||||||
| Truist Financial Corp., 4.586% (3 Month USD Term SOFR + 0.912%), due 3/15/28(c) |
|
12,218,000 | 12,100,851 | |||||||||
| Truist Financial Corp., 6.669% to 9/1/26, Series N(a)(b) |
|
31,265,000 | 31,296,922 | |||||||||
| UBS Group AG, 6.625% to 1/8/31 (Switzerland)(a)(b)(d)(f) |
|
24,400,000 | 24,580,072 | |||||||||
| UBS Group AG, 6.85% to 9/10/29 (Switzerland)(a)(b)(d)(f) |
|
15,000,000 | 15,348,705 | |||||||||
| UBS Group AG, 7.75% to 4/12/31 (Switzerland)(a)(b)(d)(f) |
|
3,500,000 | 3,743,884 | |||||||||
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(b)(d)(f) |
|
17,000,000 | 18,406,920 | |||||||||
| Wells Fargo & Co., 6.125% to 6/15/31, Series GG(a)(b) |
|
10,269,000 | 10,307,878 | |||||||||
| Wells Fargo & Co., 7.625% to 9/15/28(a)(b) |
|
10,860,000 | 11,410,591 | |||||||||
|
|
|
|||||||||||
| 939,551,029 | ||||||||||||
|
|
|
|||||||||||
| CONSUMER DISCRETIONARY PRODUCTS |
1.1% | |||||||||||
| Stellantis NV, 6.25% to 3/16/31(a)(b)(e) |
|
EUR | 2,500,000 | 2,881,064 | ||||||||
| Stellantis NV, 6.875% to 12/16/33(a)(b)(e) |
|
EUR | 2,420,000 | 2,788,128 | ||||||||
| Stellantis NV, 8.25% to 6/16/32(a)(b)(e) |
|
GBP | 3,160,000 | 4,191,511 | ||||||||
| Volkswagen International Finance NV, 5.493% |
|
EUR | 4,900,000 | 5,770,063 | ||||||||
| Volkswagen International Finance NV, 7.50% |
|
EUR | 3,600,000 | 4,515,948 | ||||||||
|
|
|
|||||||||||
| 20,146,714 | ||||||||||||
|
|
|
|||||||||||
See accompanying notes to financial statements.
8
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| ENERGY |
0.1% | |||||||||||
| Sunoco LP, 7.875% to 9/18/30(a)(b)(f) |
|
2,620,000 | $ | 2,714,703 | ||||||||
|
|
|
|||||||||||
| FINANCIAL SERVICES |
2.6% | |||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)(b) |
|
2,490,000 | 2,579,531 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/26, Series B(a)(b) |
|
5,428,000 | 5,417,202 | |||||||||
| Ally Financial, Inc., 4.70% to 5/15/28, Series C(a)(b) |
|
5,000,000 | 4,813,232 | |||||||||
| Ally Financial, Inc., 7.10% to 8/15/31, Series D(a)(b) |
|
5,288,000 | 5,285,794 | |||||||||
| HA Sustainable Infrastructure Capital, Inc., 7.125% to 8/17/31, due 11/15/56(b) |
|
6,491,000 | 6,554,774 | |||||||||
| HA Sustainable Infrastructure Capital, Inc., 8.00% to 3/1/31, due 6/1/56(b) |
|
4,870,000 | 5,171,209 | |||||||||
| ILFC E-Capital Trust I, 6.38% (30 Year CMT + 1.550%), due 12/21/65(c)(f) |
|
3,000,000 | 2,573,784 | |||||||||
| Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)(a)(b)(d) |
|
16,500,000 | 17,044,797 | |||||||||
|
|
|
|||||||||||
| 49,440,323 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
1.1% | |||||||||||
| CVS Health Corp., 7.00% to 12/10/29, due 3/10/55(b) |
|
12,514,000 | 12,991,876 | |||||||||
| Humana, Inc., 6.625% to 6/15/31, due 9/15/56(b) |
|
8,700,000 | 8,575,180 | |||||||||
|
|
|
|||||||||||
| 21,567,056 | ||||||||||||
|
|
|
|||||||||||
| INSURANCE |
7.1% | |||||||||||
| Allianz SE, 6.55% to 10/30/33 (Germany)(a)(b)(d)(f) |
|
3,600,000 | 3,644,474 | |||||||||
| Allstate Corp., 6.852% (3 Month USD Term SOFR + 3.200%), due 8/15/53, Series B(c) |
|
4,429,000 | 4,435,089 | |||||||||
| American National Group, Inc., 7.00% to 12/1/30, due 12/1/55(b) |
|
2,610,000 | 2,553,138 | |||||||||
| Argentum Netherlands BV for Swiss Re Ltd., 5.524% to 8/15/27 (Switzerland)(a)(b)(e) |
|
14,473,000 | 14,511,267 | |||||||||
| AXA SA, 5.125% to 1/17/27, due 1/17/47 (France)(b)(e) |
|
5,300,000 | 5,307,138 | |||||||||
| AXA SA, 5.125% to 9/16/31 (France)(a)(b)(d)(e) |
|
EUR | 3,300,000 | 3,841,866 | ||||||||
See accompanying notes to financial statements.
9
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| AXA SA, 5.75% to 6/2/30 (France)(a)(b)(d)(e) |
|
EUR | 6,900,000 | $ | 8,282,332 | |||||||
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(b) |
|
20,621,000 | 20,943,121 | |||||||||
| Corebridge Financial, Inc., 6.875% to 12/1/30(a)(b) |
|
4,555,000 | 4,687,801 | |||||||||
| Global Atlantic Fin Co., 7.25% to 3/1/31, due 3/1/56(b)(f) |
|
5,470,000 | 5,395,760 | |||||||||
| Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(b)(f) |
|
6,701,000 | 6,736,381 | |||||||||
| Hartford Insurance Group, Inc., 6.039% (3 Month USD Term SOFR + 2.387%), due 2/12/47, |
|
14,781,000 | 14,259,719 | |||||||||
| Lincoln National Corp., 5.977% (3 Month USD Term SOFR + 2.302%), due 4/20/67(c) |
|
1,070,000 | 840,475 | |||||||||
| Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(b) |
|
1,775,000 | 1,880,598 | |||||||||
| Meiji Yasuda Life Insurance Co., 5.10% to 4/26/28, due 4/26/48 (Japan)(b)(f) |
|
5,200,000 | 5,236,463 | |||||||||
| MetLife, Inc., 6.40%, due 12/15/36 |
|
2,030,000 | 2,080,490 | |||||||||
| Prudential Financial, Inc., 5.70% to 9/15/28, due 9/15/48(b) |
|
4,280,000 | 4,258,393 | |||||||||
| RLGH Finance Bermuda Ltd., 6.875% to 5/19/32 (Japan)(a)(b)(e) |
|
12,950,000 | 12,988,966 | |||||||||
| Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(a)(b)(d)(e) |
|
4,100,000 | 4,061,122 | |||||||||
| SBL Holdings, Inc., 6.50% to 11/13/26(a)(b)(f) |
|
9,540,000 | 8,630,682 | |||||||||
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(b) |
|
2,801,000 | 2,932,017 | |||||||||
|
|
|
|||||||||||
| 137,507,292 | ||||||||||||
|
|
|
|||||||||||
| MATERIALS |
0.1% | |||||||||||
| FMC Corp., 8.45% to 8/1/30(b) |
|
2,575,000 | 1,708,291 | |||||||||
|
|
|
|||||||||||
| PIPELINES |
7.3% | |||||||||||
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(b) |
|
5,950,000 | 5,970,355 | |||||||||
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(b) |
|
11,374,000 | 11,432,019 | |||||||||
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(b) |
|
7,893,000 | 8,090,814 | |||||||||
See accompanying notes to financial statements.
10
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(b) |
|
22,608,000 | $ | 23,891,905 | ||||||||
| Energy Transfer LP, 6.625% to 2/15/28, Series B(a)(b) |
|
5,125,000 | 5,186,449 | |||||||||
| Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(b) |
|
4,203,000 | 4,318,961 | |||||||||
| Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54(b) |
|
10,389,000 | 11,017,915 | |||||||||
| Enterprise Products Operating LLC, 6.706% (3 Month USD Term SOFR + 3.039%), due 6/1/67(c) |
|
1,500,000 | 1,487,456 | |||||||||
| Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(b) |
|
19,509,000 | 19,459,480 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)(b) |
|
14,010,000 | 14,629,999 | |||||||||
| TransCanada PipeLines Ltd., 6.125% to 7/17/31, due 10/17/56 (Canada)(b) |
|
2,822,000 | 2,835,170 | |||||||||
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(b) |
|
24,125,000 | 24,234,552 | |||||||||
| Venture Global LNG, Inc., 9.00% to 9/30/29(a)(b)(f) |
|
8,391,000 | 8,304,805 | |||||||||
|
|
|
|||||||||||
| 140,859,880 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE |
0.7% | |||||||||||
| Unibail-Rodamco-Westfield SE, 4.75% to 6/11/31 (France)(a)(b)(e) |
|
EUR | 6,500,000 | 7,582,597 | ||||||||
| Unibail-Rodamco-Westfield SE, 4.875% to 7/4/30 (France)(a)(b)(e) |
|
EUR | 5,700,000 | 6,720,140 | ||||||||
|
|
|
|||||||||||
| 14,302,737 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
3.9% | |||||||||||
| Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)(b) |
|
11,675,000 | 11,984,621 | |||||||||
| Rogers Communications, Inc., 5.25% to 3/15/27, due 3/15/82 (Canada)(b)(f) |
|
8,010,000 | 7,968,562 | |||||||||
| Rogers Communications, Inc., 6.875% to 5/2/31, due 7/31/56 (Canada)(b) |
|
4,243,000 | 4,310,491 | |||||||||
| Rogers Communications, Inc., 7.00% to 2/14/30, due 4/15/55 (Canada)(b) |
|
3,465,000 | 3,538,666 | |||||||||
See accompanying notes to financial statements.
11
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| SoftBank Group Corp., 7.625% to 1/29/31, due 4/29/61 (Japan)(b)(e) |
|
1,054,000 | $ | 973,857 | ||||||||
| TELUS Corp., 6.375% to 3/9/31, due 6/9/56 (Canada)(b) |
|
13,900,000 | 13,906,797 | |||||||||
| TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada)(b) |
|
13,570,000 | 13,730,275 | |||||||||
| TELUS Corp., 6.625% to 3/9/36, due 6/9/56 (Canada)(b) |
|
3,620,000 | 3,601,813 | |||||||||
| Verizon Communications, Inc., 5.742% to 3/17/31, due 6/15/56(b) |
|
GBP | 7,900,000 | 10,477,480 | ||||||||
| Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(b) |
|
5,000,000 | 5,217,515 | |||||||||
|
|
|
|||||||||||
| 75,710,077 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
13.7% | |||||||||||
| AES Corp., 6.95% to 4/15/30, due 7/15/55(b) |
|
3,738,000 | 3,649,309 | |||||||||
| Algonquin Power & Utilities Corp., 4.75% |
|
17,716,000 | 17,505,043 | |||||||||
| Alliant Energy Corp., 5.75% to 1/1/31, due 4/1/56(b) |
|
7,960,000 | 7,829,252 | |||||||||
| American Electric Power Co., Inc., 5.80% |
|
18,600,000 | 18,508,084 | |||||||||
| American Electric Power Co., Inc., 7.05% |
|
7,944,000 | 8,317,575 | |||||||||
| APA Infrastructure Ltd., 7.125% to 11/9/28, due 11/9/83 (Australia)(b)(e) |
|
EUR | 2,300,000 | 2,886,763 | ||||||||
| CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(b) |
|
7,260,000 | 7,517,810 | |||||||||
| CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50(b) |
|
3,632,000 | 3,350,036 | |||||||||
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(b) |
|
18,645,000 | 18,493,601 | |||||||||
| Dominion Energy, Inc., 6.00% to 11/15/30, due 2/15/56(b) |
|
14,685,000 | 14,702,534 | |||||||||
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(b) |
|
15,332,000 | 15,929,580 | |||||||||
| Emera U.S. Finance LLC, 6.65% to 7/1/31, due 10/1/56, Series A(b) |
|
9,847,000 | 9,875,674 | |||||||||
See accompanying notes to financial statements.
12
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(b) |
|
21,165,000 | $ | 21,187,901 | ||||||||
| Enel SpA, 6.375% to 4/16/28 (Italy)(a)(b)(e) |
|
EUR | 1,400,000 | 1,719,523 | ||||||||
| Entergy Corp., 5.875% to 3/15/31, due 6/15/56(b) |
|
5,500,000 | 5,504,284 | |||||||||
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(b) |
|
6,232,000 | 6,419,664 | |||||||||
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(b) |
|
5,373,000 | 5,565,872 | |||||||||
| Evergy, Inc., 6.65% to 3/2/30, due 6/1/55(b) |
|
13,009,000 | 13,237,555 | |||||||||
| Eversource Energy, 6.10% to 5/15/31, due 8/15/56, Series A(b) |
|
7,989,000 | 7,959,651 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.375% |
|
7,970,000 | 8,138,828 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.70% |
|
4,850,000 | 4,980,882 | |||||||||
| Puget Energy, Inc., 7.00% to 6/15/31, due 9/15/56(b)(f) |
|
5,808,000 | 5,846,170 | |||||||||
| Sempra, 4.125% to 1/1/27, due 4/1/52(b) |
|
13,894,000 | 13,701,118 | |||||||||
| Sempra, 6.375% to 1/1/31, due 4/1/56(b) |
|
6,010,000 | 6,082,162 | |||||||||
| Sempra, 6.875% to 7/1/29, due 10/1/54(b) |
|
13,076,000 | 13,315,565 | |||||||||
| Spire, Inc., 6.25% to 3/1/31, due 6/1/56(b) |
|
11,710,000 | 11,674,340 | |||||||||
| WEC Energy Group, Inc., 5.625% to 2/15/31, due 5/15/56(b) |
|
2,677,000 | 2,661,516 | |||||||||
| Xcel Energy, Inc., 5.75% to 9/3/31, due 12/3/56(b) |
|
7,950,000 | 7,865,692 | |||||||||
|
|
|
|||||||||||
| 264,425,984 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES— OVER-THE-COUNTER |
|
|||||||||||
| (Identified cost—$1,639,187,828) |
|
1,667,934,086 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS |
8.9% | |||||||||||
| CONSUMER STAPLE PRODUCTS |
0.3% | |||||||||||
| Mars, Inc., 4.60%, due 3/1/28(f) |
|
5,640,000 | 5,675,086 | |||||||||
|
|
|
|||||||||||
| HEALTH CARE |
0.2% | |||||||||||
| AbbVie, Inc., 4.65%, due 3/15/28 |
|
3,990,000 | 4,025,129 | |||||||||
|
|
|
|||||||||||
See accompanying notes to financial statements.
13
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| OIL & GAS |
0.2% | |||||||||||
| Repsol E&P Capital Markets U.S. LLC, 5.204%, due 9/16/30 (Spain)(f) |
|
3,950,000 | $ | 4,000,563 | ||||||||
|
|
|
|||||||||||
| PIPELINES |
0.6% | |||||||||||
| South Bow USA Infrastructure Holdings LLC, 4.911%, due 9/1/27 (Canada) |
|
7,130,000 | 7,158,479 | |||||||||
| South Bow USA Infrastructure Holdings LLC, 5.026%, due 10/1/29 (Canada) |
|
4,000,000 | 4,029,309 | |||||||||
|
|
|
|||||||||||
| 11,187,788 | ||||||||||||
|
|
|
|||||||||||
| REAL ESTATE |
5.4% | |||||||||||
| American Homes 4 Rent LP, 4.25%, due 2/15/28 |
|
13,144,000 | 13,069,205 | |||||||||
| American Homes 4 Rent LP, 4.95%, due 6/15/30 |
|
1,500,000 | 1,509,553 | |||||||||
| American Tower Corp., 4.90%, due 3/15/30 |
|
5,000,000 | 5,050,804 | |||||||||
| American Tower Corp., 5.80%, due 11/15/28 |
|
4,850,000 | 4,997,607 | |||||||||
| Crown Castle, Inc., 4.80%, due 9/1/28 |
|
2,000,000 | 2,010,282 | |||||||||
| Crown Castle, Inc., 5.00%, due 1/11/28 |
|
3,000,000 | 3,024,565 | |||||||||
| Crown Castle, Inc., 5.60%, due 6/1/29 |
|
4,125,000 | 4,229,442 | |||||||||
| CTR Partnership LP/CareTrust Capital Corp., 3.875%, due 6/30/28(f) |
|
5,160,000 | 5,030,212 | |||||||||
| Equinix, Inc., 1.55%, due 3/15/28 |
|
3,000,000 | 2,849,596 | |||||||||
| ERP Operating LP, 3.25%, due 8/1/27 |
|
1,090,000 | 1,076,358 | |||||||||
| Federal Realty OP LP, 3.25%, due 7/15/27 |
|
7,026,000 | 6,929,876 | |||||||||
| Global Net Lease, Inc., 4.50%, due 9/30/28(f) |
|
3,395,000 | 3,315,834 | |||||||||
| Hudson Pacific Properties LP, 3.25%, due 1/15/30 |
|
5,640,000 | 4,810,745 | |||||||||
| Hudson Pacific Properties LP, 4.65%, due 4/1/29 |
|
1,250,000 | 1,119,781 | |||||||||
| Hudson Pacific Properties LP, 5.95%, due 2/15/28 |
|
2,975,000 | 2,902,640 | |||||||||
| Lineage OP LP, 5.25%, due 7/15/30 |
|
4,400,000 | 4,403,823 | |||||||||
| Newmark Group, Inc., 7.50%, due 1/12/29 |
|
3,050,000 | 3,212,626 | |||||||||
| Prologis Targeted U.S. Logistics Fund LP, 5.25%, due 4/1/29(f) |
|
5,000,000 | 5,099,045 | |||||||||
| Realty Income Corp., 4.75%, due 2/15/29 |
|
4,000,000 | 4,039,220 | |||||||||
| Tanger Properties LP, 3.875%, due 7/15/27 |
|
4,825,000 | 4,789,651 | |||||||||
| UDR, Inc., 3.50%, due 7/1/27 |
|
2,085,000 | 2,063,494 | |||||||||
| UDR, Inc., 3.50%, due 1/15/28 |
|
1,411,000 | 1,391,441 | |||||||||
| VICI Properties LP, 4.75%, due 4/1/28 |
|
3,395,000 | 3,401,818 | |||||||||
| VICI Properties LP/VICI Note Co., Inc., 4.125%, due 8/15/30(f) |
|
5,467,000 | 5,251,693 | |||||||||
| VICI Properties LP/VICI Note Co., Inc., 4.25%, due 12/1/26(f) |
|
2,650,000 | 2,644,166 | |||||||||
See accompanying notes to financial statements.
14
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
| Principal Amount* |
Value | |||||||||||
| VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(f) |
|
7,000,000 | $ | 7,036,328 | ||||||||
|
|
|
|||||||||||
| 105,259,805 | ||||||||||||
|
|
|
|||||||||||
| RETAIL & WHOLESALE—DISCRETIONARY |
0.2% | |||||||||||
| Amazon.com, Inc., 3.85%, due 3/13/28 |
|
3,213,000 | 3,199,392 | |||||||||
| Amazon.com, Inc., 4.25%, due 3/13/31 |
|
1,046,000 | 1,036,044 | |||||||||
|
|
|
|||||||||||
| 4,235,436 | ||||||||||||
|
|
|
|||||||||||
| SOFTWARE & TECH SERVICES |
0.3% | |||||||||||
| Salesforce, Inc., 4.50%, due 3/15/28 |
|
2,440,000 | 2,442,863 | |||||||||
| Salesforce, Inc., 4.65%, due 3/15/29 |
|
2,440,000 | 2,445,170 | |||||||||
|
|
|
|||||||||||
| 4,888,033 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
0.2% | |||||||||||
| SoftBank Group Corp., 8.25%, due 10/22/31 (Japan)(e) |
|
2,900,000 | 2,928,653 | |||||||||
|
|
|
|||||||||||
| UTILITIES |
1.5% | |||||||||||
| Dominion Energy, Inc., 4.60%, due 5/15/28 |
|
2,485,000 | 2,493,911 | |||||||||
| DTE Energy Co., 4.95%, due 7/1/27 |
|
5,000,000 | 5,031,914 | |||||||||
| ENEL Finance International NV, 4.625%, |
|
12,000,000 | 12,032,093 | |||||||||
| Evergy, Inc., 4.25%, due 3/15/29 |
|
2,641,000 | 2,620,221 | |||||||||
| Southern Co., 5.113%, due 8/1/27 |
|
3,900,000 | 3,934,353 | |||||||||
| WEC Energy Group, Inc., 4.75%, due 1/15/28 |
|
3,309,000 | 3,328,387 | |||||||||
|
|
|
|||||||||||
| 29,440,879 | ||||||||||||
|
|
|
|||||||||||
| TOTAL CORPORATE BONDS |
||||||||||||
| (Identified cost—$170,417,035) |
|
171,641,372 | ||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| SHORT-TERM INVESTMENTS |
0.8% | |||||||||||
| MONEY MARKET FUNDS |
||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.60%(i) |
|
14,833,481 | 14,833,481 | |||||||||
|
|
|
|||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
||||||||||||
| (Identified cost—$14,833,481) |
|
14,833,481 | ||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS IN SECURITIES |
||||||||||||
| (Identified cost—$1,898,527,686) |
99.7% | 1,929,261,560 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES |
0.3 | 5,837,036 | ||||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
100.0% | $ | 1,935,098,596 | |||||||||
|
|
|
|
|
|||||||||
See accompanying notes to financial statements.
15
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
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 | $ 626,740 | $— | $ 626,740 | |||||||||||||||||||||||||||||
| 14,000,000 | 2.547% | Pay | Annually | 2.143 | %(j) | Receive | Semi-Annually | 1/20/31 | 213,337 | — | 213,337 | |||||||||||||||||||||||||||||
| 11,700,000 | 2.548% | Pay | Annually | 2.127 | %(j) | Receive | Semi-Annually | 11/1/32 | 283,302 | — | 283,302 | |||||||||||||||||||||||||||||
| $ 32,000,000 | 3.227% | Receive | Annually | 3.660 | %(k) | Pay | Annually | 12/16/30 | (721,466 | ) | — | (721,466 | ) | |||||||||||||||||||||||||||
| 16,300,000 | 3.541% | Receive | Annually | 3.660 | %(k) | Pay | Annually | 1/21/31 | (133,143 | ) | — | (133,143 | ) | |||||||||||||||||||||||||||
| 13,600,000 | 3.497% | Receive | Annually | 3.660 | %(k) | Pay | Annually | 11/1/32 | (254,966 | ) | — | (254,966 | ) | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
| $ 13,804 | $— | $ 13,804 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts
| Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Brown Brothers Harriman |
EUR | 94,191,416 | USD | 111,109,607 | 5/20/26 | $ | 484,111 | |||||||||||||
| Brown Brothers Harriman |
GBP | 48,698,099 | USD | 65,958,897 | 5/20/26 | (305,989 | ) | |||||||||||||
| Brown Brothers Harriman |
USD | 1,246,356 | EUR | 1,061,570 | 5/20/26 | 432 | ||||||||||||||
| Brown Brothers Harriman |
USD | 4,555,705 | EUR | 3,893,618 | 5/20/26 | 17,254 | ||||||||||||||
|
|
||||||||||||||||||||
| $ | 195,808 | |||||||||||||||||||
|
|
||||||||||||||||||||
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 |
See accompanying notes to financial statements.
16
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2026
Fair Value Hierarchy as of Year 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 Financial Statements.
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 |
$ | 74,852,621 | $ | — | $ | — | $ | 74,852,621 | ||||||||
| Preferred Securities— Over-the-Counter |
— | 1,667,934,086 | — | 1,667,934,086 | ||||||||||||
| Corporate Bonds |
— | 171,641,372 | — | 171,641,372 | ||||||||||||
| Short-Term Investments |
— | 14,833,481 | — | 14,833,481 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | 74,852,621 | $ | 1,854,408,939 | $ | — | $ | 1,929,261,560 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | 501,797 | $ | — | $ | 501,797 | ||||||||
| Interest Rate Swap Contracts |
— | 1,123,379 | — | 1,123,379 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Assets |
$ | — | $ | 1,625,176 | $ | — | $ | 1,625,176 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (305,989 | ) | $ | — | $ | (305,989 | ) | ||||||
| Interest Rate Swap Contracts |
— | (1,109,575 | ) | — | (1,109,575 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Liabilities |
$ | — | $ | (1,415,564 | ) | $ | — | $ | (1,415,564 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 April 30, 2026. |
See accompanying notes to financial statements.
17
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
SCHEDULE OF INVESTMENTS—(Continued)
April 30, 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 $487,303,556 or 25.2% 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 $234,023,329 which represents 12.1% 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 $293,388,919 which represents 15.2% 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 April 30, 2026. |
| (k) | Based on 1-Day USD-SOFR-OIS. Represents rates in effect at April 30, 2026. |
See accompanying notes to financial statements.
18
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2026
| ASSETS: |
||||
| Investments in securities, at value (Identified cost—$1,898,527,686) |
$ | 1,929,261,560 | ||
| Cash |
7,282,762 | |||
| Cash collateral pledged for interest rate swap contracts |
1,379,413 | |||
| Foreign currency, at value (Identified cost—$1,289,102) |
1,290,428 | |||
| Receivable for: |
||||
| Dividends and interest |
26,434,615 | |||
| Investment securities sold |
7,972,867 | |||
| Fund shares sold |
5,593,667 | |||
| Unrealized appreciation on forward foreign currency exchange contracts |
501,797 | |||
| Other assets |
24,916 | |||
|
|
|
|||
| Total Assets |
1,979,742,025 | |||
|
|
|
|||
| LIABILITIES: |
||||
| Unrealized depreciation on forward foreign currency exchange contracts |
305,989 | |||
| Payable for: |
||||
| Investment securities purchased |
37,249,474 | |||
| Fund shares redeemed |
3,329,493 | |||
| Dividends and distributions declared |
2,365,637 | |||
| Investment advisory fees |
673,086 | |||
| Shareholder servicing fees |
328,667 | |||
| Variation margin on interest rate swap contracts |
83,292 | |||
| Administration fees |
78,894 | |||
| Distribution fees |
57,361 | |||
| Directors’ fees |
7,722 | |||
| Other liabilities |
163,814 | |||
|
|
|
|||
| Total Liabilities |
44,643,429 | |||
|
|
|
|||
| NET ASSETS |
$ | 1,935,098,596 | ||
| NET ASSETS consist of: |
||||
| Paid-in capital |
$ | 2,210,997,717 | ||
| Total distributable earnings/(accumulated loss) |
(275,899,121 | ) | ||
|
|
|
|||
| $1,935,098,596 | ||||
|
|
|
|||
See accompanying notes to financial statements.
19
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES—(Continued)
April 30, 2026
| CLASS A SHARES: |
||||
| NET ASSETS |
$ | 187,221,048 | ||
| Shares issued and outstanding ($0.001 par value common stock outstanding) |
19,513,290 | |||
|
|
|
|||
| Net asset value and redemption price per share |
$ | 9.59 | ||
|
|
|
|||
| Maximum offering price per share ($9.59 ÷ 0.98)(a) |
$ | 9.79 | ||
|
|
|
|||
| CLASS C SHARES: |
||||
| NET ASSETS |
$ | 31,622,035 | ||
| Shares issued and outstanding ($0.001 par value common stock outstanding) |
3,304,318 | |||
|
|
|
|||
| Net asset value and offering price per share(b) |
$ | 9.57 | ||
|
|
|
|||
| CLASS F SHARES: |
||||
| NET ASSETS |
$ | 33,226,183 | ||
| Shares issued and outstanding ($0.001 par value common stock outstanding) |
3,484,684 | |||
|
|
|
|||
| Net asset value, offering and redemption price per share |
$ | 9.53 | ||
|
|
|
|||
| CLASS I SHARES: |
||||
| NET ASSETS |
$ | 1,682,668,234 | ||
| Shares issued and outstanding ($0.001 par value common stock outstanding) |
176,442,387 | |||
|
|
|
|||
| Net asset value, offering and redemption price per share |
$ | 9.54 | ||
|
|
|
|||
| CLASS R SHARES: |
||||
| NET ASSETS |
$ | 143,182 | ||
| Shares issued and outstanding ($0.001 par value common stock outstanding) |
14,895 | |||
|
|
|
|||
| Net asset value, offering and redemption price per share |
$ | 9.61 | ||
|
|
|
|||
| CLASS Z SHARES: |
||||
| NET ASSETS |
$ | 217,914 | ||
| Shares issued and outstanding ($0.001 par value common stock outstanding) |
22,900 | |||
|
|
|
|||
| Net asset value, offering and redemption price per share |
$ | 9.52 | ||
|
|
|
| (a) | On investments of $100,000 or more, the offering price is reduced. |
| (b) | Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1.00% on shares held for less than one year. |
See accompanying notes to financial statements.
20
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
STATEMENT OF OPERATIONS
For the Year Ended April 30, 2026
| Investment Income: |
||||
| Interest |
$ | 104,874,930 | ||
| Dividends |
5,085,216 | |||
|
|
|
|||
| Total Investment Income |
109,960,146 | |||
|
|
|
|||
| Expenses: |
||||
| Investment advisory fees |
11,844,736 | |||
| Distribution fees and service fees—Class A (See Note 2) |
550,630 | |||
| Distribution fees and service fees—Class C (See Note 2) |
352,058 | |||
| Distribution fees and service fees—Class R (See Note 2) |
717 | |||
| Shareholder servicing fees—Class I (See Note 2) |
1,079,356 | |||
| Administration fees |
1,051,013 | |||
| Transfer agent fees and expenses |
195,152 | |||
| Professional fees |
126,605 | |||
| Registration and filing fees |
107,798 | |||
| Directors’ fees and expenses |
83,657 | |||
| Shareholder reporting expenses |
78,952 | |||
| Custodian fees and expenses |
39,683 | |||
| Litigation expense |
14,763 | |||
| Miscellaneous |
105,471 | |||
|
|
|
|||
| Total Expenses |
15,630,591 | |||
| Reduction of Expenses (See Note 2) |
(3,778,821 | ) | ||
|
|
|
|||
| Net Expenses |
11,851,770 | |||
|
|
|
|||
| Net Investment Income (Loss) |
98,108,376 | |||
|
|
|
|||
| Net Realized and Unrealized Gain (Loss): |
||||
| Net realized gain (loss) on: |
||||
| Investments in securities |
11,159,383 | |||
| Interest rate swap contracts |
(110,477 | ) | ||
| Total return swap contracts |
(2,557,799 | ) | ||
| Forward foreign currency exchange contracts |
(3,072,765 | ) | ||
| Foreign currency transactions |
(123,299 | ) | ||
|
|
|
|||
| Net realized gain (loss) |
5,295,043 | |||
|
|
|
|||
| Net change in unrealized appreciation (depreciation) on: |
||||
| Investments in securities |
28,399,345 | |||
| Interest rate swap contracts |
13,804 | |||
| Total return swap contracts |
4,542 | |||
| Forward foreign currency exchange contracts |
(455 | ) | ||
| Foreign currency translations |
(21,723 | ) | ||
|
|
|
|||
| Net change in unrealized appreciation (depreciation) |
28,395,513 | |||
|
|
|
|||
| Net Realized and Unrealized Gain (Loss) |
33,690,556 | |||
|
|
|
|||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 131,798,932 | ||
|
|
|
See accompanying notes to financial statements.
21
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
STATEMENT OF CHANGES IN NET ASSETS
| For the Year Ended April 30, 2026 |
For the Year Ended April 30, 2025 |
|||||||
| Change in Net Assets: |
||||||||
| From Operations: |
||||||||
| Net investment income (loss) |
$ | 98,108,376 | $ | 88,613,130 | ||||
| Net realized gain (loss) |
5,295,043 | 1,665,252 | ||||||
| Net change in unrealized appreciation (depreciation) |
28,395,513 | 33,320,387 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets |
131,798,932 | 123,598,769 | ||||||
|
|
|
|
|
|||||
| Distributions to Shareholders: |
||||||||
| Class A |
(9,339,347 | ) | (7,990,504 | ) | ||||
| Class C |
(1,594,708 | ) | (1,646,828 | ) | ||||
| Class F |
(1,826,156 | ) | (7,718,955 | ) | ||||
| Class I |
(90,741,919 | ) | (69,312,902 | ) | ||||
| Class R |
(7,312 | ) | (6,007 | ) | ||||
| Class Z |
(9,078 | ) | (5,894 | ) | ||||
| Tax Return of Capital to Shareholders: |
||||||||
| Class A |
(53,380 | ) | — | |||||
| Class C |
(10,722 | ) | — | |||||
| Class F |
(9,732 | ) | — | |||||
| Class I |
(482,788 | ) | — | |||||
| Class R |
(43 | ) | — | |||||
| Class Z |
(48 | ) | — | |||||
|
|
|
|
|
|||||
| Total distributions |
(104,075,233 | ) | (86,681,090 | ) | ||||
|
|
|
|
|
|||||
| Capital Stock Transactions: |
||||||||
| Increase (decrease) in net assets from |
245,635,970 | (170,039,553 | ) | |||||
|
|
|
|
|
|||||
| Total increase (decrease) in net assets |
273,359,669 | (133,121,874 | ) | |||||
| Net Assets: |
||||||||
| Beginning of year |
1,661,738,927 | 1,794,860,801 | ||||||
|
|
|
|
|
|||||
| End of year |
$ | 1,935,098,596 | $ | 1,661,738,927 | ||||
|
|
|
|
|
|||||
See accompanying notes to financial statements.
22
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
FINANCIAL HIGHLIGHTS
The following tables include selected data for a share outstanding throughout each year and other performance information derived from the financial statements. They should be read in conjunction with the financial statements and notes thereto.
| Class A | ||||||||||||||||||||
| For the Year Ended April 30, | ||||||||||||||||||||
| Per Share Operating Data: |
2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||
| Net asset value, beginning of year |
$9.43 | $9.23 | $8.87 | $9.36 | $10.14 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||
| Net investment income (loss)(a) |
0.49 | 0.46 | 0.39 | 0.31 | 0.24 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | 0.19 | 0.40 | (0.42 | ) | (0.64 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.67 | 0.65 | 0.79 | (0.11 | ) | (0.40 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less dividends and distributions to shareholders from: |
||||||||||||||||||||
| Net investment income |
(0.51 | ) | (0.45 | ) | (0.41 | ) | (0.36 | ) | (0.36 | ) | ||||||||||
| Tax return of capital |
(0.00 | )(b) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total dividends and distributions to shareholders |
(0.51 | ) | (0.45 | ) | (0.43 | ) | (0.38 | ) | (0.38 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net asset value |
0.16 | 0.20 | 0.36 | (0.49 | ) | (0.78 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$9.59 | $9.43 | $9.23 | $8.87 | $9.36 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(c)(d) |
7.27 | % | 7.09 | % | 9.16 | % | -1.20 | % | -4.14 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios/Supplemental Data: |
||||||||||||||||||||
| Net assets, end of year (in millions) |
$187.2 | $172.0 | $176.3 | $181.9 | $280.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios to average daily net assets: |
||||||||||||||||||||
| Expenses (before expense reduction) |
1.06 | % | 1.05 | % | 1.04 | % | 1.04 | % | 1.05 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Expenses (net of expense reduction) |
0.91 | % | 0.90 | % | 0.89 | % | 0.89 | % | 0.91 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
4.96 | % | 4.76 | % | 4.19 | % | 3.21 | % | 2.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.11 | % | 4.91 | % | 4.34 | % | 3.36 | % | 2.44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Portfolio turnover rate |
46 | % | 53 | % | 53 | % | 31 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Calculation based on average shares outstanding. |
| (b) | Amount is less than $0.005. |
| (c) | Return assumes the reinvestment of all dividends and distributions at net asset value. |
| (d) | Does not reflect sales charges, which would reduce return. |
See accompanying notes to financial statements.
23
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
FINANCIAL HIGHLIGHTS—(Continued)
| Class C | ||||||||||||||||||||
| For the Year Ended April 30, | ||||||||||||||||||||
| Per Share Operating Data: |
2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||
| Net asset value, beginning of year |
$9.40 | $9.20 | $8.85 | $9.34 | $10.12 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||
| Net investment income (loss)(a) |
0.42 | 0.40 | 0.33 | 0.24 | 0.17 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.20 | 0.18 | 0.39 | (0.41 | ) | (0.64 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.62 | 0.58 | 0.72 | (0.17 | ) | (0.47 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less dividends and distributions to shareholders from: |
||||||||||||||||||||
| Net investment income |
(0.45 | ) | (0.38 | ) | (0.35 | ) | (0.30 | ) | (0.29 | ) | ||||||||||
| Tax return of capital |
(0.00 | )(b) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total dividends and distributions to shareholders |
(0.45 | ) | (0.38 | ) | (0.37 | ) | (0.32 | ) | (0.31 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net asset value |
0.17 | 0.20 | 0.35 | (0.49 | ) | (0.78 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$9.57 | $9.40 | $9.20 | $8.85 | $9.34 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(c)(d) |
6.65 | % | 6.36 | % | 8.29 | % | -1.88 | % | -4.82 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios/Supplemental Data: |
||||||||||||||||||||
| Net assets, end of year (in millions) |
$31.6 | $38.7 | $44.6 | $56.5 | $ 75.2 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios to average daily net assets: |
||||||||||||||||||||
| Expenses (before expense reduction) |
1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | 1.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Expenses (net of expense reduction) |
1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
4.26 | % | 4.05 | % | 3.46 | % | 2.53 | % | 1.60 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
4.41 | % | 4.20 | % | 3.61 | % | 2.68 | % | 1.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Portfolio turnover rate |
46 | % | 53 | % | 53 | % | 31 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Calculation based on average shares outstanding. |
| (b) | Amount is less than $0.005. |
| (c) | Return assumes the reinvestment of all dividends and distributions at net asset value. |
| (d) | Does not reflect sales charges, which would reduce return. |
See accompanying notes to financial statements.
24
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
FINANCIAL HIGHLIGHTS—(Continued)
| Class F | ||||||||||||||||||||
| For the Year Ended April 30, | ||||||||||||||||||||
| Per Share Operating Data: |
2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||
| Net asset value, beginning of year |
$9.38 | $9.19 | $8.83 | $9.33 | $10.12 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||
| Net investment income (loss)(a) |
0.52 | 0.48 | 0.43 | 0.36 | 0.27 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.18 | 0.19 | 0.39 | (0.45 | ) | (0.65 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.70 | 0.67 | 0.82 | (0.09 | ) | (0.38 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less dividends and distributions to shareholders from: |
||||||||||||||||||||
| Net investment income |
(0.55 | ) | (0.48 | ) | (0.44 | ) | (0.39 | ) | (0.39 | ) | ||||||||||
| Tax return of capital |
(0.00 | )(b) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total dividends and distributions to shareholders |
(0.55 | ) | (0.48 | ) | (0.46 | ) | (0.41 | ) | (0.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net asset value |
0.15 | 0.19 | 0.36 | (0.50 | ) | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$9.53 | $9.38 | $9.19 | $8.83 | $9.33 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(c) |
7.60 | % | 7.40 | % | 9.57 | % | -0.96 | % | -3.91 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios/Supplemental Data: |
||||||||||||||||||||
| Net assets, end of year (in millions) |
$33.2 | $29.8 | $230.6 | $49.9 | $1.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios to average daily net assets: |
||||||||||||||||||||
| Expenses (before expense reduction) |
0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Expenses (net of expense reduction) |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.28 | % | 4.94 | % | 4.75 | % | 3.82 | % | 2.63 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.43 | % | 5.09 | % | 4.90 | % | 3.97 | % | 2.78 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Portfolio turnover rate |
46 | % | 53 | % | 53 | % | 31 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Calculation based on average shares outstanding. |
| (b) | Amount is less than $0.005. |
| (c) | Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
25
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
FINANCIAL HIGHLIGHTS—(Continued)
| Class I | ||||||||||||||||||||
| For the Year Ended April 30, | ||||||||||||||||||||
| Per Share Operating Data: |
2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||
| Net asset value, beginning of year |
$9.38 | $9.19 | $8.84 | $9.34 | $10.12 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||
| Net investment income (loss)(a) |
0.52 | 0.49 | 0.42 | 0.33 | 0.27 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | 0.18 | 0.39 | (0.42 | ) | (0.64 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.71 | 0.67 | 0.81 | (0.09 | ) | (0.37 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less dividends and distributions to shareholders from: |
||||||||||||||||||||
| Net investment income |
(0.55 | ) | (0.48 | ) | (0.44 | ) | (0.39 | ) | (0.39 | ) | ||||||||||
| Tax return of capital |
(0.00 | )(b) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total dividends and distributions to shareholders |
(0.55 | ) | (0.48 | ) | (0.46 | ) | (0.41 | ) | (0.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net asset value |
0.16 | 0.19 | 0.35 | (0.50 | ) | (0.78 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$9.54 | $9.38 | $9.19 | $8.84 | $9.34 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(c) |
7.71 | % | 7.40 | % | 9.44 | % | -0.95 | % | -3.81 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios/Supplemental Data: |
||||||||||||||||||||
| Net assets, end of year (in billions) |
$1.7 | $1.4 | $1.3 | $1.7 | $2.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios to average daily net assets: |
||||||||||||||||||||
| Expenses (before expense reduction) |
0.82 | % | 0.82 | % | 0.81 | % | 0.81 | % | 0.80 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Expenses (net of expense reduction) |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.21 | % | 5.00 | % | 4.41 | % | 3.45 | % | 2.54 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.43 | % | 5.22 | % | 4.62 | % | 3.66 | % | 2.74 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Portfolio turnover rate |
46 | % | 53 | % | 53 | % | 31 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Calculation based on average shares outstanding. |
| (b) | Amount is less than $0.005. |
| (c) | Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
26
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
FINANCIAL HIGHLIGHTS—(Continued)
| Class R | ||||||||||||||||||||
| For the Year Ended April 30, | ||||||||||||||||||||
| Per Share Operating Data: |
2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||
| Net asset value, beginning of year |
$9.44 | $9.24 | $8.88 | $9.38 | $10.16 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||
| Net investment income (loss)(a) |
0.47 | 0.45 | 0.36 | 0.29 | 0.22 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.20 | 0.18 | 0.41 | (0.43 | ) | (0.65 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.67 | 0.63 | 0.77 | (0.14 | ) | (0.43 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less dividends and distributions to shareholders from: |
||||||||||||||||||||
| Net investment income |
(0.50 | ) | (0.43 | ) | (0.39 | ) | (0.34 | ) | (0.33 | ) | ||||||||||
| Tax return of capital |
(0.00 | )(b) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total dividends and distributions to shareholders |
(0.50 | ) | (0.43 | ) | (0.41 | ) | (0.36 | ) | (0.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net asset value |
0.17 | 0.20 | 0.36 | (0.50 | ) | (0.78 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$9.61 | $9.44 | $9.24 | $8.88 | $9.38 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(c) |
7.17 | % | 6.88 | % | 8.90 | % | -1.46 | % | -4.34 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios/Supplemental Data: |
||||||||||||||||||||
| Net assets, end of year (in 000s) |
$143.2 | $138.1 | $126.9 | $289.2 | $310.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios to average daily net assets: |
||||||||||||||||||||
| Expenses (before expense reduction) |
1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Expenses (net of expense reduction) |
1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
4.77 | % | 4.57 | % | 3.87 | % | 3.06 | % | 2.10 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
4.92 | % | 4.72 | % | 4.02 | % | 3.21 | % | 2.25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Portfolio turnover rate |
46 | % | 53 | % | 53 | % | 31 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Calculation based on average shares outstanding. |
| (b) | Amount is less than $0.005. |
| (c) | Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
27
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
FINANCIAL HIGHLIGHTS—(Continued)
| Class Z | ||||||||||||||||||||
| For the Year Ended April 30, | ||||||||||||||||||||
| Per Share Operating Data: |
2026 | 2025 | 2024 | 2023 | 2022 | |||||||||||||||
| Net asset value, beginning of year |
$9.36 | $9.17 | $8.82 | $9.33 | $10.12 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: |
||||||||||||||||||||
| Net investment income (loss)(a) |
0.52 | 0.49 | 0.42 | 0.30 | 0.28 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.19 | 0.18 | 0.39 | (0.40 | ) | (0.66 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.71 | 0.67 | 0.81 | (0.10 | ) | (0.38 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Less dividends and distributions to shareholders from: |
||||||||||||||||||||
| Net investment income |
(0.55 | ) | (0.48 | ) | (0.44 | ) | (0.39 | ) | (0.39 | ) | ||||||||||
| Tax return of capital |
(0.00 | )(b) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total dividends and distributions to shareholders |
(0.55 | ) | (0.48 | ) | (0.46 | ) | (0.41 | ) | (0.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net increase (decrease) in net asset value |
0.16 | 0.19 | 0.35 | (0.51 | ) | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net asset value, end of year |
$9.52 | $9.36 | $9.17 | $8.82 | $9.33 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total return(c) |
7.73 | % | 7.42 | % | 9.46 | % | -1.06 | % | -3.91 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios/Supplemental Data: |
||||||||||||||||||||
| Net assets, end of year (in 000s) |
$217.9 | $164.8 | $50.0 | $40.0 | $752.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios to average daily net assets: |
||||||||||||||||||||
| Expenses (before expense reduction) |
0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Expenses (net of expense reduction) |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.27 | % | 5.11 | % | 4.44 | % | 3.15 | % | 2.58 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net investment income (loss) |
5.42 | % | 5.26 | % | 4.59 | % | 3.30 | % | 2.73 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Portfolio turnover rate |
46 | % | 53 | % | 53 | % | 31 | % | 44 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Calculation based on average shares outstanding. |
| (b) | Amount is less than $0.005. |
| (c) | Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
28
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
Note 1. Organization and Significant Accounting Policies
Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on September 2, 2015 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The Fund’s primary investment objective is to seek to provide high current income and its secondary objective is to provide capital preservation. The authorized shares of the Fund are divided into six classes designated Class A, C, F, I, R and Z shares. Each of the Fund’s shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares).
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
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. Over-the-counter (OTC) total return swap contracts are valued based upon prices provided by a third-party pricing service or counterparty. Centrally cleared interest rate swaps are valued based upon prices provided by a third-party pricing service.
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
29
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
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 |
30
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
| • | 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 levels associated with valuing the Fund’s investments as of April 30, 2026 are disclosed in the Fund’s Schedule of Investments.
Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any) currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.
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
31
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
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 Statement of Assets and Liabilities. 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.
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 in the Statement of Operations. 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 April 30, 2026, the Fund did not have any total return swap contracts outstanding.
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) in the Statement of Operations.
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 Statement of Assets and Liabilities 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 in the Statement of Assets and Liabilities. Any upfront payments paid or received upon
32
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
entering into a swap agreement would be recorded as assets or liabilities, respectively, in the Statement of Assets and Liabilities, and amortized or accreted over the life of the swap and recorded as realized gain (loss) in the Statement of Operations. Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss) in the Statement of Operations.
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 Statement of Assets and Liabilities. 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.
Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund based on the NAV per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash. Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended April 30, 2026, a portion of the dividends has been reclassified to tax return of capital.
Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities are recorded net of non-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of April 30, 2026, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.
Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates
Investment Advisory Fees: Cohen & Steers Capital Management, Inc. serves as the Fund’s investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.
33
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.65% of the average daily net assets of the Fund.
For the year ended April 30, 2026, and through June 30, 2027, the investment advisor has contractually agreed to waive its fee and/or reimburse expenses so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses), do not exceed 0.95% for Class A shares, 1.60% for Class C shares, 0.60% for Class F shares, 0.60% for Class I shares, 1.10% for Class R shares and 0.60% for Class Z shares. This contractual agreement can be amended at any time by agreement of the Board of Directors of the Fund and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the Fund and the investment advisor. For the year ended April 30, 2026, fees waived and/or expenses reimbursed totaled $3,778,821.
Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.05% of the average daily net assets of the Fund. For the year ended April 30, 2026, the Fund incurred $911,133 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.
Distribution and Service Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted a distribution and service plan (the plan) pursuant to Rule 12b-1 under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its shares. The plan provides that the Fund will pay the distributor a monthly distribution fee, accrued daily and paid monthly, at an annual rate of up to 0.25%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares, respectively. In addition, also under the plan, the Fund may pay the distributor a monthly service fee, accrued daily and paid monthly, at an annual rate of up to 0.10% and 0.25% of the average daily net assets attributable to Class A and Class C shares, respectively. The amounts paid pursuant to the plan for Class A, Class C and Class R shares may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.
Shareholder Servicing Fees: For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund’s Class I shares. The distributor is responsible for paying qualified financial institutions for shareholder services.
Sales Charges and Contingent Deferred Sales Charges: There is a maximum initial sales charge of 2.00% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on purchases of $500,000 or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the year ended April 30, 2026, the Fund has been advised that the distributor paid $5,236, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $12,197 and $2,426 of CDSC relating to redemptions of Class A and Class C shares, respectively. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-
34
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.
Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $10,853 for the year ended April 30, 2026.
Note 3. Purchases and Sales of Securities
Purchases and sales of securities, excluding short-term investments, for the year ended April 30, 2026, totaled $1,079,360,257 and $809,487,355, respectively.
Note 4. Derivative Investments
The following tables present the value of derivatives held at April 30, 2026 and the effect of derivatives held during the year ended April 30, 2026, if any, along with the respective location in the financial statements.
Statement of Assets and Liabilities
| Assets |
Liabilities |
|||||||||||
| Derivatives |
Location |
Fair Value | Location |
Fair Value | ||||||||
| Foreign Currency Exchange Risk: |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
Unrealized appreciation | $ | 501,797 | Unrealized depreciation | $ | 305,989 | ||||||
| Interest Rate Risk: |
||||||||||||
| Interest Rate Swap Contracts(b) |
— | — | Payable for variation margin on interest rate swap contracts | 13,804 | (c) | |||||||
| (a) | Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement. |
| (b) | Not subject to a master netting agreement or another similar arrangement. |
| (c) | Amount represents the cumulative net appreciation (depreciation) on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities reflects the current day variation margin payable to the broker. |
35
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
Statement of Operations
| Derivatives |
Location |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
|||||||
| Credit Risk: |
||||||||||
| Total Return Swap Contracts |
Net Realized and Unrealized Gain (Loss) | $ | (2,557,799 | ) | $ | 4,542 | ||||
| Foreign Currency Exchange Risk: |
||||||||||
| Forward Foreign Currency Exchange Contracts |
Net Realized and Unrealized Gain (Loss) | (3,072,765 | ) | (455 | ) | |||||
| Interest Rate Risk: |
||||||||||
| Interest Rate Swap Contracts |
Net Realized and Unrealized Gain (Loss) | (110,477 | ) | 13,804 | ||||||
The following summarizes the monthly average volume of the Fund’s interest rate swap contracts, total return swap contracts and forward foreign currency exchange contracts activity for the year ended April 30, 2026:
| Interest Rate Swap Contracts |
Total Return Swap Contracts |
Forward Foreign Currency Exchange Contracts |
||||||||||
| Average Notional Amount(a) |
$ | 103,354,839 | $ | 44,311,602 | $ | 175,382,297 | ||||||
| (a) | Average notional amount represents the average for the period in which the Fund had interest rate swap contracts, total return swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents eight months for interest rate swap contracts, two months for total return swap contracts and twelve months for forward foreign currency exchange contracts. |
Note 5. Income Tax Information
The tax character of dividends and distributions paid was as follows:
| For the Year Ended April 30, |
||||||||
| 2026 | 2025 | |||||||
| Ordinary income |
$ | 103,518,520 | $ | 86,681,090 | ||||
| Tax return of capital |
556,713 | — | ||||||
|
|
|
|
|
|||||
| Total dividends and distributions |
$ | 104,075,233 | $ | 86,681,090 | ||||
|
|
|
|
|
|||||
36
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
As of April 30, 2026, the tax-basis components of accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:
| Cost of investments in securities for federal income tax purposes |
$ | 1,891,491,547 | ||
|
|
|
|||
| Gross unrealized appreciation on investments |
$ | 46,183,612 | ||
| Gross unrealized depreciation on investments |
(8,256,559 | ) | ||
|
|
|
|||
| Net unrealized appreciation (depreciation) on investments |
$ | 37,927,053 | ||
|
|
|
As of April 30, 2026, the Fund has a net capital loss carryforward of $311,487,857 which may be used to offset future capital gains. These losses are a short-term capital loss carryforward of $84,146,349 and a long-term capital loss carryforward of $227,341,508, which under current federal income tax rules, may offset capital gains recognized in any future period.
As of April 30, 2026, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities and certain fixed income securities and permanent book/tax differences primarily attributable to certain fixed income securities. To reflect reclassifications arising from the permanent differences, paid-in capital was credited $6,126,480 and total distributable earnings/(accumulated loss) was charged $6,126,480. Net assets were not affected by this reclassification.
Note 6. Capital Stock
The Fund is authorized to issue 1.4 billion shares of capital stock, at a par value of $0.001 per share, classified in six classes as follows: 200 million of Class A capital stock, 200 million of Class C capital stock, 200 million of Class F capital stock, 400 million of Class I capital stock, 200 million of Class R capital stock and 200 million of Class Z capital stock. The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. With the exception of Class C shares held through certain intermediaries, Class C shares
37
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
will automatically convert into Class A shares on a monthly basis approximately eight years after the original date of purchase. Transactions in Fund shares were as follows:
| For the Year Ended April 30, 2026 |
For the Year Ended April 30, 2025 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Class A: |
||||||||||||||||
| Sold |
4,992,613 | $ | 48,134,338 | 5,460,956 | $ | 51,555,350 | ||||||||||
| Issued as reinvestment of dividends and distributions |
749,601 | 7,205,945 | 635,155 | 5,999,423 | ||||||||||||
| Redeemed |
(4,476,410 | ) | (43,021,098 | ) | (6,961,096 | ) | (65,569,026 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) |
1,265,804 | $ | 12,319,185 | (864,985 | ) | $ | (8,014,253 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Class C: |
||||||||||||||||
| Sold |
480,423 | $ | 4,620,909 | 738,962 | $ | 6,970,479 | ||||||||||
| Issued as reinvestment of dividends and distributions |
129,313 | 1,240,044 | 127,926 | 1,204,816 | ||||||||||||
| Redeemed |
(1,416,608 | ) | (13,625,719 | ) | (1,605,985 | ) | (15,143,003 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) |
(806,872 | ) | $ | (7,764,766 | ) | (739,097 | ) | $ | (6,967,708 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Class F: |
||||||||||||||||
| Sold |
651,776 | $ | 6,244,507 | 3,886,813 | $ | 36,491,671 | ||||||||||
| Issued as reinvestment of dividends and distributions |
67,430 | 644,416 | 702,092 | 6,580,146 | ||||||||||||
| Redeemed |
(412,561 | ) | (3,952,253 | ) | (26,509,167 | ) | (250,094,335 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) |
306,645 | $ | 2,936,670 | (21,920,262 | ) | $ | (207,022,518 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Class I: |
||||||||||||||||
| Sold |
63,687,207 | $ | 609,826,447 | 48,424,899 | $ | 456,157,976 | ||||||||||
| Issued as reinvestment of dividends and distributions |
7,127,908 | 68,137,674 | 5,499,771 | 51,705,430 | ||||||||||||
| Redeemed |
(45,903,985 | ) | (439,872,460 | ) | (48,580,439 | ) | (456,020,657 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) |
24,911,130 | $ | 238,091,661 | 5,344,231 | $ | 51,842,749 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
38
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
| For the Year Ended April 30, 2026 |
For the Year Ended April 30, 2025 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Class R: |
||||||||||||||||
| Sold |
57 | $ | 554 | 265 | $ | 2,482 | ||||||||||
| Issued as reinvestment of dividends and distributions |
764 | 7,355 | 635 | 6,007 | ||||||||||||
| Redeemed |
(550 | ) | (5,349 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) |
271 | $ | 2,560 | 900 | $ | 8,489 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Class Z: |
||||||||||||||||
| Sold |
9,679 | $ | 92,571 | 12,772 | $ | 119,531 | ||||||||||
| Issued as reinvestment of dividends and distributions |
947 | 9,031 | 628 | 5,894 | ||||||||||||
| Redeemed |
(5,334 | ) | (50,942 | ) | (1,249 | ) | (11,737 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) |
5,292 | $ | 50,660 | 12,151 | $ | 113,688 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Note 7. Other Risks
Preferred Securities Risk: Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.
Risks associated with preferred securities differ from risks inherent with other investments. In particular, in the event of bankruptcy, a company’s preferred securities are senior to common stock but subordinated to all other types of corporate debt. Corporate bonds sit higher in the capital structure than preferred securities, and therefore in the event of bankruptcy, will be senior to the preferred securities.
39
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
Duration Risk: Duration is a mathematical calculation of the average life of a fixed-income or preferred security that serves as a measure of the security’s price risk to changes in interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes than securities with shorter durations. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Fund’s duration. The duration of a security will be expected to change over time with changes in market factors and time to maturity.
Credit and Below-Investment-Grade Securities Risk: Preferred securities may be rated below-investment-grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.
Concentration Risk: Because the Fund invests at least 25% of its net assets in the financials sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition. In addition, the Fund will also be subject to the risks of investing in the individual industries and securities that comprise the financials sector, including the bank, diversified financials, real estate (including REITs) and insurance industries. To the extent that the Fund focuses its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications, the Fund will be subject to the risks associated with these particular sectors and industries. These sectors and industries may be adversely affected by, among others, changes in government regulation, world events and economic conditions.
Liquidity Risk: Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase. The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, dealer inventories of certain securities, which provide an indication of the ability of dealers to engage in “market making,” are at, or near, historic lows in relation to market size, which has the potential to increase price volatility in the fixed income markets in which the Fund invests. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.
Foreign (Non-U.S.) and Emerging Market Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities include currency risks, future political and
40
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Contingent Capital Securities Risk: Contingent capital securities (sometimes referred to as “CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security, for example, a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero, and conversion would deepen the subordination of the investor, hence worsening the investor’s standing in a bankruptcy. Some CoCos provide for a reduction in the value or principal amount of the security (potentially to zero) under such circumstances. In March 2023, a Swiss regulator required a write-down of outstanding CoCos to zero notwithstanding the fact that the equity shares continued to exist and have economic value. It is currently unclear whether regulators of issuers in other jurisdictions will take similar actions. Notwithstanding these risks, the Fund may continue to invest in CoCos issued by Swiss companies and by companies in other jurisdictions. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below-investment-grade securities. Finally, CoCo issuers can, at their discretion, suspend dividend distributions on their CoCo securities and are more likely to do so in response to negative economic conditions and/or government regulation. Omitted distributions are typically non-cumulative and will not be paid on a future date. Any omitted distribution may negatively impact the returns or distribution rate of the Fund.
Market Disruption and Geopolitical Risk: Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund’s investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event.
Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund’s investments.
Regulatory Risk: Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments
41
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.
Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques.
The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.
Cybersecurity Risk: With the increased use of technologies such as the Internet and artificial intelligence including machine learning technology and generative artificial intelligence such as ChatGPT (collectively, “AI Technologies”) and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment advisor), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment advisor, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.
Each of the Fund and the investment advisor may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund’s third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.
Shareholder Concentration Risk: The Fund may have one or more large shareholders or a group of shareholders investing in Fund shares indirectly through an account, platform or program sponsored by a financial institution. Investment and asset allocation decisions by such financial
42
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
NOTES TO FINANCIAL STATEMENTS—(Continued)
institutions regarding the account, platform or program through which multiple shareholders invest may result in subscription and redemption decisions that have a significant impact on the assets, expenses and trading activities of the Fund. Such a decision may cause the Fund to sell assets (or invest cash) at disadvantageous times or prices, increase or accelerate taxable gains or transaction costs and may negatively affect the Fund’s NAV, performance, or ability to satisfy redemptions in a timely manner.
This is not a complete list of the risks of investing in the Fund. For additional information concerning the risks of investing in the Fund, please consult the Fund’s prospectus.
Note 8. Operating Segments
An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund’s investment advisor and the Fund’s chief executive officer and chief financial officer act as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements.
Note 9. Other
In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.
Note 10. Subsequent Events
On June 16, 2026, the Fund’s Board of Directors approved changing the Fund’s name to “Cohen & Steers Short Duration Preferred and Income Fund, Inc.” effective August 28, 2026. There will be no changes to the Fund’s investment policies, principal investment strategies or principal risks in connection with this change.
Management has evaluated events and transactions occurring after April 30, 2026 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.
43
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the “Fund”) as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statement of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026 and the financial highlights for each of the five years in the period ended April 30, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
New York, New York
June 22, 2026
We have served as the auditor of one or more investment companies in the Cohen & Steers family of mutual funds since 1991.
44
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
(The following pages are unaudited)
TAX INFORMATION—2026
For the fiscal year ended April 30, 2026, for individual taxpayers, the Fund designates $61,655,631 as qualified dividend income eligible for reduced tax rates and $26,899,156 as interest related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders. In addition, for corporate taxpayers, 23.47% of the ordinary dividends paid qualified for the dividends received deduction (DRD).
OTHER INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 330-7348, (ii) on our website at cohenandsteers.com or (iii) on the U.S. Securities and Exchange Commission’s (SEC) website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling (800) 330-7348 or (ii) on the SEC’s website at http://www.sec.gov.
Disclosures of the Fund’s complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. The Fund’s Form N-PORT is available (i) without charge, upon request, by calling (800) 330-7348 or (ii) on the SEC’s website at http://www.sec.gov.
Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. Distributions in excess of the Fund’s investment company taxable income and net realized gains are a return of capital distributed from the Fund’s assets. To the extent this occurs, the Fund’s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.
45
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
Cohen & Steers Privacy Policy
| Facts | What Does Cohen & Steers Do With Your Personal Information? | |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and account balances
• Transaction history and account transactions
• Purchase history and wire transfer instructions | |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing. | |
| Reasons we can share your personal information | Does Cohen & Steers share? |
Can you limit this sharing? | ||
| For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus |
Yes | No | ||
| For our marketing purposes— to offer our products and services to you |
Yes | No | ||
| For joint marketing with other financial companies— | No | We don’t share | ||
| For our affiliates’ everyday business purposes— information about your transactions and experiences |
No | We don’t share | ||
| For our affiliates’ everyday business purposes— information about your creditworthiness |
No | We don’t share | ||
| For our affiliates to market to you— | No | We don’t share | ||
| For non-affiliates to market to you— | No | We don’t share | ||
| Questions? Call (800) 830-7348 | ||||
46
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
Cohen & Steers Privacy Policy—(Continued)
| Who we are | ||
| Who is providing this notice? | Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers). | |
| What we do | ||
| How does Cohen & Steers protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information. | |
| How does Cohen & Steers collect my personal information? | We collect your personal information, for example, when you:
• Open an account or buy securities from us
• Provide account information or give us your contact information
• Make deposits or withdrawals from your account
We also collect your personal information from other companies. | |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only:
• sharing for affiliates’ everyday business purposes—information about your creditworthiness
• affiliates from using your information to market to you
• sharing for non-affiliates to market to you
State law and individual companies may give you additional rights to limit sharing. | |
| Definitions | ||
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
• Cohen & Steers does not share with affiliates. | |
| Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• Cohen & Steers does not share with non-affiliates. | |
| Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you.
• Cohen & Steers does not jointly market. | |
47
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
Cohen & Steers Open-End Mutual Funds
COHEN & STEERS REALTY SHARES
| • | Designed for investors seeking total return, investing primarily in U.S. real estate securities |
| • | Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX |
COHEN & STEERS REAL ESTATE SECURITIES FUND
| • | Designed for investors seeking total return, investing primarily in U.S. real estate securities |
| • | Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX |
COHEN & STEERS INSTITUTIONAL REALTY SHARES
| • | Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities |
| • | Symbol: CSRIX |
COHEN & STEERS GLOBAL REALTY SHARES
| • | Designed for investors seeking total return, investing primarily in global real estate equity securities |
| • | Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX |
COHEN & STEERS INTERNATIONAL REALTY FUND
| • | Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities |
| • | Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX |
COHEN & STEERS REAL ASSETS FUND
| • | Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets |
| • | Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX |
COHEN & STEERS PREFERRED SECURITIES
AND INCOME FUND
| • | Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies |
| • | Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX |
COHEN & STEERS LOW DURATION PREFERRED
AND INCOME FUND
| • | Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies |
| • | Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX |
COHEN & STEERS GLOBAL INFRASTRUCTURE FUND
| • | Designed for investors seeking total return, investing primarily in global infrastructure securities |
| • | Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX |
Distributed by Cohen & Steers Securities, LLC.
Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling (800) 330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.
48
Cohen & Steers Low Duration Preferred and Income Fund, Inc.
OFFICERS AND DIRECTORS
Joseph M. Harvey
Director and Chair
Adam M. Derechin
Director
Michael G. Clark
Director
George Grossman
Director
Dean A. Junkans
Director
Gerald J. Maginnis
Director
Jane F. Magpiong
Director
Daphne L. Richards
Director
Ramona Rogers-Windsor
Director
James Giallanza
President and Chief Executive Officer
Albert Laskaj
Chief Financial Officer
Steven Frank
Treasurer
Dana A. DeVivo
Secretary and Chief Legal Officer
Stephen Murphy
Chief Compliance Officer
and Vice President
Nargis Hilal
Deputy Chief Compliance Officer
and Vice President
Elaine Zaharis-Nikas
Vice President
KEY INFORMATION
Investment Advisor and Administrator
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, NY 10036
(212) 832-3232
Co-administrator and Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
SS&C GIDS, Inc.
1055 Broadway
Kansas City, MO 64105
(800) 437-9912
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
Distributor
Cohen & Steers Securities, LLC
1166 Avenue of the Americas, 30th Floor
New York, NY 10036
| NASDAQ Symbol: | Class A—LPXAX | |
| Class C—LPXCX | ||
| Class F—LPXFX | ||
| Class I—LPXIX | ||
| Class R—LPXRX | ||
| Class Z—LPXZX |
Website: cohenandsteers.com
This report is authorized for delivery only to shareholders of Cohen & Steers Low Duration Preferred and Income Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.
49
eDelivery AVAILABLE
Stop traditional mail delivery;
receive your shareholder reports
and prospectus online.
Sign up at cohenandsteers.com
Annual Financial Statements and Additional Information April 30, 2026
Cohen & Steers
Low Duration
Preferred and
Income Fund
If you would like to receive shareholder reports and other communications from the Fund electronically instead of by mail, you may make that request at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, you can call (800) 330-7348.
If you have previously elected to receive shareholder reports electronically, you will continue to do so and need not take any action.
LPXAXAR
| (b) | Included in paragraph (a) above. |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 16. Controls and Procedures.
| (a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) |
| (b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS LOW DURATION PREFERRED AND INCOME FUND, INC.
| By: | /s/ James Giallanza | |||
| Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer) | ||||
| Date: | July 2, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ James Giallanza | |||
| Name: James Giallanza | ||||
| Title: Principal Executive Officer | ||||
| (President and Chief Executive Officer) | ||||
| By: | /s/ Albert Laskaj | |||
| Name: Albert Laskaj | ||||
| Title: Principal Financial Officer | ||||
| (Chief Financial Officer) | ||||
| Date: | July 2, 2026 | |||